Connecticut-headquartered operator of dry bulk ships Eagle Bulk Shipping has acquired a resale 64,000 dwt SDARI-64 Ultramax dry bulk vessel currently under construction at China’s Chengxi Shipyard. The bulker, scheduled to be delivered to the company in January 2017, will be named M/V Singapore Eagl
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
Australian iron ore company Fortescue Metals Group Limited has finalized an agreement with the China Development Bank Financial Leasing Co., Ltd. (CDB Leasing) to finance eight Very Large Ore Carriers (VLOCs) currently under construction. The finance lease facility funds 85 per cent of the VLOC cost
Norwegian ship-owner Ocean Yield ASA has taken delivery of the 38,000 cbm liquefied ethylene gas (LEG) carrier Gaschem Beluga from China’s shipbuilder Sinopacific Offshore & Engineering. Upon delivery, the carrier commenced a 15-year “hell and high water” bareboat charter to the German shipping comp
Fincantieri Oil & Gas, a subsidiary of the Italian shipbuilding conglomerate Fincantieri, has launched a voluntary conditional general offer in Singapore for the ordinary shares of Vard Holdings Limited not already held by the company. The company said that the offer is for the remaining 44.37% of t
Drewry: Japanese Merger Could Spark Second Wave of M&As Driven by the need to stop the cost competitive advantage of the bigger lines growing, a...
Danish marine consultancy Knud E. Hansen (KEH) and ship designer Smart Engineering & Design Solutions (India) (SEDS) have teamed up to provide two vessel designs for four passenger ships to be built for India’s Andaman & Nicobar Administration. According to KEH, the larger vessel design will feature
Creditors of the financially troubled Daewoo Shipbuilding & Marine Engineering (DSME) plan to financially support this South Korean shipbuilder with KRW 2.8 trillion (USD 2.4 billion), under proviso that the company’s labor union accepts the restructuring scheme, local media reported. DSME’s credito
Croatian shipbuilder Brodosplit has signed an agreement to build a Polar Class expedition cruise ship for an undisclosed client. The ship will be built in the class LR Polar Class 6 and will be the first cruise ship in the world ever built in this class, according to Brodosplit. Capable of carrying
European Investment Bank (EIB) and Societe Generale Corporate & Investment Banking signed a framework guarantee agreement for EUR 150 million (USD 163 million) to support shipbuilding projects promoting sustainable transport and environmental protection. Signed as part of the UNFCCC Climate Conferen
As the marine and shipping industry slump shows no signs of relenting, COSCO Corporation (Singapore) Limited has seen its net loss widen in the third quarter of 2016 to SGD 102.3 million (USD 72.6 million) from SGD 82.1 million (USD 58.2 million) reported a year earlier. The company’s turnover for t
The shipping industry is set to experience a stormy road to recovery, with uneven supply/demand trends set to test the nerve of investors and operators, according to research and consultancy firm Maritime Strategies International (MSI). Addressing the Hansa Forum in Hamburg, Germany this week, MSI S
Classification society American Bureau of Shipping (ABS) has classed the recently delivered Ethane Crystal, the world’s first Very Large Ethane Carrier (VLEC) owned by Mumbai-based Reliance Industries Limited (Reliance). The Ethane Crystal was delivered to Japanese shipping company Mitsui O.S.K. Lin
UK-based developer and builder of marine engines Rolls-Royce has inked a contract with China’s Afai Southern Shipyard to provide power and propulsion for a third Blue Sea Jet, a fast ferry being built for ship owner and operator Zhuhai High-Speed Passenger Ferry. The vessel, a catamaran, will be dri
