Scorpio Bulkers buys more time NYSE-listed Scorpio Bulkers has renegotiated loan terms, terminated charters and delayed newbuildings, but has declined to comment on whether it is considering an outright sale or privatisation of the company. Speculation has emerged that Scorpio Bulkers could either be taken private by its core...
Container shipper CMA CGM signs agreement with GAC Norway Oslo, 29 February 2016 - The Scandinavian arm of the world's third largest container shipping company CMA CGM has signed an agency, husbandry and NOx reporting agreement with GAC Norway for its ships calling at the port of Oslo. The CMA CGM Group has a fleet of 470 vessels...
India scraps export tax on shipment of low grade iron ore India has scrapped a 10% export tax on shipment of low-grade iron ore fines with iron content below 58%. This concedes to one of the main demands from, miners who said the decision would help them remain competitive amid a slump in global prices. India's finance minister,...
DP World signs CT4 contracts for Jebel Ali Global port and terminal operator DP World has signed two major construction contracts for its new Container Terminal 4 (CT4) at its flagship Jebel Ali Port in Dubai. To be built on a reclaimed island, CT4's first phase will add 3.1 million teu capacity...
European Commission to appeal Spanish tax-lease judgment The European Commission has decided to appeal against a Court of Justice of the European Union (CJEU) judgment that it had been wrong to rule that a Spanish ship finance tax-lease scheme infringed European Union state-aid rules. The court announced its surprise...
JadeWeserPort gets backing for second container terminal A feasibility study by the Bremen-based Institut für Seeverkehrswirtschaft und Logistik (Institute for Shipping Economics and Logistics) says construction of a second container terminal at JadeWeserPort, Wilhelmshaven - Germany's only deepsea port - "is not only technically realisable, but also economically prudent...
Bearish tone dominates bulk shipping news in Oslo The week has started with bearish tone dominating dry bulk shipping news in Oslo as Jinhui and Bulk Invest report deep losses. However, on a positive note, Golden Ocean's share offering is under way. Bulk Invest,...
French prefect warns shipowners after Laskiridis ship fined for pollution A French maritime prefect has warned that France will systematically prosecute all ships deliberately causing pollution off the French coast after a Laskiridis-managed bulker was spotted in the Bay of Biscay with a 40 km pollution slick in its wake. The vessel, 41,101 gt Thisseas, operated by Athens-based Lavinia...
Dayang Shipbuilding to lay off 600 workers Dayang Shipbuilding, a branch of Sinopacific Shipbuilding Group, will lay off to 600 employees, about 38% of its payroll, and merge five of its special project vehicles to ensure enough funding via financial leasing, according to an internal memo on 23 February. The yard plans to create the merged company to...
China restructures port fees China's Port Fees Charging Methods are to take effect on 1 March, and the Regulations on Port Fees will be repealed. The validity term of the Port Fees Charging Methods will be five years, and in case of any discrepancy in regulations released before, the new methods will prevail, the Ministry...
Cypriot government chooses consortia for Limassol port concessions The Cypriot government has awarded concessions for the operation of the port of Limassol, the island's biggest, to two international consortia. The concession for management of the port's container terminal has gone to a consortium led by Germany's Eurogate International in partnership with Cypriot marine services group...
Scandinavian shipping companies secure financing deals Product tanker owner Hafnia Tankers and Höegh LNG have unveiled financing deals with a combined value of USD583 million. Hafnia Tankers, based in Denmark, said it had signed a USD360 million credit facility with a consortium consisting of ABN AMRO Bank NV, Danish Ship Finance, Danske Bank A/S, and...
Expanded Frontline upbeat after strong 2015 Frontline, the listed tanker company in John Fredriksen's business empire, has reported strong final-quarter and full-year 2015 figures that were boosted by its merger with Frontline 2012. The company says the outlook for the rest of the year remains encouraging. Group net profit amounted to USD58.6...
Korea Land and Housing Corporation signs MOU for port development Korea Land and Housing Corporation has signed a memorandum of understanding with the country's Ministry of Oceans and Fisheries to get involved in port development projects in the country. Known as LH, the corporation is government-owned and is responsible for development of land and city,...
OSV oversupply spells trouble for vessel owners Statistics from IHS Petrodata indicate that the glut of offshore support vessels has worsened, making for a gloomier outlook for vessel owners. The figures show that there are now five OSVs for every rig, compared to three OSVs per rig prior...
Hyundai Merchant Marine chief to staff: Focus on battle at hand Hyundai Merchant Marine's (HMM's) CEO has appealed to the shipping line's staff to help the company stave off a liquidity crisis. In a message to staff on 26 February, HMM CEO Lee Paik Hoon said he felt...
Abandoned cruise ship sinks off Thailand causing oil spill An allegedly-abandoned passenger cruise ship has sunk off Laem Chabang, Thailand, resulting in an oil spill. The sunken 2,352 dwt Ocean Dream, owned by China-based Shanghai Eastime Ship Management, was anchored in the Bight of Bangkok, one mile off Laem Chabang breakwater for nearly more than a...
New USD40 million Suez channel to transform SCCT A new Suez Canal access channel that allows 24-hour access of ultra large container ships of 18,000 teu and above to the Suez Canal Container Terminal (SCCT) at East Port Said will reduce vessel turnaround times. The channel, which was completed...
Mega boxships lose their appeal as trade fundamentals shift Hapag-Lloyd and Maersk downplay prospects of ULCs on Pacific in immediate future
Results round up From Fontline to SFI, Scorpio to Stealth Gas, we bring you results from all the main maritime sectors
Angelicoussis move for Scorpio Bulkers fleet 'baseless', say executives Greek owner traditionally prefers bigger bulkers while analyst questions logic from Scorpio perspective
Golar LNG plummets to almost $200m loss Company to lower rate expectations to obtain long-term charters, freeing up capital from shipping activities to pump into FLNG
Diversification brings rewards for Ship Finance International Company taps tanker market strength through Frontline profit share agreement
StealthGas confident of benefiting when LPG segment recovers Leader in its smaller ship market sees hope in sector's tiny orderbook
Panalpina's ocean freight volumes down in 2015 Freight forwarding giant reports 0.8% drop in traffic amid "very challenging environment"
Höegh LNG's FSRU growth story remains intact Company targets 12 operating FSRUs by 2019 under new focus, up from five currently
Handysize index rises for second week in succession Revival or false dawn? Too early to tell
Ruscon defies slump in domestic box traffic Box numbers up 11% last year despite ongoing sanctions restricting trade movements in and out of Russia
Gulftainer appoints Flemming Dalgaard as new chief executive Former Maersk and DP World man replaces Peter Richards to oversee ambitious growth strategy of UAE operator
Vard swings to net loss for 2015 on foreign exchange losses Group incurred NKr77m restructuring cost for 2015 due to severance payments for layoffs
Frontline sees profit rise as merged company beds down Robust fourth quarter 2015 boosted coffers for the year
Rerouted headhaul could save carriers millions Analysis of costs shows benefits of taking Asia-Europe trades around Africa instead of through Suez Canal
Iranian oil exports to Greece yet to materialise amid financial hurdles Pro-Rouhani parliamentary elections positive for restoring business confidence
Impairments hit Jinhui Holdings' results Hong Kong dry bulk owner sees challenging market environment ahead
Vallianz Holdings' 2015 revenue climbs 51% on OSV chartering and brokerage segment New charter contracts, fleet expansion and high fleet utilisation helped boost revenue
Yangzijiang posted weaker earnings despite strong orderbook Lower newbuilding prices and returns from financial assets to blame
Product tankers forced to take longer Asia-Europe trade route says EIA Longer voyage allows for more time to find a buyer or onshore storage space
Another acronym bites the dust GRIs are set to vanish from the European container trades as Brussels presses for greater price transparency but while lines agree to the changes, they insist that none of them has broken the law
Otto Marine 2015 revenue falls 31% amid industry downturn Group focused on sustaining vessel utilisation by increasing its orderbook
Expanded Panama Canal impact expected to be gradual Container lines likely to take their time upgrading services from 4,000 teu ship strings to loops deploying 12,000 teu vessels
Courage Marine books third consecutive annual loss Company expects fleet utilisation and freight rates to remain low for 2016
Mercator Lines gets more time for results release Dry bulk operator needs at least until March 15, 2016 to come up with unaudited third-quarter financial results
Farstad sees fourth-quarter loss Oslo-listed offshore vessel owner reports significant loss on fleet impairment.
Hapag-Lloyd defends self in Peru probe German company says dealings were legal amid competition authority probe of 11 liner operators.
Golar preps plans to convert LNG carriers Switching several tri-fuel LNG carriers to FSRUs could boost earnings potential, company says.
Frontline firm on finance and growth John Fredriksen-backed owner confident of loans for 22 newbuildings and expansion ambitions.
Pacific Basin finds hope in minor bulk Though Chinese demand for principal bulker cargoes has declined, story may be different for other commodities.
Solvang offers special payout after record Q4 Norwegian gas carrier owner declares extraordinary dividend as fourth quarter earnings climb.
Hoegh LNG Partners ups earnings Spin-off partnership prospers in fourth quarter as revenue increases.
Golar LNG's 'spot concern' as MLP makes more LNG and FSRU specialist companies post mixed results in the fourth quarter.
Havila falls to $165m loss in Q4 Asset write-down condemns offshore shipowner to big deficit in tough markets.
Ship Finance pushes up Q4 earnings John Fredriksen's shipowning vehicle boosted by fewer derivatives losses at the end of 2015.
Aurora posts lower than expected profit LPG carrier owner misses the market's estimate for the fourth quarter but pushes up annual figure.
Yangzijiang profit slashed in Q4 Chinese shipyard group's earnings hit as revenue falls in final three months.
Tallink rides record revenue to bigger profit Estonian ro-pax owner reports strong annual result thanks to more passengers and higher onboard spending.
Scorpio Tankers beats estimates in Q4 New York-listed tanker owner reports strong quarterly and annual result thanks to good rates and vessel additions.
Write-down pushes SALT's 2015 loss to $510m Scorpio bulker company takes $422.93m hit from vessels held for sale.
Olympic Ship finds work for four offshore vessels Norwegian owner locks quartet into short-term contracts in Africa and the Caribbean.
Bahri confirms Hanjin VLCC buy Saudi Arabian group paying $75m for Korean owner's last big tanker.
Pac Basin outperforms market, chops loss Hong Kong-listed owner manages to reduce its deficit for the full year after exiting its towage and ro-ro business.
Only 'weeks' left to save Bulk Invest Struggling Norwegian owner still trying to cut charter-in rates as it reveals contract claims could total $250m if it goes under.
Viking Supply Ships faces cash crunch Offshore vessel owner has less than a month to find a viable solution as it turned red in 2015.
Frontline prospers after merger as profit soars John Fredriksen's tanker operation turns around last year's fourth quarter loss after combining with Frontline 2012.
Y-Entec orders chemical tanker in Vietnam Korean company heading to Pha Rung Shipyard for 6,500-dwt ship.
Hoegh LNG cuts loss in Q4 LNGC owner hit by $37m impairment from pulling out of floating LNG operations.
Hoegh LNG secures $223m for new FSRU Norwegian owner taps banks for seventh vessel due next year.
Marooned Chinese cruiseship sinks off Thailand Fears raised over potential pollution incident following failed attempt to rescue vessel.
Vard Holdings bleeds red ink in Q4 and full-year Brazilian provisions, forex losses and reduced activity combine to sink Norwegian shipbuilder.
Vard looks to diversify to beat offshore downturn Fincantieri-backed shipbuilder eyes wind, cruse, military and the Middle East in bid to survive.
Shipping industry urges IMO to decide timing of global sulfur cap in October Want upcoming MEPC meeting to 'agree in principle' that a final decision should be taken at MEPC 70.
Singapore fuel oil market braces for heavy supply in March: sources Bunker markets in Singapore and Fujairah weighed down by too much supply as Iranian fuel oil cargoes return.
Houston IFO 180 CST price spikes $69/mt on lack of suppliers Demand for the grade is practically nonexistent so no one will keep it in tank.
Not in Kansas any more Steve Simms believes the bunker industry has been forever altered by its very own trip to 'Oz'.
S Arabian Jeddah's bunker fuel supplier pool shrinks, availability tightens Market sources expect tightness to ease by end-March
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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