Bigger Ships Call Port of London
The Port of London saw larger ships than ever calling last year as the tonnage of cargo handled at Thames terminals climbed to 45.4 million metric tons (up 2 percent from 2014). PLA chief executive, Robin Mortimer said, “Last year a number of operators introduced new, bigger ships and records were broken. The record breakers included containership, UASC Barzan and cruise ship Viking Star. The 400…
Iran Plays Hardball with European Oil Buyers, Slowing Exports
Iran has managed to sell only modest volumes of oil to Europe since the lifting of sanctions seven weeks ago and several former buyers are staying away, citing legal…
Novatek: Yamal LNG Financing in 2-3 Months
Russian gas producer Novatek expects its Yamal LNG project to secure external financing in the next 2-3 months, Interfax news agency quoted Leonid Mikhelson, Novatek chief executive, as saying on Wednesday. Western sanctions imposed over Moscow's role in the Ukraine crisis have made it harder for Novatek to raise funds for the Yamal project, which is due to start producing liquefied natural gas (LNG) in 2017. (Reporting by Polina Devitt; Editing by Alexander Winning)
Australian Coal Prices under Pressure from Sagging Chinese Demand
Australian thermal coal prices have fallen since the beginning of the month, pulled down by weak demand from China, and analysts said there was little hope for a…
Boskalis Profits Fall, Fleet Cut on Weak Oil
Marine construction company Boskalis expects a drop in net profit this year as depressed commodity prices hit demand for oil-related infrastructure, it said on Wednesday. Its shares fell 10 percent to 32.42 euros in early trading. "Volumes and prices are under pressure, which is also translating into our order book," Chief Executive Peter Berdowski said in a statement. Boskalis's order book fell to 2.49 billion euros ($2.7 billion) at the end of 2015 from 3.29 billion in December 2014.
Japan to Import Feed Wheat, Barley via Tender
Japan's Ministry of Agriculture said it would import 26,230 tonnes of feed-quality wheat, and 20,750 tonnes of barley for livestock use, via a simultaneous buy and…
Iron Ore Industry Wavers between Hope and Reality
If the price of the product your company produced had just experienced a 20 percent price surge in one day, its biggest jump ever, it would be reasonable for you to be overjoyed.
Britain Seeking to Ease Export Financing with Iran
Britain has signed a deal with Iran making it easier to finance exports, British Business Secretary Sajid Javid said on Wednesday, adding that the country was working with European partners to help lift "quite significant" banking restrictions. "Clearing cash and payments can be an issue for firms," Javid told a conference in London announcing that a memorandum of understanding had been signed between Britain's export agency and its Iranian counterpart.
MacGregor Upgrades Cargo System for CSCL
MacGregor has carried out optimised cargo system upgrades for two 14,000 TEU container vessels owned and operated by China Shipping Container Lines (CSCL). The vessels have re-entered service following the upgrades, which have been designed to increase their actual payload capacity. MacGregor and CSCL have signed a letter of intent for similar modifications for five more vessels. The vessels were built by Samsung Heavy Industries in 2011.
APM Terminals Wraps Up TCB Acquisition
APM Terminals has completed the USD 1 billion acquisition of Spanish Grup Maritim TCB’s port and rail interests. APM Terminals has yet to receive approval for three of 11 terminals under Grup Maritim TCB, but has decided to move ahead with the acquisition, as the remaining terminals constitute less than 5% of the value of the acquisition. The acquisition thus adds 8 ports with a combined 2 million TEU equity-weighted volume to APM Terminals…
Incat Crowther Cruise Vessel for WHC
Incat Crowther is pleased to announce a collaboration with World Heritage Cruises in the development of a tour vessel to operate out of Strahan, on Tasmania’s picturesque Macquarie Harbour. The 220-passenger, 35-metre catamaran has been co-developed with WHC, combining the operator’s layout and propulsion concepts with Incat Crowther’s naval architecture expertise. The new vessel will leverage from…
Dryships Sinks Into Loss
DryShips Inc. (NASDAQ:DRYS), or DryShips or the Company, an international owner of drybulk carriers and offshore support vessels, today announced its unaudited financial and operating results for the quarter ended December 31, 2015. * For the fourth quarter of 2015, the Company reported a net loss of $527.6 million, or $0.79 basic and diluted loss per share. - Vessel impairment charges and non-cash losses, of $119.1 million, or $0.18 per share.
Panama Canal New Locks tested Successfully
The Panama Canal has announced that Grupo Unidos por el Canal (GUPC), the consortium responsible for the design and construction of the third set of locks project, has successfully completed testing of the reinforcements in sill #3 at the new Cocoli Locks in the Pacific. GUPC technical personnel, the designers, and Panama Canal Authority (ACP) specialists monitored the testing process, which consisted…
Approval for Piraeus Port Sale
The National Privatization Fund (TAIPED) sources said that Greece's Court of Audit has approved the sale of a 67 percent in the Piraeus Port Authority (OLP) to Chinese Cosco, according to Kathimerini. Greek national news agency AMNA also reported, citing credible judicial sources that Greek Court of Audit, Greece's supreme administrative court, approved the sale of the majority stake. On February…
MSC Expands India-Africa Service
Geneva-based Mediterranean Shipping Co SA has expanded the port rotation of its India-South Africa service by introducing a direct call at Hazira, a privately-operated cargo complex on India’s west coast, in an attempt to pick up additional hinterland cargo. Hazira Port, which is about 120 nautical miles north of JNPT, is operated by Adani Ports and Special Economic Zone, India’s biggest port infrastructure developer.
Norway’s Joint Submarine Plan
Norway is seeking partner countries for future submarine project in order to reduce cost and secure a robust submarine capability for the future, reports UPI. The current Norwegian Ula-class submarines will gradually reach their end-of-life in the 2020s. The Ministry of Defence is currently leading the work looking at procurement of new submarines. Ministry of Defense says: "The project is in its definition phase.
Boskalis Wins Abu Dhabi Dredging Contract
Royal Boskalis Westminster N.V. has won a contract from the National Petroleum Construction Company of Abu Dhabi, UAE for dredging work related to the installation of an offshore gas pipeline of the Abu Dhabi National Oil Company as well as to an existing offshore gas pipeline. Boskalis will dredge a more than 50-kilometre-long trench between Das Island and Ras Al Qila in onshore Abu Dhabi for the new pipeline installation.
Drewry: Deeper Capacity Cuts Required
What should have been acceptable ship utilisation figures last year didn’t prevent spot rates from falling to historic lows. Carriers will need to intensify their capacity management tactics in 2016 if they are to reverse the trend. The immediate answer is that they were actually pretty close to full with ship utilisation on headhaul East-West services averaging 87% over the course of the year. This…