Green Marine
Effects of Russia Sanctions Start to Kick In
Consequences of economic sanctions imposed by the European Union against Russian companies and officials have started to kick in. Namely, one of Finnish banks revealed its intention to close an account owned by Russian defence company United Shipbuilding Corporation (USC). The move might hamper mone
Star Bulk Adds Capesize
Athens-based Star Bulk Carriers Corp. has taken delivery of M/V Leviathan , a 182,000 dwt Capesize built by Japan Marine United (JMU). M/V Leviathan is a sistership to M/V Peloreus already delivered to the company and is the second of six similar vessels ordered at JMU, with expected deliveries unti
Irish Ports Join UNCTAD Port Training Programme
A Memorandum of Understanding (MoU) was signed by United Nations Conference on Trade and Development (UNCTAD) Secretary-General Mukhisa Kituyi, Ambassador of the Republic of Ireland to the United Nations Office at Geneva Patricia O’Brian, and senior representatives of two Irish ports at the Palais d
Eco-Fuel to Drive Up Freight Rates at Stena
Stena Line says that the new sulphur directive for shipping traffic within the North European SECA area, which comes into force on January 1, 2015, is forcing the company to increase freight prices. The company projects that the directive will add extra SEK 1 million (USD 135,000) of freight costs p
Claims against Rotterdam Port Authority Rejected
On Wednesday, September 24, The Rechtbank Rotterdam Court passed judgement in the dispute brought against the authority by port operator Europe Container Terminals (ECT) about the way in which the Port of Rotterdam Authority developed the Maasvlakte 2. The court ruled that the Port Authority did not
Offshore Drilling Facing Soft Market Conditions
Five-year credit default swaps (CDS) for offshore drilling companies in North America have widened 46% over the past month and 20% over the last week, underperforming other sectors in the region, according to Fitch Solutions. New York-based rating agency Fitch Ratings said that CDS have likely widen
Exmar Files for IPO
EXMAR NV has filed for a registration statement with the United States Securities and Exchange Commission (SEC) to raise up to USD 125 million in an initial public offering of shares in the master limited partnership (MLP). The number of common units to be offered and the price range for the offerin
BPO Launches New LNG Bunkering Project
Baltic Ports Organisation (BPO) has decided to initiate another project related to the possible LNG bunkering infrastructure facilities at the ports and possible bunkering vessels in some relevant Baltic Sea Ports and regions, taking into account the experience gained from the LNG projects, the matu
Suncor Sends Its First Crude-Laden Tanker to Europe
Suncor Energy Inc, a Canadian oilsands company, is sending its first ever tanker of Western Canadian heavy crude from Canada’s East Coast to Europe, a company spokeswoman said on Tuesday. The cargo is being shipped by Greek-flagged aframax tanker Minerva Gloria, owned by Minerva Marine. According to
Warming Oceans Reshaping Fishermen’s Catch
For the first time, scientists have shown that ocean warming has had a global impact on the mix of species caught by fishermen, The Pew Charitable Trusts reports. Previous studies indicated that some species are shifting location in response to temperature increases, with fish gradually moving away
Hamburg Süd and UASC Forge Shipping Coalition
United Arab Shipping Company (UASC) and Hamburg Süd, have signed a global cooperation agreement. The agreement came after a series of discussions focused on the companies’ respective customers’ business needs, key growth areas, and operational requirements. The need to address logistical imbalances
Repeat Offender Barred from Paris MoU
A 3594 dwt, 1982-built general cargo ship M/V Maxal Gita was detained in Larnaca (Republic of Cyprus) due to multiple detentions, on September 16, 2014. This is the ship’s third detention in the Paris MoU region within the last 24 months. The ship flies the flag of Belize which is grey on the curren
Tanker Market Players Hoping for Higher Freight Rates
Tanker market players have not lost their hope for an increase in tanker rates, however little movement is expected in the product tanker sector. According to the latest survey figures by Moore Stephens, there was a fall in the number of respondents anticipating higher rates in the dry bulk and cont
Dynagas Bolsters LNG Carrier Fleet
Dynagas LNG Partners LP, an Athens-based owner and operator of LNG carriers, has bought from Dynagas Holding 100% of the ownership interests in the Yenisei River, a 2013 built ice class liquefied natural gas carrier, and the related time charter contract, for USD 257.5 million. Dynagas expects to fi