Green Marine
Added Capacity Pushes Costamare Further into Black
Athens-based ocean container carrier Costamare ended 2014 with USD 115.1 million net income, USD 13 million more compared to 2013. Costamare recorded USD 484 million in voyage revenues in 2014, improving the 2013 results by approximately USD 70 million. Better operating results translate to good new
Dorian Expects Strong LPG Demand to Continue
NYSE-listed owner and operator of Very Large Gas Carriers (VLGC) Dorian LPG reported USD 16.4 million net income for the nine months ended December 31, 2014. The company’s revenues for the nine-month period stand at USD 68.8 million, improved by a strong third quarter when Dorian accumulated USD 32.
Euro Container Growth to Stall
European container ports are unlikely to be able to maintain the strong growth rates of the past three decades, Fitch Ratings says. Combined with the trend for ever-larger ships making fewer unloading stops, this makes risks highest for small- and medium-sized ports. These could be drawn into a pric
One Killed, Three Taken Hostage in Pirate Attack off Nigeria
One crew member was killed and three taken hostage in a pirate attack on a Greek-owned tanker pending unloading off Nigeria late Tuesday, the Hellenic Coast Guard informed. The killed sailor was Greek and was the vessel’s deputy captain, whereas the missing three crew members are reported to be two
Image of the Day: Marorka Bags UASC Gig
The Icelandic provider of energy management solutions for maritime industry Marorka has posted this image to announce the contract with United Arab Shipping Company (S.A.G.) to deliver ship performance monitoring solutions. The company says its Marorka Wallboard energy management system will help op
Term of the Day: Chassis
Chassis is a term that refers to a rectangular steel frame, supported by springs and wheeled axles constructed to accept mounting of containers for over-the-road transport of shipping containers. The United States is the only large market where ocean carriers own and provide chassis to truckers to m
Scandlines Sells Helsingør-Helsingborg Route
Danish ferry operator Scandlines has sold its Helsingør-Helsingborg route including the five Ro-Pax vessels operating the line to the London-based global asset management company First State Investments, effective retroactively as of January 1, 2015. Both parties have agreed not to disclose any fina
10-YR Old Tankers to Outperform Younger Counterparts
Ten-year old tankers will outperform their younger counterparts, according to McQuilling Services Industry’s Sharpe Ratio analysis on VLCC and Suezmax tankers. McQuilling bases its argument on recent asset prices for the 10-YR old VLCC and Suezmax vessels, which have appreciated by 21.2% and 44.9%,
DNB’s Shipping Impairment Losses Down in 2014
Norway’s biggest lender DNB said that its shipping impairment losses declined in 2014 when compared with the previous year. The bank’s overall loan and guarantee impairments amounted to NOK 821m in the last quarter of 2014. The net profit for the period totaled in NOK 4.96bn, against NOK 5.7bn in 20
ICS: Implementation of Global Sulphur Cap Likely in 2020
The International Chamber of Shipping (ICS) has agreed that the shipping and bunker refining industries should work to the possibility that the global 0.5% sulphur in fuel cap, required by the International Maritime Organization (IMO), is more likely to be implemented worldwide from 2020, rather tha
Port of Hamburg Earns More Despite Ukraine Turmoil
Germany’s Port of Hamburg reported an increase in revenue and operating result in the 2014 financial year, despite the economic crises in Ukraine and Russia and a slowdown in the growth of the global economy and global trade, Hamburger Hafen und Logistik AG (HHLA) reports. The company achieved an op
Dismal Dry Bulk Market Bankrupts Copenship
Losses in the dry bulk sector triggered by low freight rates have forced Danish shipping company Copenship A/S to file for bankruptcy, Reuters reports. Copenship A/S, a privately owned company incorporating Copenship Bulkers A/S, Copenship MPP A/S and Copenship Singapore, had managed a fleet of more
Alfa Laval Marks Spike in Scrubber Orders
Throughout 2014 Sweden’s Alfa Laval saw steady growth in the orders of their marine exhaust gas cleaning systems, the so-called scrubbers, spurred on by the introduction of the 0.1% Sulphur Directive as of January 2015. Now in its second generation, the Alfa Laval PureSOx has accumulated an order po
Update: Norman Atlantic’s Death Toll Rises to 12
Italian authorities have found another charred body on board the fire-stricken Norman Atlantic ferry, the Hellenic Coast Guard informed. The body was found on a truck cabin on deck four. Italian authorities have transferred the body to the Forensic Medicine Institute in Bari, where identification ac