French container shipping major CMA CGM has launched REX3, a new service connecting Asia and the Red Sea. The new service will link Djibouti, Saudi Arabia, Egypt, Jordan, Singapore and China. In addition to the calls offered in the company’s REX2, MEX1 and EPIC lines, CMA CGM said it now operates an
Given the orderbook, the tanker market is expected to experience ample supply growth in the coming years while the forecasts for tanker demand growth are rather subdued, according to Poten & Partners. In recent years, tanker sales for scrap have been “few and far between,” while the average age of t
Singapore-based container shipping company APL has decided to expand its Asia-Middle East and Latin America networks by adding new services to these routes. To its Asia-Middle East coverage, the company has added the Red Sea Express 2 (RE2) Service, which will link China to the Red Sea ports of Jedd
Dubai-based owner and operator of chemical tankers Gulf Navigation Holding PJSC (GulfNav) has seen its net income for the three months ended September 30, 2016 surge to AUD 116.8 million (USD 89.6 million) from AUD 5.6 million (USD 4.2 million) seen in the third quarter of 2015. The company’s net in
Moderating vessel supply growth over the next few years, combined with a mild improvement in the outlook for seaborne trade, is set to enable a reduction on chronic overcapacity and so mark a recovery in the dry bulk shipping market, according to shipping consultancy Drewry. Capesize one-year time c
Softening seaborne trade and rising fleet growth are expected to depress chemical shipping freight rates over the next few years, according to shipping consultancy Drewry. Spot rates collapsed in the third quarter as some charterers who usually fix their cargoes on contract took advantage of low spo
The members of THE Alliance have revealed plans to deploy a fleet of more than 240 ships covering 31 services in the Asia/Europe, North Atlantic and Trans-Pacific trade lanes including the Middle East and the Arabian Gulf/Red Sea starting from April 2017. The network of services would connect more t
Nakilat, the shipping arm of Qatar’s liquefied natural gas (LNG) sector, has taken over full ship management and operations of Q-Max liquefied natural gas (LNG) carrier Mekaines from Shell Trading and Shipping Company Ltd. (STASCo) with effect from November 7. Mekaines is the second Q-Max vessel tha
Whilst freight rates have improved marginally from the extreme lows seen over the middle of the year, the entire container shipping industry remains under significant pressure, according to Maritime Strategies International. As most liner companies are now breaking even, with weaker lines still prob
The skiff that engaged in an attack on the liquefied natural gas (LNG) carrier Galicia Spirit was carrying “a substantial amount of explosives,” according to shipowner Teekay. Following the attack on the 79,166 dwt tanker, which occurred on October 25 off the coast of Yemen near Bab al-Mandab Strait
French container shipping giant CMA CGM has upgraded its Moroccan coverage by deploying six services linking the country with Russia, Europe and the Middle East and enhanced its FEMEX service between North Europe and Turkey by adding new ports of call. The six services, DUNKRUS, AGAX, CISS, AGAPOV,
Vessel operating costs are expected to rise in both 2016 and 2017, with repairs, maintenance and spares set to record the most significant increase in each of the two years, according to shipping consultant Moore Stephens. Vessel operating costs are expected to rise by 1.9% in 2016 and by 2.5% in 20
Despite better demand side conditions on the “road to recovery” for the dry bulk shipping industry, the supply side is worse off, according to international shipping association BIMCO. As ship owners’ interest in demolition has cooled, the supply side is worse off today than earlier estimates projec
Nakilat, the shipping arm of Qatar’s liquefied natural gas (LNG) sector, has taken over the management of Q-Max liquefied natural gas (LNG) carrier Mozah from Shell International Trading and Shipping Company Limited (STASCO). This is the first vessel to be transitioned as part of the phased manageme
