Mitsubishi, Seamax JV Closes Debut Shipping Fund
A joint venture between Mitsubishi Corp subsidiary MC Asset Management and Seamax Partners has held a $300m final close for its debut fund, which will target container shipping. Seamax Partners is the manager of MC-Seamax Management Limited. The Fund has closed with total capital commitments of USD 300 million from institutional investors in North America, Europe and Japan, including MC's commitment of USD 50 million.
Tanker Market Full Streams Ahead, Says OPEC
The dirty tanker market enjoyed a general improving sentiment in May for vessels in all reported classes on the back of high tonnage demand and increased activities. Clean tanker freight rates declined on average, mainly as freight rates reported on the West of Suez were weak. In May, OPEC and Middle East sailings were higher month-on-month, as arrivals in all regions improved, except in the Far East. The higher freight rates were seen on many routes, especially for larger vessels.
Norway’s DSD Shipping in Second US Indictment
Norwegian firm Det Stavangerske Dampskibsselskab AS (DSD Shipping), and four of its employees, are now under three-count indictment returned by a federal grand jury in Lafayette, LA, all relating to alleged environmental crimes and their cover ups. The company was indicted in a US court on May 13 charged with obstructing justice and with environmental crimes. DSD Shipping is a Norwegian-based shipping company that operates the oil tanker M/T Stavanger Blossom…
China Probes Executives of CSIC, COSCO
China Shipbuilding Industry Corporation (CSIC) and China Ocean Shipping Company (Cosco) are being probed in China’s national anti-corruption scheme, according to a report in the Reuters. The Central Commission for Discipline Inspection (CCDI) has not named any company executives as targets for individual inspection. CCDI is the highest internal-control institution of the Communist Party of China (CPC).
Jerry Kalogiratos New CEO for Capital Product Partners
Gerasimos (Jerry) Kalogiratos, the Partnership's current Chief Operating Officer and a director of the Partnership, will be appointed as the CEO and CFO effective June 30. Capital Product Partners has announced that Petros Christodoulou, who held the role of CEO and CFO, will leave the company as of the same day. Ioannis Lazaridis, Chairman of the Board of the Partnership, stated: "We thank Petros Christodoulou for his service to the Partnership and we wish him well in his future endeavors.
New Suez Canal Almost 84 Pct Complete
Over 216 million cubic meters of water-saturated sand have been removed so far as part of the Suez Canal Development Project, said Head of the Suez Canal Authority Mohab Mamish. This represents about 84 percent of the total cubic meters that should be dredged as part of the project, Mamish added. Thirty-eight dredgers are working in the project, said Wagdi Zaki, the executive director supervising the dredging process, in statements on Thursday 11/06/2015.
Egypt Receives LNG Shipment from Australia
Egypt received a cargo of liquefied natural gas from Australia after the exporter sent two shipments to the region in the past two years, signaling increasing demand, reports The Daily Star. The Woodside Rogers tanker arrived at Egypt's Ain Sokhna terminal Thursday after loading at Australia's Dampier port on May 12, according to ship-tracking data on Bloomberg. The 159,760-cubic-metre cargo aboard the Woodside Rogers loaded at the port of Dampier…
Harim Acquires Pan Ocean
South Korean poultry processor Harim Corp. is set to wrap up its purchase of troubled dry bulk carrier Pan Ocean Co. after creditors and shareholders approved a rescue plan for the country's biggest bulk carrier. Harim, partnering with JKL Partners, participated in the bid last year and was picked as the preferred bidder in December. The company paid over 1 trillion won ($895.5 billion) for the deal earlier this month.
Darwin Port Charges Revised
Darwin Port Corporation has advised that, effective 1 July 2015, port charges will be indexed by 0.8% applying the Darwin All Groups CPI for the March 2015 quarter. With the low percentage change of less than 1% most standard port charges will see a very minimal increase and some tariffs were not indexed at all. - Introduction of infrastructure support contribution for visiting foreign navy berthing at Fort Hill Wharf or East Arm Wharf at the rate of 25 cents per GRT per day.
Peel Ports, JNPT in Historic Partnership
At a formal event presided by ShriNitinGadkari, Union Minister of Road Transport,Highways and Shipping in the presence of ShriAnil Desai, Member of RajyaSabhainMumbai, India’s No.1 Container Terminal Jawaharlal Nehru Port Trust, have today signed a Letter of Intent (LoI) with Major UK ports operator, Peel Ports, who own the Port of Liverpool . Measured by Foreign Direct Investment (FDI), the UK is already the biggest G20 ‘maker’ in India.
Diana Takes a Hit on Charter Extension
Diana Shipping Inc. specializing in the ownership of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has agreed to extend the present time charter contract with Cargill International S.A., Geneva, for one of its Panamax dry bulk vessels, the m/v Leto, for a period of about fifteen (15) months to about eigtheen (18) months. The gross charter rate is US$7,100 per day, minus a 4.75% commission paid to third parties.
IACS's New Rules to Enhance Safety of Large Boxships
The International Association of Classifications Societies (IACS) has adopted new Unified Requirements that will further improve the safety of Large Container Ships by enhancing consistency between pre-existing Class Society provisions in this area. Amalgamated within a single new Unified Requirement (UR S11A) are three new safety measures that provide a robust, timely and complete response to the findings of the investigation by Japan's Ministry of Land…
LISW15 Lines Up Speakers
London International Shipping Week 2015 (LISW15) is pleased to announce the line up, so far, of high level government and industry speakers for the official LISW15…
Occidental's Chiang Quits After New CEO picked
Occidental Petroleum Corp told regulators on Friday that a top executive, Willie Chiang, has suddenly quit - a month after Vicki Hollub was picked to eventually replace Chief Executive Steve Chazen.