Moody's warns of tough times ahead for German shipping lenders Top five lenders see aggregate increase in non-performing loan share
Panamax bulker earnings sink to eight-month low Fewer coal cargoes from Indonesia reported
Petrofin sees slow rebound for ship finance Greek ship loans slump by 9% but 'worst may be over' for banks
Diplomatic crisis to hit Qatar's LPG ships Milaha's LPG carriers will have to change behaviour as tensions mount
Qatar crisis threatens Hapag-Lloyd rights issue Qatari and Saudi shareholders backstopping 50% of $400m capital increase
Papagiannopoulos crowned new BIMCO chairman Digitalisation and reducing burden on ships' masters priorities for next two years as Kaptanoglu named as body's first woman president-elect
New Mombasa-Nairobi railway opens Chinese-built link between East Africa's largest port and Kenyan capital promises to significantly reduce logistics costs
Charter rates start traditional summer slide With the mini rate boom over, some owners will be more relaxed than others over what could prove to be a long summer
Trade disruption from Qatar blockade spreads Everything from logistics supply chains to shipping services and banking transactions are being affected
Singapore and Gibraltar may take some of Fujairah's bunkers trade Saudi/UAE and Qatar spat to shift volumes to other centres, says industry veteran Low
CMA CGM, MSC and Milaha services affected by Qatar blockade, warns Jensen Containers can be rerouted via Oman, another industry veteran says
ECSA: China and EU should lead on CO2 rules Communique from European shipping group cites US withdrawal from Paris accord.
Trafigura's oil profit lower, but coal better Major charterer sees higher volumes in oil products, but arbitrage opportunities are still lacking.
Four owners vying for SeaOne CGL carrier newbuildings Four shipowners have submitted bids for 12 pioneering gas carrier articulated tug barges (ATBs) that SeaOne is poised to order at Samsung Heavy Industries. SeaOne Holdings president Bruce Hall tells TradeWinds that a US company is the leading contender in the race to own the world's first compressed gas liquids (CGL) carriers, alongside two other US companies and one international outfit. He dec
Fortress closes in on Heidmar deal Nearly a year after commencing a tender process and suffering a few false starts, it appears Connecticut-based pools power Heidmar is finally on the verge of selling the company. Expect US-based financial firm Fortress to emerge with full control of the company when the deal is announced near term, according to sources familiar with the process. The main change from last reports in March is that
International Seaways mulled products sales before choosing finance scheme International Seaways considered a sell-off of its older products tankers as a liquidity boost before settling on a refinancing of its main credit facility, market sources said this week. The foreign-flag spin-off of Overseas Shipholding Group explored a sale of multiple products tankers of 2004 vintage, with other units possibly thrown in, but ultimately decided against the tack, according to pe
Gener8 hires UBS for M&A advice as suitors line up Investment bank retained after Idan Ofer overture, but could have plenty more to do as takeover talk grows
NRG Maritime acquires its first tanker A new Greek tanker outfit backed by a member of the wider Chandris clan is hitting its stride in Athens, buying its first vessel with an ambition to add more in the future. NRG Maritime has emerged as being behind the purchase of the 5,900-dwt chemical/products tanker Cansu D (built 2005). The Istanbul Shipyard-built tanker was reported sold last month for about $6.5m, by Turkey's Marinpet Petrol
Astra doubles up in containers with first boxship addition in three years Greece's Astra Shipmanagement has made its first containership acquisition on the secondhand market since it was established nearly three years ago, over which time is has doubled the size of its fleet. The company revealed this week that it has incorporated the 1,700-teu Anassa (built 2006) into its fleet. The vessel's IMO number shows this is the HS Smetana, which a few brokers reported sold at
Pappas to drop MR order plans at Hyundai Mipo Tanker outfit PST unlikely to follow up on LOI signed for up to four newbuildings at Korean yard
Shanghai Shipyard wins mini-capesize bulker contract State-owned Shanghai Shipyard has secured up to three mini-capesize bulker newbuildings. The China State Shipbuilding Corp-controlled shipyard has been commissioned by Platano Eesti of Estonia to construct two firm 108,000-dwt newbuildings for delivery in 2019. The deal includes one option. The price-tag of the newbuildings has not been disclosed.
Modern VLGCs fight for Panama slots in competition with boxships Canal's newer, higher tolls come as neo-panamax VLGC owners complain of tight capacity.
Lack of arbitrage forces US Gulf cargo cancellations Seasonal slowdown has VLGC owners bracing themselves for a sticky summer
Dalian Trawind takes fleet to six with another traditional panamax Dalian Trawind Shipping has bought a second traditional panamax boxship. The Chinese domestic operator has emerged as the buyer of the 3,739-teu Doukato (built 2002) from Nasdaq-listed Diana Containerships for around $6.1m, with delivery set for next month. Diana Containerships acquired the vessel in 2011 for $33m. Dalian Trawind bought its first vessel in this class, the 4,990-teu Xin Feng Shan
'It may cost taxpayers hundreds of millions' German politicians have expressed worry over the impact of the Rickmers insolvency. Norbert Hackbusch of the left-wing party Die Linke has voiced fears that it might cost the taxpayer "hundreds of millions of euros". His comments came with memories still fresh of HSH Nordbank's decision last year to write off €550m ($620m) of Norddeutsche Reederei H Schuldt debt. That caused an outcry in Hamburg
Rickmers plan was never going to fly, says banker HSH Nordbank's decision to pull the plug on an outfit it has supported for years marks a big shift in German banks' relations with shipowners, finance sources say
Digital forwarder claims solution to overcome costly no-shows CMA CGM is attempting to impose additional fees on shippers for costly late cancellations or "no-shows". On 1 June, the liner operator introduced a cancellation fee of $150 per teu on its service from Northern Europe to the Red Sea, Middle East and Indian subcontinent. But FreightHub, a Berlin digital freight forwarder for the Asia to Europe trades, is breaking with the system of imposing fines.
Milaha Maritime set to be hit hard by Gulf crisis Local and international services face massive disruption as a result of neighbours cutting diplomatic and trade ties over accusations of emirate's support for terrorism
Growing fleet confirms mutuality to be the best solution The fleet insured by the 13 International Group clubs has risen by nearly 4% over the past year to 1.15 billion gross tons - an increase of more than 50% over the past decade. International Group chairman Hugo Wynn-Williams points to the record tonnage in the annual review as "a testament to the continuing attractiveness and efficiency of the mutual system in delivering the best solutions for shi
P&I mutuals weigh move into war risks International Group investigates potential benefits of splitting cover from hull insurance
Skuld liquidity moves up to exceptional The capital liquidity of the Skuld marine-insurance group has risen from strong to exceptional following a new assessment by the Standard & Poor's (S&P) ratings agency. Skuld's overall "A" rating with a stable outlook is unchanged, although S&P views the Oslo-based insurer in a positive light. The ratings agency noted that Skuld had just reported its 14th consecutive year of underwriting profita
Court gives green light to abandonment of Rena wreck Final judgment puts the cost of salvage work at a massive $650m
Lifeline deal sees management and backers cash in Insider backers of Navig8 Product Tankers are pocketing a quick $8m profit on a $30m lifeline they extended to the company in December. The private-equity funds subscribed to a preferred-shares issue seven months ago with a proviso that a 20% premium "bonus" be added to the principal amount in the event of a change of control in the company. That change is exactly what is happening as New York-l
Judge rejects Frontline's bid to put DHT and BW in check DHT says Marshall Islands court found 'no likelihood of success' in tanker giant's lawsuit.
Swedish owner advocates green vessels at United Nations Terntank duo address UN on using LNG as a fuel and strong need for dedicated funds to share burden of green investment.
Rio Tinto doubles daily rate for Diana cape Greek bulker owner secures extension of up to 17 months for 2006-built bulker.
V.Group goes ahead with simpler structure Shipmanager eliminates unnecessary reporting layers and increases control of yet-to-be-hired CEO.
Sasco steps up ferry service to Japan Russian owner increasing sailings from Sakhalin island to Hokkaido.
MPC adds three more boxships German company's Oslo spin-off continues to build up its fleet.
MPC Container Ships adds another vessel MPC Container Ships has added another boxship to its fast expanding fleet. The Oslo-listed newcomer has reportedly acquired the Aker-built, 2,127-teu containership Conti Elektra (built 2007) for around $6.3m. It would be the fourteenth vessel acquired by MPC in under two months. In April, MPC raised around $100m via a private placement in Norway, where it is listed on the Merkur Market. T
Maersk Line on neo-panamax fixing spree Maersk Line has launched a fixing spree in the neo-panamax boxship sector. The Danish operator has taken around eight vessels of 8,000 to 9,000-teu on short term fixtures at rates sharply down on last done. The tally includes four of the so-called Northern J-type neo-panamax vessels controlled by Norddeutsch Reederei H. Schuldt. The 8,814-teu Northern Jubilee, Northern Jasper (both built 20
Dof Subsea wins five-month charter IPO-bound owner expects improved financial performance in North America thanks to latest deal.
Sewol owner's daughter arrested Yoo Sum-na held three years after fleeing to France in wake of ferry sinking.
Greek bank lending falls by 8.8% in 2016 Petrofin Research suggests new forms of finance are gaining ground in the wake of biggest decline since 2009.
Teenagers charged over shipyard fire Girls accused of starting blaze at revived Scottish plant.
Polaris orders VLOC trio at Hyundai Heavy South Korean owner looks to replace some of its controversial VLCC conversions.
Papagiannopoulos is new Bimco president Greek executive succeeds Philippe Louis-Dreyfus as shipowners' association also elects first female president designate.
Attacks on Prime Marine and Navig8 tankers raise concerns Maritime security executives point to Middle East tensions and a hijacked dhow currently at large.
Boustead land must be used for shipbuilding after sale Malaysia says coastal plot in Penang will retain yard function after disposal.
Maersk Line seeks alternative to Qatar Danish giant ceases cargo acceptance in the Middle East following latest rise of tensions; Suez Canal unaffected.
Peter Dohle signs $200m ICBC finance deal German owner taps Chinese bank for cash for three ship financing projects.
Mercator secures dredging deal Indian owner to bank $2m from Karaikal port work.
CMA CGM further reduces carbon footprint Container line knocks another 4% off CO2 emissions per container carried.
Heroin seized from PSV off Turkey Police raid DR Congo-flagged vessel with $57m of drugs hidden on board.
Damen wins BC Ferries ro-pax order Dutch yard to build two diesel-electric ferries for Canadian owner.
Courage Marine plots share split Hong Kong bulker owner wants to triple the number of outstanding shares to boost liquidity.
Qatari fallout already affecting tankers Diplomatic spat may impact VLCCs, OPEC agreement and force up bunker prices, says Affinity.
SeaCube names Robert Sappio as new CEO Container industry veteran steps up to top role at privately-owned box leasing company.
ICS ties CO2 proposal to UN acidification goal Shipping trade group's Simon Bennett says developing nations leery of setting cap on carbon dioxide.
Woodside seals Indonesia LNG supply deal Aussie firm to initially supply up to 600,000t per annum with option to increase to 1.1mt.
Maersk to offer trade financing in six U.S. states Maersk Line has begun offering trade finance to shippers in six states after successfully piloting a similar program in four countries in E...
UPS study shows blurred lines between domestic and international retailers Nearly half of U.S. online shoppers are purchasing items from international sellers, "demonstrating the need for retailers to offer more pe...
CSX shareholders approve $84m payment for Harrison CSX Corp.'s preliminary results from its annual shareholders meeting show that shareholders approved, on an advisory basis, the reimburseme...
DP World bans Qatari vessels from calling its terminals Dubai-based terminal operator DP World has banned all vessels carrying Qatar's flag from calling its terminals in the United Arab Emirates,...
IATA: Air cargo 'stuck in another century' The International Air Transport Association (IATA) wants to break free from outdated processes that hold air cargo back and has adopted a r...
Port of Oakland looks to move more cargo by rail Port of Oakland Executive Director Chris Lytle said he wants to increase rail business at the port, which would take more trucks off the ro...
FMC reviews 12 OTI license applications The U.S. Federal Maritime Commission (FMC) has received 12 ocean transportation intermediary (OTI) license applications and changes for rev...
Executive Moves: IATA, SeaCube, Kuebix and BIMCO Source: Pressmaster/Shutterstock The International Air Transport Association (IATA) appoints chairman of the IATA board of governors, SeaCub...
Port of Seattle, partners break ground on air cargo warehouses The Port of Seattle, along with the nearby City of Burien, Wash., and real estate company Panattoni Development, broke ground Tuesday on a ...
ANALYSIS: Qatar diplomatic crisis disrupts clean tankers' trades -Traders split cargoes to skirt restrictions -LR2 demand may be hit on less co-loading - Owners may seek premium for Qatar loading
TANKERS: QATAR PETROLEUM LOOKING TO TAKE VLCC ON TIME CHARTER - SOURCES Qatar Petroleum has entered the market to hire a VLCC on a time charter basis for 30 days for possibly storing condensate or crude oil following the cutting of ties with the country by several Middle East states
TENDER DATA: Turkey's Tupras offers 33,000 mt HSFO for June 18-22: sources Seller: Tupras, Turkey, Loading June 18-22
Oil tumbles after EIA data shows across-the-board builds NYMEX July crude down $2.47 to settle at $45.72/b. ICE August Brent settled $2.06 lower Wednesday at $48.06/b.
Trafigura expects further growth in oil trading volumes, H1 profit dips Trafigura, one of the world's biggest oil traders, expects trading volumes of oil and refined products to increase more than 16% in its 2016/17 year to September 30,
External: Praxis Energy Agents S.A
Shipping bodies call for EU-China deal on carbon emissions Industry bodies the European Community Shipowners' Association (ECSA) and the International Chamber of Shipping (ICS) have called for cooperation between the European Union and China in seeking a deal on the regulation of carbon emissions from the shipping industry.
FUTURES: Crude stable, underpinned by US crude stock draw
OPEC compliance 117% over Jan-May among members with caps - Platts survey - OPEC 350,000 b/d above stated ceiling, with Indonesia - Libya, Nigeria combined Jan-May average 101,00 b/d above Oct - Saudi Arabia, Angola deepen cuts - Iraqi production jumps 70,000 b/d
Grindrod Group CEO Alan Olivier to take early retirement Mike Hankinson will act as executive chairman in the transitional phase.
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