Green Marine
KCT Privatization Deal Reached
French liner company CMA CGM’s Terminal Link subsidiary has reached an agreement with the Jamaican government on privatization of the Kingston Container Terminal (KCT). Under the deal, Terminal Link won a long-term concession to finance, expand, maintain and operate the terminal. The contract signin
P&O Ports to Turn Around Small and Medium-Sized Ports
The government of Dubai has launched a new port operator named P&O Ports. The company is a subsidiary of Ports, Customs and Free Zone Corporation (PCFC) and will operate as a separate entity to DP World, focusing its business on the operation of small to medium-sized, multi-purpose ports worldwide.
Copenhagen Malmo Port Improves Turnover
Copenhagen Malmo Port (CMP) increased its turnover by 7% in 2014, as well as its operating profit reaching SEK 89.5 million (USD 10.54 million). According to the CMP, the main reason for these increases were higher volumes in the fields of RoRo, containers and dry bulk. In 2014 CMP’s turnover was SE
SCF Bounces Back to Profit
Russian shipping company PAO Sovcomflot (SCF Group) posted strong 2014 results amid recovery of conventional tanker market. SCF rebounded from a loss of USD 39.2 million in 2013 posting a net profit of USD 83.9 million. The group’s gross revenue increased 9.9 per cent to USD 1,387.4 million compared
Oil Price Drop Double-Edged Sword for Multipurpose Shipping Market
Global dry cargo demand growth, forecast at 5% per annum from 2016 to 2019, is to be offset by falling project cargo volumes over the next twelve to eighteen months, according to Drewry’s latest edition of the Multipurpose Shipping Market Review and Forecaster. “The fall in oil prices, coupled with
Offshore Mediterranean Conference Kicks Off
The twelfth bi-annual Offshore Mediterranean Conference (OMC 15) started in Ravenna, Italy on March 25, attracting 680 exhibiting companies from 23 countries. The opening session titled ‘Focus on Change: Planning the Next 20 Years,’ chaired by Giuseppe Tannoia, Executive VP for Central and Southern
Update: Scan Master Refloated
The Norwegian product tanker that ran aground on Saturday evening off Norway’s central western coast has been refloated with the help of two tugboats. The 71-meter long tanker Scan Master grounded onto a rocky beach of a fjord at Hemnskjela in Snillfjord, Norway while battling strong winds. The ship
Helios LPG Pool to Start Operations in April
Helios LPG Pool LLC, jointly run by owner and operator of VLGCs Dorian LPG and Phoenix Tankers Pte, a 100% subsidiary of Mitsui OSK Lines, will start operations on April 1st, 2015, Dorian said. The pool will operate eight VLGCs on the water, including four of Dorian LPG’s VLGCs: Corvette, Corsair, C
VIDEO: Anthem of the Seas Calls at Hamburg
The video shows Royal Caribbean´s new cruise ship, Anthem of the Seas, being pulled along the river Elbe in the port of Hamburg. The ship arrived in Hamburg on Monday, 23rd of March, to undergo a short drydock period at the Blohm + Voss shipyard and prepare for her delivery. She will be finally deli
Cosco Pacific Posts Higher Revenue
Container terminal operator Cosco Pacific’s revenue rose by 8.9% to USD 870 million in 2014 when compared to figures from the preceding year. Revenue from the terminals business rose by 13.6% to USD 516 million, the increase being mainly attributable to Piraeus Container Terminal, Guangzhou South Ch
EU to Blacklist Iranian Shipping Companies Again
The European Union is about to reinstate sanctions against 40 Iranian shipping companies as it turns up the heat against Tehran over its nuclear program. The European Council sent a letter two weeks ago to the shipping firms’ lawyer Maryam Taher, claiming that the reasons for the intended re-listing
Fire Breaks Out on board Tanker in Kirkdale
A fire broke out in one of the engine rooms of a Cyprus-flagged tanker at Canada Dock, on the river Mersey this morning, Merseyside Fire and Rescue Service informed. The people on board the 4,139-dwt Julia have been evacuated, the firefighting service added. Five fire appliances from Kirkdale, Crosb
Stolt-Nielsen Considering Bond Issue
Oslo-listed Stolt-Nielsen Limited is contemplating the issuance of new senior unsecured bonds in the Norwegian bond market with a minimum amount of NOK 700 million (around USD 89 million). The company said it intends to use the proceeds for general corporate purposes. The offering will be made to No
MS Deutschland Changes Hands
German-registered cruise ship MS Deutschland, operated by Peter Deilmann Cruises has been sold. The buyer is a US company with “relevant experience in international cruise business” , the operator said. The unnamed company has paid a deposit to the administrator of the transaction, however the balan