Readers’ Picks of the Week (December 19 – 23, 2016)
The crude oil tanker segment composing of VLCC, suezmax and aframax ships, experienced a net-fleet growth of 7.3%, which is equal to 24.3 million dwt during the period from January 2014 to October 2016, according to BIMCO. The VLCC segment, with 20.7 million dwt or a net fleet growth rate of 11% too
The cruise industry is expected to introduce a total of 97 new cruise ships from 2017-2026 totaling an estimated investment of USD 53 billion through 2026, Cruise Lines International Association (CLIA) reports in its 2017 State of the Cruise Industry Outlook. In 2017 alone, cruise lines are schedule
South Korean shipbuilder Hyundai Heavy Industries (HHI) has signed contracts to construct 14,500 TEU container ships and 49,000 dwt product/chemical carriers for Islamic Republic of Iran Shipping Lines (IRISL). The value of the contracts, which were signed in Seoul on December 9, 2016, was not revea
Readers’ Picks of the Week (December 5 – 9, 2016)
Kuwait Oil Tanker Company (KOTC) has opened a shipyard pre-qualification process for the design, construction and delivery of up to eight vessels. Namely, the company, a subsidiary of Kuwait Petroleum Corporation, said that the pre-qualification process is for three Very Large Gas Carriers (VLGC), o
Dubai-based shipping company Gulf Navigation Holding (GulfNav) is looking to expand its operations in the northern region of the United Arab Emirates with a set of maritime activities under the GNH Northern Project. A consortium consisting of GulfNav and two members of China Shipbuilding Industry Co
Readers’ Picks of the Week (Nov 28 – Dec 2, 2016)
Rolls-Royce plans to lay off 800 more workers from it Marine business throughout 2016 and 2017 citing ”continuing weakness in the maritime market” as the reason for the third wave of job cuts at the division in less than a year. ”Today’s proposals follow a series of cost reduction initiatives carrie
The inauguration ceremony of the King Salman Global Maritime Industries Complex was held at Ras Al-Khair, near Jubail in Saudi Arabia, on November 29, 2016, South Korean shipbuilder Hyundai Heavy Industries (HHI) informed. Saudi Arabia’s King Salman bin Abdulaziz Al Saud laid the cornerstone of the
Smart ships are likely to be carrying cargoes within 10 years but all in the logistics chain need to adapt in order to make good use of the new technology and the huge amount of data that will be available as a result, according to the Women’s International Shipping & Trading Association (WISTA) UK.
Over 100 more classic Panamaxes would need to be scrapped in the coming months to re-balance supply and demand, and reduce the total pool to less than 470 units, compared to 670 units four years ago, according to Alphaliner. Only such a drastic reduction could elevate rates from their current all-ti
Weakness in freight rates will increase tanker shipping demolitions over the next two years, with the trend accelerating in later years as a result of the IMO regulation on ballast water, according to shipping consultancy Drewry. The new International Maritime Organisation (IMO) regulation on Ballas
Amid a record year for containership demolitions in 2016, which helped suppress total fleet growth close to the rate for demand, shipping consultancy Drewry said that the scrapping candidates will get younger and bigger until the market recovers. Greater scrapping is a sign of the underlying weaknes
