Ex-chairwoman of Hanjin Charged With Insider Trading
The Seoul Southern District Prosecutors’ Office said Choi Eun-young, the former chairman and former CEO of Hanjin Shipping, has been indicted on charges of insider trading. According to Yonhap, the prosecution alleged that Choi sold stock in Hanjin when she learned of the carrier's impending collapse, several days before the firm applied for a restructuring program and made its situation known to the public.
Wanax Invests in PSV Market
Wanax AS, a wholly owned subsidiary of S.D Standard Drilling Plc, will invest USD 5.215mln in platform supply vessels (PSV) Opportunity III DIS. The investment will be done through subscription of ownership interests in PSV Opportunity III and gives Wanax AS a 35% ownership stake in PSV Opportunity III. PSV Opportunity III will take delivery of two mid-size PSV of the UT 755 LN design. The vessels were built in Norway in 2007 and 2008.
Bimco Expects 'Die-hard Competition' to Continue in 2017
2017 will see another year of die-hard competition, which now includes tankers, says International shipping association Bimco. The shipping industry has its work cut out going forward in 2017 as the International Monetary Fund (IMF) forecast the lowest level of global GDP growth since 2009. In 2016, the container shipping industry bit the bullet in terms of demolition and consolidation to help the market to recover. The dry bulk sector needs to copy that approach«.
Cavotec's Strategic Plan Enters Into Effect
Cavotec SA's previously announced strategic plan and new organisational structure — based on two distinct Business Units (BU), Ports & Maritime and Airports & Industry — entered into effect on January 1, 2017. The new structure will also form the basis of the company's financial reporting going forward, in line with IFRS requirements. The Ports & Maritime BU will be headed by Gustavo Miller, former Cavotec APAC/AMER COO…
GE Shipping Contracts to Buy 2 Suezmax Crude Carriers
The Great Eastern Shipping Company Limited (GE Shipping) has signed contracts to buy 2 Suezmax crude Carriers of about 157,000dwt each. The 2010 and 2011 built vessels…
Colombo Port Volumes Surpasses 2mln TEUs
Colombo International Container Terminals (CICT) has reported a throughput of two million TEUs for the 12 months ending 31 December 2016, a year-on-year growth of 28 percent in volume, enabling the Port of Colombo to register overall incremental growth during three consecutive years. Announcing the milestone achievement, CICT said ULCCs (Ultra Large Container Carriers) and VLCCs (Very large Container Carriers)…
Twenty Dead, Dozens Hurt After Indonesian Tourist Boat Blaze
Twenty three people were killed and dozens injured on Sunday after a fire ripped through a boat carrying nearly 250 people to islands north of the Indonesian capital Jakarta…
COSCO Container Lines Renamed COSCO Shipping Lines
COSCO Container Lines Co., Ltd. has changed its company name to COSCO Shipping Lines Co., Ltd. (“Our Company”). Our Company changed its official company name from COSCO Container Lines Co., Ltd. to COSCO Shipping Lines Co., Ltd. on November 18, 2016. The terms and conditions of any contracts entered into by Our Company will not be affected by the name change. Any ongoing contracts, which are currently being performed by Cosco Container Lines Co., Ltd.
Mariner Rescued Aboard Disabled Vessel in Bellingham Bay
The Coast Guard rescued one mariner aboard a disabled vessel after he become disoriented in Bellingham Bay, Saturday. Coast Guard Sector Puget Sound command center received a report from Station Bellingham of the disabled and adrift 27-foot crab in the shoals of Bellingham Bay with one person aboard at 3:05 p.m. The mariner was unable to give his exact position but was quickly located after Sector personnel tracked his location using his cell phone GPS signal.
BIMCO: What Shipping Market can Expect for 2017
The shipping industry has its work cut out going forward in 2017 as the International Monetary Fund (IMF) forecast the lowest level of global GDP growth since 2009. 2017 will see another year of die-hard competition, which now includes tankers. In 2016, the container shipping industry bit the bullet in terms of demolition and consolidation to help the market to recover. The dry bulk sector needs to copy that approach.
Wärtsilä, MOL Sign maintenance Deal for Two LNG Carriers
Wärtsilä has signed a ten-year maintenance agreement with MOL LNG Transport Europe Ltd., an affiliate of the Japanese MOL Group. The agreement, which covers two LNG carriers, increases the predictability of the vessels' operations, enhances safety and reduces operational costs. The comprehensive service agreement includes all scheduled engine maintenance activities, workshop services and online remote support.
Keppel FELS Resells Jackup Rig
Keppel Corporation Limited (the “Company” or “KCL”) refers to its announcement on 2 August 2013 on the construction contract ("Construction Contract") entered between Keppel FELS Limited (“KFELS”), a wholly-owned subsidiary of Keppel Offshore & Marine Limited (“KOM”), and Parden Holding S.R.L. (“Parden”) for the construction of a KFELS B Class jackup rig (the “Jackup Rig”). Following Parden’s failure to take delivery of the Jackup Rig and make payment for the balance 80% of the contract value…
Maersk -Tyra Decommissioning to Start Next Year
Maersk Oil has on 30th December issued a notification to the Danish gas market announcing that an economically viable solution for full recovery of the remaining resources in the Tyra field has not yet been identified, and that production from the Tyra field is consequently expected to cease 1 October 2018. Under EU regulatory requirements, a decision impacting production must be notified to the market in a timely manner.
Panama-Flagged Ship Banned from Paris MoU Region
The vessel M/S "CITY OF TOKYO" was detained in Antwerp (Belgium) on 23rd October 2015 and left the port of Antwerp on 21st October 2016 but failed to call at the repair yard in Dubai as agreed, before 30th November 2016. The ship flies the flag of Panama, which is white on the current Paris MoU WGB list. Your attention is drawn to the provisions of Section 4.4 of the Paris MOU, Article 21.6 of EU Council Directive 2009/16/EC1…
US FMC approves Miami Marine Terminal conference agreement
An agreement between two marine terminal companies located at the Port of Miami went into force yesterday, permitting those parties to seek cooperation and commonality in both business and operating matters. The Federal Maritime Commission (FMC) voted today not to prevent the "Miami Marine Terminal Conference Agreement" from taking effect. The South Florida Container Terminal and the Port of Miami Terminal Operating Company filed their agreement on November 16, 2016.
BV Certification adds global UKAS accreditation for ISO 2230
Bureau Veritas Certification (BVC) has achieved accreditation to international management systems ISO 22301: 2012 from the United Kingdom Accreditation Service (UKAS)…
ClassNK opens Survey offices in Izmir, Mersin
Leading classification society ClassNK has opened new exclusive survey offices Izmir and Mersin, both in Turkey with operations beginning 1 January 2017. Izmir and Mersin, both have “Free Zone” in each area, are two of the most well-known port cities in Turkey. In recent years, the number of surveys and audits required in western and southern Turkey including both two cities has been increasing. Through the opening of its latest offices…