IMO 2020 could cost box ship operators $10 billion this year While 2018 was a turbulent year for the container shipping industry, it might have been "only a warm up for 2019" in the view of New York headquartered management consultancy AlixPartners LLP.
HFO spill from grounded bulker threatens World Heritage site Pollution from the Solomon Trader, a 1994 built bulk carrier that ran aground in the Solomon Islands on February 5 is now threatening Kangava Bay, Rennell island, home to a UNESCO World
Incat Crowther designs 1,000 passenger RoPax for China/Taiwan route Incat Crowther is designing a 1,000 passenger high speed RoPax ferry for operation between mainland China and Taiwan. When in operation, the 113 m x 30.5 m catamaran will be the largest
CMA CGM posts record revenue French carrier plans $1.2bn cost reduction programme after year of rapid expansion
A third of scrubber orders will miss IMO cap deadline Up to 1,000 units will not be fitted on vessels until next year, says an industry expert, with lead times for...
Philippines' first LNG import project ropes in a third partner The LNG hub, touted as the first import terminal in the Philippines, is targeted to enter commercial operations by 2023
Keppel O&M may rue playing the friend in need Some of the forms these investments have taken include co-investing in projects and sale-and-leaseback deals
Three bidders shortlisted in Long Beach Container Terminal sale Exclusive: Seaspan, Macquarie Infrastructure and EQT Infrastructure are on the shortlist to acquire LBCT from Orient Overseas (International) Ltd, but...
DVB focuses on shipping book after aviation portfolio sale Bank now deciding what to do with €7bn of performing shipping loans, and a further '4bn in non-performing shipping loans...
Okeanis Eco Tankers upgraded to Oslo Axess Crude and product tanker owner posts a $605,000 loss for the fourth quarter
Greek shipowners welcome 'safety net' in fuel availability reports UGS president Theodore Veniamis said criticism of the IMO committee recommendation was 'ignorant' of operational realities
Frontline optimistic despite volatility The market improved in the fourth quarter before pulling back due to Opec cuts, accelerated fleet growth and seasonal factors...
Yangzijiang posts firm growth As of end-2018, Yangzijiang sat on an orderbook backlog worth $3.9bn, which it says can provide a healthy workload and...
World boxship fleet update: Slow growth on orders Elevated level of deliveries in the first half of the year is expected to tail off later in 2019, with...
Bumi Armada appoints Christenson as chief executive Christenson replaces current chief executive officer Leon Harland, who in turn was a replacement for longstanding previous chief executive Hassan...
Qinhuangdao Port invests in coal terminal expansion The next phases of the coal terminal project at Caofeidian Port will see the construction of two 50m-tonne specialized coal...
West of England gains on renewal despite premium increase American Club, Gard, London Club, North, Skuld and UK Club have all previously declared higher levels of tonnage at cut-off...
Pacific Radiance loss narrows on improved OSV business Decrease in impairment charges contributes to 80% fall in other operating expenses in the fourth quarter
UK faces Eurotunnel payout over 'secretive' Brexit ferry deals UK government says Eurotunnel has withdrawn its legal claim and will provide freight capacity for transit of medical supplies in...
Yinson lands FPSO contracts in Nigeria The contracts awarded by First Exploration & Petroleum Development Co incorporates a bareboat charter on an FPSO valued at $617.09 m...
Shipowners holding off on switch to low-sulphur Some shipowners simply do not have the cash to make the low-sulphur switch straight away and are forecast to make moves...
The Lloyd's List Podcast: Our outlook from Europe Listen to the latest edition of Lloyd's List's weekly podcast - your weekly briefing on the stories shaping shipping in...
Skuld axes Lloyd's syndicate 1897 Syndicate 1897, which writes marine, energy, cargo and liability insurance, was launched in 2011, in an effort to expand the...
DryShips returns to profit on better tanker rates Slip in dry bulk revenues reflects disposal of older panamaxes, but tankers earn $21.5m compared with $9.8m a year earlier
Much to consider as containers community gathers in Long Beach Questions will be raised about the future supply-and-demand equation that has underpinned the strategy behind US President Donald Trump's trade...
Daily Briefing Capesizes continue to suffer earnings erosion | LNG carriers remain bullish | Fuels and finances to dominate carrier concerns |...
The Interview: Dick Welsh, Isle of Man Ship Registry Dick Welsh, the outgoing head of the Isle of Man Ship Registry, talks flag state responsibility in life and death...
Tidewater wants to keep up ship sales, disposals The world's largest OSV owner is looking to get smaller. On the Houston-based company's fourth quarter conference call Friday, Tidewater chief executive John Rynd said the company was looking to get rid of 40 older ships that are simply too pricey to reactivate as the offshore market continues to lag. Clarksons Platou: demand growing for OSVs "We remain heavily focused on disposing of these old
Smaller bulk fleet hits Cosco Shipping International Cosco Shipping International has posted lower profit after offloading its shipyard operations. Net earnings were SGD 13.22m ($9.76m) in 2018, down from SGD 65.38m in the same period of 2017. The previous year's figure benefited from an SGD 92.44m boost after it sold the yard business, however. Revenue in 2018 was up at SGD 163.67m against SGD 37.18m as it acquired logistics operations. This
Utkarsh inks debut bulker order in India Indian newcomer Utkarsh Advisory Services has ordered its first ships. Domestic builder Cochin Shipyard said the Mumbai company has contracted four 8,000-dwt mini-bulkers. The vessels will be built at the Kochi plant and delivered by December 2020. No price was revealed for the vessels. Utkarsh is a privately owned company founded in 2014. Last year Cochin signed up to build 10 ro-ro and ro-p
JMU seals new LNG bunker tanker deal Japan Marine United (JMU) has announced a new order for a domestic LNG bunker tanker. The 2,500-cbm, 5,000-dwt unit has been contracted by Ecobunker Shipping of Yokohama for delivery in 2021. MOL seals Pavilion Energy LNG bunker vessel contract The owner has been formed by Sumitomo Corporation, Uyeno Transtech and Yokohama-Kawasaki International Port Corporation to supply fuel in the Tokyo Bay
Bungled Brexit ferry contracts cost UK $44m The UK government is to pay Eurotunnel £33m ($44m) to settle a legal case arising from ferry contracts awarded to rivals in the case of a no-deal Brexit. Seaborne Freight, DFDS and Brittany Ferries were handed deals worth more than '100m last year. Eurotunnel sues UK over Brexit ferry deals But Eurotunnel said the contracts were awarded in a secretive way and sued the government. As part of a
Three Norwegian owners win PSV frame deal with Aker BP Three Norwegian OSV players have clinched new frame agreements with Aker BP - with closer relationships possible in the future. The deals cover platform supply vessel (PSV) services off Norway. Solstad Offshore, Eidesvik Offshore and Simon Mokster said their agreements are for three firm years, with two options of two years each. Vessels will be on call to Aker BP each year, which is expected "
Fire, other issues hobble US Coast Guard icebreaker The Polar Star is the agency's only heavy icebreaker and has outlived its useful life
NYK orders Oshima bulker backed by Mitsubishi charter Japanese giant NYK has ordered a new bulker at Oshima Shipbuilding backed by a long-term charter to Mitsubishi Paper Mills. The 59,900-dwt vessel will carry wood-chip, the owner said. NYK: no decision yet on new $540m cruiseship It will be able to load 4.3m cbf and will be of the latest eco-design. This will allow the ship to "perform well in all types of weather while ensuring low water resis
Borealis Finance posts earnings dip Oslo-listed investment vehicle Borealis Finance has reported lower earnings in the fourth quarter. It said EBITDA was $8.9m, down from an adjusted figure of $10.5m in the third quarter of 2018. Total recurring EBITDA was $9.4m, it added, of which $7.9m came from boxships and $1.8m from bulkers. Revenue was down at $24.3m from $25.1m over the same period. Borealis links with KKR and Oak Hill to
Glencore launches $2bn buyback Trading and chartering giant Glencore has announced a huge $2bn share buyback. The company said the programme will run until the end of 2019. Glasenberg's Glencore places cap on coal production "We will proactively look to top this up (in August, or otherwise) as market conditions support, including automatically from a targeted $1bn of non-core asset disposals in 2019," it added. Glencore rev
New Equinor kit halves anchor-handler days Anchor-handler owners (AHTS) are facing a new headache after Norwegian major Equinor unveiled its new rig anchor release (RAR) system. The kit allows a rig to disconnect from the mooring line spread at the push of a button, broker Westshore said. Seabrokers: feast or famine for OSV owners The rig can then move to the next location under its own propulsion and connect to a new pre-laid spread us
Maersk Tankers opts for scrubbers on LR2 tankers Denmark's Maersk Tankers has made its move on scrubbers ahead of the IMO 2020 low-sulphur fuel deadline. It said on Friday it had decided to invest in four exhaust gas cleaning systems for selected LR2 vessels. Maersk Tankers sells veteran as newbuildings deliver They will be fitted on one existing tanker and three newbuildings. It has 10 LR2s on order at Dalian Shipbuilding in China, plus 14
Alarm sounded over continuing leaks from grounded bulker Australia warns that environmental disaster in unfolding in the Solomon Islands.
Qatar offers incentives to big box lines A Qatar terminals company is to offer incentives to big boxship lines calling directly at Hamad Port. But the measures will only come into force if no transhipments are made at other ports within 250 nautical miles. Other Gulf states like Saudi Arabia and the UAE have been operating a shipping embargo against Qatar. The official Qatar News Agency said that QTerminals will reveal the details of
Havyard misses target as it turns red Norwegian shipbuilder Havyard has fallen short of its target of posting an operating profit in the fourth quarter. The net loss was NOK 33.62m ($3.92m) from NOK 5.1m in 2017, while EBIT was lower than expected, coming in at a loss of NOK 35.3m, down 4.3%. The Saevik-backed company said revenue was NOK 821.59m, up from NOK 354.58m the year before. It blamed the loss on weaker results in several
Okeanis Eco Tankers shows confidence with 2019 VLCC supply growth sums Okeanis Eco Tankers presented a positive picture for VLCC supply as it reported a small loss for the fourth quarter. Okeanis Eco Tankers seeks upgrade to Oslo Axess Ocean Yield and Okeanis Eco Tankers strike suezmax sale and leaseback deal Okeanis is set to take delivery of eight VLCCs in the next few months and was the first public tanker company to target IMO 2020 with scrubbers to be fitted
Container shipping facing $10bn hit Surcharge of 40% would be necessary to offset pending sulphur regulation, AlixPartners says.
Giuseppe Bono's job safe at Fincantieri Giuseppe Bono looks set to remain as CEO of Italian yard group Fincantieri after his current term of office expires. Bloomberg reported that Italy's government is leaning toward renewing his mandate at the state-controlled firm. This was seen as another sign of growing influence for the business-friendly League party over its anti-establishment coalition partner, the Five Star Movement. And dep
Stena Sonangol sees IMO 2020 gain for suezmaxes The Stena Sonangol Suezmax Pool has said IMO 2020 could provide a further boost for its suezmaxes after it enjoyed a strong finish to 2018. Stena Sonangol pushes up pool earnings "Opportunities exist from IMO 2020 disruption," the Swedish/Angolan joint venture said, with fleet capacity being reduced and expanding US exports providing supportive factors. "Preparation for IMO 2020 will reduce ton
Yard details emerge for Avenir LNG order Nantong CIMC Sinopacific Offshore & Engineering (CIMC SOE) has emerged as the shipyard that will build up to six LNG bunker vessels for start-up Avenir LNG. The small-scale LNG company, formed by Stolt-Nielsen, Golar LNG and Hoegh LNG, confirmed to TradeWinds that an order inked last year was placed at the Chinese yard. Avenir has two firm 20,000-cbm units on order, plus two sets of two optional
Spliethoff seals EUR 110m loan for scrubbers and BWMS Funds from ING and EIB part of Green Shipping partnership signed in 2018.
Bumi Armada names new chief executive as Harland exits Malaysian FPSO specialist quick to name new appointment as Dutch national returns to homeland.
Grassley, Wyden: USMCA bill should honor current de minimis The leaders of the Senate Finance Committee this week in a letter urged U.S. Trade Representative Robert Lighthizer to maintain the current $800 de minimis level in forthcoming USMCA implementing legislation, after a USMCA footnote stoked concern.
Final phase of demurrage investigation under way FMC kicks off industry innovation teams in an effort to develop "transparent and standardized language for detention and demurrage practices."
Trade advisory group may be 'incubator for new ideas' CBP Commissioner McAleenan said the advisory committee's Northern Triangle Working Group will tackle trade barriers in Honduras, Guatemala and El Salvador.
Where you got that suit becomes sourcing question Retailers discuss their strategies for mitigating the impact of tariffs at RILA LINK2019.
CMA CGM volume, revenue increase in 2018 French carrier says CEVA acquisition will create $30 billion company offering door-to-door logistics.
C.H. Robinson purchases The Space Cargo Group
Volkswagen to import vehicles through Baltimore
Incentives introduced for calling at Qatar's Hamad Port
APMT opens terminal in Costa Rica
Panama Canal reduces draught for neo-Panamax locks
FedEx's Chrystie first chair of BiTA Standards Council
ICE March Singapore HSFO open interest up 24.5% in Feb to 12.26 mil mt Open interest for front-month March high sulfur fuel oil contracts on the Intercontinental Exchange rose 24.5% to 12.26 million mt as of February 28, ICE data showed Friday.
Fewer jet cargoes head around Cape than expected as contango narrows Fewer March shipping fixtures carrying jet fuel have gone around the Cape of Good Hope than originally expected, according to data from S&P Global Platts trade flow software cFlow, on the back of a strengthening of the outright jet CIF NWE flat price spread.
Permit schedules delayed for LNG export terminals proposed for Oregon, Alaska The 35-day partial US government shutdown that ended in January has caused the Federal Energy Regulatory Commission to push its expected final permit decision for Pembina Pipeline Jordan Cove LNG export project in Oregon into 2020.
Dutch Trefoil expands bunker operations to Hamburg Netherlands-based bunker supplier Trefoil will begin supplying bunker fuel in Hamburg, Germany, from March 15, the company said Friday.
Novorossiisk bunkering operations suspended on bad weather: sources Bunkering operations in the Black Sea port of Novorossiisk were halted Friday as a result of bad weather, sources at the port said.
MARINE FUEL 0.5%: Interest, trading picks up as market develops A month after S&P Global Platts launched a suite of new assessments for marine fuel with a maximum sulfur limit of 0.5% globally, there has been a gradual pickup in trade both in the physical and derivatives markets.
IMO 2020 sulfur cap pushes up sale, prices of secondhand tankers: sources Shipowners are finding it lucrative to buy clean tankers such as LR2s, which is a preferred mode of transport for MGO, sources said.
External: Global Risk Management
Singapore Mar ex-wharf 500 CST bunker term offered at premiums of $2-$3/mt "Shipowners are not looking much into buying RMK [500 CST bunkers] this month as the spread is too narrow," a bunker buyer said.
Singapore middle distillate stocks edge up 0.3% on week - Enterprise Singapore Australia reclaimed its position as the top gasoil export destination for Singapore.
The Suez Canal Authority has announced that it will introduce surcharges on transit tariffs through the Egyptian canal for most major cargo vessels, effective July 15.
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