Green Marine
Drewry: Ship Operating Costs Stabilise in 2017
The cost of operating cargo ships rose marginally in 2017 following two consecutive years of falls, but shipowners should prepare for higher costs led by a spike in insurance premiums, shipping consultancy Drewry said. After two years of marked decline, average vessel operating costs stabilised in 2
Trafigura Confirms Plans for Pakistan’s Second LNG Terminal
Commodity trading and logistics company Trafigura has confirmed plans to develop a second LNG import terminal project at Port Qasim, Pakistan. The decision was unveiled as part of the inauguration ceremony of Pakistan GasPort’s (PGPL) new LNG floating storage and regasification import terminal at th
Royal Caribbean Prices USD 800 Mn Notes
Miami-based cruise line Royal Caribbean Cruises (RCL) has priced an offering of senior unsecured notes in an aggregate principal amount of USD 800 million, consisting of two tranches. The first tranche of USD 300 million aggregate principal amount of senior unsecured notes due 2020 will bear interes
Navig8 Chemical Tankers Delivers Loss
Navig8 Chemical Tankers, a joint venture between the Navig8 Group and Oaktree Capital Management, has delivered a net loss in the quarter ended September 30, mainly due to lower rates. The company’s net loss for the period was at USD 4.9 million, compared to the net income of USD 3.7 million, for th
Coral Energy Brings First LNG Cargo to Northern Finland
LNG tanker Coral Energy, operated by Scandinavian company Skangas, delivered the first shipload of liquefied natural gas to Tornio, Finland, on November 19. The cargo was shipped to the Manga LNG natural gas import terminal in Röyttä Harbor, Tornio, a joint venture of the industrial companies Outoku
Seafarer Medevaced from Maersk Eindhoven off Alaska
The US Coast Guard has evacuated a crewman, suffering from cardiac issues, from the 142,105 dwt containership Maersk Eindhoven while the vessel was sailing off Alaska. On November 16, Maersk Eindhoven’s captain reported that the 53-year-old male seafarer needed medical attention. At the time, the sh
Weak Tanker Rates Push Sovcomflot to Red
Russian shipping company PAO Sovcomflot (SCF Group) ended the first nine months of 2017 in loss as tanker spot market freight rates reached their lowest levels of late. “This year has proven to be a very challenging period for the tanker industry and the situation now faced by many conventional tank
Drewry: Crude Tanker Rates to Further Drop in 2018
Following a sharp decline in crude tanker freight rates seen during 2017, the rates are set to further drop in 2018 amid an expected slowdown in China’s crude stocking activity, shipping consultancy Drewry said. Although tonnage supply growth in the crude tanker market is expected to come down to 3.
Star Bulk Carriers Slashes Loss
Greece-based dry bulk shipping firm Star Bulk Carriers managed to cut its net loss for the quarter ended September 30 to USD 7.4 million from a net loss of USD 39.4 million seen in the same period in 2016. The company informed that its total net voyage revenues for the quarter were up at USD 63 [&he
Venepandi Warns Ships of Incidents during Inspections
During the mandatory antidrug underwater inspections in Venezuela prior to sailing, an increasing number of alleged incidents has been recorded, according to Venezuela’s P&I correspondent Venepandi. Namely, Masters of the ships being inspected were subject to extort and blackmail by the divers appoi
Suspected Pirates Detained after More Attacks off Somalia
Six suspected pirates were detained following attacks on a 52,000 tonne containership and a fishing vessel, which reportedly took place on November 17 and 18 in the Southern Somali Basin. EU Naval Force (EU NAVFOR) informed that its Somalia flagship, the Italian vessel ITS Virginio Fasan, apprehende
Singapore Charges Bunker Supplier, Staff with Cheating
Singapore’s bunkering company, and three of its executives, have been charged with cheating and criminal breach as part of the country’s strict measures on deliveries of bunkering fuel. The company, Vermont Bunkering, its directors Poh Fu Tek and Koh Seng Lee, and the former bunker manager Lee Kok L
Moody’s: China’s Tariff Reduction Is Credit Negative for SIPG
China’s announced cut in the handling tariff for import and export containers is credit negative for Shanghai International Port (Group) (SIPG), Moody’s rating agency said. However, the cuts, unveiled by China’s National Development and Reform Commission (NDRC) earlier in November, will not immediat
No Longer Sailing South?
The Suez Canal is still the most efficient route to transport large amounts of cargo between Asia and Europe. However, due to the melting of sea ice in Arctic regions, ships are able to sail faster from East Asia to Western Europe by taking the Northeast Passage. Furthermore, the development of a ra