Steady as She Goes
Ahead of the Panama Canal expansion two alliances have announced they will upsize some of their ships on the Asia-US East Coast route. How quickly will the others follow? The 9,400-teu Cosco containership Andronikos will make the first transit of the expanded Panama Canal on Sunday 26 June, and ahead of that two shipping alliances – CKHYE and G6 – have laid out their plans to upgrade the size of ships used on the Asia-US East Coast via Panama route.
The Dry Bulk Market Will Become Profitable in 2019, If …
The dry bulk market could become profitable again in 2019 – but only if a series of extremely tough and sustained measures are taken by shipowners, year on year. 2016 has to be the turning point in addressing the fundamental imbalance of the dry bulk market. We cannot expect any positive surprises from the slow-growing demand side. The enormous overcapacity of ships must be addressed starting now and continuing over at least the next three years.
G E Shipping delivers Crude Carrier “Jag Laxmi” to Buyers
The Great Eastern Shipping Company Ltd. (G E Shipping) delivered its 1999 built Aframax Crude Carrier “Jag Laxmi” to the buyers. The vessel was contracted for sale in April 2016. The Company’s current fleet (excluding “Jag Laxmi”) stands at 31 vessels, comprising 22 tankers (7 crude carriers, 14 product tankers, 1 LPG carrier) and 9 dry bulk carriers (4 Kamsarmax, 5 Supramax) with an average age of 10.1 years aggregating 2.4 mn dwt.
Höegh LNG Partners Sinks to Loss in Q1
Höegh LNG Partners LP in their Preliminary Financial Results for the Quarter Ended March 31, 2016 reported a net loss of $1.0 million for the first quarter of 2016 compared to operating income of $5.0 million and net income of $2.6 million for the first quarter of 2015. The operating income and net loss were impacted by unrealized losses on derivative instruments on the Partnership's share of equity in losses of joint ventures in the first quarter of 2016 and 2015.
Rickmers Acquires Nordana Project
Rickmers-Linie, the Hamburg based liner service specialist for breakbulk, heavy lift and project cargoes takes over the activities of tramp and chartering specialist Nordana Project & Chartering with offices in Copenhagen, Bangkok, Singapore and Houston. The business will continue under the name and brand “NPC” and become an independent division supplementing the Rickmers-Linie segment within the Rickmers Group effective 1 July 2016.
Fitch Upgrades Palm Beach Port's Bond Outlook to Positive
The Port of Palm Beach District is proud to announce that Fitch Ratings has revised the Rating Outlook on approximately $9.72 million of outstanding Port of Palm Beach District port revenue bonds…
S.Korea Shipbuilders' Lead creditors back Asset Sale, Cost Cuts
The lead creditors of two of South Korea's biggest shipbuilders have provisionally approved plans by Hyundai Heavy Industries and Samsung Heavy Industries to raise…
OEG Acquires AOR Containers
Offshore Cargo Carrying and A60 module company OEG Offshore (OEG) is moving into Norway, Congo and Myanmar for the first time, with its acquisition of AOR Containers, a major player in Europe, Africa and Asia. The move makes OEG Offshore the second-largest provider of offshore cargo carrying units (CCUs) in the world, with the addition of AOR’s international fleet of 6,000 units taking OEG Offshore’s total fleet to 25,000 units.
Industry Ready for 2020 SOx Emissions Rules -EGCSA
The Exhaust Gas Cleaning Systems Association (EGCSA) has raised concerns regarding the possible delay to the adoption of a global limit on fuel oil sulphur emissions…
Sea Sentry to Monitor Bulk Carrier's SOX Scrubbers
The CTG Sea Sentry is a wash water monitoring system which monitors both the sensor inlet and outlet of wet exhaust gas scrubber systems. CTG has to date supplied monitoring systems globally to the marine industry’s leading providers of Exhaust Gas Cleaning Systems and announced the recent installation of the new improved Sea Sentry on board a major bulk carrier to monitor a newly installed SOx Scrubber system.
Neches River Reopened Following Oil Spill
The U.S. Coast Guard has lifted its safety zone on the Neches River Tuesday as oil spill cleanup activities near their conclusion. The response began after a pipeline…
Port Business: Is Bigger Better?
Every port is different. But the harbor masters meeting in Vancouver this week are finding they all have much in common. “We all are dealing with issues of efficiency, the environment, and security and how to develop our ports to best accommodate our customers today and in the future,” says Capt. Kevin Richardson, president of the International Harbour Masters’ Association (IHMA) and a retired chief harbor master at the Port of Dover in the U.K.
China May Approve More Crude Imports for Teapots
More independent refineries seek crude import quotas. Total quota may hit 2 mln bpd by end-2016. China could approve more crude import quotas for independent refiners…
Hyundai Merchant Marine Bondholders Approve Debt Swap
A majority of Hyundai Merchant Marine Co Ltd (HMM) bondholders have approved a debt-for-equity swap plan, South Korea's second-largest shipper said on Wednesday…
Ferry Refit: The CAT Floats Again
The CAT high-speed ferry has been refloated following an extensive refit, upgrades and repairs at Detyens Shipyard in Charleston, S.C., which began in early April. Following the refloating, final work, including completion of regulatory inspections and dock and sea trials, will be undertaken before the vessel departs South Carolina for Yarmouth and Portland. The final schedule for the vessel's northern voyage has not yet been set. The vessel, under charter by Bay Ferries Limited from the U.S.
ClassNK Opens Survey Office in France
Classification society ClassNK has opened its new Nantes Office in western France, with operations commencing June 1, 2016. With survey offices already established in Dunkerque and Marseille…
Diana Containerships Announces Reverse Stock Split
Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, has announced that its Board of Directors has determined to…
Nordic American Tankers Expands Suezmax Fleet
Nordic American Tankers Limited (NAT) has taken delivery of Suezmax tanker Nordic Luna, the first of four secondhand sister vessels purchased as part of the company’s plans for fleet expansion.
ACR Electronics Turns 60
ACR Electronics, a Drew Marine Company, is celebrating its diamond anniversary this year. Over the past 60 years ACR has manufactured lifesaving equipment for military forces…
This Day In Naval History: June 1
1813 - HMS Shannon, commanded by Capt. Philip Broke, captures USS Chesapeake, commanded by Capt. James Lawrence off the coast of Boston, Mass. During the battle, Capt. Lawrence is mortally wounded, but as he is carried below deck, he orders the iconic phrase: "Tell the men to fire faster! 1871 - Two ships under the squadron command of Commodore John Rodgers, on USS Colorado, are attacked from Korean forts and batteries. The squadron is carrying Frederick Low, U.S.