Rotterdam-based law firm AKD says that the lack of an unambiguous term to describe a ‘ship’ in several jurisdictions represents a potential threat to asset security for financiers, particularly in the offshore and renewable energy sectors. “In many jurisdictions, including the US and the UK, there a
The government of Dubai has launched a new port operator named P&O Ports. The company is a subsidiary of Ports, Customs and Free Zone Corporation (PCFC) and will operate as a separate entity to DP World, focusing its business on the operation of small to medium-sized, multi-purpose ports worldwide.
Global dry cargo demand growth, forecast at 5% per annum from 2016 to 2019, is to be offset by falling project cargo volumes over the next twelve to eighteen months, according to Drewry’s latest edition of the Multipurpose Shipping Market Review and Forecaster. “The fall in oil prices, coupled with
Iranian naval forces have thwarted a pirate attack targeting one of the country’s oil tankers while under way in the Bab-el-Mandeb strait. The attack took place earlier this morning and involved four pirate boats, with 32 armed pirates onboard, Iran’s ISNA news agency reports. Iran’s naval fleet sav
The European Union is about to reinstate sanctions against 40 Iranian shipping companies as it turns up the heat against Tehran over its nuclear program. The European Council sent a letter two weeks ago to the shipping firms’ lawyer Maryam Taher, claiming that the reasons for the intended re-listing
Overseas Laura Lynn, one of the four largest supertankers of the world, has completed her routine maintenance work at Drydocks World shipyard. This was the second time that Overseas Laura Lynn visited the yard. The scope of her maintenance work included main engine overhaul, boiler cleaning, cargo &
The Global Shippers Forum (GSF) has called for rigorous monitoring of key performance indicators (KPIs) that can provide the required level of confidence to customers that ocean shipping alliances can deliver tangible benefits in terms of reduced costs, competitive ocean rates and improved services
Global shipping losses continued their downward trend with 75 reported in 2014, making it the safest year in shipping for 10 years, Allianz Global Corporate & Specialty SE’s (AGCS) third annual Safety and Shipping Review 2015 shows. The review analyzes reported shipping losses of over 100 gross tons
There were 61 incidents involving 120 stowaways reported in 2014, according to International Maritime Organisation’s statistics. Cape Town and Lagos were the most common ports of embankment. Some 81% of the total amount of cases were from Africa, the most common nationalities involved in the inciden
Operator of China’s largest port Shanghai International Port Group (SIPG) has won a tender to operate the new port being developed in Haifa Bay, Israel Ports Company said on Monday. The construction of the new port is scheduled to begin this year and the port is expected to start operations in 2021.
A revolution in container handling is required, the port industry equivalent of the “double-decker jetway”.
Milaha Maritime & Logistics, a subsidiary of the Qatar based Milaha Group, is launching the first direct container service between Qatar and India. The non-stop service will connect Qatar’s Doha port with India’s largest port Nhava Sheva, also known as Jawaharlal Nehru Port, located in Mumbai, Mahar
Dubai-headquartered marine terminal operator DP World has signed a Memorandum of Understanding (MoU) with Maldivian government officials for the development of the archipelago’s ports and logistics industry. The meeting was attended by a Maldivian government delegation including Minister of Tourism
Dubai-based marine terminal operator DP World posted double-digit growth figures in both annual revenue and net profit in 2014. Revenue grew 11% to USD 3.41 billion and adjusted EBITDA increased 12.3% to USD 1.59bn, delivering profit attributable to owners of USD 675 million, up 11.7% year-on-year.
