Green Marine
Storm Causes Congestion Issues at Vietnam’s Port
Vietnam’s port of Qui Nhon is experiencing severe congestion as a storm in the area caused a number of vessels to sink, thereby blocking ship traffic in a nearby channel. After the storm, which caused significant disruption at the port, hit the area on November 4, Qui Nhon port authority issued a te
ICBC Invests in BW Offshore’s Catcher FPSO
Operator of FPSO units BW Offshore has closed a contract with a nominee of the financial leasing firm ICBC Financial Leasing through which the nominee becomes an equity partner in the BW Catcher FPSO. The equity investment, undertaken through the subscription of preference shares, is the first trans
Mitsui & Co. Takes 49 Pct Stake in BW Integrity FSRU
Japan’s Mitsui & Co. has formed joint venture with gas shipping company BW Group Limited to own the Floating Storage and Regasification Unit (FSRU) BW Integrity. Mitsui & Co. has purchased a 49% share in BW Integrity, while BW continues to own a 51% share in the vessel. In line with the deal, BW wil
Tanker Earnings to Remain Low in 2018 amid Oversupply
The recovery of the tanker market forecast to start next year and give the much-needed boost to company earnings seems to be far-off due to the lingering effect of tonnage oversupply. According to Fitch Ratings, a glut of new vessel deliveries and limited scrapping of older ships means the global ta
Pan Ocean’s Q3 Profit Up by 55 Pct
South Korean dry bulk shipping company Pan Ocean reported a 55.4 percent rise in profit for the third quarter of 2017 when compared to the third quarter of 2016. The Q3 profit for this year stood at USD 36.9 million against USD 23.7 million reported in Q3, 2016. For the nine-month period, the profit
ICS: EU Decision to Revise EU ETS Demonstrates Faith in IMO
The recent decision by the European Union not to include shipping within the full scope of the regional EU Emissions Trading System (EU ETS) has shown faith in UN International Maritime Organization (IMO) to further reduce shipping’s carbon emissions, the International Chamber of Shipping (ICS) said
DHT Shrinks Quarterly Loss
Crude oil tanker company DHT Holdings has managed to narrow its net loss in the third quarter of 2017 to USD 5 million, compared to a net loss of USD 75.7 million. Shipping revenues for the three-month period ended September 30 reached USD 84.3 million, against shipping revenues of USD 64.8 million
Portland Reviving Container Shipping Business
After over a year and a half, Port of Portland’s Terminal 6 in Oregon will get a container shipping service as Singapore-based liner company Swire Shipping has committed to start a new service at the terminal as of next year. Swire Shipping will begin offering a mix of general, non-containerized car
First Unmanned Vessel Joins UK Ship Register
The UK Ship Register has signed its first-ever unmanned vessel to the flag. As explained, the move shows how the register “is adapting to the changes of the maritime industry.” ASV’s C-Worker 7 will be used for work such as subsea positioning, surveying and environmental monitoring. It can be used u
Stena Bulk Reshuffles Its Business Activities
Swedish tanker shipping company Stena Bulk is reorganising its business activities into three business areas, including Crude & Fuel, Products & Chemicals and LNG. In relation to the reorganization move, the company has appointed two new managing directors, namely, Mats Karlsson (Crude & Fuel) and J
HHLA’s Container Volumes Up by 10.8 Pct
German terminal operator Hamburger Hafen und Logistik AG (HHLA) recorded a growth of 10.8 percent in container throughput in the first nine months of 2017. The HHLA container terminals in Hamburg and Odessa handled 5.5 million TEUs this year, compared to 4.9 million TEUs reported from January to Sep
COSCO Gets Nod to Merge Financing Units
China’s COSCO SHIPPING Development is to merge its subsidiaries CS Finance and COSCO Finance as it received an approval for the move from its Board of Directors on November 13. Pursuant to the approval, the company said that CS Finance will absorb and merge with COSCO Finance. Upon completion, CS Fi
Sea Shepherd Sends Two Ships to Defend Vaquita in Mexico
Continuing its commitment to stop the imminent extinction of the endangered vaquita porpoise, Sea Shepherd Conservation Society is returning to Mexico’s Gulf of California for Operation Milagro IV. The campaign will have Sea Shepherd’s M/V Farley Mowat back on active duty for the third consecutive y
Hutchison Ports Wins Concession for Ahmed Bin Rashid Port
Hong Kong-based port operator Hutchison Ports has been awarded a concession to operate Ahmed Bin Rashid Port in Umm Al Quwain (UAQ), a key entry-exit point for container, general, RoRo and bulk cargo in the northern United Arab Emirates (UAE). As informed, the port operator will run the four-berth f