Cyber security for ships depends on new supply chain, says LR Risks that come with increasing digitalisation of ships could be lessened by decreasing their connection with the shore. This move would open up a whole new model for ship operations, according to Lloyd's Register (LR). With "peak technology" coming...
Paragon Shipping to sell off entire operating fleet Michael Bodouroglou-led Paragon Shipping has agreed to sell its final six bulkers in exchange for a full settlement of its syndicated loan facility obligations. In a statement after the closing bell on 9 March, the NASDAQ-listed company disclosed that the Panamaxes Coral Seas and...
Loss-making Bourbon ready to stack up to 20% of fleet French offshore vessel operator Bourbon said today that it was ready to continue stacking up to 20% of its 511-strong fleet as it strives to contain the impact of a slump in demand that left it with a net loss...
'Painful path' for biggest box ships The container shipping sector is working through what is described as a "lost decade", with rates sliding relentlessly and more vessels lying idle; carrier consolidation is the only solution being suggested. In a revealing session at TPM 2016 earlier this month, Barclays Capital Equity analyst Brandon Oglenski drew close parallels to...
Bank of China to become largest shareholder in Huarong Energy Hong Kong-listed China Huarong Energy Company, formerly China Rongsheng Heavy Industries, has announced an issue of 17.1 billion shares to its creditors to offset its CNY17.1 billion (USD2.6 billion) debts. Once completed, Bank of China (BOC) will be the shipbuilding and marine engineering company's largest shareholder. Huarong Energy had debts totalling...
Australia's Melbourne port privatisation gets final clearance Melbourne, Australia's largest container terminal and port is now officially on the market, after legislation cleared state parliament on Thursday evening. "Port lease legislation has passed through Parliament. We're getting on with it and keeping our promises," state treasurer Tim Pallas announced on social media platform...
Business grows at Wilmar Ship Holdings Wilmar Ship Holdings, the shipping arm of Singapore-based agribusiness group Wilmar International, has been growing quietly but profitably. The company owns 10 bulk carriers and 20 chemical tankers. The tankers and bulkers, which are mainly Kamsarmaxes, are primarily deployed to transport Wilmar's grain and palm oil...
HMM's finances worse than previously reported Hyundai Merchant Marine has revealed that its 2015 loss and liabilities were worse than earlier reported. This follows an external auditor's check of its accounts. HMM said its loss was KRW648.76 billion (USD540 million), compared with the unaudited figure of KRW600.1 billion it announced in...
DSME restructuring 'going well' despite failure to sell Romanian yard The restructuring efforts of South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) are progressing smoothly although attempts to sell its Romanian yard have failed. During a press briefing, Financial Services Commission commissioner Kim Yong Beom asserted DSME's reorganisation is going well despite the shipbuilder posting a record...
Container rates reverse three months of decline in January Container freight rates reversed three months of decline in January and reached their highest level since October 2015. UK consultancy Container Trade Statistics (CTS)'s price index, which includes both spot and contract rates, rose three points to 71 in January. However, shipping...
China Merchants to invest in 10 more overseas ports China Merchants Holdings International (CMHI) is planning to invest in about 10 more overseas ports as the state-owned company continues its global expansion and implementation of China's One Belt One Road strategy. CMHI is looking...
US-bound tanker diverts to Europe as diesel price surges A New York-bound cargo of low-sulphur gasoil on board the product tanker Raysut is now diverting in mid-Atlantic to Amsterdam, as prices for diesel cargoes in northwest Europe surge to an 11-week high. The Long Range 2 tanker, carrying a 90,000-tonne (670,500 bbl) cargo of ultra-low-sulphur...
India remains bright spot for offshore demand The Indian rig market continues to defy the offshore down-cycle and boasts higher demand than the rest of the Asia Pacific region. IHS Petrodata forecasts that the Indian Ocean region is expected to attract an estimated demand of around 40 jack-up units...
'Painful path' for biggest box ships The container shipping sector is working through what is described as a "lost decade", with rates sliding relentlessly and more vessels lying idle; carrier consolidation is the only solution being suggested. In a revealing session at TPM 2016 earlier this month, Barclays Capital Equity analyst Brandon Oglenski drew close parallels to...
The rise and fall of perpetual preferred shipping equity A hybrid security known as perpetual preferred equity (PPE) has played a key role in shipping's capital-raising efforts over the past half-decade. Now, the consequences of that strategy are coming home to roost. Issuing PPE in today's market environment would be impossible, but...
ClassNK joins US safety inspection scheme Tokyo-based ClassNK has become the fifth class society to participate in a safety inspection programme aimed at reducing the US Coast Guard's regulatory burden over US-flagged ships. The Coast Guard and ClassNK signed an agreement on 9 March authorising ClassNK...
Bulk Invest creditors consider damages claims after dropping injunction Japanese companies owed $172m look at legal options related to 'quick' sale they claim was below market value
Port of Long Beach reports record highest monthly box volumes February surge in imports will continue into March
Paragon Shipping strikes bank deal to sell fleet Talks continue with yard on delaying newbuild trio
Are marine technology firms too big to fail? Who can we trust, shipowners ask as engine maker reputation rocked by data-rigging scandals
Aronnax: Suspicion reigns Rebuilding bridges may be more difficult than rebuilding engines
Persian Prize or Desert Mirage? Iran's market remains nascent as shipping and commodity businesses navigate legal tangles and uncertainty. But the opportunity remains too big to ignore
Now we are talking With faster, cheaper and more reliable communications, shipowners and suppliers are beginning to treat ships like any connected device and explore new ways to do business
Bourbon reports $84m loss for 2015 Lower revenue forecast for 'low point in the cycle' in 2016
The familiar cycle Two years ago the offshore sector was the darling of shipowners looking for an easy diversification win; this 'new frontier' for traditional shipping has suffered from the usual follies
Navios 'in-house' loan has three-year term Security for loan from tanker sibling includes 8m units in Navios Partners held by Navios Holdings
Havyard agrees newbuilding contract cancellation Newbuilding delivery had been postponed before it was cancelled
MOL and Daimler set up Mediterranean car carrier service Move will reduce transit time to Asia and cut CO2 emissions
MR tanker rates drop on lack of diesel arbitrage Global distillate supply building up as refineries are operated at maximum production due to low oil prices and strong margins
No armed robbery incidents in Asia reported for February ReCAAP says incidents are also less severe in nature versus previous month and year-ago period
ASF blasts latest Prestige judgment Apostolos Mangouras was sentenced to two years in prison earlier this year by Spain's Supreme Court and deemed 'reckless' in 14-year-old case
Panama Maritime Authority moots bill to boost shipbuilding and finance Authority hopes initiatives will help create more jobs in the country
Sembcorp Marine raises stake in Gravifloat to 56% Group looking to expand into offshore gas processing business
Sobelmar complains of HSH 'takeover' effort Bankruptcy grows bitter as Belgian shipowner files adversary suit in Connecticut.
Judge won't rule now on helicopter salvage Sued by Greek shipowner, PHI claims there should be no award for chopper that landed on bulker's hatch.
Indian Oil starts work on new LPG project India, scene of frequent VLGC congestion, aims to ease ability to import LPG.
Alexandratos linked to panamax purchase Brokers say Greek owner behind deal for Japanese-controlled panamax.
Indian Oil starts new LPG import project India, scene of frequent VLGC congestion, aims to ease ability to import LPG.
Davie bids $752m for Canadian ships Shipyard tries to undercut rival Seaspan on government icebreaker and multipurpose deal.
Iraq-Ceyhan pipeline could reopen soon Hope rises for resumption of Kurdish crude exports from Turkish port as army completes military operation.
Tallink's LNG ferry option lapses Estonian owner will not be ordering another eco ro-pax at Meyer Turku in Finland.
Paddy Rogers: keep calm and carry oil Euronav chief executive moves to demystify current "abnormal" state of play.
Outdated terms keep a cap on Iran exports Traders cite inflexibility in Tehran as a reason for slow upturn in Iranian shipments.
Cochin IPO hits fees stumbling block Indian state shipbuilder could call new round of bids from banks to advise on share sale.
First ethane ships from US Historic cargo leaves Marcus Hook on Evergas Dragon vessel bound for Norway
DSME to cut another 12,000 workers as it eyes profit Korean shipbuilder will have shed 25,000 employees since 2014 as it restructures; hopeful of positive result in Q1.
Minoan prices offer for Hellenic Seaways stake Grimaldi-controlled company says it is paying $2.74 per share in order to acquire bigger slice in compatriot group.
Hammonia retrofits general cargo ships German owner introduced improvements aimed to 25% fuel savings in cooperation with charterer Intermarine.
Bourbon plunges to $84m 2015 loss French offshore shipowner sees vessel utilisation fall in tough year.
d'Amico snaps up chartered tanker Italian owner buys 2003-built products carrier from sister company.
Island Offshore lays up more PSVs Norwegian owner stacks two supply vessels as offshore demand remains low.
Asian piracy levels slip to twelve month low Indian clamp down on piracy since start of 2016 sees coast guard arrest eight suspects.
Panama proposes shipyard, finance law Government bill aims to spur shipbuilding and attract maritime-focused banks.
Ezion Holdings chief executive increases skin in the game Chew Thiam Keng makes first acquisition of stock since August in sign of confidence in firm.
Paragon sells all ships to satisfy banks Deal to pay down debt requires selling six bulkers while newbuildings deferred.
GLOBAL VLCC TRACKER: Unusual arrivals seen in the US Gulf Coast, China Freight rates for all key benchmark routes rose steadily on tight tonnage.
Heavy Singapore gasoline, fuel oil trading seen unlikely to congest terminals Ex-wharf bunker fuel sellers on standby ready to capture any prompt premiums.
Piracy incidents continue to die down in Asia: ReCAAP London Bunkerworld Latest News / 16h
ARA supplier Phoenix takes on first TC bunker barge Consolidating its position after a year of operation.
Vietnam's Cam Ranh port has potential to be bunkering hub: sources It can receive vessels up to 100,000 dwt
Indian LNG imports up 25% since July: Eclipse Increase in imports coincides with lower LNG prices in the Pacific
Oil futures surge higher led by NYMEX RBOB after US gasoline draw Implied gasoline demand rose 290,000 b/d last week to 9.411 million b/d.
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