DP World Gross Volume Up 4.8% for 1H 2018
Dubai-based port and terminal operator DP World said that its gross volumes rose 4.8 percent to USD 35.6 billion s for the six months to 30 June 2018, despite uncertainties in the container market. On a reported basis, revenue grew 14.4%.Revenue growth is supported by the volume growth across all three regions and the impact of new acquisitions including Drydocks World LLC (Drydocks), Dubai Maritime City (DMC) and Cosmos Agencia Marítima (CAM).Profit attributable to owners of…
British Ports Association Launches Sustainable Development Resolution
The British Ports Association has published a sustainable development resolution, which commits to supporting the dual aims of a strong and healthy environment and a thriving economy.The BPA represents 350 ports, terminals and port facilities across the UK. UK Ports handle 95% of the UK’s international trade, keeping goods moving in an efficient manner that underpins the UK’s economy. The industry is also highly productive and employs over 101,000 people.Ports are often hubs of regional economic activity and support a wide range of industries including energy…
Swiss Utility in Talks to Buy LNG from Canada's Goldboro Project
Axpo, a Swiss utility and energy trader, said on Thursday it was in talks for a 10-year supply deal with a Canadian company planning to build a liquefied natural gas (LNG) terminal.A sales and purchase agreement would boost the chances that Pieridae Energy would decide to build the C$10 billion ($7.6 billion) Goldboro project, which would be the first LNG export terminal on Canada's East Coast.Canada is rich in oil and gas but has yet to export major shipments of LNG to Asia from its West Coast or across the Atlantic from its East Coast."Under the term sheet with Pieridae Energy…
Top U.S. Trade Official Sees NAFTA 'breakthrough' in Days
U.S. Trade Representative Robert Lighthizer on Thursday said he hopes there will be a breakthrough in NAFTA trade talks in the next few days, as the U.S continues discussions over the North American Free Trade Agreement.Lighthizer made the remarks at White House meeting of President Trump's Cabinet. Trump told Lighthizer he was in no rush for a resolution over the pact: "We’re either going to do a fair NAFTA for us or we're not going to do NAFTA at all."Reporting by Steve Holland
Maersk Signs on to Help Clean up Ocean Plastic
Offshore services provider Maersk Supply Service has signed onto a project that aims to collect tons of plastic waste littering the world's oceans.In the comping months, the Denmark based firm will provide marine support to the Dutch nonprofit The Ocean Cleanup, which will install its first cleanup system in the North Pacific as part of the planet’s first large-scale initiative for collection of floating ocean-plastic debris.Global plastic production has risen steadily since the 1950s. It is estimated that more than 5 trillion pieces of plastic waste now litter all major ocean basins.
Blockchain Benefits Still Murky for Most Commodities Trading
Commodity firms and banks have been diving into blockchain pilot schemes over the last two years but the new technology's application for most trading has likely been over-hyped, a report by Boston Consulting Group (BCG) said.Blockchain, originally the platform behind cryptocurrency Bitcoin, is viewed by some as a solution to inefficiencies, improving transparency and reducing to the risk of fraud. But BCG believes its potential has been exaggerated.A high-tech ledger, blockchain…
New Fuel Rules Push Shipowners to Go Green with LNG
Tough new rules on marine fuel are forcing shipowners to explore liquefied natural gas as a cleaner alternative and ports such as Gibraltar are preparing to offer upgraded refueling facilities in the shipping industry's biggest shake-up in decades.From 2020, International Maritime Organization rules will ban ships from using fuels with a sulphur content above 0.5 percent, compared with 3.5 percent now, unless they are equipped to clean up sulphur emissions. This will be enforced…
Another Ship Carrying US Soybeans Enters Dalian Port
A vessel carrying U.S. soybeans entered China's port of Dalian after sitting off coast since July 24, according to shipping data on Thomson Reuters Eikon on Thursday.The movement of the ship, the Star Jennifer, suggests it is preparing to unload its cargo, the second to enter China this week and incur hefty import tariffs Beijing imposed on U.S. products last month amid an escalating trade row.The unloading follows the departure of Peak Pegasus from the same port on Thursday after discharging its cargo of 70,000 tonnes of U.S.
HudsonAnalytix Grows Security and Cyber Risk Management Team
HudsonAnalytix, Inc. has hired Chronis Kapalidis in London to focus on the enhancement and expansion of the firm’s strategic partnerships in Europe.An innovative researcher from one of the world's leading think tanks who is currently examining maritime cyber risk, Kapalidis brings with him his extensive field experience in maritime security operations in both the physical and cyber domains.“Chronis is a strategic thinker who will contribute the development of current and upcoming products and services in response to the shipping and port industries’ needs…
Boskalis Rethinks Loss-making Transport Operations
Boskalis will terminate loss-making transport activities at its offshore energy division, the Dutch marine and engineering company said on Thursday after posting lower than expected first-half earnings.A resulting one-off charge of 397 million euros ($451.6 million) pushed Boskalis to a net loss of 361.4 million euros, compared with a profit of 75.1 million euros in the first half of 2017. The consensus forecast in a company-compiled poll of analysts was for a profit of 60 million euros.The company aims to position the business at more lucrative areas of the transport and installation market…
Qatar Signs Pact to Expand Maritime Transport Sector
Qatar signed the Indian Ocean Memorandum of Understanding (IOMOU) on Portal State Control during its participation in the 21st Port State Control Committee Meeting held last week in Australia, where a delegation from Qatar’s Ministry of Transport and Communications took part.“Qatar’s membership in the Indian Ocean Memorandum of Understanding will take Qatar’s maritime transport sector from local arena to the international one, leading the region in portal state control field,” said Dr.
Oil Companies Make Few Bids in US Offshore Lease Auction
Oil companies bid on less than 1 percent of the parcels offered in a sweeping U.S. auction of Gulf of Mexico exploration leases on Wednesday, showing tepid interest in the region for the second time this year.Oil giant Exxon Mobil Corp was awarded 25 blocks, the largest of any company, followed by BP Plc with 19 high bids and Hess Corp and Equinor, which each had 16.Smaller companies, including Talos Energy Offshore, Houston Energy and W&T Offshore were among the top ten high bidders. In total, 23 companies bid in the U.S.
Some Russian Ships Stop Cargoes to Ukraine After Tanker Detained
Some Russian ships have stopped transporting cargo to Ukraine, deeming it risky after a Russian tanker was detained in a Ukrainian port as Kiev made good on sanctions against Moscow, two sources at shipowners said.It is the latest fallout from Russia's annexation of the Crimea peninsula in 2014 and the emergence of a pro-Moscow insurgency in eastern Ukraine.The Mekhanik Pogodin oil tanker, under the Russian flag, has been moored in the port of Kherson since Aug. 10, Reuters ship…
Migrant Rescue Ship Arrives in Malta Following Standoff
The Mediterranean rescue ship Aquarius arrived at Valletta harbour in Malta on Wednesday to disembark 141 migrants, ending a five-day tug-of-war between European Union countries which had seen the vessel banned from docking in several ports.The ship, run by the Franco-German charity SOS Mediterranee and Doctors without Borders (MSF), was allowed in after France, Germany, Luxembourg, Portugal and Spain agreed on Tuesday to take in the migrants.(Reporting by Chris Scicluna Editing by Sarah White and Matthew Mpoke Bigg)
Danaos Corporation Slashes Debt
Danaos Corporation, a leading international owner of containerships, has announced the consummation of its previously announced debt refinancing , significantly strengthening the Company's capital structure and reducing its outstanding debt by approximately USD 551 million.The debt refinancing strengthens the Company's financial position through the significant debt reduction, reset financial and certain other credit facility covenants, modified interest rates and amortization profiles and the extension of existing debt maturities by approximately five years to December 31, 2023.
GulfNav Upgrades Fleet to Meet New Environmental Rules
Dubai-based shipping company Gulf Navigation Holding (GulfNav) is upgrading its fleet with new technologies that will help reduce the vessels’ fuel consumption and prepare them for new environmental regulations.Khamis Juma Buamim, Board Member, Managing Director and Group CEO of Gulf Navigation Holding said: "An important investment expense, for which we have allocated a substantial amount of the company’s revenues in this quarter, is the quality upgrade of our ships while they…
VLCC Explodes off Oman Coast
A Shipping Corporation of India very large crude carrier (VLCC) has suffered an explosion in one of its cargo tanks while transiting off the coast of Oman, the shipowner confirmed Tuesday.Three crew members of the 316,409 DWT oil tanker Desh Vaibhav are reported missing, and one person with burn injuries has been evacuated by helicopter, according to a press release issued by the shipowner.The 2005-built Desh Vaibhav was sailing toward Fujairah, UAE when the blast occurred around 9:35 a.m. IST, the shipowner said.
Baltic Index Gains on Higher Rates Across Segments
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, inched up on Tuesday on firmer rates across all vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, rose 16 points, or 0.9 percent, at 1,725 points.The capesize index gained 51 points, or 1.4 percent, at 3,587 points.Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, increased $240 to $26,299.The panamax index rose 23 points, or 1.7 percent, at 1,362 points.Average d
Low Water Still Troubles River Shipping in Germany
Water levels on the Rhine and Danube in Germany remain low after a recent drought and freight vessels cannot sail fully loaded on the rivers, traders said on Tuesday.Rhine water levels have risen after rain in recent days but still remain well below levels that would allow normal sailings, they said.“Most vessels are only sailing about 30 percent full,” one trader said. “The situation is worst in southern sections of the river; a lot more rain is still needed.”The Rhine is an important shipping route for commodities including grains, minerals, coal and oil products including heating oil.
More Ships Adding Scrubbers ahead of 2020
An increase in the number of ships adding cleaning systems to their smokestacks will mean vessels will continue to burn a sizable amount of fuel oil once new sulphur regulations for the fuel go into effect, Vienna-based consultancy JBC Energy said on Tuesday.Ships installed with exhaust gas cleaning systems, known as scrubbers, are expected to burn 600,000 barrels per day (bpd) of high-sulphur fuel oil (HSFO) in 2020 when the new rules from the International Maritime Organization (IMO) start…
North P&I Club Strengthens Greek Presence
Global marine insurer North P&I Club said that Gagan Dhillon will take over Michael Asherson’s responsibilities for the Greek Membership and lead the claims team based in Newcastle.Gagan, a Master Mariner, first sailed in command of a tanker in 2007 before joining North in 2010 and gaining a First Class (Honours) degree in law.Michael Asherson will take up a position as partner with leading South African law firm Shepstone and Wylie in Durban and will leave the Club at the end of August.After 18 years with the Club…
GEA Presents New Marine Separator
GEA presents innovative solutions that combine environmental protection with economy - The new GEA marine Separator increases efficiency on board.The new GEA separator for marine applications massively changes the working day on board. After a service interval of 16,000 operating hours, the compact plug-and-play exchange unit is replaced. No unplanned maintenance is required.The maintenance effort on board is reduced by up to 90% with simultaneous lower maintenance costs and maximum machine availability.
Fishing Vessel Runs Aground near Santa Cruz
Responders are working to remove fuel from the tanks of a 56-foot commercial fishing vessel that ran aground near California’s Monterey Bay National Marine Sanctuary on Sunday.The grounded vessel, Pacific Quest, is broken up and beached near Seymour Marine Discovery Center in Santa Cruz., with a maximum potential capacity of 1,200 gallons of diesel on board, according to the U.S. Coast Guard.The captain of the fishing vessel contacted Coast Guard Sector San Francisco watchstanders at approximately 2 a.m. Sunday, reporting that his vessel ran aground with only himself and his dog aboard.
ZEABORN Combines E.R. Schiffahrt and Rickmers
The ZEABORN Group announced it has combined its two recently acquired Hamburg-based ship management companies to form one global brand, ZEABORN Ship Management GmbH & Cie. KG.Bremen-based ZEABORN Group has brought together Rickmers Shipmanagement, which was acquired by ZEABORN in September 2017, and E.R. Schiffahrt, acquired in February 2018. The company will trade under its new name with effect from August 10, 2018.The combined technically managed fleet currently comprises more…
'Hyundai Town' Grapples with Slowed Shipyard and Grim Future
When Lee Dong-hee came to Ulsan to work for Hyundai Heavy Industries five years ago, shipyards in the city known as Hyundai Town operated day and night and workers could make triple South Korea's annual average salary.But the 52-year-old was laid off in January, joining some 27,000 workers and subcontractors who lost their jobs at Hyundai Heavy between 2015 and 2017 as ship orders plunged.To support their family, Lee's wife took a minimum wage job at a Hyundai Motor supplier.
Dutch Superyacht Builders Propelled by Rising Economic Tide
With three lounges, three dining rooms, an open-air jacuzzi, a bar and six luxury cabins, the 50-meter "Aster" is one of Dutch shipyard Heesen's more modest superyachts.The Netherlands, which amassed huge wealth through the technical superiority of European shipbuilders during its 17th century Golden Age, is continuing its maritime tradition by carving out a prominent place in the luxury yacht industry."It's a big year for us," Johan Kaasjager of Heesen Yachts told Reuters at his shipyard in Oss. "We'll have delivery of three yachts this year and still a lot to come.
Peak Pegasus Finally Unloads US Soybeans in China
A vessel carrying U.S. soybeans was unloading its cargo worth at least $23 million at the Chinese port of Dalian on Monday, becoming one of the first shipments to incur hefty new import duties as the trade row deepens between Beijing and Washington.The docking of the vessel after five weeks anchored off China's coast ended long-running speculation over the fate of the cargo, which had captured public attention.China's state grains stockpiler Sinograin confirmed in a fax to Reuters it will pay the additional 25 percent import tariff on its 70,000 tonne cargo of the oilseed.
Seanergy Maritime Holdings Revenue up by 20% in 1H 2018
Seanergy Maritime Holdings Corp. net revenues for six months ended June 30, 2018 were $38.1 million, up 20% from the first half of 2017.The shipping company generated net revenues of $16.8 million for the quarter ended June 30, 2018, an 8% decrease compared to the second quarter of 2017. As of June 30, 2018, stockholder’s equity was $28.6 million and cash and cash equivalents, including restricted cash, was $13 million.Stamatis Tsantanis, the Company’s Chairman & Chief Executive Officer…
Antwerp Port Fire Creates Toxic Cloud
Toxic smoke from a massive smoldering fire has triggered an evacuation in the Port of Antwerp, local media reported.All vessels and business within 6,000 feet from the fire have been evacuated, RTL broadcaster reported.The authorities have reportedly urged the people who live nearby to keep their windows closed due to danger from the toxic smoke.According to RT, Firefighters are still battling the blaze, which produces “poisonous substances.”Some 5,000 tons of nickel sulfide caught fire in a warehouse of one of Europe’s largest seaports…
Wilhelmsen Group Income for 2Q up by 5%
The Wilhelmsen group delivers a slight increase in top line in the second quarter, mainly supported by higher operating revenue in supply services. The positive underlying market trends are expected to continue. The total income for the second quarter was USD 222 million, up 5% from the first three months of 2018.“We note that the positive development in top line in the first quarter continues into the second. Maritime services deliver stable revenue, while supply services record improved income following a seasonal upswing and property sales gains in NorSea Group…
Long Beach Container Volumes Dip in July
The Port of Long Beach saw a decline in container volumes in July compared to the same month a year ago, which hit a historic high that has since been surpassed.The drop, 4.4 percent, was attributed to shipping alliances’ decisions in July to shift vessel deployment and port calls. Port officials also raised concerns that escalating tariffs could slow trade activity — thus far the busiest in the Port’s 107-year history — during the remainder of the year.In total, terminals moved 688,457 twenty-foot equivalent units (TEUs) through Long Beach last month.
Unifeeder Becomes Part of the DP World
Following last week annoucement of acquisition, Unifeeder Group has announced the signing of the agreed acquisition of Unifeeder by DP World.The largest Pan-European feeder and shortsea operator announced in a press release that it will benefit from DP World’s global scope, size and presence which in turn will enable Unifeeder’s brands to expand further and beyond present geographies and products.Unifeeder will continue to operate on a fully independent, multi-user basis under its current existing management, and expects to see additional growth as a consequence of the transaction.
Hapag-Lloyd to Accelerate Digitalization as it Doubles 1H 2018 Loss
The the first half year 2018 net loss of Germany's Hapag-Lloyd is more than doubled to UER 100.9 million ($116 million) from EUR 42.7 million (USD 49 million) a year ago.The shipper attributed this loss to rising fuel costs and the slow recovery in freight rates diluted the synergies from the German ocean carrier’s merger with United Arab Shipping Company."The first half of 2018 was shaped by clearly increasing fuel costs, higher charter rates and a slower than expected recovery of freight rates.
Yang Ming Sinks into Red
Taiwanese ocean carrier Yang Ming Marine Transport Corporation (Yang Ming) registered a net loss of NTD3.81 billion (USD 129.1 million) for Q2.However, the Q2 consolidated revenues total NTD33.6 billion (USD1.14 billion) was up 1.12% from the same period in the previous year. The business volume of 1.29 million TEUs rose 11.84% year-on-year.In the meantime, for the first half of 2018, Yang Ming’s consolidated revenues totaled NTD64.6 billion (USD2.19 billion), up 1.81% compared with the same period in the previous year.
Gulf of Guinea Plans to Enhance Maritime Security
International Maritime Organization (IMO) is supporting countries from the Gulf of Guinea region in their plans to enhance maritime security.Participants from 10 countries - Benin, Cabo Verde, Cameroon, Cote d'Ivoire, Gabon, Ghana, Guinea, Liberia, Senegal and Togo, as well as international partners such as INTERPOL and the UK Foreign and Commonwealth Office - are taking part in a workshop in Monterey, USA (6-10 August) on developing and refining their work plans. This includes…
Hapag-Lloyd Deepens Cost Cut Drive after H1 Loss Widens
German shipping company Hapag-Lloyd said it accelerated cost cuts in the first half of 2018 to offset higher operational costs from fuel costs, charter rates and a slow recovery in freight rates."We have implemented additional measures to recover these costs: we are critically reviewing the economic viability of our ship systems and are further optimising our terminal contracts," Chief Executive Rolf Habben Jansen said.Its shares rose 2.6 percent in early trades.Freight rates fell 45 percent, causing Hapag-Lloyd's first half net loss to widen by 58 percent to 100.9 million euros ($115.7 millio
Rotterdam Port to Replace Slopes to Clean-up of Oil Pollution
The Port of Rotterdam Authority is to replace a section of the slopes stretching over more than 9 kilometres that have been contaminated by the Bow Jubail oil spill.The Port Authority announced earlier that the damage resulting from the oil spill is estimated at around 80 million euros. The Port Authority will recover this damage from Odfjell, owner of the leaking Bow Jubail.“We will do everything in our power to recover these damages. Society here cannot be left to pay for this…
WFW Advises CMBFL on Sale, Leaseback of 15 Dry Bulker
Watson Farley & Williams (WFW) has advised CMB Financial Leasing (CMBFL) on a US$180.4m sale and leaseback transaction with Star Bulk Carriers Corp, a Nasdaq-listed global shipping company providing worldwide seaborne transportation of dry bulk cargoes.The funds obtained by Star Bulk under this new five-year capital lease of US$180.4m entered into with CMBFL were used to part-finance the cash portion of the consideration with regards to Star Bulk’s acquisition of 15 dry bulk vessels from Norwegian shipowner Songa Bulk ASA.Founded in 2008…
Euronav Updates on Gener8 Merger
The acquisition of Gener8 resulted in the recognition of a gain on bargain purchase on business combination of USD 36.3 million being recorded in the consolidated statement of profit or loss in the second quarter, says Euronav.The largest NYSE listed independent crude oil tanker company in the world said that it booked a gain on bargain purchase as a result of the Net Assets acquired being higher than the consideration paid.Paddy Rodgers, CEO of Euronav said: "Completion of the…
Star Bulk Carriers Back in Black
Star Bulk Carriers has announced a net income of US$10.73 million for the second quarter of 2018, a significant improvement over the company’s net loss of US$10.28 million for the same period last year.The global shipping company focusing on the transportation of dry bulk cargoes said that voyage revenues for the quarter totalled US$132.6 million, almost double the US$78.6 million generated in the second quarter of 2017.Petros Pappas, Chief Executive Officer of Star Bulk, said…
MarAd Awards $4.8 Mln for Marine Highway Projects
Nearly $5 million in grant funding awarded this week will help enhance existing marine highways serving ports in Louisiana, Virginia, New York and Connecticut, and support the development of new container-on-barge services in Kentucky and Rhode Island.On Wednesday, U.S. Department of Transportation Secretary Elaine L. Chao announced $4,872,000 in grants for six projects through the Maritime Administration’s (MARAD) Marine Highway program, works with public and private stakeholders to support the expanded use of navigable waterways to relieve landside congestion…
Rolls-Royce Unveils Stabilizer for Ice Class Ships
The latest version of Rolls-Royce stabilization systems adds the potential for ice class ships to benefit from the company’s Stabilization-at-Rest (SAR) concept.The SAR system, incorporated to both the Aquarius and Neptune ranges of Rolls-Royce retractable stabilizers, employs active fin control technology and advanced hydrodynamic design to deliver higher levels of roll reduction when the vessel is at rest, and also maintaining stabilization performance while underway.In the new design…
Italy Uncovers Massive Load of Hash in Ship's Fuel Tanks
Italian police said on Thursday they found 20 tonnes of hash worth as much as 200 million euros ($232 million) in the fuel tanks of a Panama-flagged ship that was stopped in international waters and escorted to Sicily.The entire 11-person crew, all from Montenegro, was arrested for international drugs trafficking, Italy's finance police said in a statement.The research and survey vessel Remus left the Canary Islands bound for Egypt and Turkey, but police surveillance showed it had turned off its position transmitter near the coast of North Africa…
Japan Spot LNG Contract Price Hits 5-month High
The average contract price for spot liquefied natural gas (LNG) cargoes for shipment to Japan last month hit a five-month high of $10.00 per million British thermal units (mmBtu), Japan's trade ministry data showed on Thursday.Asian spot LNG prices held around $10 last month as a heatwave gripped Japan and high temperatures swept across South Korea and parts of China, boosting cooling demand.The average price of spot LNG cargoes that arrived in Japan last month was $10.30 per mmBtu.METI surveys spot LNG cargoes bought by Japanese utilities and other importers…
CWT Solar Project in Port of Amsterdam
More than 41,000 solar panels will generate sustainable energy in the Port of Amsterdam for logistics services provider CWT. Spread across five locations, the panels will together form the largest solar project in Amsterdam.In addition to transport and sea shipping operations, CWT is active in the Port of Amsterdam in fields including storage of cocoa and coffee. In order to carry out these activities in a sustainable manner, CWT has opted to use the roofs of its buildings to generate solar power.
Arkon Shipping Rolls-out New Chartering JV
German shipmanager Arkon Shipping has teamed up with a number of compatriot firms to form Arkon Allied Container (AAC), a new chartering joint venture.AAC was founded by Arkon Shipping together with the shipping companies Jüngerhans, Wessels, HS Schiffahrt, Nordic and Jebsen as well as the chartering specialists Ole Gabs and Wolfgang Klodwig.The objective of this foundation is to group the container feeder vessels of the shareholders to a large fleet, to jointly market the vessels…
Vinalines Mulls USD 210mln IPO
Vietnam’s government is targeting to raise VND4.89 trillion ($210 million) from an initial public offering (IPO) of Vietnam National Shipping Lines (Vinalines) scheduled on September 5, 2018.According to an official release on Hanoi Stock Exchange (HNX), Vinalines will auction 488.82 million shares, or a 34.8 per cent stake at the price of VND10,000 ($0.4) apiece at the HNX. Its charter capital is estimated at approximately VND14 trillion ($616.7 million).The IPO is part of Vietnam’s broader privatisation programme to increase the efficiency and performance of state-owned firms…
RWO Veolia to Present New Products at SMM
RWO Veolia is presenting its new products RWO-CBM and OWS-Controller at this year's leading trade fair SMM, focusing on the main topics of smart shipping and green technology. The products are milestones in the development of a fully digitalized system maintenance and will already make the operation of water treatment plants on ships and offshore platforms much more efficient, transparent, safe and environmentally friendly. The Bremen-based water specialists will talk about the…
Seized Superyacht Linked to 1MDB Probe Arrives in Malaysia
A $250 million superyacht, impounded as part of a hunt for assets linked to the multi-billion dollar investigation into 1Malaysia Development Bhd, arrived at a port in Malaysia on Tuesday about six months after it was seized.The Cayman Islands-flagged Equanimity was first seized in the Indonesian holiday venue of Bali in February at the request of U.S. authorities investigating 1MDB.The Malaysian state fund is at the center of money-laundering probes in at least six countries, including the United States, Switzerland and Singapore.
Peak Season Promises Better Box Freight Rates -MSI
After a pattern of divergence at the start of the year, July saw a modest realignment between charter and freight markets as liner operators react to cost pressures and the wider industry awaits the impact of the potential trade war between the U.S. and China, according to the latest Container Shipping Forecaster from MSI.Following an impressive run since the end of 2017, timecharter earnings have leveled off in recent weeks, a slowdown that began with smaller feeder vessels and has now spread to larger units.
Norden Lowers Its Expectations for Adjusted Result
Danish shipowner Norden has lowered its expectations for the adjusted result for the year to $0 to 30 million, down from $10 to 50 million, citing a weaker than expected tanker spot market.Norden's expected full-year result for its tanker business has been revised down to a range of -$35 to -20 million (previously -$15 to 5 million) after an adjusted result of -$8 million was recorded for the second quarter. The company said it expects a continued very poor market in the third quarter followed by moderate seasonal improvements in the fourth quarter.As a dry operator…
Chinese Exports Accelerate Even as Trade War Escalates
China's exports surged more than expected in July despite U.S. duties and its closely watched surplus with the United States remained near record highs, as the world's two major economic powers ramp up a bitter dispute that some fear could derail global growth.In the latest move by President Donald Trump to put pressure on Beijing to negotiate trade concessions, Washington is set to begin collecting 25 percent tariffs on another $16 billion in Chinese goods on Aug. 23.In a statement on its official website late on Wednesday, China's commerce ministry criticised the U.S.
Cargo Ship Collides with Yacht off England
Two sailors have been rescued after their yacht collided with a cargo ship off Dungeness, Kent.HM Coastguard received a Mayday from the yacht following the collision which happened just after 4:10 a.m. local time on Wednesday.Dungeness RNLI lifeboat rescued the two from the yacht, and both crew members are safe and well.The yacht become entangled with the superstructure of the cargo vessel and will need to be released, but is thought to be intact.A Maritime and Coastguard Agency spokesperson told MarineLink that there is no evidence of any damage to the cargo ship.The Maritime and Coastguard’s enforcement team and the duty surveyor have been informed and are monitoring the situation. The Marine Accident Investigation Branch has also been notified.
MSC Cruises Pact for USD 1.7bln Loan for New Seaside EVO Ships
Cruise liner MSC Cruises has reached an agreement for an EUR 1.5 billion (USD 1.74 billion) financing for two new Seaside EVO class cruise ships.BNP Paribas, Unicredit and Cassa Depositi e Prestiti will provide EUR 1.5bn in financing for two Seaside EVO class passengerships. The financing syndicate of lenders also include SACE SIMEST, the Italian ECA, fully backing the credit line and stabilising the interest rate.The first ship is expected to be delivered in May 2021 and the second in February 2023.
ICTSI Income Falls as Volume Rises
Philippines-based International Container Terminal Services Inc (ICTSI) has announced a 6% decrease in income in its consolidated financial results for the first half of 2018.However, the port operator saw overall throughput rise 4% to 4.7m teu in the first half compared to 4.5m teu handled in the previous corresponding period in 2017, mainly on robust trade in the emerging markets and contributions from new terminals in Lae and Motukea in Papua New Guinea and the Australian…
WFW Advises ING Bank on USD 220mln Nine Vessel Financing
Watson Farley & Williams (WFW) has advised ING Bank, London Branch (ING) in connection with a US$87m increase to a US$131m loan facility originally granted to Latsco Shipping Ltd (Latsco) to finance the construction of five new high-spec MR product tankers.The increase has been used to up the number of modern tankers being financed to nine, the last of which was financed in May 2018.This now takes Latsco to a fleet of 27 vessels, a significant increase over the past three years since it agreed the original loan facility with ING in 2015.
MOL Blue Ocean Environmental Bonds will be Japan's 1st Green Bonds
Mitsui O.S.K. Lines (MOL) announced a plan to issue green bonds (its 20th and 21st series unsecured corporate bonds) through a public offering in Japan's domestic market. It also announced the acquisition of a second opinion from a third-party institute.Japan's 1st Green Bonds are aimed at individual investors. Green bonds are used to raise funds for businesses aimed at protecting and improving the environment.MOL established the MOL Group Environmental Vision 2030 in April 2017…
Gulfmark Must Choose: Size or Specialty
Coming hot off the heels of July's announcement of a merger deal between offshore services firms Tidewater and Gulfmark, rival Harvey Gulf offered its $836 million fleet in a competing deal to merge with Gulfmark.Now Gulfmark is left to weigh its options.“With a combined fleet size of 274 vessels, a merger between GulfMark and Tidewater would lead to one of the largest OSV fleets in terms of overall size with an average age 10.7 years old,” said Matthew Freeman, VesselsValue Director.
Venezuela Dodges Oil Asset Seizures with Export Transfers at Sea
Venezuela's state-run oil company PDVSA has limited the damage from an unprecedented slump in crude exports by transferring oil between tankers at sea and loading vessels in neighboring Cuba to avoid asset seizures.But the OPEC member nation is still fulfilling less than 60 percent of its obligations under supply deals with customers.Venezuela has been pumping oil this year at the lowest rate in three decades after years of underinvestment and a mass exodus of workers. The state…
Thyssenkrupp, GNYK Team Up for German Warship Tender
Thyssenkrupp Marine Systems and German Naval Yards Kiel (GNYK) have teamed up in the ongoing bidding process for a contract worth several billions of euros to build a new multipurpose warship for Germany, Thyssenkrupp said.The company, responding to a Reuters query, said that GNYK is participating as general contractor in the auction and that Thyssenkrupp Marine Systems would act as subcontractor if their bid is successful.RedaktionsNetzwerk Deutschland (RND), a group representing German newspapers, first reported that both shipbuilders had joined forces.The tender is for Germany's new MKS 180 warship, which is one of the German military's largest armament initiatives and designed to combat targets in the air…
Liberia Introduces Electronic Certificate Security Features
Liberia continues to deploy significant improvements to its state-of-the-art web-based client interface system, WayPoint, by enhancing certificate security features, introducing a QR Code symbol for electronic certificates and streamlining the procedure for document verification.WayPoint was launched in late-2016 to provide the owners and operators of Liberian-flag ships with secure, real-time, user-friendly access to their fleet details, as well as to facilitate International Convention certification applications.
Maersk Cuts 2018 Guidance, Eyes Market Recovery
Danish shipping company A.P. Moller-Maersk slashed its 2018 earnings forecast on Tuesday due to weak second-quarter freight rates and higher prices for bunker fuel, although the downgrade was smaller than feared, analysts said.The world's biggest container shipper also said spot freight rates have restored after a significant drop in the second quarter, and that its volumes are growing in line with the market.Following the unexpected announcement, Maersk's share price initially…
DP World Acquires Unifeeder for $762.6 Mln
DP World, one of the world's largest port operators, said on Tuesday it had acquired 100 percent of Unifeeder Group, a Danish logistics company, for 660 million euros ($762.6 million).The acquisition from Nordic Capital Fund VIII and certain minority shareholders will boost DP World's presence in the global supply chain and broaden its product offering to its customers, shipping lines and cargo owners, DP World said.Based in Aarhus, Denmark, Unifeeder operates a container feeder and a shortsea network in Europe, serving both deep-sea container hubs and the intra-Europe container freight market
Fred. Olsen Energy edges closer to financial restructuring
Norwegian drillship and rig operator Fred. Olsen Energy, owner of the yard that built the RMS Titanic, is considering a debt and equity restructuring that would almost wipe out the value of its current shares, the company said.With debt and liabilities of more than $840 million at the end of June, Fred. Olsen last month stopped paying its creditors to preserve liquidity, making it the latest victim of a slow recovery in the oil and gas exploration sector.The owner of seven drillships and rigs…
Dry Bulk: Capesize, Panamax Rates Dip
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Tuesday on lower rates for capesize and panamax vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 41 points, or 2.3 percent, at 1,732 points.The capesize index slipped 104 points, or 2.8 percent, to 3,550 points.Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, decreased $844 to $26,439.The panamax index fell 34 points, or 2.4 percent, to 1,38
Ports to Acquire Controlling Stakes in Dredging Corporation of India
India's three major ports, including Paradip in Odisha, may acquire a stake in Dredging Corporation of India (DCI) based on availability of surplus funds lying with them."In a meeting chaired by Secretary (Shipping) with Chairmen/Chairmen I/C of Major Ports, held on 18th June 2018, the disinvestment proposal of Dredging Corporation of India Ltd (DCI) was discussed," Minister of State for Shipping Mansukh L Mandaviya informed the Parliament."It was suggested that Visakhapatnam Port Trust (VPT)…
Scorpio Bulkers Gets New Build Financing form Nordic Banks
Scorpio Bulkers announced that it has received a commitment from Nordea AB (publ), acting through its New York branch, and Skandinaviska Enskilda Banken AB (publ) for a loan facility of up to $184.0 million.The loan facility will be used to finance up to 60% of the fair market value of six Ultramax dry bulk vessels (SBI Athena, SBI Thalia, SBI Zeus, SBI Hera, SBI Poseidon and SBI Apollo) and six Kamsarmax dry bulk vessels (SBI Conga, SBI Bolero, SBI Sousta, SBI Rock, SBI Reggae and SBI Mazurka).The loan facility…
California Port to Vote on Hydrogen Fuelling
The Long Beach Board of Harbor Commissioners is scheduled to vote Monday, Aug. 13, on a proposal by Toyota Logistics Services to reconfigure its facility at Pier B and build a renewable fuel-cell power plant and hydrogen fueling station.The study being released by the Port is called an Initial Study/Mitigated Negative Declaration (IS/MND), meaning that no substantial evidence was found that the project would have a significant effect on the environment.Public comment on the proposal…
COSCO-OOIL Merger Has Great Synergy: Xu, Tung
The merger of Orient Overseas (International) Limited (OOIL) and COSCO Shipping Holdings offers can effectively combine the respective strengths of both and optimize our global network, thereby achieving greater economies of scale and synergies, incoming Chairman of OOIL, Captain Xu Lirong, said commenting on the deal.This transaction is a common choice for both sides to follow the development trend of container shipping industry and realize sustainable development, he added."I…
Harvey Gulf Proposes Merger with GulfMark
New York listed offshore services provider GulfMark Offshore, Inc. said it is reviewing an unsolicited merger proposal from rival HGIM Corp. (Harvey Gulf), just weeks after entering a definitive agreement to merge with larger rival Tidewater Inc.Harvey Gulf’s nonbinding competing offer submitted August 1 proposes that it be acquired by GulfMark and the combined company remain publicly listed. GulfMark common stockholders would own 41.2 percent and Harvey stockholders would own 58.8 percent of the combined company…
Saudi Arabia Resumes Oil Exports through Red Sea Lane
Top oil exporter Saudi Arabia said on Saturday it has resumed all oil shipments through the strategic Red Sea shipping lane of Bab al-Mandeb.Saudi Arabia halted temporarily oil shipments through the lane on July 25 after attacks on two oil tankers by Yemen's Iran-aligned Houthi movement.A statement by the Energy Ministry said shipments had resumed on Saturday."The decision to resume oil shipment through the strait of Bab al-Mandeb was made after the leadership of the coalition has taken necessary measures to protect the coalition states' ships…
Kosmos Energy Acquired DGE for $1.23 Bln
Kosmos Energy has agreed to acquire Deep Gulf Energy (DGE) from its private equity owner for $1.23 billion, according to a bourse filing on Monday, expanding the deepwater oil and gas firm's operations into the Gulf of Mexico.Dallas-based Kosmos, which currently operates in Africa and South America, will pay $925 million in cash and $300 million in Kosmos common stock to acquire DGE, with the transaction expected to close towards the end of the third quarter.Acquiring DGE's business will increase Kosmos' production by more than 50 percent to 70,000 barrels of oil equivalent per day (boed) from
Migrant Rescue Ship Won't Take People Back to Libya
Rescue ship Aquarius, which has picked up almost 3,000 migrants from the Mediterranean this year, will carry out rescue missions without waiting for orders from coastguards and will not return people to Libya, its search and rescue head said."When we see there is a vessel in distress, with a high likelihood of people dying, we will go and rescue them immediately as per international maritime law," Nick Romaniuk told Reuters on board the Aquarius.Over the last year coordination…
Stanford Marine in Talks About Sale of Business
Creditors of Stanford Marine Group (SMG), which has links to troubled private equity firm Abraaj, are in talks with three potential buyers, sources familiar with the matter say.Banks are overseeing control of Dubai-based SMG after it failed to meet the terms of its debt obligations due to financial stress linked to a steep fall in chartering rates, the sources said.SMG, which operates offshore supply vessels that service the oil and gas industry, is 51 percent owned by a fund managed by Abraaj.
UASC Sues World Fuel Services
Dubai-based shipowner United Arab Shipping Company (UASC) has filed suit against Miami-based marine fuels provider World Fuels Services (WFS) seeking relief from damages incurred through the bunkering of off-spec fuel oil in 2016, reports Arabian Industry.UASC is seeking relief from damages incurred through the bunkering of the off-spec fuel oil, according to the suit filed in the US District Court for the Southern District of Florida on 27 June, 2018.The Middle East shipping giant claims that on or about 21 September 2016…
DP World: Djibouti Not Recognizing ‘International Rule of Law’
DP World, the fourth biggest port operator globally, issued a response saying Djibouti’s refusal to acknowledge a London Court of International Arbitration ruling demonstrates that the government did not “recognize the international rule of law.”The Arbitral Tribunal of the London Court of International Arbitration, LCIA, confirmed the illegitimacy of the Government of Djibouti’s action of seizing control of the Doraleh Container Terminal from DP World."The Court’s decision upholding…
Höegh LNG Secures Debt Financing for 9th FSRU
Norway's floating storage and regasification unit (FSRU) giant Höegh LNG said it has secured a USD 177 million debt financing for its FSRU delivery unit number 9. The FSRU is scheduled to be delivered in the fourth quarter of 2018. The facility comprises a 12-year tranche of USD 132 million guaranteed by K-SURE (South Korean export credit agency) and a five-year non-amortising commercial bank tranche of USD 45 million. A combination of existing and new lenders are participating…
Hapag-Lloyd on 2020 Low Sulphur Fuel
LSF2020 refers to the new “Low Sulfur Fuel” regulations, which will come into effect on 1 January 2020.These regulations are the biggest of a series of steps by the International Maritime Organisation (IMO) to reduce marine pollution (MARPOL) in response to the threat of climate change.The LSF2020 emission regulations mean ships will have to significantly reduce emissions on the high seas as well as in coastal areas. This change does not only concern Hapag-Lloyd but it challenges the entire shipping industry.
Star Bulk Carriers Completes Acquisition of 16 Dry Bulk Vessels
Star Bulk Carriers Corp. announced that it has consummated the previously announced acquisition of 16 dry bulk vessels in an all-share transaction, from entities affiliated with Augustea Atlantica SpA and York Capital Management.The final consideration for the Augustea Vessel Purchase is 10.3 million common shares of the Company, equal to approximately 11.3% of Star Bulk’s common shares after the closing of the Augustea Vessel Purchase.As part of the transaction, the Company will assume debt of approximately $309 million.Following the closing of the Augustea Vessel Purchase…
Eidesvik Offshore, Wärtsilä Norway and DNV GL Celebrate FellowSHIP
Project partners Eidesvik Offshore, Wärtsilä Norway and DNV GL have announced the closure of the FellowSHIP research project. The cooperation has explored the use of battery, hybrid and fuel cell technology in the maritime industry for over 15 years.“FellowSHIP has been a flagship research project,” states Bjørn-Johan Vartdal, Maritime Programme Director for Technology and Research in DNV GL Group. “The results from FellowSHIP have shaped our knowledge of battery and hybrid power…
Chinese Tariffs on LNG, Oil May Threaten US Energy Dominance
China's targeting of U.S. liquefied natural gas and crude oil exports opens a new front in the trade war between the two countries, at a time when the White House is trumpeting growing U.S. energy export prowess.China included LNG for the first time in its list of proposed tariffs on Friday, the same day that its biggest U.S. crude oil buyer, Sinopec, suspended U.S. crude oil imports due to the dispute, according to three sources familiar with the situation.On Friday, China announced retaliatory tariffs on $60 billion worth of U.S.
Unipec Suspends US Oil Imports as Trade Spat Intensifies
China's Unipec, the trading arm of state oil major Sinopec, has suspended crude oil imports from the United States due to a growing trade spat between Washington and Beijing, three sources familiar with the situation said on Friday.The sources declined to be identified as they are not authorised to speak to the media.It is not clear how long the temporary halt will last, but one of the sources said Unipec has no new bookings of U.S. crude until at least October.Unipec and Sinopec, Asia's largest refiner and biggest buyer of U.S.
Divers Enable Operators to Avoid Unscheduled Dry-Dockings
Vessels’ repair needs do not always match with planned maintenance schedules. With specialist underwater teams, no vessel is far from fast, high-quality repair and refurbishment that enable operators to avoid the potential loss of income related to dry-docking.Technology group Wärtsilä offers marine service and maintenance, regardless of the vessel’s location. Maintenance and repair services performed by specialist divers add to Wärtsilä’s comprehensive service offering and allow for operators to minimize or eliminate vessel downtime.Late last year…
Baltic Index Rises on Firmer Capesize Rates
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Friday, boosted by stronger demand for capesize vessels.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 17 points, or 1 percent, at 1,773 points.The capesize index gained 98 points, or 2.8 percent, to 3,632 points.Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, were up $701 at $27,124.The panamax index was down 44 points, or 3 percent, at 1,447 points.Average d
Amsterdam Port Transhipment Down 4.8% in 1H 2018
Transhipment in the North Sea Canal Area at the seaports Amsterdam, IJmuiden, Beverwijk and Zaanstad declined to 49.4 million tonnes in the first half of 2018, a decrease of 5.1%. The Port of Amsterdam saw transhipment fall by 4.8% to 40.2 million tonnes.In IJmuiden, transhipment declined to 9.3 million tonnes (-4.4%), Beverwijk registered a decline to 282,000 tonnes (-18.6%) and in Zaanstad transhipment fell to 84,000 tonnes (-59.3%).The decline in Amsterdam in the first half of the year was due to two cargo flows: coal and oil products.
MT-FAST Fuel-saving Device Installed on 500 Vessels
MT-FAST, a fuel-saving device jointly developed by NYK Group company MTI Co. Ltd. and Tsuneishi Holdings Corporation, has now been installed on over 500 vessels. Operational data has proven the device to be effective in saving fuel.MT-FAST is a multi-blade device that can be attached to a ship’s hull to improve the propeller's propulsion efficiency.A ship moves forward when the engine rotates the propeller, which sucks in the water in front of it and propels that water backwards, creating the force that pushes the vessel forward.
Israel Warns of Military Response if Iran Closes Red Sea Strait
Israel would deploy its military if Iran were to try to block the Bab al-Mandeb strait that links the Red Sea to the Gulf of Aden, Prime Minister Benjamin Netanyahu said on Wednesday.Last week, Saudi Arabia said it was suspending oil shipments through the strait, on the main sea route from the Middle East to Europe, after Yemen's Iran-aligned Houthis attacked two ships in the waterway.Saudi Arabia and Iran are in a three-year-old proxy war in Yemen, which lies on the eastern side of Bab al-Mandeb.Yemen's Houthis…
Baltic Index Inches Down on Weaker Panamax Demand
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Thursday, pulled down by lower panamax rates, which offset gains by stronger demand for capesize vessels.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down four points, or 0.2 percent, at 1,756 points.The capesize index gained 19 points, or 0.5 percent, at 3,534 points, its highest since Dec. 18. Average daily earnings for capesizes…
Port of Amsterdam Doubles Discount for Green Ships
Port of Amsterdam said the maximum Environmental Ship Index (ESI) discount is doubled for ships with ESI certificates and liquefied natural gas (LNG).For some years Port of Amsterdam has been giving discounts on port dues to vessels listed in the ESI that have attained an ESI score of 20 points or higher."As of 1 August, we will be increasing this incentive by adding another discount: Port of Amsterdam will be doubling the maximum ESI discount for vessels that are in the possession of an ESI certificate and use LNG for their main engine or auxiliary engine…
Container Terminal Utilisation Levels Set to Rise: Drewry
The medium term outlook for global container port demand growth is positive thanks to strong underlying economic momentum across the world’s major economies. While there may be clouds on the horizon in the form of tariff and trade war fears, economic fundamentals are likely to win-out in the long run, according to the Global Container Terminal Operators Annual Review and Forecast 2018 by global shipping consultancy Drewry.Against this positive picture near term container port capacity expansion will remain relatively subdued following several years of under investment…
IMO Workshop on Secure Shipping in Asia
Shipping forms the backbone of world trade, transporting around 80% of global trade by volume. No other method of mass transportation is as cost-effective or fuel-efficient.Each day, around 50,000 merchant ships deliver the things people need and want – from food, to clothes, fuel, raw materials, electronics, medication and more. The security of maritime trade is therefore paramount to people all over the world.One way in which International Maritime Organization (IMO) supports maritime security is through targeted workshops supporting countries to implement IMO measures.
Significant moments in naval architecture & marine engineeringCMA CGM announced in November 2017 that its nine new 22,000 TEU containerships would be equipped with engines fueled by liquefied natural gas (LNG), an industry first. The series' first two vessels are currently being built in China for expected delivery in 2019.The October 2018 edition of Maritime Reporter & Engineering News, the world’s largest audited circulation maritime magazine serving the maritime b2b space,…
35 Seafarers Kidnapped in Gulf of Guinea in 2018 -Report
Nigerian pirates have kidnapped 35 seafarers from vessels in the Gulf of Guinea so far this year, according to security firm EOS Risk Group.Nigeria continues to be the world’s epicenter for piracy activity. From January through June 2018, EOS recorded 34 Nigerian pirate attacks on merchant and fishing vessels in the Gulf of Guinea. These attacks resulted in the kidnap of 35 seafarers for ransom and the hijacking of several vessels, EOS Risk Group disclosed in its half year review…
Trump Bets on New European LNG Terminals
U.S. President Donald Trump expects the European Union to fund 9 to 11 liquefied natural gas (LNG) ports to absorb "vastly" more shipments from the United States but current EU investment in new projects will only help open small markets.In a White House press conference with Italian Prime Minister Giuseppe Conte late on Monday, Trump said part of the U.S.-EU trade talks sought to expand America's reach into the continent's gas markets which were awash in Russian supply."And we are already talking to the European Union about building anywhere from 9 to 11 ports…
Fugro H1 Profit Boosts Shares
Dutch deep-sea prospector Fugro on Wednesday surprised the market with a first-half profit, driven by strong growth in offshore wind projects, sending its shares sharply higher.The company, hit by a downturn in the oil sector in recent years, reported first-half earnings before interest and tax (EBIT), excluding exceptional items, of 4.0 million euros ($4.7 million) compared with a year-earlier loss of 25.3 million euros.Analysts in a poll conducted for the company had on average expected an EBIT loss ex-items of 1.9 million euros.Fugro shares traded in Amsterdam were up nearly 7 percent at 13
France Confirms Fincantieri-STX Shipyard Deal, Cautious on Defense Merger
The French government continues to support Italian shipbuilder Fincantieri's takeover of STX France, finance minister Bruno Le Maire said on Wednesday, but cautioned against hastening a related defense naval merger.Speaking in Rome after a meeting with the Italian government, he told journalists France had not changed its position on the deal, quelling concerns the takeover could be hampered by tenser relations between Paris and Italy's new anti-establishment government.However, he warned against hastening a merger between Fincantieri and French military shipyards operator Naval Group which ha
PSA International Acquires Majority Stakes in Canada Port
PSA International through its subsidiary has acquired 60 per cent of Ashcroft Terminal (AT) , an inland port facility about 300km east of the Port of Vancouver in western Canada, making its first foray into Canada.AT is an inland port facility located approximately 300 kilometres east of the Port of Vancouver (POV).Comprising 320 acres of free-hold industrial land, it is the only major privately-owned industrial property in Canada where both Class 1 railroad lines – including Canadian National (CN) Railway and Canadian Pacific Railway – run through…
India Issues New Guidelines for Investment in Ports
India's Ministry of Shipping has undertaken a diverse set of initiatives as part of its drive to boost profitability across major Indian ports.One major initiative is to improve the returns earned on treasury investments by the ports for pension, provident and surplus funds. Across all major ports, these funds add up to around INR 33,000 crore (USD 4.8 billion), yielding interest of around INR 2,700 crore (USD 394 million)Looking for ways to push this amount further, the Ministry…
EU Okays Operation Atalanta HQ Move to Spain
The headquarters of the EU’s anti-piracy missions off the coast of Somalia will be moved from the UK to Spain next year as EU leaders revealed the latest consequence of Brexit."EU NAVFOR confirms that following the decision from the Council of the European Union the mandate of Operation ATALANTA will continue until 31 December 2020," said a press release. EU NAVFOR Somalia, also known as Operation Atalanta, is a current counter-piracy military operation at sea off the Horn of Africa and in the Western Indian Ocean…
Navios Maritime Containers Acquires a Containership
Navios Maritime Containers, a growth vehicle dedicated to the container sector, announced that it agreed to acquire a 2009-built, 4,563 TEU containership for $13.9 million from an unrelated third party.The vessel is expected to be delivered in Q3/Q4 2018.Based on the current rate environment (Clarksons Research 6-12 month time charter rate for 4,400 TEU vessels of $12,800 per day for July 2018) the vessel is expected to generate approximately $2.1 million of EBITDA over the next twelve months…
Clarksons Targeted in Cyber Attack Last Year
British shipping services provider Clarkson Plc said on Monday an unauthorized third party accessed some of its computer systems in the United Kingdom last year.The unauthorized access to systems from May 31 to Nov. 4, 2017 was gained from a single and isolated user account.
Eni to Invest $1.8 Bln in Offshore Mexican Oil Fields by 2040
Italian oil major expects to invest $1.795 billion in three offshore Mexican oil fields by 2040, according to a development plan approved by Mexico's oil regulator on Tuesday.The plan covering the Amoca, Mizton and Tecoalli shallow water fields is the second one approved by the regulator, known as the National Hydrocarbons Commission (CNH), following a landmark 2013 energy opening that has led to more than 100 oil and gas contracts being awarded in a series of auctions.Eni sees initial crude oil production of 8…
UN says Migrants' Return to Libya by Italian Boat Could be Illegal
A rescue operation in which an Italian towboat rescued more than 100 migrants and returned them to Libya earlier this week may have been in breach of international law, the United Nations said on Tuesday.A spokesman for the U.N. migration agency said it could not establish the location of the rescue, which is key to establishing migrants' rights, although some other parties involved in the case have made contradictory assertions about the incident including where it took place.The rescue coincides with a growing perception among human rights groups that some European countries are taking an increasingly hard line in their efforts to cut the number of migrants arriving on their shores…