MOL Renames Group Ship Management Co.
Mitsui O.S.K. Lines, Ltd. announced today that effective July 2, its wholly-owned ship management company for dry bulkers, New Asian Shipping Company, Limited is renamed to MOL Ship Management (Hong Kong) Company, Limited. MOL Ship Management (Hong Kong) Company, Limited will continue to strive for further enhancementin safe operations, making the most of its years of valuable experience and stockpile of important know-how.
TORM's Restructuring Agreement Becomes Effective
As previously reported, TORM has obtained the creditor consents necessary to implement its Restructuring through an English law Scheme of Arrangement (cf. announcement no. 15 of 25 June 2015). The Scheme has now been sanctioned by the High Court of England and Wales and the sanction order has today been lodged with the Companies House. The Scheme has thus become effective. Earlier this year, TORM entered…
Golar Moves Ahead with lucrative FLNG Project in Cameroon
Golar LNG Limited inform that with regards the signing of a Heads of Agreement with Societe Nationale de Hydrocarbures ("SNH") and Perenco Cameroon ("Perenco") for the development of a floating liquefied natural gas export project in Cameroon that took place on 24 December 2014 an agreement has now been reached with the support of the Boards of both Golar and Perenco on the material commercial terms and conditions for the project.
WISTA Seminar on Dry Bulk Receives Wide Response
A Shipping Seminar on "Dry Bulk Chartering, Operations and Arbitration” held on 27th June 2015 at the Narottam Morarjee Institute of Shipping, Nariman Point, Mumbai was well attended. The event which saw good response from WISTA members was orchestrated by WISTA Jt. Secretary Sumeet Sahi. The speaker for the event was Shri T V Shanbhag, Ex- Chief Controller of Chartering, Government of India, a very well-known and respected personality in the shipping industry.
Mega Valemax Enteres China for First Time in Two Years
Mega-ore carrier Valemax Yuan Zhuo Hai, which is owned by China Ore Shipping, has arrived Dongjiakou Port in Qingdao for unloading iron ore. This is the first entry of such a bulk carrier tonnage in the sea port of China for the past two years. Yuan Zhuo Hai is one of four 400,000dwt VLOCs acquired by China Ore Shipping from Brazilian ore giant Vale. The 400,000 dwt Valemax is expected to be part-laden…
Uni Asia Forms New Subsidiary and Buy a New Vessel
Uni-Asia Holdings Limited has acquired a new wholly owned Panama-incorporated company known as Fortuna Containership S.A. as a ship owning subsidiary for the purpose of acquiring a 3,500 TEU second hand containership. Fortuna Containership was incorporated in Panama on 20 May 2015 with an authorised share capital of US$10,000. As of the date hereof, the Company has paid in cash in full for the subscription of an issued and paid-up share capital of US$10…
Box Ships Enters Financial Deal
Athens-based Box Ships has announced that it has secured a two year extension on a loan facility with ABN Amro, which was scheduled to mature next month. Following this extension, the balloon amount of $10 million is repayable in 8 equal quarterly installments of $250,000 plus a balloon payment of $8.0 million payable together with the final installment in July 2017. Pursuant to this agreement, certain…
China Huarong in Distress
China Huarong Energy Co, formerly known as China Rongsheng Heavy Industries, said in a regulatory filing that a memorandum of understanding on the disposal of assets to an unnamed buyer has expired. Huarong announced in March a potential sale of its core shipbuilding and engineering business, subject to formal agreement. Huarong Energy signed the MOU with the potential buyer in April for the sale of its shipbuilding assets as part of its restructuring process.
Bahri Goes to Hyundai Samho for Five More VLCCs
Immediately after signing contract with signed with Hyundai Samho Heavy Industries to build five VLCCs, with an option to build additional five VLCCs, the National Shipping Company of Saudi Arabia (Bahri) signed a contract with Hyundai Samho Heavy Industries to build additional five VLCCs, total VLCCs presently under construction will become ten. These carriers will be delivered during 2017/2018. The financial impact of these contracts will appear after the delivery of the vessels.
Confidence Low in Shipping Idustry
Confidence levels in the global shipping market have fallen to a seven-year low as a glut of cargo ships, weak freight rates and excess liquidity continue to batter the industry, a survey by Moore Stephens, a London-based consulting firm finds. Overall confidence level fell to 5.3 on a scale of 1 to 10 in the three months to May, the lowest point since the survey was launched in May 2008. This news comes despite a booming period of growth for the container industry…
China, France Sign deal Shipping
Industrial cooperation is high on the agenda during Premier Li Keqiang's stay in France. China's deals with the world's third largest container shipping group - CMA CGM was highlight. "July 1st will be a milestone in our Group’s history. The Chinese Prime Minister’s visit is a great recognition of the unique links our Group has developed with China, a strategic country in the Group’s development history. Those two agreements signature reinforces those links and offer new perspectives.
California Okays Ship Emissions Capturing System
Clean Air Engineering-Maritime (CAEM)'s emissions treatment system for ocean-going vessels has been approved by the California Air Resources Board, giving operators of container vessels a second option for complying with the state’s strict emissions requirements for vessels at berth. Technology, developed at the port of Los Angeles, captures 90% of 'at-berth' emissions. CAEM announced it has received…
Yanmar Diesel Engines for Fast New Crew Tender
The expansion of the number of wind turbines out at sea near the northern Dutch coast was reason enough for Ubels Offshore to expand its fleet with a fifth ship last year.
Hapag-Lloyd's New Noses Lower Emissions
Hamburg based shipping company Hapag-Lloyd plans for 24 of the largest containerships in its fleet to get new bulbous bows by 2016, with some of the vessels also pegged to be fitted with optimized propellers, ultimately enabling lower fuel consumption coupled with fewer emissions. “It’s as high as a truck, weighs about 250 [metric tons] and is a prominent feature at the very tip of the bow of modern container ships.
Charleston Harbor Deepening Gets US Funding
Charleston Harbor deepening project earns key federal funding for preconstruction engineering and design; U.S. Today SC Ports Authority announced $1.303 million…
Lifting Specialists Modulift, IMES form Joint Venture
Lifting industry specialists Modulift and IMES have formed a joint venture to offer an integrated management service to clients internationally. The two companies have combined to create the new customizable package which will focus exclusively on “below the hook” operations. The Lift Management Services (LMS) offering links all components and processes to give clients a full support mechanism for any major heavy lifting project from start to finish.
The Hour of Power: Hybrid Marine Technology and Green Ports
In 2015 two significant developments are going to make many operators, owners and builders of professional vessels consider hybrid marine power. Firstly the new emissions laws in ports, and secondly there is now an incentive for high technology manufacturers to invest in developing highly efficient batteries. Hybrid is ‘here and now’ technology that is being utilized by many industries around the world.
Striking Ferry Workers to Ease Blockade of Calais Port
Striking ferry workers blocking access to Calais port in northern France agreed on Wednesday to let some boats through, partly lifting a blockade in its third day.
Chinese PM Inks 2 Agreements During CMA CGM Visit
The CMA CGM Group hosted the Chinese Prime Minister, the French Foreign Affairs Minister and a ministerial delegation at its headquarters in Marseilles, July 1, the global shipping company announced. Chinese Prime Minister Li Keqiang was accompanied by France Minister of Foreign Affairs Laurent Fabius, the Minister of State for Foreign Trade Matthias Fekl and an important Chinese ministerial delegation during this visit.
Shell Green Lights GoM Field After Cost Cuts
Royal Dutch Shell has given the green light for the development of its largest platform in the Gulf of Mexico after making steep cost cuts which made the deep water…