If dry bulk ship-owners collectively removed half of all capesize ships over 12 years old, equating to around 20 million dwt of capacity, it would enable earnings to return to profitability by 2018, according to the latest estimates from Drewry. The shipping consultancy believes that dry bulk shippi
French marine engineering company Gaztransport et Technigaz SA (GTT) has not been notified of an inquiry into its commercial practices reportedly launched by the Korean Fair Trade Commission, the company said in a comment to market rumors. Korean media said that GTT was being investigated by the Com
Sweden’s tanker shipping company Stena Bulk’s chemical and product tanker Stena Imperative was named at China Merchants Wharf in Hong Kong yesterday. The IMOIIMAX MR tanker, wholly owned by Stena Bulk, was delivered a few days ago from the Chinese shipyard CSSC Offshore & Marine Engineering (CSSC OM
Latvian Shipping Company (LSC) is expanding its fleet with three tanker newbuildings in the first half of this year, the company said. Namely, LSC’s shipmanagement arm LSC Shipmanagement Ltd (LSCSM) is adding three newly built oil and chemical tankers under technical management. The first of the thr
Italian shipbuilding conglomerate Fincantieri has signed a number of framework agreements with Iranian counterparts during an official visit of an Iranian delegation to Italy. Fincantieri said that these were preliminary understandings pending reaching of several contracts worth hundred million euro
The crude oil tanker market is expected to grow strongly in 2016, with projected fleet increase of 4.3%, BIMCO said. Most of the new tankers will be delivered in the second half of 2016 and the demolition activity is likely to stay subdued as the market enjoys high rates. Following a considerably qu
The 80-knot ship concept, introduced by Norway’s former Viking Ships, now InSvivia Technologies, has been further developed now reaching 74% less fuel consumption, the designer tells World Maritime News. In addition, the patent-pending technology has now been approved as a Norwegian patent, and the
Overall contracting of new vessels in 2015 dropped by 40% to 1,306 units from 2,162 in 2014, with estimated newbuild investment falling from USD 113bn to USD 69bn, according to Clarksons Research. Investors abstained from newbuild opportunities due to tough market, and the overall newbuilding price
The lower fuel price may not be such a blessing for containership owners after all, especially with relation to slow-steaming which was originally introduced as a way to deploy more ships without increasing capacity on the strings. Nevertheless, despite lower bunker costs that have been warmly welco
Spanish engineering and construction company Sener has developed its own design of a Liquefied Natural Gas (LNG) bunkering vessel. The Sener design follows the tendencies for 2030 required by operators and ship-owners. The result is a Ship To Ship (STS) LNG bunkering vessel, with IMO type C LNG carg
Gas carrier owner Anthony Veder Group has secured the industry’s first sustainable shipping loan via its €66 million (USD 71 million) Euro Private Placement concluded in the fourth quarter of 2015, the company said. As disclosed, the loan is fully certified according to the Clean Shipping Index Guid
Pirates Attempt to Board RORO Ship in Gulf of Guinea Armed pirates attempted to board a RORO vessel confirmed as MV Silver Sky owned by Dubai-based Sallaum Lines while the ship was on its way in the Gulf of Guinea, some 64 n… Read More Badly Damaged Car Carrier Enters Tyneside Yard for Repairs The [
Dry bulk shipping capacity of 40 million DWT will be sold for demolition during 2016, making this year the busiest year on record for shipbreaking, according to BIMCO’s forecasts. The prediction comes on the heels of a yet another miserable year start for the industry sector with eroding freight rat
Esvagt’s newbuild offshore service vessel Esvagt Njord has been freshly launched today at Nauta Shiprepair Yard, Poland, marking the first vessel launching at the yard for this year. The partially outfitted OSV features 84 meters in length and over 17 meters in width. Once completed, Esvagt Njord wi
