Green Marine
Navios Maritime Acquisition Bags Loan for Two Tankers
Monaco-based owner and operator of tanker vessels Navios Maritime Acquisition Corporation has secured a new USD 44 million bank debt facility for two of its product tankers. The vessels in question are the Nave Rigel LR1 product tanker and the Nave Dorado MR2 product tanker. The facility has an amor
Dockworkers’ Strike in Rotterdam Imminent
Dockworkers strike in the Port of Rotterdam seems to be imminent after the members of the union FNV Havens voted against the offers made by their employers at a meeting held on Friday, 18 December. On Friday, 11 December the employers and port authority left the negotiating table where discussions w
Dutch Shippers: Container Shipping Alliances Threat to Competition
Dutch shippers have voiced fears that the alliances in the container liner shipping industry will hinder competition, reducing the choices companies have when shipping their cargo overseas. These were the results of a survey the Dutch Shippers’ Association (EVO), representing the interests of 15,000
Port of Baku Set on Becoming Transit Hub
Azerbaijan’s Port of Baku is keen on exploiting the full potential of its strategic location to become a freight-forwarding hub and is undertaking activities to show off that potential to US investors. On December 10, 2015, U.S.-Azerbaijan Chamber of Commerce (USACC), based in Washington, D.C., host
Helsinki Court Dismisses Court Order against Finnsteve
The Helsinki District Court has rejected the temporary court order against Finnlines Plc’s subsidiary Finnsteve Oy Ab (Finnsteve) which was requested by the Port of Helsinki Ltd, Finnlines said. The Port of Helsinki requested a right to force Finnsteve to empty certain areas in the Vuosaari harbour,
Fire Breaks Out Aboard Ventura Cargo Ship
A fire broke out in one of the cargo holds of the general cargo ship Ventura as the ship was about to enter the Kiel Canal on Friday, German Central Command for Maritime Emergencies said. The ship was on its way from Liepaja, Latvia to Brunsbütte transporting beet pulp when the smoke started billowi
Dynagas Buys LNG Carrier Lena River
Dynagas LNG Partners LP, an owner and operator of LNG carriers, has signed an agreement with Dynagas Holding Ltd., the company’s sponsor, to acquire the 155,000 cubic meter ice class liquefied natural gas carrier Lena River, for USD 240 million. The 2013-built tanker is currently operating under a c
Spanish Ship Finance Scheme Is Legal, Court Says
The General Court of the European Union has overturned the EU Commission’s decision that the Spanish tax lease system was illegal state aid. From May 2006 onwards the commission received several complaints against the Spanish Tax Lease System (the STLS), which alleged that the system allowed maritim
Shipping Confidence Continues Downward Trend
Overall confidence levels in the shipping industry fell in the three months to November 2015, according to the latest Shipping Confidence Survey from shipping adviser Moore Stephens. The average confidence level expressed by respondents in the markets in which they operate was 5.6 on a scale of 1 (l
Time to Invest in Shaky Oil Companies?
Current low oil prices could lead to increased acquisition of distressed offshore companies by offshore investors, shipping and offshore specialist law firm Wikborg Rein reports. “The prolonged period of low oil prices, combined with reduced investment and contract awards, is taking its toll on oil
Jo Lunder Not Coming Back to Fredriksen Group
Former Chief Executive Officer of the Fredriksen Group, Jo Lunder, who got tangled up in a bribery scandal and was arrested in Norway in November will not be returning to the company, according to the shipping magnate John Fredriksen. In an interview with local media, Fredriksen said that Lunder wil
BBC Maple Lea Aground in Great Lakes
Germany-flagged general cargo ship BBC Maple Lea has run aground in Lake Saint-Louis, Great Lakes, Quebec. The 2007-built ship, managed by German Auerbach Bereederung Hamburg, got grounded in the morning of December 17th, shortly after departing Montreal. “The Transportation Safety Board of Canada (
Latvian Shipping Company to Raise Cash for Shipping Debts
Latvian owner and operator of medium and handy size tankers Latvian Shipping Company (LSC) is planning to raise equity capital of EUR 80 million (USD 86.5 million) in an Initial Public Offering (IPO). LSC plans to use the newly acquired capital to pay down existing shipping debts due in 2016 and 201
Update: Finnish Workers Agree to Load NWS Ship after Delays
Following a recent boycott threat, the situation in the Finnish port of Usikaupunki calmed down as the Finnish Seamen’s Union (FSU) carried out a decision of the local court and unloaded the Russian cargo vessel M/V Malachite, owned by shipping and vessel management company North-Western Shipping. T