Dubai-based tanker owner and operator Gulf Navigation Holding PJSC (Gulfnav) has reported a 123% profit growth at the end of the third quarter of 2015 compared to the same period from last year. The company said that it has released its latest financial statement amidst its strong and consistent fin
The Memorandum of Understanding (MoU) between the National Shipping Company of Saudi Arabia (Bahri), Saudi Arabian Oil Company (Saudi Aramco) and Sembcorp Marine on developing an international maritime yard for shipbuilding and offshore manufacturing, has expired as of 29 October 2015. Bahri said th
The Memorandum of Understanding (MoU) between the National Shipping Company of Saudi Arabia (Bahri), Saudi Arabian Oil Company (Saudi Aramco) and Sembcorp Marine on developing an international maritime yard for shipbuilding and offshore manufacturing, has expired as of 29 October 2015. Bahri said th
European LNG demand growth will not be sufficient to raise LNG shipping freight rates, according to the LNG Forecaster report published by shipping consultancy Drewry. Namely, LNG shipping freight rates continue to be under pressure from weak Asian demand and a growing fleet and shipowners are seen
European LNG demand growth will not be sufficient to raise LNG shipping freight rates, according to the LNG Forecaster report published by shipping consultancy Drewry. Namely, LNG shipping freight rates continue to be under pressure from weak Asian demand and a growing fleet and shipowners are seen
Qatari gas transporter Nakilat has retrofitted the 266,000 cbm LNG carrier Rasheeda with a gas-burning M-Type Electronically Controlled – Gas Injection (ME-GI) System, making it the world’s first vessel in which low-speed marine diesel engines were converted to use LNG as a fuel. The retrofit modifi
Qatari gas transporter Nakilat has retrofitted the 266,000 cbm LNG carrier Rasheeda with a gas-burning M-Type Electronically Controlled – Gas Injection (ME-GI) System, making it the world’s first vessel in which low-speed marine diesel engines were converted to use LNG as a fuel. The retrofit modifi
Average container freight rates have plunged to their lowest levels in history, with room to fall further as the market enters the traditionally slow winter season, according to market analyst Alphaliner. The China Containerised Freight Index (CCFI) fell to only 752 points last week, the lowest leve
Average container freight rates have plunged to their lowest levels in history, with room to fall further as the market enters the traditionally slow winter season, according to market analyst Alphaliner. The China Containerised Freight Index (CCFI) fell to only 752 points last week, the lowest leve
Seoul-based logistics company Hyundai Glovis, part of the Hyundai Kia Automotive Group, plans to buy four vehicle carriers for around KRW 335 billion (USD 296 million). The four new vessels are expected to join Hyundai Glovis’ fleet by December 27, 2017, the company said in a stock filing. Hyundai G
Seoul-based logistics company Hyundai Glovis, part of the Hyundai Kia Automotive Group, plans to buy four vehicle carriers for around KRW 335 billion (USD 296 million). The four new vessels are expected to join Hyundai Glovis’ fleet by December 27, 2017, the company said in a stock filing. Hyundai G
Arizona-based ocean carrier APL Limited has agreed to pay the U.S. government USD 9.8 million to resolve allegations that it violated the False Claims Act in connection with a contract to provide GPS tracking of shipping containers in Afghanistan, the U.S. Justice Department said. The U.S. Departmen
Arizona-based ocean carrier APL Limited has agreed to pay the U.S. government USD 9.8 million to resolve allegations that it violated the False Claims Act in connection with a contract to provide GPS tracking of shipping containers in Afghanistan, the U.S. Justice Department said. The U.S. Departmen
Port operator DP World Limited handled 46.5 million TEU across its global portfolio of container terminals during the first nine months of 2015, with gross container volumes growing by 3.2% on a like-for-like basis. On a reported basis gross volumes grew by 3.7%, largely driven by business results o
