Home / Author Archives: hellenicshippingnews. (page 1043)

Author Archives: hellenicshippingnews.

KONGSBERG Coordinates EU-Funded Project to Enable Autonomous Navigation in Close Proximity

Hull to Hull (H2H), an EU-funded research project established to develop technical solutions for safer navigation in close proximity of other stationary or moving vessels and objects, is in its Concept Definition phase and will move on to the Technology Adaption and Integrations Work Package (WP03) this summer. H2H was established in November 2017 to develop solutions using the European Global Navigation Satellite System (EGNSS), EGNOS and Galileo, that can enhance safety in busy waters and during close manoeuvring, helping mariners to take the correct navigation decisions and creating the ...

Read More »

New Marine Fuel Rules Good News for Marathon, Phillips 66

New fuel rules are coming to the sea–and that could be good news for oil refiners, particularly Marathon Petroleum (MPC) and Phillips 66 (PSX ). As part of a global effort to reduce the impact humans have on the environment, the International Maritime Organization (IMO) announced earlier this month that it will require a reduction in sulfur emissions regulations. The new rules will go into effect in 2020. As Wells Fargo’s Roger Read explains, the global refining and shipping industries will have to switch some 3.2 million barrels per day ...

Read More »

Maersk Line sets up commercial office in Kathmandu, Nepal

Maersk Line, the global containerized division of the Maersk Group, announced the commencement of its new commercial office in Kathmandu, Nepal from 1st of June this year. Maersk Line since its entry into the Nepal market over 20 years back has been providing shipping and logistical solutions through its strong network in India. However, with the rapid growth of trade in the region, Maersk Line sees an opportunity to serve its customers better by being closer to them. Maersk Line’s customer centric approach is reflected through its dual service offerings ...

Read More »

Bumi Armada 1Q net profit up 0.64% to RM48.4m on better FPO segment results

Bumi Armada Bhd’s net profit for the first quarter ended March 31, 2018 (1QFY18) edged higher by 0.64% to RM48.4 million or 0.83 sen per share, from RM48.1 million or 0.82 sen per share, as the floating, production and operation (FPO) segment saw better results in the current quarter. The group’s revenue jumped by 48.5% to RM600.3 million in the current quarter, as compared to RM404.2 million recorded in 1QFY17. In a statement, Bumi Armada said today that the increase in revenue was mainly due to stronger contribution from its ...

Read More »

Independent auditors raise doubts about survival of L&T Shipping as firm’s liabilities exceed its assets

Despite the promise of ‘Make in India’ and the rhetoric of defence modernisation, the fortunes of India’s shipbuilding industry continue to sink, with more and more companies slipping into the red. The latest addition to the list is L&T Shipping Ltd. The independent auditors of the L&T Shipping Ltd, a wholly-owned subsidiary of Larsen & Toubro, have raised concerns about the company’s continuance as a ‘going concern’ based on the financials of 2016-2017. The report by Sharp & Tannan indicates that the company had substantial accumulated losses carried forward from ...

Read More »

APL: Come August 2018, experience an X-tra dose of “X factor” with the EXX for shipments from China to Los Angeles

Following up from our announcement on the launch of APL’s flagship EXX (Eagle Express X) service, we are pleased to share that X-tra features have been added to the service, giving you the X-ceptional treatment, all the way from origin to destination. Of note, the improved service encompasses the adoption of a more efficient closed-loop operation at the Global Gateway South (GGS) terminal in Los Angeles as compared to the original off-dock arrangement. This enhanced initiative is supported by the integration of a fully wheeled operation for cargo discharge and ...

Read More »

WFW advises ZEABORN on joint venture with Intermarine Group

Watson Farley & Williams (“WFW“) has advised Bremen-based ZEABORN Group (“ZEABORN”) on its new project and heavy-lift cargo joint venture with Houston-based Intermarine Group (“Intermarine”), ZEAMARINE. The transaction entails the transfer of all relevant multi-purpose and heavy-lift assets and operating entities from both Intermarine and ZEABORN, including the latter’s subsidiary Rickmers Line, to ZEAMARINE. The two parent groups remain wholly independent outside of the joint venture. The transaction remains subject to approval from competition authorities. ZEAMARINE has more than 75 vessels, expected to exceed 100 by year-end, and will operate ...

Read More »

Thames’ Barges To Boost Port Of London Vision

Eight new barges specifically built to carry spoil out of central London as the Thames Tideway Tunnel is excavated will eliminate thousands of lorry journeys from London’s roads, Bennett’s Barges managing director Chris Livett has said. The Tideway class hopper barges, representing an investment by Bennett’s of “between £5m and £10m”, were delivered by Dutch barge builder and operator Baars, working with ACB. Four 1,500-tonne and two 1,000-tonne capacity barges are all owned by Bennett’s, while two 1,600-tonne barges have been hired for the duration of the Tideway project. Shallow-drafted ...

Read More »

Japan’s April steel exports fall for 15th straight month to 9-month low

Japan’s steel exports fell 5.5% year on year to 2.84 million mt in April, making the fifteenth consecutive month of year-on year-decline and hitting a nine-month low, Japan Iron & Steel Federation data released showed. The total was also down 15.9% from March, the JISF data showed. A JISF official said it was the first time monthly exports had fallen below 3 million mt since July 2017, and was considered a very low level. He said he expected mills would cut exports further in the months ahead while they focused ...

Read More »

Philippines plans to import diesel from Russia, non-OPEC countries

The Philippines’ energy ministry plans to import initially about 240 million litres of diesel, equivalent to three days of the country’s requirements, from Russia and other non-OPEC countries for stockpiling purposes, it said. The southeast Asian country is looking to establish what it calls a “strategic petroleum reserve” that it can tap if and when fuel supply tightens in the world market. The reserve will complement the minimum inventory requirement that oil companies such as Petron Corp, Pilipinas Shell Petroleum Corp and other local retailers must comply with, the Department ...

Read More »

Surgutneftegaz sells 500,000t of ESPO Blend from Kozmino in July

Russia’s Surgutneftegaz issued a tender on Thursday to sell 500,000 tonnes of ESPO Blend for loading from Kozmino port on July 14-18, 19-23, 22-26, 26-30 and 28-31, traders said. The tender closed on June 1 at 14:00 Moscow time. On May 25 Surgutneftegaz awarded in a tender one ESPO Blend cargo for loading on July 9-13 at a premium of $3.20-3.30 a barrel to June Dubai swaps. Source: Reuters (Gleb Gorodyankin)

Read More »

From Chopping Block to `Core,’ Anglo Fires Up Met Coal Engine

Anglo American Plc is set to boost metallurgical coal capacity at a mine complex in Australia by 25 percent as the business once destined for the chopping block turns into a cash machine for the century-old miner. The company plans to increase processing capacity to 20 million metric tons a year from 16 million at a preparation plant that processes coal from the Moranbah and Grosvenor underground mines, Tyler Mitchelson, chief executive officer of Anglo’s metallurgical coal unit, said in an interview Tuesday. Project study is in the early stages ...

Read More »

Will India’s coal plants be left high and dry?

Thanks to the rise of low-cost electricity from wind and solar plants, a third of India’s coal power plant capacity is likely to be ‘stranded’. Since India has 197,171 MW of coal power, a third of it (65,723 MW) is quite a lot, and the big question is, what to do with them. In 2017, most of the coal plants in the country produced, on an average, only 60 per cent of the electricity they could, and one of the bigger reasons was that the utilities were happier buying cheaper ...

Read More »

Wheat set for weekly loss as U.S. weather improves; soybeans rebound

Chicago wheat is poised for its first weekly decline in three weeks on Friday with U.S. weather weighing on prices, although losses were limited concerns over dryness in the Black Sea region and Australia. Soybeans bounced back on bargain-buying after three sessions of decline on pressure from global tensions. The most-active wheat contract on the Chicago Board Of Trade was unchanged at $5.26-1/4 by 0307 GMT. It is down percent this week. Soybeans added half a percent to $10.23-1/4 a while corn gained 0.4 percent to $3.95-3/4 a bushel. the ...

Read More »

U.S. Oil Poised for Weekly Loss as Record Output Weighs on Price

Oil in New York headed for a second weekly loss as U.S. output surged, pushing the American marker to near its weakest level in more than three years against global benchmark Brent. West Texas Intermediate futures are down 1.5 percent this week as pipeline bottlenecks in the Permian Basin add to pressure from unprecedented levels of U.S. production. Brent crude is 1.5 percent higher this week even as investors await news on whether OPEC and its allies will agree to boost production. Some members are meeting in Kuwait this weekend ...

Read More »

Recent Videos

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