Green Marine
CMA CGM to Power Its 22,000 TEU Giants with LNG
French shipping major CMA CGM Group has unveiled the decision to equip its nine future ships of 22,000 TEUs with engines using liquefied natural gas. “We have made the bold decision to equip our future 22,000 TEUs vessels with a technology firmly focused on the protection of the environment. By choo
Royal Caribbean Earns More, Unveils New Three-Year Plan
While the hurricanes had a negative impact on its overall revenue, Miami-based cruise company Royal Caribbean Cruises said it ended the third quarter of 2017 with record earnings. The cruise giant’s net income for the three months ended September 30 reached USD 752.8 million, up from a net income of
Police: Captain of Glory Amsterdam Faces Criminal Charges?
The captain of Glory Amsterdam, a bulker which grounded in the German Bight on October 29, is in the center of a criminal investigation for obstructing the first refloating attempts, German water police (Wasserschutzpolizei) informed. The first findings of the investigation and witness reports have
AP Moller-Maersk’s Nine-Month Profit Hit by Energy Division Sales
Danish conglomerate A.P. Moller – Maersk posted a nine-month loss USD 1.6 billion, sinking into the red from last year’s profit of USD 780 million. The group’s loss includes the impact from discontinued operations and was primarily related to post-tax impairments of net USD 2.8 billion in Maersk Dri
FESCO Pens USD 680 Mn Credit Facility
Russian transportation and logistics firm Far-Eastern Shipping Company (FESCO) has inked a USD 680 million debt financing deal with VTB Bank. FESCO plans to use the credit facility to repay and/or settle a significant portion of its existing financial liabilities. PJSC Commercial Port of Vladivostok
Three More Approvals Needed for Hamburg Süd Acquisition Closure
Maersk Line has received clearance for its acquisition of German liner company Hamburg Süd in 18 jurisdictions, with three more approvals remaining to be secured, Søren Skou, CEO of Maersk Group said. Describing the acquisition as “well-timed”, Skou said that in the best case scenario the remaining
BIMCO: Strong Demand in Oil Tanker Segment to Lift Rates
The loss making freight rate levels witnessed in the tanker market during October are expected to be somewhat reversed as oil tankers enter the peak season, which runs from November to January, according to BIMCO. Crude oil tankers rates are expected to go up, but not to reach the highs of the previ
Hutchison Ports Signs 25-Year Concession for Saqr Port’s New Terminal
Hutchison Ports has inked a 25-year concession agreement to develop and operate a container terminal at Saqr Port in the emirate of Ras Al Khaimah (RAK), located in the northern part of United Arab Emirates (UAE). As informed, the terminal will operate under the name Hutchison Ports RAK. Hutchison P
Maersk Line Books USD 220 Mn Profit in Q3 amid Heavy Impact of Cyber Attack
Danish container shipping giant Maersk Line reported a profit of USD 220 million in the third quarter of the year, a major rebound when compared to the loss of USD 116 million reported in the corresponding period last year. The return to profit in Q3 was driven by the continuation of positive market
Seanergy Returns to Profit in Q3
Greek dry bulk shipping company Seanergy Maritime Holdings Corp. ended the third quarter of this year with a net income of USD 6.5 million, compared to a net loss of USD 5.9 million reported in the same period a year earlier. Net revenues for the three-month period rose by 119 percent to USD 18.9 mi
Monjasa Adds Largest Member to Its Fleet
Denmark-based maritime company Monjasa has decided to expand its fleet with a D-Class product tanker from SKS Holding. As explained, the 119,000 dwt ship will become the largest ever member of Monjasa’s fleet. The 2010-built tanker will form part of Monjasa’s operations covering the West African con
APM Terminals Remains in the Red in Q3
Market headwinds coupled with overcapacity woes have kept APM Terminal’s business performance in the red with the terminal operator booking a loss of USD 267 million in the third quarter, against a profit of USD 131 million from a corresponding quarter year earlier. The additional costs related to t
Transocean Oil Loses Bunker Supply Licence in Singapore
Marine fuel services group Transocean Oil has lost its licences to as bunker supplier and bunker craft operator in the Port of Singapore. Namely, the Maritime and Port Authority of Singapore (MPA) has revoked the company’s licences with effect from November 6, 2017 due to a number of breaches reveal
Ince & Co: Shipping Should Prepare for More Cyber Attacks
Shipping and transportation companies have been advised to prepare for more cyber attacks in the wake of recent high-profile incidents. Following the widespread impact and disruption caused by the WannaCry and NotPetya attacks earlier this year, a spate of incidents in the recent weeks has highlight