The National Shipping Company of Saudi Arabia (Bahri) has signed a Murabaha Facility Agreement, an Islamic financing using Murabaha Structure, with Riyad Bank that will be used to finance the construction cost of five Very Large Crude Carriers (VLCC) ordered in May 2015. The value of the Murabaha Fa
As the pains of the dry bulk market protract into this year as well owners feel propelled to delay deliveries of their fleet additions as they struggle to find decent rates for the existing fleet units. This is particularly hurting Capesize owners who have pushed half of their Capesize newbuildings
With 12 weeks of 2016 now over, the dry bulk market is still looking bleak, BIMCO says, seeing that the current low demand for transportation of commodities continues. The market is doing what it can by scrapping old ships and restraining from ordering new ones despite 12-year low newbuilding prices
South Korean shipbuilder Hyundai Heavy Industries (HHI) signed a joint project with US-based technology conglomerate General Electrics (GE) and international classification society Lloyd’s Register (LR) to develop gas turbine powered, electrically driven, 14,000 container ship design. Gas turbines a
South Korean shipbuilding major Hyundai Samho Heavy Industries (HHI), a shipbuilding affiliate of Hyundai Heavy Industries (HHI), has secured an order for two Suezmax tankers from Arab Maritime Petroleum Transport Co (AMPTC), Asiasis said. The 159,000 DWT Long Range 3 (LR3) oil tankers, priced at ar
The Explorer, a floating storage and regasification unit (FSRU), has completed an upgrade which has boosted the vessel’s sendout performance enabling it to reach a sendout capacity of 1.0 Bcf/d, what is ‘an unprecedented milestone for an FSRU’, as its owner Excelerate Energy claims. The photo shows
The economies of scale that have been a key feature of the liner industry, may be running out, shows Drewry’s study of the operational and financial impacts on lines, terminal operators, ports and other supply chain stakeholders as vessel size increases up to and beyond 18,000 teu. Since 2009, leadi
UAE-seated logistics group Tristar is taking over the Abu Dhabi’s Emirates Ship Investment Company (ESHIPS) from Egon Oldendorff GmbH & Co. KG, a part of German dry bulk company Oldendorff Group for USD 90 million. Under the terms of the agreement, Tristar will acquire a fleet of seven ocean going c
The first 3 months of 2016 are shaping up to be the busiest quarter on record for bulk carrier demolition as owners fight to restore balance in supply-demand capacity, data from Clarksons Research shows. In the first 9 weeks of the year, 120 bulk carriers of 10.1m dwt have been reported sold, a pace
Norwegian-based ship classification society DNV GL has developed a new class notation aimed at helping shipowners to prepare newbuildings for the installation of a scrubber. As DNV GL claims, Scrubber Ready standard ensures that the necessary preparations are in place for a smooth and cost-efficient
The National Shipping Company of Saudi Arabia (Bahri) has signed a Memorandum of Agreement (MoA) to purchase a very large crude carrier (VLCC), the Hanjin Ras Tanura, for USD 75 million. The ship, built in 2011 at Hyundai Heavy Industries in South Korea, will be delivered to Bahri in March 2016. The
The influx of tonnage is expected to drive down tanker shipping rates towards the end of the year, according to the latest edition of Drewry’s Tanker Forecaster. The projection comes as tonnage supply, which has increased at a slow pace in recent years, is expected to accelerate in the next two year
Tanker market earnings should experience a limited upside from current levels by April with time charter rates being under pressure as a result of growing supply of large crude and products tonnage, Maritime Strategies International reports in its latest Tanker Freight Forecaster. After what was a s
Chemical shipping freight rates for both contracts of affreightment and spot cargoes will be under pressure throughout 2016, as there are some new operators looking to break into the long-haul trade routes, according to Drewry’s Chemical Forecaster. The prediction comes on the back of low bunker pri
