Dubai-based port operator DP World has agreed to buy Fairview Container Terminal in Prince Rupert, British Columbia, Canada from Deutsche Bank for CAD 580 million (USD 457 million). Fairview is a purpose built terminal with a current capacity of 850,000 TEUs (twenty-foot equivalent container units),
Overtonnaging, the effect of lower oil prices and the growth of investment by financiers from outside shipping have led to overall confidence levels in the shipping industry falling to their lowest level in two-and-a-half years, the latest Shipping Confidence Survey from accountant and shipping advi
Exposures and risks are growing in size and complexity and these will require stable solutions in the future, according to the International Union of Marine Insurance (IUMI). The cost of salvage and wreck removal is dramatically increasing. It is estimated that Superstorm Sandy is the sixth costlies
Israeli container carrier ZIM ended 2014 with a USD 127 million net loss, a result described as a ”sharp improvement” when compared to USD 216 million net loss the company recorded in 2013. The company carried 2.36 million TEUs in 2014, a 6% decrease compared with 2013. Most of the decrease was as a
Operations of Kuwaiti oil tankers in the Bab el-Mandeb strait remain unaffected by the military operations in Yemen, as informed by Kuwait Petroleum Corp’s spokesman. Sheikh Talal al-Khalid al-Sabah, chief executive officer of Kuwait Oil Tankers Co (KOTC), is quoted by Reuters as saying that the pas
Shippers seem to be the greatest beneficiaries of lower marine fuel costs as they see the benefits being passed on to them by carriers, according to Drewry’s Container Insight. Maersk, for example, said in its full-year investor presentation that it assumes 70-80% pass-on of the fuel savings to ship
Maersk Line Orders Seven Containerships Maersk Line signed a new building order today with COSCO Shipyard Co., Ltd in Zhoushan China for seven 3,600 TEU container vessels…. Read more Fincantieri: Designing the Drillship of the Future Italian shipbuilder Fincantieri is introducing a new ultra-deep dr
News in Photos: New Suez Canal Dredging The New Suez Canal development program is moving ahead and is scheduled to be completed this August. GEM Bags $65.6M Contract in Qatar Gulf Earth Moving (GEM), a Qatar-based subsidiary of the Belgian Aertssen Group, has just won a […]
Containership operator Pacific International Lines (PIL) has teamed up with COSCON, Wan Hai and Yangming on a new joint service in the Far East – Middle East trade commencing from Pusan on 5 April 2015. The new service, named CM2, will be PIL’s second Far East-Middle East loop with a total of 6 vess
Yemen shut down all major ports on Thursday amid bomb strikes launched by the Saudi Arabia, Reuters reports. Local sources in Yemen confirmed the closure, according to Al Arabiya News. The ports in question include Aden, Al Mukalla, Al Mokha and Al Hudaydah. It has not been informed when the ports m
Rotterdam-based law firm AKD says that the lack of an unambiguous term to describe a ‘ship’ in several jurisdictions represents a potential threat to asset security for financiers, particularly in the offshore and renewable energy sectors. “In many jurisdictions, including the US and the UK, there a
The government of Dubai has launched a new port operator named P&O Ports. The company is a subsidiary of Ports, Customs and Free Zone Corporation (PCFC) and will operate as a separate entity to DP World, focusing its business on the operation of small to medium-sized, multi-purpose ports worldwide.
Eco Wave Power, an Israeli wave developer company, has received approval from the Chinese government for the construction of its wave power plant in Zoushan island, China. Eco Wave Power (EWP), with the investment from Chinese government, established a subsidiary under the name Suzhou Eco Wave Techn
APT Global, a Dubai-based manufacturer and technical service provider in marine, dredging, offshore and oil and gas industries, has played a major role in construction and installation of 5MW land based booster station “Al Jabbar” for Van Oord. After fabrication and machining of the 50t foundation s
