US Coast Guard to receive pay withheld during shutdown Coast Guard leadership says it is 'acutely aware' of the challenges employees faced during the longest government shutdown in US...
Those who fail to prepare might not be alone There is a worrying knowledge gap between decision-makers responsible for running ships and those responsible for selling the benefits of...
Brexit: Crisis? What crisis? Among all the preparations for UK's departure for Europe, it is important not to lose sight of the fact that...
P&I clubs admit to being unprepared for autonomous vessels Autonomous shipping has potential to significantly reduce the rate of human error, which currently accounts for more than 75% of...
CMA CGM completes first LNG bunkering French carrier's Containerships subsidiary becomes first of CMA CGM fleet to operate on LNG ahead of arrival of ULCs next...
Scorpio Bulkers cites trade tensions for reduced activity Net loss of $7.4m in the fourth quarter compares with $1.1m loss a year earlier.
Operator sought for Dunkirk terminal expansion Dunkirk is working alongside CMA CGM to support its objective of transforming the port into a secondary box hub in...
Carrier schedule reliability hits record low With only 70% of cargoes arriving as scheduled, box carriers broke unwanted records in liner reliability last year
Cerberus and Centerbridge linked to NordLB bid Cerberus is best known in a ship finance context as the holder of a 40.3% stake in HSH Nordbank, another...
CEVA rebuffs CMA CGM tender offer CEVA Logistics has rejected CMA CGM's offer for outstanding shares, claiming its new business model is worth more
Leading UK ports reject Brexit pessimism Hutchison Ports and Bristol Port Co are ready and able to deal with any outcomes from the UK's Brexit negotiations
Scrubber anxieties point to further port bans With the scrubber debate set to intensify as the sulphur cap draw nearer, most vessel owners will play the 'waiting...
Chinese New Year: Reasons to be cheerful There are reasons for shipping to be upbeat about 2019 and beyond, despite a wave of pessimism, especially about China's...
General average declared for Yantian Express Cargo interests will have to contribute to fund to recover shipments
Daily Briefing 'Size matters' is the watchword for bunkering choices in a low-sulphur future | Cansi calls on China to back domestic...
Los Angeles maritime community remembers Dave Arian After working five years as a casual on the docks, Mr Arian became a full member of ILWU Local 13...
OOCL revenue rises 10% on the back of higher capacity and greater volumes Loadable capacity increased by 7.4% as all its latest ultra-large container vessels came into service, although the line accepted a...
Cosco Shipping Holdings raises $1.1bn from private offering The funds raised will be used to finance containership newbuildings on order as stated in the company's original plan
Vale dam collapse expected to hit dry bulk market Update: Vale ordered to suspend operations at the site of the dam disaster
Dynagas distribution cut causes share sell-off Dynagas LNG Partners cut its distribution Friday, sending shares tumbling Monday. At the close, shares of the Tony Lauritzen-led, New York-listed gas player were down 27.6% to $2.91, a drop of $1.11. Dynagas LNG Partners dials back distribution payments to meet $250m balloon Dynagas Arc7 LNG ship leaves yard for second time The decline, said Jefferies analyst Randy Giveans, was due to the stee
Miserable dry bulk January hit by soybean slump Tariff battle between US and China has dampened a trade that typically lifts dry bulk in an otherwise sluggish month, Eagle Bulk's Gary Vogel says.
CSSC Leasing celebrates huge newbuilding haul Big Beijing ceremony held to trumpet contract signings as Hong Kong outfit prepares ground for IPO
Scorpio Bulkers confident in drybulk shipping demand The sector is still poised for growth despite being in 'darkest' moment, says president Robert Bugbee.
Feijao disaster sparks sell-off in dry cargo stocks Accident at Vale facility will add further pressure to dry cargo freight rates, analysts say.
Shipping trots out its own 'disruption' Move over tech and pharma guys, shipowners tell their own tales of market dislocation as Noble Capital opens annual investor conference.
First Navios Maritime suit ended with revised offer In 2016, Norman Roberts backed off when Navios Maritime Holdings changed its offer. His most recent lawsuit against Navios Maritime Holdings and chief executive Angeliki Frangou is not the first time Norman Roberts has taken the company to court over its dealings with preferred shareholders. In October 2016, Roberts filed suit on behalf of himself and his fellow preferred holders, making similar
Diana Shipping fixes two ships into 2020 Simeon Palios-led bulker owner expects to make $12.2m total from both deals.
KLP hits out at Nordic American Tankers over beaching Norwegian investor KLP has reacted strongly to the sight of two former Nordic American Tankers' suezmaxes being beached in Bangladesh. Nordic American Tankers sells oldest suezmaxes The 147,000-dwt Nordic Aurora and Nordic Sprite (both built 1999) were in November reported sold for scrap to India for $442.5 per ldt or $10m each. However, both ships have now been beached in Bangladesh's demoliti
Star Bulk plan leaves Wells Fargo's Webber wary of 'nefarious' copycats Star Bulk Carriers' new chartering-based incentive compensation plan is unlikely in itself to threaten shareholder value, but could be dangerous in the hands of less scrupulous shipowners. That was the take this week from shipping corporate governance guru Michael Webber, the Wells Fargo Securities equity analyst who admits he is conflicted on the Star Bulk plan. "I don't like it in general
Star Bulk first to link success of scrubber strategy to bonuses Oaktree Capital Management-backed outfit replaces current bonus structure with incentive scheme tied to its scrubber-fitted fleet outperforming the market
Sweden deals with leaking Finnbirch 13 years after sinking Sweden is still removing oil leaking from a ro-ro that sank 13 years ago. The coast guard has been emptying a container that collects diesel from the wreck of the Finnbirch, 82 metres down between Oland and Gotland. It said that 500 litres of oil was disposed of this month, making 600 litres in total since a leak was spotted by a plane in December. "The coast guard will continuously empty the c
Scorpio Bulkers widens loss amid sister investment Bulker player misses Wall Street's positive forecast for the fourth quarter.
ExxonMobil signs up to buy Uniper FSRU gas German utility Uniper has said ExxonMobil has signed a preliminary deal to take a big share of regasification capacity from an FSRU project planned for Wilhelmshaven. "The heads of agreement is an important step towards the realisation of the Wilhelmshaven floating storage and regasification project," said Keith Martin, Uniper's CCO, according to Reuters. Uniper is working with Japan's MOL on th
HHI Holdings sells $1.6bn Oilbank stake to Aramco Korea's Hyundai Heavy Industries Holdings (HHIH) has agreed to sell a 19.9% stake in its refining unit Hyundai Oilbank to Saudi Aramco for $1.6bn. Aju News reported that an initial agreement has been signed with the Saudi oil giant, citing HHIH, the parent of Hyundai Heavy Industries. Oilbank has revenue of $19.2bn, but profit has been falling. A potential IPO for the company has been delayed
Torm sells tanker to Seven Islands Shipping as fleet renewal accelerates Danish shipowner has secured a firm price for the latest veteran vessel to leave its fleet.
Funding deal brings US Coast Guard back to full strength The deal to reopen the US government has the Coast Guard (USCG) back operating at full capacity, and with pay checks to come. The funding impasse that followed President Donald Trump's demands for a border wall with Mexico hampered some essential Coast Guard activities and caused the agency to miss paychecks for active duty and civilian members this month. Lawmakers work to pay US Coast Guard am
CLdN cancels ro-ro at Uljanik as bids lodged Belgium's CLdN Cobelfret has cancelled the first of two ro-ro vessels due this year from troubled Croatian shipbuilder Uljanik Group. The yard failed to meet the terms of the contract for the 5,500-lane-metre (lm) ship, hull number 531, Uljanik said. The deal for hull 532 remains valid. Uljanik has lost a slew of orders in recent months - including deals with Siem and Algoma - after being hit by
Trafigura ties up two new Central Group tankers on long-term time charter Potential five-year deals show a strong premium for scrubber-fitted, eco tonnage.
Turkish boutique yard Sefine focuses on niche markets to drive growth Innovative shipbuilder is making inroads into ferries, fish carriers and naval vessels using smart technology
Containerships completes first LNG bunkering with Shell CMA CGM-owned Containerships has completed the first bunkering of its debut LNG-fuelled boxship. The 1,400-teu Containerships Nord (built 2018) took on 240 tonnes of gas at Rotterdam from Shell's 5,300-dwt bunker tanker Cardissa (built 2017) last week. The fuel is enough for a trip from Rotterdam to St Petersburg and back sailing through the Kiel canal twice. The vessel is the first of four com
Latvian cargoship breached in Sweden A general cargoship has suffered bow damage in Sweden's Gota River. The Aftonbladet daily cited police as saying the 2,400-dwt Oak (built 1983) was taking on water inside a lock on Sunday. AIS data shows it as moored on Monday afternoon. It had left Gothenburg on Sunday en route to Hallekis with a wheat cargo. Pumps have been used to rid the vessel of water. It is operated by Tambels of Lat
CEVA rejects CMA CGM's takeover offer Swiss logistics group CEVA Logistics has recommended its shareholders resist a takeover offer by French containership giant CMA CGM. It said the company is worth more than the owner is paying. "While the board of directors concluded that the offer price of CHF 30 ($30.25) per share is reasonable from a financial perspective and that the offer provides a fair exit opportunity for shareholders who
Dalex denies handysize bulker buy Greek owner Dalex Shipping has dismissed broker information it acquired a seven-year-old handysize bulker. European and US brokers previously identified the company as buyer of the 37,000-dwt Ocean Neptune (built 2012). Load Line Marine nabs bargain supramax as it builds bulker fleet The vessel, owned by Glory Maritime of Japan, is said to be changing hands for $13.65m to $13.8m, which is roug
Qatar says it needs 60 LNG newbuildings for growth plans World's number one LNG producer is talking to South Korean shipyards about its expansion requirements.
ABG cuts capesize forecasts and downgrades Golden Ocean after Vale tragedy A tragic dam burst at Vale's Feijao facility on Friday has led ABG Sundal Collier to downgrade shares in John Fredriksen's Golden Ocean. Analyst Lukas Daul and Dennis Anghelopoulos dropped Golden Ocean from buy to hold suggesting the incident would lead to a significant drop in iron ore trade. Shares in Golden Ocean fell by over one tenth in Oslo on Monday following the news. Vale dam break co
Meriaura charters in five new dry cargo vessels Finnish operator Meriaura has signed five new charter agreements for dry cargo tonnage. It is bringing in a deck-cargo carrier, two multipurpose-heavy lift dry cargoships and two traditional bulkers. Rauma Cata's 5,200-dwt Enough Talk (built 2011) is the deck-cargo unit and is the same size as two others in the Meriaura fleet. The deal for this ship "significantly increases Meriaura's cargo cap
Siem Offshore sells its three oldest platform supply vessels Three 13-year-old ships are destined for a new owner
Bahri clinches $133m loan for expansion VLCC giant National Shipping Company of Saudi Arabia (Bahri) has fixed new financing of SAR 500m ($133.3m) to fund expansion. The Riyad Bank loan is sharia-compliant, it said in a statement to the Saudi Stock Exchange. The facility matures over five years. The company has previously said it is targeting acquisitions in Asia and the Middle East. The VLCC specialist wants to expand its reach, it
Hyundai Mipo Dockyard reveals $250m tanker deal Hyundai Mipo Dockyard has secured a deal for up to six chemical carriers, it announced today. Evangelos Pistiolis inks product tanker quartet at Hyundai Mipo Dockyard Two-year tanker up-cycle has started Seoul-listed HMD says the contract, its second major tanker win in as many months, is worth $250m. Four of the vessels are firm, with the remaining two options at this stage. HMD told its inv
DSME increases cost of delayed Hunter VLCC options Three VLCC options held by Norway's Hunter Group at DSME in Korea have just got more expensive. The yard has agreed to extend the date for a decision on the ships to 28 February, but has increased the price to $93.6m each, from $92m, Hunter said. The delivery time is unchanged - within the first half of 2021. Hunter had previously said that it had until 15 January to declare the options. Chief
General average declared as Yantian Express heads to Bahamas General average has been declared by Hapag-Lloyd following the fire on its Yantian Express off Canada. The 7,150-teu boxship (built 2002) suffered a deck blaze on 3 January. It was contained after a week and the crew was evacuated. General average, declared when an extraordinary and severe event occurs that threatens the safety of a vessel and its cargo, allows costs to be shared by the owner an
OOCL revenue and volumes jump in fourth quarter Hong Kong container line OOCL has reported rises in revenue and volumes for the fourth quarter. In a trading update, the owner, bought last year by China's Cosco, said it carried 6.4% more boxes year-on-year at 1.71m teu, from 1.61 teu in 2017. Asia-Europe trades saw the biggest rise at 14.4% to 336,000 teu. Total revenue increased by 13.5% to $1.56bn, while loadable capacity was up 6.1%. The
Yang Ming taking four more Shoei newbuildings Taiwanese line Yang Ming has declared an option to charter four more 11,000-teu boxship newbuildings from Shoei Kisen of Japan. The company said it would sign long-term deals for the vessels. The price per ship is between $100m and $125m, it added, with the total charter cost coming in at between $400m and $500m. Costamare and Shoei Kisen tied to Yang Ming deal In July, the owner signed charte
Cerberus and Centerbridge make move for Nord/LB German bank confirms a joint offer is in but is not naming names at this stage.
European Express heads for Turkish scrapyard Piraeus Port Authority finally manages to give unwanted ferry the heave-ho.
CMA CGM makes offer for additional CEVA shares CEVA's board says the offer is friendly but shareholders may do better if they hold onto their shares.
ILWU blasts plan to automate Los Angeles terminal International Longshore and Warehouse Union says plan to automate Pier 400 puts robots ahead of people.
Higher rates lift OOCL transpacific revenues Transpacific revenues up 26 percent in fourth quarter of 2018 on 6.1 percent volume growth.
WTO dispute panels will look at tariffs involving U.S. Panels will review U.S. Section 301 tariffs on China and retaliatory tariffs by Turkey against U.S. Section 232 measures.
Freight payment provider files for bankruptcy IPS Worldwide's bankruptcy filing leaves many shippers seeking to get their money back, in some cases in excess of tens of millions of dollars.
ITC won't accept filings until Wednesday
Formerly sanctioned Russian firms now delisted
Executive Moves: Land, sea and rail
GlobalTranz reports 150 percent EBITDA growth
Descartes signs agreement to acquire Visual Compliance
Crude stocks likely rose last week amid evaporating export activity: survey US crude inventories likely increased last week amid a steep slowdown in export activity, according to analysts surveyed by S&P Global Platts.
US middle distillate deliveries to Europe at 340,000 mt so far in Feb: cFlow Around 340,000 mt of middle distillates from the US are on their way to Europe and scheduled to arrive in February, data from Platts trade flow software cFlow showed Monday.
JAPAN'S COSMO OIL LOADS FIRST IRAN CRUDE CARGO AFTER US SANCTIONS WAIVER: SOURCE Cosmo Oil has started loading its first Iranian crude oil cargo, the latest Japanese refiner to resume import of Iranian oil more than two months after the US sanctions waiver was granted, a source with direct knowledge of the matter told S&P Global Platts Monday.
Hong Kong takes top China gasoil export spot from Singapore on LSMGO demand Strong low sulfur marine gasoil demand in Hong Kong boosted China's gasoil exports there in December, overtaking shipments to Singapore, data from China's General Administration of Customs showed.
Opinion on scrubbers wash waters should be based on scientific data: CSA 2020 To start speculating that this will have an impact on global rules or, indeed, the wider take-up of open- and closed-loop scrubbers is wrong, Ian Adams said.
Container line MSC secures financing for 86 scrubber installations Container line the Mediterranean Shipping Company, or MSC has secured financing to install emissions-cleaning scrubber equipment on board 86 of its ships, according to a law firm involved in the deal.
Taiwan's CPC halts bunker fuel orders at Suao port on full barge schedule
FUTURES: Oil dips as demand concerns outweigh tightening supply "Political turmoil in Venezuela threatened to tighten crude supply, but concerns over surging US fuel stocks and global economic woes weighed on sentiment," UOB analysts said.
ADNOC Refining sells stakes to Eni, OMV in $5.8 bil deal The companies plan to close the deal in the third quarter of 2019.
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