Green Marine
Milaha Reports Halved Nine-Month Net Profit
Qatar Navigation’s (Milaha) net profit for the nine months of this year ended September 30 has reached QR 363 million (USD 99.7 million) considerably down when compared to QR 759 million for the same period in 2016. The company’s operating revenues came at QR 1.66 billion for the nine-month period,
CMA CGM Boxship Grounded due to Improper Pilotage Plan
The 18,000 TEU containership CMA CGM Vasco De Gama ran aground in August 2016 as it was too far north of the intended track when it started turning into the Thorn Channel near the Port of Southampton. The 399-meter-long ship grounded on the western side of the channel in the early morning hours of A
CLdN Takes Delivery of Its First Next-Generation RoRo
Luxembourg-based short sea specialist CLdN RoRo has taken delivery of its first newbuilding vessel from the next generation of super RoRos, the MV CELINE. Originally code named the G9, the 234-meter-long ship will add 8.000 lane meters to the CLdN network, according to the company. Following a debut
Royal Caribbean Returning to San Juan and St. Maarten after Hurricanes
Royal Caribbean International has announced the cruise line’s return to San Juan, Puerto Rico and Philipsburg, St. Maarten which were heavily impacted by recent hurricanes. On Nov. 30, Freedom of the Seas will be the first ship in the fleet to call on San Juan, Puerto Rico, arriving with approximate
Update: Scorpio Bulkers Abandons Share Offering Plan
Dry bulk shipping company Scorpio Bulkers has determined not to proceed with its announced underwritten public offering of 10 million shares of common stock, just a day after announcing the move. The decision was made due to the unsatisfactory price offered to the company, Scorpio Bulkers said. Scor
WSC, IMO Fire Back at Study Findings on Lack of Action on Climate Change
The International Maritime Organization (IMO) and the World Shipping Council (WSC) have hit back at the accusations stemming from the recently published study by the InfluenceMap on the IMO’s approach to tackling carbon emissions from shipping. The report claims that the shipping industry has aggres
Halterm Terminal to Boost Ultra-Class Boxship Handling Capabilities
Canada’s Halterm International Container Terminal revealed plans to extend its container and reefer handling capabilities with AUD 10 million worth of new equipment over the next twelve months. The move comes after the terminal saw increased container traffic through 2016 and the first half of 2017.
Uninsured Losses after Collisions to Be Recovered
A new insurance solution has been launched by the Swedish Club providing upfront cover for the uninsured losses that are expected to be recovered from a third party following a collision. Following a serious incident at sea, shipowners can find themselves struggling to maintain cash flow, despite ha
Wärtsilä’s Third Quarter Order Intake Up
Finnish technology group Wärtsilä said that its performance in the third quarter “was satisfactory” as the company reported a rise of 19% in its order intake for the period. While the company ended the quarter with an order intake of EUR 1.35 billion, up from EUR 1.13 billion reported in the same pe
Golar LNG Partners Prices Offering to Collect USD 138 Mn
Nasdaq-listed Golar LNG Partners has priced its public offering of 4.8 million of shares, aiming to raise up to USD 138 million. The company said that its 8.75% Series A cumulative redeemable preferred units, representing limited partner interests, were priced at USD 25 per unit. The company said th
Court Appoints Liquidators of Mercator Lines
The High Court of the Republic of Singapore has appointed liquidators of Mercator Lines as the shipping company pushes forward with the winding up of its business. As disclosed in a filing to Singapore Exchange, Yit Chee Wah, the company’s Judicial Manager and Joshua James Taylor have been appointed
Substantial Share of Dry Bulk Fleet Older Than 20 Years
There is still a considerable number of vessels in the dry bulk pool older than 20 years that are the likely candidates for demolition. Namely, in the Handysize sector 15 % of the fleet is built before 1997 totaling in 365 ships, in the Handymax/Supramax sector 4% of the fleet is older than 20 years
Diana Containerships Hit with Class Action Lawsuit
A class action lawsuit has been filed by a number of law firms against Diana Containerships over the shipping company’s “unlawful business practices”. Bronstein, Gewirtz & Grossman informed that the lawsuit has been filed against Diana Containerships and its officers on behalf of shareholders who pu
FESCO Reaches Milestone in Restructuring Deal
Russia’s Far-Eastern Shipping Company (FESCO) has obtained a guarantee approval from a majority of its shareholders for outstanding senior secured notes totaling around USD 644 million. The company said that the notes consist of 8% senior secured notes due 2018 and 8.75% senior secured notes due 202