Green Marine
Ardmore Sells Two Outliers
Irish owner and operator of mid-size product and chemical tankers Ardmore Shipping Corporation agreed to sell two of its 17,600 DWT IMO2 chemical tankers for a price tag of USD 38.5 million. The two vessels, namely Ardmore Calypso and Ardmore Capella, were built in 2010 at Samho Shipbuilding Co. Ltd
DSD Shipping Guilty of Dumping Waste Water
A federal jury in Mobile, Alabama, has convicted Norwegian-based shipping company Det Stavangerske Dampskibsselskab AS (DSD Shipping) and three employees with obstructing justice, violating the Act to Prevent Pollution from Ships (APPS), witness tampering and conspiracy, the US Justice Department sa
Restructured Torm Eyes NYSE Listing, Winds Down Bulk Business
Denmark-based TORM A/S, a shipping company that owns and operates product tankers, is looking at a new structure with a potential listing on the New York Stock Exchange and Nasdaq Copenhagen. The listing, if undertaken, is expected to be completed in 2016. The company completed the restructuring inc
MOAS Setting Up Rescue Mission in Aegean Sea
Search and rescue charity Migrant Offshore Aid Station (MOAS) announced plans to launch a new rescue mission in the Aegean Sea where thousands of primarily Syrian refugees continue to cross every week from Turkey to Greece in unsafe vessels. MOAS said it would position the 51-meter Topaz Responder,
Norden Switches Focus to Four
Danish shipping company Norden will focus on ownership and operation of four vessel types supplemented by operation of Handysize dry cargo vessels, under its newly adopted strategy ”Focus and Simplicity”. “The newly established department Asset Management will ensure that Norden utilises all attract
Norwegian Court Upholds Lunder’s Release Order
An appeals court in Norway upheld the verdict of an Oslo district court Tuesday on releasing Jo Lunder, former head of Russian mobile operator Vimpelcom and now suspended Chief Executive Officer of the Fredriksen Group. “We won 2-1, he will not be held in police custody,“ Lunder’s lawyer, Cato Schio
Wilh. Wilhelmsen Hit Hard by Anti-Trust Probe Provision
Norwegian maritime industry group Wilh. Wilhelmsen Holding (WWH) reported USD 157 million operating loss for the quarter ended September 30, caused mostly by a USD 200 million provision related to ongoing anti-trust investigations in two of the company’s joint ventures, Wallenius Wilhelmsen Logistic
Costa Cruises Commits to Savona’s Cruise Sector Growth
Costa Cruises signed a three-year memorandum of understanding on Tuesday with the Municipality of Savona and the Port Authority of Savona for sustainable development in the cruise sector in Savona. The agreement calls for joint interventions in various areas to guarantee responsible growth of the cr
Navios Acquisition Secures USD 125m Loan
Owner and operator of tanker vessels Navios Acquisition has entered into a term loan facility of up to USD 125 million with Deutsche Bank AG Filiale Deutschlandgeschäft and Skandinaviska Enskilda Banken AB to finance fleet additions. The company said that the loan will be used to finance the purchas
Costamare Partners Gives Up on IPO Plans
Athens-based containership owner Costamare Partners LP, a wholly-owned subsidiary of Costamare Inc, cancelled its plans for an initial public offering (IPO) on Monday citing poor market conditions. Costamare Partners LP, a growth master limited partnership (MLP) carved out of Costamare to own four m
Capesize Bulker Duo Joins Seanergy’s Fleet
Greek-based owner and operator of dry bulk vessels Seanergy Maritime Holdings Corp. has taken delivery of two Capesize dry bulk vessels, namely M/V Gloriuship and M/V Squireship. Both the M/V Gloriuship, built in 2004 by Hyundai Heavy Industries Co., and the M/V Squireship, built in 2010 by Sungdong
German Court Sets Trial Date for Beluga Founder
An economic criminal court in Bremen has approved three indictments against the founder of the former German heavy lift shipping company Beluga Shipping GmbH, Niels Stolberg, and the trial is set to start in January, 2016, according to local media. Stolberg is, among other things, suspected of fraud
Tallink Sells Its Superstar
Tallink Superfast Limited, a subsidiary of Estonian shipping company AS Tallink Grupp, has entered into an agreement with Italy’s Medinvest SpA (Corsica Ferries Group) to sell the fast ferry Superstar for EUR 91.5 million (USD 98.3 million). Concurrently AS Tallink Grupp and Medinvest SpA signed a b
Klaveness Offloads Its Selfunloader Fleet
Norwegian shipping company Klaveness Ship Holding AS (KSH) has through its subsidiary, Klaveness Selfunloaders AS, sealed a deal to sell its five self-unloading bulk carriers to affiliates of Algoma Central Corporation and the CSL Group Inc. Under the agreement, affiliates of Algoma and CSL will eac