Green Marine
NUTEP Terminal Begins Quay Expansion
Russia’s NUTEP terminal, located in the Black Sea port of Novorossiysk, has started its new 341m quay expansion project with the first piles being driven after two years of planning and approvals. The new deepwater berth, scheduled for completion in 2018, will have a depth of 15.6m, compared with th
Exmar Joins India’s First FSRU Project
Belgian energy supply chain provider Exmar has entered into a binding term sheet with Swan Energy Limited for the joint development and operation of India’s first LNG FSRU – the Jafrabad LNG Port project – to be located in the State of Gujarat. The Jafrabad LNG Port will be a 5 million tons per annu
Sovcomflot Sees Constant Profit Increase
Russia’s energy shipping specialist PAO Sovcomflot (SCF) has posted a net profit of USD 298.8 million for the nine months ended September 30, an increase of 174 percent compared to USD 109.1 million net profit for the same period last year, driven mostly by booming crude oil/products tanker market,
Drewry: Cargo Ship Operating Costs Expected to Rise
The cost of operating cargo ships is forecast to rise over the next two years after falling in 2015, according to the latest Ship Operating Costs Annual Review and Forecast report published by U.K.-based shipping consultancy Drewry. The average decline in ship operating costs across the sectors cove
New Portugal & South Spain Liner Service Launched
Two short sea shipping operators, UK-based MacAndrews and German Oldenburg-Portugiesische Dampfschiffs-Rhederei (OPDR), have launched a new weekly liner service between North Europe and the Iberian Peninsula. With the introduction of the new winter schedule, the companies decided to set up the liner
EQT Infrastructure Sells Koole Terminals
Sweden’s EQT Infrastructure Limited has made a move to sell its Dutch storage company Koole Terminals to institutional investors advised by J.P. Morgan Asset Management – Global Real Assets, a deal valued at over EUR 1 billion. Since the initial acquisition by EQT Infrastructure in February 2011, Ko
Chinese JV Inks Kumport Terminal Purchase Deal
Cosco Pacific, China Merchants Holdings International (CMHI) and CIC Capital Corporation have used the recent G20 summit in Ankara to officially sign an agreement with FIBA Holding to jointly acquire Kumport Terminal, Turkey’s third largest container terminal situated in the Ambarli Port Complex on
Italian Shipping Trio Urged to Stop Beaching Ships
Italian shipping companies Grimaldi Group, Ignazio Messina and Vittorio Bogazzi & Figli are facing strong criticism from the NGO Shipbreaking Platform for their poor shipbreaking practices. The global coalition of 19 environmental organisations said it calls upon the companies to take necessary acti
Norbulk Orders Exhaust Gas Scrubbers for Its Vessels
Bermuda-headquartered ship manager Norbulk Shipping is having five of its vessels retrofitted with exhaust gas scrubbers (EGS) at Gibraltar’s Gibdock shipyard in November. Using EGS, shipowners can continue operating on heavy fuel oil instead of more expensive marine gas oil to meet IMO rules on SOx
Bureau Veritas: Still a Long Way to Go for Full OSD Compliance
The Offshore Safety Directive has been one of the main topics at this year’s Offshore Energy Exhibition and Conference in Amsterdam. The implementation of the directive, which entered into force in July 2015, has raised many eyebrows as numerous uncertainties remain on the best approach to becoming
Aurora LPG Not Happy with Avance Gas’ Offer
In response to the Oslo-listed Avance Gas Holdings’ bid to acquire all shares of Aurora LPG, the company expressed disagreement saying that the offer is not in line with their value. “The preliminary view of the Board of Directors is that the consideration under the Offer deviates significantly from
Drewry: Opportunity Makes an NOL Buyer
In a rational world, neither A.P. Moller–Maersk nor CMA CGM should put their balance sheet at risk in buying the Singapore-based Neptune Orient Lines (NOL) at a time when container shipping is expected to stay challenging for the next three years, said the U.K.-based shipping analyst Drewry, adding
Capesize Bulker Seattle Joins Diana’s Fleet
Athens-based dry bulk shipping company Diana Shipping Inc. has, through a separate wholly-owned subsidiary, taken delivery of the 179,362 dwt Capesize dry bulk vessel m/v Seattle. The company signed the USD 28.5 million purchase agreement for this vessel, formerly known as m/v Churchill Bulker, in N
Containerships Boosts London Thamesport Short Sea Service
Helsinki-based short sea shipping specialist Containerships Ltd has started a new service linking London Thamesport with Germany, Finland, Russia and the Baltic States. Containerships chose the Kent port to re-establish a direct service from and to the southern part of the UK, and with this move enh