Green Marine
TORM to Finalize Its Restructuring by Mid-July
Danish shipping company TORM said on Thursday it expects to wrap up its restructuring by mid-July. The announcement comes following the restructuring scheme’s approval under each of its four loan facilities by the company’s lenders at the Scheme meetings held yesterday. TORM said it will now apply f
Oslo Dockers in Limbo
Oslo dockers blocked the traffic in and out of the container terminal in Oslo port Monday, 22nd of June, demanding signing of a collective agreement with Turkish company Yilport. About 60 workers are reported to have staged a strike only to be ordered to clear out by the local police. The order came
Baltic Dry Index Soars to All Year High
The Baltic Dry Index (BDI), which had plunged to all time lows earlier this year, has recovered to an all year high reaching 829 points on 24 June 2015, shipping association BIMCO said. The hike signals that the devastating dry bulk market may finally be on the rebound. “June has delivered what May
VIDEO: Thank You Seafarers!
The maritime industry celebrates today the Day of the Seafarer 2015, honoring all those brave men and women who dedicate their lives to a career at sea braving various challenges ahead of them. This year the International Maritime Organization put its focus to maritime education and promoting a care
Dover Western Docks Revival Project Moves Along
England’s Port of Dover today signed a pre-construction agreement with a domestic contractor Graham to finalize the design and cost plans for a new cargo terminal at its Western Docks, part of the previously announced Dover Western Docks Revival project. A successful outcome of the agreement should
UASC Behemoth Calls at Felixtowe
United Arab Shipping Company’s (UASC) newest vessel, the 18,800 teu Barzan, has made its maiden call at the Port of Felixstowe, the Port of Britain. The biggest container ship in the UASC fleet arrived at the UK’s largest container port from Port Kelang in Malaysia. The Barzan is deployed on UASC’s
Star Bulk Offloads Another Aging Bulker
Nasdaq-listed dry bulk specialist Star Bulk Carriers Corp. has sold a 1998-built M/V Star Christianna to an unaffiliated and unnamed third party. This is the sixth bulker Star Bulk has sold to third parties or for demolition this year. All of the sold bulk carriers were built between 1993 and 1998.
Glencore Sued by Nigerian Trader
Amazoil Nigeria Ltd’s owner is taking the commodities trader Glencore Plc to court for alleged failure to pay USD 5 million intended for freeing of Russian sailors detained under suspicion of guns smuggling. In the lawsuit brought before the London court Og Amazu, owner of Amazoil Nigeria and former
Interactive Image: Piracy Attacks Over Time
Almost everybody has heard about piracy off the Horn of Africa, or ships being attacked ships in the Indian Ocean. While piracy has been a constant threat throughout maritime history, the face of piracy has also been constantly changing. Pirates can be loosely defined in three groups: the mafia, the
Spotted: Wallmann Adds Muscle
German terminal operator Wallmann & Co has put its second LHM 600 Liebherr mobile harbour crane into operation at its terminal in the Port of Hamburg. With the two LHM 600 Liebherr cranes in place, the terminal is now able to load cargo weighing up to 406 tons in one go. The terminal also has two LH
Ocean Three Carriers Take the First Hit
The Ocean Three (‘O3’) carriers, CMA CGM, CSCL and UASC, have made the first concession in the ongoing Asia-Europe rate war, according to shipping analyst Alphaliner. Namely, the carrier alliance has decided to withdraw one of their four Far East-North Europe strings for 12 consecutive weeks startin
Platts: Trans-Atlantic Panamax Dry Bulk Market in the Hour of the Wolf
Shipowners operating in the trans-Atlantic dry bulk market, where prices have been plumbing two-year lows on the back of acute vessel oversupply and shifting patterns in minerals demand, could be facing brighter days as of 2018, according to the latest special report released by Platts. In its 6-pag
Shipping Will Need 42,500 Officers by 2019
Shipping will require an additional 42,500 officers by the end of 2019 to cope with the expected growth in the main cargo carrying fleet, equivalent to 7% growth over the five year period, according to shipping consultancy Drewry. Current officer supply is in the order of 615,000 and there is a nomi
Norden Ups Its Expectations
Danish shipping company Dampskibsselskabet NORDEN A/S has raised its expectations for the EBIT result for 2015 to USD 50-90 million against previously expected USD -40 to 40 million. The upward adjustment is a result of a tanker market which continues to be influenced by a broadly based upswing with