Drewry: Container Shipping Rates Have Bottomed Out, Forecast to Rise
Container freight rates are forecast to rise modestly over the next 18 months from the all-time lows reached recently, but this will not be sufficient to rescue the industry from substantial losses in 2016, according to the latest Container Forecaster report published by global shipping consultancy Drewry. Liner shipping has had a torrid time so far in 2016 with spot freight rate volatility reaching unprecedented levels, while unit industry income has fallen to record lows.
Italians Seen Bidding for Greek Railways, Russians Uncertain
Italy's state railway is expected to bid for its Greek counterpart TRAINOSE, but Russian Railways (RZD) is less likely to do so, sources with direct knowledge of the matter told Reuters on Tuesday.
TTIP Free Trade Deal Between U.S. and EU at Dead End
A free trade deal being negotiated by the European Union and the United States is at a dead end and an agreement with Canada is also at risk, Italy's industry minister said on Tuesday.
Oriental Jubilee: World First with "SCRUBBER READY" Notation
DNV GL welcomed the Unique Shipping Group’s new vessel Oriental Jubilee into class when it was christened in Ulsan, Korea recently. The 84,000 cu. m. LPG carrier was built by Hyundai Heavy Industries (HHI) in Ulsan and is the first vessel to be awarded the DNV GL SCRUBBER READY notation. The SCRUBBER READY notation is an important development, as making space for new technologies and equipment onboard…
Baltic Index Rises on Panamax Demand
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Tuesday as higher demand boosted rates for panamax vessels.
32 Wärtsilä Gensets for Chinese Vessels
Wärtsilä has been awarded the contract to supply newbuild Chinese container vessels with a total of 24 9-cylinder Wärtsilä 32 Auxpac generating sets. The engines will power six 21…
Refrigeration Plant Optimisation cuts Operational Cost for LSM
London Ship Managers (LSM) has made substantial savings across its fleet of 9000gt refrigerated cargo vessels following an extensive refrigerant plant optimisation…
USTC Delivers Near Record Profit
With profit before tax of DKK 480 million, Middelfart-based Selfinvest, which includes the global Group A/S United Shipping & Trading Company (USTC), is yet again…
Top Rolls-Royce Power Systems Suppliers Honored
Rolls-Royce Power Systems has honoured its five best suppliers for outstanding performance in quality, logistics, environmental protection and cooperation in 2015.
WSS Assists Avance Gas Vessels Transit Panama Canal
Wilhelmsen Ships Service (WSS) is moving to ensure that its customers’ vessels pass through the new Panama and Suez Canals with the optimum efficiency, speed and…
Alfa Laval Gets Ready for USCG Type-approval
Alfa Laval remains on track to submit a US Coast Guard (USCG) type approval application for Alfa Laval PureBallast 3.1 in the coming weeks. The company has successfully…
IHC Takes Majority Stakes in Tompkins
Royal IHC and Tompkins UK Limited are strengthening their strategic cooperation with IHC’s acquisition of a majority stake in Tompkins, the parent company of Modus…
Greece Pin Great Hopes on COSCO-Piraeus Port
Greece’s deal with Chinese shipping giant COSCO is “helping the country stand on its feet,” Greek Prime Minister Alexis Tsipras said. “We are sending a strong message…
Maersk May Swallow Hyundai Merchant
Business Korea reports that rumours are now rife in the container business world that Maersk could swoop on Hyundai Merchant Marine and subsume its activities into their own business.
South Asia Shining in Container Growth
Amid generally weak demand around the world the South Asia region is the shining light for container growth, says Drewry's Maritime Research. Growth in container shipping is becoming a rare commodity…
Peak Season to be Muted Says Drewry Shipper Survey
Carriers hoping for a respite from difficult market conditions with the traditionally buoyant peak season may be disappointed as a recent survey has revealed that…
Pasir Panjang Terminal Phases 3 & 4 Wins Top Engineering Accolade
The Engineering Feats @ IES-SG50 competition was organised by the Institution of Engineers, Singapore (IES) to seek out and recognise the top 50 engineering achievements…
Spill Response Tackled In New Contract
The International Spill Control Organization (ISCO) and BIMCO are working together to develop a standard contract for spill response services. The contract is expected…
New Weight Rules at APM Terminals
With three days of terminal operations completed under the new Safety of Life at Sea Convention (SOLAS) Verified Gross Mass (VGM) Regulations, export cargo loading…
Gondan Launches first Dual Fuel Tug Built in Europe
Gondan Shipyard in Figueras launched the first Dual Fuel tug ever built in Europe – and the first of a series of three currently under construction for the Norwegian shipowner Østensjø Rederi. Designed by Robert Allan, the new escort tug measures 40.2 x 16m, beam, and will provide tug services to Norwegian state-owned energy company Statoil, at the far-north terminal located at Melkøya. Built to withstand freezing cold…
