Moody's Assigns Panama Canal A2 Rating
Today, Moody's credit rating agency announced that it has assigned an A2 rating to the Panama Canal Authority (ACP) for its business model, unique geographic advantage, and historically strong operational and financial performance. Moody's expects this performance to continue into the future, supported by the robust institutional framework and corporate governance under which the ACP operates. In its report…
H&S Container Line Starts New Rail Shuttle
Since December 14 2016, multimodal rail operator H&S Container Line is offering a direct rail connection between the port of Antwerp and Andernach (Germany, Rhineland-Palatinate). Andernach’s trimodal terminal is already connected to Antwerp with a frequent barge service (two round trips per week). The complementary rail shuttle offers new, sustainable opportunities especially for growing flows from…
Exhibition on Risk of Oil Pollution from Ships
The International Group is collaborating with the International Maritime Organization (IMO), International Oil Pollution Compensation Fund (IOPC) Funds and other industry organisations to produce an exhibition at the IMO to mark the achievements of the international community over the past 50 years to achieve a sustained reduction in major oil spills from ships; to establish effective systems for preparedness and response if there is an incident…
Euroseas Acquires Ultramax Newbuilding
Euroseas Ltd., an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced that it signed an agreement to acquire from Dayang shipyard, Hull DY160, an Ultramax drybulk carrier, of 63,500 dwt built 2017. The vessel is expected to be delivered to the Company in January 2017 subject to a successful inspection by the Company by December 27…
DNV GL Launches North American OEM Committee
DNV GL's Center of Excellence for Drilling & Well Control Equipment recently hosted the inaugural gathering of the North American Offshore Equipment Manufacturers' Committee (NAOEMC). The NAOEMC is comprised of a group of industry experts and leaders that establish expectations and align the industry for future growth and development in offshore equipment manufacturing. The formation and sponsorship of industry committees is a longstanding tradition within DNV GL.
CMA CGM Opts for DP World London Gateway
CMA CGM’s European Caribbean Service is to begin calling at DP World London Gateway Port following enhancements to the rotation. It means that this particular service will be calling in the UK for the first time on Friday, January 6. Dedicated to reefer transport, the service will provide one of the shortest transit times on the market between Central America and North Europe. It also enables the UK to connect with the whole of the Caribbean region through CMA CGM’s strategic hub in Kingston…
Container Trade In The 21st Century
While container trade growth has slowed in recent years, box trade has still expanded significantly since the turn of the milliennium, according to Clarkson Research Services Limited. In 2016, box trade is projected to total 181m TEU, almost three times volumes in 2000, having grown by an average 6.4% p.er annum. However, with an increased focus on Asia, this growth has not been evenly spread across the trade lanes.
Shipping Confidence Improved: Moore Stephens
Shipping confidence improved for the third successive quarter in the three months to end-November 2016, says a report by Moore Stephens, an accounting and advisory network in UK. In November 2016, the average confidence level expressed by respondents was 5.6 out of 10.0, equalling the highest rating since August 2015. All main categories of respondent were more confident than in August 2016, when the overall rating was 5.4.
Long Beach Weighs Offer for Hanjin Terminal
The Long Beach Board of Harbor Commissioners will consider a proposal by a terminal investor to take over a majority stake in a long-term lease to operate the largest container terminal in the Port of Long Beach. If approved, the pact could bring in business to replace the cargo volume lost at Long Beach’s Pier T when South Korea’s Hanjin Shipping declared bankruptcy in August. Terminal Investment Limited (TIL), a subsidiary of the Mediterranean Shipping Co.
Big Slowdown for US Coal Exports -BIMCO
Since Q1 2013, the significance of U.S. coal exports has seen a considerable setback, with 2016 achieving the same levels as 2009. This is due to the long-haul routes carrying coking coal from the U.S. East Coast and U.S. Gulf Coast to East Asia, are not operating to the same extent and the EU is demanding less thermal coal, says shipping organization Baltic and International Maritime Council (BIMCO). When BIMCO first published its story concerning U.S. coal in 2013, U.S.
Repair Yard Detyens Taps into Key Niche Markets
Location, location, location. Centrally located, experienced in a surprisingly wide range of disciplines, Detyens Shipyard has quietly ‘dredged’ up a niche in the highly competitive domestic repair and refit game. Detyens Shipyards, located in Charleston, SC, has been repairing and converting commercial and U.S. government vessels since 1962. Although perhaps better known for its blue water, deep draft work…
Operation Coal Shovel Icebreaking Underway
The U.S. Coast Guard officially commenced Operation Coal Shovel, Tuesday, encompassing domestic ice-breaking operations in southern Lake Huron, Lake St. Clair, the St. Clair / Detroit River system, Lake Erie, Lake Ontario and the St. Lawrence Seaway. U.S. and Canadian Coast Guard icebreakers work together to break ice in these waterways as conditions worsen throughout the winter. The Coast Guard conducts domestic ice-breaking operations for the purposes of search-and-rescue…
Arctic Drilling Ban Gives Canada Leg Up -US Lawmakers
U.S. lawmakers on Wednesday slammed an agreement made with Canada to ban offshore Arctic drilling, saying Ottawa's plan to review its ban every five years gives Canada a leg up on energy exploration. U.S. President Barack Obama on Tuesday announced a ban on new oil and gas drilling federal waters in the Atlantic and Arctic Oceans, while Canada instituted a similar ban in its Arctic waters. Unlike the United States…
Innovation in Offshore Transfer of LNG
The marine and offshore industries are becoming increasingly concerned with questions over the future fuel market, especially given ongoing uncertainty around future emissions regulations and the dates in which they will come into force. Marine owners and operators need to identify viable solutions now to ensure cost effective compliance with regulations and efficient operations in the future. Liquefied natural gas (LNG) will play a key role in the future fuel mix.
Forrest Lucas: The 'Every Man' Tycoon
Forrest Lucas is a proverbial ‘rags-to-riches’ story, emerging from rural Indiana to build a corporate empire. From truck driver to truck fleet owner to oil and media magnate – including naming rights to an NFL stadium – Lucas is the ‘every man’ tycoon with eyes on the commercial maritime market. Talk to Forrest Lucas for five minutes and it is easy to see that his claims to be a ‘regular guy’ – placing honesty and integrity at the forefront of all dealings – is earnest.
Catching the Electric Vision
All bets would have been lost if one was to predict that I would never find one of the most advanced and modern workboats in the heart of the Norwegian Fjordlands. Sure enough, if you make the trek to Flam through nearly 50 tunnels in between the prominent towns of Bergen and Oslo, you will behold such a craft. The 40 meter Vision of the Fjords was recently constructed by Brødrene Aa shipyard in Norway and delivered to The Fjords AD earlier this year in June.
Fourth Submarine in UK’s Astute Class Named
The fourth submarine in the Astute class was officially named Audacious during a December 16 ceremony at builder BAE Systems’ Submarines site in Barrow-in-Furness, Cumbria. Guests watched as Lady Jones, Audacious' sponsor and wife of Admiral Sir Phillip Jones, the First Sea Lord and Chief of Naval Staff, named the 7,400-metric-ton, 97-meter-long attack submarine, and then smashed a bottle of beer against her hull.
RBS Near to Selling $600 Mln of Shipping Loans
Royal Bank of Scotland is close to selling at least $600 million worth of shipping loans from its portfolio, two sources familiar with the matter told Reuters. RBS…
SFL Takes Delivery of 19,200 TEU Containership
Ship Finance International Limited (SFL) said it has taken delivery of MSC Anna, the first of two 19,200 TEU container vessels from Huyndai Heavy Industries, Korea.
Six Migrants Die in Mediterranean, 300 Rescued
Rescuers saved around 300 migrants from rubber and wooden boats in the Mediterranean on Wednesday but recovered six dead bodies during the operations, the Italian coastguard said.