Shipping News

23 Oct 2019

Pacific Gas Chooses Inmarsat’s Fleet Xpress

Pacific Rizhao (Photo: Inmarsat)

The largest Liquid Ethylene Gas (LEG) ship owner in China has agreed a commitment to install Fleet Xpress connectivity from Inmarsat, the world leader in global, mobile satellite communications on all its vessels. This will also include Inmarsat’s Fleet Secure Endpoint, the new line of defense in the multi-layered strategy to thwart cyber threats.Pacific Gas has committed to the new Fleet Secure Endpoint solution within the terms of its agreement to install Fleet Xpress across…

23 Oct 2019

Oil Stockpiling Builds Ahead of IMO 2020 Rules

EXXON's Rotterdam Refinery (CREDIT: EXXON)

S-Oil, South Korea's third-largest refiner, said on Wednesday that regional refining margins are expected to improve in the fourth quarter on the back of inventory build-up ahead of implementation of stricter rules on marine fuels in 2020.The refiner, whose top shareholder is Saudi Aramco, said in an earnings statement, strong demand for heating oil was also expected to support refining margins, along with the International Maritime Organization (IMO)'s stricter shipping fuel…

23 Oct 2019

Yamal LNG Tanker JV No Longer Under Sanctions

Teekay LNG's liquefied natural gas (LNG) tanker venture, the Yamal LNG Joint Venture, is no longer subject to U.S. sanctions after a change of ownership at its partner China LNG Shipping (Holdings) Ltd, Teekay companies said late on Tuesday.Teekay LNG and China LNG Shipping each own half of Yamal LNG Joint Venture.

22 Oct 2019

TEN Adds New Aframax Crude Tanker to Fleet

Pic: Tsakos Energy Navigation

Tsakos Energy Navigation (TEN) announced the delivery of an aframax tanker, the first in a series of four advanced technology vessels, built against long-term contracts to a major US oil concern.The Greek crude, product and LNG tanker operator said that the proceeds in time charter equivalent terms, equate to approximately $200 million over the minimum duration.“TEN continues its tested policy of enhancing strategic relationships with major end users,” George Saroglou, Chief Operating…

22 Oct 2019

Bahri Profits Up in Q3

Abdullah Aldubaikhi, CEO. Photo: Bahri

The owner and operator of very large crude carriers Bahri announced strong financial results for the third quarter ended September 30, 2019, on the back of solid growth in the logistics services sector.The National Shipping Company of Saudi Arabia said that its net profits soared 80.52 percent to SAR 146.73 million (USD 39.12 million), from SAR 81.28 million in the corresponding quarter in 2018, primarily due to an increase in returns of several operating segments.Bahri’s revenues during the three-month period between July and September jumped 6.28 percent to SAR 1.48 billion…

22 Oct 2019

CMA CGM Launches Trade Finance Service

French shipping line CMA CGM has launched Shipfin Trade Finance (STF) , its new range of financing services dedicated to importing and exporting, in partnership with invoice finance platform Incomlend.The STF portfolio of products is, according to the carrier, “simple, reliable and rapid,” offering importers and exporters tailored financial solutions ranging from extended payment terms to financing advances.CMA CGM Group further explained that it wants to support its customers’ business through financing solutions tailored to their needs.

22 Oct 2019

Total, Zhejiang Energy Establish Bunkering JV

French oil and gas company Total has signed a deal with Chinese state-owned Zhejiang Energy Group (ZEG) to create a joint venture company to supply and delivery marine fuels in the Chinese region of Zhoushan.Total China Investment (TCI)  will hold a 49% share in the new company while Zhejiang Zheneng Petroleum New Energy (ZZPNE) will hold the remaining.Zhoushan region covers both Ningbo and Shanghai ports, the busiest shipping hub in the world in terms of cargo tonnage.By combining…

22 Oct 2019

Navios Repays $198mln Debt Early

Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition. Photo: Navios

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, announced the repayment of its Term Loan B on October 18, 2019.The tanker shipping company said that the outstanding balance of the Term Loan B was USD 196.8 million at June 30, 2019 and was repayable in June 2020.Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition stated, “We are pleased with the repayment of the Term Loan B as we devoted a great deal of effort to achieving this result.

22 Oct 2019

Teekay Resolves China LNG JV Issues

Pic: Teekay Group

Teekay LNG’s 50/50 joint venture with China LNG, which owns four on-the-water ARC7 LNG carriers and two ARC7 LNG carrier newbuildings, is also no longer classified as a “blocked person” under Office of Foreign Assets Control (OFAC) rules.According to a press release from the owners and operators of LNG carriers, providing LNG and LPG marine transportation services firm, Teekay Corporation and Teekay LNG Partners announced that COSCO Shipping Energy Transportation, a COSCO group firm…

22 Oct 2019

LR approves ethane transportation solution

Pictured from left to right: Andrew McKeran, LR’s Commercial Director, awarded Neale Campbell, Babcock’s Managing Director, an AiP for its ecoETHN solution at Gastech 2019 in Houston (Photo: LR)

Classification society Lloyd's Register (LR) said it has awarded Babcock LGE with Approval in Principle (AiP) for a solution designed to maximize the economic transportation of ethane in very large ethane carriers (VLECs), by combining the reliquefaction and ethane fuel supply systems.Babcock’s ecoETHN solution separates excess methane from within the cargo boil-off gas (BOG) and feeds this into an ethane-fuelled VLEC engine, thereby reusing the incondensable methane gas as fuel.

22 Oct 2019

Yxney, Grieg Connect Team Up with NOx Fund

The data analytics duo Yxney Maritime and Grieg Connect are partnering with the Norwegian NOx Fund to develop a data-driven digital solution for automated NOx emissions reporting. Solstad Offshore and ferry operator Fjord1 will participate in the pilot phase of the project.The Norwegian NOx Fund records NOx emissions from all vessels operating in Norwegian waters and collects a fee for emissions per vessel. Calculating and reporting emissions has historically been a manual chore for shipowners…

22 Oct 2019

DP World Reports Lower Quarterly Global Cargo Volumes

© jamesboy / Adobe Stock

Port operator DP World reported on Tuesday a third quarter decline in cargo handled across its global portfolio as volumes fell in Dubai for a sixth consecutive quarter.The operator said it handled 18 million twenty foot equivalent unit (TEU) containers in its ports in the three months to Sept. 30, down 1.6% on the same period a year ago.It said a global trade row created a challenging environment. The United States and China have been locked in a trade row that has cast a shadow over global economic prospects.At its flagship Jebel Ali port in Dubai…

22 Oct 2019

Tankers Unable to Offload in Malaysian Port

© Igor Groshev / Adobe Stock

Refineries at Port Dickson on Peninsular Malaysia's west coast are unable to receive crude oil after a port facility that carries crude from the ships to the plants broke down.A system known as a single point mooring (SPM) unit, a loading buoy anchored offshore that allows tankers to offload their crude via pipeline to the refineries, has been out of service, the refinery operators said.The SPM connects to a refinery operated by Hengyuan Refining Company Bhd (HRC), a subsidiary of China's Shandong Hengyuan Petrochemical Co…

22 Oct 2019

ABB Develops Autonomous Vessels in Singapore

Image: ABB

Swiss-Swedish multinational corporation ABB has won a contract from ST Engineering Land Systems Ltd. to deliver and commission integrated smart charging points for Automated Guided Vehicles (AGV) in the new Tuas port of Singapore.Deliveries of the vehicles, which will be deployed to transport heavy shipping containers at the port terminal, are scheduled to begin from September 2020 through to August 2022, with the ABB chargers and supporting infrastructure set to be installed towards the end of 2020.

21 Oct 2019

Golar Power Wins Brazil Plant Gig

 Pic: Golar LNG

Golar LNG, a liquefied natural gas shipping company registered in Bermuda, said that its joint venture with Stonepeak Infrastructure Partners, Golar Power Limited has been awarded a 25 year power purchase agreement (PPA) for the construction of a 605MW combined cycle thermal power plant.The LNG-to-power Project will be developed by CELBA (Centrais Eletricas Barcarena S/A), a special purpose company 50% controlled by Golar Power.Located in the Brazilian city of Barcarena, State of Pará…

21 Oct 2019

CAA Welcomes MSC 's Shelving Arctic Routes

Dr Sian Prior. Photo: Clean Arctic Alliance

Clean Arctic Alliance has welcome MSC Mediterranean Shipping Company's decision to avoid Arctic shipping route as a new short cut between northern Europe and Asia.Clean Arctic Alliance lead advisor Dr Sian Prior was responding to the announcement that shipping company MSC “will not explore or use the Northern Sea Route between Europe and Asia for container shipping” and that it believes that shipping lines should focus on reducing the environmental impact of existing shipping…

21 Oct 2019

IMSAS Trains Audit Team Leaders

Pic: International Maritime Organization (IMO)

Auditing International Maritime Organization (IMO) Member States to assess how effectively they administer key IMO instruments is an important part of the Organization’s work to create a regulatory framework for the shipping industry that is universally adopted and implemented.To support this process, new audit team leaders were trained under IMO’s Member State Audit Scheme (IMSAS) at a course held at IMO Headquarters, London (14-17 October).The course involved thirteen auditors…

21 Oct 2019

Sovcomflot Advances Green Shipping Along the NSR

Photo: Sovcomflot

Two large-capacity Sovcomflot tankers using cleaner-burning LNG as a primary fuel, Mendeleev Prospect and Lomonosov Prospect, have successfully completed their respective voyages eastbound along the Northern Sea Route (NSR).Lomonosov Prospect has reached Cape Dezhnev, the easternmost end of the NSR, at 05:50 Moscow time on October 16, 2019. Mendeleev Prospect did the same three days later, at 13:00 Moscow time on October 19, 2019. Both vessels, bound for China with a cargo of crude oil from the Port of Primorsk…

21 Oct 2019

Maersk Lifts 2019 Profit Forecast; Shares Rise

Photo: Maersk

Danish shipping company A.P.

21 Oct 2019

Interferry Conference Highlights Zero-Emissions

Guy Platten (Photo: ICS)

Acknowledging the need to be a leader in the transition to a lower carbon future and eventually net zero emissions, global trade association Interferry convened its 44th annual conference on the theme of innovation - exploring the potential to transform every aspect of the ferry industry. The drive towards zero-emission ferries captured major attention among a record 420 delegates drawn to London earlier this month by a wide-ranging technical, operational and commercial agenda.

21 Oct 2019

Anglo-Eastern, Naval Dome Ink Cyber MOU

Capt. Hojgaard (Photo courtesy of Naval Dome)

Global ship manager Anglo-Eastern has inked a memorandum of understanding on cyber security with Naval Dome.Signed by Capt. Bjorn Hojgaard, CEO of Anglo-Eastern, and Naval Dome CEO Itai Sela, the agreement underpins the ship manager’s commitment to protecting the vessels and personnel under its management from cyber-attack.Under the agreement, Naval Dome will provide Anglo-Eastern with cyber security research and consultancy services aimed at ensuring its 650+ vessel fleet operates in an environment resilient to the most sophisticated of cyber-attack.

21 Oct 2019

Østensjø Rederi Orders Four Newbuilds

(Image: Salt Ship Design)

Aiming to meet increasing demand in the offshore wind market, Norwegian owner Østensjø Rederi said it has signed a letter of intent (LOI) for the construction of four commissioning service operation vessels (CSOV) to be built at at the Astilleros Gondán shipyard in Spain for delivery from 2022.Designed by Salt Ship Design in Norway, the 88.3-meter-long vessels will be utilized for service operations during the commissioning and operation of offshore wind farms. The newbuilds, to be delivered early 2022 and onwards…

20 Oct 2019

Castor Maritime Acquires Third Panamax Bulker

Pic: Castor Maritime

Cyprus-based dry bulk shipping company Castor Maritime has acquired its third Panamax dry bulk carrier for $10.2mln.The global shipping company specializing in the ownership of dry-bulk vessels informed that through a separate wholly-owned subsidiary, it has entered into an agreement to purchase a 2005 Japan built Panamax dry bulk carrier from a third party  in which a family member of Castor’s Chairman, Chief Executive Officer and Chief Financial Officer has an interest.The acquisition…

Maritime Reporter Magazine Cover Oct 2019 - Marine Design Annual

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

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