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Zamakona Inks Agency Deal with Stewart Group

Zamakona Yards has signed an agency agreement with the Stewart Group, owned by RS Platou&Clarksons, the shipyard announced.   The agreement will see the Stewart Group will offer its customers Zamakona Yards repair and maintenance services both afloat and in our shipyards.   The Stewart Group was founded in 1922 by Samuel Stewart and was purchased in 2008 by the Platou Group. Subsequently the Platou/Stewarts group has been purchased by Clarksons in 2015. It operates globally with major offices in Aberdeen, London, Accra, Cape Town, Singapore and Houston.  


Scorpio Bulkers Raise Scope of IPO

Image courtesy of Scorpio Bulkers

Scorpio Bulkers Inc. say it has increased the size of its public offering from the initially announced 15,500,000 common shares to 31,300,000 common shares for gross proceeds of $305,175,000. The Company has granted the underwriters a 30-day option to purchase up to 4,695,000 additional common shares, and they say they plan to use all of the net proceeds of this offering to fund newbuilding vessel capital expenditures.


Analysts: Demand for LNG Tankers Decreasing

Excess capacity in the global fleet of liquefied natural gas carriers will be at its highest this decade in 2008, as a growing worldwide fleet results in lower utilization rates, according to the Royal Gazette. Demand for LNG tankers has deteriorated markedly as a result of a large increase in fleet supply partly caused by speculative orders for new ships, industry analysts pointed out. Utilization of the LNG fleet will fall to 77


Crude Carries Pricing, Initial Public Offering

Crude Carriers Corp. announced that it has priced its initial public offering of 13,500,000 common shares at $19 per share. The underwriters have an option to purchase up to an additional 2,025,000 common shares to cover overallotments. Crude Carriers Corp. will use substantially all the proceeds from the offering, together with a $40m capital contribution from Crude Carriers Investments Corp., to acquire one 2006-built high specification Suezmax vessel from Capital Maritime & Trading


Mideast Crude Tanker Rates Struggle in Ship Glut

Crude oil tanker earnings on the major Middle East route were steady this week, helped by light bookings although rates have yet to rebound after a recent surge late last month. The world's benchmark VLCC export route from the Middle East Gulf (MEG) to Japan <DFRT-ME-JAP> on Thursday reached W42.57 in the worldscale measure of freight rates, or $14,080 a day when translated into average earnings, the latest Baltic Exchange data showed.


Braemar to Buy Shipbroker peer ACM; M&A Activity Heats Up

Braemar chief executive James Kidwell.

Braemar Shipping Services will buy fellow British shipbroker ACM Shipping Group in the latest industry shake-up as players look to grow after years of freight market turmoil. In the biggest deal to date, Braemar, whose businesses include ship broking, said on Tuesday it had agreed to acquire the entire share capital of ACM. "What this transaction is about is growing our shipbroking presence collectively," said Braemar chief executive James Kidwell.


Shipping Lines Estimate Costs to Rise

Bloomberg reported that Neptune Orient Lines Ltd. and 11 of the largest shipping companies plying the Pacific Ocean said costs of moving cargo to the U.S. in 2006 will rise 7 percent on higher fuel prices, which may spur them to raise freight rates. The cost of transporting containers by trucks and railways will increase as much as 25 percent, the 12-line Transpacific Stabilization Agreement, whose members ship about 70 percent of trans-Pacific trade, said in a statement today.


Ship Glut Burdens LNG Tanker Market, Slashes Profits

LNG carrier rendering courtesy of MOL

By Jonathan Saul and Oleg Vukmanovic, Reuters Deliveries of new gas tankers have created a glut that is threatening to tip some operators into losses, just as other shipping markets emerge from their worst downturn in decades. The liquefied natural gas (LNG) tanker market was until recently the only bright spot in an otherwise depressed freight industry. A global surge in the demand for gas, led by Japan in 2011, boosted trade


RS Exhibits at Kormarine 2013

Pavel Shikhov

Russian Maritime Register of Shipping (RS) will participate in Kormarine 2013 in Busan, Republic of Korea, one of the largest international exhibitions of maritime industry. On 22-25 October the foremost exhibition of the maritime industry in Asia will gather leaders of shipbuilding industry. RS will undertake a scaled-up participation in this event. The first RS office opened in Korea in 1996 was originally oriented to render its assistance to ships in service in the first place


Essar Ports Profit Jumps 15%

  Essar Ports Limited today announced its unaudited results for the full year and quarter ended March 2015. Key Highlights: ·         Essar Ports takes over the Vizag Iron Ore outer harbor terminal with 2 berths on 14th May 2015. Existing operational terminal with no gestation period. Refurbishment of terminal to happen alongside operations. Financial Performance for  FY’15


Weaker Panamax Rates Weigh on Baltic Index

File photo: Star Bulk

The Baltic Exchange's main sea freight index fell slightly on Monday, as sliding panamax rates offset gains in capesize earnings.   The Baltic index, which tracks rates for ships carrying dry bulk commodities, was down for the sixth straight session.  


Baltic Exchange Names Sykes Chief Commercial Officer

 The Baltic Exchange has appointed a new chief commercial officer; Janet Sykes, former head of communications at shipping services provider Clarksons Platou, will join the Baltic Exchange on July 3.   Sykes worked at Clarksons Platou between 2010 and 2017 where she was responsible for


Baltic Index Slides for 4th Straight Day

© jcfmorata / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for the fourth straight session on Thursday, pressured by lower panamax vessel rates. The overall index, which factors in rates for capesize, panamax


Baltic Index Up On Higher Capesize Rates

© norinut / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, crawled up for the second straight session on higher rates for capesize vessels. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels


Baltic Index Halts 13-session Losing Streak

© bergamont / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, edged up on Monday to snap a 13-session losing streak, supported by firmer demand for capesize vessels. The overall index — which considers rates for capesize, panamax


Maritime Professionals Ask the Hard Questions

MOB and RS & WBV Workshop Presenters Collage v1.jpg

More than 80 maritime professionals attended two unique one day events focused on the sub IMO / sub 24 meter sector in Southampton this April.    The fast moving and dynamic one day workshops brought together an international group of experts armed with the latest knowledge to identify


Weaker Vessel Rates Weigh on Baltic Index

© Eugene Sergeev / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for the tenth straight session on Tuesday, hurt by weaker rates across all vessel segments. The overall index, which factors in rates for capesize, panamax


Lower Rates for Bigger Vessels Drag Baltic Index Down

© Volodymyr Kyrylyuk / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for the ninth consecutive session on Friday, weighed down by lower rates for larger vessel segments. The overall index — which factors in rates for capesize, panamax


Baltic Index Down For Sixth Straight Session

© Hellen Sergeyeva / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for the sixth consecutive session on Tuesday on lower rates for larger vessel segments. The overall index, which factors in rates for capesize, panamax


Baltic Index Falls to Weakest Since Mid-December

© norinut / Adobe Stock

The Baltic Exchange's main sea freight index marked its biggest percentage decline since mid-December on Friday as rates for larger vessels dipped due to limited activity. The Baltic index, which tracks rates for ships carrying dry bulk commodities, was down 3.86 percent.


Diana Prices USD 70 mln Public Offering

Photo: Diana Shipping Inc

 Diana Shipping, a global shipping company specializing in the ownership of dry bulk vessels,  announced that it has priced its previously announced underwritten public offering of 17,500,000 common shares, par value US$0.01 per share, at a price of US$4.00 per share.   


Essar to Develop LNG Terminal at Haldia

Photo: Essar Official FB Page

 India's Essar Ports has won a contract to build the first liquefied natural gas (LNG) terminal in West Bengal  under the Kolkata Port Trust (KoPT) at an investment of Rs 450 crore (USD 70 million).   A Press Trust of India report said that the LNG project is expected to be


Indian Ports Register 6.79% Growth in Traffic

Image: Indian Ports Association (IPA)

 The twelve major ports under the Ministry of Shipping, India handled a record 647.43 MT of traffic in 2016-17, registering an annual growth rate of 6.79 percent, as against 4.32 percent last year.    With this, these ports have out- performed private ports for the second


Baltic Index Rises as Panamax Rates Hits High

© fresh_water / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Wednesday as panamax rates surged to their highest in over three years and capesize activity firmed up. The overall index, which factors in rates for capesize, panamax


India to Establish Multimodal Terminal in Jharkhand

Indian Prime Minister, Narendra Modi. Photo: PIB

 Prime Minister Shri Narendra Modi has laid the foundation stone of the multi-modal terminal at Sahibganj, Jharkhand.    The terminal at Sahibganj is an important component of the Jal Marg Vikas Project (JMVP) for the augmentation of the navigation capacity of National Waterway-1






 
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