The car carrier sector has seen an increase in scrapping and almost no new orders in 2016 as vessel owners are trying to combat a decline in global seaborne car trade, according to Clarksons Research. Given the strong link between economic growth, consumer demand and car sales, the car carrier secto
At least 35 people have been rescued, while dozens more are missing after a ferry sank some 380 kilometres off the coast of Yemen, Reuters cited a Yemeni minister. At the time of the incident, the vessel was carrying more than 60 passengers, including women and children. The ferry was on its way fro
The top five consolidated container fleets are currently worth USD 33.4 billion and account for 33% of the entire container fleet, according to the latest data provided by VesselsValue. The report on the top five fleets, including the Moller Maersk AS/Hamburg Süd, China COSCO Holdings Co, CMA CGM/ A
The cost of operating cargo ships has fallen for two successive years amid weak freight rates, declining asset values, eroded profitability and denuded cash balances, according to shipping consultancy Drewry. As 2016 was another very difficult year for most shipowners and operators, the market condi
Strong demolition has been a prominent feature of the shipping industry this year, as challenging market conditions continue to drive a significant supply-side response in a number of sectors, according to Clarksons Research. As conditions in most sectors were under pressure, 2016 has been an extrem
The number of idle containerships increased from 238 vessels with a combined capacity of about 900,000 TEU in November last year to 435 ships, aggregating 1.7 million TEU in early November of this year, representing a strong indication of the current overcapacity, according to shipping consultancy D
Dubai-based port and terminal operator DP World and North America’s pension fund managers Caisse de dépôt et placement du Québec (CDPQ) have joined forces to create an investment vehicle to invest in ports and terminals globally, excluding the United Arab Emirates. The investment platform, which tot
The 14,000 TEUs containership MSC Esthi marked the official opening of the Hamad Port Container Terminal 1 as it was the first vessel which sailed into the port on December 1, according to the Mediterranean Shipping Company (MSC). The occasion marked the completion of the first phase of Qatar’s USD
Indian Register of Shipping (IRClass), has obtained authorisation to act as Recognised Organisation (RO) to carry out statutory survey, audit and certification on behalf of Nigeria, Oman and Lebanon flag states. With the latest agreement, IRClass has been approved as a RO by 29 flag registries acros
French container shipping major CMA CGM has upgraded its coverage between the Adriatic Sea and Egypt by introducing the new Adrimed Express service. The Adrimed Express service links Egypt, Malta, Croatia, Italy, and Slovenia. “Thanks to a call in Malta, a CMA CGM group’s hub, efficient transshipmen
Israel’s shipping company ZIM Integrated Shipping Services posted a net loss of USD 37.6 million in the third quarter of 2016, compared to a profit of USD 11.1 million seen in the same period last year, due to the continued deterioration in the container shipping market. ZIM’s gross profit for the q
Qatari liquefied natural gas (LNG) transport company Nakilat has assumed full ship management and operations of Q-Max LNG carrier Al Ghuwairiya from Shell Trading and Shipping Company Ltd. (STASCo), with effect from December 1 2016. Al Ghuwairiya is the fourth Q-Max LNG carrier to be taken over as p
Muted demand growth will exacerbate overcapacity for the shipping sector in 2017, putting pressure on freight rates and driving further consolidation and defaults, according to Fitch Ratings. Fitch expects performance in all segments to be under pressure and has therefore maintained its negative sec
Container shipping lines are in danger of putting future port investment at risk in their demands for terminal handling cost reductions, according to the recently launched Ports and Terminals Insight report published by global shipping consultancy Drewry. Terminal operators face a “perfect storm” of
