Greek owner warns of sub-participation upsets in shipping loans UK law offers scant protection against 'abuse' of lender-borrower relationship norms, claims owner fighting bulker arrest
Strategic challenges for port leaders Whatever the Brexit outcome, the UK will always be a trading nation, but it must be flexible, adaptable and inclusive...
Braemar Shipping downgrades technical division Reduced activity in the oil and gas sectors means the technical division is likely to miss full-year targets by about...
All not lost after short-term LNG market hopes fade Although LNG tanker growth has slowed, tonne-mile demand is still trending upwards
Nordic American Offshore plans reverse split to avoid delisting NAO shares currently trade at $0.45, well below NYSE's $1 per share requirement
HSH Nordbank confirms Rohr as replacement for Nieswandt Loukas Lagaras will continue to be responsible for HSH Nordbank's business in Greece, an important shipping location
'Size matters' is the watchword on making a bunkering choice in a low-sulphur future Large shipowners in constant dialogue with large refiners stand to have first dibs on fuel types and availability; smaller shipowners who have...
ExxonMobil close to Wilhelmshaven FSRU stake The energy giant has entered a Heads of Agreement with Uniper for a substantial share in the German project
Hapag-Lloyd says fire-damaged ship heading to Freeport The fire has been brought under control and salvage operations have made progress
MSC receives $439m scrubber loan for 86 ships The company has agreed $439m in financing to install scrubbers on 86 container ships. Five banks will finance the loan
TEN books slots with HHI for pair of suezmax tankers Market speculation has tied the move to long-term Chevron charters but so far there is no confirmation
Strike action continues to hamper Swedish ports The SDU has issued notice of 25 intermittent strikes at 15 ports across Sweden, including Gothenburg - Scandinavia's largest port
ONE extends LSF surcharge from China ONE implements pricing adjustments in line with Beijing's schedule, which is a year ahead of the IMO in regulating sulphur...
Court rejects warrant for arrest of Korean Register surveyor According to Korean media reports, the South Korean police were also trying to obtain warrants for the arrest of senior...
The Interview: Alexander Oetker The 43-year-old founder of dry bulk company AO Shipping, who wants to continue to be a pure shipowner, finds that...
S&P upgrades Swedish Club rating S&P reported that through disciplined underwriting and strong risk controls, The Swedish Club has continued to record combined ratios close...
The Lloyd's List Podcast: Data is an opportunity, not a cost Listen to the latest edition of Lloyd's List's weekly podcast - your weekly briefing on the stories shaping shipping in...
Daily Briefing Closed-loop scrubbers are not feasible in international shipping, says PIL | Greek shipping interests raise concerns over compliant fuel |...
Keppel O&M sees bright spots in FPSO conversions and scrubber retrofits The gas segment could also spark gains, Keppel noted, with global demand for gas, led by Asia, continuing to grow
Leading owners can still borrow cheaply and easily Competition still tough to lend to blue chips, while borrowing picture will stay tight for most, although Chinese sale and...
Port of Long Beach mounts challenge to US rivals The Port of Long Beach has announced a new cargo throughput record, but port officials are not resting on their...
Port of Oakland completes terminal expansion project As part of its two-year expansion project, TraPac more than doubled the number of plug-in spaces for storing refrigerated containers...
Wheat aboard seized Gourdomichalis ship attached A federal judge in Oregon has ordered the 51 million metric tonnes of wheat aboard the Vigorous seized, as the wide-ranging legal dispute around the ship continues. Wednesday, Judge Michael Mosman ordered the wheat aboard the 14-year-old 52,500-dwt bulker attached, following a lawsuit filed last week by Greek shipbroker Medmar, who is seeking to collect $3.4m in a breach of contract suit. Gourdo
Drybulk names lowered amid China's woes 'Perception has become reality' says Evercore ISI analyst Jon Chappell.
Vitol swoops for modern Restis suezmax tanker Golden Energy Management is understood to have sold a modern suezmax tanker to trading giant Vitol in what brokers say is the most eye-catching sale and purchase deal this week. Euronav swings to black after VLCCs came 'back with a bang' Braemar: pricing, design uncertainty to curb tanker newbuilding interest Golden Energy, backed by the Restis family, is believed to have secured $62.5m for th
Turkey hikes marine pollution fines Agent warns masters to take "extra diligence" to avoid steep penalties
Diana Shipping's largest shareholder cuts back Diana Shipping's biggest shareholder has trimmed its position in the dry bulk player. Franklin Templeton Investments sold off around 1.3 million shares in the Simeon Palios-led company, leaving it with 11.5 million shares, down from 12.8 million and 12.1%. The California investment firm still has the largest stake, at 10.7%. The next largest shareholder is Kopernick Global Advisors at 5.69%. E
Zodiac Maritime inks capesize time charter with Rio Tinto Eyal Ofer's Zodiac Maritime has tied one of its capesize bulkers into a time charter with Rio Tinto. Brokers say the 175,000-dwt Cape Stork (built 2011) has been fixed for 11 to 13 months at $16,000 per day. Zodiac hires key trio as finance division moves back to London The rate is above the $13,288 per day available in the spot market on Friday in what has been a tricky week for dry cargo rate
Fred Olsen to deconsolidate Dolphin Drilling Fred Olsen holding company Bonheur is to deconsolidate restructuring subsidiary Dolphin Drilling (DD). The company said it would no longer be a majority shareholder in DD. The move comes as a result of a difference in opinion with banks over how to refinance the drilling operation. DD has been hit by the downturn in the offshore drilling industry and has been trying to find a long-term financia
Union Maritime strikes again with aframax tanker purchase UK shipowner Union Maritime is buying its seventh aframax tanker in less than a year, sources say. European shipbrokers believe the company has purchased the 105,000-dwt Phoenix Dream (built 2005) for $14.5m. MOL sells product tanker to Greek shipowner How do you decarbonise an industry built on carbon? The company did not respond to requests for comments. Early in the week it was suggested t
Sinochem and Huarong sign chemical tanker leaseback deal Huarong Financial Leasing has bought a newbuilding for $57m and chartered it back on bareboat charter.
Lights to be dimmed after dazzled birds hit cruiseship Cruiseships in New Zealand have been told to dim their lights at night after a flock of seabirds flew straight into a vessel last year. About 70 dazzled Buller's Shearwaters hit P&O's 70,000-gt Pacific Jewel (built 1990) and ended up stunned on the deck. Crew boxed them up and delivered them to the Department of Conservation (DOC) in Auckland, but 33 died and more were injured. DOC principal sc
Philippines ready to help Hanjin yard buyers The Philippines government is ready to help bail out Hanjin Heavy Industries and Construction's Philippines shipyard in tandem with a white-knight investor. Budget secretary Benjamin Diokno was cited by Business World as saying funds could be given to a private sector company if it took over the Subic Bay yard, which filed for rehabilitation earlier this month. Fitch: banks' recovery uncertain a
Xeneta: Asia-Europe boxship build-up puts pressure on rates Added boxship capacity on Asia-Europe trades could put more pressure on rates, according to benchmarking platform Xeneta. The Ocean Alliance of lines is revamping its northern European runs to add a seventh loop from April. This could put "additional pressures" on the trade, Xeneta said. "The alliance seems to have had its hand forced due to Cosco's delivery of around a dozen ULCVs due to come
Kidwell sights two key hurdles to clear path for investors New chairman and clear direction for technical arm will act as catalyst for revival in stock, chief executive believes.
MSC fixes $439m loan for fitting of 86 scrubbers Boxship giant MSC has finalised financing worth $439m to fit 86 scrubbers to its fleet. BNP Paribas (BNPP) is the co-ordinating bank and agent on the deal, which involves a syndicate of four other lenders. The cash will go towards the manufacturing and installation of the exhaust gas cleaning systems. Law firm Watson Farley & Williams (WFW) advised BNPP on the deal. Offen and MSC team up on i
Stalemate for Teichert, Killinger in Chamber vote A battle between two heavyweight German shipping figures for the presidency of the Hamburg Chamber of Commerce ended in stalemate on Thursday evening. Neither former Lloyd Fonds boss Torsten Teichert nor Johann Killinger, head of Buss Group, secured enough votes to win. Die Welt reported that the split decision means the organisation is likely to be without a president until March. Torsten Teic
$1.5bn Dutch Nedlloyd pension shakes up board The EUR 1.3bn ($1.5bn) Dutch pension organisation Nedlloyd Pensioenfonds (NPF) is planning to replace its current board with full-time staff. The IPE website cited Frans Dooren, the scheme's director, as saying the fund wants to boost its governing power by using professional expertise. Dooren and Randy Caenen, head of finance, control and risk management, would become the executive part of the
Maritime Administration issues piracy warnings After the recent uptick in piracy, the Maritime Administration is warning seafarers to stay vigilant in the Gulf of Guinea and in the Sulu and Celebes seas. In the Gulf of Guinea, the US government agency said hijackings, kidnappings for ransom and boardings to steal valuables have shot up to 10-year highs, while kidnappings in the Sulu and Celebes seas were perpetrated by a Filipino Islamic sepa
Court rejects warrant request for KR surveyor in Stellar Daisy case A Korean court has turned down a request for an arrest warrant for a Korean Register (KR) surveyor following the sinking of the VLOC Stellar Daisy in 2017. The bulker went down off Uruguay with the loss of 22 of its 24 crew. KR classed the Polaris Shipping vessel. It said in a statement: "She was surveyed in accordance with our rules and regulations which comply with relevant international conv
Technical trouble draws profit warning from Braemar Shipping Services Shares down as technical arm under-performs and finance division sees promising work fall through.
Samsung Heavy posts bigger loss as costs increase Korea's Samsung Heavy Industries has logged a bigger operating loss for 2018 as costs rose. The shipbuilder said the deficit last year was KRW 409.3bn ($365m), against KRW 524.2bn in 2017. Estimates had come in at KRW 416.2bn. The wider than expected loss was explained by an increase in the price of raw materials, the yard said in a filing. The net loss was KRW 388.2bn, against KRW 340.7bn i
Krasnoye wins $158m STLC order for 11 cargoships Russian shipyard Krasnoye Sormovo is to sign an RUB 10.43bn ($158m) deal for 11 new cargoships. The Prime news agency said documents on the state procurements website showed the United Shipbuilding Corporation (USC) yard was the only bidder in the tender launched by State Transport Leasing Company (STLC). The tender opened in December with a starting price of RUB 10.67bn. Three of the RSD59 pro
ONE widens scope of LSFO surcharge from China Japanese container giant ONE is expanding the scope of its low-sulphur fuel oil surcharge from China. It is making the move "due to expansion of regulation scope requiring ships to use less than 0.5% sulphur fuel in the China ECA designated areas," it said. It will introduce an extra fee of $15 for import and export cargo. This applies from 15 February for all trades, except to the US and Canad
PNE tanker still missing after a month Indonesian authorities are still none the wiser as to the fate of a tanker missing since the end of last year. Contact was lost with the 1,900-dwt palm oil ship Namse Bangdzod (built 1993) on 28 December after it left Sampit. Missing tanker shows up on AIS It was bound for Jakarta where it was expected to arrive two days later. The ship reappeared briefly on AIS early in January off Jakarta, b
Greek ferry to come under the hammer National Bank of Greece to dispose of the last vessel owned by once prominent Agoudimos Lines.
Vallianz Holdings completes share consolidation Singapore-listed offshore player hopes move will reduce price volatility and costs.
Bill to expand presidential tariff powers introduced The Reciprocal Trade Act would allow the U.S. to increase tariffs based on higher tariffs in other countries.
Congress urged to study destination-based tax system The Coalition for a Prosperous America pushed for a look at taxing corporate profits based on the location of sales.
Commentary: China's economic prospects still strong The nation does face challenges as its gross domestic product growth has slowed.
ILWU blasts plan to automate Los Angeles terminal International Longshore and Warehouse Union says plan to automate Pier 400 puts robots ahead of people.
US govt shutdown hitting commodities markets both sides of Atlantic
Deal reached to reopen US government: Trump
Prolonged US government shutdown exacerbates strain on air travel
Western Australian LNG ports brace for tropical cyclone "The Port of Dampier will begin clearing vessels from the anchorages and terminals in a staged manner from tonight, with the port to be cleared by 1pm tomorrow (25 Jan 2019 AWST)," it said.
LNG bunkering economics attractive for container shipping market: SEA\LNG According to the study, LNG is the most financially effective long term means of complying with the 2020 sulfur cap.
INTERVIEW: Italy's Fratelli Cosulich eyes over 5% growth in bunker sales in 2019 "We have to be fast in adapting to whatever direction the market takes us towards," Cosulich said.
FEATURE: With multiple arb lanes open, US naphtha suppliers said looking toward Asia "There is a lot of naphtha going to Asia," a USGC market source said.
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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