China: No Need to "gesticulate" over South China Sea
China's Defence Ministry denounced as gesticulation on Thursday speculation it would declare an air defence zone over the disputed South China Sea, after the United…
Bangladesh Inks LNG Deal with Excelerate
Bangladesh on Thursday signed a deal with Texas-based Excelerate Energy to build its first floating terminal for importing liquefied natural gas (LNG) as it looks to ease chronic energy shortages. The floating storage and regasification unit (FSRU) terminal at Moheshkhali Island in the Bay of Bengal will be able to handle 5 million tonnes of LNG per year, Istiaq Ahmed, chairman of the state-run Bangladesh Oil, Gas and Mineral Corporation, said at a signing ceremony in Dhaka.
BSM Launches Lay-up, Green Recycling Services
Bernhard Schulte Shipmanagement (BSM) is further expanding the scope of ship management services it offers with the addition of two new service offerings – Lay-up Services and Green Recycling. Both services have been developed to meet changing needs amid the tough economic environment that the shipping industry is facing. BSM’s Lay-up Services have been designed to support customers where continued operation of the vessel is deemed uneconomical.
Hiab Introduces MULTILIFT Optima
Hiab, part of Cargotec, is introducing MULTILIFT Optima, a smart hooklift for customers who need the right performance and value for money for their everyday loading tasks. "There is a strong demand in the market for cost-efficient hooklift solutions featuring the relatively basic functions required for straightforward loading tasks, for example, in the waste and recycling segments as well as in general transportation.
DNV GL ShipManager Enables Safety Management Reporting
Shipping companies are increasingly gathering information from the fleet in order to improve their operations and safety performance. Without easy–to-use and data smart systems potential insights and improvements may be lost. Time-consuming reporting to various stakeholders may reduce focus on other important tasks. The latest release of ShipManager includes the Safety Management Reporting module with a new and flexible user interface…
Increased Norwegian Content for Johan Sverdrup Platform
Today, Kvaerner and its sub-contractors cut the first steel plates for the utility- and living quarters (ULQ) topside for the Johan Sverdrup field. The topside construction starts on schedule and budget. The Johan Sverdrup development is being executed with a high degree of Norwegian value creation. Kvaerner's efforts to improve competitiveness have resulted in a large portion of the work for the ULQ platform to be executed in Norway.
ABB to Link Offshore Wind Farm to UK Grid
ABB has won an order worth more than $250 million from the Danish energy company DONG Energy to deliver a 220-kilovolt (kV) high-voltage cable system that will connect the Hornsea Project One Offshore Wind Farm in the North Sea to the UK mainland grid. This is the third project that ABB will execute for DONG Energy, following the Burbo Bank extension and Walney extension links in the Irish Sea. Hornsea Project One will be the world’s largest capacity offshore wind farm…
Piraeus Port Posts 24% Increase In 2015 Profit
The Piraeus Port Authority (PPA) has released its annual financial statement for 2015, showing post-tax profits of 23.8 percent. Earnings before taxes amounted to € 9.772.290,19 for the year ended 31.12.2015 against €8.891.464,98 in 2014 showing an increase of 9.91%. Profit after tax amounted to € 8.375.754,17 compared to € 6.763.882,84 showing an increase of 23.83%. The gross profit showed an increase of 13.9% compared to 2014 from € 22.958.410,89 to € 26.150.566,01.
DP World Eyes France
France is an attractive investment location for DP World’s projects related to infrastructure development, port centric development, distribution and export hubs, rail freight, customs, and other logistics topics, said DP World Group Chairman and CEO Sultan Ahmed bin Sulayem. He has recently met the President of France, Francois Hollande and senior government and business leaders at a major investment summit at the Élysée Palace in Paris.
Survival of the Un-Fittest
Despite historically low rates carriers are unlikely to be killed off as creditors and governments will step in, says Drewry Shipping Consultants Limited. Recent news stories, backed-up by anecdotal stories told to Drewry, report that carriers have quoted zero dollar freight rates to some forwarders on certain lanes out of Asia. Whether these are merely isolated cases or something more widespread is difficult to judge at the present time…
China Shipping Swings to Loss
China Shipping Container Lines Co. posted a net loss of 2.9 billion yuan ($448.5m) in 2015, compared with profit of 1.04 billion yuan in 2014, the nation’s second-biggest container shipping company said in a statement. China Shipping in January had forecast a loss of 2.8 billion yuan for 2015. The revenues also fell 12% to RMB31.83bn from RMB36.08bn previously, the company said. The operating result…
China Shipping Development Company Proft Surges
China Shipping Development Company Limited (CSDC) achieved 34.95% higher profit for 2015 totaling in RMB417 million ($64.3 million) when compared to figures from 2014, mostly due to a very strong tanker market. The revenue was stable at RMB12.21bn in 2015 compared to RMB12.27bn in 2014 for CSDC, the tanker and bulker unit of China Shipping Group. “In 2015, the oil shipping market was better than in 2014 in general.
Morocco to Get First Automated Container Terminal
Port operator APM Terminals to develop a new transshipment terminal in Tangier, Morocco with an annual capacity of five million TEUs. APM Terminals MedPort Tangier will become operational in 2019, serving multiple trades and will be the first automated terminal in Africa. The 30-year concession of APM Terminals MedPort Tangier will complement the current operations of the existing APM Terminals Tangier facility.
Mercator Sells Another Vessel
Dry bulk shipping company Mercator Lines has inked an agreement to sell another vessel in an attempt to reduce its debt. The MV Kalpana Prem will be sold for US$2.9 million to a third party. It is expected to be delivered in April. In January, the dry bulk shipping firm said it was selling five vessels for US$32.3 million. The latest vessel is secured to the company's major shareholder, Mercator International (MIPL)…