Green Marine
Aegean Marine Nabs UAE Loan
Greece-based bunker company Aegean Marine Petroleum Network Inc. has entered into a new $120 million credit facility for its wholly-owned subsidiary, Aegean Oil Terminal Corporation arranged by local United Arab Emirates banks. “With this new facility, we have established more favorable terms with l
Weak Spot Market Pushes Down GasLog’s Earnings
LNG carrier owner and operator GasLog Ltd posted a profit of USD 4.9 million for the quarter ended September 30, 2015, substantially down from last year’s USD 31 million. The company attributed the decrease to the increased depreciation and operating costs due to the increased fleet and lower daily
Greek Seamen on Strike for Two More Days
The Seamen’s Union in Greece has decided to extend their 48-hr strike for an additional two days from 06:00 local time Wednesday to 06:00 local time on Friday, November 6th. The strike is affecting local ferries, pilot services and towage services resulting in vessels being unable to berth or depart
Crystal Pool, Nordic Tankers to Merge Chemical Tanker Fleets
London maritime shipping company Borealis Maritime Ltd and Nordic Tankers revealed today their plan to found a jointly held company, Crystal Nordic AS, specializing in the shortsea, ice class chemical tanker trade in the Baltic and North-Western European market. Crystal Nordic AS will be owned by Em
CEO of Fredriksen Group Arrested in Norway
Chief Executive Officer of the Fredriksen Group, Jo Lunder, was arrested by Norwegian police in Oslo on Wednesday, Reuters reports. Lunder acted as former head of Russian mobile operator VimpelCom from 2011 till 2015, before he was appointed head of the Fredriksen Group in May this year, a role he a
Felixstowe Makes Room for One More Mega Ship
Britain’s Port of Felixstowe will now be able to accommodate two of the world’s largest containerships simultaneously with the latest extension of Berth 9, which has been officially put in operation today. This 190-metre extension increases significant capability of the port which has already handle
Ship Transfers Impact TIL’s Q3 Results, CEO Bullish on Q4
Oslo-listed Tanker Investments Ltd. (TIL) reported net income of USD 11.6 million for the third quarter of 2015 compared to net income of USD 16.7 million in the second quarter of 2015. For the nine months ended September 30, 2015, net income was USD 47.3 million, compared to a net loss of USD 6.9 m
Teekay Corporation Slides to Loss
Bermuda-based Teekay Corporation reported USD 12.2 million net loss attributable to shareholders for the quarter ended September 30, driven largely by losses accumulated through one of the company’s publicly-listed subsidiaries, Teekay Offshore Partners L.P, and declining net income at Teekay LNG Pa
Maersk Line and Philips Sign Pact to Fight C02 Emissions
Maersk Line and Dutch technology company Philips have signed a five-year Carbon Pact agreement to cut carbon dioxide (CO2) emissions for every Philips container moved by Maersk’s boxships by 20%. The agreement integrates both companies’ ongoing commitments to reduce CO2 emissions within their value
APMT, Qingdao Port Group Pen MoU on Vado Project
Representatives of China’s Qingdao Port Group signed a Memorandum of Understanding (MOU) with APM Terminals executives in The Hague for the APM Terminals Vado, Italy port project. The MOU will create a new joint venture to invest in and work with other potential partners. Terms and investment amount
Golar Seals Ghana Deal for Its FSRU Golar Tundra
Golar LNG Limited has executed a firm contract to provide West African Gas Limited (WAGL) with Floating Storage and Regasification Unit (FSRU) services to support their LNG import operations in Ghana. The contract is for the provision of the 170,000cbm newbuild FSRU Golar Tundra, which will be deliv
Danaos Sets Sights on Acquiring Second-Hand Post Panamaxes
Danaos Corporation, Piraeus-based containership charter owner, reported an adjusted net income of USD 43.8 million for the three months ended September 30, 2015 compared to USD 18 million reported in the same period last year. Danaos attributed the increase of USD 25.8 million in adjusted net income
CKYHE Alliance Cuts Asia – North Europe and Mediterranean Voyages
The CKYHE Alliance of Asian container lines will cancel a total of 9 voyages on their current Asia-North Europe and Mediterranean service loops from November 2015 through December 2015. COSCO, “K” Line, Yang Ming, Hanjin Shipping and Evergreen said that the service reduction on their joint Asia – No
APM Terminals Joins Forces with Qingdao Port
The APM Terminals Global Terminal Network is entering China’s fast-growing grain import market as part of a joint venture with Qingdao Port International. The newly developed Qingdao Port Dongjiakou Multi-Purpose Terminal, in which APM Terminals will hold a 20% share, is located on China’s Bohai Rim