On July 15, 2016, Victoria International Container Terminal (VICT) signed a syndicated loan facility worth AUD 398 million (approximately USD 300 million) with seven leading global financial institutions, namely: Citibank N.A., KFW IPEX-Bank…
Hyundai Merchant Marine (HMM) will start the process to appoint a new chief executive officer (CEO) when Hyundai Group loses control on Aug. 5, reports Korea Times quoting un-named industry sources. The challenged shipper will begin a new chapter in its 40-year history…
According to the Ministry of Shipping in India, the 12 major ports in the country together handled 159.0 million tonnes of cargo in the first quarter of the current fiscal (April-June 2016-17), against a cargo traffic of 149.74 million tonnes in the similar quarter of the previous fiscal…
National Shipping Company of Saudi Arabia (Bahri) said on Sunday it signed a deal with Arab Petroleum Investments Corp. (APICORP) to launch a $1.5 billion investment fund that could buy up to 15 very large crude carriers (VLCCs).The fund will be seeded with $500 million on three occasions…
BP announced today that following significant progress in resolving outstanding claims arising from the 2010 Deepwater Horizon accident and oil spill, it can now reliably estimate all of its remaining material liabilities in connection with the incident…
International law firm Watson Farley & Williams LLP (“WFW”) advised long-standing client Teekay on the successful completion of financing initiatives for Teekay Corporation and Teekay Offshore Partners LLP (“TOO”).This included assisting…
New ship orders placed at Japanese yards fell by 80% during H1 2016 compared to H1 2015, according to data from the Japan Ship Exporters' Association (JSEA). According to ALIBRA Weekly Market Report , this is the worst decline since the autumn of 2008 in terms of gross tonnage…
Elektrans Shipping, part of the Elektrans Group have selected and are now implementing the Web based integrated fleet management system, Marine Asset Management System (MAMS). The system, offered by global SDSD Group, a well-known reputable maritime software provider since 1983…
Thailand-based Thoresen Thai Agencies (TTA) has disposed of all its holdings in affiliated ship agency Thoresen Shipping and Logistics Ltd (TSL). TTA said in an exchange filing that it had disposed of around 240,000 TSL shares to Thailand-based Naxco Shipping and Logistics…
The port of Antwerp handled a freight volume of 108,317,922 tonnes in the first six months of this year, 3.6% more than in the same period last year. The container volume in TEU expanded by 4.4% while liquid bulk grew even more, by 8.4%, confirming…
The Annual General Meeting of BOURBON shareholders held on May 26, 2016 approved the payment of the dividend for 2015 of €1.00 per share and that each shareholder can choose to receive the dividend either in cash or in new shares.The period for exercising the option ran from June 15…
South Korea's largest shipping line Hanjin Shipping has sold its entire 21.3% stake in Tan Cang Cai Mep International Terminal (TCIT) in Vietnam to its affiliate in order to secure liquidity. The financially-troubled shipping line will raise about $33m from the sale…
South Korean shipbuilder Hyundai Heavy Industries said on Wednesday that its affiliate aims to sell its brokerage unit Hi Investment & Securities by the end of this year. The affiliate, Hyundai Mipo Dockyard, holds an 85 percent stake in Hi Investment & Securities…
Over the July 2-3 weekend , 25 teams from companies across the maritime sector took part in the ultimate challenge, better known as the ‘24 Peaks Challenge’. In doing so, they succeeded in raising an incredible £110,000 ($146,000) in support of seafarers in need…
Benelux law firm AKD said it intends to open an office in Luxembourg to meet growing demand for integrated, international legal services in stable jurisdictions. AKD’s new office in Luxembourg will expand its corporate, tax, banking and finance…