Containership scrapping is expected to intensify in 2016 as charter market demand for Panamax ships is bound to remain muted based on the recent forecast from Drewry. Drewry bases its argument on the rising demolition prices for scrapping which were kept pretty low throughout 2015. Hence, the amount
Belgian LNG and LPG carrier owner and operator Exmar has entered negotiations on a change to its existing financing deal with the Industrial and Commercial Bank of China (ICBC) for the Caribbean FLNG, a floating LNG liquefaction and storage unit. The change to the agreed USD 198.4 million financing
Shenzhen-listed shipbuilder Jiangsu Sainty Marine’s first round of auction for the sale of its assets did not attract any buyers after a 24-hour auction period ended yesterday morning. The assets of the financially-troubled shipbuilder are scheduled to be put up for a second auction on April 25 on C
Florida-based shipping company Crowley Maritime Corporation took delivery on April 15 of a product tanker Louisiana, which is the third of four newbuilds having a potential for future conversion to LNG propulsion. Designed by South Korean Hyundai Mipo Dockyards (HMD), the four Jones Act product tank
Port Automation: Friend or Foe? Development of modern technology has ushered in a myriad of changes into the maritime industry. Introduction of complex navigation softwares aboard ships, giant remotely-operated… Read More CMA CGM Turquoise Attacked, Two Crew Kidnapped A containership chartered by th
India’s Cochin Shipyard Limited has entered into an agreement with South Korean shipbuilder Samsung Heavy Industries (SHI) to formalize technical cooperation for building LNG ships in India. The deal was signed during the first day of the Maritime India Summit taking place in Mumbai. The MOU is set
The Independence, a tanker built by California-based shipbuilder General Dynamics NASSCO, has set sail for sea trials and testing along the San Diego coastline. The gallery below shows the newbuild and its crew on the outskirts of this Californian city embarking on the voyage this Monday. The Indepe
Norwegian shipbuilder Noryards BMV, a daughter company of Noryards AS, has filed for bankruptcy having failed to reach a compulsory debt settlement with its creditors. The shipyard’s CEO Pål K. Grimsrud confirmed the bankruptcy filing on Wednesday afternoon to local media, a final move following the
Chinese shipyards have seen an increase in newbuilding orders in the first quarter of 2016, according to data released by China’s Ministry of Industry and Information Technology. From January to March of 2016, the country’s newbuilding orders jumped by 23,9 percent to 7.42 million dwt, compared to t
Cash-strapped Chinese shipbuilder Sainty Marine has entered into an arbitration proceedings with Precious Shipping before the arbitration court in London over the cancellation of a 64,000 dwt bulk carrier. The arbitration proceedings should decide upon whether the owner had the right to cancel the c
Latvian Shipping Company’s arm LCS Shipmanagement has expanded its fleet with a newbuild Elandra Palm. In today’s spotted we present you this new tanker that will transport oil and chemical substances. Tanker Elandra Palm is the second out of three new ships being built by the South Korea-based ship
The European Commission (EC) has published a technical guidance for ship recycling facilities that want to be approved under the EU Ship Recycling Regulation. Such yards will need to ensure safe working conditions, pollution control including proper downstream waste management and enforcement of int
The first quarter of 2016 was hit by a major decline in ordering newbuilds with only 77 new ships ordered by the end of March 2016, Clarksons data shows. This is a substantial drop when compared to the corresponding period in 2015 when a total of 375 ships were ordered. January was definitely the sl
The 29 LNG carriers, including the FSRU Golar Tundra, delivered in 2015 far outweighed additional shipping requirements from the additional 4.7 MT of incremental LNG trade, exacerbating the oversupply in the LNG shipping market, according to the latest report from the International Gas Union (IGU).
