Dry bulk ship owner Diana Shipping Inc. has, through a separate wholly-owned subsidiary, inked a deal to acquire a new-building Capesize dry bulk vessel of approximately 180,000 dwt for a purchase price of USD 50 million. The vessel has been built by Qingdao Beihai Shipbuilding Heavy Industry Co., C
Nordic American Tankers Limited (NAT) has entered into a preliminary agreement with Korean yard Sungdong Shipbuilding & Marine Engineering Co., Ltd., to build two Suezmax tankers of 158,000 deadweight tons. The newbuilds are slated for delivery to NAT in the third quarter 2016 and the first quarter
German shipbuilder Meyer Werft floated out the first 120-meter megablock of the future Norwegian Escape cruise ship on 5th December 2014. The Norwegian Escape will be 324 meter long and 41.4 meter wide. Meyer Werft laid the keel of Norwegian Escape in September this year. Norwegian Escape will be No
French shipping giant CMA CGM Group took delivery of CMA CGM Litani on December 3rd, 2014 in China. Sailing under the Malta flag, the ship was built by Chinese shipyard New Times Shipbuildings based in Jiangsu Province, Pin collaboration with CIMC Group and the CMA CGM Group experts. The CMA CGM Lit
Driven by the desire to back the consolidation of the country’s shipbuilding industry the Export-Import Bank of China decided to extend ship financing loans worth up to USD 3.6 billion ( RMB21.8bn) to 11 Chinese shipyards. The announcement was made during the second International Ship Finance Forum
Norwegian shipping company Torvald Klaveness is in talks with aluminium producer Alcoa on a new long term contract for the transportation of caustic soda, the company announced. Under the deal, being negotiated through Klaveness’ subsidiary Cabu Chartering AS, the cargo would be transported from the
In a reaction to the eventual repeal of the Jones Act announced by the Senator John McCain during a speech at the Heritage Foundation, a conservative think tank, the American Maritime Partnership (AMP) said that the repeal would sacrifice the U.S. national security for less than a penny a gallon. Ac
Singapore-listed shipbuilder ASL Marine Holdings Ltd informed that one of its wholly-owned subsidiaries has reached an agreement with a customer on the rescission of shipbuilding contracts for two offshore support vessels. One of the vessels will be ready for operation by the end of the first quarte
Oil and gas major Total has entered into a deal to sell its entire remaining stake in GTT (Gaztransport & Technigaz) to Singapore-based investment company Temasek. In February 2014, during GTT’s initial public offering, Total reduced its shareholding from 30% to 10.4%. Following the two transactions
BC Ferries’ Queen of Capilano will undergo a USD 12 million mid-life upgrade (MLU) from January 5 to May 5, 2015 to prepare the vessel for another 20 years of service. The Bowen Queen will provide service on the Bowen Island-Horseshoe Bay route for the duration of the MLU. The refit work will be car
Korean shipbuilder Hyundai Heavy Industries has invited NLI Offshore & Marine Products to provide its LNG tank technology suitable for fuel tanks, bunkering and storage solutions or large LNG fuelled container vessels. The pioneering project is being developed within the framework of a partnership b
Russian shipping company OAO Sovcomflot (SCF Group) has penned a new USD 319 million 10 year credit facility with a consortium of European banks. According to SCF, the funds will be used towards financing two new ice-class LNG carriers, SCF Melampus and SCF Mitre, which will operate on long-term con
Calmer waters are ahead for the shipping industry in Europe, the Middle East and Africa (EMEA), according to Fitch Ratings forecasts for 2015. The stable outlook for 2015 is based on expected rebound of sector fundamentals, however oversupply and volatility in rates are likely to persist. Fitch Rati
The American Bureau of Shipping (ABS) has published the ABS Guide for LNG Fuel Ready Vessels to support members and clients in preparing newbuildings for future conversion to gas propulsion. The Guide formalizes the process for clients who wish to plan for conversion to LNG fuel at a future date by
