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Favourable Dry Bulk Market Leads Pacific Basin to Profit
An improvement in dry bulk market conditions pushed Hong Kong-based dry bulk shipping company Pacific Basin into the black during 2017.
The company witnessed a USD 90 million improvement in its earnings year-on-year, as it recorded a net profit of USD 3.6 million for the year ended December 31, 2017, against a net loss of USD 86.5 million seen in the previous year. Revenue for the period reached USD 1.48 billion, up from USD 1.08 billion reported in 2016, while EBITDA stood at USD 133.8 million at the end of 2017, compared to USD 22.8 million seen a year earlier.Posted On:1-Mar-2018
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Tanker Owners to Benefit from High Scrapping, Market Consolidation
High scrapping and market consolidation are expected to contribute to better returns for tanker owners over the next several years, VesselsValue believes. As rates recover, older units are removed in a weak market and replaced with new vessels.
So far in 2018, a total of 59 tankers with an aggregate tonnage of 3.5 million dwt have been scrapped. This represents a significant increase in tanker demolitions when compared to January and February 2017 when only six vessels were sold to scrapyards, according to data provided by VesselsValue.Posted On:1-Mar-2018
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Ocean Yield Collects USD 95 Mn to Invest in More Ships
Norwegian shipowner Ocean Yield has raised NOK 759 million (USD 95.8 million) in net proceeds from a private placement announced on Wednesday. The company said that the private placement has been fully subscribed and that its board of directors has resolved to issue and allocate 11,000,000 new shares at a subscription price of NOK 69 per share. Aker Capital AS, the largest shareholder in Ocean Yield, has pre-subscribed for 5,500,000 new shares.Posted On:1-Mar-2018
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Mega yacht seized, Bali
The US$250 million mega yacht EQUANIMITY was seized by Indonesian authorities together with FBI investigators at Tanjung Benoa Port, Bali island, Indonesia, as part of a multi-billion dollar corruption investigation linked to Malaysian state fund 1Malaysia Development Berhad (1MDB). 1MDB is at the centre of money-laundering probes in at least six countries, including the United States, Switzerland and Singapore. US Law Enforcement agencies seek seizure of some $1.7 billion worth assets, linked to the misuse of the Investments Fund 1MDB. Fund was established by Malaysian Prime Minister Najib Razak. Police and FBI are currently checking crew, which reportedly, isn t arrested.Posted On:1-Mar-2018
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LPG tanker and tug with barge grounded by storm, Japan
Pusher tug MATSUSHO MARU with barge MATSUSHO at 0230 Tokyo time Mar 1 was pushed aground on Kichi Prefecture coast in Wakayama area, Shikoku Island, by a strong storm which battered southwestern Honshu and Shikoku. Barge is loaded with general cargo.Posted On:1-Mar-2018
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Duqm container terminal to be ready by 2019-end
A new container terminal at Duqm port, which will have an annual capacity to handle two million twenty-foot equivalent units (TUEs), will be ready by the end of 2019, according to a top-level port official. We are now building the platform, rail, and warehouses. By the end of 2018, we will order the big equipment, ...Posted On:1-Mar-2018
Credits: www.hellenicshippingnews.com |
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Hydrocarbons boosting Larnaca port revenues
The state-run port of Larnaca is projected to earn revenues of at least 9.5m this year due to increased cargo traffic related to hydrocarbons activities, MPs heard this week. The House finance committee, discussing the 2018 budget for the Cyprus Ports Authority (CPA), heard from officials that Larnaca s port is currently operating at maximum capacity. ...Posted On:1-Mar-2018
Credits: www.hellenicshippingnews.com |
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S. Korea s seaport cargo volume down 7.6 pct in Jan.
Cargo processed at South Korean ports slipped 7.6 percent in January compared with the previous year as shipments of raw materials and vehicles fell on weak demand, government data showed Tuesday. The total volume of sea cargo reached 128 million tons in January, compared with 138.8 million tons a year earlier, according to data by ...Posted On:1-Mar-2018
Credits: www.hellenicshippingnews.com |
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IMO 2020 Rule: Overview & Background
IMO 2020 Rule: Overview & Background Ship & BunkerFull coveragePosted On:1-Mar-2018
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MISC Berhad Adds Its Fourth Moss-Type LNG Carrier
Malaysia’s MISC Berhad (MISC) took delivery of the fourth in a series of five Moss-type Seri C Class liquefied natural gas (LNG) carriers, the Seri Camar, on February 28.
The 150,200 cbm vessel, built by Hyundai Heavy Industries (HHI), benefits from an Integrated Hull Structure (IHS) with four spherical tanks shielded by a continuous cover, fortifying the vessel to allow for operation in even the harshest marine environments.
Seri Camar joins its sister newbuilds Seri Cenderawasih, Seri Camellia and Seri Cempaka on long-term charter to Malaysia’s oil and gas major Petronas.Posted On:1-Mar-2018
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Pirates Attack Two Ships in One Day off Nigeria
Armed pirates attacked two vessels in separate incidents on February 24 off the coast of Bonny Island, Nigeria, according to the IMB Piracy Reporting Centre. In the first incident, which occurred in the morning hours some 50 nautical miles off Bonny Island, some eight armed pirates in a speed boat chased a container vessel underway.
IMB informed that the alarm was raised, ship security alert system (SSAS) was activated, and the speed was increased, while all non-essential crew retreated to the citadel. The Nigerian navy was also contacted, who informed the Master to rendezvous with their naval vessel in the vicinity. As the pirate boat closed the Master commenced evasive manoeuvres.Posted On:1-Mar-2018
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Explosion in Turkish freighter engine room, 1 died, 1 injured
General cargo ship MUMTAZ AMCA suffered an explosion in boiler room on Feb 28, at Sinop anchorage, Turkey, Black sea. The ship loaded with coal sheltered in Sinop Cape area from storm, while en route from Tuapse Russia to Izmit Turkey. One crew died in explosion, another one, oiler, was injured, he was transferred to hospital. No information yet on ship s condition and damages, as of 1430 UTC Feb 28. On a photo from http://www.balot-pictures.com/Kansas-River.html MUMTAZ AMCA under previous name KANSAS RIVER.Posted On:1-Mar-2018
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Pilot fell in water and died after taking container ship out, Lisbon
Pilot fell in water while disembarking from container ship SINGAPORE EXPRESS to pilot boat at around 0130 LT Feb 28 off Lisbon Portugal, after taking the ship out to sea. Adverse weather and night time hampered SAR and immediate rescue, reportedly body was recovered later. understood high waves were the main reason which cause tragedy. SINGAPORE EXPRESS continued her voyage to Tanger-Med, Morocco.Posted On:1-Mar-2018
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UK Secretary to Announce Autonomous Maritime Revolution
UK Secretary to Announce Autonomous Maritime Revolution Port Technology InternationalFull coveragePosted On:1-Mar-2018
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Better days ahead for VLGC shipowners
A slowdown in fleet growth should begin the recovery cycle from the second half of 2018, although freight rates will not reach the levels seen during the bull run of 2014-15, according to the latest edition of the LPG Forecaster published by global shipping consultancy Drewry. 2017 was one of the toughest years in the ...Posted On:1-Mar-2018
Credits: www.hellenicshippingnews.com |
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Investments, innovations and transnational co-operation needed to strengthen inland shipping
Enhancing inland navigation is essential to cope with constantly growing transport volumes within the Baltic Sea Region and Europe in a sustainable way. Inland navigation must be further developed as an integral part of a multimodal and sustainable transport system which takes advantage of digitalization and automation. This requires investments, innovations and intensive transnational co-operation, ...Posted On:1-Mar-2018
Credits: www.hellenicshippingnews.com |
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Daewoo Shipbuilding wins order to build 3 crude carriers
Daewoo Shipbuilding & Marine Engineering Co., a leading South Korean shipbuilder, said Wednesday that it has clinched a deal to build three very large crude carriers. The shipbuilder said it is set to deliver the carriers that can each hold 300,000 tons of crude oil to an unidentified shipping company in Europe by 2020. Daewoo ...Posted On:1-Mar-2018
Credits: www.hellenicshippingnews.com |
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