New Helmholtz Institute for Functional Marine Biodiversity
Marine ecosystems provide us with food and raw materials, they have an impact on air quality and global climate, they break down harmful substances and serve as places of recreation and tourism. The functioning of these ecosystems – and thus also the basis for human well-being – depends on the biological diversity of the oceans. The way climate change and human influences change marine biodiversity…
Genco Shipping Chairman Resigns
Genco Shipping & Trading Limited announced that Peter C. Georgiopoulos has resigned from his role as Chairman of the Board, effective immediately. Arthur L. Regan has been elected as Interim Executive Chairman. Georgiopoulos said, “With the proposed bank refinancing and equity commitment from major shareholders, I believe Genco is well positioned in a challenging drybulk market. As the Company begins this new chapter, I have decided to pursue other opportunities. Arthur L.
Zim Adds Pacific North West Service
Zim Integrated Shipping Services (ZIM) is introducing an additional Asia-Pacific North West Trade route, CEN – (China Express Northwest service) with the following rotation: Xingang – Qingdao – Shanghai – Prince Rupert – Xingang. CEN is the only Pacific North West service in the market to call Xingang directly, offering the fastest transit time in the market on the eastbound leg from Xingang, Qingdao and Shanghai.
Hanjin Wants to Sell to Maersk
The Seoul Central District Court has approved a divestment of Hanjin Shipping's Asia-US network and the bankrupt carrier has encouraged Maersk Line to bid on the assets, according to The Korea Economic Daily. It was reported that the ailing Korean shipping company recently contacted Maersk Line, the world's largest container shipping company, to take part in the bidding for the deal. According to the Court on October 13…
Maersk Bullish on India
BRICS bloc export-import (exim) containerised trade with the world registered a growth of 5.8 per cent in the first half of 2016 as against de-growth of 2.2 per cent in the same period last year was "led by India", reports Times of India quoting Maersk Line sources. Volumes should improve as GDP for BRICS is expected to increase to 5.7 per cent in 2017, an improvement over the previous forecast of 5.3 per cent.
Cosco Raises $1.8bln Capital
China’s COSCO Shipping Development Co Ltd announced a proposed nonpublic issuance of about 3.28 billion shares to specific investors, including its parent company, to raise up to 12 billion yuan ($1.79 billion), reports China Daily. COSCO Shipping Development will become a financing platform of its parent company－China Cosco Shipping Corp, the country's largest shipping company, according to its public statement.
Trawler Almost Capsized by British Submarine
Royal Navy incompetence put an Irish trawler crew at risk after one of its submarines became snagged in a net and nearly capsized the ship. The nuclear-powered sub was sailing out of Faslane on the Clyde in April 2015 when it snagged the Karen's fishing gear between Ardglass and the Isle of Man. The Irish trawler Karen, which had four crew aboard, was pulled backwards and under the water for 30 seconds before the net snapped.
India to Double LNG Import
India plans to double its LNG import capacity in one year to augment gas based transport systems. The country will seek help from Russia and the US to make such ambitious plan possible. India plans to more than double its liquefied natural gas (LNG) annual import capacity to 50 million tonnes in the next few years, PTI reports quoting Petroleum Minister Dharmendra Pradhan. "We currently have LNG import and regassification capacity of 21 million tonnes.
Euronav Pushes Delivery of Two VLCCs at HHI
Euronav NV announces today that it has agreed with Hyundai Heavy Industries (“HHI”) shipyard in South Korea to defer the delivery of the two VLCC ex-yard resale vessels it recently purchased to the first quarter of 2017. Thanks to the excellent relationship that the Company enjoys with HHI, these vessels, previously expected to be delivered between October and November 2016, will now be delivered in January 2017.
Freight Futures Market Avoids Tougher EU Information Disclosures
The European Union's securities markets regulator has dropped proposals to make participants in the multi-billion dollar commodity derivatives market for freight…
Kazakhstan's Kashagan Ships First Oil for Export
The first batches of oil from the giant Kashagan oil field in Kazakhstan were shipped for export on Friday via two pipelines, the Central Asian nation's Energy Ministry said.
VLCC Rates to Hold Firm as Owners Await MidEast Cargoes
Freight rates for very large crude carriers (VLCCs), which rose to multi-month highs this week, are likely to hold firm as owners tread water before the release of further Middle-East and West Africa cargoes, ship brokers said on Friday. "The market is taking a bit of a breather. The market is waiting for Saudi Arabian cargoes," said Captain Ashok Sharma, managing director of broking house BRS Baxi Far East in Singapore.
Grand Bahama Shipyard Reopens after Hurricane
The largest shipyard in the Caribbean and Central America, Grand Bahama Shipyard (GBSL), has reopened for business after sustaining minor damages from Hurricane Matthew. Hurricane Matthew passed through Grand Bahama Island October 6, 2016 with winds up to 120 mph causing disruption and significant damage to the island’s infrastructure and the community in general. The yard reported minor damage, mainly to buildings and general property…
Caterpillar Propulsion for New LNG Cruise Ships
Caterpillar Marine said its dual fuel engines have been selected for a new generation of cruise ships; tThe company’s MaK 16 M 46 DF dual fuel engines, along with the full LNG supply and handling system, are to be installed on four new ships, two apiece under construction at Meyer Werft’s Papenburg (Germany) and Turku (Finland) shipyards. Caterpillar Marine now offers all round LNG propulsion solutions – from shore-side bunkering to on-board storage…
GSSC Announces Fall Meeting
The Gulf States Shipbuilders Consortium (GSSC) announced that its fall meeting will be held October 18-19, at the Holiday Inn in Mobile’s historic district. Highlights of the meeting include a presentation by U.S. Representative Bradley Byrne (R-Fairhope). Byrne will deliver an Update from Washington at the official meeting kick-off at the recently opened GulfQuest Maritime Museum on Oct. 18. Byrne is a member of the prestigious House Rules Committee…
Euronav Defers VLCC Resale Deliveries into 2017
Euronav NV said it has agreed with Hyundai Heavy Industries (HHI) shipyard in South Korea to defer the delivery of the two VLCC ex-yard resale vessels it recently…
Wärtsilä to Power Mediterranean's First LNG Ferry
Wärtsilä said it has signed a contract with Construcciones Navales del Norte SL (LaNaval) shipyard in Sestao, Spain for the design and supply of the LNG power and propulsion installation for a new RoRo passenger ferry being built for Spanish owner Baleària, an operator serving the Balearic Islands. There is also an option for a second vessel. The contract, signed in August 2016, will also see Wärtsilä provide inclusive project support services to the yard…
Brunswick Wins $72 Mln Order from US Southern Command
Brunswick Commercial & Government Products (BCGP) said it has been awarded a multi-year, multi-unit contract valued at $72 million. The single-award, indefinite-delivery/indefinite-quantity contract is for both 32-foot and 37-foot Boston Whaler Justice boats and will include spare parts, maintenance and training support for The United States Southern Command (SOUTHCOM) area of responsibility, which includes Central America, South America and Caribbean nations.
Germany Orders Five More Navy Ships
Germany has agreed to spend 1.5 billion euros to buy five more corvettes for the navy, the navy said on Friday, and Die Welt newspaper quoted lawmakers as citing…
Sea Trucks Awarded Contract Offshore Ghana
Sea Trucks Group said it has secured a contract award from Tullow Ghana Limited for the provision of a Construction Support Vessel (CSV) providing Accommodation and Heavy Lift services to the turret moored FPSO Kwame Nkrumahe, located in the Jubilee Unit Area, 60 km offshore Ghana. The scope of work covers accommodation for up to 120 company pax. The scope also includes the heavy lift of two 50 Ton fairlead chain stopper foundation block structures…