Canada to build 18 more Coast Guard vessels Canada is to invest up to C$15.7 billion (about US$11.7 billion) to add up to 18 new large ships to the Canadian Coast Guard fleet. The ships will be built at the
USMMA midshipman awarded Merchant Marine Medal A current U.S. Merchant Marine Academy midshipman, Andrew Bouchot of Castle Pines, Colo., has received the Merchant Marine Medal for Outstanding Achievement for his heroic efforts in saving the life of a
I-Tech AB names Dr. Markus Hoffman Technical Director More bad new for barnacles. I-Tech AB, the bio-technology company responsible for the bio-active marine anti-fouling active agent Selektope, has appointed Dr. Markus Hoffmann to the role of Technical Director. He joins
MAN to add low pressure gas engine to two-stroke range MAN Energy Solutions Two-Stroke Business Unit has initiated the development of a low-pressure gas engine as a supplement to its existing, successful dual-fuel ME-GI engine. The company cites market demand as the
BIMCO develops cyber security clause BIMCO's Documentary Committee has agreed a new standard cyber security charterparty clause that requires the parties to implement cyber security procedures and systems, to help reduce the risk of an incident and
Tech can track ships that turn off AIS transponders Ship operators switching off their AIS transponders to indulge in activities such as sanctions busting may soon find that maritime domain awareness technology has caught up with them. Two tech companies are
Resolve removes wreck that threatened turtle nesting beach A complex wreck removal operation by Resolve Marine Group has removed a threat to a beach that is home to five of the world's seven species of sea turtle, four of which
Wärtsilä inks long term LNG carrier service agreements Wärtsilä has signed long-term service agreements covering four Japanese-owned LNG carriers. Two are owned by a joint venture between Mitsui O.S.K. Lines, Ltd. (MOL) and Tokyo-based energy company JERA Co., Inc. (JERA)
Pyxis eyes upturn for product tanker sector Greek owner maintains optimistic outlook despite ending first quarter of the year in the red
Trafigura supports slow-steaming Trafigura is supportive of implementation of a slow steaming policy within 18 months
Zim sees losses amid global trade uncertainties The Israeli carrier suffers $24.3m net loss in the first quarter of 2019
Gard loss jumps to $90m after big cut in deferred call Development marks 10th consecutive year Gard has called less than the forecast premium, with premium reductions during the past decade...
Saudi Aramco agrees LNG deal with Sempra The offtake agreement, which spans 20 years, is for 5m tonnes of LNG per year
BW LPG arranges $458m loan The company will use the funds to repay part of a $800m loan due in 2020
Golden Ocean refinances debt amid losses John Fredriksen's dry bulk unit made a loss of $7.5m in the first quarter versus a profit of $16.7m a...
Box port growth forecasts set lower over trade war Carriers have already started to pull capacity next month ahead of an expected drop in transpacific demand
K Line cuts management pay amid heavy losses The saving measure came after the company lost $1bn in the 2018 fiscal year and vowed to recover its profitability
Daily Briefing Trade war seen as significant as emission cuts and digitalisation push | Hamburg Commercial Bank still seeking industry deals |...
ATI will set up barge terminals in Cavite, Cebu Top Philippines port player launched the country's first barge terminal, the Cavite Gateway Terminal, in November 2018
Pacific Radiance wins PSV non-delivery case against Shanghai Waigaoqiao The arbitral award provides for the refund of the pre-delivery instalment amounting to $2.8m along with contractual interest from the...
Petronas completes world's first FLNG relocation PFLNG Satu commenced operation in the Kanowit field after it was delivered by South Korea's Daewoo Shipbuilding & Marine Engineering...
US Midwest exports hampered by weather, tariffs and disease The devastation felt by US farmers could be "several years long" and resolution of the trade war was urgently needed...
TOTE to manage construction of MARAD's new vessel TOTE will select a shipyard and supervise construction of MARAD's new training ship
Exposure to tech start-ups benefits shipping business, says Christian Oldendorff The third-generation German shipowner says shipping companies can gain much from adopting a more innovative culture.
Refinery restarts herald a pick-up in tanker rates Facilities are coming back online after a modified maintenance season brought on by IMO 2020 - and that is expected to kick-start shipping demand
Theochari: Green investments crowd out cyber security With limited capital and new environmental regulations, Norton Rose Fulbright's head of transport law Harry Theochari thinks investments in cyber security will take the back burner.
Hope fades for Morgan Stanley UPDATE: Morgan Stanley is done with shipping coverage except for LNG names after star analyst Fotis Giannakoulis forced from his post, source indicates.
Ardmore Shipping said to have sold oldest tanker on its fleet The 2004-built Ardmore Seafarer has finally been sold to an Indian buyer for $9.2m, according to brokers.
Former SSY chairman Peter Kitching dies aged 80 Brokerage head remembered by his colleagues for his 'leadership, wisdom and passion'
Switzerland moves San Padre Pio case to UN tribunal Switzerland is asking the International Tribunal for the Law of the Sea to settle the ongoing controversy with Nigeria over an arrested ABC Maritime tanker. Tuesday, the country asked the UN-backed body to release the Swiss-flagged 7,600-dwt San Padre Pio (built 2012) and the four crew members who remain on board, arguing its January 2018 arrest breached the ship's freedom of navigation and Switz
Diana Shipping picks up another Koch deal Simeon Palios-led dry bulk player expects to make several million dollars off latest fixture.
Maxim Group puts new analyst on Seanergy Maritime New York financial services firm dropped four shipping stocks with departure of James Jang but stays in shipping with coverage of dry bulk player.
Hunter Group set to spear profit on double VLCC sale at eye-catching price Arne Fredly's Hunter Group is poised to pocket a tidy profit on the sale of two VLCC newbuildings. Hunter revealed talks around the potential sale of two of its eight VLCCs as it inked bank debt for the series, pulled forward delivery dates and laid out details of a near $80m equity raise. Arne Fredly's Hunter Group closing in on long-anticipated equity raise Troim's 2020 Bulkers sets course fo
Egyptian navy takes seized suezmax into terminal The Egyptian navy has taken control of a detained UAE-owned suezmax and was reported to be taking it into the port of Ain Sukhna. Crew on the 163,000-dwt Sea Shark (built 1991), which has been held by Egypt for six months, said it was underway on Tuesday from an anchorage in the Red Sea. Crew reveal 'mental torture' on detained suezmax "Vessel is conned by Egyptian navy forces and Egyptian pilo
Stock awards stack up for chief execs at big three cruiselines Salaries for the chief executives of the world's three largest cruise companies totalled almost $50m in 2018, up 36% over 12 months. The jump came primarily in the form of stock bonuses. Frank del Rio, chief executive of Norwegian Cruise Line Holdings (NCL), more than doubled his pay package of $10.5m last year, largely due to the company returning greater value to shareholders. Norwegian's del
LNG shipping faces questions as new US volumes emerge Market readies for supply surge, but tonne-mile growth is expected to prove slower this year
Legal changes could enhance Luxembourg flag appeal for LISCR Big changes are expected under Luxembourg law that will allow its flag to become a more influential player in registering tonnage from other European Union nations. The leaders of the Liberian International Ship & Corporate Registry (LISCR) have high hopes for those developments' impact on its venture into the small European country, but they are less certain that national flags pose any long-ter
Restructuring Havila Shipping's loss grows Restructuring Havila Shipping has logged a bigger loss for the first quarter of the year than it did in the same period of 2018, as financial costs rose. Havila Shipping back at the table with banks amid questions over a dozen vessels The Oslo-listed offshore support vessel player said the net deficit was NOK 91.97m ($10.51m), up from NOK 80.45m. Operating profits However, operating profit ros
Zim cuts loss as box rates rise Israeli container line Zim has reduced its first quarter loss as rates rose. The company said the net deficit was $24.3m, compared to $34.1m the year before. Revenue grew 6% to $796.2m year-on-year, but its ships carried 4.3% less cargo at 668,000 teu. The average freight rate per teu rose to $1,019 compared to $938 in 2018, however. Adjusted EBITDA stood at $69.3m from $27.5m in 2018. In the
Caspian Shipping plots 56 OSV newbuildings Azerbaijan's Caspian Shipping Company is to build 56 new OSVs over the next 10 years as it looks to service oil fields. These will replace ships built in the 1960s and 1970s, according to the country's Marine Engineering Bureau, Azer News reported. The new orders will comprise anchor-handlers, supply ships, pilot vessels, fire safety ships and crew boats. Caspian Shipping books tankers in Baku
Troim's 2020 Bulkers sets course for Oslo Stock Exchange with $70m placement Tor Olav Troim's 2020 Bulkers has launched a private placement to fully fund its newcastlemax newbuilding orderbook in a move which will see it list on the Oslo Stock Exchange. Troim will invest additional capital along with other existing shareholders in a $70m push which shows a burst of activity in the Oslo capital markets system. 2020 Bulkers eyes listing with fresh loan, key hires and first
ESL Shipping parent banks $17m loan Finnish bulker owner ESL Shipping's parent Aspo has signed a term loan facility agreement amounting to EUR 15m ($16.75m). The Nordea loan matures over three years and will be repaid in one instalment at the end of the period. "The signed agreement extends the overall maturity of Aspo's credit portfolio," it said. The cash will go towards general corporate purposes and will also be used to pay b
Liquimar charged in US over tanker pollution Greece's Liquimar Tankers Management Services is facing pollution charges in the US. A federal grand jury in Wilmington, Delaware, has returned a four-count indictment against the company, shipowner Evridiki Navigation and chief engineer Nikolaos Vastardis, Bunkerspot reported. d'Amico fined $4m after admitting US waste dumping The charges relate to the 167,000-dwt tanker Evridiki (built 2007).
Trafigura taps Chinese panda bond market again Trader and shipowner Trafigura Group has raided the Chinese "panda bond" market again to raise CNY 540m ($78m). The new tranche was placed in the interbank market with a three-year maturity. Trafigura seeks exposure to rising freight market Trafigura fundraising hits $3bn with bond sale Last October, the company sold a CNY 700m panda bond to bring its fundraising in 2018 to $3.15bn. Oversubsc
Troim, Golar LNG and a passion for power Twenty years in the LNG industry have given Tor Olav Troim a perspective from shipping, downstream into regasification and upstream to floating liquefaction. He traces the start of his passion for LNG to his last couple of years working with John Fredriksen. "We suddenly started to see what we were really into, which was producing cheap and clean energy. Then things became exciting," he says. Go
Tor Olav Troim: Golar's LNG evangelist Forget scrubbers and fuel blends. The Golar boss says LNG is the way forward, and he is frustrated that the rest of the shipping industry is so slow on the uptake
IMO edges towards goals-based compromise on slow-steaming Greenhouse gas emissions initiative will slow shipping down - but forget about mandatory speed limits
Battery fires spark car carrier concern over green vehicles Two major blazes have fuelled debate over cargoes of electric and hybrid new cars
Russia blocks Gudzon vessel from North Korea aid mission A Gudzon Shipping vessel has been barred by Russia from delivering a humanitarian cargo to North Korea. Interfax reported that maritime agency Rosmorrechflot declined to allow the Russian owner's 3,100-dwt aggregates carrier Bella (built 1988) from transporting 3,000 tonnes of wheat. This is according to Gudzon deputy general director Valery Uliskin. South Korea releases detained Russian ship
Uljanik down to one client but talks continue Uljanik Group chairman Emil Bulic has said all but one of its customers have cancelled their vessel orders. Bankruptcy proceedings were opened against the Croatian shipbuilding company this week after it struggled with cash flow and worker strikes. Uljanik bankruptcy action spreads to parent group Six released in $181m Uljanik fraud probe Bulic told reporters it is very important to launch neg
VLGC giant BW LPG nets new $458m loan from eight banks Andreas Sohmen-Pao's BW LPG has secured a major refinancing package covering its largest loan, which was set to mature next year. Epic Gas' small ships could help trading ambitions of BW LPG BW LPG shares inch up after Ackermann dips into stock The world's largest VLGC owner has signed a $458m package with eight banks to refinance a previous $800m facility. Competitive debt BW LPG has moved
Panama Canal delays draft cut after rains Panama Canal authority ACP has postponed a further reduction in maximum draft levels for vessels. A sixth cut this year was due to enter into force on 28 May due to falling water levels after a severe drought in the region. Tanker headache grows as Panama Canal cuts draft again But recent rains have prompted a rethink, with the reduction to 13.11 metres coming on 12 June instead. "We will cont
Gard reveals how $40m IT glitch hit its annual results Gard's shock $53m loss announced last week for the policy year ending 20 February was the biggest surprise of all the results announced by protection and indemnity mutuals so far this year. Not only was it the largest loss recorded by any club, it was Gard's first set of red figures in a decade. Gard reports first loss in 10 years, with $53m of red ink But much of its deficit now appears to hav
Phoenix Energy Navigation sells oldest ship Greek shipowner Phoenix Energy Navigation has sold its oldest ship. European brokers said the 176,000-dwt Maritime Power (built 2005) has been divested to another Greek owner for $13.5m. The price is largely in line with expectations and shows how ships from top-class Japanese yards have maintained their value in a difficult market. Phoenix could not be reached for comment on the sale of the
Golden Ocean strikes refinancing deal as dividend stays in place in first quarter John Fredriksen's Golden Ocean has struck a 14-ship refinancing deal alongside a stronger-than-expected first-quarter performance. Attention ahead of the report had been on whether the shipowner would retain its dividend given the difficulties experienced in the bulker market following Vale's dam tragedy in the first quarter. Slippage, scrubbers and scrapping will stem supply in 2019, says Golde
World fleet hits 2bn dwt for first time Clarksons Research has identified a new major milestone for the world fleet. The capacity of merchant vessels has topped 2bn dwt for the first time, it said. At the start of 2019, the figure stood at a "tantalising 1.98bn dwt," analyst Trevor Crowe added. But by the start of May it had passed the landmark. Clarksons bearish for shipping as US-China trade war escalates Clarksons: boxship deliv
Law of the land | How shipping's legal firms are thriving outside London The UK's regional firms are proving that it is not always necessary to be in the capital to serve the global shipping industry
Indonesia 'holding nine ships' over illegal entry A report has revealed Indonesia is holding nine ships with more than 100 seafarers on board due to "illegal anchoring". The Times of India cited Indian crew as saying the tankers and bulkers were detained four months ago in the Singapore Strait. There are 87 Indian seafarers on five of the ships. Brightoil's big tankers head for the auction block Master reveals 'mental torture' on detained sue
Mercator could sell ships as bank talks begin Indian owner Mercator could sell loss-making ships as it begins refinancing talks with banks. The company owes INR 12.88bn ($185m) to lenders, according to its website. It has also failed to pay wages to about 350 seafarers for March and April, according to the Business Line daily. Mercator confirms sale of last VLCC at knock-down price Mercator has said it will not shy away from selling ships
Wisdom Marine heads to Japan for Imabari handysizes James Lam-led shipowner said to be forking out around $50m for two 37,800-dwt ships.
K Line top brass agree to take 10% pay cut Japanese shipowner's senior executives will see pay packets shrunk for an initial six months.
Brightoil's big tankers head for the auction block Hong Kong court sells one VLCC, while Singapore counterpart prepares to auction an aframax and a VLCC.
Iranian 'threat' has diminished, claims US US Secretary of State has also spoken with Norwegian foreign minister about Fujairah attacks.
Lack of one-off gains pushes Pyxis into the red But Valentios Valentis-led pure play product tanker firm expects to see better earnings later this year.
Trump walks out of infrastructure meeting President Trump said he told Pelosi and Schumer to "get these phony investigations over with."
Talking Trade with DB Schenker USA CEO Jeffery Barrie "When we look at the ongoing changes being made today to regulations and tariffs, there's a variety of things we need to be acutely aware of, and not just on the regulatory side, but the changing geopolitical environment that can have an impact on all aspects of compliance."
Trump: Pass USMCA first, then focus on infrastructure The president sent his letter to Pelosi and Schumer one day before he was scheduled to meet with Congressional Democrats for a second round of infrastructure discussions.
FMC chairman outlines LoBiondo Act implementation The legislation, which was enacted into law on Dec. 4, set further restrictions on cooperation between ocean carriers and marine terminals.
Commentary: Alaskans leading U.S. forward in Arctic Helping shape the future of Arctic shipping is a pillar of the Alaska Maritime Prevention and Response Network's mission.
ZIM reduces first-quarter net loss, increases revenues Cooperation with Maersk and MSC is expected to reduce costs and improve service.
Input sought on automated driving system technologies
Singapore 380CST HSFO cash differential at 2-month high on lower cargo inflow Increasing demand for summer is also supporting the market, a trader said.
Russian Lukoil sees petchems as new key growth point, expects to win from IMO 2020 Lukoil is probably to be "among the key beneficiaries of [the new regulation] as refining margins are expected to grow significantly," Gimaletdinov said.
SUBSCRIBER NOTE: Platts to launch Marine Fuel 0.5% bunker assessments globally from Jul 1 The launch of IMO-complaint bunker assessments were first proposed in a subscriber note published March 26, 2018.
IMO issues more guidance on sulfur limit, uncertainty on scrubbers persists The guidance includes sections on impact of fuel and machinery systems from new fuel blends, clarifications on control mechanisms and a standard reporting format for non-availability of fuel oil.
The Suez Canal Authority has announced that it will introduce surcharges on transit tariffs through the Egyptian canal for most major cargo vessels, effective July 15.
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