Cyclone Stan churns towards Australia's NW Ports
A tropical cyclone gathered strength as it headed for the northwest coast of Western Australia on Saturday, forcing ports to close and mining companies to evacuate. Cyclone Stan, the first of a season which runs from November to April, was estimated to be 195 km (120 miles) north ofA tropical cyclone gathered strength as it headed for the northwest coast of Western Australia on Saturday, forcing ports to close and mining companies to evacuate.
Offshore Fracking: Accord Reached to stop offshore fracking in California
A conservation group said the federal government must stop approving offshore fracking from oil platforms in California's Santa Barbara Channel under the settlement of a lawsuit it filed.
India Seeks Merchant Banks for Cochin Shipyard IPO
Indian Government has initiated procedures for sale of shares of Cochin Shipyard Limited (CSL) by seeking expression of interest (EoI) from merchant bankers to manage the initial public offering (IPO). The listing will involve the sale of some 33.98m shares, of which 22.66m will be primary and 11.33m secondary shares offered by the country, which wants to offload a 10% stake. Cochin Shipyard had a paid up share capital of Rs1.13bn ($16.65m) and a net worth of Rs15.61bn.
LSC Shipmanagement Receives 3 New Ships
In the first half of this year, JSC “Latvijas kugnieciba” subsidiary “LSC Shipmanagement” Ltd (LSCSM) will add three newly built oil and chemical tankers under technical management. The first of the three ships was delivered on January 11 – the 183 meters long tanker “Elandra Spruce”. The next addition to the fleet is expected in April – the tanker “Elandra Palm”, and in May “Elandra Oak” will be added to the fleet.
SwissMarine Hires Diana's Capesize Bulker
Greek dry bulk shipping company Diana Shipping has entered into a time charter agreement with Geneva-based SwissMarine Services S.A. for its Capesize dry bulker the m/v Houston. The gross charter rate is US$5,150 per day, minus a 5% commission paid to third parties, for a period of minimum eleven (11) months to maximum fourteen (14) months. The charter is expected to commence on January 30, 2016. The “Houston” is a 177,729 dwt Capesize dry bulk vessel built in 2009.
NYK Line Posts Loss on Dry Bulk Fleet Revaluation
Japan's Nippon Yusen Kaisha (NYK) has posted a $277.5mln extraordinary loss in the third quarter of year ended 31 March 2016 as it reduced the book value of its fleet inline with current market prices and expectations. The extraordinary loss came after it re-assessed the recoverable value of its dry bulk vessels. In the global shipping industry, an oversupply in the container shipping market continued due to ongoing steady production of new ultra-large vessels…
Chinpo Shipping Fined Over North Korea Gunrunning Case
Chinpo Shipping Company was fined a total of $180,000 on Friday (Jan 29) for transferring funds that could reasonably have been used to contribute to North Korea's…
Maersk Line Starts Colombia Express Service
The largest global container firm Maersk Line has launched a new weekly service between Santa Marta and Turbo in Colombia and Northern Europe specifically designed for refrigerated cargo. Danish container shipping giant added this new service from Latin America to Europe and a new call on an existing service in the trade lane in an effort to tap one of the areas where container lines can still gain steadily profitable business: reefer cargo.
Yangtze to Ship Direct Containers
Taicang Container Lines Co. Ltd has rolled out the first direct container shipping line linking China's Yangtze River basin and Southeast Asia, reports Xinhua. The container ship departs once a week from and arrives at Taicang Port in east China's Jiangsu Province, and will travel as far as Laem Chabang and Bangkok, Thailand, and Ho Chi Minh, Vietnam. Taichang Port is the river's largest container port.