Hapag-Lloyd Says Prospects Buoyed by Rising Freight Rates
German container shipping company Hapag-Lloyd expects increased operating earnings this year, it said on Friday, citing a rise in freight rates as market conditions improve. The shipping industry has been grappling with a prolonged downturn brought about by overcapacity in a faltering global economy, but Hapag Chief Executive Rolf Habben Jansen pointed to signs of upward momentum. "We expect some market improvement in 2017…
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Norway's Solstad Offshore, Farstad Shipping and Deep Sea Supply Agree Merger
Norwegian OSV companies Solstad Offshore, Farstad Shipping and Deep Sea Supply have signed off on merger plans first announced on February 6, 2017. The statutory merger plans have been approved and signed by the boards of Solstad, Farstad, DESSC and Solstad’s relevant subsidiaries, into which Farstad and DESSC will be merged. Deep Sea Supply and Farstad Shipping will merge into and be established as individual subsidiaries under Solstad Offshore…
IMO Contributes to Meeting of Asia-Pacific Ship Safety Heads
International Maritime Organization (IMO) is participating in the annual gathering of Asia Pacific Heads of Maritime Safety Agencies (APHoMSA) in Langkawi, Malaysia (20-24 March). Participants from 24 IMO Member States as well as observers from IALA, IHO and SPC are taking part in discussions surrounding APHoMSA's work to promote safe, secure shipping and a clean marine environment within the Asia-Pacific region.
GasLog Partners buy GasLog Greece
Greece-based GasLog Partners LP has reached an agreement to buy 100% of the shares in the entity that owns and charters the liquefied natural gas (LNG) tanker GasLog Greece from GasLog Ltd. The aggregate purchase price for the Acquisition will be $219 million, which includes $1 million for positive net working capital balances to be transferred with the vessel. GasLog Partners expects to finance the acquisition with cash on hand…
Hapag-Lloyd: Positive Operating Result in a Challenging Environment
Hapag-Lloyd AG remains bullish on the substantial earnings contribution from synergies from CSAV acquisition and OCTAVE cost-cutting programme alongwith further synergies expected due to the merger with UASC. Hapag-Lloyd closed the 2016 financial year with EBITDA of EUR 607.4 million (previous year: EUR 831.0 million) and an operating result (EBIT) of EUR 126.4 million (previous year: EUR 366.4 million). These figures are taken from the 2016 annual report, which was published today.
UK Chamber Welcomes Immigration Rule Change for International Seafarers
The UK Chamber has welcomed an announcement by the Home Office to reform immigration rules for international students, extending the time limit to three years for educational courses which are below degree level but subject to MCA regulations that the applicant must spend 12 months at sea. Until now, international students within the Tier 4 (general) visa route are subject to restrictions on the maximum period of time they can study at a specific level.
Anthony and Nicolás Remain on Hapag-Lloyd Board
Hapag-Lloyd AG has announced the continuity in the executive management - Anthony J. Firmin remains COO and Nicolás Burr remains CFO. The Supervisory Board of Hapag-Lloyd AG extended the Executive Board contracts of Anthony J. Firmin (COO) and Nicolás Burr (CFO) by two years until 30 June 2019 and 29 February 2020 respectively. “In this important phase involving the upcoming closing and subsequent integration of UASC, we are counting on continuity in the executive management.
Cristobal Colon Arrives in Sydney
HMA Ships Darwin, Melbourne and Parramatta have escorted the Spanish Armada's Cristobal Colon into Sydney Harbour as part of her role in providing platform and familiarisation training to Australian personnel. Over the next three months the ship will assist in enabling Australian Navy people to have advance training for Australia's first Aegis Guided Missile Destroyer, Hobart. Commanding Officer Hobart…
Gazprom to Cement LNG Ties with Kuwait
Russia-based energy company Gazprom has negotiated about supplies of liquefied natural gas (LNG) to Kuwait, reports Tass. The talks continue in "a rather progressive mood,"during the the Energy Minister Alexander Novak’s visit to the Middle East country, the report said. However, it is too early yet to speak about finalizing them. Though Kuwait is satisfied with LNG supplies from Qatar, the parties continued the discussion on a long-term contract.
Thailand Boosts LNG Imports
Thailand is signing new contracts for LNG purchases and expanding terminals to boost imports to replace flagging domestic production, Bloomberg reported. Southeast Asia’s second-largest economy will boost LNG imports by more than 70 percent this year. The report said that the country is doing everything it can to facilitate increased LNG imports to replace the declining domestic production. These include expanding the existing terminals.
India's Cochin Shipyard Gears up for IPO
Cochin Shipyard Ltd (CSL), India's largest public sector shipyard, has filed initial public offering (IPO)document with the market regulator Securities and Exchange Board of India (SEBI) to go public. The government approved a stake sale of up to 25 percent. Cochin Shipyard IPO will consist of 34 million shares to raise about INR 1,400-1,500 crore (USD 214 - 229 million). On completion of a successful IPO…
Wijnne Barends to Build New Ships in India
Netherlands, based shipping company Wijnne Barends reports that it recently placed an order with India shipbuilder Chowgule & Company for the construction of six identical, energy-efficient vessels, local media reported. The shipyard in Goa will build this energy-efficient 4,200-dwt ship with a length of 98 metres. These ships will meet the IMO Tier III standard for reducing nitrogen dioxide emissions.
Upgrades Complete for Anzac Class
The Australian Navy's eight Anzac class frigates are now all back in the water post anti-ship missile defence upgrades, with HMAS Stuart undocking at the Henderson shipyard in Western Australia. She will now commence trials of her state-of-the-art systems and modifications. Commander Surface Forces Commodore Christopher Smith said the overhaul had enabled the helicopter frigates to continue to protect Australia and its interests.
JSW to Invest USD 1.1bln on Ports
JSW Group will invest INR 7,000 crore (USD 1.1bln) more in the ports sector over next three years to create assets in the country as well as abroad, PTI reported. The company is also looking at diluting up to 15 percent stake in the ports operating company, JSW Infrastructure, to a private equity player soon, and take it public by 2019. JSW Infrastructure Ltd (JSWIL), a 100% subsidiary of Sajjan Jindal led-JSW Group…
CMA CGM Fidelio: Fire on Board
The container ship CMA CGM Fidelio caught fire on 15 nautical miles off Puerto de San Miguel (Ibiza), Spain. The vessel was en route from Valencia to Malta, when flames erupted in the superstructure. The Spanish Navy and Maritime Rescue attended the container ship after declaring a fire in the crew cabins at 04:20 hours on March 24. Maritime Rescue spokesman Miguel Chicón said that after receiving the alert…
Fast-Track to Operational Service
Less than six months out of basic training, Seaman Maritime Logistics - Personnel Operations Jasmine Lortan is already on the front line of a multi-national operation to counter terrorism and promote maritime security in the Middle East. Seaman Lortan is one of 190 sailors crewing HMAS Arunta, Australia’s contribution to maritime security operations for Operation MANITOU. “I’m excited and thankful that at 20 years old and less than six months out of basic training…
BW LPG Refinances Six Ex-Aurora Ships
BW LPG Limited has signed a Debt Facility Agreement of USD290 million for the re-financing of six 2016 built ex-Aurora ships. The re-financing has been raised from The Export-Import Bank of Korea (KEXIM) as ECA (Export Credit Agency) lender, with ABN AMRO Bank N.V., Singapore branch and Oversea-Chinese Banking Corporation Limited as Mandated Lead Arrangers. ABN AMRO Bank N.V., Singapore branch also acted as coordinator and facility agent.
Greece Gets 3 Bids for Thessaloniki Port
Three foreign investors have bid for the majority stake in Greece's Thessaloniki Port, reports Reuters. Phillipines-based International Container Terminal Services (ICTS), Dubai-based P&O Steam Navigation Company (DP World) and German private equity Deutsche Invest Equity Partners had all submitted offers, the report said. The sale of a 67 percent stake in Greece's second-largest port, which was launched in 2014, has been beset by delays and political resistance.
Songa Bulk Buys Kamsarmax Pair
Songa Bulk has sealed two more bulker acquisitions as its fleet. According to a report in Reuters, the company entered into an agreement to acquire two kamsarmax bulk carriers built in 2008 at tsuneishi japan (82,107 dwt) and 2011 at hyundai samho korea (81,502 dwt). Vessels have been acquired at an aggregate sum of usd 32.85 million. The 2011 built vessel will delivered by mid May and the 2008 built vessel within the end of September.