Abu Dhabi Terminals (ADT) has signed a AED 300 million (USD 81.7m) financing agreement with Abu Dhabi Commercial Bank (ADCB) for the development of Khalifa Port Container Terminal (KPCT). ADCB‘s facilities will be utilized primarily for capital expenditure, corporate services, and the re-financing o
The dry bulk sector is heading for a slowdown in 2015 to a rate of 4-5%, according to the forecast by BIMCO. Accordingly, the Capesize segment is expected to outperform smaller sizes, as demand growth continues a biased trend towards the Capesize segment. In 2014, 70% of the total volume growth came
Israel’s shipping company ZIM has been given an improved reliability ranking by the recent Global Liner Performance Report, published by SeaIntel Maritime Analysis, which analyzes the performance of the Top-20 Carriers. Accordingly, ZIM’s schedule reliability ranking has improved by 7 spots, placing
Update: Burning Norman Atlantic Evacuated, Death Count Rises Italian and Greek rescue crews on Monday completed the air evacuation of 427 people from the Italian-flagged Norman Atlantic, a roro/passenger ferry that caught fire off the coast of Greece in the early hours of Sunday. 10 people died …Rea
World’s Biggest Containership Drops Anchor in Singapore The world’s biggest containership CSCL Globe paid a maiden call at Pasir Panjang port, Singapore, the Strait Times writes.…Read more Egypt Charges Al-Safat’s Captain, First Officer with Manslaughter Egypt’s Prosecutor General Hisham Barakat ord
The end of December and coming holidays are traditionally the time when we look back at the highlights of the ending year. World Maritime News is kicking off the 2014 retrospective with its Top 5 series, the first of which is the list of our 5 most read interviews of the year. All about Piracy Pirac
IMO Secretary-General Koji Sekimizu has welcomed the reconsideration by the International Chamber of Shipping (ICS) of its position towards the ratification by Governments of the International Convention for the Control and Management of Ships’ Ballast Water and Sediments, 2004 (BWM Convention). Ear
Egypt’s Prosecutor General Hisham Barakat ordered on Saturday that the captain and first officer of a Kuwaiti container ship Al-Safat are to be refereed to a criminal court over charges of manslaughter in connection to the collision in the Red Sea earlier this month, when 25 Egyptian fishermen died,
With the earnings for an Aframax trading crude from the Arabian Gulf to South East Asia at USD 33,400/day for a ‘dirty’ voyage versus USD 24,500/day for a ‘clean’ trip, a portion of the LR2 Aframax product carrier fleet will switch from ‘clean’ to ‘dirty’ to take advantage of market discrepancies, a
MSC Rachele Runs Aground MSC’s containership Rachele has run aground on a sandbank in Western Scheldt (Westerschelde) estuary off Terneuzen, a city in the southwestern Netherlands, the Zeeland Veilig website reported.…Read more Ocean Star Pacific Runs Aground Panamanian-flagged Ocean Star Pacific cr
Despite fall in bunker fuel costs that have been almost halved in the past six months dropping from USD 600 to USD 330 per tonne, introduction of higher speeds cannot be justified as overcapacity still prevails in the dry bulk market, according to BIMCO. Therefore, several years of strong demand gro
The shareholders of the DP World approved the acquisition of Economic Zones World FZE, owner of Jebel Ali Free Zone, at the Extraordinary General Meeting held today in Jebel Ali, Dubai. The shareholders also approved the delisting of DP World Limited Securities from the London Stock Exchange. HE Sul
Congestion issues at ports on the US West Coast contributed to lower on-time containership reliability in November, according to Drewry’s online Carrier Performance Insight report. Based on Drewry’s data, schedule integrity on the main East-West container trades decreased by 1.9 percentage points in
Transpacific container lines asked on Wednesday for a USD 600 per 40-foot container (FEU) general rate increase (GRI) for all origin and destination points, along with reinstatement of a USD 400 per FEU peak season surcharge (PSS) in anticipation of a possible pre-Lunar New Year cargo surge. Transpa
