Light at the End of the Tunnel Distant for Multipurpose Shipping
The demand outlook for the multipurpose fleet has not improved since the first quarter of 2016. The breakbulk and project cargo sector remain weak, with little suggestion that volumes will improve significantly until the end of 2017, according to the latest Multipurpose Shipping Market Review and Forecaster report published by global shipping consultancy Drewry. On the other side of the equation, the supply of multipurpose vessels is under control…
India’s Potential in Offshore Wind Power
The Global Wind Energy Council (GWEC) launched a new report: “Supply Chain, Port Infrastructure and Logistics Study” for offshore wind development in the states of Gujarat and Tamil Nadu in India. This study is a significant step forward in preparing a roadmap for offshore wind power in India by the GWEC led FOWIND consortium. The key supply chain elements of the offshore wind sector are assessed along with a preliminary evaluation of companies entering the offshore wind sector.
Star Bulk Carriers Reports 1Q Loss, Adds 3 Vessels.
The Athens, Greece-based Star Bulk Carriers Corp. (SBLK) has reported a loss of $48.8 million in its first quarter. The shipping company posted revenue of $46.3 million in the period. Star Bulk has added three vessels during this period. On April 1, April 4 and May 30, 2016, the vessels Indomitable, Obelix and Star Michele respectively, were delivered to their buyers. On June 6, 2016, it took delivery of the Newcastlemax vessel Star Libra (ex-HN 1372)…
Jinhui Sells Supramax
Jinhui Shipping and Transportation has agreed to sell another supramax dry bulk carrier, having just made a similar deal earlier this month. The purchaser is a company incorporated in Hong Kong. The bulk carrier will be delivered to the new owner between 29 July to 30 August 2016. The 2000-built, 50,236 dwt Jin Rong will be sold to China-based Ningbo Tiansheng Shipping for $3.4m, less than half of its book value, leading to a book loss of around $4.1m.
UASC and Hapag-Lloyd Merger in the Last Leap
A merger between United Arab Shipping Company (UASC) and German container shipping line Hapag-Lloyd will create a shipping group that is the 5th largest in the world and will give Hapag-Lloyd access to bigger ships on the important Asia to Europe trade route. The merger deal will create a group that should be valued at around 7-8 billion euros. The enlarged Hapag-Lloyd will be the world’s fifth-largest carrier…
Russian Sub 'Stary Oskol' Enters Black Sea
Russia’s Stary Oskol submarine, the third boat in Project 636.3 series for the Black Sea Fleet, on a voyage to its permanent base has passed the Bosporus and Dardanelles straits, TASS quoted the Black Sea Fleet spokesman Vyacheslav Trukhachev as saying. Stary Oskol is the third submarine in the series of six submarines built for the Black Sea Fleet at the Admiralty Verfi Shipyards in St. Petersburg. The Russian Black Sea Fleet currently operates four Project 636.3 submarines.
VLCC Delivered to Gener8 Maritime
Gener8 Maritime, Inc., a U.S.-based provider of international seaborne crude oil transportation services, has taken delivery of the ECO VLCC the Gener8 Constantine on June 27…
COSCO Says Piraeus Port Sale Terms Inconsistent with Deal
COSCO Greece objected on Wednesday to terms submitted to parliament for the sale of Piraeus Port to China COSCO Shipping, saying they were inconsistent with those previously agreed with the Greek privatisation agency. Greece sealed the sale of Piraeus Port Authority to China COSCO Shipping Corporation in April, a major step for the bailed-out country in meeting the demands of international creditors that it step up privatisations.
BP Receives its First Venezuelan Crude Cargo under Swap Deal
Britain's BP Plc this month received a Venezuelan crude cargo from state-run PDVSA, according to Thomson Reuters trade flows data, the first since the companies…
Future LCS Charleston’s Keel Authenticated
A ceremony was hosted to celebrate the keel authentication of the U.S. Navy's future USS Charleston (LCS 18), the ninth Independence variant littoral combat ship, June 28. Charlotte Riley, wife of former Charleston mayor Joseph Riley, serves as the ship's sponsor and honorary member and advocate for the crew. U.S. Rep. Bradley Byrne served as the honorary keel authenticator during the ceremony and was present to weld his initials into the keel plate.
Agthia Signs 25-year Lease in Abu Dhabi
Abu Dhabi Ports and Agthia Group PJSC have signed a lease agreement aimed at expanding the group’s existing Grand Mills Flour and Animal Feed facilities at Zayed Port. The new agreement was signed by Captain Mohamed Juma Al Shamisi, Chief Executive Officer of Abu Dhabi Ports and Iqbal Hamzah, Chief Executive Officer of Agthia Group at Abu Dhabi Ports headquarters. The contract between the two parties incorporates a 25-year agreement for a 85…
Oil Up on US Crude Draw; Brent Back Above $50
Oil prices surged 4 percent on Wednesday, with Brent settling above the psychological $50 a barrel mark, after a larger-than-expected drawdown in U.S. crude inventories.
UASC Shareholding States Vote to Back Hapag-Lloyd Merger
United Arab Shipping Company (UASC) said its six shareholding states backed a merger deal with German container shipping line Hapag-Lloyd AG at a meeting on Wednesday. "Several legal and administrative tasks need to be completed before the binding agreement can be formally signed," it added.
Port Everglades, EPA to Study Air Emissions
Port Everglades has signed a partnership agreement with the U.S. Environmental Protection Agency (EPA) to study air emissions. The EPA's Office of Transportation and Air Quality will work closely with Port Everglades to coordinate research and modeling encompassing all port-related operations, technologies and anticipated growth scenarios. The EPA also intends to develop separate emissions estimates for areas outside the port's jurisdictional boundaries…
List: Top Five UK Ship Owners
Following last week's landmark referendum results, VesselsValue has compiled a list of the top five U.K.-based shipowners and their total fleet value in USD billions.
FMC's Doyle Addresses VGM Rules
U.S. Federal Maritime Commission (FMC) Commissioner William P. On Friday, June 24, 2016, I voted to allow the Port Operations and Safety Discussion Agreement to go into effect pursuant to an expedited review process. The agreement was filed by OCEMA and on behalf of the ports of Boston, Virginia, North Carolina, South Carolina, Georgia and Houston. The initial filing of this agreement by OCEMA contained language that was overly broad, sweeping in nature and indefinite in time.
Maritime Knowledge Hub Opens in the UK
Business owners across the U.K. wanting to drive growth in the maritime sector are being urged to engage with the newly opened Maritime Knowledge Hub in Birkenhead, Liverpool City Region.
China Slams South China Sea Case as Court Set to Rule
An international court said on Wednesday it would deliver a hotly anticipated ruling in the Philippines' case against China over the South China Sea on July 12,…
Hybrid RoPax Ferry Delivered to Royal TESO
Hybrid RoPax ferry Texelstroom has been delivered to Koninklijke N.V. Texels Eigen Stoomboot Onderneming (Royal TESO). This latest generation symmetrical ferry is powered by efficient, medium speed dual fuel engines of Anglo Belgian Corporation (ABC). Texelstroom will be responsible for transporting up to 1,750 passengers and 350 vehicles between the port of Den Helder and the island of Texel. Royal TESO announced on May 8…
This Day In Naval History: June 29
1860 - The steamer USS Mystic, commanded by William E. LeRoy, captures the slaver, Thomas Achorn at Kabenda, Africa and send her to New York. 1862 - During the Civil War…