India Rolls out Sagarmala Development Company for USD 15 Bln Maritime Push
India's Minister of Shipping Nitin Gadkari has said that projects worth Rs. 1 Lakh Crore (USD 15 Bln) under Sagarmala programme are at various stages of implementation and development. He was speaking to the press at a ceremony to inaugurate the Sagarmala Development Company (SDC) in New Delhi yesterday (December 26, 2016). The SDC has been incorporated under the Companies Act, 2013. The company has an initial Authorized Share Capital of Rs.
Wan Hai Join TBS Service with “K” Line
Taiwan's Wan Hai Lines Ltd will expand further on its already extensive south-east Asia network by joining Thailand-Belawan Service (also known as TBS) on 7th of January 2017, to provide a direct service from Thailand to Belawan. The service will be jointly operated with "K" Line, by using 2 vessels with effective capacity of 1,400 TEU. Wan Hai and "K" Line will deploy one vessel each. TBS service will be a 14-day fixed round trip schedule…
Freight Rates Jump after Hanjin Collapse
The cost of transporting containers from ports now shows signs of recovery after the fall of Hanjin Shpiping Co after a period of down play, says a report in Business Korea. It appears that the strategy of Maersk Line, the world’s largest shipping group which cuts down shipping fees until its competitors fall down and pick fruit when they are liquidated, is working. As most shipping volumes that Hanjin Shipping lost have passed to Maersk and Mediterranean Shipping Company (MSC)…
Incheon Port Cargo Volume Crosses 2.5mln TEUs
Incheon Port's annual container volume surpassed 2.5 million TEUs as of December 16, the largest-ever volume in the history of Incheon Port, in 11 years since hitting 1 million TEUs in 2005 and in three years since reaching two million TEUs in 2013. Korea's Incheon Port Authority (IPA) proclaimed a new voyage to make the top 30 ports in the world in a ceremony to celebrate the achievement of 2.5 million TEU annual container volumes at Incheon New Port located in Songdo-dong…
Rickmers Sells Vessel to Survive
Rickmers Maritime Trust has completed the sale of a vessel in connection with the settlement of senior loan facilities that German lender Commerzbank's Singapore branch extended to a unit of the trust. "The Trustee-Manager wishes to announce that the sale of the “India Rickmers” vessel has been completed. The Trustee-Manager will update its noteholders and unitholders if there are any further developments," Rickmers Trust Management Pte.
Vessel Earnings and Global Fleet Trends
Clarkson Research Services says market conditions across most sectors of the shipping industry have been highly challenging in 2016. The ClarkSea Index, which illustrates the fortunes of earnings for the major commercial ship types makes fairly clear the fate of the volume shipping sectors, but how is the wider global fleet covered by World Fleet Monitor faring now, in comparison to the post-downturn period as a whole?
Incheon Port Emerges as Port for Government’s Stockpiles
Korea's Incheon Port is rapidly emerging as a port for government stockpile imports due to a significant increase in imports of US edible soybeans. Incheon Port Authority (IPA) announced that the Korea Agro-Fisheries & Food Trade Corporation (aT) designated Incheon Port as the exclusive port for receiving 10,000-ton container volumes through a bid announcement of the basis purchase in 2018. The volume is a 66% increase from the 6…
Indisposed Man Medevaced from Fishing Vessel
The Coast Guard medevaced a 28-year-old male aboard the fishing vessel Captain David 40 nautical miles southeast of Venice, Louisiana, Saturday. The Eighth Coast Guard District watchstanders received a report at 3:16 p.m. that Andrew Carl had been suffering from seasickness and had become unresponsive. Watchstanders from Coast Guard Sector New Orleans were notified and launched a Coast Guard Air Station New Orleans MH-65 Dolphin aircrew at 4:26 p.m.
Clean Arctic Alliance Praises Move to Phase out HFO Use
Responding to the December 20th joint statement from the United States and Canada, regarding development of a strategy to phase out their use of heavy fuel oil (HFO) from vessels operating in the Arctic, the Clean Arctic Alliance praised both Arctic nations for their ambitious action to rid the region of the dirtiest marine fuel. “The Clean Arctic Alliance applauds the commitment of President Obama and Prime Minister Trudeau to develop a concrete proposal to phase down HFO use in the Arctic”…
K Line Sues APL Logistics
Kawasaki Kisen Kaisha, Ltd. (“K’’ Line) has today filed a civil lawsuit in Tokyo District Court against APL Logistics Ltd. (“APLL”), a Singapore entity which is engaged in international transportation business, seeking compensation for damages arising from APLL employees’ acts of disseminating false information relating to “K” Line. Some of APLL employees have disseminated false information to “K” Line’s clients…
Diana Shipping Gets Refund Guarantee Payment
Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership of dry bulk vessels, today announced that in connection with the previously announced cancellation of a shipbuilding contract for a Kamsarmax dry bulk carrier, Hull No. DY6006, with an original delivery date of May 31, 2016, the Company received yesterday a refund payment of approximately US$9.4 million.
MPI Installs All Turbines at Nordergründe
Following the successful installation of the foundations earlier this year, MPI has now informed that their wind turbine installation vessel (WTIV) MPI Enterprise has completed the installation of 18 6.2M126 Senvion turbines at the Nordergründe offshore windfarm. Once commissioned, the wind farm will have an installed capacity of approximately 111 megawatt and will be able to supply more than 70,000 households with power in a year.