The 29 LNG carriers, including the FSRU Golar Tundra, delivered in 2015 far outweighed additional shipping requirements from the additional 4.7 MT of incremental LNG trade, exacerbating the oversupply in the LNG shipping market, according to the latest report from the International Gas Union (IGU).
The minimum wage for able seafarers recommended by the International Labour Organization (ILO) will remain at its current level of USD 614 basic pay per month until at least 2018, according to the International Chamber of Shipping (ICS). This follows an ILO Joint Maritime Commission (JMC) meeting he
Whilst 2016 has so far seen much discussion surrounding the oil price, oversupply and the almost daily mini-rallies that appear as fickle as a two-year old’s breakfast selection, not a great deal of attention has been paid to the gas outlook, Douglas-Westwood has argued in its DW Monday report. From
The Saudi investors plan to inject around EGP 3 billion (USD 337 million) into the development of an industrial zone around Egypt’s Suez Canal, Egypt’s Maritime Transport Sector (MTS) said. For this purpose, the two parties plan to establish a joint venture company named Gosoor ElMahabba. The invest
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Growth in the volume of world trade is expected to remain sluggish in 2016 at 2.8%, unchanged from the 2.8% increase registered in 2015, the World Trade Organization (WTO) estimates. Imports of developed countries should moderate this year while demand for imported goods in developing Asian economie
Further expected container shipping liner losses throughout the first half of 2016, exacerbated by the awful prevailing spot and contract freight rates will lead to a major trigger point at some stage later this year, according to shipping consultancy Drewry. “This will happen either through radical
The interest of the shipbuilding players and owners in building and ordering bulkers in 2016 has subsided as shipyards believe they can earn more from constructing other types of ships as they are more profitable, such as tankers for example. On the other hand, the best time to invest in modern bulk
Global LNG trade hit record high in 2015 driven by new volumes from Australia and Indonesia, GIIGNL, the International Group of Liquefied Natural Gas Importers said in its latest annual report. According to GIIGNL, global LNG trade has grown by 2.5% in 2015, with total quantities reaching an all-tim
Shipping’s only legally binding climate measure is not stimulating the uptake of new technologies or driving efficiency improvements, according to a new independent study entitled Historical Trends in Ship Design Efficiency made for Clean Shipping Coalition (CSC) by CE Delft, a research and consulta
For the third time in recent weeks, international naval forces operating in the waters of the Arabian Sea seized a shipment of illicit arms March 28, the US Navy informed. Just over the past month, the joint maritime forces under the Combined Task Force (CTF150) seized two cargoes containing weaponr
Iran has said it would manufacture the Fouruzan oil field platform in its own yard, after a South Korean shipyard failed to make significant progress. According to Iranian oil ministry’s news agency, Shana, the first consignment of Foruzan field’s offshore platform made in South Korea will be import
There has been no guidance issued on the practical application of the measures regarding the implementation of the amendments to SOLAS VI.2 on container weighing in eighteen countries, a survey from FONASBA, an organisation representing the global ship agency and ship broking professions shows. This
Backlogs for subsea equipment manufacturers have been historically high in recent years – following record levels of subsea tree orders posted in 2013-2014, writes Douglas Westwood in its DW Monday report. The process of working through these backlogs has thus-far cushioned the market against the de
