Dry Bulk Market Crisis: Opportunity or Threat?
The shipping industry is experiencing the biggest dry bulk market recession since the 1980s, as uncertain global economic outlook and increased imbalance between supply and demand have lead to historically low freight rates .It seems the downturn will continue until 2017 if a viable equilibrium is not achieved. The recent measures in 2013 which promoted the replacement of older tonnage with newer, in combination with the Chinese financial backing…
Lakes Limestone Trade Tops 4 Mln Tons in June
Shipments of limestone on the Great Lakes totaled 4,042,766 tons in June, an increase of 6 percent compared to May, and 9-plus percent compared to a year ago, according…
Cuba Opens Up for Carnival Corp. Brand
Carnival Corp. granted U.S. Carnival Corporation & plc said that the U.S. Department of the Treasury and the U.S. Department of Commerce granted approval for the company to begin travel to Cuba. Carnival Corporation intends to take travelers to Cuba beginning in May 2016 via its newly launched fathom brand – a new social impact travel brand providing purpose-oriented, social impact experiences, initially in the Dominican Republic.
First Gas Turbine-powered LNG Carrier Granted AIP
Hyundai Heavy Industries (HHI) announced it has jointly developed world’s first gas turbine-powered 174,000 m3 LNG carrier with GE Aviation and Marine and has secured Approval in Principle (AIP) on the vessel from the U.K.-based Lloyd’s Register. The IMO Tier III-compliant 174,000 m3 LNG carrier is equipped with GE’s gas turbine-based Combined Gas turbine Electric and Steam system (COGES 2.0). The…
As First Victims Mourned, Italian Navy Searches On
Italy held a funeral service on Tuesday for 13 migrants who died in the worst shipwreck in the Mediterranean in recent history, while the navy continued its search for other victims of the disaster.
Migrant Sailboat Sinks in Aegean, 17 Missing
A sailboat carrying migrants sank in in the Aegean sea between Turkey and Greece on Tuesday and at least 17 people were missing, Greek authorities said. Greece's…
Maersk Sells Its Stake in ESVAGT
Danish conglomerate A.P Moller-Maersk said Tuesday two international infrastructure investors have agreed to buy 100% of the Danish company ESVAGT from Maersk Group and ESE-Holding A/S. The sale amounts to a value of 4.1 billion Danish kroner equaling to approximately USD $610 million. Maersk said 3i Infrastructure PLC and AMP Capital have agreed to jointly acquire ESVAGT, a company providing safety and support at sea. ESVAGT, headquartered in Esbjerg, Denmark, was founded in 1981.
Carnival Vista Floated Out
The Carnival Vista has completed its dry dock phase and was recently floated out to a new location at Italy's Fincantieri shipyard, Carnival Cruise Line has announced. Carnival Vista, currently under construction at the Fincantieri shipyard in Monfalcone, Italy, has been “floated out” from its dry dock facility and towed to a new location at the yard, marking a significant construction milestone in the ship’s construction progress in anticipation of its May 1, 2016, debut.
Tony Abbott Guarantees Submarine Jobs
Prime Minister Tony Abbott has assured South Australians there will be more submarine jobs here even if he won’t commit to having a new fleet of vessels built there, as Liberal MPs fear voter backlash if the contract for Australia’s next-generation fleet goes to Japan. "Whatever happens, I can give an absolute, categoric guarantee there will be more sub jobs in South Australia and I think that's what South Australians understandably want…
Russian Submarines in Alaska?
Russia is expected to finish the construction of a submarine base on the Kamchatka Peninsula by the end of October. "Upgrades to the Russian Navy’s ballistic nuclear missile submarine (SSBN) base in the Pacific could be completed by October, Russian Navy chief Adm. Viktor Chirkov said," says USNI News. The improvements to the Russian Navy’s boomer base on the Kamchatka peninsula will include improvements that will allow the operation of the new Project 955 Borei-class submarines.
Japan's MHI Bags Indian Oil's LNG Storage Tank Contract
Indian Oil Corp (IOC) has awarded a contract to build two football stadium-sized liquefied natural gas (LNG) storage tanks at its upcoming Ennore LNG import terminal in Tamil Nadu to Mitsubishi Heavy Industries Pvt Ltd (MHI) of Japan. "We have received an EPC (engineering, procurement and construction) order from Indian Oil to construct two LNG storage tanks. The LNG tanks will be the main facility at the first LNG receiving terminal to be constructed on India's east coast.
GAIL to Offer Sops for Foreign Shipbuilders
GAIL India will offer foreign shipbuilders five years to make liquefied natural gas (LNG) carriers in India, double the time allowed to deliver ships from their home shipyards, reports Economic Times. Report says that the company is insisting foreign shipbuilders to build in India at least a third of the 11 LNG carriers. It also plans to charter carriers from one or more shipping lines. GAIL hopes…
Impact of Financial Crisis on Greek Shipping
Though international analysts like Morgan Stanley said that the Greek crisis will not have a direct impact on shipping companies, Greek shipping companies listed on U.S. stock exchanges sank on Monday. Greeks have said No to austerity terms imposed by international creditors, which could have led to the releasing a package of fresh financial aid which could help in the long battle to keep Greece afloat.
APL’s Schedule Reliability Scales Up
APL was the most reliable carrier with a global on-time performance of 85.5% in May 2015, according to the latest Global Liner Performance Report by SeaIntel Maritime Analysis. The report, which ranks the performance of the top 20 carriers, says that there was a global improvement in container lines’ schedule reliability from April to May 2015. It noted that schedule reliability increased considerably in May to a global performance of 78.3% compared to 72.8% in the previous month.
Gazprom, Gasunie Sign Framework Agreement - LNG
At a Meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Han Fennema, CEO and Chairman of the Executive Board of Gasunie a Framework Agreement on cooperation in the area of small scale LNG was signed by the two parties. The document stipulates the cooperation in the small scale LNG market in Europe, with a focus on joint projects for the construction of LNG receiving terminals, LNG filling stations and other infrastructure facilities.
Haiti’s Port Lafito Officially Opens
GB Group inaugurated their Port Lafito, a world-class modern container port in Haiti. They informed that the port is now open and operational. Port Lafito is Haiti’s first Panamax Port with state of the art equipment and technology. The multi-million dollar project, led by GB Group, is a private, public and international partnership between the Haitian government, the Haitian private sector and international financial institutions including the Haitian State Bank…
NAMEPA Welcomes Hadjipateras of Dorian
Clay Maitland, Founding Chairman of the North American Marine Environment Protection Association (NAMEPA) announced today, “NAMEPA welcomes our newest board member, Marina Hadjipateras, Vice President Corporate Communications with Dorian LPG Ltd. Ms. “Ms. Hadjipateras brings experience in the global maritime industry and increases the breadth of NAMEPA’s board which takes us forward as we plan for a sustainable future.
De Nora Acquires Severn Trent's Water Purification Business
De Nora announces the completion of the acquisition of the Water Purification group of Severn Trent Services. The new business line, called De Nora Water Technologies, will be focused on delivering sustainable and innovative water and wastewater technologies for municipal, marine and energy related water treatment applications. De Nora Water Technologies, together with Ozono Elettronica Internazionale…
Bunker Holding Buys LQM
Bunker Holding Group (Bunker Holding), a global leader in the purchase, sale and supply of marine fuel with 54 offices in 27 countries, announced today the acquisition of LQM Petroleum Services Inc. (LQM). LQM is one of the largest international marine fuel oil brokers who handles approximately 10 million mts per year across ~250 customers worldwide. The Company has a strong presence in the United States with offices in New Jersey…
Diana Agrees Charter for M/V Coronis
Diana Shipping Inc. announced today that through a separate wholly-owned subsidiary, it entered into a time charter contract with Sandgate Maritime Ltd for one of its Panamax dry bulk vessels, the m/v Coronis. The gross charter rate is US$6,500 per day, minus a 5% commission paid to third parties, for a period of minimum nine (9) months to maximum twelve (12) months. The charter commenced on July 3, 2015. The “Coronis” is a 74,381 dwt Panamax dry bulk vessel built in 2006.