Paragon Offshore Eyes Options after Court Denies Bankruptcy Plan
Paragon Offshore Plc said on Friday it was evaluating its options after a U.S. judge rejected the offshore rig contractor's plan to exit bankruptcy, an unusual setback…
US Navy to Commission Submarine Illinois
The U.S. Navy is set to commission its newest fast attack submarine during an October 29 ceremony at Naval Submarine Base New London in Groton, Conn. The third Virginia-class block III submarine and 13th of the Virginia-class fast attack class, the future USS Illinois (SSN 786) has the capability to attack targets ashore with highly accurate Tomahawk cruise missiles and conduct covert long-term surveillance of land areas, littoral waters or other sea-based forces.
LNG Prices Rise as South Korea to Wrap Up Major Tender Award
Asian spot liquefied natural gas (LNG) prices rose this week as strong expected demand from South Korea added to appetite from India and Taiwan, while supply from…
Philippines Says Chinese Vessels Have Left Disputed Shoal
Chinese ships are no longer at the disputed Scarborough Shoal in the South China Sea and Philippine boats can resume fishing, the Philippine defence minister said on Friday…
New Plan Pledges Ferry Safety Lead
Interferry has unveiled a strategic plan promising to put safety issues at the heart of its work as the voice of the worldwide ferry industry. The pledge came at the global trade association’s 41st annual conference in Manila – a venue chosen to spotlight the challenges of domestic ferry safety in developing nations. According to Interferry, the plan signals its overriding ambition to help lift ferry…
Port of Houston Expecting Record Cargo Year
“We fully expect to top last year’s container volume with another record year in 2016,” said Roger Guenther, Port of Houston Authority Executive Director, speaking to the Port Commission during its latest meeting. The Houston Port Authority said it has handled more than 1.6 million TEU through its container terminals to date this year, and it expects to maintain “strong growth” through the remainder of the year.
Tuna Vessel Operator Convicted on Pollution Charges
An American tuna fishing company that regularly unloaded its catch in American Samoa, was convicted and sentenced today for discharging oil into the South Pacific and for maintaining false records…
Hvid to Take Over as Teekay President and CEO
Teekay Corporation’s board of directors has elected Kenneth Hvid to succeed current president and CEO, Peter Evensen, who will retire January 31, 2017 after more than 13 years with the company. Hvid is presently serving as president and CEO of Teekay Offshore Group Ltd. “Kenneth Hvid is the natural successor to Peter Evensen as CEO of Teekay at this time,” said Teekay's Chairman, Sean Day. Hvid has served on the board of Teekay daughter companies…
COSCO Warns of Loss for Year in Rough Market
China COSCO Holdings , owner of the world's fourth-largest container shipping fleet by capacity, warned of a loss for the year on Friday as it failed to capitalise on a market recovery in the third quarter. Slowing global trade had saddled the sector with a glut of container ships, pushing freight rates below cost in some cases and inflicting heavy losses, until the collapse of South Korea's Hanjin Shipping in August caused a supply shock that allowed ship owners to push up rates.
Concordia Maritime Sells Tanker Stena Supreme
Concordia Maritim said is selling the Suezmax tanker Stena Supreme as part of a sale and leaseback transaction, which in this case means that Stena Supreme will be chartered back on a bareboat basis for 12 years, with annual purchase options from year three onwards. The counterpart is one of Japan’s largest ship owning companies and senior debt funding will be provided by one of Japan’s “Mega Banks”.
New Port Approach Guides for Singapore
The United Kingdom Hydrographic Office (UKHO) has launched three new Port Approach Guides with the support of the Maritime and Port Authority of Singapore (MPA). Singapore is a major maritime hub for international and domestic ship owners and managers, and its port waters are among the busiest in the world. In 2015, vessel arrival tonnage reached 2.5 billion GT and approximately 1,000 ships can be found in the port of Singapore at any one time.
Japanese Shippers Jolted as Strong Yen Pummels Bottom Line
Japan's big three shippers will report earnings on Monday as yen strength threatens to widen annual loss estimates, in a sector shaken by shrinking demand and over capacity that has already sunk a major carrier. Nippon Yusen KK (NYK), Mitsui OSK Lines Ltd (MOL) and Kawasaki Kisen Kaisha Ltd (K-Line) - whose combined fleet of over 2,000 vessels includes tankers, dry-cargo carriers and container ships…
Asia Tankers-VLCC Rates to Rebound on Firm Cargo Volumes
CNOOC VLCC deal "draws line in the sand" for tanker owners; 25-30 MidEast fixtures still to be released up to mid-November. Freight rates for very large crude carriers (VLCCs), which plunged to a three-week low, are set to recover next week as owners hold out for higher rates on expectations of firm cargo volumes from the Middle East, ship brokers said on Friday. "Owners, especially those with modern vessels are now holding out as they view the market is definitely going to firm up…
Philippines: China Vessels Departed Scarborough Shoal
Unimpeded access for first time in 4 yrs. Ships' departure follows Philippine president's visit to China. Chinese ships are no longer at the disputed Scarborough…
KONGSBERG Integrated Automation for LNG Fuelled Bulker
Kongsberg Maritime has been chosen to supply a full integrated automation solution including the first delivery of its advanced new Fuel Gas Supply System (FGSS) for a newbuild 50,000 DWT LNG Fuelled bulk carrier, ordered by South Korean ship owner, Ilshin Shipping Company. The new bulk carrier will be built at Hyundai Mipo Dockyard and is scheduled for delivery during the fourth quarter of 2017. It is the first dual-fuel merchant vessel to be built in South Korea.
Antarctica’s Ross Sea Gets Protection
The Commission on the Conservation of Antarctic Marine Living Resources (CCAMLR) today agreed to set aside more than 1 million square kilometres of the Ross Sea in recognition of its incredible scientific and biodiversity values. CCAMLR committed to creating a system of marine protected areas in the Southern Ocean in 2009 and has been discussing the creation of MPAs in the Ross Sea and East Antarctica for several years.
Gener8 Miltiades Delivered
Gener8 Maritime, Inc. a leading U.S.-based provider of international seaborne crude oil transportation services, announced that it took delivery of the "ECO" VLCC the Gener8 Miltiades on October 25, 2016 from Shanghai Waigaoqiao Shipbuilding Co. Ltd. ("SWS"). The Gener8 Miltiades represents the sixteenth of 21 "ECO" VLCCs expected to be delivered into Gener8 Maritime's fleet. Upon delivery, the Gener8 Miltiades entered Navig8 Group's VL8 Pool.
Polarcus Achieves High Utilization at Low Costs
Polarcus Limited announced release of its third quarter 2016 financial statements. The third quarter financial results reflect a continued competitive market in which Polarcus was successful in maintaining high fleet utilization. Revenues of USD 64.6 million were recorded, down USD 3.3 million (5%) compared to the second quarter 2016. Contract revenues increased by USD 12.7 million (31%) to USD 54.1 million…
DNV GL Innovation Day Singapore Focused on Future of Shipping
Drones, remote inspection technologies and insights on cybersecurity were some of the main topics discussed at the DNV GL Innovation Day in Singapore. Some 120 representatives from shipowners, managers, manufacturing companies, yards and other stakeholders participated in the event held this week. Aimed at providing insights into the latest value creating digital solutions, the Innovation Day included ten presentations and drew upon DNV GL’s expertise in the maritime…
CETA Will Greatly Benefit Maritime Transport
European shipowners have worryingly followed the negotiations thriller of the Comprehensive Economic and Trade Agreement, CETA, and feel very relieved today as the Belgian regional authorities reached an agreement. “We welcome the outcome after the lengthy and intense negotiations”, said European Community Shipowners' Associations (ECSA) Secretary General Patrick Verhoeven. This trade agreement between EU and Canada will greatly benefit the maritime transport sector.