Dry Bulk Shipping: Improved Frieght Rates Despite Continues Fleet Growth
On 10 February 2016, the Baltic Dry Index (BDI) hit 290. At that point, a bulk carrier regardless of its size, age and fuel-efficient qualities earned a time charter average of USD 2…
Tanker Shipping: Signs of Weakness are Appearing, But Still Money to be Made
Supported by slow fleet growth and ongoing positive refinery margins, VLCC earnings in Q1-2016 were up from a year ago, but down from Q4-2015 as we expected at $58…
No Merger for Ailing Korean Shipmakers
The South Korea government plans to drop its forceful measures to push ailing local shipbuilders to merge with each other as mergers or additional cash outlays to Hyundai Heavy Industries (HHI)…
Cosco Sinks into the Red
Singapore-listed ship repair, marine engineering and dry bulk shipping company COSCO Corporation (Singapore) Limited has recorded a net loss of USD 11.7 million in the first quarter of 2016…
Mozambique's Tuna Fleet Rusts as an African Success Story Fades
The 24 fishing boats rusting in the harbour of Mozambique's capital were meant to be a modern tuna fleet that would rake in hard currency, create jobs and provide…
Indonesian Approved $1.5 bln of O&G Projects from Jan-Apr
Indonesia's upstream oil and gas regulator, SKK Migas, approved development plans for 18 oil and gas projects from January to April, with a total investment of $1.496 billion…
China April Oil Imports Rise 7.6 pct
China's imports of crude oil rose 7.6 percent in April from a year ago, customs data showed on Sunday, lifted by continued strong demand from domestic private refiners.
Yilport Assumes Full Control of Gävle CT
Yilport Holding acquired 100% shares of Gävle Container Terminal (GCT) and Baltic Sea Gateway (BSG). The signing ceremony took place in Gävle, Sweden on 2 May 2016.
GSL Patrol Boats for Mauritius Coast Guard
Mauritius is an island nation in the southwestern Indian Ocean. The country has just 2,040 square kilometers of land on several islands but a huge exclusive economic…
Chinese Fishing Boat, Cargo Ship Collision Leaves 17 Missing
Seventeen people were missing after a Chinese fishing boat collided with a Maltese cargo ship and sank in the East China Sea on Saturday, state media reported, citing the country's coastguard fleet.
Scorpio Tankers Reports Commitment for New Loan Facility
Scorpio Tankers Inc. announced it has received a commitment from NIBC Bank N.V. for a loan facility of up to $44 million. The loan facility, subject to customary…
India's Directive on Container Weight Verification Next Week
Directorate General of Shipping will issue guidelines for the Safety of Life at Sea Convention (SOLAS) convention on container weight verification next week, said Deepak Shetty…
Rolls-Royce Implements Shipdex for Tunnel Thrusters
Rolls-Royce Marine has implemented Shipdex as the data standard for its range produced in Ulsteinvik, Norway, representing the third Rolls-Royce Marine products to adopt the Shipdex standard.
IBIA Develops Bunkering Procedure Guidelines
A set of Standard Operating Procedures (SOP) for surveyors has been developed by the International Bunker Industry Association (IBIA) to help the industry manage new regulations…
Strikes Cause Stoppage in Greek Ports
A 48-hour strike by the Seamen’s Union in Greece is expected to affect all domestic and local ferry routes as well as commercial vessels calling at Piraeus, Aspropyrgos…
This Day In Naval History: May 6
1860 - The sloop-of-war Portsmouth, commanded by John Calhoun, captures the slaver brig Falmouth off Porto Praya. 1908 - The Great White Fleet anchors in San Francisco Bay, Calif. The fleet is delayed from its round-the-world cruise after both Rear Adm. Robley D. Evans and Rear Adm. Charles M. Thomas fall ill. On May 15, Rear Adm. Charles S. Sperry assumed command and completes the cruise ending Feb. 22, 1909.
Crewboat Built with Italian Flair
There is something about Italian products, from consumer goods to industrial objects, that carries a stylistic flair. This is well represented in the cruise ships of the Fincantieri Shipyard, such as the 2015-delivered Britannia. More recently this flair for design and quality construction is evident in the 2016-delivered fast supply vessel Blue Brother from Cantiere Navale Vittoria SPA of Adria, on the Canal Bianco which connects to the Po River in the province of Rovigo, Italy.
Byrne & Jones Acquires Midwest Foundation
St. Louis-based Byrne & Jones Construction informs it has acquired Midwest Foundation, a Peoria, Ill. marine construction services company. Midwest Foundation installs piling foundations and serves the bridge construction industry including demolition, construction and repair, also providing dock repairs, lock and dam rehabilitations and equipment leasing. Its marine division has a fleet of 16 barges and two tugboats…
ABS’ Wiernicki Addresses SUNY Maritime Grads
ABS Chairman, President and CEO Christopher J. Christopher J. Wiernicki, Chairman, President and CEO of ABS, addressed State University of New York (SUNY) Maritime College graduates, their families, faculty members and guests at the college’s commencement ceremony on May 6. “I am honored to share real leadership lessons that these bright graduates may apply beyond the boardroom,” Wiernicki said at the ceremony, which saw approximately 300 students graduate inside Fort Schuyler.
Moody's Dings Hurtigruten's Outlook Due to Newbuilds
Moody's Investors Service, (Moody's) issued a press release affirming the B2 corporate family rating (CFR), B2-PD probability of default rating, and the B2 senior secured rating of Silk Bidco AS (Hurtigruten), the full owner of Norwegian cruise operator Hurtigruten ASA. While the ratings have been affirmed, the outlook has been changed to stable from positive. "The change in outlook to stable reflects…
