Ocean carriers continued to lose money between the Mediterranean and North America in the first two months of the year, underlining the need for more rationalisation of services and greater use of transshipment.
There are still no clear signs yet of any improvement in
Yesterday (7 May 2013) marks the start of a six-month consultation period in which the International Maritime Organization (IMO) will seek widespread input on the administrative burdens that may result from compliance with IMO instruments. The intention is to gather data from a broad spectrum of stakeholders from which recommendations on
Aframax tanker owners have found support in the Russian oil region, in order to keep their vessels going said the latest weekly report from shipbroker Gibson. According to the report, "healthy Aframax income has been hard to come by in recent years. Even the once guaranteed income generators of the winter season – poor weather, ice class
In recessions companies with cash flow problems are under the microscope. Cash is king; survival of the fittest is the rule; and to the victor go the spoils. Although shipowners under pressure wake with a heavy heart, their colleagues with big balance sheets and small obligations are not necessarily any happier. For them recessions are for building future businesses, and that can
Marine energy – for instance energy from tidal and ocean currents – is the ‘best of the best’ amongst green energy sources: it has the greatest potential (in theory, the planet’s oceans could supply the entire world with renewable energy), tidal and ocean current power plants are under water
and therefore completely invisible, they produce electricity from
100 per cent renewable energy
US imports from North Europe continued to decline in January and February, making it difficult for ocean carriers to get westbound freight rates back up. The US economy is growing, but containerised cargo does not yet appear to be part of the equation.
China has played a major role in the soybean trade for the last decade (importing 58mt in 2012, accounting for 61% of global imports and 80% of domestic soybean consumption), but has only recently emerged as an importer of increased volumes of wheat and coarse grain. While imports of these grains in 2011/12 still represented just 3% of domestic grain use,
It might come as something of a relief to marine accident investigators to know that a majority of seafarers say they are willing to co-operate with them. In their line of work, any level of co-operation is to be welcomed, given that, as a former senior investigator recently noted, few are on their side, as everyone involved has a vested interest and some “have a
Despite the fact that the dry bulk market remains heavily oversupplied and just as the orderbook of newbuildings had began to shrink, it seems that ship owners have made a significant come back to shipyards, investing once more in new orders. This has been the case so far in 2013 and one could become perplexed as to why owerns are
Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, reported its financial results for the first quarter ended March 31, 2013. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Acquisition, stated, "I am pleased with our results, as we reported $28.0 million of EBITDA in the first
quarter of 2013, reflecting 18% growth
over the first quarter
Attempts by carriers to tackle the capacity overhang are being undone as new orders for Ultra Large Container Vessels (ULCVs) continue to make the headlines, according to Drewry’s monthly report Sea & Air Shipper Insight. The news that China Shipping Container Lines will join Maersk in the super-size containership club following board approval for
five 18,000 teu ships
A combination of increased crude oil production and slumping refined product demand has shifted refinery marketing dynamics in the United States, resulting in a positive impact for product tankers and more specifically Medium-Range classed ones. According to a recent report from analysts Potern & Partners, "US distillate exports have increased from 1.01 million
barrels per day
Genco Shipping & Trading Limited yesterday reported its financial results for the three months ended March 31, 2013. The following financial review discusses the results for the three months ended March 31, 2013 and March 31, 2012.
First Quarter 2013 and Year-to-Date Highlights
• Recorded net loss attributable to Genco for the first quarter
Baltic Trading Limited yesterday reported its financial results for the three months ended March 31, 2013.
The following financial review discusses the results for the three months ended March 31, 2013 and March 31, 2012.
First Quarter 2013 and Year-to-Date Highlights
• Declared a $0.01 per share dividend payable on or about May
The latest trend observed during the past week in terms of newbuilding ordering activity appears to be the shipowners' focus towards smaller sizes in dry and containers and further orders in the MR sector. According to the latest report from shipbroker Clarkson Hellas, "Handysize ordering activity has been relatively subdued so far
Capital Product Partners L.P., an international owner of modern tanker, dry bulk and container vessels yesterday released its financial results for the first quarter ended March 31, 2013.
The Partnership's net income for the quarter ended March 31, 2013, was $25.0 million, including a $17.5 million gain from bargain purchase,
More than 190 delegates from the greater Piraeus shipping community joined representatives of the Republic of the Marshall Islands (RMI) Registry for a seminar to hear and discuss further guidance on the provisions of the Maritime Labour Convention, 2006 (MLC, 2006), Ballast Water Management requirements of the International Maritime
In its latest report, London-based shipbroker Gibson noted that the latest headlines regarding "diminishing safe havens and doomed economies are still ringing in our ears, serving now as another reminder that current crude tanker market conditions in which we operate are dire.
Price volatility in Brent crude brought levels below $100/bbl this
Smaller container shipping lines are pulling out of the East-West trades, no longer being able to compete in the closed-shop, big ship dominated markets. Shippers need to get used to living with less choice.
Carriers ceasing liner operations or going bankrupt since 2008
The recent demise of Grand China Shipping (GCS) is a reminder of
Danaos Corporation, a leading international owner of containerships, yesterday reported unaudited results for the quarter ended March 31, 2013. Highlights for the First Quarter Ended March 31, 2013:
• Operating revenues of $146.1 million for the three months ended March 31, 2013 compared to $134.2