LA, Long Beach Ports Cooperation Approved
The ports of Long Beach and Los Angeles received federal approval Thursday to cooperate more vigorously on finding new ways to prevent congestion and cargo delays…
Hercules Offshore Shares Fall 33%
Drilling contractor Hercules Offshore Inc's shares fell as much as 33 percent to a record low on Friday, a day after Deutsche Bank cut its price target on the company's stock to $0.
Port of Durban to Triple Capacity, Compete with Suez Canal
Durban, South Africa's busiest port, has started a project to triple capacity and encourage vessels to skip the Suez Canal and sail around the Cape of Good Hope, Bloomberg reported today. The excavation project, which will increase the port's capacity from 2.7 million TEUs in 2014 to 9.5 million in 2040, began in 2012 and the first phase is scheduled for completion in 2025. "It's more cost effective to sail modern…
This Week's Top Stories
The top stories this week covered everything from a DP system failure, a facelift for a WWII torpedo boat, and some mysterious tankers off the coast of Philadelphia. The tanker Olympic Flag was carrying 650,000 barrels of Angolan crude when it dropped anchor seven miles off the coast of Delaware Bay last November. It finally left two weeks ago, but not before being joined by five other tankers. Nobody seems to know why the tankers were idling offshore that long…
Petrobras Downgrade Shakes Market
Moody's shocked bond investors this week with a surprise two-notch downgrade that put Brazilian oil company Petrobras in junk territory. The move was seen by some investors as overly assertive…
Ferus Smit to Launch Newbuild Bulker
Ferus Smit will launch newbuild bulk carrier Arklow Breeze on Friday, March 20 at Westerbroek. Arklow Breeze is the sixth and last vessel of a series to be delivered to a client from the city of Arklow, Ireland. The design is a bulk oriented general cargo ship that will be mainly employed in the shipment of wheat, corn and other bulk commodities in European waters. The hull form adapts the bulbless principle, creating a slender bow without bulb.
“Jag Arjun” Delivered to Buyers
The Great Eastern Shipping Company Ltd. (G E Shipping) delivered its 1996-built Capesize Dry Bulk Carrier “Jag Arjun” (164,796 dwt) to the buyers on 26th February, 2015. The company had contracted to sell the ship earlier this month. Subsequent to the delivery of the vessel, the Company’s fleet stands at 29 vessels, comprising 21 tankers (8 crude carriers, 12 product tankers, 1 LPG carrier) and 8 dry bulk carriers (3 Kamsarmax…
VLCCF - 4Q & FY 2014 Results
Knightsbridge Shipping Limited ( VLCCF ) reports net income of $5.2 million and earnings per share of $0.06 for the fourth quarter compared with a net loss of $6.2 million and a loss per share of $0.11 for the preceding quarter. Net income in the fourth quarter includes $6.4 million in respect of cash received in the fourth quarter as final settlement for a claim for damages and unpaid charter hire.
More Floating Accommodation for Lerwick
An accommodation ship, the SNAV Toscana is due at Lerwick on or around 6 March 2015 to supplement the floating accommodation at the port. Formerly operated as an Italian ferry, the 169 metre long ship is due to remain in port until the end of May 2015. She will berth at Holmsgarth 5 and may be required to move off the berth on occasions to suit other vessel movements. Petrofac is bringing the 500 bed ship to Lerwick in support of the Shetland Gas Plant project.
Chassis Pools for Port of Long Beach
Three companies that own the vast majority of chassis serving the San Pedro Bay ports are on track to activate a “gray chassis fleet” of truck-trailers on March 1, a move that should improve the flow of goods through Port of Long Beach, the nation’s busiest harbor complex. Dubbed the “pool of pools,” the landmark agreement between Direct ChassisLink Inc. (DCLI), Flexi-Van Leasing Inc. and TRAC Intermodal…
GasLog Post 4Q 2014 Results
GasLog Ltd. and its subsidiaries an international owner, operator and manager of liquefied natural gas carriers, today reported its unaudited financial results for the quarter ended December 31, 2014. • Agreement to acquire two additional LNG carriers from a subsidiary of BG Group plc (“BG Group”) for $460.0 million that will be chartered back to the same subsidiary of BG Group with average charters of 10 years, adding $590 million to our contracted revenue.
Zamakona Yards' Commitment to Well-being
Recently employees of Zamakona Yards participated in a training course for maintaining Health, Safety and Environment (HSE). The theoretical practice focused on working at heights, in confined spaces and for cultivating prevention techniques and firefighting. The courses were taught by the prestigious ASEPEYO mutua insurer and to do it was enabled a complete simulator where practices were conducted.
Satellite Images Reveal Ocean Acidification
Ocean acidification can now be seen from space, highlighting an ongoing danger of climate change and revealing the regions most at risk. Pioneering techniques that use satellites to monitor ocean acidification are set to revolutionize the way that marine biologists and climate scientists study the ocean. This new approach offers remote monitoring of large swathes of inaccessible ocean from satellites that orbit the Earth some 700 km above our heads.
Berenberg in $1.1bln Box Bid
The world's second-oldest bank Joh. Berenberg Gossler & Co. KG is lining up a new fund worth EUR 1bn ($1.1bn) for the containership sector. A report appeared in Bloomberg said that will boost lending to the maritime industry through the shipping fund for institutional investors seeking an alternative to record low bond yields. Andreas Schultheis, head of international shipping at Berenberg said that his bank plans to draw insurers…
Jinhui Shipping Plummets to Loss
Norway listed dry bulk shipper Jinhui Shipping said the tough market that owners faced last year will become tougher in 2015. Dry bulk shipping market Environment continued to be weak despite global economic confidence has been improving in the fourth quarter of 2014. Jinhui said it posted a $68.4 million net loss in the fourth quarter compared with a $2.9 million loss a year earlier. It also reported an $86.8 million net loss for 2014 compared with a net profit of $25.4 million in 2013.
Great Lakes Shipping Worries about Tough Spring
Ice conditions have been causing concern for Great Lakes shipping industry. The satellite images show that the Great Lakes once again almost entirely covered in ice. Duluth News Tribune reports that the ice is causing worry in the Great Lakes shipping industry about the prospects of another difficult spring. According to Glen Nekvasil, vice president of the Lake Carriers' Association, it has been another…
Drowning at Castaway Cay
Police are investigating the apparent drowning of an American cruise ship passenger off at Disney’s private island in the Bahamas - Castaway Cay in the Abacos. The incident happened on Thursday afternoon, and a lot of details are not yet known about the situation. According to reports by the Tribune, on Thursday afternoon, a 38–year-old man from New York man who was a passenger onboard a cruise ship moored at Castaway Cay drowned while swimming.
British Queen to Name New Ship
Queen Elizabeth II will christen P&O Cruises’ new flagship Britannia in Southampton, England, on March 10. She will be accompanied by her husband, Prince Philip, the Duke of Edinburgh. The naming ceremony of the new 141,000-tonne cruise vessel will take place at Ocean Terminal in Southampton, England and will be of great national interest. David Dingle, Carnival’s UK chairman, gave the following statement…
Container Ship Runs Aground at Fremantle Port
A ship that ran aground at Fremantle Port early Saturday has been refloated. The 62,000-tonne Denmark-registered container ship Maersk Garonne became stuck in soft sand about 500m off South Mole. The Maersk Garonne would go to anchor in Gage Roads to be assessed by the Australian Maritime Safety Authority, Jeanette said. Initial reports from the container ship indicated that there were no injuries or damage to the vessel, she said.
China's Maritime Advances Worry US
The Director of U.S. National Intelligence, James Clapper, has expressed his concern at the progress of China in maritime zones it shares with its neighbors, accused China of expanding its outposts in the South China Sea in an “aggressive” effort to exert sovereignty. Clapper voiced concern over land reclamation activities in the South China Sea that could further escalate tensions between China and its neighbors over disputed islands…