Home / Shipping News / International Shipping News

International Shipping News

MISC Berhad hosts commencement ceremony for FSO Benchamas 2 Project

MISC Berhad today (Wednesday) celebrated the commencement of FSO Benchamas 2 conversion, in a ceremony at MMHE West Yard, Pasir Gudang. In attendance were the vessel charterer, conversion contractors and the vessel operator which included the guest of honour, the President of Chevron Offshore (Thailand) (COTL), Pairoj Kaweeyanun as well as representatives from COTL, Malaysia Marine and Heavy Engineering Holdings Berhad (MHB) and AET Tankers (AET). The arrival of Bunga Kelana 5 as the donor vessel for this project is a key milestone in the FSO Benchamas 2 journey. The ...

Read More »

Container Owners Association elects New Chairman and Deputy Chairman

The Board of Directors of the Container Owners Association has elected Brian Darnowski, Vice-President – Global Operations, Triton International, to the position of COA Chairman, effective 1 January 2017. The COA Board has also elected Uffe Ernst-Frederiksen, Head of Cargo Management, Maersk Line, as the Organisation’s Deputy Chairman. Both positions are for a 3-year term. Brian Darnowski has been a Board Member of the COA since 2008, while Uffe Ernst-Frederiksen joined the Board in 2014. “The container shipping industry continues to face challenging times for the foreseeable future,” says Mr ...

Read More »

Höegh LNG: New FSRU contract with HHI and contract allocation update

Höegh LNG Holdings Ltd. is pleased to announce that it has signed a new Shipbuilding Contract (SBC) with Hyundai Heavy Industries Co., Ltd. (HHI) for a new Floating Storage and Regasification Unit (FSRU) for delivery in Q4 2018 (FSRU #9). The FSRU will have a storage capacity of 170,000 m3 and a max regasification capacity of 1,000 MMscf/day and with full trading capabilities. Reference is further made to the stock exchange notices in December 2016 where Höegh LNG reported it had signed two 20 years FSRU charters with each of ...

Read More »

Reliance Defence delivers bulk carrier to leading shipping company

“Reliance Defence and Engineering Ltd has successfully delivered yet another 74,500 DWT new-built Ice-class Panamax Bulk Carrier viz ‘Sea Amber’ on January 17, 2017 to an international customer,” a company statement said. Reliance Defence delivers bulk carrier to leading shipping co Reliance Defence and Engineering Ltd (RDEL) today announced that it has delivered a newly built panamax bulk carrier to one of the largest international shipping companies. “Reliance Defence and Engineering Ltd has successfully delivered yet another 74,500 DWT new-built Ice-class Panamax Bulk Carrier viz ‘Sea Amber’ on January 17, ...

Read More »

MLC abandonment provisions come into force

New rules come into force today (Wednesday) to help protect seafarers onboard vessels if they are abandoned. As from 18th January, the Maritime Labour Convention 2006 (MLC) requires ship owners to have insurance to assist crew members. All ships, to which the Convention applies, whose flag states have ratified the MLC, must have the insurance certificate onboard and on show in English. The provisions have been welcomed by the ITF (International Transport Workers’ Federation) with its President, Paddy Crumlin, stating: “At last the fundamental idea that those who send seafarers ...

Read More »

Maersk CEO says listing of energy unit more likely -Bloomberg

A. P. Moller-Maersk’s Chief Executive Soren Skou sees a listing of the company’s energy unit as the more likely option, he said in an interview with Bloomberg. He said that the company was still working on finding solutions for the energy unit and is looking at all options but that a stock exchange listing of the unit is probably “the more likely option”. Skou replied “yes” when asked if a stock market listing looked as if it would make the most sense at the moment. Maersk, the world’s biggest container ...

Read More »

Rotterdam Offshore Group expands its operational capabilities

Rotterdam Offshore Group (ROG) has announced that as of January 2017, it has started to upgrade its facilities in the Waalhaven, Rotterdam. ROG has acquired the neighbouring land and buildings to its existing premises allowing the significant expansion of their quayside, storage as well as office capabilities. ROG will now be able to accommodate vessels up to 320m in length where previously the maximum vessel length was 200m. To support the increase in activity, the storage facility will increase from 14000 m2 to 21700 m2 In March 2017, the project ...

Read More »

Hanjin Shipping Soars a Day After Exchange Calls Stock ‘Trash’

One day after a Korean stock exchange official called the shares of Hanjin Shipping Co. “trash,” investors piled in, sending them 15 percent higher. The company, on the verge of bankruptcy, is a darling of retail investors. Volatility is reaching a record, while the stock was the most-traded on the Kospi index in the past two days. “Retail investors are buying the stock so they can make double-digit profits — 10% or 20% a day,” said Kim Seung Churl, an analyst at Meritz Securities in Seoul. “The volatility for this ...

Read More »

China’s low sulphur ECAs extends to 11 ports from 2017

China has enforced the use of fuel with a maximum sulphur content of 0.5% on ships berthing at six more key ports starting 2017, extending from five ports that have implemented the regulation in 2016. From 1 January 2017, ships berthing at the six ports – Guangzhou, Huanghua, Qinhuangdao, Tangshan, Tianjin and Zhuhai – need to burn bunker fuel with a sulphur content cap of 0.5%. The fuel sulphur rule was imposed at the ports of Shanghai, Nantong, Ningbo-Zhoushan and Suzhou since April last year before extending to Shenzhen in ...

Read More »

Golden Ocean Group Limited (GOGL) Receives Average Rating of “Hold” from Analysts

Golden Ocean Group Limited logoShares of Golden Ocean Group Limited (NASDAQ:GOGL) have been assigned a consensus recommendation of “Hold” from the seven ratings firms that are currently covering the stock. One analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $4.88. GOGL has been the subject of several recent research reports. Pareto Securities upgraded ...

Read More »

China boost for Bermuda’s shipping registry

Bermuda’s shipping register is set to get a boost after China agreed to give island-flagged ships “most favoured” status. Captain Pat Nawaratne, head of the Bermuda Shipping and Maritime Authority, set up last year, said the move would give the island a competitive edge in the registry business. He explained: “This will benefit us, especially when Bermuda-registered ships arrive in Chinese ports. “Ports charge for visits — port dues based on tonnage of the vessel and trade of the vessel. “If we are in the most favoured category these can ...

Read More »

Too many vessels spoil the oil tanker rate

The freight rates that large oil carriers charge on certain routes have plunged about 30% since the beginning of the year. The reason is twofold: There are suddenly more tankers looking for work and less demand for their services because of OPEC’s production cut. The benchmark Worldscale rate for very large crude carrier tankers in the 300,000-ton class has sharply fallen to around WS65 at present — the lowest point since November — for a voyage from the Middle East to the Far East. Less than three weeks ago, the ...

Read More »

Price premium needed to seal OOCL deal

The share price of Orient Overseas (International) Limited (‘OOIL’), parent company of OOCL, continues to trade at a significant discount to book value despite a recent price surge that came amidst speculation that OOIL’s container shipping business unit could be up for sale. While several potential buyers have been put forward for OOCL, including China Merchants Group and CMA CGM in addition to COSCO and Evergreen, any bid for the company will need to offer a higher price premium before the Tung family, which controls 69% of OOIL, would be ...

Read More »

Dry Bulk FFA: Capesize Market for February seen at $8,400 – 9,250/day

Capesize Commentary: If the early jump in prompt paper rates seemed a little sharp then the subsequent sell off could be described as overdone. Feb traded in a range of 8400 – 9250 and never quite made it back to the early highs but, with Tub/Qdao moving above $13 we closed the day well supported. Panamax Commentary: Despite a positive opening on Panamax paper we ultimately gave way to some more aggressive selling post index as the lack of activity off the underlying and growing tonnage count saw prompt support ...

Read More »

India: Govt to revamp 100-year-old Inland Vessel Act

The ministry of shipping is set to overhaul the 100-year-old Inland Vessel Act, a move inspired by government’s ambitious plan to develop inland waterways. A senior shipping ministry official said a proposed new version of the Act has been sent to the law ministry for its approval. Once the bill is approved, it will be sent to the cabinet for consent, after which it will be introduced in Parliament. The official didn’t want to be named. The ministry expected to introduce the proposed new law in the summer session of ...

Read More »

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping