Hoegh LNG Profits Dip
Norway-based owner and operator of floating LNG import terminals, Höegh LNG reported a second quarter profit after tax of US$3.5 million, down from $6.3 million in the first quarter 2016. The company’s profit after tax was also down in comparison to the corresponding quarter in 2015 when it reached $6 million. Analysts are calling the result a "marginal miss" on the numbers. The LNG carrier stalled a little in the second quarter of the year with a lower result…
Viking Grace Marks 1,000 LNG Bunkering Milestone
From the very beginning, the M/S Viking Grace – delivered in January 2013 – was an environmental milestone. The vessel attracted global attention as an environmental pioneer by being the first large passenger vessel to run on liquefied natural gas (LNG). Now, three and a half years later, one thousand bunkerings (fuellings) have been performed in partnership with the Swedish company AGA Gas AB. One thousand bunkerings via the M/S Seagas: The M/S Seagas…
Asia’s Biggest Container Shipper Posts Loss
Asia’s largest container shipping company China Cosco Holdings Co posted a net loss of Yuan7.2bn ($1.1bn) for the first six months of 2016, reversing the Yuan2bn net profit seen during the same period last year as excess capacity dragged down cargo rates. China COSCO is part of China Cosco Shipping Corporation (COSCOCS), a shipping giant created earlier this year from the state-driven merger of former rivals China Ocean Shipping (Group) Company and China Shipping Group.
Cochin Port Gets a Little 'Breathing Space'
The Cabinet Committee on Economic Affairs of India, chaired by the Prime Minister Narendra Modi, has given its approval for waiver of penal interest on Government of India (GOI) loans availed of by Cochin Port Trust (CPT) to the tune of Rs 897.23 crore (USD 134 million), providing some financial breathing space for the port. The Cochin Port Trust availed loans for various developmental activities from Govt. of India amounting between1936-37 to 1994-95.
Shenzhen Port to Adopt China ECA Regulation
China's Shenzhen port is set to to adopt requirements for ships at berth requiring to burn marine fuel with sulfur content not exceeding 0.5 percent starting October this year, according to Huatai Insurance Agency & Consultant Service. The move follows that of other ports in the Yantze River Delta such as Shanghai, Ningbo-Zhoushan, Suzhou and Nantong, which have been limiting emissions as part of a local emission control area (ECA) since April 2016.
Scorpene Submarine Data Leak: Setback to Indian Navy
India has began multiple investigations to determine the extent of damage caused by the reported massive leak of secret data detailing the combat and stealth capabilities of the Indian Navy’s soon-to-be-inducted Scorpene submarines. The government thinks that the leak of the detailed plans for the stealth submarines of the Indian Navy, built by the French military manufacturer DCNS (in which the French government has majority stakes), is a matter of serious concern.
Damen Trading Sale hits 500th Vessel
30 years and 500 vessels later, Damen Trading is just getting started. Damen Trading’s story begins in 1986, with Damen Shipyards Group responding to growing market demand for used vessels. Since then, Damen Trading has gone on to sell over 500 used vessels, right across the maritime spectrum, developing along the way a reputation for personalised, reliable service. The decision to establish Damen Trading was a logical one…
Sovcomflot Profits slip
Reviewing the company’s financial and operating results for the first half year ended 30 June 2016, on 23 August 2016, the Executive Board of PAO Sovcomflot (“SCF Group”) noted that despite a tanker market downturn, the company was able to demonstrate strong performance and strengthen its financial position while continuing to enhance its industrial projects portfolio in accordance with its Development Strategy.
Vard Bags Hapag-Lloyd Cruises contract for 2 Vessels
Vard Holdings Limited (“VARD”), one of the major global designers and shipbuilders of specialized vessels, is pleased to announce that it has secured contracts for the design and construction of two luxury expedition cruise vessels for German cruise company Hapag-Lloyd Cruises. A Letter of Intent (“LoI”) with respect to the contracts had been announced on 13 May 2016, with reference to an undisclosed international cruise company.
ABS Makes it Safer to ‘Walk to Work’
ABS announced the publication of The ABS Guide for Certification of Offshore Access Gangways. The new Guide addresses certification for safety systems used for “walk to work” (W2W) crew transfers. “As advanced crew transfer options become the norm in the offshore oil and gas industry, more and more companies want to benefit from W2W vessels and are looking to ABS for safety guidance,” says ABS Chief Technology Officer, Howard Fireman.
Danish Maritime Authority Supports Maritime Cultural Days
The Danish Maritime Authority's buoy tender ’POUL LØWENØRN’ will be alongside in Korsør in connection with the Maritime Cultural Days. The vessel will be open to visitors throughout Saturday, 27 August. Safety of navigation is at the centre of the Maritime Cultural Days, and you can experience a variety of aspects of safety at sea if you visit the large buoy tender. On board the vessel will also be representatives of the ’SejlSikkert’ (safe navigation) campaign…
Hapag-Lloyd: UASC Merger Benefits to show in 2017
German container shipping line Hapag-Lloyd expects to reap a third of targeted annual synergies of $400 million from the planned merger with Arab rival UASC already next year, chief executive Rolf Habben Jansen told investors on Friday. Addressing a shareholders meeting which will decide on approval for a related capital increase, he said that full synergies would come to play in 2019. "We plan to realise the full synergies from 2019 and in that way to lower our costs permanently," he said.
Vitol's Malaysia Terminal Suspends Ops after Spill
VTTI, the storage unit of world's largest oil trader Vitol, has suspended operations at its terminal in southern Malaysia following an oil spill, two industry sources said on Friday.
Australia Warns DCNS after Security Breach
Australian defence officials warned French naval contractor DCNS to beef up security in Australia, where it is preparing to build a A$50 billion ($38.13 billion) fleet of submarines…
Yangzijiang Shipbuilding to Slash 2,000 More Jobs
Chinese shipbuilder Yangzijiang Shipbuilding Holdings Ltd said it plans to cut 2,000 additional jobs, just under 10 percent of its current workforce, stepping up…
C-Job Designs Flettner Freighter for Switijnk
The Dutch shipping company family Switijnk has contracted C-Job Naval Architects to develop a Rotor Sail-equipped design to meet their specific loading and sailing profile. The contract follows the substantial media attention for the 4,500 DWT Flettner Freighter (the FF4500) which C-Job Naval Architects developed as part of the European Union Interreg project SAIL. Taking the project name of FF8000, the design will be for a dry cargo ship with 8,000 ton deadweight.
Rickmers Holding, E.R. Capital Drop Merger Plan
Rickmers Holding AG and E.R. Capital Holding have jointly decided not to pursue the merger of their ship management activities. For many years the companies have…
White House: Iranian Ships' Actions in Gulf Increase Risk of Miscalculation
Actions by Iranian vessels in several encounters with U.S. warships in the Gulf this week are cause for concern and increase risks of miscalculation, the White House said on Friday.