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World 19S Largest

Pension Fund Set to Scrap Plan to Bid for Daewoo

AFP reported that 's state pension fund is likely to scrap plans to bid for Daewoo Shipbuilding because of global financial turbulence. The National Pension Service the world's fifth largest, had been in talks with POSCO, GS Group and Hanwha Group to find a partner for the acquisition of Daewoo Shipbuilding. Hyundai Heavy Industries, the world's largest shipyard, is also interested in Daewoo Shipbuilding, the world's third biggest yard. The pension fund, with assets of $187b has posted a negative return so far this year due to the financial turmoil. State-run Korea Development Bank and a government asset-management unit are selling a 50.4 percent stake in Daewoo Shipbuilding, a deal newspapers said will fetch as much as seven trillion won. They had taken over Daewoo Shipbuilding in 2000 after its parent Daewoo Group collapsed under a debt mountain totalling 82 billion dollars -- one of the world's largest corporate failures. Source:  AFP


Last Liberty Ship Leaves James River Reserve Fleet

Arthur M. Huddell is bound for Greece

The Department of Transportation announced that the last of ’s famous ships, the Arthur M. Huddell, will be towed from the James River Reserve Fleet site at , , to , on July 28, to prepare the World War II-era vessel for a cross-Atlantic tow to its new homeport in .  Greek officials say the ship will become a merchant marine museum of that nation’s shipping industry. While in , the Huddell will be berthed at the W3 Marine facility while the cross-Atlantic tow-prep is


Shell, BP 2005’s Leading Oil Tanker Hirers

Royal Dutch Shell plc and BP plc, Europe’s largest energy companies, were the leading hirers of oil tankers last year as crude prices rose to records. Shell hired 762 crude oil tankers for single voyages in 2005, accounting for 7.5 percent of the global total, according to figures compiled by New York-based shipbroker Poten & Partners. BP rose from fifth in 2004 to second, with a share of 4.9 percent. Exxon Mobil Corp, the world’s top energy company, came third in the survey.


This Day in Naval History - Nov. 29

From the Navy News Service 1775 - Capt. John Manley in schooner Lee captures British ordnance ship Nancy with large quantity of munitions. 1890 - First Army-Navy football game (Navy won 24-0). 1929 - Cmdr. Richard Byrd makes first flight over South Pole. 1944 - USS Archerfish (SS 311) sinks Japanese carrier Shinano, world's largest warship sunk by any submarine during World War II.


China to Build World's Largest Repair Facility

China Ocean Shipping, China’s dominant maritime firm, is investing Yuan2bn in what is envisioned to become the largest shiprepair facility in the world. The base will be in the Zhoushan archipelago in Zhejiang province, two hours’ steaming from Shanghai, which is likely to become the world’s biggest port in the coming decade providing plenty of repair work, particularly for very large crude carriers and containerships


Seafaring Tradition Perhaps Key to DP World's Growth

At DP World's annual gala dinner the chairman noted the company's success was rooted in UAE's rich maritime tradition. The UAE’s rich sea-faring tradition supported and drove DP World’s rise from a local port operator to today being third largest marine terminal operator globally, said Chairman H.E. Sultan Ahmed Bin Sulayem addressing the recent Annual Grand Gala Dinner of DP World, UAE Region. Addressing the event held under the theme “Dreams of the Sea”


Report: Three Carriers Dominate TransAtlantic Trade

Three new carrier groups now control 58% of the total capacity in the transatlantic container trade, according to World Liner Supply, a new quarterly report from the compairdata.com on-line shipping database. The fourth quarter 2000 issue of World Liner Supply shows that the merger of services and the combination of smaller carrier groups has led to a substantially higher market concentration in the North America/northern Europe container trade.


Report: S. Korea lags China, Japan in Shipyards

According to reports, South Korea fell behind China and Japan in the number of shipyards ranking in the world's top 50 in terms of order backlogs as of the end of May, although seven South Korean companies were No 1 through No 7, a London-based market research firm said. Fifteen Japanese shipyards and the same number of Chinese companies were included in the world's top 50 list, while only nine South Korean shipyards made it, Clarkson Plc. said.


Dubai Drydocks World Established

Dubai World has consolidated its drydocks and maritime business by bringing Dubai Drydocks, Al Jadaf Shipyard, Platinum Yachts FZ and Platinum Yacht Management under a single umbrella - Dubai Drydocks World (DD World), a statement said. Dubai World, which runs DP World, the world's third largest port operator, yesterday announced the establishment of Dubai Drydocks World (DD World) to consolidate the dry docks and maritime sector of the organisation


Crystal Cruises Voted World's Best in Reader Survey

Photo credit Crystal Cruises

Crystal Cruises voted winner of 'World's Best Large-ship Cuise Line' for 17th time by readers of Travel + Leisure magaizine In recent months, Crystal say it has spent $40 million on redesigns of its award-winning Crystal Symphony and Crystal Serenity, and $100 million in a little over five years. "While we have delighted travelers this year with newly designed spaces, new services, and new value-conscious pricing


Maritime Reporter @ 75: The Daily Cartoon

© New Wave Media

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry, with a circulation of more than 35,000 worldwide, including ship and boat owners


CSCL’s New Containership Sets Two World Records

The 19,000-teu CSCL newbuilding during sea trials

Largest boxship undergoes tests, powered by largest engine China Shipping Container Lines Co. Ltd. (CSCL) ran sea trials from October 17-20 on its newbuilding, CSCL Globe, the first vessel in a series of five 19,000-teu, 400-meter containerships.


Fulcrum Buys BMT Snyek Technologies

Photo courtesy of BMT

BMT Group announced the sale of BMT Syntek Technologies Inc to Fulcrum Corporation. Fulcrum Corporation, based in Arlington, VA., providies customized services and solutions to organizations within the Department of Defense, the Department of Transportation, and various private sector companies


DNV GL, N-KOM to Partner on LNG Initiatives

N-KOM’s CEO Chandru Rajwani and Dr Henrik O. Madsen, DNV GL’s Group President and Chief Executive Officer, signed the memorandum. (Photo: Laurence Tissot)

A memorandum of understanding (MOU) was signed today between DNV GL and Qatar’s premier shipyard Nakilat-Keppel Offshore & Marine (N-KOM) to promote liquefied natural gas (LNG) as fuel within the maritime and offshore industry. The signing ceremony took place during DNV GL’s


NAT CEO: Low Oil Prices Benefit the Tanker Market

Herbjørn Hansson (Photo courtesy of NAT)

Nordic American Tankers Limited Chairman & CEO Herbjørn Hansson addressed the impacts of low oil prices on the tanker business in a letter to shareholders, citing the decrease in oil price as an overall positive for the world tanker market and possible trigger for the recent rate


Mexican Regulators Clear Hapag-Lloyd, CSAV Deal

Mexican competition authority approves transaction with CSAV unconditionally; Next step for Hapag-Lloyd becoming number four in worldwide liner shipping Hapag-Lloyd announced the unconditional clearance under Mexican merger regulations for the planned integration of the container shipping


COSL Takes Delivery of New Semisub

COSL’s deepwater semi-submersible drilling rig COSL Prospector delivered

  China Oilfield Services Limited saw successful delivery of the deepwater semi-submersible drilling rig COSLProspector it invested in and commissioned to build in Yantai, Shandong today. This rig has adopted the latest marine engineering design concepts in the world and has mets the


New Agency to Replace S. Korea Coast Guard after Ferry Disaster

Photo: South Korea Coast Guard

South Korea launches a massive new government agency this week to handle emergency rescue and safety management seven months after a ferry disaster killed 304 people and was blamed by President Park Geun-hye on a failed response by the coast guard.


FMC Commissioner Addresses Port Congestion

The U.S. Federal Maritime Commission (FMC) Commissioner William P. Doyle issued a statement today regarding port congestion, as well as the Transpacific Stabilization Agreement’s (TSA) amendment to expand its scope to include westbound trans-Pacific trade. The full statement is below.


Maritime Reporter @ 75: The Daily Cartoon

© New Wave Media

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry, with a circulation of more than 35,000 worldwide, including ship and boat owners


Nominations for "Great Ships" Coming to a Close

COV1 MR Decemer 2013 web.jpg

Maritime Reporter & Engineering News, the world's largest circulation b2b marine publication, announced that Applications for its Annual Awards Issue -- "Great Ships of 2014" -- will close on Friday, November 21, 2014. This annual awards edition recognizes a selection of the


ICAP Shipping in Merger Talks

Shipping market prospects picking up after record downturn; shipbroker M&A deals have gathered pace this year. ICAP's shipping business is in merger talks with rival shipbroker Howe Robinson, the latest potential tie-up among sector players looking for scale after years of freight market


CEVA is SuperGroup's Freight Manager

SuperGroup is a distinctive branded UK fashion retailer

  CEVA Logistics, one of the world’s leading supply chain management companies, has been awarded a long term contract to provide freight management services to SuperGroup, owner of famous fashion brands including SuperDry. The contract award followed a competitive tendering process


Maritime Reporter @ 75: The Daily Cartoon

© New Wave Media

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry, with a circulation of more than 35,000 worldwide, including ship and boat owners


HHI Names World’s Largest Containership

CSCL Globe on sea trials (Photo: HHI)

The world’s largest containership was named at a ceremony held by builder Hyundai Heavy Industries Co., Ltd. (HHI) this week. The ship, named CSCL Globe, is the first of five 19,000 TEU containerships for China Shipping Container Lines (CSCL)






 
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