US takes Cuban ports off terrorism watch list An eight-year restriction on vessels entering US ports recently calling on Cuba has been lifted by the US Coast Guard. The 2002 Maritime Transportation Security Act (MTSA) allows the Coast Guard to place conditions on US-destined vessels whose last five port...
Middle East driving breakbulk opportunity The Middle East is strong driving force in breakbulk shipping, David Piel, a Hapag-Lloyd Special Cargo expert told IHS Maritime at Breakbulk China 2016. Significant investment in the Middle East means a large amount to machinery and equipment is...
CLdN Ro-Ro orders two vessels with options for four more Cobelfret group ro-ro operator CLdN Ro-Ro has begun a new phase in its fleet expansion programme with an order for two vessels plus four options from Croatian shipbuilder Uljanik. The new orders have been placed as part of a 12-vessel expansion announced by the company last...
Hoegh Osaka grounding due to 'catalogue of errors' An accident report by the UK's Maritime Accident and Investigation Bureau (MAIB) into the grounding of pure car and truck carrier (PCTC) Hoegh Osaka in UK waters last January blames cargo weight and loading issues plus operational oversights...
Scorpio Bulkers prices heavily discounted offering NYSE-listed Scorpio Bulkers has raised more cash to weather the downturn and insiders have increased their stakes via a follow-on stock offering priced on 17 March. The dry bulk company will obtain gross proceeds of USD63 million from the sale of 21 million shares...
Canadian shipowners gain reprieve on Great Lakes ballast rules The US has agreed to push back until the end of 2018 the introduction of ship ballast water treatment rules that could have barred much of the Canadian Great Lakes fleet. A coalition of American and Canadian shipping interests took the US Environmental Protection Agency (EPA) to...
IR Class targets floating gasification units and cruise ships Indian Register of Shipping (IR Class) is looking to classify floating gas units and cruise ships, according to chief operating officer C Sriramamurthy. He told IHS Fairplay that the classification society has engaged industry experts to train its surveyors in...
APM Terminals weighs options for SOLAS container services One of the world's largest container terminal operators is working overtime to figure out where among its 72 locations it makes sense to offer container weighing services for shippers and carriers before verified weights soon become mandatory. APM Terminals, which handled roughly 36 million teu...
Euronav sees VLCC and Suezmax markets strengthening further First-quarter conditions in the VLCC and Suezmax markets will improve on last year, according to listed tanker operator Euronav. The Antwerp-based company is continuing to experience "robust and fundamental strength" in the two markets, it said today (17 March), while again complaining its share price fails to...
Falling prices and slow sales drag Singamas to 2015 loss The world's second-largest container manufacturer, Singamas Container Holdings, collapsed to a 2015 net loss of USD2.7 million as the prices of its boxes plunged amid falling demand for new containers.Falling world trade and slowing China exports hurt Singamas's performance, especially in the second half, dragging its net earnings into the...
Slideshow: Cargo misdeclaration and operational inadequacies grounded Hoegh Osaka Pure car and truck carrier Hoegh Osaka developed a 40 degree starboard list as she rounded the West Bramble buoy in the Solent, UK, at 12 kt. This caused cargo shift, flooding, and serious injury to an off-duty crew member. The MAIB incident report says...
Long road to LNG bunkers and clean fuel in Asia Singapore may have awarded an LNG bunkering licence but the sector remains unsure shipowners in Asia will switch to LNG bunkering or even distillate fuel, the International Bunker Industry Association (IBIA) forum in Singapore heard today (17...
Korea Shipowners Association appeals to KDB to relax LTV breaches for bulkers Korea Development Bank, South Korea's largest provider of ship financing, has received requests from the Korea Shipowners Association to go easy on loan-to-value breaches as bulker values fall rapidly amid the depressed Baltic...
DP World profit jumps 30.7% Dubai-based global terminal operator DP World announced a strong financial performance in 2015 with revenues up 16.3% to USD3.97 billion and net profit up 30.7% to USD 883 million, driven primarily by the acquisition of Economic Zones World (EZW). Excluding the acquisition, revenue was up 5.6% with container revenue up 4.9%...
SPP Shipbuilding to be renamed SM Shipbuilding Mid-tier South Korean shipbuilder SPP Shipbuilding will be renamed SM Shipbuilding on the completion of its acquisition by SM Group, a major shareholder of Korea Line Corporation. SM Group is negotiating with SPP's creditors to acquire the shipbuilder, for which it was the sole bidder. SM Group plans to raise...
Cargo errors spur rise in insurance claims Research by the Swedish Protection & Indemnity (P&I) Club has found that the costs and frequency of marine claims have continued to rise over the past decade. The club's P&I Claims Analysis reported cargo claims at a 10-year peak in...
Ticking the maritime safety box There are a handful of world-class marine accident investigation bureaux. They play a bit of an undercover role in holding the shipping industry's feet to the fire, and have consequently saved lives. Hundreds, possibly thousands of lives. The UK's Marine Accident Investigation Branch is one such, but it has a...
Yang Ming partners with Regional Container Lines Taiwanese carrier, Yang Ming Marine, inked a partnership agreement with Thailand's Regional Container Lines (RCL) to expand co-operation on terminal operations in Taiwan and Thailand, slot exchange and vessel chartering services, and laden trucking and equipment interchange contracts. The deal will improve vessel utilisation, reduce leasing and other operational costs, and...
Hanjin Shipping to restructure east-west services Hanjin Shipping will replace its joint pendulum service connecting the US West Coast to Asia and the Mediterranean with an exclusive Hanjin-supplied service as the carrier restructures its network in the face of excess capacity and weak demand.The existing PM 1 (Pacific-Med Pendulum 1)...
Singapore reaffirms its regional anti-piracy role The Maritime and Port Authority of Singapore (MPA) has pledged to continue to enhance safety and security of the region's waterways and has reaffirmed its role in counter-piracy efforts.Andrew Tan, MPA chief executive and Singapore's governor to the Regional Cooperation Agreement on Combating Piracy and Armed Robbery (ReCAAP) governing council,...
US boosts product tanker demand by 1.5 ships a day Central and South America are major importers, but demand from there could slow
Euronav profit soars but gripe over company valuation remains Strong market fundamentals are not reflected in share price, complains Euronav boss Rodgers
Rio Tinto appoints new chief executive Miner's new chief was head of copper and coal division
Box carrier schedule reliability falls to 12-month low Lunar New Year hits performance, but no big improvements expected in the short term
Singamas signs off 2015 in red ink Results knocked by weaker demand and lower prices for new boxes
Höegh Osaka sailed before stability calculations had been performed MAIB report found crew assumed a ballast condition for Höegh Osaka 's departure that bore no resemblance to reality
Complacency and poor communication contributed to Höegh Osaka grounding Chief officer sailed before accurate stability calculations had been made, MAIB report finds
DP World profit rises 31% to $883m Update: Chairman expects volume growth to outperform the market once more in 2016, while ruling out Indian IPO
Qingdao port operator to sell six tugs to Svitzer for $32m Svitzer Tug will pay for acquisition through internal cash resources
Eagle Bulk warns of wider operating loss for 2015 Company currently evaluating possible impairment losses incurred on its vessels
Nordic Shipholding 2015 profit jumps on one-off gain Improvement in tanker market brings $5.8m reversal of impairment losses
New regional alliance launched to develop cruise tourism in Asia Alliance to help cruise operators develop itineraries, share industry and market insights and boost marketing efforts
Scorpio Bulkers taps capital markets for $63m Update: Offering is the first successful US shipping fundraiser in 2016
Silver lining in low commodity prices, argues Nigeria LNG chief Cyclical movement of oil prices means now is the time to invest in oil and gas projects
Robert Yildirim backs NOL deal as CMA CGM interest extended to 2017 Turkish entrepreneur agrees to convert bonds to preferred shares after French line was unable to repay $600m in full at end-2015
Moody's outlook on shipping turns negative Credit ratings agency keeps stable outlook for tanker sector but gets gloomy about future for containerships and bulkers.
Navig8: probe ongoing into tanker damage Operator tells pool partners that it is too early to say what caused cargo tank damage that sparked legal dispute with Interunity.
BW joins $1bn bet on bulker price trough Respected names have joined a $1bn dry buying blitz in 2016 with some suggesting prices have finally hit the floor.
Failure hobbles new MC-Seamax boxship Hapag-Lloyd tranships sensitive cargo to from Andronikos after mechanical problem off Mexico.
Altor fund buys Jeppesen marine arm Subsidiary of Boeing Commercial Aviation Services sells its cartography business to private equity firm.
Li Ka-shing wades into Brexit debate Billionaire says his UK investments would be scaled back if it exits the EU.
Private equity buys Jeppesen marine arm Subsidiary of Boeing Commercial Aviation Services sells its cartography business to Altor fund.
World Bank bars Damen yard from tenders Dutch shipbuilder found to have engaged in 'fraudulent practice' over West African contract.
ESC: abolish carrier price sharing Shippers' council writes to EC commissioner Vestager in bid to scrap public communication of rates.
BSM moves into cruise management Schulte management arm forms new joint venture in Singapore to diversify into passenger sector.
Diana Shipping takes panamax pay cut Greek owner to bank $1,750 less per day as it fixes out Coronis for up to 14 months.
Banks battle for Mercator bulker sale Lenders want court auction of ship that owner's administrator had already agreed to sell to them.
d'Amico considers launching new dry pool Italian shipowner set to complement its 2015 supramax pool with scheme for panamaxes and kamsarmaxes.
Carnival starts taking Cuba bookings US giant still hopeful it will win approval for historic cruise to Caribbean island in May.
Scorpio Bulkers shoots for $63m from issue Lolli-Ghetti family to contribute $15m as stock sale prices at $3 per share.
Scandlines offloads oldie to Greek owner Danish company sells 1980-built ferry to European Seaways as it awaits newbuilding deliveries.
DP World profit approaches $1bn Middle East ports giant posts big earnings jump as throughput rises in 2015.
Osborne tries to boost UK offshore sector UK chancellor scraps petrol revenue tax in bid to bolster struggling North Sea oil and gas market.
US introduces more North Korea sanctions President Obama issues further measures which include bans on 20 vessels, following nuclear tests.
Scorpio Bulkers set to upsize offering? Financial sources suggest first major US shipping fundraiser of 2016 will price between $3 and $3.25 per share.
Eurotankers confirms swoop for Chambal aframax Greek owner adds Indian tanker to fleet two weeks after calling off Varun deal.
Prosafe loses contract in Mexico Accommodation vessel owner takes a hit from low oil prices as Pemex cuts costs.
'Substantial deficiencies' on Condor ferry Company blames planned maintenance for detention after UK port state control check.
Wagenborg sued over mooring injury Texan worker hit by line that snapped during securing of Dutch ship.
Euronav dividend slightly short; VLCCs going strong Final payout two cents below consensus but spot tankers enjoying early 2016.
HMM set for three-month debt freeze Creditors could approve grace period for loss-making South Korean owner as it seeks charter cuts.
Anker sells Clarksons shares worth $4.43m Former RS Platou chief executive reduces holding as part of wider $53m offering.
Glencore takes ex-Euronav VLCC for storage Hong Kong-listed Agritrade charters out latest tanker acquisition for $40,000 per day.
Hanjin cutting capacity to Europe Korean owns aims for greater efficiency by dropping two 13,000-teu ships from Asia.
Wartsila forms fourth venture with CSSC Finnish ship systems group teaming up with Chinese yard group on automation solutions.
Istra Ace pollution safety zone scaled back US Coast Guard says clean-up efforts of oil spill from car carrier continue to show progress.
Inadequate stability led to Hoegh Osaka grounding MAIB accident report says "unsafe practices had become the norm" aboard car carrier.
Aegean Marine sees 30% jump in Q4 net profit US-listed Greek bunker company's results come in ahead of analysts estimates.
GasLog opts for veteran for FSRU head Owner evaluating FSRU opportunities as well as undertaking FEED study at Keppel in Singapore.
Eagle Bulk expects to report deeper loss New York bulker owner says auditors could issue 'going concern' statement if bank talks fail, though deal expected soon.
Skangas to acquire Norwegian LNG production plant with bunkering facility Subject to approval by competition authorities in Sweden and Norway.
GLOBAL VLCC TRACKER: Rates surge on robust demand Nigeria sailings hit six-week high.
Bad weather stops bunkering at Novorossiisk Sea swell expected to last until weekend.
US District Court denies supplier's maritime lien claim in OW-related case Significance for multiple cases where suppliers have delivered fuel to a ship on behalf of a trader.
Australian maritime union reacts angrily to BP letting go of products tanker MUA National Secretary Paddy Crumlin said Australia's fuel security was under threat.
Fuel oil hi-lo spread at widest in five weeks on weak barges Premiums at more-than-five-weeks high despite abundant supply
Aegean says 2015 marine fuel sales hit record high 13.5 million mt The Piraeus, Greece-based global marine fuel supplier said it sold nearly 13.5 million mt of bunker fuel in 2015.
Oil futures surge on smaller-than-expected US crude build US commercial crude oil stocks rose 1.317 million barrels in the week ended March 11.
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