Finance News


Australia Bans Bulker for Underpaying Crew

Sep 18, 2017

A Panama flagged bulk carrier, DL Carnation, has been banned from entering Australian ports for a period of 12 months after authorities uncovered a scheme which saw the vessel’s crew being intentionally underpaid. The Australian Maritime…

Port of LA Ready for Next Generation of Containerships

Sep 18, 2017

As a leading gateway for trade between the U.S. and Asia, the Port of Los Angeles must be ready for the next generation of container ships.The Port of Los Angeles TraPac Terminal is a 24 hour a day, fully automated technologically advanced terminal…

Dim Q3 Forecast for Korean Shipyards

Sep 17, 2017

South Korea's major shipyards are projected to report weaker-than-expected earnings for the third quarter of the year, due to increased costs and the construction of low-priced ships amid decreased new orders. Yonhap News Agency, quoting data compiled by Yonhap Infomax…

Hapag-Lloyd Orders 7,700 New Reefer Containers

Sep 15, 2017

This year, Hapag-Lloyd will once again make investments to maintain and expand its container fleet. The liner shipping company has ordered a total of 7,700 refrigerated containers (Reefers) of the latest generation – including 7,000 x 40-foot and 700 x 20-foot units…

Japan's JICA to Fund India's Alang-Sosiya Shipyards

Sep 15, 2017

The Government of India signed a loan deal worth USD 76 million with Japan International Cooperation Agency (JICA), for a project to upgrade the environment management plan at Alang-Sosiya ship recycling yards.  The total cost of the project will be $ 111 million…

CMA CGM Confirms Order for Nine Mega Ships

Sep 15, 2017

CMA CGM, the world's third-largest container shipping firm, said it expected operating profits to improve further in the second half as the market continues to recover, and confirmed an order for nine giant vessels. The announcements by…

Toyota Backs Japanese $1.8 Bln LNG Vessel Order

Sep 14, 2017

Japanese car manufacturer Toyota Motor Corporation is turning to LNG-powered ships to transport its cars across the globe, according to a report from Japanese daily Nikkei. The company has backed an investment in up to 20 LNG-powered car carriers with the capacity to carry 7…

Baltic Index Near Fresh 3-year High

Sep 14, 2017

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, touched a fresh near three-year high on Thursday, supported by firmer rates across vessel segments.The overall index — which factors in rates for capesize…

THE Alliance Sets $50 Mln Insolvency Contingency Fund

Sep 14, 2017

Remarks from Federal Maritime Commissioner William P. Doyle at the FTR Transportation Conference 2017, Indianapolis, Ind.  On September 13, 2017, I voted to expedite the Commission’s decision and support THE Alliance’s amendment authorizing…

Seadrill Files Chapter 11 Bankruptcy Protection

Sep 13, 2017

Seadrill Limited, one of the world’s largest offshore drilling companies, has filed for Chapter 11 bankruptcy protection at the Southern District Texas court, Reuters reported. The indebted oil rig firm controlled by Norwegian billionaire…

Baltic Index Edges Lower on Weaker Capesize Rates

Sep 13, 2017

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, slipped on Wednesday as rates for capesize vessels fell.The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels…

Euroseas Acquires Vessels and Full Ownership of Euromar

Sep 12, 2017

Euroseas announced that it signed a memorandum of agreement to purchase the M/V EM Athens and EM Oinousses, both feeder size containership vessels of 2,506 teu built in 2000.  The Company also announced that it acquired the option to purchase from Euromar two additional container vessels…

DryShips Commences 5 Year TC for Second VLGC

Sep 12, 2017

DryShips, a diversified owner of ocean going cargo vessels, announced today that, its second Very Large Gas Carrier commenced its time charter on a fixed rate with five years firm duration to an oil major.  The charterer has options to extend the firm employment period by up to three years…

Hoegh Autoliners Denies Price-fixing Allegations

Sep 12, 2017

Norwegian shipping firm Hoegh Autoliners denied on Tuesday allegations made by South Africa that it and Japanese rival Mitsui O.S.K Lines had colluded to fix transport tariffs to and from South Africa.Hoegh Autoliners specializes in transporting cars…

Cyber Attacks Threaten Shipping & Dominate Maritime News

Sep 12, 2017

The maritime industry must redouble its efforts to secure IT systems and data. In June, Maersk Line A/S’s information systems were severely disrupted by the so-called Petya virus. FMC provided Maersk with relief to help them get through the difficult situation…

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