The National Shipping Company of Saudi Arabia (Bahri) has secured USD 126 million in financing with the Bank of Tokyo-Mitsubishi UFJ (BTMU) under the terms compliant with the Sharia law. Majority of the loan, specifically 80 percent, will be used to finance the two tankers Bahri purchased in October
The shipping industry needs to increase Corporate Social Responsibility (CSR) awareness as on average less than 50 percent of the industry fully commits to related activities, according to the Shipping CSR500 Survey report released by SAFETY4SEA. Conducted in the first quarter of 2016, the Shipping
In an effort to “meet the desire” of ship owners and operators and attract more vessels, the Suez Canal Authority has decided to cut tolls for selected container ships. According to the Suez Canal Authority, container ships coming from port of Norfolk and its northern ports heading to the Port of Ke
While cyber security has become a hot topic on conference platforms and industry events around the world, implementation plans and training for crew are lagging as companies take time to develop top-down strategies, according to shipping industry’s provider of shipboard software solutions GTMaritime
The member national shipowners’ associations of the International Chamber of Shipping (ICS) have agreed to commence a co-ordinated campaign in an effort to persuade the European Union (EU) of the vital necessity of aligning its unilateral regulation on the monitoring of shipping’s CO2 emissions with
Shareholders’ representatives of the United Arab Shipping Company (UASC) supported the ongoing discussions with German counterpart Hapag-Lloyd at an Extraordinary General Meeting (EGM) held on June 2nd. However, even though they recognized the strategic value of a potential combination of both busin
The cruise industry has surpassed 2015 ocean cruise passenger projections and has increased passenger expectations for 2016 — a sign the industry is stronger than ever, Cruise Lines International Association (CLIA) announced at the 2016 Cruise360 Conference in Vancouver. The industry reported a tota
In light of the upcoming SOLAS container weight verification requirement and concerns over the transition to the new rules, the International Maritime Organization (IMO) has agreed to a practical and pragmatic approach for the three months after July 1, according to maritime safety authority Maritim
Iran plans to launch a regular shipping line to Japan in the next few weeks, Managing Director of the Islamic Republic of Iran Shipping Lines (IRISL), Mohammad Saeidi said at a ceremony in Tehran on Monday, Tasnim News Agency reports. According to Saeidi, during the sanction era, there was only one
Dubai-headquartered port and terminal operator DP World has raised USD 1.2 billion in a new 7-year sukuk set to be listed on the Middle East’s international financial exchange NASDAQ Dubai. The issue received strong investor interest and was 2x oversubscribed receiving more than USD 2 billion in bid
The National Chemical Carriers (NCC), a subsidiary of the National Shipping Company of Saudi Arabia (Bahri), has taken delivery of STI Powai, the fifth of five Medium Range tankers bought in February this year. The vessel was delivered on May 26 and the ownership was transferred to NCC. The tanker w
Israeli container shipping company ZIM Integrated Shipping Services Ltd. has sunk to the red in the first quarter of 2016 after staying in the black for almost a year. Namely, the company posted a net loss of USD 56 million, compared to net income of USD 12 million for the first quarter of 2015 amid
India and Iran have signed a bilateral agreement today to develop the Chabahar port and related infrastructure, with Indian earmarking about USD 500 million for this purpose. The deal has been signed after India, Afghanistan and Iran finalized the text of the Trilateral Agreement on Transport and Tr
Dubai-based container shipping firm United Arab Shipping Company (UASC) has completed a series of transactions that resulted in the issuance by a U.S. based trust of USD 162 million of Enhanced Maritime Trust Certificates (EMTC). The proceeds from the EMTCs were used to finance the debt portion of t
