Greek drybulk shipping firm DryShips has expanded its fleet with a third newbuilding very large gas carrier (VLGC). The high specifications vessel, capable of carrying liquefied petroleum gas (LPG), will be employed under a time charter on a fixed rate with ten years firm duration to an oil major tr
The container shipping market will soon receive new capacity as the first Japanese-built 20,170 TEU, named MOL Truth, is set to join the fleet. The 400-meter-long ultra large container vessel (ULCV) was christened on October 25 at Imabari Shipbuilding’s Saijo yard in Japan. It is the first of two ve
South Korean shipbuilder Hyundai Heavy Industries (HHI) marked a marginal improvement in its business results for the third quarter of the year posting 2.1% higher profit year-on-year. The net profit stood at KRW 197 billion against KRW 193 billion reported in the third quarter of 2016. Operating in
Thailand-listed dry cargo ship owner Precious Shipping failed to win the arbitration proceeding against the Chinese Taizhou Sanfu Ship Engineering over fuel consumption issues on Ultramax bulkers built by the yard. “The arbitration process with Sanfu on the excessive fuel consumption issue has been
South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) is to resume its stock trading on the Korea Stock Exchange Market this week following a period of suspension, Yonhap News Agency reported. Last week, the Korea Exchange held a meeting to decide whether the financially trouble
Despite somewhat increased activity in terms of new orders in the product tanker sector in the first nine months of 2017, the orderbook remains at historically low levels, as disclosed by Capital Product Partners L.P. in a market commentary. The MR product tanker orderbook currently stands at 7.2% o
Exmar’s newbuilding floating liquefied natural gas (FLNG) facility Carribean FLNG is yet to secure its first job. The world’s first barge-based FLNG facility was delivered to Exmar by Chinese Wison Offshore and Marine in July this year. The vessel was set to work for Canada-based oil and gas company
Problems keep on emerging for the financially-troubled shipbuilder Triyards Holdings Limited as suppliers take their claims over unpaid bills to court. According to the latest update from the Singapore-based company, some of its subsidiaries have received various claims from suppliers and are curren
On the heels of the two orders by containership majors CMA CGM and MSC for 22,000 TEU ships, the market fears there is a risk other carriers might follow suit further distorting demand-supply balance, which is already suffering from tonnage oversupply. To remind, Mediterranean Shipping Company has o
German shipbuilder Meyer Werft has handed over the new cruise vessel World Dream to the Asian shipping company Dream Cruises, a subsidiary of Genting Hong Kong. The new ship can accommodate 3,376 passengers and is 335 meters long, 39.7 meters wide and can reach a speed of more than 23 knots. This cr
The Gujarat Maritime Board (GMB) has “turned a cold shoulder” to requests by the NGO Shipbreaking Platform to visit the shipbreaking yards on the tidal beach of Alang. According to the Platform, for the past two months the Indian authority has refused to reply to repeated requests, submitted via the
Vessel operating costs are expected to increase in both 2017 and 2018, according to the latest survey by international account and shipping consultant Moore Stephens. Repairs & maintenance and spares are the cost categories which are likely to increase most significantly in each of the two years. Th
Korea Lines Corporation, part of Samra Midas Group, has announced an investment in two 325,000 dwt bulk carriers. The company would be paying KRW 184.8 billion (USD 164 million) for the two ships. According to Yonhap, Hyundai Heavy Industries has been hired for the construction of the two ships, whi
Dutch energy and commodity trading group Vitol has declared options for two liquefied petroleum gas (LPG) tankers at South Korean shipbuilder Hyundai Heavy Industries (HHI), according to the latest report from Intermodal. The 84,000 cbm gas carriers would be fitted with ballast water treatment syste
