Nordea shipping and offshore final quarter loan loss provision in sharp rise Scandinavian financial services group Nordea has reported a sharp rise in the loan loss ratio of its shipping and offshore business in 4Q15 compared to the previous quarter and year-on. Operating profit also fell significantly. Nordea's loan loss provision - the loan loss reserve divided by the amount of net...
'Mobility' key to UK maritime recruitment, says skills alliance Mobility in and around the maritime sector is at the heart of a maritime recruitment drive being led by funding group Seafarers UK, which wants to attract young people to the seafaring profession and the broader maritime industry. The organisation will host a UK-wide week long Seafarers Awareness Week between 20-26...
Maritime terrorism: Better be prepared The subject of maritime terrorism is rarely mainstream news. Many would find it hard to recall the last time such an event occurred. Incidents have happened sporadically. Events such as the attack on Limburg and the deaths of...
Comment: What lies behind Arctic Shipping Norway move? Trond Mohn was majority owner (48%) and chief executive of Frank Mohn AS, a supplier of Framo submerged cargo pumps to the tanker market. The company had been launched outside Bergen, Norway, by Frank Mohn (1916-2001), and grew quickly after his son took...
Crackdown slashes Malacca piracy Pirate attacks in the Malacca Strait, a vital trade route for merchant vessels headed from the Middle East to east Asia, have been given a new twist by a top Indonesian...
IMB piracy figures show encouraging trend On the surface, the headlines show that the number of piracy incidents in 2015 and 2014 were almost identical: 243 compared with 245, according to data published by the International Maritime Bureau (IMB). A figure of two lower than the previous year is hardly an encouraging...
Fredriksen's Geveran and Arctic Securities to set up shipbroking firm Geveral Trading, a Dutch holding company owned by John Fredriksen and Arctic Securities, the Oslo based investment bank, have agreed to set up a shipbroking company, to be called Arctic Shipping Norway AS, the investment bank said in a statement. The new company is expected to...
Transas unveils THESIS The CEO of German-based maritime electronics firm Transas, Frank Coles, opened the company's Simulation User Conference in Singapore in January by introducing the Transas Harmonised Eco System of Integrated Solutions (THESIS). He told more than 400 delegates, maritime training...
Petronas could delay FLNG delivery from Samsung HI Malaysian state-owned oil and gas company Petronas is likely to defer the delivery of a floating LNG (FLNG) vessel from Samsung Heavy Industries (SHI) as gas prices show no sign of an imminent rebound. Sources from SHI said the South Korean shipbuilder is in discussions with Petronas to...
VLGC rates hit record high in 2015 The Baltic VLGC Index averaged USD93.50 per tonne while timecharter equivalent earnings were USD3.7 million per month in 2015, the highest annual average level on record. Shipbroker Lorentzen & Stemoco (L&S) said that while 2015 started slowly, recovery was driven by a reduced number of ships available in the...
S-Oil seals diesel, naphtha shipments to Saudi Aramco unit South Korean refiner S-Oil has signed an agreement with its affiliate Saudi Aramco to ship up to 24 million barrels of unleaded sulphur diesel (ULSD) and up to 20 million barrels of light naphtha in 2016. S-Oil said that the contract value will be based on international market prices. A minimum of 12 million...
European Parliament drops port services deregulation The European Parliament transport committee has voted to drop proposals to force European Union ports to deregulate access to port services such as towage, mooring, and pilotage from a new European Union port regulation currently being prepared. The committee has come out instead in favour of allowing...
Hong Kong drops to fifth on list of world's busiest container ports The Port of Hong Kong fell to fifth place on the list of the world's busiest container ports in 2015 after booking declining throughput volumes for 18 consecutive months. Preliminary figures from the Hong Kong Port Development Council show the port handled 20.1 million containers in...
China tightens emission control, no further change for Hong Kong China's drive for green shipping has been gaining support in the Pearl River Delta, but Hong Kong's emission control is expected to remain the same until 2019, according to Lloyd's Register Asia. As of 1 January 2016, China has implemented an emission control area (ECA) at the Pearl River Delta on...
Energy efficiency course now online A complete package of training materials on the International Maritime Organization's (IMO's) energy efficiency requirements is now available to download free of charge from the IMO website. The package, which includes presentations, posters, exercises, and assignments, aims to explain implementation of the regulations in Chapter 4 of MARPOL Annex VI...
Crude tanker owners claim outlook remains strong Despite battered stock pricing, crude tanker fundamentals remain unbowed, according to top executives participating in a Capital Link forum on 26 January. "We're in a 'goldilocks market' at the moment," claimed Euronav CEO Paddy Rodgers. "If investors would begin to value the shares, we'd...
Labour union to take on appeal of Seaman Guard Ohio crew International Transport Workers' Federation (ITF) will help pay for an appeal by crew members of the Seaman Guard Ohio who were recently sentenced to five years in prison by an Indian court. After conducting a legal analysis of the judgment, "we firmly believe there are grounds...
Costamare beats profit projections for fourth quarter Containership owner is quick to line up Chinese financing deal for Hamburg Süd newbuilding pair
Ro-ro vessel adrift in Bay of Biscay after 22 crew rescued Gales, high seas and 40-degree list lead crew to abandon ship
Paragon eyes newbuilding sales as cash tightens Dry bulk owner posts new loss as it reduces fleet in agreement with bankers
Seafarer employment statistics are cause for concern, say UK shipping interests UK Chamber and unions alike fear for future prospects, despite 5% jump in number of ratings
Supreme Court finds owner and insurer liable in Prestige case Master sentenced to two years in prison for crime against the environment
WFW confirms role in Teekay Tankers refinance deal Law firm advised on $900m five-year facility
BG and Keppel secure Singapore LNG bunkering permit Delivery of liquefied natural gas as fuel expected to start in 2017 in Singapore
HMM denies having plans to seek court receivership Korean shipping line also scotches market talk of merger plans with rival Hanjin
China Cosco to operate CSCL fleet on March 1 Cosco has filed a petition for regulation exemption to the FMC
Wärtsilä reports higher net profit in 2015 Helsinki-listed company's results seen as a good bellwether of shipping's appetite for new or technically advanced tonnage
ITF to pay legal support for Seaman Guard Ohio appeal Union calls on vessel's flag to assist criminalised seafarers
DP World group chief executive Mohammed Sharaf retires Update: Sharaf leaves post with immediate effect having overseen the company's transformation from a small domestic terminal operator into a major global player
Noble Century Shipping to acquire two cargo vessels from Guangdong Tongcheng Ships to be bought for $5.8bn
Asian financial regulators likely to provide more clarity on Iran sanctions Market participants remain wary of resuming business with Iran as many sanctions remain
Fincantieri inks maritime industry-related agreements with Iran Pacts to explore areas of co-operation in shipbuilding and marine propulsion
CMA CGM enhances Reunion Island position as Indian Ocean hub CMA CGM adds more Reunion Island weekly calls
Damen to carry out winter modifications on vessels for Viking River Cruises Contract scheduled for completion by early March
Jensen Maritime provides design and production engineering services for two cruiseships Company to use 3D modelling to visualise vessel layout, maintenance envelopes and operational access
Safe Bulkers completes another $40m refinancing New term loan to enhance financial flexibility of company
Georgia Ports Authority posts record high growth for 2015 Port authority is deepening Savannah and has ordered more ship-to-shore cranes to handle larger vessels
Smit hired to aid stricken Cido ship Salvage tug Abeille Bourbon on scene as list of Modern Express steepens to nearly 50 degrees.
Pdvsa chugs along with terminal booster Venezuelan state-owned producer to complete next phase of project at Anzoategui in second quarter.
Costamare nets funds for Jiangsu brace Greek owner pens financing for newbuildings on its way to strong fourth quarter figures.
Firm to appeal ballast water rule US Coast Guard says life and death, not reproduction, standard for ballast treatment.
Jones Act draws rival lobbying views Two Washington DC-based think tanks argue economic merits of cabotage laws
Frangou sees 'no credit' for MLP yield Navios Midstream dividend growth halt comes despite 'robust' tanker market.
Patitsas plots buys in dry cargo wild west Greek owner thinks blood on the streets is a good indicator as he follows shipping's only investment rule
Shell shareholders approve BG takeover 83.1% of votes cast in favour of combination of supermajor with gas giant.
Reach Subsea ship finds NEMO work Stril Explorer heading to Martinique for thermal energy conversion project.
Farstad Shipping ponders office shakeup Offshore vessel owner set to reduce costs through new measures that will affect its Alesund base.
Total nets Greek VLCC for Iranian cargo Capital ship poised to be first large tanker into Kharg Island after sanctions lifted.
Crew saved after A2Sea jack-up grounds Danish owner evacuates 15 seafarers from vessel as tow lines breaks in storm off Denmark.
Well-covered NAP pushes up earnings Angeliki Frangou-led MLP makes more money thanks to strong rates but misses analysts' consensus.
"Even the best cannot escape the storm" Nordea says DOF likely to face liquidity issues, excluding its subsea subsidiary.
London Club surprised by Prestige ruling UK insurer seeking clarification after Spanish court says it has direct liability for 2002 tanker spill.
Bulls, bears and believing in fairies Braemar, SCF and Euronav chart the tanker market with the aid of animals and Peter Pan.
DNB Markets: Wall of worry faces investors Ted Jadick believes defensive investors mean private owners are best placed to take opportunities this year.
Judicial manager sells five Mercator bulkers Singapore owner has six ships left after disposals to its banks bring in $32m to reduce debts.
Paragon considering newbuilding sales Michael Bodouroglou-led company says further disposals are probable as it reaches settlements with three lenders.
ITF paying for crew's appeal Union backing Seaman Guard Ohio seafarers' bid to have jail sentences overturned in Indian weapons row.
Prosafe laying up accommodation vessel Cypriot owner preparing to stack floatel currently idle in Gulf of Mexico.
Strong sales lift Wartsila in 2015 Finnish firm boosts its annual profit while CEO Eskola unconcerned over smaller order intake.
Second AIDA cruiseship facing MHI delay Japanese shipyard could push back delivery of newbuilding by at least six months, report claims.
Royal Caribbean returns to Haiti port Allure of the Seas arrives in private Labadee resort following unrest in the country.
OPEC and Russia ready to cut production? Crude cartel and Russian deputy premier hint at moves to combat falling prices.
DVB trying to sell seized drillship Deepsea Metro II, formerly managed by Odfjell Drilling, is up for grabs in Curacao next month.
Nordea loan losses rise in fourth quarter But Nordic shipping bank's net profit rises, with credit quality "solid."
Tankers urged to keep their cool during Panama transit Canal staff being taken ill due to fumes accidentally released by the warm weather.
Ezra forced into financial management shake-up Singapore offshore player forced to make double CFO switch on virtually the same day.
Financial woes spread to offshore employees Malaysian oil and gas workers face closer scrutiny if they want to take out a mortgage, admits bank.
Blackrock tweaks shipping portfolio Large fund manager cuts exposure to barge market, but increases stake in cruises.
Oil strengthens on signs of Russia, OPEC cooperation on possible output cut Oil futures rose Wednesday as speculation mounted that Russia and OPEC will coordinate on a production cut.
US DATA: EIA says USGC fuel oil stocks lowest since November US Gulf Coast fuel oil stocks for the week ended Friday reached its lowest level since November.
CHINA DATA: Dec residual fuel imports fall 23% on year to 2.19 million mt Most of the December cargoes were heard to have been resold as bonded bunker fuel.
Sustained weak rates drive Panamax owners to scrap vessels earlier than usual Charterers prefer 'newer and more economical vessels in terms of consumption'.
Brightoil Petroleum issues profit warning for H2 2015 on low oil price But its international trading and bunkering businesses have posted profits.
Is it really safer to bypass a trader and deal direct with a physical supplier? Buyers may be seeking a safe haven which is in fact no safer than the one they are trying to steer away from.
Russian Feb fuel oil exports set to fall amid run cuts Also, the contango structure of the market makes storage a better option, say traders.
Singapore's MPA approves first two LNG bunker suppliers Pavilion Gas, and partnership between Keppel Offshore & Marine and BG Group, to be authorized LNG suppliers.
EU committee rejects free-market port proposal No single model possible for port services.
Major global bunker firms eye Latin American growth in 2016 Trading firms shrug off red flags in the troubled region.
TANKERS: Bad weather causing delays at UK ports Further high winds and swell due Friday AM until Saturday PM.
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