DNV GL, Gard, The Swedish Club Step in to Cut Anchor Losses
The root cause of many groundings and collisions, lost anchors are among the top five reasons for claims costs. A rising number of anchor losses reported over the last several years prompted DNV GL, Gard and The Swedish Club to investigate this issue. Based on an analysis of damage cases involving anchor and anchor chain losses, the project partners have issued a presentation identifying the most frequent technical and operational causes…
V.Group Buys Bibby Ship Management
V.Group has acquired Bibby Ship Management, part of the Bibby Line Group, which has an established track record for providing high quality, safe and reliable ship management and support services to blue-chip clients. Bibby Ship Management services all types of vessels and has particular strengths in the management of offshore vessels. It also provides extensive crew management solutions, technical support services, marine travel, marine surveying, training and recruitment services.
ICTSI Income Drops 68%
International Container Terminal Services, Inc. (ICTSI) reported audited consolidated financial results for the year ended December 31, 2015 posting revenue from port operations of US$1.051 billion, one percent lower compared to US$1.061 billion the year earlier; Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of US$450.0 million, two percent higher than the US$443.0 million generated the previous year…
Two Indian Sailors Killed in Yemen Vessel Fire
Two Indian sailors were killed in a fire on board a vessel off Yemen while three Indians injured in the fire have been admitted to a hospital in Oman, Indian External Affairs Minister Sushma Swaraj said. Sharing the tragic news on twitter, the minister also expressed her condolences to the bereaved families. "We have lost two Indian sailors Mahesh Kumar Rajagopal and Deepu Lathika Mohan due to fire in a vessel Al Sadaa. My condolences," she tweeted.
Bunkering Vessel Evacuated After Fire in Dalian Bay
The bunkering vessel "Bo Feng You 10" reported a fire on board in the morning of Mar 7, 2016, says Dalian Maritime Safety Administration. The vessel was was anchored near Dalian’s Mianhua Dao port area with 600 tons of diesel oil on board. The five crew onboard the vessel closed all valves before abandoning the ship. The fire had started in one of the cabins and spread around in the superstructure, so that the master requested an evacuation.
$4.3B: Daewoo Shipbuilding has Record Loss
South Korean shipbuilding major Daewoo Shipbuilding and Marine Engineering (DSME) posted a KRW 5.13 trillion (USD 4.3 billion) worth loss for the full year of 2015. Due to writing down more charges from offshore projects which are under construction, Daewoo Shipbuilding & Marine Engineering Company, the world’s second-biggest shipbuilder, has posted a record loss of US$4.3 billion in 2015, according to Bloomberg.
Daewoo's World’s First Floating LNG Plant for Petronas
Daewoo Shipbuilding & Marine Engineering completed a floating liquefied natural gas (FLNG) project called “floating LNG plant” for the first time in the world. The PFLNG SATU was named at a ceremony held by Petronas, together with its strategic partners Daewoo Shipbuilding & Marine Engineering Co. Ltd (DSME) and Technip, at the DSME shipyard here in Okpo, South Korea. The FLNG was named “Satu” which means “first” in the Malay language.
CMA CGM Volume Strong, Profit Dips
French carrier CMA CGM’s revenue and profit slipped last year despite a 6.3 percent volume increase, but the company said it’s counting on cost cuts and the pending acquisition of Singapore’s NOL to overcome a “tough” start to 2016. CMA CGM's full-year sales were $15.7 billion, down 6.4 percent from 2014, as a 6.3 percent increase in transported volumes was outweighed by the steep fall in freight rates, it said in a statement. Consolidated revenue was down 6.4% year-on-year to $15.7 billion.
Drewry: HMM, Hanjin Mull Merger
A merger between Hyundai Merchant Marine (HMM) and Hanjin Shipping remains a real possibility, says the London-based analyst firmDrewry, who has looked at how such a company will look like. The research firm said in its Container Insight Weekly previous merger talks between HMM and Hanjin were put to rest by the Korean government last year, but the debt situation in both companies was causing serious concern in local circles and could bring the companies back to the table.
Eagle Bulk Gets Another Few Days
Lenders to Eagle Bulk Shipping Inc gave it a few more days to negotiate a deal to boost its liquidity and avoid default. The supramax specialist Eagle Bulk has extended its forbearance and standstill agreement with its creditors by a further three days to give it more time to find a solution to the money it owes in loans. This is the fifth time Eagle Bulk has extended the period with its creditors. According to Zacks Investment Research, “Eagle Bulk Shipping is the largest U.S.