Higher Panamax Rates Prop Up Baltic Index
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, edged higher on Friday, as a rise in demand for panamax vessels more than offset a drop in capesize rates.* The overall index, which factors in rates for capesize, panamax and supramax vessels, rose three points, or 0.2 percent, to 1,723 points.* The index gained about 2 percent for the week.* The panamax index rose 38 points, or 2.6 percent, to 1,485 points.
Mitsubishi to Acquire 25% Take in Bangladesh LNG Terminal
Japan’s Mitsubishi Corp has agreed to take a 25% interest in Summit's Bangladesh LNG import terminal project - which will be the country's second such terminal.The other 75% of the Summit LNG terminal will remain with Summit Corp.Mitsubishi is planning to help in the development of an offshore receiving facility in the country. It will also develop a liquefied natural gas (LNG) receiving terminal that uses a floating storage and regasification unit (FSRU) in Bangladesh.Under the project…
Port of Oakland to Begin Seaport Logistics Complex
A freight distribution center placing high-demand logistics capability inside a global trade gateway will soon take shape here. The Port of Oakland said today that work should begin this fall on a long-awaited Seaport Logistics Complex.The complex is envisioned as a cargo-handling campus that could change the trajectory of Port business. Currently a West Coast terminus for Transpacific trade vessels…
Golden Ocean Group Reports Profit in Q2
Golden Ocean Group Limited (GOGL) reported a net income of $9.0 million for the second quarter of 2018, compared to net loss of $12.0 million for the second quarter of 2017.The Norway based dry bulk shipping company has entered into a $120 million loan facility to refinance 10 vessels on favorable terms. It delivered the Golden Eminence, a Panamax vessel, to her new owner in early August 2018.The company…
Choice Ballast Solutions Chosen for Scorpio Tanker Retrofits
Choice Ballast Solutions was recently contracted by Scorpio Ship Management S.A.M., as agent for certain vessel-owning subsidiaries of Scorpio Tankers Inc. to provide…
KOGAS Invests $8.84bn in LNG, Hydrogen Projects
South Korean state-owned Korea Gas Corporation (KOGAS) will invest 10 trillion won (US$8.84 billion) by 2025 to expand its natural gas capacity and infrastructure for hydrogen vehicles and other clean energy sources, reports Yonhap.Kogas, which has a monopoly on domestic natural gas sales, unveiled a long-term business plan on the 35th anniversary of its foundation as it expects to play a greater role under the government’s energy transformation policy.
Samsung Heavy Industries to Build Two LNG Carriers for Celsius Tankers
South Korean shipbuilder Samsung Heavy Industries (SHI) booked an order from Denmark’s Celsius Tankers for two liquefied natural gas (LNG) carriers, securing an option for further two vessels.A press release said that SHI won a newbuilding contract for two 180,000㎥ LNG carriers from a European shipowner Celsius Tankers. The price is 187 million USD per vessel. The LNG carriers would be equipped with Mark-Ⅲ Flex type containment system with re-liquefaction to lower BOR.
Wing Inflatables Secures New Certificates
Arcata-based Wing Inflatables, Inc. announced it has recently been awarded two certifications that will help to continue its growth.Wing is now ISO 9001:2015 certified, attesting that the company’s quality management system and the knowledge of its employees have met rigorous international-standard requirements. This designation reflects Wing’s values of continuous improvement, quality processes and products…
Container Shipping Bankruptcy Lends Insight on Potential Fallout from Trade War
Global trade tensions have captured headlines in recent months, as the imposition of a series of tariffs and counter-tariffs by various global trade counterparts has raised questions about the possibility of a trade war. Such development could potentially have an impact on global trade flows, and, consequently, the companies which facilitate international movement of goods.Though the situation is still developing and the final impact is uncertain, Gregory Draco, the Chief U.S.
LNG Bunker Barge Completes Trials
Harvey Gulf announced the successful completion of liquefied natural gas (LNG) trials for the Conrad-built 2,200 cubic meter bunkering barge, Clean Jacksonville, using Harvey Gulf’s LNG Bunkering Facility in Port Fourchon, La.The box shaped barge arrived 15 days ago to the Harvey Gulf LNG terminal where Harvey’s LNG staff developed terminal specific procedures for review and approval by USCG. These…
ReCAAP ISC, Philippine Coast Guard Meet on Maritime Safety
ReCAAP Information Sharing Centre (ISC) and Philippine Coast Guard this week co-organised a meeting between government agencies and the shipping industry to enhance maritime safety and security in the Sulu-Celebes seas and waters off eastern Sabah.The meeting brought together key littoral stakeholders including relevant government agencies in the Philippines, the Philippine shipping industry, the Indonesia Coast Guard (BAKAMLA)…
Maersk to Pursue Separate Listing of Maersk Drilling
Danish shipping company A.P. Moller-Maersk has decided to pursue a demerger with its offshore drilling operation Maersk Drilling via a separate listing of Maersk Drilling on Nasdaq Copenhagen in 2019.Maersk Drilling will become a stand-alone company next year as its parent company continues its exit from the oil and gas business.Having evaluated the different options available for Maersk Drilling, A.P.
Team Tankers Back into the Black
Bermuda-based chemical tanker company Team Tankers International managed to return to profitability in the second quarter of 2018, as 14 new ships from recent acquisitions boosted earnings.The company posted a net income of USD 4.4 million in Q2 2018, compared to a net loss of USD 7.3 million in Q1 2018 and a net loss of USD 7.1 million in Q2 2017.The average time charter equivalent rate for the fleet was $11…
Stena Blue Sky Delivers First LNG Cargo in China
The LNG carrier Stena Blue Sky was historical when it delivered its cargo to the first privately-owned LNG terminal in China.Chinese gas distributor, ENN invited the LNG carrier to become the first vessel to unload at the new Xin’ao Terminal in Zhoushan, Ninbo region on 8th August 2018.Chinese companies build their own LNG terminals and import the fuel directly because they aim to meet higher demand and reduce their dependence on supplies of LNG from state-owned companies.
Mercuria Energy Takes 30% Stake in Aegean Marine
Mercuria Energy Group and Aegean Marine Petroleum and have signed a Memorandum of Understanding (MoU) making Mercuria the only lender to Aegean. Both are working towards landing a billion dollar credit deal and closer collaboration.Mercuria and Aegean have executed a letter agreement detailing the US$30 million of incremental liquidity Mercuria is providing to the Company by way of amendments and…
Port Klang Authority Hikes Container Tariffs
Port Klang Authority (PKA) announced that the 2nd phase of the increase in Port Klang’s container tariff which was due to be implemented on 1st September 2018, will be deferred to 1st March 2019.The tariff review was approved in 2015 whereby an increase of 30% was to be carried out in two phases. The increase was gazetted via PKA Scales of Rates, Dues and Charges Bylaws 2015 and was notified to all…
DHT Holdings Raises Fresh Funds
The crude oil tanker company operating a fleet of crude oil tankers in the VLCC, Suezmax and Aframax segments, DHT Holdings has reached agreements to exchange existing convertible notes due 2019.DHT Holdings has entered into separate, privately negotiated exchange agreements with certain holders of its outstanding 4.5% Convertible Senior Notes due 2019 to exchange approximately $67.5 million aggregate…
Japan, Russia Join for Trans-Siberian Rail Transportation
Japan and Russia plan to officially develop a freight transport route between the two countries via the Trans-Siberian Railway, the Yomiuri newspaper reported.The report said that the two governments aim to foster mutual economic cooperation by energizing the “third distribution channel,” after sea and air routes.Now cargo between Japan and Russia are delivered mainly either by air or by sea. According to the Japanese Ministry of transport…
Port of Everett Begins Wharf Modernization Project
The Port of Everett hosted a groundbreaking to commemorate the start of construction on the Port’s South Terminal Modernization project – the largest capital project in Port history by dollar value, and the largest maritime construction project on the West Coast.The $36 million South Terminal Modernization project will ensure the Port’s facilities are ready to support the next generation of over-dimensional cargo…
US, Iraq, Kuwait Complete Trilateral Exercise
The U.S. Navy and Coast Guard completed a trilateral exercise with Iraqi navy and Kuwaiti navy partners in the Northern Arabian Gulf, August 15.The exercise focused on improving collective proficiency in maritime security tactics between the three nations and ensuring the freedom of navigation throughout the U.S. 5th Fleet area of operations. Participants included the guided-missile destroyer USS The Sullivans (DDG 68), U.S. coastal patrol ships USS Tempest (PC 2) and USS Chinook (PC 9), U.S.
