Despite the current weakness in liquefied natural gas (LNG) shipping rates, the market will require more LNG vessels than listed on the current orderbook, shipping consultancy Drewry said, adding that it maintains its bullish long-term outlook for LNG shipping. Spot rates for dual fuel diesel electr
French container shipping major CMA CGM has launched Bengal Bay Express, a new direct service connecting Thailand, Singapore and Colombo to United States East Coast and Canada by deploying eleven 6,500 TEU vessels on a weekly basis. With this service, the company said it offers a fast connection fro
Dubai-based port and terminal operator DP World Limited and Eastern Canada’s Port Saint John in New Brunswick have entered a long-term lease agreement for the operation of the port’s container terminal starting from January 1, 2017. Under the agreement, the lease, which represents the largest privat
Asia Offshore Drilling (AOD) has received three-year contract extensions for two jack-up rigs from Saudi Aramco. AOD is an associate company of Mermaid Maritime and Mermaid has 33.76 percent equity stake in AOD while the other 66.24 percent equity is owned by Seadrill. The extension is for two jack-
The shipping industry must adopt a transparent, proactive approach to corporate governance or else risk exposure to business and reputational damage, according to the international accountant and shipping adviser Moore Stephens. Corporate governance in shipping has been in sharp focus recently, part
This year’s weak market conditions in the Far East – North America transpacific trade have claimed another casualty as the French shipping company CMA CGM, Germany-based Hamburg Süd and United Arab Shipping Company (UASC) decided to withdraw their joint Far East – USEC Vespucci/ APNE/NEU 1 service,
Dubai-based port and terminal operator DP World Limited and the state run Taiwan International Ports Corporation (TIPC) signed a Memorandum of Understanding (MoU) for the development of Kaohsiung Port’s Terminal 7 in Taiwan. The agreement marks the beginning of a joint effort to seek future business
McDermott and Nakilat-Keppel Offshore Marine (N-KOM), have signed a memorandum of understanding for an exclusive cooperation agreement to pursue offshore engineering, procurement, construction and installation (EPCI) projects within Qatari waters. Under the five-year agreement, McDermott and N-KOM,
McDermott International and Nakilat-Keppel Offshore Marine (N-KOM), have announced a Memorandum of Understanding for an exclusive cooperation agreement to pursue offshore engineering, procurement, construction and installation (EPCI) projects within Qatari waters. According to McDermott, under the f
National Shipping Company of Saudi Arabia (Bahri) has seen a surge of 47.2 percent in its net profit for the second quarter of 2016, as the company’s net profit stood at SAR 504.1 million (USD 134.4 million), against SAR 342.4 million (USD 91.3 million) seen in the same period a year earlier. Bahri
Due to a glut of surplus capacity in the container shipping industry, the peak season seems to have lost its previous impact, which was instead spread out through the year, the market intelligence platform for containerized ocean freight Xeneta said. As the traditional peak shipping season is fast a
The Suez Canal Authority has reduced transit tolls for Very Large Crude Carriers (VLCCs) of more than 200,000 dwt in ballast coming from America and heading for the Arabian Gulf, GAC Egypt said. According to a circular released by the Suez Canal Authority, the vessels coming from the Gulf of Mexico,
Dubai-based port and terminal operator DP World Limited handled 31.4 million TEU across its global portfolio of container terminals during the first half of 2016, with gross container volumes growing by 2.5% on a reported basis, and up 1.2% on a like-for-like basis. Growth in the first half of 2016
Last week’s merger agreement between German shipping major Hapag-Lloyd and United Arab Shipping Company (UASC) was made amid ‘significant financial challenges’ that both companies are facing, according to Alphaliner. Despite annual synergy savings of USD 400 million, which the company hopes to achie
