Sea Oil opens bunker trading office in Singapore Singapore: Credit: Olaf SchmidtThai marine fuel distributor Sea Oil has begun bunker operations in Singapore. Industry sources told IHS Fairplay that the company registered an entity, Sea Oil Petroleum Pte Ltd, in Singapore in April 2015 and this was confirmed through corporate records. However, the company is still in the midst of...
CJ Korea Express sells 20% stake in Busan terminal to China Shipping unit South Korean logistics company CJ Korea Express has sold 20% of its stake in its loss-making terminal in Busan port to a unit of China Shipping Group. CJ Korea Express said it sold the stake in Korea Express Busan Container Terminal to China Shipping Ports Development for over KRW9.7 billion (USD8.3...
Thorco Shipping confirms one body from sunken cargo ship Denmark-headquartered Thorco Shipping has confirmed one body of the six missing crew members that was found near the sunken cargo ship, Thorco Cloud. The body was found along with two other bodies by the local search and rescue (SAR) teams that commenced operation over Christmas. However, the two bodies' identity remained unknown,...
Bumi Armada secures USD1.2 billion facility for FPSO Armada Olombendo Malaysia-listed offshore services provider, Bumi Armada has secured a syndicated facility worth USD1.2 billion for floating production, storage and offloading (FPSO) Armada Olombendo, operating in Angola. The facility includes a term loan, a standby letter of credit and a bank guarantee which was signed by Armada Cabaca, a wholly-owned subsidiary of...
Terminals and lines don't need new sticks with which to beat each other up A newly released paper by a global industry consulting firm on how performance-based pricing could potentially unlock large dormant value pools in container shipping has useful ideas but fails to address fundamental issues in the nature of carrier-terminal business dynamics that would ultimately undermine any such initiatives. Analysis of IHS...
Clampdown on shipping corporate crime expected in 2016, says report The US has kicked off corporate counter-crime trends for 2016. Pic: US Supreme Court, Washington D.C.A clampdown on executives suspected of involvement in corporate wrongdoing is one key trend that counter crime in the corporate field, including shipping, will witness in 2016, according to a new report from financial compliance...
Mercator sells three vessels to reduce debt Singapore-listed dry bulk company, Mercator Lines has sold its three mortgaged bulk carriers to service its recurring debt. The company has entered three memorandum of agreements to offload Kesari Prem, Gauri Prem, and Sri Prem Aparna to related companies of their lender on arms-length basis at market value for total net proceeds...
Goodwood advises caution for shipping in 2016 Singapore-based Goodwood Ship Management warns that 2016 should be a year of caution because of the ongoing decline of crude oil prices. Ashok Sabnis, managing director of Goodwood, told IHS Fairplay that the low oil prices may have a "negative knock on effect" in the shipping market and in the overall...
China fines eight shipping companies for flouting anti-monopoly laws China's National Development and Reform Commission (NDRC) has announced that eight shipping companies have been fined a total of USD63 million for defying the country's anti-monopoly laws. The eight companies include Japan's 'Big Three' shipping companies - Mitsui OSK Lines, NYK Line, and Kawasaki Kisen Kaisha ('K' Line). The other five companies are EUKOR...
Incheon port eyes 2.5 million teu in 2016 Having embarked on an expansion programme, Incheon port targets to handle 2.5 million teu in 2016. While Incheon Port Authority (IPA), which oversees Incheon port, said that 2.47 million teu, or a 4.4% increase from estimated volumes for 2015, is more realistic, it has set 2.5 million teu as a...
Exploded VLGC sold to Chinese interests A very large gas carrier (VLGC) involved in a fatal explosion in 2014 has been sold to Chinese interests for further trading, shipbrokers told IHS Fairplay. The 1990-built, 50,743 dwt DL Calla has reportedly been sold for USD20.5 million, according to shipbrokers. Although the ship, owned by Korea Line Corporation (KLC), was...
Yang Ming forms logistics alliance with two compatriots Taiwanese box carrier, China Airlines and Chunghwa Post sign LoI to enhance co-operation in multiple areas
Bodies recovered close to Thorco Cloud wreck One crew member confirmed dead after Singapore Strait collision
Supreme Court dismisses Ilmarinen action against Finnlines Final judgement ends seven year dispute over 2008 dividend and gives options for Grimaldi to take remaining stake in Finnish owner
Shell terminates drilling rig contract with Transocean Transocean will be compensated for early termination with a lump sum payment
Keppel Offshore & Marine secures $88.6m worth of new orders Keppel's Singapore yard clinches two orders while its overseas yards get another two
Bumi Armada secures $1.1bn in loans for Angola offshore project Credit facility to cover project costs for FPSO to be chartered out to Eni Angola
China Cosco to distribute 7.5% of Shanghai-listed shares Company will transfer stake to three key players in China's logistics, steel and shipbuilding industries
CIMC chairman Li Jianhong resigns Move could indicate Mr Li is gearing up for more responsibilities related to potential takeover
George Karageorgiou steps down from Globus Maritime positions Athanasios Feidakis to take up president, chief executive and chief financial officer posts
Karan Adani to assume chief executive role at Adani Ports and Special Economic Zone Mr Adani's new appointment takes effect on January 1, 2016
Washington State Ferries orders fourth Olympic-class vehicle ferry Ferry is one of four which will replace state's oldest ferries built in 1950's and 1960's
Charles Fabrikant resigns from Dorian LPG board Fabrikant to focus more on running Seacor
Norden sells capesize dry bulk carrier at a loss Proceeds to be used for supramax or panamax acquisitions
Concordia Maritime to charter out P-Max tanker to Chinese shipping firm Two-year time charter to take effect by early February next year
Container lines' on-time performance nearly breaks record, SeaIntel says Global carrier schedule reliability in November reached its second-highest level since 2011, according to SeaIntel. The maritime analysis firm said the changes were largely propelled by improvements on minor trade lanes, but an uptick in schedule reliability on the Asia-U.S. West Coast trade lane shows that trade patterns are at last...
US truckers scramble for rigs before tax break expires Truckers in Los Angeles-Long Beach are buying as many new and post-2007 model trucks that they can get their hands on in order to take advantage of a tax break that took effect Dec. 18, but time is running out. The accelerated depreciation provision expires at midnight Thursday. "There's super demand...
Shippers urge governments to harmonize container weight rule guidelines European shippers are urging governments to harmonize their regulations for the meeting of a global container weighing mandate because too few countries have detailed what shippers need to know before the rule takes effect July 1. The statement from the European Shippers' Council highlights how unprepared many governments are in helping...
Japan to boost spending on container ports Port of OsakaJapan's transport ministry has unveiled plans to ramp up its spending on measures to shore up the sagging international competitiveness of key domestic container ports as part of broader efforts to revitalize the economy. The ministry said that it will set aside 81.5 billion yen ($679 million) in fiscal...
Japan trust bank to buy half of Midwest Railcar Japan's Sumitomo Mitsui Trust Bank Ltd. will indirectly acquire half of Illinois-based Midwest Railcar Corp., making inroads into the increasingly lucrative U.S. freight railcar leasing market. The leading trust bank in Japan and its subsidiary, Sumitomo Mitsui Trust Panasonic Finance Co., have agreed to indirectly purchase a combined 50 percent stake...
ILA cheers delay in Cadillac tax on medical benefits The president of the International Longshoremen's Association said the union is pleased that the appropriations bill that Congress approved this month includes a two-year delay in the "Cadillac tax" on high-end medical plans. "This is a great victory for the ILA and its members," said ILA President Harold J. Daggett. "I...
MSC: 2M stands to gain from alliance shake-ups via consolidation The 2M Alliance stands to gain from the pending consolidation of the container line industry because the alignment of the five alliances to which the other major carriers belong will change and with it their services, making the consistency provided by the tie-up of Maersk Line and Mediterranean Shipping Co....
Refined products lead oil futures higher on cold weather Rally capped by persistent concern over global oversupply.
Legal expert sees 'good chance' for successful investor claims in OW case Against board and management members, IPO advisors and Altor.
Companies collaborating on bunker project for Malaysian port Companies 'optimistic' about prospects at Pasir Gudang.
New crude import approvals will further hit fuel oil demand China extends list of independent refiners allowed to import crude oil.
New crude oil import approvals will further hit fuel oil demand China extends list of independent refiners allowed to import crude oil.
OW case still under investigation by Danish state prosecutors Unrelated to compensation claims, but could lead to criminal charges.
Report concludes OW's IPO prospectus was misleading Omissions and incorrect information serious enough to be considered unlawful, says report commissioned by liquidators.
Suspects arrested as Indonesia acts on priacy Naval official claims number of attacks has been falling.
Dry Bulk: 'Strong balance sheets needed to get through storm' 'Small private companies without obvious external support will be at the most risk.'
Director of Mercator resigns Firm's shipping subsidiary sells 3 bulk carriers to service debt.
India mulls LNG as fuel for inland vessels Proposal includes newbuild fleet of 80 LNG-powered vessels.
ICE Brent tests 11-year low as Iran vows to boost exports China's weak stock market performance weighed on oil futures Monday.
Orient Overseas (International) Limited (OOIL), the subsidiary of the Chinese shipping group COSCO Shipping Holdings that operates containerized maritime transport services with ...
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