Investigators to search again for El Faro's black box America's top transport safety agency is planning a second search for the voyage data recorder (VDR) of the El Faro, the US-flagged ro-ro vessel that sank during a hurricane in the Bahamas last October. Finding it could help investigators figure out...
Ports of Stockholm's 2015: stable but with three highlight sectors Sweden's capital region is booming and helping keep the local harbours busy importing consumer goods and energy products despite slowing economies around it. The slide of the Swedish crown against the euro has been a mitigating factor too. Last year saw satisfactory volumes in challenging international economic trading conditions. Freight volumes...
Lloyd's 'prepared' for Brexit fallout Lloyd's Chief Risk Officer has said that while the market is fully behind the UK's continued member of the European Union, contingency plans were already being drawn up if the country votes to leave. With the UK referendum tipped to take place in four months Sean McGovern told a packed meeting...
Anti-south fears raised on EU ship recycling regulation Fears that Europe could control the global recycling industry and destroy south Asia's industry were voiced at a recycling seminar in London last week. Heated discussions erupted on 3 February during the final part of a seminar on sustainable shipbreaking, hosted by the International Maritime Organization and Japan's ministry of Land,...
Balearia profit up 17% on strong freight growth Spanish Balearic Islands ferry specialist Balearia saw its gross operating profit (EBITDA) increase 17% year on year to EUR67 million in its financial year ended October 31 2015 as its ro-ro freight carryings rose 12% last year to 4.6 million linear metres. The company, which operates passenger and freight services between...
Rio Tinto slides to huge loss as dry bulk market dries up Global miner Rio Tinto today posted a USD866-million net loss for 2015 with underlying earnings slashed by more than half to USD4.5 billion as the company prepares to cut costs and capital expenditure in a bid to cope with the...
Bunker derivative loss mars Odfjell's recovery A bunker derivative loss kept the 2015 net result of Odfjell, the listed Bergen based chemical carrier and tank terminals group in the red despite strong underlying performance, the company said in a statement. Odfjell reported a 4Q15 net loss of USD18 million, the same as the corresponding quarter a...
NYK unit Kyoei Tanker orders VLCC NYK subsidiary Kyoei Tanker has ordered a very large crude carrier (VLCC) from Japan Marine United (JMU), for delivery in 2018. The 311,000 dwt tanker is the first VLCC that Kyoei Tanker has ordered since it took delivery of Kyo-Ei in February 2014, also from JMU. The...
Hanjin Shipping has more rough waters ahead, says analyst Despite turning in a USD6 million annual profit for 2015, Hanjin Shipping is still in a precarious situation as its debt levels have increased, opined KDB Daewoo Securities in a recent report. As at 31 December 2015, Hanjin Shipping had total debt of...
Cargotec's doubles 2015 earnings per share, but sees problems ahead Finnish-based global freight-handling equipment maker Cargotec had a good 2015, but troubles ahead were signalled by its Q4 numbers while problems persist in its MacGregor business area. Last year saw Cargotec's orders drop EUR42 million (USD47.2 million) to EUR3,5 billion, but sales increased 11% y/y to EUR3,7 billion. The resulting...
China National Petroleum Corporation buys ageing VLGC Chinese state-owned oil and gas corporation China National Petroleum Corporation has turned out to be the buyer of a 26-year-old very large gas carrier that Korea Line Corporation offloaded recently. Ship brokers told IHS Fairplay that CNPC paid about USD20.5 million for the 1990-built 50,743dwt DL Calla, which...
Seagull Maritime leads the way into mobile apps The Seagull mobile app for crew training status is set to revolutionise the way seafarers track their training records and receive critical safety alerts, by making both instantly accessible via iPhones and Android devices. The Seagull crew app is available free of charge to all Seagull customers, offering access...
APM Terminals sees sharp fall in profit APM Terminals reported a drop in revenue and profit for 2015 which it attributed to lower oil prices, a stronger US dollar and business divestments. The Hague-headquartered subsidiary of the A.P. Moller-Maersk Group booked a profit of USD654 million, 27% down on 2014; while revenue fell...
India's Kamarajar to double capacity with USD1.2 billion in projects Kamarajar Port Limited (KPL), which runs the port at Ennore in the state of Tamil Nadu on India's eastern coast, is investing close to USD1.2 billion in five projects that will add its first container terminal and nearly double capacity over the coming three...
Søren Skou spells out risks of fresh market turmoil Container lines will find it tough to make money in 2016 because of supply and demand imbalances and alliance realignments, says Maersk Line chief executive
World Shipping Council slams AgTC claims Box line lobby group hits back at shippers' container weighing concerns
Safe Bulkers has hopes of 'sooner-than-expected' dry bulk lift Polys Hajioannou bought ships from public company at higher price than 'computer valuations'
No wrongdoing found in Brussels' box line price probe, says MSC EXCLUSIVE: Carriers have agreed with the European Commission to market test new price announcement procedures, MSC confirms
Maersk eyes product tankers in 'buyer's market' No regrets over divesting crude tanker assets as Danish product tanker giant continues fleet renewal
Spot LNG to rise to 40%-50% of global business by 2020 We are seeing a fundamental change in how LNG moves around the world, say industry experts
FMC and USCG to hold hearing on box weights Listening session to hear concerns on verified gross mass requirements
Singapore Maritime Officers' Union to support seafarers amid industry downturn Earmarks $1.9m in initiatives to help both union members and ship owners through tough times
SBM Offshore to cut 400 jobs after axing 3,200 last year Company proposes cash dividend of $0.21 per share totalling $45m
Singapore Shipping Corporation posts a 38% rise in profit Company intends to explore acquisition opportunities in light of its strong cash position
Shipping Corporation of India posts 90% rise in net profit Robust tanker market boosts results
Qatar outmanoeuvres rivals with Pakistan LNG deal Contract a setback for LNG spot market and will affect demand for independent tonnage
Ardmore continues refinancing with $64m in commitments New loans substantially reduce interest expense
Golar LNG Partners buys FSRU from parent in $330m deal Golar Tundra will be on contract to West Africa Gas in Ghana for five years
Maritime NZ review finds higher risk to vessel safety in Hauraki Gulf and Colville Channel, and Cook Strait About 120 ships' masters, harbourmasters, pilots and other water users provide input for review
Safe Bulkers sells two vessels and amends newbuilding programme to boost cash reserves Liquidity injection comes at critical junction for company and dry bulk industry
Wilh. Wilhelmsen posts fourth-quarter net profit rise despite weak market Company expects market situation to remain challenging with continued pressure on profitability
The new scarce commodity? Money Whether in ship lending or private equity, shipowners are in for a tough search in 2016.
Gas market outlook mixed in coming year Experts see LNG bottoming out with room to grow, but LPG at or near peak.
Tankers face tough time topping 2015 Tailwinds are strong for industry, according to analysts, but squeezing more growth remains unclear
Vogemann seeks protection for cape duo German shipowner to join Oskar Wehr in seeking court shield in tough market.
Rosneft and Barbaro eye tanker leap Russian energy company signs MOU with Italian owner to create international shipping company.
Ultrapetrol garners wider bond approval Nearly 99.3% of bondholders vote to push back payments until end March as restructuring efforts continue.
Positive US signs for rising MR tankers Atlantic market spot rate rises above $20,000 per day; gasoline demand at five-year peak.
Essar Shipping Q3 loss edges down Indian VLCC and bulker owner cuts deficit as revenue grows.
Nisshin Shipping sets new bulker low? Japanese owner thought to have sold 2000-built panamax for $2.7m.
Deutsche Bank downgrades Navios Acquisition DB's Amit Mehrotra resets his rating of Angeliki Frangou-led company despite strong Q4 result.
Cars and cargo crushed on ICG ferry Damage extensive after storm batters ro-pax heading to Dublin.
APM Shipping Services eyes growth after rise in 2015 profit AP Moller-Maersk's fifth core business area turns sights to expansion with Svitzer likely first in line.
Navig8 Product nears fleet finance deal UK-based owner in talks to complete funding for all its 21 new tankers.
CarVal Investors linked to cape buy US owner said to have snapped up 2010-built bulker from Japan.
Skou: Rate decline lies more on supply side Maersk Line CEO says demand growing, but adding more capacity is not healthy in current market.
IMO's ballast water ratification fails Countries with combined fleet of 34.35% have agreed new rules so far, but 35% is required.
Chemical tanker rates to come under pressure Drewry says too many ships being delivered and new players are looking to muscle in on long-haul trades.
Freight rates decline lies more on the supply side Maersk Line's CEO Soren Skou says adding more capacity in this market is not healthy.
SBM Offshore axing 400 more jobs Dutch FPSO owner's new cost-cutting is in addition to 3,200 redundancies last year.
TEN fails to clinch suezmax sale Greek owner's attempt to offload 2002-built tanker to KS is called off.
Loss-making HHI plots Oilbank IPO Korean shipbuilder linked to listing of $5.8bn refining unit instead of sell-off.
Treasure unlocks value as WW ASA shines Shares in Oslo-listed Wilh Wilhelmsen ASA fly with analysts expecting further rises ahead.
Kinkai Yusen orders ro-ro double Japanese owner signs for two ships at Mitsubishi Heavy Industries.
Kyoei Tanker orders VLCC at JMU NYK-linked Japanese owner heading to domestic yard for sixth big tanker to strengthen operating base.
Epic looking to trim older, smaller ships Increasing difficulty in maintaining older vessels up to oil major vetting standards prompting disposals.
Epic improves results, but still ends year in the red Singapore LPG specialist slashes idle days by 38% sending time charter earnings to new record.
Soft ro-ro market lowers Wilhelmsen Segment profits mixed as car carrier sets aside anti-trust provisions.
New Zealand gives shipping all clear in wake of safety study Review said to have found "sound framework" in place for management of coastal navigation.
Aussies behind South Korea's only order in January ASP said to have gone to HMD to replace order that failed to materialise at SPP Shipbuilding.
WFS to buy aviation fueling operations at over 80 airports from ExxonMobil Expected to pay approximately $260 million, fully funded with cash-on-hand.
INTERVIEW: Cepsa consolidating in Fujairah, eying new markets Looking to lease storage in Fujairah this year and decide on new port for its gradual expansion of bunker supply.
GLOBAL VLCC TRACKER: Earnings halve since December, tonnage glut looms Earnings for VLCC shipowners have now slipped to below $50,000 per day.
Istanbul bunker fuel demand weak despite premium to Novorossiisk at 3-year low Premium down to $40/mt after having progressively declined from $150-$200/mt through 2013-14 and $50-$150/mt last year.
Russia to offer ship utilization subsidies from 2017: official Details under discussion with transport companies.
INTERVIEW: Japan's NYK Line could lay up more Capesize ships 'Nobody happy' with state of Capesize market.
Denmark's Maersk Tankers gets lift from big improvement in tanker rates Average time charter equivalent earnings rose 29% year on year.
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