Public shipping sector awash in reverse splits The reverse split announced on 4 March by bulker operator NewLead Holdings is the latest in an unprecedented string of such manoeuvres by US-traded shipowners seeking to maintain their public status. To remain on NASDAQ or NYSE, a company's stock must maintain a...
Marine insurer warns on crane risks A risk expert from a specialist insurer has called on port and terminal operators to put crane safety higher on their agendas. Transport insurance specialist the TT Club has called for a greater focus on the threat of fatigue cracks in cranes,...
GAIL sets new deadline for hiring LNG ships India's biggest shipping tender, worth about USD7 billion, floated by state-run natural gas firm GAIL (India) to hire as many as 11 new LNG ships to haul gas 5.8 mmtpa of LNG from the United States, has been postponed...
Bremer Landesbank to prune ship lending by 30% German state bank Bremer Landesbank will cut back its ship mortgage loan book by 30% by the end of the decade. Its head of ship finance, Ulrich Kropp, told the BDO Arbicon shipping forum in the northwest German town of...
EcoCoaster short-sea vessel launched An new breed of fuel-efficient, environmentally-considerate cargo vessel for the short-sea trades is scheduled to make her debut with Finland's progressive Meriaura Group towards the end of July this year. As the first of a pair ordered from...
US west coast ports race to get ready for CMA CGM mega-ships Thursday's announcement by CMA CGM that from the start of May the carrier's Pearl River Express service will operate each week with mega-ships carrying up to 18,000 teu...
Comment: Does India's shipbuilding 'adventurism' make sense for its fleet owners? India's frantic efforts to prop up the 'Make in India' initiative of Prime Minister Narendra Modi and create a reliable market for its struggling shipyards have prompted the shipping ministry to suggest that state-run fleet owners such as Shipping Corporation of India and Dredging...
Hyundai Group chair quits HMM Hyundai Group chairwoman Hyun Jeong-eun has decided to resign as chairwoman of Hyundai Merchant Marine and from the latter's management. Her decision comes as HMM will execute a consolidation of its stocks to reduce its capital to KRW173.2 billion (USD 143 million) from KRW1.2 trillion...
Sainty Marine's losses expanded in 2015 Shanghai-listed Sainty Marine has posted a loss of CNY5.3 billion (USD814 million) for the full year 2015, slumping 195% from the loss of CNY1.8 billion posted in its last set of fiscal results. The company's...
MISC open to acquisition opportunities in offshore Malaysia-listed MISC is open to acquisition opportunities in the offshore segment thanks to its strong cash reserves and a robust balance sheet. "The current weak oil and gas market may potentially open up acquisition...
Fincantieri expected to support VARD Italian shipbuilder Fincantieri is expected to provide financial support for its subsidiary, Singapore-listed Norwegian ship builder VARD, and this should cushion any impact from the weak oil market. VARD specialises in offshore support vessels, and the collapse in oil prices...
We are still in tanker business, says Hanjin Shipping South Korea's Hanjin Shipping has told IHS Fairplay that it intends to stay in the tanker business despite selling its only owned oil tanker. Hanjin Shipping, which has been selling a number of assets and businesses since 2014 to bolster its liquidity, told IHS Fairplay that the...
CSBC targets revenues of USD761 million for 2016 Taiwanese shipbuilder China Shipbuilding Corporation (CSBC) is expected to generate revenue of TWD25 billion (USD761million) for the whole year of 2016. This will represent 16.5% annual growth, according to CSBC general manager Chen Feng-lin. CSBC is...
Ex-OW Bunker top executives charged with fraud Former top executives of the now-defunct OW Bunker have been charged with fraud by the Danish court, and further charges may be brought against other senior executives in the state prosecution process. Among the accused are Jim Pedersen, ex-CEO of OW Bunker;...
Clear strategy crucial to supply chain visibility, shippers say Pursuit of supply chain visibility is a continuous process that is struggling to succeed in a world of increasingly complex and globalised supply chains. A panel of large shippers and IT service providers at the TPM 2016 conference in Long Beach agreed that improved visibility can give organisations a substantial...
Tallink displays record numbers for 2015 The biggest Baltic shipping company and largest Estonian enterprise unveiled impressive leaps in its unaudited figures for 2015. Revenue was an all-time high at EUR954.2 million (USD1,038 million), which resulted in its net profit more than doubled to EUR59.1 million reflected in its earnings per share...
China launches new landbridge services to Russia and Iran Two rail services carrying cargo overland from Chinese cities to Iran and Russia were launched in February. A train with 47 containers loaded with USD1.46 million in Chinese-made bicycle parts and light industrial products that departed from Harbin, capital of northeast China's Heilongjiang Province, is due to arrive in Russia's fourth...
Carriers request clarity from US on container weight rules Hours after testifying on Capitol Hill that he foresees no disruption to maritime commerce when the IMO's new container weight rules go into force 1 July, US Coast Guard Commandant Paul Zukunft was asked by the world's largest containership group to reverse...
Teekay lawsuit is likely to be outlier, not trendsetter Is the newly filed shareholder suit against Teekay Corp and its top officers a sign of things to come, as depressed stock pricing fuels investor backlash? At least one prominent attorney believes the answer is 'no' and that the current down-cycle will result...
Cargill appoints new head for dry bulk shipping unit Previous chief moves to agricultural supply chain business unit
A tale of two tanker types Chemicals and products vessels sail on divergent courses as both industries prepare to meet next week in London
CMA CGM's pledge to grow APL reassures customers and staff about line's future Top CMA CGM executive Nicolas Sartini moves to Singapore to work with APL president Ken Glenn on integration process as two sides aim for mid-year completion
George Pateras elected president of Hellenic Chamber Shipowner succeeds long-running head George Gratsos
NewLead effects one-for-300 reverse stock split Move is supportive of aim to list company's stock on the OTCQB
Spot market hits new lows Freight rates collapse across the board as supply/demand imbalance deepens, while on the Asia-Europe trade there are reports of Maersk offering rates at reduced prices to maintain market share
OW Bunker executives charged by Danish state prosecutor Pederson, Skou and Moller named in media reports
Hyundai Merchant Marine chairwoman resigns as shares slump 21% HMM to reduce capital and halt trading of shares
SSY chairman Welham to retire in 2017 Simpson Spence Young vice-chairman Mark Richardson to take up role of chairman of world's largest independent shipbroker
US container exports face mixed outlook this year Deteriorating inland infrastructure is a bigger obstacle to trade than the strong dollar
Hyundai Merchant Marine mulls tanker fleet sale Options being assessed for company's restructuring plan
Hapag-Lloyd looks to build up special cargoes business Special teams of staff to be formed for the Asian and North and South America markets
Safe Bulkers gets loan extension from Unicredit Bank Amendment will push back balloon payment from 2019 to 2022
Disney Cruise Line orders two vessels from Meyer Werft The cruiseships will be around 135,000 gt and are due for delivery in 2021 and 2023
Growing China impact on product tankers demand China's new product export quota offers employment opportunities for product tanker owners
VLGC spot rates dip to fresh low Owners having been chasing cargoes and there has been a lack of arbitrage opportunities for VLGCs
Lines to enforce box weights, even sans US Holland & Knight says Coast Guard talk on container weighing confusing, but measures will continue to march forward.
Golar unit and ExxonMobil in LNG deal A proposed power plant along the coast of Brazil could use US-sourced LNG in future.
Marine stocks ending strong week with a pop US-listed shares benefit from 'relief rally' with Eagle Bulk skyrocketing.
Golar unit, ExxonMobil in LNG deal A proposed power plant along the coast of Brazil could use US-sourced LNG in future.
VLCCs regain some ground in tough week Large tankers claw back upward Friday but end week on a low.
Boskalis and Van Oord win $330m contact Dutch consortium set to conduct dredging work for vast Fehmarnbelt project connecting Germany and Denmark.
Kranship wins Yamal icebreaker order Russian shipyard to build icebreaking tug for state LNG project.
Bondholders slam Atlantic's restructuring Norwegian owner sees its latest recapitalisation proposal almost unanimously rejected.
Korean orderbook lowest for 12 years Total ship contracts at yards fall below 29m cgt for first time since 2004.
Cargill appoints new shipping head Jan Dieleman relocating from US to Europe to manage charterer's expanded headquarters.
Viktor Lenac posts 2015 profit Croatian shipyard made $3.1m last year as demand increased more than expected.
Containership double for Ben Thuy Vietnamese shipbuilder signs up for two boxships for Hiep Phuoc Transport.
Last two WWS ships blocked in Brazil Norwegian owner faces possibility of being left without any vessels under contract.
CMA CGM: no IRISL alliance talks French line denies report it is looking to include Iranian carrier in new boxship group.
Indonesian ferry sinks off East Java More than 50 people rescued as passenger vessel capsizes on Friday.
HMM shares sink as Hyun steps down Troubled owner's plan to cut its capital are followed by big stock price decline and chairwoman's resignation.
Indonesian ferry sinking off East Java More than 50 people rescued as passenger vessel capsizes on Friday.
HMM shares drop by biggest margin in 20 years Investors' reaction to troubled company's plans to cut capital sees it lose 21% of value.
WISL workers charged over wage protest 400 employees of Indian repairer held rally in Vasco over salary arrears.
Three ships go adrift in French storms Konig & Cie boxship among vessels to have needed tows in bad weather this week.
Farstad sells another vessel for a loss Norwegian owner offloads veteran anchor-handler as it adjusts to downturn.
CMA CGM commits megaships to Pacific French line confirms it will run the first ULCs between Asia and the west coast of the US.
Salvors look to lighter grounded Suez Canal capesize Cargo to be partially offloaded from stranded Greek-owned vessel in bid to aid salvage effort.
d'Amico reports best financial year since 2009 Italian product tanker specialist achieves 37% year-on-year increase in daily spot rate.
Fincantieri scores order for Jones Act ATB Italian shipbuilder's Wisconsin yard to build 185,000-barrel unit.
Four more El Faro families agree to settle TOTE Maritime to pay $500,000 per crew member in latest string of agreements.
Walt Disney goes to Germany for more ships US-listed entertainment group set to increase fleet to six vessels with latest newbuilding orders.
- Via Raffaele Paolucci 17r/19r - 16129 Genoa - ITALY
phone: +39.010.2462122, fax: +39.010.2516768, e-mail
VAT number: 03532950106
Press Reg.: nr 33/96 Genoa Court
Editor in chief: Bruno Bellio No part may be reproduced without the express permission of the publisher
- Via Raffaele Paolucci 17r/19r - 16129 Genoa - ITALY
