Dry Bulk Market Crisis: Opportunity or Threat?
The shipping industry is experiencing the biggest dry bulk market recession since the 1980s, as uncertain global economic outlook and increased imbalance between supply and demand have lead to historically low freight rates .It seems the downturn will continue until 2017 if a viable equilibrium is not achieved. The recent measures in 2013 which promoted the replacement of older tonnage with newer, in combination with the Chinese financial backing…
Lakes Limestone Trade Tops 4 Mln Tons in June
Shipments of limestone on the Great Lakes totaled 4,042,766 tons in June, an increase of 6 percent compared to May, and 9-plus percent compared to a year ago, according…
Cuba Opens Up for Carnival Corp. Brand
Carnival Corp. granted U.S. Carnival Corporation & plc said that the U.S. Department of the Treasury and the U.S. Department of Commerce granted approval for the company to begin travel to Cuba. Carnival Corporation intends to take travelers to Cuba beginning in May 2016 via its newly launched fathom brand – a new social impact travel brand providing purpose-oriented, social impact experiences, initially in the Dominican Republic.
First Gas Turbine-powered LNG Carrier Granted AIP
Hyundai Heavy Industries (HHI) announced it has jointly developed world’s first gas turbine-powered 174,000 m3 LNG carrier with GE Aviation and Marine and has secured Approval in Principle (AIP) on the vessel from the U.K.-based Lloyd’s Register. The IMO Tier III-compliant 174,000 m3 LNG carrier is equipped with GE’s gas turbine-based Combined Gas turbine Electric and Steam system (COGES 2.0). The…
As First Victims Mourned, Italian Navy Searches On
Italy held a funeral service on Tuesday for 13 migrants who died in the worst shipwreck in the Mediterranean in recent history, while the navy continued its search for other victims of the disaster.
Migrant Sailboat Sinks in Aegean, 17 Missing
A sailboat carrying migrants sank in in the Aegean sea between Turkey and Greece on Tuesday and at least 17 people were missing, Greek authorities said. Greece's…
Maersk Sells Its Stake in ESVAGT
Danish conglomerate A.P Moller-Maersk said Tuesday two international infrastructure investors have agreed to buy 100% of the Danish company ESVAGT from Maersk Group and ESE-Holding A/S.
Carnival Vista Floated Out
The Carnival Vista has completed its dry dock phase and was recently floated out to a new location at Italy's Fincantieri shipyard, Carnival Cruise Line has announced.
Tony Abbott Guarantees Submarine Jobs
Prime Minister Tony Abbott has assured South Australians there will be more submarine jobs here even if he won’t commit to having a new fleet of vessels built there…
Russian Submarines in Alaska?
Russia is expected to finish the construction of a submarine base on the Kamchatka Peninsula by the end of October. "Upgrades to the Russian Navy’s ballistic nuclear…
Japan's MHI Bags Indian Oil's LNG Storage Tank Contract
Indian Oil Corp (IOC) has awarded a contract to build two football stadium-sized liquefied natural gas (LNG) storage tanks at its upcoming Ennore LNG import terminal…
GAIL to Offer Sops for Foreign Shipbuilders
GAIL India will offer foreign shipbuilders five years to make liquefied natural gas (LNG) carriers in India, double the time allowed to deliver ships from their home shipyards, reports Economic Times.
Impact of Financial Crisis on Greek Shipping
Though international analysts like Morgan Stanley said that the Greek crisis will not have a direct impact on shipping companies, Greek shipping companies listed on U.S.
APL’s Schedule Reliability Scales Up
APL was the most reliable carrier with a global on-time performance of 85.5% in May 2015, according to the latest Global Liner Performance Report by SeaIntel Maritime Analysis.
Gazprom, Gasunie Sign Framework Agreement - LNG
At a Meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Han Fennema, CEO and Chairman of the Executive Board of Gasunie a Framework…
Haiti’s Port Lafito Officially Opens
GB Group inaugurated their Port Lafito, a world-class modern container port in Haiti. They informed that the port is now open and operational. Port Lafito is Haiti’s…
NAMEPA Welcomes Hadjipateras of Dorian
Clay Maitland, Founding Chairman of the North American Marine Environment Protection Association (NAMEPA) announced today, “NAMEPA welcomes our newest board member…
De Nora Acquires Severn Trent's Water Purification Business
De Nora announces the completion of the acquisition of the Water Purification group of Severn Trent Services. The new business line, called De Nora Water Technologies…
Bunker Holding Buys LQM
Bunker Holding Group (Bunker Holding), a global leader in the purchase, sale and supply of marine fuel with 54 offices in 27 countries, announced today the acquisition of LQM Petroleum Services Inc.
Diana Agrees Charter for M/V Coronis
Diana Shipping Inc. announced today that through a separate wholly-owned subsidiary, it entered into a time charter contract with Sandgate Maritime Ltd for one of its Panamax dry bulk vessels…
