The National Shipping Company of Saudi Arabia (Bahri) has signed a loan facility with Alinma Bank worth 700 million riyal (USD 186.7 million). The loan will be used to finance acquisition of three Very Large Crude Carriers (VLCCs), Bahri said in a filing. As disclosed, the loan would cover 80 percen
The eight container carriers left out of the two major alliances, the 2M and Ocean Alliance, could team up under a single arrangement that would represent a serious counterweight on the East-West corridors, according to Alphaliner. The companies at stake are Hapag-Lloyd, Hanjin, Hyundai Merchant Mar
Roll-on-roll-off (RoRo) traffic at Khalifa Port witnessed a 31 per cent growth, according to its owner and operator Abu Dhabi Terminals, a subsidiary of Abu Dhabi Ports, which drove the overall business growth of the company in the first quarter of 2016. RoRo traffic at Khalifa Port totaled in 33,68
The current container market downturn is forcing some independent shipowners to either reduce charter rates to help save ailing carriers or opt for idling, selling or scrapping their vessels, according to shipping consultancy Drewry. Much of the focus on the recent slump in the container shipping ma
Lamprell, a provider of fabrication, engineering and contracting services to the energy industry, has not been able to find the right candidate for the role of its new CEO following its current CEO decision to retire, and will therefore extend the CEO’s as well as Executive Chairman’s stay. In addit
The 153,514 dwt containership which ran aground in the Suez Canal on Thursday was refloated in the early morning hours on April 30, according to GAC. The vessel resumed its southbound transit to Suez escorted by five tugs. The ship is “presently anchored in Suez port outer anchorage, without any eff
Dredging Today brings you an overview of the most popular stories from the past week (April 25-May 1, 2016). Spotlight on LNG-Powered Dredger Royal IHC recently released an article written by Robert van de Ketterij, Managing Director of IHC MTI, about the advantages and challenges of running a tra
Great Lakes Dredge & Dock Corporation (GLDD) announced today the signing of two subcontracts valued around $55 million for work in the Middle East as well as the receipt of a $38 million award for a coastal protection project in North Carolina. The first subcontract in the Middle East is for a land
Mergers and acquisitions (M&A), rather than more popular alliances, are inevitable to address overcapacity and drive further cost savings in container shipping, rating agency Fitch Ratings says, adding that the last week’s merger talks between Hapag-Loyd and United Arab Shipping Company (UASC) show
Dubai’s port and terminal operator DP World closed the first quarter of this year with 15.5 million TEUs handled across its global portfolio of container terminals, with gross container volumes growing by 3.7% on a reported basis. The growth in Q1 was driven by a stronger performance from DP World’s
44 seafarers have been captured so far this year amid growing violence off the coast of West Africa, new figures from the International Chamber of Commerce (ICC) International Maritime Bureau (IMB) show. Worldwide, IMB recorded 37 piracy and armed robbery incidents in the first quarter of 2016, down
Offshore marine services provider PACC Offshore Services Holdings Ltd. (POSH) has signed long term charter agreements for eight offshore supply vessels (OSVs) at a combined value of USD 167.5 million with an undisclosed Saudi Arabian national oil and gas major. Under the charter deals, the company w
Libya’s National Oil Corporation (NOC) has prevented an attempt from the parallel Beida government aimed at loading oil in a tanker at Tobruk’s Hariga terminal, claiming the export cargo was illicit. The company chairman Mustafa Sanalla said that its subsidiary Agoco was instructed on April 21st by
The formation of the Ocean Alliance by CMA CGM, COSCO Container Lines, Evergreen Line and OOCL means that carriers who have been left out of the major alliances will have to act quickly to remain competitive on the market either through mergers or finding new partners. Shipping consultancy Drewry ex
