Demand Fuels Boxship Freight Rates for Japan's Big Three
Japan's big three shippers on Monday reported profits for the first quarter, bouncing back from losses a year earlier and raising hopes the firms could be emerging from the industry's worst-ever downturn on record. Mitsui OSK Lines swung to a 1.1 billion yen ($10 million) operating profit in April-June from a loss of 3.6 billion yen a year earlier, as a strong U.S. economy lifted freight volumes on routes between Asia and North America to record levels in the last quarter.
Baltic Exchange to Shutter Baltex
The Baltic Exchange will close its freight derivatives platform Baltex at the end of the year after a strategic review, the London-run business said on Monday. Baltex…
BW LPG Establishes a JV in India
BW LPG Limited and Global United Shipping India Private Limited, have agreed to establish a joint venture in India in which the parties will own 50% each. The purpose of the new joint venture, named BW Global United LPG India Private Limited, is to own and operate Gas Carriers for the transportation of LPG within Indian waters. As part of the establishment, BW LPG will sell two of its vessels, BW Boss and BW Energy…
SOHAR Port Breaks Container Throughput Record
SOHAR has released new figures showing a solid first-half of 2017, as both the Port and Freezone continue to play a crucial role in the diversification and globalisation of Oman’s economy. Despite on-going issues in the maritime industry and the continued lull in global oil prices, container volumes in Q2 of 2017 grew by 11% from the same quarter last year, as SOHAR emerges as one of the region’s prime logistical hubs.
Seaspan CEO Gerry Wang to Retire
Seaspan Corporation announced that Gerry Wang, its Chief Executive Officer, Co-Chairman and Co-Founder, will retire from Seaspan effective December 31, 2017 to focus on family business investments and his ongoing charitable efforts. In order to facilitate an orderly transition, Wang will continue in his current role as CEO until the earlier of when a permanent CEO is identified or December 31, 2017, and will continue to serve on Seaspan's Board until the end of the year.
Hyundai Heavy Wins $600 Vitol Tanker Contract
The Korean shipbuilder Hyundai Heavy Industries (HHI) won a contract worth up to $600 million from Netherlands-based energy and commodities company Vitol to build as many as eight gas tankers, Reuters reported. HHI will construct two liquefied petroleum gas (LPG) tankers with a capacity of 84,000 cubic meters (3 million cubic feet) each. The ships are expected to be delivered in the first half of 2019. Under the deal, the energy company holds the option to order six more gas carriers.
Sri Lanka in China Port Deal
Sri Lanka’s government on Saturday signed a long-delayed agreement to sell a 70% stake in a USD 1.5-billion port to China in a bid to recover from the heavy burden of repaying a Chinese loan obtained to build the facility, report local media. After 10 years of negotiations, China Merchants Port Holdings has signed the agreement with the Sri Lanka Ports Authority to develop the Hambantota Port in southern Sri Lanka.
Bahri Pushes for Saudi Arabian Entry to IMO Executive Council
Senior representatives from Bahri recently joined members of a Saudi Arabia delegation for board meetings of the International Maritime Organization (IMO), which took place at the agency’s headquarters in London. The meetings come as part of the Kingdom’s preparations to submit its candidacy for the membership of the IMO Council under Category (C). Senior Bahri officials who participated in the discussions included Wael Al-Sarhan…
V.Group Appoints Ian El-Mokadem as CEO
UK-based ship management company V.Group announced the appointment of Ian El-Mokadem as Chief Executive Officer and Martin Gaard Christiansen as Chief Commercial Officer. Both will assume their positions in the autumn. Ian joins from Exova, the global provider of technically demanding testing, calibration and related advisory services, where he served as Chief Executive for the last six years. Ian was responsible for professionalising and growing the business…
USS Gerald R. Ford Completes First Arrested Landing
Less than one week after Pres. Donald J. Trump commissioned the U.S. Navy's newest aircraft carrier, USS Gerald R. Ford (CVN 78) launched and recovered its first fixed-wing aircraft July 28, 2017, off the coast of Virginia. The first arrested landing, or "trap", occurred at 3:10 PM (EST) and the first catapult launch happened at 4:37 PM (EST). Lt. Cmdr. Jamie Struck of Tallmedge, Ohio piloted the F/A-18F Superhornet from Air Test and Evaluation Squadron (VX) 23 based at Patuxent River, Maryland.
Konecranes Won Repeat RTG Order from Port Houston
During the second quarter 2017, Konecranes received an order for 9 RTGs from Port Houston, Texas, USA. This is a repeat order, the first Konecranes RTGs to Port Houston were delivered in 2003. The nine cranes will be delivered to Port Houston Bayport Container Terminal in early fall 2018. Port Houston is an economic engine that produces jobs and economic prosperity for the local and state economy. It is the largest port on the Gulf Coast, the biggest port in Texas and the only port in Houston.
Samsung Heavy Back in Black in Q2
Cost reductions paved the way for South Korea's Samsung Heavy Industries (SHI) to swung to the black in the second quarter of 2017, though sales income decreased in the period reported Yonhap. SHI reported that it has turned to black in Q2 with 20.6 billion won (US$18.50 million) operating profit from the same period last year. Its revenue fell 15.5 percent on-year to 2.30 trillion won while net profit turned to black at 22.7 billion won.
Indian Ports Buoy by Healthy Growth in Cargo
Indian port sector players will continue to experience healthy growth in cargo in the near term, PTI reported quoting rating agency Icra. Traction in Inland Waterway projects will open up several business opportunities for the port sector players. "Over the medium to long term, cargo growth is expected to gain further traction driven by domestic requirements of coal for power and other sectors, crude oil…
d'Amico Tankers Updates Ship Sales and Purchases
In January 2017, d’Amico Tankers sold MT High Endurance and MT High Endeavour, two 46,992 dwt medium-range product tanker vessels, built in 2004 by STX, South Korea, to Sea World Tankers a client of Sea World Management SAM, for a consideration of US$ 13.5 million each. At the same time, d’Amico Tankers will maintain the commercial employment of the Vessels having also concluded with the Buyer a 4 years’ time-charter agreement at an attractive rate. In May 2017, d’Amico Tankers d.a.c.
Capital Product Partners Sings Pact for $460 Mln Refinancing
Capital Product Partners entered into a firm offer letter for a senior secured term loan facility of up to $460.0 million with HSH Nordbank AG and ING Bank as mandated lead arrangers and bookrunners and BNP Paribas and National Bank of Greece S.A. as arrangers. The lenders also include Alpha Bank S.A., Piraeus Bank S.A. and Skandinaviska Enskilda Banken AB (Publ). The closing of the credit facility is subject to finalization of the long form loan documentation.
US Navy to Commission Rafael Peralta Today
The US Navy will commission its newest guided-missile destroyer, the future USS Rafael Peralta (DDG 115), during a 10 a.m. PDT ceremony Saturday, July 29, at Naval Air Station North Island in San Diego. The future USS Rafael Peralta honors Marine Corps Sgt. Rafael Peralta, who was posthumously awarded the Navy Cross for actions during combat operations in Operation Iraqi Freedom. Peralta is credited with saving the lives of fellow Marines during the second battle of Fallujah in 2004. Gen.
Iridium Announces Third Iridium NEXT Launch Date
Iridium Communications Inc. (NASDAQ: IRDM) has announced that the upcoming Iridium NEXT launch has been targeted for September 30, 2017 at 6:30 a.m. PDT. This launch will deliver another 10 Iridium NEXT satellites to orbit on SpaceX’s Falcon 9 rocket and will bring the total number of Iridium NEXT satellites deployed to 30. SpaceX selected the September 30th launch date based on rocket and Vandenberg Air Force Base range availability.
GPLink, Wheelhouse Partner on Maintenance & Tracking
gplink has announced a partnership with Wheelhouse Technologies, creating a comprehensive perspective on vessel upkeep through seamless integration to the Wheelhouse marine maintenance system. Pleasure craft, commercial vessel, and fleet owners can now enjoy the benefits of real-time vessel monitoring, tracking and support, from gplink along with a simple and easy-to-use interface; charting the course to proper vessel maintenance, spare parts management, and document tracking.
Mozambique Gets Fresh Training on Port Security
A five-day workshop on maritime security and The International Ship and Port Facility Security (ISPS) Code concluded today in Maputo, Mozambique (24 -28 July). The course provided port facility security officers with the necessary knowledge to perform their duties in accordance with the requirements of key IMO maritime security measures*. As a results, participants improved their knowledge and skills of those requirements with a view to train others with similar responsibilities.
APM Terminals Tangier Celebrates 10 years in Morocco
APM Terminals Tangier welcomed the Munich Maersk, one of the world’s largest container vessels, as it made its maiden call to celebrate the 10th anniversary of the largest and most modern terminal facility in North Africa. APM Terminals Tangier is one of the most important transfer points of global trade. In addition to handling Moroccan import and export cargo, the terminal manages and transfers cargo for onward destinations in Africa, Latin America and beyond.