UAE to the Rescue of DP World’s Container Terminal in Djibouti
The United Arab Emirates (UAE) condemned Djibouti’s cancellation of DP World’s contract to run the Doraleh Container Terminal, calling it an “arbitrary” flouting of a signed agreement…
UK P&I Club Focus on Financial Stability
The UK P&I Club, a leading provider of P&I insurance and other services to the international shipping community, emerges from the renewal to start the new policy…
Nakilat Posts 2017 Profit of $233
Qatar-based Nakilat (Qatar Gas Transport Company) has announced its financial results for the year ended December 31, 2017, with a net profit of QR 847 million (about USD 233 million).
Otto Marine Seeks Insolvency Protection
Singapore-based offshore shipbuilder Otto Marine is seeking insolvency protection from the High Court in a bid to salvage the company and stave off liquidation.
Mediterranean Shipping Company Cleans Up Durban Cargo Spill
When a freak storm hit the Port of Durban on 10 October 2017, two cargo containers holding plastic nurdles were dislodged from the deck of an MSC Mediterranean Shipping…
Rubio Named CFO of GulfMark Offshore
GulfMark Offshore announced that Samuel "Sam" R. Rubio will be promoted to the position of Chief Financial Officer upon completion of the filing of the company’s Form 10-K.
StealthGas Back to Black in 4Q
Liquefied petroleum gas (LPG) carrier and tanker owner StealthGas has reported revenues of $38.4 mill in the fourth quarter of last year, an increase of 2.4% compared to 4Q16.
SeaBird Exploration Bags Contract in West Africa
Cyprus-based provider of marine 2D and 3D seismic data and associated products and services to the oil and gas industry, SeaBird Exploration has signed an agreement…
Total Lubmarine debuts Environmentally Lubricant
Total Lubmarine has announced the introduction of a new grease product: BIO OG PLUS – an innovative addition to an already comprehensive Environmentally Acceptable Lubricant (EAL) range.
New Ships’ Routing Systems in Kattegat
The IMO NCSR Sub-Committee has approved the Danish Maritime Authority’s proposal for new ships’ routeing measures, thereby bringing new routes in the Skagerrak and…
Dry Bulk Market Looks Up: J. Lauritzen
Both the dry bulk market and the market for small gas carriers are anticipated to benefit from the expected rise in economic activity in 2018, more so as supply…
BIMCO Relaunches Ship Benchmarking System
BIMCO relaunches ship benchmarking system Shipping KPI after two years of redesign. The system helps shipowners and managers make strategic decisions about their fleet.
CMA CGM Plans Multi-Temperature Logistics Facility at DP World
CMA CGM, a world leader in maritime transport, is to take a long-term lease and invest in a build-to-suit, multi-temperature warehouse facility at DP World London Gateway Logistics Park.
PIL, PSA, IBM Conclude Successful Blockchain Trial on Chongqing-Singapore Route
Singapore’s Pacific International Lines (PIL), port operator PSA International, and technology giant IBM Singapore have concluded a successful blockchain trial,…
Huntington Ingalls Shipbuilder Nears Completion of Future JFK Aircraft Carrier
Huntington Ingalls Industries announced that its Newport News Shipbuilding division has built 70 percent of the structures necessary to complete the nuclear-powered aircraft carrier John F.
GE Transportation to Supply Freight Locomotives to Ukraine in USD 1bln Deal
GE Transportation signed a $1 billion framework agreement in Ukraine, marking a major milestone in the country’s efforts to modernize its transportation infrastructure…
Nordic American Tankers Signs TC with Major Oil Firms
In the autumn of 2017, Nordic American Tankers (NAT) advised you of our time charter activities/contracts with oil companies such as Shell, BP, ExxonMobil and other…
France Ratifies Fishing Vessel Safety Treaty
Efforts to increase global fishing vessel safety have received a boost with France becoming the ninth State to ratify International Maritime Organization (IMO)'s Cape Town Agreement.
All Aboard for Hedge Funds as Trade Tide Lifts Shipping
Forced to abandon ship after mistiming their investments five years ago, hedge funds are venturing back in a bid to profit from growing global trade flows. Around 90 percent of traded goods by volume are transported by sea and global shipping sectors, including dry bulk, are on course for a recovery this year after a near-decade long crisis, ratings agency S&P said in a report last week. The IMF has forecast GDP growth at 3.9 percent for 2018 and 2019 versus 3.7 percent last year…
IMO Rules a Cliffhanger for Oil Storage -Vitol's Chris Bake
Vitol executive committee member Chris Bake says a big question facing oil storage sector is how world handles new International Maritime Organisation rules for cleaner shipping. New IMO rules to slash the use of high sulphur fuel oil in global shipping will come into effect in 2020. "It's going to be more and more difficult to burn that fuel oil with more economies going to natural gas for power," he said. "(Lower sulphur) marine gasoil has to build ahead of 2020.
