Green Marine
Finnlines Climbs Profitability Ladder
Finnlines Group’s profitability growth is impressive and the fleet is ready for 2015, Emanuelle Grimaldi, President and CEO of the group said in Q3 report. As explained by Grimaldi, the third quarter result amounting to EUR 18.1 million, marks the fourth consecutive quarter “with impressive over EUR
ALP Maritime Bolsters Towage Fleet
ALP Maritime Services B.V., a wholly owned subsidiary of Teekay Offshore, has agreed to purchase six long distance anchor-handling and towing vessels, for approximately USD 220 million. The vessels are operating in the 200 and 300 Tonnes Bollard Pull towing vessel segment, adding a combined 1,450 To
Navigator Scorpio’s Grounding Caused by Distraction
The grounding of the Liberia registered liquefied gas carrier, Navigator Scorpio, from January 2014, was caused by distraction of the officer of the watch, investigation into the accident found. On 3 January 2014 Navigator Scorpio ran aground on Haisborough Sand in the North Sea. The vessel was unda
Long-Term Charters Keep Teekay Afloat
Teekay LNG Partners L.P. reported adjusted net income of USD 46.7 million for the quarter ended September 30, 2014, compared to USD 48.2 million for the same period of the prior year. For the nine months ended September 30, 2014, Teekay LNG reported adjusted net income of USD 131.1 million, compared
OW Bunker Sounds Fraud Alarm
Denmark’s OW Bunker is investigating an alleged fraud committed by senior employees in its Singapore-based subsidiary Dynamic Oil Trading (DOT), saying that the extent of the fraud is not yet clear, but preliminary findings suggest a potential loss of around USD 125 million. Separately, OW Bunker sa
DryShips Returns to Profit
Athens-based DryShips Inc, an international provider of marine transportation services for drybulk and petroleum cargoes, as well as offshore deepwater drilling services through its subsidiary Ocean Rig UDW, has reported a net income of USD 16.7 million for the third quarter 2014, as compared to a n
GMS Challenges EU Ship Beaching Proposal
Cash buyer of ships for recycling Global Marketing Systems, Inc (GMS) has challenged the European Commission’s intention to ban ship recycling by beaching, by inviting the Commission and a major representative group of top level shipping industry stakeholders to India to witness the recycling proces
Image of the Day: Sea Swift Ready for Duty
‘Sea Swift’, the final of twelve platform supply vessels of the large Ulstein PX105 design, has been delivered to Deep Sea Supply PLC by Zhejiang Shipbuilding. The Deep Sea Supply vessels are 88.9 metres long and 19 metres in the beam. The vessels have diesel electric propulsion and can keep up a sp
Ardmore Benefiting from Improved Charter Market
Irish tanker owner Ardmore Shipping Corporation reported a net profit of USD 117,000 for the three months ended September 30, 2014 as compared to a net loss of USD 920,000, for the same period in 2013. According to Ardmore, the quarter results reflect strong relative chartering performance combined
Drewry, CargoSmart Deepen Cooperation
Shipping consultancy Drewry and shipment management software solutions provider CargoSmart have expanded their cooperation agreement to cover a broader exchange of market intelligence data on the container shipping market. The two companies first announced their cooperation agreement in April 2012,
Stena Line Sticks to NAPA
Sweden’s ferry and shipping operator Stena Line will install NAPA software to monitor fuel consumption, speed, departure status and loading data onboard four further vessels. Two ferries, the Stena Britannica and Stena Hollandica, and two freight vessels, the Stena Transit and Stena Transporter, wil
ECSA Launches Sulphur Survey
European Community Shipowners’ Association (ECSA) has launched a survey to monitor the economic impact of the 0.1% sulphur requirements for shipping in the European Sulphur Emission Control Areas (SECAs), which are due to enter into force on January 1, 2015, as foreseen by the amended 2012 EU Sulphu
Hapag-Lloyd and CSAV Merger One Step Closer
Brazil’s Administrative Council for Economic Defence (CADE) has given an unconditional clearance to the proposed merger of the container shipping activities of Compañía Sud Americana de Vapores (CSAV) into Hapag-Lloyd. The German and the Chilean shipping company signed a binding business combination
GSF Calls for Carbon Emissions Transparency
The Secretary General of the Global Shippers’ Forum, Chris Welsh, outlined the need for transparency of carbon emissions and interventions while speaking at the 4th Shipping and Offshore Corporate and Social Responsibility Forum Tuesday. According to Welsh, transparency is essential in order for shi