Navios Containers posts first results after Nasdaq listing Angeliki Frangou-led boxship vehicle reports adjusted profits for fourth quarter and full year 2018
ABP rings the changes under new chief executive Pedersen took over the reins at ABP from longstanding predecessor James Cooper last year
GasLog Partners increases dividend as results strengthen LNG carrier owner unveils $25m buyback authorisation, saying unit price volatility does not reflect track record or LNG shipping prospects
Marinakis-Schulz venture acquires first boxships Germany-based Capital Liberty Invest picks up two feeder vessels formerly in the Kalkavan fleet and is looking for further growth
DSME receives approach from Hyundai Heavy Industries Korea Development Bank, DSME's majority shareholder, has been seeking a withdrawal with efforts in helping the shipbuilder get back on...
UK ports call for road and rail upgrade Focusing on a strategic freight network and taking a 'freight-first' approach would be a common-sense first step to ensure the...
Wärtsilä plans 1,200 job cuts after profit fall Wärtsilä suffered in the fourth quarter despite improvements in its marine business
Evalend behind order at HHI for three VLCCs Greek owner emerges as author of latest big tanker orders, following its debut in the segment one year ago
European forwarders face more than just Brexit Clecat highlights major changes relating to the regulatory and administrative frameworks of international trade that pose additional challenges
Who pays for scrubbers in a time charter? If a vessel is not capable of burning compliant fuel, then it will not be seaworthy and legally fit for...
PDVSA sanctions threat could curb tanker upside Lawyers flag US links as a stumbling block to opportunistic trades, highlighting hurdles for US-based insurers and service providers, while...
HMM becomes co-owner of Busan terminal with PSA HMM said the new terminal ensured there would be 'stable berths' as it gears up to welcome its fleet of...
Hyundai Heavy secures order from European firm for three VLCCs The three very large crude carriers are scheduled to be delivered from the second half of 2020 and will be...
Asia-Europe boxship capacity growth to hit freight rates Carriers are adding capacity of up to 10% of the current fleet on the stagnant Asia-Europe trade lane
Westports recovers from liner realignment with 16% volume rise Westports says its total container volume increased by 6% to 9.5m teu in 2018
Daily Briefing Venezuela crisis could give boost to tanker demand
Cosco Shipping Energy Transportation returns to profit Results come after a strong rebound in the VLCC market in the last quarter of 2018 due to seasonality factors...
DSIC Offshore files for restructuring As of end-2018, DSIC Offshore recorded a net liability of Yuan1.9bn ($283m), while its outstanding debts to CSIC stood at...
Vale production cuts to shake up trade flows The 40m tonnes of iron ore pulled out by Vale would result in a 4.7% decline in iron ore tonne-miles...
American Club urges caution over Venezuela sanctions The club is still in the midst of looking into all the ramifications, said chief compliance officer Charles Cuccia
Drybulk rate outlook lowered amid Vale dam closures Iron ore demand should remain unscathed, according to Clarkson Platou Securities analyst Frode Mordekal.
Tragedy and sentiment drive dry cargo stocks further down Big name owners see stocks reverse again as Vale takes action following Feijao disaster.
Opec cuts clear to see as Middle East VLCC fixtures fall Opec cuts are having a clear impact on the VLCC market, according to data from BTIG. Analyst Greg Lewis says the cartel's late 2018 move has taken a bite out of the market. VLCC scrapping set for respite before regulation-driven spike Euronav swings to black after VLCCs came 'back with a bang' "Opec's decision to reduce production by 1.2 million barrels per day has seen VLCC fixture activity o
Royal Caribbean beats estimates Richard Fain-led cruise major sees higher revenue for the fourth quarter.
Concordia Maritime: tanker market upswing 'structural' not 'seasonal' Kim Ullman believes outlook appears positive for the next three years.
Listing cost pushes Navios Containers to loss Greek owner Navios Maritime Containers (NMCI) has dipped into the red in the fourth quarter as it paid for its listing in the US. The net deficit was $0.24m, against a profit of $1.67m in 2017. The 2018 figure includes $2.6m of expenses related to its listing on the Nasdaq Global Select Market in December. Navios Containers spends $52m on boxship Revenue grew to $34.41m against $21.32m as the
Bahri brought lower by Petredec hit, yard costs Saudi Arabian state tanker giant Bahri has seen fourth quarter profit eroded by its investment in Petredec and start-up costs for its new shipyard. The VLCC specialist said net profit to 31 December was SAR 91.41m ($24.37m), against SAR 207.04m in 2017. Bahri clinches $133m loan for expansion Revenue was up at SAR 1.78bn, from SAR 1.43bn, however. Its investment in LPG carrier company Petredec
Russia says MSC Mandy crew released by pirates The Russian embassy in Nigeria has said all six crew from the MSC Mandy boxship have been released by pirates. The Russian seafarers were kidnapped from the 3,000-teu vessel (built 1993) in the Gulf of Guinea on 2 January. The Sputnik news agency cited the embassy as saying the issue of their return to Russia is being solved. "All six Russian sailors have been released," it said. The vessel wa
Russell Investments stocks up on Ardmore Shipping shares A major investor in Ardmore Shipping has added to its strong shareholding in the company. Royce & Associates drops $2.4m in shipping stocks Gurnee maps out Ardmore Shipping game plan Russell Investments Group of Seattle has built its stake in the New York-listed tanker owner to almost 10%, an SEC filing shows. The investor first emerged as a shareholder in Tony Gurnee-fronted Ardmore last year
Klaveness carries out world's first digital survey Norway's Klaveness Ship Management (KSM) has carried out what it claims is the world's first ever digital vessel survey. This took place on its 2,546-teu boxship Bardu (built 2014) with class society DNV GL last week. The survey saved surveyor Rolf Hancke a trip to Shanghai to visit the vessel, and gave full insight into maintenance data through live dashboards from the Klaveness head office in
Asahi claims world first for electric tanker design Japan's Asahi Tanker claims to have developed the world's first electric zero-emissions tanker. The "Pure-Electric" E5 vessel has been devised with Exeno-Yamamizu Corporation. The ship will supply bunkers to vessel trading in Tokyo Bay, with the launch set for the last quarter of 2020. Coastal ships with a longer range are also being developed. The E5 concept "creates solutions to issues such
First Steamship buys kamsarmax bulker resale Taiwanese owner snaps up ship from Marubeni as part of fleet expansion.
Marinakis and Schulz venture buys first vessels Capital Liberty Invest has snapped up a pair of container ships.
Cleanship wins 30-plus boxship scrubber deal The UK's Cleanship Solutions has won a contract to retrofit scrubbers to a fleet of more than 30 boxships. The vessels owned by an unnamed "large operator" range from 7,500 teu to 15,000 teu. Work will be carried out by the second quarter of 2019. Wartsila's Holm: scrubbers sold out for 2019 Chris McMenemy, managing director of Cleanship Solutions, said: "This significant container vessel oper
Open-hatch bulker owner Saga trims loss as revenue rises NYK Line-controlled Saga Shipholding (Norway) has continued to suffer from a weak bulker market but reduced its loss in the 2018 fiscal year. Saga wins peace of mind from USCG praise, but no premium The company, which owns the Japanese giant's open-hatch bulkers in the Saga Welco pool, reported a pre-tax loss of $9.8m to 31 March 2018. That compares with a $11.4m loss in the previous year. Com
EMGS returns to operating profit in final quarter The offshore survey company has posted a positive operating profit for the first time in 12 months, in spite of rising costs
CNOOC outlines plans to build two LNG bunker vessels Chinese giant sees potential to supply five million tonnes per annum of LNG as bunkers by 2030
PDVSA seizes tankers as Venezuela crisis deepens At least three ships holding fuel to enforce maritime liens due to unpaid charter hire were seized by the state
US FMC swears in new commissioners The Federal Maritime Commission swore in two new commissioners this week. Louis Sola and Daniel Maffei formally joined the US regulatory body for international shipping Monday. Sola will serve until 2023 and Maffei until 2022. The two join acting chairman Michael Khouri and commissioner Rebecca Dye on the board. Sola, a licensed international shipbroker, previously served on the Florida Board
Fewster steps down at Greenwich maritime museum Kevin Fewster is quitting as director of Royal Museums Greenwich (RMG), home of the country's renowned maritime museum. He will leave in the middle of 2019, he said. "Our highly successful 2014-18 corporate plan has just been completed and this offers an ideal moment for fresh thinking to inform the way forward," he added. "It has been a privilege to lead this great museum over the past twelve
Gruppo Scerni withdraws from shipowning as boss uproots to Monaco Chief executive Paolo Scerni follows pair of aframaxes to International Andromeda Shipping
VLCC scrapping set for respite before regulation-driven spike Analysts forecast a slowdown in 2019 before the impact of OPA 90 and IMO 2020 combine to drive big tankers to demolition yards
Shipping players voice rebellion against 'bigger is best' mantra Attendees weigh up sector's fixation on size, with one saying there are 'a few drawbacks in a bigger company'
Hyundai Heavy confirms talks to buy DSME from KDB Hyundai Heavy Industries (HHI) is reported to have made an approach to buy state-controlled rival DSME. The world's biggest shipbuilder was said to have submitted a letter of intent to buy a controlling stake in the restructured yard group to its majority owner, Korea Development Bank (KDB), according to unnamed government and financial industry sources cited by the Yonhap Infomax news agency. H
Oil flowing off Cameroon after aframax tanker stand-off ends Resolved charter dispute between shipowner Eastern Pacific and DS Marine sees refinery get back to work.
Croatian watchdog presses for Uljanik bankruptcy Croatia's financial agency FINA has asked for bankruptcy proceedings to be opened against struggling Uljanik Shipyard. It has requested the commercial court in Pazin to start the process over unpaid debt of HRK 75.8m ($11.6m), the SeeNews agency reported. Jan De Nul axes contract at Uljanik shipyard The deadline for repayment expired on 21 January, FINA said on the website of the ministry of ju
Former Sinopacific head Simon Liang arrested in Myanmar Myanmar police have arrested former shipbuilder Simon Liang Xiaolei and handed him over to Chinese authorities over tax issues, according to a Myanmar Ministry of Home Affairs announcement. China's New Dayang celebrates its return to state ownership TradeWinds could not reach Liang for comment and his mobile phone was apparently switched off over a period of at least two days this week. From th
GasLog Partners laments stock price amid record results GasLog Partners reported record results for the fourth quarter of 2018, but volatility in equities markets is pushing the LNG carrier owner to buyback shares. The Andrew Orekar-led shipowner reported adjusted profit of $42.2m for the last three months of 2018, a 4% year over year gain. Operating revenue of $86.6m and $68.7m in EBITDA were also new records in what Orekar called a "transformative
BW LPG shares inch up after Ackermann dips into stock Martin Ackermann has dipped into his own pocket to grow his stake in BW LPG. The Danish chief executive has bought stock worth $88,000 in the Oslo-listed company. Idan Ofer completes deal for BW chemical tanker fleet His addition of 30,000 shares follows repeated purchases by BW Group, the company's controlling shareholder, which began before Christmas. The purchase, revealed this morning, tak
Wartsila's Holm: scrubbers sold out for 2019 Finnish marine systems giant Wartsila has seen scrubber demand grow but is looking to cut costs through redundancies after profit fell. The company said net earnings in the fourth quarter were EUR 153m ($175m) from EUR 165m in 2017, as expenses rose. Order intake increased 24% to EUR 1.87bn, with net sales up 6% to EUR 1.53bn. The orderbook stands at EUR 3.69bn for 2019 deliveries. The company
Could data have predicted the Kerch Strait tanker tragedy? Analysis of accident suggests two LPG carriers involved in fatal explosion during STS transfer were high-risk
Rodgers and Burke double act keeps 'em laughing Plenty of comedy double acts have lit up the world over the years, from Abbott and Costello, Laurel and Hardy to Morecambe and Wise - and more recently Donald Trump and Xi Jinping. Now shipping can lay claim to its very own: Rodgers and Burke. The tanker-owning duo's latest sell-out performance at the 10th anniversary Marine Money conference in London last week saw them on top form, reprising so
RHL to oversee Yantian Express general average process Hapag-Lloyd has appointed adjuster Richards Hogg Lindley (RHL) to oversee the general process following the fire on Yantian Express. General average declared as Yantian Express heads to Bahamas The 7,150-teu boxship (built 2002) suffered a blaze on 3 January off Canada, forcing crew to evacuate. General average was declared this week and the vessel is heading to the Bahamas. RHL will act as co
HMM, PSA splash $198m on Pusan terminal Korea's HMM has teamed up with Singapore port operator PSA to take over PSA-Hyundai Pusan New Port (PHPNT) Pier 4 in Pusan. The companies are spending KRW 221.2bn ($198m) to acquire the terminal from seller Waska. HMM tops up finances with new share issue The price consists of KRW 177bn from HMM, including Korea Ocean Business Corporation's investment of KRW 50bn, and KRW 44.2bn from PSA. The
Transtejo launches $100m 10-ship fleet renewal Portuguese owner Transtejo is launching a tender for 10 new ferries to renew its ageing fleet. The Lisbon company's plan has been approved by the country's cabinet, Portugal News reported. The first new catamaran is planned for delivery from the end of next year. Three more vessels will come in 2021 and then the remaining six in 2022, 2023 and 2024. They will run on LNG and carry between 400
Moss Maritime-led project unveils liquefied hydrogen bunker vessel design A new generation of bunker tanker could soon become reality as the shipping industry seeks cleaner fuels.
CPTM orders cargo-carrying cruiseship in China New vessel to focus primarily on the growing expedition cruise trade.
Hyundai Heavy beefs up 2019 VLCC order tally Year gets off to a good start for South Korean shipbuilder as it reveals three-ship VLCC order worth $286 million.
Legal changes required to implement USMCA The Office of the U.S. Trade Representative on Tuesday submitted a statutorily required description of changes to existing U.S. laws required to bring the U.S. into compliance with the U.S.-Mexico-Canada Agreement, including several new customs rules.
Dairy producers want cheese in U.S.-U.K. trade deal For the U.S. dairy products industry to pour its products into the British market, the U.K. will need to shed agricultural tariffs and non-tariffs currently shared with the EU.
CN envisions Halifax as 'Prince Rupert of the East' Railway officials discussed plans to grow intermodal cargo and develop the Nova Scotia port during this week's earnings call.
Tech Connections: The rise of port community systems Technology developments are aiding ports, but business models also need to evolve.
Los Angeles highlights 'digital transformation' Port handled 9.5 million TEUs in 2018 and believes technology can help solve "persistent systemic problems."
American Shipper tweeting from AAPA conference
Port of Savannah moves record 4.35 million TEUs
Executive Moves: Crowley and InstaFreight
Executive Moves: BluJay and OmniTRAX Energy Solutions
Asia resumes Iran oil imports at lowered rates as waiver window shrinks Asian imports of Iranian crude oil have just started to return but at sharply lower levels as top customers China, India, Japan and South Korea press for additional US sanctions relief when their waivers expire in May.
International court to rule on Venezuela ship interception offshore Guyana: Hess CEO The arbitration of the interception of an ExxonMobil-chartered seismic ship offshore Guyana by the Venezuelan navy in December will move to an international court for resolution, John Hess, the CEO of Hess, a member of the ExxonMobil-led consortium, said Wednesday.
Piraeus bunkering operations recover as bad weather eases Bunkering operations at Piraeus have largely returned to normal after disruptive weather eased, sources said Wednesday.
Fuel oil crack strength above light ends continues on active arb The 3.5% FOB Rotterdam barge fuel oil crack continued to strengthen Wednesday on an active arbitrage and increased paper trading activity, holding firmly above the naphtha crack.
Malta bunkers premium over benchmark hits narrowest in 8 months Delivered bunker fuel prices at Malta reached their lowest premium over the high sulfur fuel oil regional benchmark since May 2018 on Tuesday as operating conditions eased at Malta, sources said.
Narrow EFS, tight supply boosts Asian sweet crudes despite weaker arbitrage freight The Asian sweet crude market saw March-loading cargoes of regional flagship grades fetch robust premiums this month as narrow Brent/Dubai Exchange of Futures for Swaps and tight spot supply for middle-distillate rich grades overshadowed weakening arbitrage freight rates, trade sources said Wednesday.
Ecoslops, Suez Canal Economic Zone ink deal for waste reception at Port Said The recovery potential of the oil waste transiting through the Suez Canal is estimated at more than 40,000 tons/year.
INTERVIEW: Compliance to IMO 2020 rule likely 80% initially - Parker Kittiwake execs "There is no one set method that is accepted or approved [for compliance]," Herring said.
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