Gener8 Miltiades Delivered
Gener8 Maritime, Inc. a leading U.S.-based provider of international seaborne crude oil transportation services, announced that it took delivery of the "ECO" VLCC the Gener8 Miltiades on October 25…
Polarcus Achieves High Utilization at Low Costs
Polarcus Limited announced release of its third quarter 2016 financial statements. The third quarter financial results reflect a continued competitive market in…
DNV GL Innovation Day Singapore Focused on Future of Shipping
Drones, remote inspection technologies and insights on cybersecurity were some of the main topics discussed at the DNV GL Innovation Day in Singapore. Some 120 representatives from shipowners…
CETA Will Greatly Benefit Maritime Transport
European shipowners have worryingly followed the negotiations thriller of the Comprehensive Economic and Trade Agreement, CETA, and feel very relieved today as the…
Cargo Commitments for Multimodal Terminal at Haldia
The Inland Waterways Authority of India (IWAI) has received a commitment for transport of 5.92 million tons (MTs) of cargo volume per annum through the Multimodal Terminal at Haldia by the year 2018.
Supporting Maritime Security in East Asia
Improving maritime security through surveillance monitoring and communication systems is on the agenda at an IMO seminar in Kuala Lumpur, Malaysia (24-27 October).
OOCL Revenue Slides in Q3
Orient Overseas Container Line's (OOCL) total revenues decreased by 13.8 percent to $1.15 billion, for the third quarter of 2016. The shipper’s total volumes were…
Sulphur Cap Transition Is No 'Walk in the Park' -BIMCO
BIMCO, the world’s largest international shipping association, has responded to the decision at the International Maritime Organization’s Marine (IMO) Environment…
Low Tanker Rates Boost Long-distance Trade -EIA
Recent expansion of the global crude oil and petroleum product tanker fleet has resulted in falling or lower tanker rates for much of 2016 that have widened the geographic scope for economically attractive trade at a time when inventories of both crude oil and petroleum products are at high levels, according to the U.S. Energy Information Administration (EIA). In recent years, growing global oil production…
Wreck Removal Convention Ratified by Finland
Finland has become the 32nd State to ratify the International Maritime Organization’s (IMO) Nairobi International Convention on the Removal of Wrecks. The treaty, which entered into force in 2015, provides the legal basis for states to remove, or have removed, shipwrecks that may threaten the safety of lives, goods and property at sea, as well as the marine environment. The convention was adopted in…
Fitch: US Ports Exposed to Shippers via Terminal Operators
Hanjin Shipping's and Outer Harbor Terminal's (OHT) bankruptcies this year have raised questions about the legal separation of joint venture terminal operators that are often lease counterparties for U.S. ports, Fitch Ratings says. These events highlight potential risks that must be balanced against the benefits of ports signing lease or concession agreements. Global carrier Hanjin's bankruptcy has exposed the possibility that terminal operating companies…
Hanjin Containership Set to Dock in Vancouver
A container vessel that spent months sitting off Canada's west coast due to the collapse of a major South Korea shipping company is set to dock in Vancouver on Thursday, port and union officials said.
Container Shipping: Bright Spots Exist -Xeneta
In-depth analysis of Q3 container shipping costs reveals positive trends for the beleaguered container carrier segment, according to Xeneta, a benchmarking and market intelligence platform for containerized ocean freight. However, the market remains highly complex and unpredictable, with the “Hanjin Effect” already ebbing away. According to Xeneta, which crowd sources shipping data from more than 600 major international businesses…
China Says Latest South China Sea Drill Was SAR Exercise
China's latest drill in the South China Sea was a normal search and rescue exercise, the defence ministry said on Thursday, less than a week after a U.S. navy destroyer…
Iran Crude Oil Exports to Hit 4-month Low
Iran's crude oil exports are set to decline 5 percent in November to a four-month low, a source with knowledge of its preliminary tanker schedule said, as low seasonal…
Capesize Rates Fall to Eight-week Low
Freight rates for large capesize dry cargo ships on key Asian routes, which fell to an eight-week low on Wednesday, are likely to continue to slide next week as charterers drip-feed cargoes in an over-tonnaged market, brokers said on Thursday. "There is no charity out there. The market can go as low as charterers can drag it," said a Singapore-based capesize broker on Thursday. That came as capesize rates from Brazil and Western Australia to China dropped by $1-$1.50 per tonne in a week.
Iran Shipping Lines Head Sees Business Rebound by Mid-17
Container shipper Islamic Republic of Iran Shipping Lines (IRISL) Chairman Mohammad Saeidi expects the firm to have recuperated by the middle of next year the business lost while Iran was subject to international sanctions. "Step by step the problems have been resolved, removing many restrictions and limitations," since the sanctions were lifted, he told Reuters in an interview at a shipping conference in Copenhagen.
IMO Sets Regulations to Cut SOx Emissions from 2020
The United Nations' shipping agency on Thursday set global regulations to limit the amount of sulphur emissions from vessels which will come into force from 2020. The shipping industry is by far the world's biggest emitter of sulphur, with the sulphur oxide content in heavy fuel oil up to 3,500 times higher than the latest European diesel standards for vehicles.
Furetank and Älvtank Extend LNG Tanker Order
Furetank and Älvtank extend the order with two more of next generation Intermediate Product/Chemical Tankers with LNG propulsion. Furetank Rederi AB and Rederi AB Älvtank have added the previous order with two more newbuildings. Last year a contract signed by the constellation Furetank, Älvtank and Thun Tankers to let build four chemical/product tanker in the intermediate segment of the Chinese shipyard Avic Dingheng Shipbuilding.
GE Completes Queen Mary 2 Upgrade
GE’s Marine Solutions recently provided an extensive upgrade service to one of the world’s most famous ocean liners, the Queen Mary 2 (QM2). The upgrade service with new technology supplied by GE was completed in just 18 days. Twelve years after equipping the QM2 with original propulsion motors, GE was chosen to carry out multiple crucial upgrade activities on Carnival’s flagship liner, for example: a controls upgrade…
