KLC takes over Hyundai Glovis-chartered PCTC Korea Line Corporation (KLC) has ventured into the car carrier business by purchasing a secondhand pure car and truck carrier chartered to Hyundai Glovis for five years. Brokers said the company has bought 1994-built K.Asian Beauty (ex-Asian Beauty), a 4,300-unit PCTC, from Eastern Pacific
Otto Marine and Swiber cash calls 'likely' Otto Marine and Swiber may have to restructure or hold rights issues in view of their high debt amid the depressed market for offshore support vessels, according to a CIMB Securities analyst. The two companies' net gearing, which measures the ratio of shareholders' equity to total debt, is almost
South Korea cracks down on cargo under-declaration Dozens have been arrested in raids in South Korea targeting under-declaration of cargo weight and unlicensed cargo surveyors. The Korea Coast Guard, which is leading the clampdown, said 79 people from 36 companies have been arrested, including the CEO of a cargo surveyor company. The drive has
Norway project looks to spur port and ship electrification Inspired by Norway's successful promotion of electric cars, maritime organisations are working with engineers and investors to study how to expand the country's shore power and boost its use of electric- and hybrid-powered ships. Headed by certification and classification group DNV GL, the ReCharge
Brightoil goes online Hong Kong-listed bunker trading company Brightoil Petroleum Holdings (Brightoil) has taken its business online to attract more trade. The company's e-commerce platform - Brightoil Online - is the industry's first comprehensive energy and financial e-commerce platform in China. Brightoil chairman
Alam Maritim clinches FLNG subcontract works worth $12.5m Malaysia-listed offshore services provider Alam Maritim Resources has secured floating liquefied natural gas (FLNG) subcontract works for national oil company Petronas worth MYR53.5 million (USD12.5 million). According to its filing to Bursa Malaysia, the subcontract was signed by Petronas' wholly
Yinson extends Nigerian FPSO charter Malaysia-listed offshore services provider Yinson Holdings (Yinson) has extended its floating production storage and offloading (FPSO) charter contract with Nigeria-based Addax Petroleum Development (Addax) for another three years. The value of the extended contract is MYR531 million (USD129
COSCO secures $150m newbuilding contracts Chinese shipbuilder COSCO has secured newbuilding orders for one product tanker and two cargo transfer vessels worth USD150 million. Under the contract, COSCO's Dalian shipyard will be responsible for the construction of the 22,000 dwt tanker, scheduled for delivery in the fourth quarter of 2016,
Seanergy takes delivery of two more Restis vessels Capesize dry bulk vessel Geniuship and supramax dry bulk carrier Guardianship both employed in the spot market
Product tanker rates hover above year-to-date lows Sentiment subdued as seasonal demand boost not expected to kick in for another two to three weeks
LME vows to support One Belt, One Road Metal exchange signs MoU with Chinese and London-based banks to enhance China's pricing power
Havila earnings pulled down by North Sea doldrums North Sea rates at half of operating costs for OSVs
BHP iron ore output increases in third quarter Full year guidance for 2016 financial year remains unchanged for both iron ore and coal
Svitzer clinches Costa Rica 30-year towage contract Danish company will train local pilots and tug masters
Philippines and Vietnam forge strategic partnership Partnership to raise bilateral exchange between Asian nations
Greece and US plan joint venture LNG terminal Plan builds on one of the European Commission's key projects involving Gastrade
US port congestion plan revealed Existing infrastructure may not cope with further growth in freight shipments
NTSB provides new details on EL Faro El Faro was undergoing modifications prior to being redeployed to the US West Coast
UN blasts box line competitiveness Mergers and collaborations lead more countries served by too few suppliers
Rouen boosts breakbulk focus France's River Seine port of Rouen has for a long time made a speciality of the north-south regular line trades, particularly those between northern Europe and west Africa. Over the years, it has built up recognized expertise in handling breakbulk cargo in all its forms, as well as in the logistics...
Higher truck costs could crunch Mexican capacity Historically plentiful Mexican truck capacity could tighten thanks in large part to a cross-border exchange rate that's been driving up the price of equipment for smaller Mexican carriers, industry executives warn. The Mexican peso has been swiftly losing ground against the U.S. dollar since the start of the year. That, in...
Charleston volume rises at double-digit clip The Port of Charleston's September volume of full 20-foot-equivalent units rose 10.1 percent year-over-year, reflecting what South Carolina Ports Authority CEO Jim Newsome described as "broad-based strength across all market segments." Charleston's total volume, including empty boxes, increased 11.1 percent, to 167,549 TEUs. During the first three months of the South...
Global terminal operators eye three Brazilian container terminals Sepetiba TeconGlobal terminal operators are eying three private container facilities - even as the Brazilian government trudges through a $2.6 billion plan to sell off existing and new port concessions. The largest and most prestigious of the three terminals being eyed by global operators is Sepetiba Tecon. The terminal, roughly 49...
MOL establishes unified brand for breakbulk segment Mitsui OSK Lines announced on March 18 that the establishment of a unified brand - MOL Project & Heavy Cargo - highlights MOL Group's capabilities in the rapidly growing plant and heavyweight cargo transport sector. The new brand reflects MOL's efforts to convey the logistics services of each group company and demonstrate its...
India's Kattupalli Port gets Wan Hai service as it fights for volume Kattupalli International Container Terminal's prolonged and difficult push to woo more ship calls received some support last week when Taiwanese carrier Wan Hai Lines made its maiden call at the private, minor facility on India's east coast. The 889-foot Wan Hai 508, voyage 92, arrived at KICT on Oct. 16 to...
Japan-US trade to benefit from TPP, Japan government says The United States remains Japan's biggest export market, edging out rival China, and will likely see that status receive a significant boost from a historic trans-Pacific free trade agreement. Japan's transportation and logistics industry will also benefit greatly from the Trans-Pacific Partnership as the trade deal will stimulate the country's trade...
Motor carrier cooperative adds chassis in Gulf, South Atlantic A motor carrier cooperative formed in 2012 to acquire chassis and contribute them to regional pools is adding 750 new chassis to its inventory in the U.S. Gulf and South Atlantic. Acquisition of new chassis is a significant development for the North American Chassis Pool Co-Op. NACPC initially provided the pools with...
India refiner margins bolster tanker demand Analyst sees positive sign for crude and products in Reliance Industries margins.
Carnival to launch Chinese cruise brand Joint venture with CSSC and China Investment Corp plans to buy ships and newbuildings.
Tor Viking II rescues sailor and feline friend US Coast Guard airlifts man and pet from AHTS after problems on 9.1-metre sailboat.
Products spot rates looking sweeter Atlantic Basin lends a hand to spot rates as Robert Bugbee says there is nothing flaky about today's market.
Baja ups SNCM offer Mexican ferry group to retain more workers as it seeks to buy bust French ro-pax group.
Moody's cuts Ocean Rig debt outlook Credit agency downgrades drilling rig operator as newbuilding delivery looms
Skaugen-MAN saga flares up in Singapore Norwegian shipowner still seeking compensation over falsified engines constructed by VW's unit.
More ERRVs scrapped North Star sending three offshore vessels to demolition yard in depressed market.
Norden tipped to beat forecasts this year Danish owner will cruise past its own profit guidance in 2015, Clarksons Platou Securities says.
Double for Dutch yard German KG Imperial inks deal for two new canal-capable LPG carriers at Veka.
Trio forced aground Ferry, tug and barge stuck after Typhoon Lando tore through Manila Bay.
Skaugen-MAN saga continues in Singapore Norwegian shipowner still seeking compensation over falsified engines constructed by VW's unit.
CPS raises VLGC sights Clarksons Platou Securities says demand will keep rates higher than previously thought next year.
Fletcher Shipping fixes two offshore ships UK owner saved from administration in August finds work for PSVs with E.On and EnQuest.
Delta orders at Damen Dutch yard designs new renewables service vessel for Scottish operator.
Navig8 Chemical orders four at STX Nicolas Busch-led owner back at South Korean shipbuilder for a quartet of newbuildings.
Imtech in new era Maritime service provider enters new phase following takeover by Pon and Parcom Capital.
Bulkers beware DNV GL's new guide to liquefaction urges checks on cargoes after rain.
Soechi Lines readies $215m bond issue Indonesian tanker owner prepares debt sale as it targets vessel buys.
Hapag initial public offering 'competitive' Drewry analysts believe German carrier can stay profitable in face of difficult environment.
Havila turns red in Q3 Oslo-listed company posts negative result in depressed spot market for offshore vessels.
EMGS stretches Malaysian charter Norwegian survey company wins extra Asian work with vessel chartered from Boa.
Yara stronger in Q3 Norwegian LPG carrier and fertiliser group pushes up profit and revenue.
Drillship crewman killed Cause of accident being investigated on Chevron-chartered vessel in Gulf of Mexico.
Asian pirates running wild Criminal gangs will continue to operate freely with little fear of capture unless regional security is boosted, claims Dryad Maritime.
Yinson seals FPSO extension Sinopec Group has tied up Nigeria-based floating production unit for another three years.
Analyst predicts a 'friendlier' Dorian LPG Euro Pacific Capital trims estimates for US-listed LPG carrier owner but says dividend may be ahead.
La Spezia targets Asia Italian port aims to promote itself as alternative route for Europe-bound Asian cargoes.
Navios Maritime linked to double VLCC buy Angeliki Frangou's Navios Acquisition tipped as the owner talking China VLCC duo for $133m.
Bureau Veritas opens VeriFuel laboratory in Greece Facility features 'latest testing equipment'.
Towage strike to affect Greek ports To take place on October 22-23.
EC evasive on aligning EU MRV with future IMO system Official says global system is preferable but EU needs to see 'what it will look like' before deciding.
Indonesian oil terminal 'almost complete' Half of the tanks at the 760,000 m3 terminal will be used for heavy products including fuel oil.
IM Skaugen seeks compensation over rigged engine tests As units will have used more than expected fuel over lifetime.
Shipping back in Paris climate deal draft New text is vague and gives two options, both mentioning IMO.
Analysts approve box operator's IPO Share valuation a floor from which to build value.
Dan-Bunkering expands Singapore office Brenda Neo joins company in October.
Nordic shore power project started Initiative brings together DNV GL, Cavotec and Enova.
Norway, South Korea to discuss green shipping technologies Technologies for LNG bunkering, emissions reduction part of agenda.
Monjasa enters maritime infrastructure partnership New company set up with former shipping executive.
Five vessels detained for carrying illegally refined products Ships discovered loading 108,000 litres of diesel fuel onto barges.
University joins marine engine research project To develop fuel flexible, near-zero emissions, adaptive performance marine engine.
Singapore bunkering fleet shrinks Three tankers exit operations in the country.
LNG has a 'vital role' in inland shipping According to attendees of an LNG strategy symposium.
Tug, barge sinking partially closes Houston Ship Channel Roughly 20 gallons of diesel fuel spilled during incident.
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