Chinese New Times Shipbuilding has been tied to an order for up to four bulkers, according to the latest report from Intermodal Research and Valuations. The deal is said to be in a letter of intent (LoI) stage. The order reportedly includes two firm 280,000 DWT ships and options for two more newbuil
Miami-based cruise company Royal Caribbean International has entered into credit agreements for the financing of the first and second Project Icon ships. Under the deals, signed on October 11, 2017, Royal Caribbean Cruises is granted an unsecured US dollar-denominated term loan, the substantial majo
Maersk Supply Service has taken delivery of Maersk Installer, an 8,300 dwt subsea support vessel (SSV), from COSCO (Dalian) Shipyard. As informed, the delivery documents were signed between the two parties on October 16, 2017. Maersk Installer is the first of four Stingray class SSVs scheduled for d
Finnish technology group Wärtsilä has been contracted to deliver 16 engines for four new LNG carrier vessels being built at the Hudong Zhonghua shipyard in China. Under the order, booked in August 2017, the company’s joint venture CSSC Wärtsilä Engine (Shanghai) Co would deliver the engines to the y
Monte Udala, the first of four Suezmax tankers ordered by the Spanish Ibaizábal Group from compatriot shipbuilder Navantia, has been floated out at Puerto Real Shipyard, in the Bay of Cadiz. As explained, the float-out represents an important milestone for Navantia as it is the first oil tanker cons
Arrest warrants have been demanded for five people related to the explosion at the South Korean STX Offshore & Shipbuilding yard earlier this year, Yonhap News Agency reported. The explosion, which occurred on an oil tanker under construction in Changwon on August 20, resulted in deaths of four work
Japan Marine United Corporation (JMU) held a naming ceremony for a newbuilding liquefied natural gas (LNG) carrier at its Tsu Shipyard on October 16. Named Energy Liberty, the 165,000m3 vessel is jointly owned by Japan’s Mitsui O.S.K. Lines (MOL) and Tokyo LNG Tanker, a subsidiary of Tokyo Gas. It w
While global production of motor vehicles continues to grow, rising by 4.6% in 2016, the seaborne trade volumes of cars carried declined by some 4% last year, according to a report by Dynamar. The key driver of this is the expansion of car production closer to demand, which is nowadays taking place
Despite a surge in orders at South Korean shipyards in September which enabled them to overpower their Chinese counterparts, Hyundai Heavy Industries (HHI) seems to be suffering from acute lack of orders. According to HHI’s Vice Chairman Oh-Gap Kwon, cited by local media, the company managed to scor
German cruise company Hapag-Lloyd Cruises launched the construction of its second expedition ship HANSEATIC inspiration with a steel cutting ceremony on October 5, 2017. The steel for the new vessel, which is expected to hit the water in 2019, was cut at the Romanian VARD shipyard in Tulcea. The con
Following the last year’s turmoil in the sector, shipyards from South Korea won the majority of orders worldwide in September 2017 and their order backlog increased for the first time in almost a 2-year period. Specifically, the country’s shipyards bagged orders amounting to a gross tonnage of 1.46
Russia is looking to launch a direct shipping service to Syria, Dmitry Rogozin, Russia’s Deputy Prime Minister, was cited by the country’s news agency TASS as saying. The launching of the new service comes as the trade turnover between the two countries increased by 42 percent during the first seven
The NGO Shipbreaking Platform is urging German authorities to hold Atlantic Container Line (ACL), a subsidiary of the Italian Grimaldi Group, accountable for alleged breach of European waste laws. In a letter sent to the German authorities, the Platform said that the company purposely sold two of it
The insatiable appetite for bulker newbuilds continued into last week as brokers reported orders for at least 14 bulker newbuilds being ordered. The Chinese shipyards were the preferred choice for owners, with Jiangsu Yangzijiang Shipbuilding Group scoring a huge chunk of placed orders. Namely, asid
