Green Marine
Euronav to Sell One of Its Oldest VLCCs
Belgian tanker owner Euronav NV has entered the final stage of selling its very large crude carrier (VLCC) Famenne, one of its two oldest VLCC vessels, for USD 38.4 million. The 298,412 dwt vessel, built in 2001, is expected to be delivered to an undisclosed buyer during the first quarter 2016. Addi
TIL Finalizes USD 60 Million Share Buyback
Oslo-listed investment company Tanker Investments Ltd completed a total share repurchase program of USD 60 million, authorized in 2015, on January 13. The company bought 3,000 of its shares on the Oslo Stock Exchange at an average price of NOK 94.9 per share, implying a total consideration of NOK 28
Drewry: No Recovery in Sight for Dry Bulk Market
Share prices of dry bulk companies kept tumbling during 2015, and, according to Drewry Maritime Equity Research (DMER), the market is not expected to recover in 2016. “We see no recovery in sight over the next 12-18 months because Chinese growth pangs will continue to haunt the dry bulk market and v
Diana Finds Work for Panamax Bulker
Athens-based dry bulk shipping company Diana Shipping has entered into a time charter contract with Transgrain Shipping B.V., Rotterdam, for one of its Panamax dry bulk vessels, the MV Nirefs. The gross charter rate is USD 4,600 per day, minus a 5% commission paid to third parties, for a period of m
Ardmore Set for Growth as It Refinances Debt
Irish tanker owner and operator Ardmore Shipping Corporation has completed a refinancing of substantially all of its outstanding debt. “This opportunistic refinancing on attractive terms reflects the company’s strong banking relationships and improving financial profile, as well as the successful co
Reaction: Hapag Lloyd Not Slashing Its Fleet
German carrier Hapag Lloyd did not slash its fleet by 23 ships and it has no lay ups, the company’s spokesperson told World Maritime News reacting to media reports. The reports on fleet reduction emerged following a company presentation at a dinner on Tuesday evening for Hamburg-based journalists. A
New Lease Accounting Standard to Impact Maritime Sector
A new international accounting standard dealing with leases could have major implications for companies in the shipping and offshore maritime sectors, and particularly for time charterers, according to international accountant and shipping adviser Moore Stephens. The new standard, IFRS 16, is effect
Braemar On Track for Full Year Tragets
Braemar Shipping Services plc is on track to meet market expectations for the full year, the company said in a trading update. Braemar based its argument on the encouraging progress recorded since the announcement of the interim results on 28 October 2015 to 13 January 2016 across the company. “The
Scorpio Tankers Takes Higher Loan from ING Bank
New York-listed tanker owner Scorpio Tankers Inc. has upsized its previously announced USD 87 million credit facility with ING Bank N.V. to USD 132.5 million. The facility will bear interest at LIBOR plus a margin of 1.95% per annum, the company revealed. Scorpio plans to use the proceeds to partial
P&O Ferries Closes Loss-Making LarneTroon Route
Ferry operator P&O Ferries has decided to close its loss-making LarneTroon route with immediate effect. “P&O Ferries has proudly operated this additional seasonal route since 2003, but the stark reality is that the company is continuing to make losses, and sadly the income from ticket sales is not s
Greece Wants Better Offer for Piraeus Port from Cosco
China’s port operator Cosco Group (Hong Kong) Limited has been confirmed as the sole bidder for Greek Piraeus Port Authority SA, the Hellenic Republic Asset Development Fund informed. The binding financial offer for the sale of a 67% shareholding in Piraeus Port was unsealed yesterday, the fund said
Ship Ablaze off Cromer, UK
Two UK Coastguard helicopters, a lifeboat and two other vessels are assisting the crew of a ship which is on fire off Cromer, the UK, the Maritime and Coastguard Agency (MCA) reports. One coastguard helicopter is taking six fire and rescue crew and their equipment out to the vessel. The seven crew o
P&O Ferries Breaks Its Freight Volume Record on the English Channel
Pan-European ferry operator P&O Ferries carried more freight between Dover and Calais in 2015 than in any previous year in its modern history. The ferry company’s six ships on the English Channel transported 1.3 million units of freight during the 12 month period – a 22 per cent year-on-year increas
BDI Continues to Tumble
The Baltic Dry Index has hit a new low having plunged for another 14 points on Monday, January 11 tumbling down to 415 and thus continuing a rough year start for the dry bulk shipping market. The new record low comes in less than a week since BDI dropped by five points reaching its lowest level [&he