The new European Regulation on ship recycling (Regulation (EU) No 1257/2013) was published on December 10, 2013 in the Official Journal of the European Union and it will enter into force on December 30, 2013. In view of the international importance of the new Regulation GMS followed very closely and contributed advice towards its development. It is paramount that the implementation of the new Regulation by the European Commission in the next two years will be guided by realism and a clear understanding of the dynamics of the industry, and not by the impractical, not thought-out, and irrational campaigns to ban beaching. Over this period the industry will need to be alert so as to contribute its knowledge and guidance to the European Commission. GMS has developed two papers in order to inform the shipping and ship recycling industries of the detailed requirements of the new European Regulation and of its effects on the commercial processes of buying and selling ships for recycling. These two papers (titled as below) can be downloaded at - http://www.gmsinc.net/gms/news.php
Shipping firms have paid millions of dollars into U.S. accounts to prevent their vessels from being detained due to non-payment of bills for fuel supplied by the bankrupt OW Bunker, indicating the impact from the collapse of the Danish firm was spreading. OW Bunker filed for bankruptcy in November after losing almost $300 million in alleged fraudulent trading in Singapore, leading to claims by distributors who sold shipping fuel on behalf of OW Bunker but had not been paid.
The European Union is considering taking action against South Korea under the World Trade Organization, accusing the country of using western subsidies to sell ships at below construction cost and putting European rivals out of business. "The sector is facing a critical situation worldwide with very low prices and a serious overcapacity caused by the Republic of Korea," EU industry ministers said after a regular meeting where they discussed a European Commission report on the world
Tsakos Energy Navigation Ltd. (NYSE: TNP) announced the sale of the 1998-built 107,181 dwt Aframax tankers Maria Tsakos and Athens 2004 to an independent Greek-based operator. The Maria Tsakos will be delivered to her new owners on July 11, 2007 resulting in a $31 million capital gain that will be recorded in the third quarter of this year. The Athens 2004 will be delivered in the beginning of the fourth quarter resulting in an additional $31 million capital gain to be recorded at that time
Shipsales Tanker Sentinel - (built 1986) 106,722 dwt sold for $14.4 million. Tanker Bow Explorer - (built 1975) 31,501 dwt sold to Vulcanus for $4 million. Tanker Jo Breid - (built 1981) 26,300 dwt sold to Norwegian buyers for $7.5 million. Bulker Red Rose - (built 1978) 75,720 dwt sold for $2.35 million. Bulker Lionsgate Bulker - (built 1996) sold to London based Greek buyers for $18.25 million. Bulker Litrotis - (built 1981) 64,120 dwt sold at auction in Singapore for $3.5 million.
PAL Indonesia has purchased the entire Tribon Shipbuilding system for design and production of ships at its shipyard in Surabaya. PAL Indonesia has chosen to implement the complete hull and outfitting applications of the Tribon system to increase the yard's automazation and efficiency. PAL Indonesia has more than 20 years of experience in designing, engineering and building commercial and naval ships. Some examples are passenger ships, tankers, bulk carriers, container ships
American Commercial Lines Inc. (NASDAQ: ACLI) announced the closing of the initial public offering of 9,487,500 shares of its common stock at a price to the public of $21.00 per share. Of the shares sold in the offering, 7,500,000 shares were sold by ACL and 1,987,500 shares were sold by a selling stockholder. The shares sold by the selling stockholder included 1,237,500 shares purchased pursuant to an option granted by the selling stockholder to the underwriters, which was exercised in full
Venezuelan state oil company Petroleos de Venezuela (PDVSA) will begin selling bunker fuel via two Internet sites later this month, its first sales project across the Web, a company official said. PDVSA will offer fuel from its terminal in Freeport, Grand Bahamas Island to shipping companies via two industry Internet sites: www.oceanconnect.com and www.bunkerstem.com. "I believe that before the end of the month, in one or two weeks, we will be selling fuel (over the Internet)
The U.S. Department of Transportation’s Maritime Administration has sold a ship from the Beaumont Reserve Fleet for more than $1million, the first time under the current program that a ship has brought such a price. International Shipbreaking, Ltd., in , , will pay $1,151,727 for the ship Adonis, now moored at the Beaumont Reserve Fleet site in . Three other government-owned, obsolete ships are also being sold to the company for an additional $173,297: the
Euronav NV announced that the company sold two double-hull Aframaxes, the Fantasy (2002–106,560 dwt) and the Fidelity (2002–106,548 dwt), for an aggregate selling price of $137 million. The capital gain of this sale transaction of about $44.5 million will be recorded in the second half of 2008 upon delivery of the ships to their new owner. The company had purchase options on the two ships which were on bareboat charter to Euronav since 2002
Brazilian miner Vale said on Tuesday it agreed to sell four large iron ore carriers to China Merchants Energy Shipping Co (CMES) , as it looks to raise cash in the midst of an iron ore price slump. The world's largest producer of iron ore said in a statement the details of the contract
Brazilian miner Vale has completed the sale of four other large iron ore carriers to China Ocean Shipping Company (Cosco), which was agreed last September. This transaction is related to the agreement signed with Cosco on September 12, 2014.
Brazilian mining giant Vale and the China Merchants Group (CMES) signed an expanded framework deal for strategic co-operation on iron ore shipments. Vale has agreed to sell four large iron-ore carriers to CMES. The world's largest producer of iron ore said in a statement the details
GAIL (India) Ltd has signed a preliminary deal with Royal Dutch Shell for the potential sale of liquefied natural gas (LNG) supply sourced from its portfolio, made up of US production, says Reuters and local media reports.
American corporation XPO Logistics, led by multi-millionaire Bradley Jacobs, agreed to acquire French transport services and global logistics solutions provider Norbert Dentressangle, led by multi-millionaire Norbert Dentressangle, for US$3.53 billion including debt, according to Bloomberg.
WISTA India proved that they are committed to enhancing skiil of all women in the Maritime Industry . On 17th April they organised a workshop on "Manage your customers" at India's premier Business school SP Jain Institute of Management and Research.
Baltic Trading Limited, a Marshall Islands company formed by Genco Shipping & Trading Limited, reported a loss of $42.4 million in its first quarter. The New York-based shipping company focused on the drybulk industry spot market said it had a loss of 75 cents per share
Targa Resources Partners LP is working closely with Noble Group as Asia's biggest commodity trader evaluates whether to move forward a deal to support a Targa-built condensate splitter, a new terminal or both in Texas, Targa Chief Executive Joe Bob Perkins said on Tuesday.
The activity on the demolition market is off to a good start in 2015 when looking at dry bulk tonnage, according to international shipping association Baltic and International Maritime Council (BIMCO). The dry bulk market has long suffered from weak freight rates stemming
DUBAI, May 11 (Reuters) - Dubai's DP World has released initial price guidance for a $500 million bond expected to be sold on Tuesday, a document from lead managers showed. The deal is earmarked to price in the area of 180 basis points over midswaps
Rotterdam-based law firm AKD has completed the sale at auction of the container vessel Caribbean Sea in the courts of Aruba following its arrest by Rabobank for outstanding mortgage debts in excess of $28 million. The entire arrest and auction process was completed in just 20 days
Norwegian company Siem Offshore has sold the platform supply vessel (PSV) “Siem Sasha”. It has delayed delivery of four of the nine platform support vessel (PSV) newbuildings it has under construction in Poland.
Inmarsat today announced the appointment of MVS USA, a leader in mobile satellite communications and a founding Inmarsat Distribution Partner, as a Global Xpress (GX) Value Added Reseller (VAR) for the Maritime market, selling FleetBroadband Xtra and Fleet Xpress.
Japan will join competitive bidding to sell Australia a fleet of stealth submarines, the government said on Monday, a move expected to require Tokyo to supply Canberra with classified data. The development comes as Prime Minister Shinzo Abe moves to strengthen security ties with ally the United
British oil major BP and China's Sinopec Fuel Oil are starting a Singapore-based joint venture in ship fuel storage and sales, BP said in a statement on Tuesday. The 50/50 joint venture, which builds on a similar agreement signed in 2011, will leverage both companies' existing bunkering