NYK Auto Logistics Pact with Adani Logistics
NYK Auto Logistics India (NALI), an NYK Group company, signed an agreement with Adani Logistics(ALL) to form a joint venture that specializes in the transportation of finished vehicles using automobile freight trains.The automotive production volume is expected to further increase in India, and there is increasing demand for transporting vehicles by rail, which places less of a load on the environment.NALI currently provides an integrated transport service for finished cars in India…
Diana Containerships Sells m/v Puelo
Diana Containerships has announced that it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to sell to an unaffiliated third party the 2006-built vessel “Puelo”, with delivery to the buyer by latest June 30, 2018, for a sale price of US$20.5 million before commissions. Theglobal shipping company specializing in the ownership of containerships said that it expects to use the whole or part of the net proceeds from the sale of the vessel to prepay existing indebtedness based on the outstanding amount of such indebtedness upon completion of the transaction.
Maersk Line Establishes Commercial Office in Nepal
Maersk Line, the global containerized division of the Maersk Group, announced the commencement of its new commercial office in Kathmandu, Nepal from 1st of June this year.Maersk Line since its entry into the Nepal market over 20 years back has been providing shipping and logistical solutions through its strong network in India. However, with the rapid growth of trade in the region, Maersk Line sees an opportunity to serve its customers better by being closer to them.Maersk Line’s…
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…
International Seaways Completes Acquisition of Six Euronav VLCCs
US-based tanker shipping company International Seaways (INSW) has completed the acquisition of six 300,000 dwt very large crude carriers (VLCCs) from Euronav NV. The tanker company providing energy transportation services for crude oil, petroleum products and liquefied natural gas announced in a press release that it has completed its previously announced acquisition of six 300,000 DWT VLCCs for a purchase price of $434 million, inclusive of assumed debt, from Euronav. The six vessels have an average age of two years and include five 2016-built VLCCs and one 2015-built VLCC…
Safe Bulkers to Install Alfa Laval PureSOx Scrubbers
Safe Bulkers has agreed with Cosco Shipping Heavy Industry, a detailed schedule within 2019 for the installation of Alfa Laval PureSOx scrubbers in about half of the Company’s fleet mainly in medium size vessels, Kamsarmax to Post-Panamax class.The international provider of marine drybulk transportation services said that more specifically it will install scrubbers in five Kamsarmax class vessels, in thirteen Post-Panamax class vessels and in the recently acquired Cape-size class…
Seanergy Maritime Holdings Refinances Two Capesize Vessels
Seanergy Maritime Holdings announced that it has successfully completed the refinancing of a previous loan facility secured by M/Vs Lordship and Knightship. Both vessels are Capesize bulk carriers built in 2010 in South Korea, purchased by Seanergy in 2016. The original maturity of the Facility was December 2019. M/V Knightship was refinanced in June 2018 through a sale and leaseback transaction with AVIC International Leasing Co., Ltd., a major Chinese state-owned financing institution.
ZIM Ranked First in Schedule Reliability
ZIM Integrated Shipping Services (ZIM) ranked first in schedule reliability on the Asia - US East Coast trade, said a press release from the company. According to the recent Seaintel Global Liner Performance Report for June 2018, ZIM is the best performing carrier on the Asia - US East Coast trade among the top-19 companies reviewed. ZIM President & CEO Eli Glickman said: “ZIM’s performance on this trade has been consistently one of the best in the industry, with reliability levels above the industry average. ZIM is one of the leading carriers in the global container shipping industry.
"Vladimir Rusanov" Completes First Eastern Transit
Mitsui O.S.K. Lines (MOL) announced that the Ice-Breaking LNG Carrier "Vladimir Rusanov", which is jointly owned by MOL and China COSCO Shipping Corporation, has successfully arrived at the Bering Strait. The vessel carried out a LNG loading operation in the Yamal LNG plant at Sabetta port, before sailing for the Far East via the Northern Sea Route on 25 June. The vessel safely arrived at the Bering Strait on 6 July, and is planning to call Jiangsu Rudong port in China for an unloading operation of its LNG cargo.
APL Adds New Iraq Port Call
The provider of container shipping and global transportation services APL has announced that the Gulf Asia Express 2 (GA2) service will soon be calling the port of Umm Qasr.The CMA CGM=owned company said that the service will also make a second call to Jebel Ali during the return leg of its service rotation to Asia. These developments demonstrate APL’s commitment to continuously provide market connectivity between the Far East and Middle East.The enhanced GA2 service is primed…
LNG Powered ConRo Ship Delivered to Crowley
U.S. based Crowley Maritime Corp. has taken delivery of one of the world’s first combination container/roll on-roll off (ConRo) ships powered by liquefied natural gas (LNG), from shipbuilder VT Halter Marine Inc. The Jones Act compliant El Coquí is the first of two Commitment Class, LNG-powered ConRo ships being built for Crowley’s shipping and logistics services between Jacksonville, Fla., and San Juan, Puerto Rico.Operated by Crowley’s global ship management group, El Coquí will make its maiden voyage to San Juan later this month from Jacksonville (JAXPORT), its dedicated U.S. mainland port.
Ice-Breaking LNG Carrier Vladimir Rusanov First Call at PetroChina LNG Jiangsu Terminal
Mitsui O.S.K. Lines (MOL) announced that the Ice-Breaking LNG Carrier "Vladimir Rusanov", which is jointly owned by MOL and China COSCO Shipping Corporation Limited for the Yamal LNG project, made its first call at PetroChina LNG Jiangsu Terminal in China on 17 July.A ceremony celebrating this milestone was held on 19 July.At the end of March 2018, the vessel started transportation services for LNG produced by the Yamal LNG plant at Sabetta port in Russia. For its latest voyage…
Safe Bulkers Acquires Dry-bulk Vessel
Safe Bulkers announced that it has acquired a 181,000 dwt, Japanese, 2009-built, dry-bulk, Capesize class vessel at an attractive price. The acquisition was financed from cash on hand.The international provider of marine dry-bulk transportation services said that following a dry docking the vessel is expected to be employed in the time charter market.As of August 13, 2018, the weighted time charter average of the Baltic Exchange Cape Index (BCI AVG5TC) was $26,059 per day. Dr.
Eurotainer Appoints APM Terminals as Agent for Argentina
Eurotainer US, Inc. has selected APM Terminals Inland Services Argentina as the exclusive agent for the sales and marketing of its tank container leasing services in Argentina.APM Terminals serves the Argentinian market through five strategically located Inland Service Depots located in key markets along the full length of the country. The company offers equipment lifecycle management, transportation services and cargo support.The company's Puerto Deseaso Depot has an established…
Diana Containerships Slips Into the Red
Diana Containerships reported a net loss of $42.3 million for the second quarter of 2018, compared to net income of $36.5 million for the same period of 2017. The loss for the second quarter of 2018 includes $15.6 million of impairment charges of one vessel and $19.0 million of aggregate loss on sale of three vessels.Time charter revenues were $6.3 million for the second quarter of 2018, compared to $5.5 million for the same period of 2017. This increase was mainly the result of increased time charter rates achieved as a result of improved market conditions…
Tim Bush Promoted to Crowley VP, Deputy General Counsel
Crowley Maritime Corp. has announced that Tim Bush has been promoted to vice president and deputy general counsel. In his new position, Bush will help support the company’s growth as a provider of solutions for the U.S. government and various public-sector agencies. He will be based in Houston and report to Michael Roberts, senior vice president and general counsel. “Tim is an outstanding lawyer, and adds a great deal of value to the Crowley team,” Roberts said. Bush will continue to serve as Crowley’s lead attorney on several large projects for the U.S government…
Crowley Launches New Caribbean Shipping Service
Crowley Maritime Corp.’s liner services group announced today that it has launched a new feeder shipping service connecting San Juan, Puerto Rico; Rio Haina, Dominican Republic; and St. Croix and St. Thomas in the U.S. Virgin Islands (USVI).With the new service, vessels depart Rio Haina on Sundays and arrive in San Juan on Tuesdays. After departure on Thursdays, cargo arrives in St. Thomas and St. Croix on Fridays, before the vessel moves to the Dominican Republic again for Sunday operations.
Grindrod Shipping Makes US Debut
"On 18 June 2018 at 09h30 EST in New York City, the bell rang on the Nasdaq trading floor signifying the first day of trade for Grindrod Shipping Holdings. The seven-storey Nasdaq Tower in Times Square lit up with the Grindrod Shipping logo and displayed Grindrod Shipping’s majestic vessels," said a press release from the company. The separation and listing of the Shipping division on an offshore stock exchange was contemplated for many years. The separate listing will enable…
Gener8 Maritime Reports 4Q Loss of $45.4 mln
The New York-based Gener8 Maritime Inc. (GNRT) reported a loss of $45.4 million for the fourth-quarter ended December 31, 2017, after reporting a profit of $5.8 million in the same period a year earlier. The crude oil transportation services provider reported a loss of $168.5 million for the year ended December 31, 2017. Gener8 Maritime has increased full fleet "ECO" operating days to 65.1% in the three months ended December 31, 2017, compared to 43.4% in the same period in the prior year.
Euronav, Gener8 Maritime Merger to Close in 2Q 2018
Tanker operators Euronav NV said that it remains confident of closing a takeover of the U.S.-based provider of international seaborne crude oil transportation services Gener8 Maritime in the next three months. On 21 December 2017 the boards of Euronav and Gener8 Maritime announced agreement on a stock-for-stock merger for the entire issued and outstanding share capital of Gener8 pursuant to which Gener8 would become a wholly-owned subsidiary of Euronav (the Combined Entity). "Work on the transaction is proceeding as planned with an anticipated closing in the second quarter of 2018…
JPM shifts its Ballast
GLOG, NM, NAP down early Fri by ~5 pct, ~8 pct and ~3 pct, respectively. Lead analyst Noah Parquette sees most shipping sectors recovering, notes that dry bulk and LNG shipping have progressed furthest but crude tankers' risk trough could be extended to early 2019 on high scrapping activity and low orders. Meanwhile, the Baltic Exchange Dry Index has dropped by ~18 pct since the beginning of the year.
St. Louis, Plaquemines Ports Ink MoU for Mississippi River Cooperation
St. Louis Regional Freightway, Port of Plaquemines and St. Louis Regional Ports Sign Agreement to Foster Economic Growth on the Mississippi River. The pact will help support development of a new transportation link for cargo to move along the Mississippi River. The St. Louis Regional Freightway, Plaquemines Port Harbor & Terminal District located in the State of Louisiana and four ports in the St. Understanding (MOU) to establish and grow an alliance to generate new business by promoting international and inland trade routes at strategic locations along the Mississippi River.
International Seaways Funds FSO Joint Ventures
International Seaways announced that its joint ventures with Euronav NV, which own the FSO Africa and FSO Asia floating storage and offloading service vessels, have closed on a $220 million credit facility. Based on INSW’s 50% ownership in the joint ventures, the Company has received $110 million in proceeds from the drawdown of the facility, which it expects to use for general corporate purposes, including to partially fund the previously announced VLCC acquisition. “With the $110 million term loan…