Green Marine
Hapag-Lloyd Completes Integration of UASC
German shipping giant Hapag-Lloyd has completed the integration of UAE-based counterpart United Arab Shipping Company (UASC) into the group on November 30. The companies merged on May 24, 2017, and within the subsequent six months, the operating businesses, the IT systems, the different fleets, and
Golar LNG Shrinks Third Quarter Loss
Liquefied natural gas (LNG) shipping company Golar LNG has managed to cut its net loss in the third quarter of 2017 on the back of an improvement in the shipping market. During the three-month period ended September 30, the company generated a net loss of USD 43.9 million, against a net loss of USD
German Banks Cutting Further Their Ship Finance Exposure
The recent recovery of the container shipping and dry bulk market has not dissuaded German banks from reducing their exposure to shipping loans which pushed the country’s banking sector into the red. As NORD/LB Norddeutsche Landesbank reports its return to profit for the first nine months of this ye
CMA CGM Merges Subsidiaries
French CMA CGM Group will merge its two subsidiaries MacAndrews and OPDR, specializiang in short sea transportation, effective January 1, 2018, the company said. Following the move, the merged company will be headquartered in Hamburg and will have 595 employees, as employment in each entity will be
Libra FPSO Starts Charter Contract in Santos Basin
The floating production storage and offloading (FPSO) unit Pioneiro de Libra has achieved first oil and started a 12-year charter contract with a group of international oil companies on the Libra oil field where it will perform early well tests. The Libra FPSO, which is chartered by Petrobras, Total
ICS: Bunker Suppliers Face Death of Fossil Fuels in Shipping
As the shipping sector sails towards a future of zero CO2 emissions, marine bunker suppliers could see a significant drop in demand for fossil fuels within as little as 25 years, International Chamber of Shipping (ICS) said. “Governments need to recognise that many ships will remain dependent on fos
SBM Offshore Settles Bribery Case, Agrees to Pay USD 238 Mn
Netherlands-based SBM Offshore and its US subsidiary have agreed to resolve criminal charges involving bribes in five countries and pay a criminal penalty of USD 238 million. According to the US Department of Justice, the penalty was set in connection with schemes involving the bribery of foreign of
Wreck of Agia Zoni II Tanker Brought to Surface
The wreck of the oil tanker Agia Zoni II, which sank off Greece in early September, has been lifted from its resting place, the marine services company Spanopoulos Group informed. The 1972-built vessel started taking on water while it was anchored near the Port of Piraeus and subsequently sank on Se
Yang Ming Eyes USD 87 Mn from 2nd Private Placement
Taiwan’s shipping company Yang Ming Marine Transportation Corp is gearing up to launch a second private placement, targeting NTW 2.62 billion (approximately USD 87 million). The company said that its Board of Directors met on November 29 and approved its second private placement plan by issuing 257,
Euronav Sells Suezmax Veteran
Belgian tanker owner Euronav NV has disposed of another older vessel as it ramps up efforts to shed outdated tonnage and renew fleet. Following last week’s sale of its oldest VLCC, Euronav said today that it has sold the 1998-built Suezmax Cap Georges for USD 9.3 million. The 146,652 dwt vessel was
MOL Takes a Step Forward in Visualization at Sea
Japanese shipping major Mitsui O.S.K. Lines (MOL) has joined forces with Japan Radio and JSAT MOBILE Communications in building a network that shares data recorded in Voyage Data Recorder (VDR). The data would be shared by using Fleet Xpress provided by Inmarsat, a high-capacity, high-speed satellit
CMB Shows Off Its Hydrogen-Powered Vessel
Antwerp maritime group Compagnie Maritime Belge (CMB) has launched its new hydrogen-powered passenger vessel-the Hydroville. The vessel was christened in Antwerp and commissioned into service on November 29. The catamaran is a pilot project aimed at testing hydrogen technology for applications in la
Chennai Six Released from Prison, Ask Media for Privacy
The six British nationals, former security guards on board the Seaman Guard Ohio anti-piracy vessel, also known as the Chennai Six, have been released from prison after four years. “After four long years, we, along with the 29 crew of the Seaman Guard Ohio, have been cleared by the Appeal Court. We
No Delay to 2020 Sulfur Cap’s Entrance into Force
The 2020 sulfur emissions legislation will enter into force without delay, Edmond Hughes, IMO’s head of air pollution and energy efficiency (MEPC) said while speaking in Athens recently. The reassurance was made to put an end to the overall confusion plaguing the industry amid rumored delays in the