Changes in the capesize fleet profile have led the Baltic Exchange to announce that it will cease panel based reporting of its 172,000 dwt 4 Timecharter Average (172 4TC) data from 31 July, 2015, and instead provide data derived from its assessments of the more commonly traded 180,000 dwt vessels. T
Amendments to increase the limits of liability in the 1996 Protocol to amend the Convention on Limitation of Liability for Maritime Claims, 1976 (LLMC Protocol 1996) entered into force on June 8, the International Maritime Organization (IMO) reports. The amendments raised the amount claimable for l
Small and midsize container carriers are likely to be squeezed out of the business by shipping majors, according to A.P. Møller-Mærsk A/S Chief Executive Nils Andersen. “I can’t speak for other companies, but small and midsize carriers-controlling a 3% to 5% market share–with very few exceptions–hav
Islamic Republic of Iran Shipping Lines (IRISL) is about to launch a shipping line in the Caspian Sea aimed at boosting competitiveness of its exporters in Caspian markets. The Head of Trade Promotion Organization of Iran (TPOI) Valiollah Afkhami inked a memorandum of understanding (MOU) on Friday w
Interview: Port of Oakland Braves the Storm, Eyes More Cargo World Maritime News spoke with the Port of Oakland’s Executive Director J. Christopher Lytle to learn about the ongoing developments at the port once the dust…. Read more Study: Mega-Ships Not that Mega After All? With the ever greater inf
CHEC in Race for Swansea Bay Project Tidal Lagoon Swansea Bay Plc (TLSB) has named China Harbor Engineering Company Ltd (CHEC) as its preferred bidder for a marine works package that will include the construction of the six mile lagoon wall in Swansea Bay. Busy Start […]
A bankrupt Danish fuel supplier OW Bunker has reached an agreement with its liquidators and receivers from KPMG Lower Gulf Limited and PricewaterhouseCooopers (PwC), and its security agent ING Bank (N.V.), to co-operate in the collection of receivables from OW Middle East pledged to ING. The parties
The tanker market dynamics in the short to medium term are skewed in favour of market players as oil prices are expected to stay low and oil producers are not expected to cut supply in a hurry in a bid to protect their market share, Drewry Maritime Equity Research Assessment (DMER) believes. “We see
Companies which fail to embed effective risk management procedures into their daily activities are likely to pay a high price in today’s tightly regulated and highly competitive shipping industry, the international accountant and shipping adviser Moore Stephens warns. Respondents to the inaugural Mo
International Association of Dredging Companies (IADC) has just released the latest issue of Terra et Aqua, their official quarterly publication. The magazine is supported solely by the IADC as a service to the world-wide dredging community and represents IADC’s commitment to the highest standards o
Russia’s second largest natural gas producer Novatek has, through its wholly owned subsidiary Novatek Gas & Power, signed a long-term contract with Shell International Trading Middle East for the supply of LNG from the Yamal LNG project. The contract stipulates annual supply of approximately 0.9 mil
With the ever greater inflow of mega-ships in the global fleet it seems that the cost savings introduced by these behemoths have bottomed out as savings are decreasing and might not even be realized, a study about the impact of mega-ships on maritime transport. The study was published last week by t
Cargo operations at the Israeli port of Ashdod have not yet been restored to normal as reports have emerged of intentional slowdowns by workers in loading and unloading operations. Namely, disruptions in loading operations started on Monday and resumed on Tuesday with ships being handled at half the
Oman Drydock Company (ODC) has been awarded two multi-million dollar Oil Bulk Ore (OBO) to Very Large Crude Carrier (VLCC) conversion contracts by Greek ship owner Springfield Shipping, the company revealed at Nor Shipping 2015 in Oslo. The contracts will see ODC convert the recently bought 319,869
