Cash held by Hanjin Shipping, coupled with commitments from the company’s leading shareholder, the leading creditor, and the parent group’s CEO, should be enough to cover the costs of unloading cargo from the company’s container ships stranded offshore, Reuters reported a South Korean government off
The increasing number of large marine losses can potentially put severe financial strain and overwhelm insurance companies, Dieter Berg, President of the International Union of Marine Insurance (IUMI), said during the closing of this year’s IUMI 2016 marine insurance conference in Genova, Italy. Ber
The National Shipping Company of Saudi Arabia (Bahri) has announced the enrollment of its vessels in the United States Coast Guard’s QUALSHIP 21 program. Less than 10% of the ships that call at US ports meet QUALSHIP 21 eligibility requirements. Valid for three years, the QUALSHIP 21 enrollment prov
BSE-listed Seamec has entered into a agreement with Sanat Gostar Kish Co for charter hire of the diving support vessel Seamec Princess. The vessel will be engaged in Persian Gulf for a period of 50 days with option for extension. According to India-based provider of diver support vessel-based diving
Seamec, a provider of diving support vessels and services, has entered into a charter hire agreement with Sanat Gostar Kish for the Seamec Princess vessel which will see the DSV work in the Persian Gulf. Seamec said in a stock market filing on Wednesday that the contract was for 50 days with an opti
Two recent onboard containership fires have fueled concerns from International Union of Marine Insurance (IUMI) over the challenges involved with managing these incidents at sea as seafarers are being asked to tackle onboard fires with inadequate equipment. The two recent containership fires which r
The International Association of Dredging Companies (IADC) recently commissioned a study named the “Ecosystem services: Towards integrated marine infrastructure project optimization”. The study was carried out by the Ecosystem Management Research Group (ECOBE) of the University of Antwerp. A special
Singapore-listed containership owner and operator Rickmers Maritime Trust (RMT) has become the latest casualty in a growing list of boxship owners with toxic vessel assets that are unable to generate sufficient funds to pay their outstanding debt obligations, according to Alphaliner. While numerous
Port developer and operator Abu Dhabi Ports recorded a 77% increase in net profit in the first half of 2016 compared to the same period a year earlier, spurred on by the rise in general and bulk cargo, container, and Roll-on/Roll-off (RoRo) volumes. Abu Dhabi Ports reported a 20% revenue growth whil
Eight people were injured after a fire erupted at Saudi Arabian Oil Company’s (Saudi Aramco) oil terminal facility in Ras Tanura in the Arabian Gulf in the morning hours of Tuesday, September 20. Saudi Aramco says that the incident was ”minor” and that the company has ”successfully responded” to it
Global marine underwriting premiums in 2015 amounted to USD 29.9 billion, down by 10.5% compared to the 2014 figure, and the trend of uncertainty is expected to continue, the International Union of Marine Insurance (IUMI) has warned. Technical insurance results for the 2014 underwriting year deterio
Royal Boskalis Westminster N.V. announces that its Works Council has unanimously rendered a positive advice on the fleet rationalization plan announced early July. Part of the positive advice in an agreement to continue to crew two of the five Fairmount vessels for the time being with Dutch employee
Tonnage provision and forecast cargo share for the specialised reefer ships will continue to reduce in coming years, but these ships will keep carrying a disproportionate share of the reefer cargo, according to shipping consultancy Drewry. Specialised reefers last year provided just 5% of the world’
BIMCO: Lowest Level of Newbuilding Contracts in 20 Years Shipyards become the next victim of the deteriorating conditions in the dry bulk, container and offshore markets as 2016 looks to set the record for the lowest newbuilding contracts in more than 20 years… Read More Hanjin Shipping Gets Cash In
