Navios Maritime Holdings Inc. and Navios Maritime Acquisition Corporation have executed a binding letter of intent to acquire ten vessels, composed of five product tankers and five container vessels with an average age of 5.5 years, from debtors of HSH Nordbank AG ("HSH") through a new joint venture ("Navios JV").
Canada, one of world's leading oil producers is looking for ways to enchance its presence in the global oil markets, especially through directing part of its production towards exports to Asian countries. This can only be done through a pipeline project, which as always could be perceived as a threat to the tanker market. However, according to the latest
The case for LNG as a major bulk trade is compelling. Methane is a green fuel with vast onshore and offshore reserves stranded far from consumer markets. The technology to transport the gas as a liquid was developed in the 1940s and the first cargo shipped in 1959 from Lake Charles, USA to the UK on board a converted Liberty ship the Methane
In accordance with the ISM Code 6.3 and 6.5, the company managing the vessel must ensure that the ship’s personnel are familiar with their duties and should establish procedures for identifying training needs.
Unfortunately, shipboard audits and port state control results show this to be a weak area. In many cases, the crew is unfamiliar
Escalating tensions between South Korea and North Korea are one side of the coin, which is keeping oil market players on alert. The other side has to do with the fact that South Korea is weighing eliminating tax rebates on refined product exports, provided those products were refined from crude sourced from
Tsakos Energy Navigation Limited Friday reported results (unaudited) for the fourth quarter and year end December 31, 2012.
FULL YEAR 2012 RESULTS
In 2012, revenues, net of voyage
Ocean carriers’ recently announced plans to introduce post Panamax vessels between Asia and the East Coast of North America has forced ports to bring forward expansion ahead of the opening of the Panama Canal’s new locks in the middle of 2015.
During the past few years, East Coast North
Despite ominous predictions regarding the negative performance of the dry bulk market during the – traditionally weak anyway – first quarter of the year, it seems that the market dodged a bullet and escaped unscathed from the tonnage oversupply concerns. According to the latest weekly report from shipbroker
Seanergy Maritime Holdings Corp. announced yesterday its financial results for the fourth quarter and year ended December 31, 2012.
The ‘A’ rated 170 million GT North P&I club has experienced an increase in claims arising from poor stowage and securing of break bulk cargoes, particularly on ships departing from China. Such cargoes - typically of bags and timber as well as construction components and plant - can put people, cargo and vessels at risk if they
The expansion of the Panamax Canal stated for completion in 2015, is expected to radically affect maritime trade, although there is still doubt as to the opportunities it could entail for the tanker industry. According to its latest report, shipbroker Gibson noted that the projected construction of two new sets of locks,
Chinese carriers Coscon and China Shipping Container Lines (CSCL) both lost a lot of money again last year. Although merger talks between the world’s fourth and eighth largest container carriers are unlikely, Drewry expects that both will have to take radical remedial action this year.
It’s not predicting the future that is problematical, it’s the realisation that you have to relive the past again and again when you fail to learn from your mistakes. So much so in fact that, like a scientist studying the formation of the universe, it should become possible to predict the past too.
The undeniable trend in the newbuilding markets so far in 2013 has been the continued shipowners' "appetite" for Capesize dry bulk carriers and various types of product tankers, mainly Medium-Range ones (MR). According to the latest report from shipbroker Clarkson Hellas, "this week has been somewhat quieter than
Over the past week, here at DNV, we have done another market analysis to assess how fast LNG will win into the marine fuel market. I am not at liberty to share the results, but it got me thinking about a broader theme.
But first, here’s what we did: We have developed a model that combines various sources for number of port
Adoption of, and interest in, LNG-as-fuel for ships is gathering pace but challenge is as much in safe bunkering and port operations as in ship design: LNG bunkering guidance is one of the key subjects addressed in LR’s latest Gas Technology Report.
Medium-range tankers and Aframaxes are the most sought after vessel types in the tanker market today, as a result of the positive prospects they both offer to ship owners, as they are the least likely segments to suffer from tonnage oversupply issues. In an interview with Hellenic Shipping News Worldwide
The International Chamber of Commerce (ICC) International Maritime Bureau’s (IMB) latest quarterly report on Piracy and Armed Robbery Against Ships recorded a total of 66 incidents worldwide in the first three months of 2013. This is down markedly from the 102 incidents reported for the corresponding period in 2012.
Efforts to increase eastbound freight rates by ocean carriers operating between Asia and West Coast North America remain ineffectual with new services planned rather than laying up unwanted vessel capacity.
The African Continent and most importantly East Africa and South Africa could turn into the new "hotspot" for product tanker owners said consulting firm Mcquilling Services in a new report. It noted of the growth of clean petroleum products which are being delivered to the region, supported by a lack of downstream