Husky Energy Inc, Canada's No.3 integrated oil company, swung to a quarterly loss due to a C$3.8 billion ($2.9 billion) after-tax impairment charge.The company said it has cut about 1,400 jobs till the end of the third quarter ended Sept…
Worse is still to come for many bulk carriers, warns a report in the Economist that claims that the dry-bulk cargo shipping has hit the bottom. Between the start of the financial crisis and January this year Baltic Dry Index - a measure of bulk freight rates—had fallen by 95%…
Creditors of South Korea's Daewoo Shipbuilding and Marine Engineering Co. will pour 4.2 trillion won about (US$3.68 billion) into the ailing shipyard to help it get back on track, the main creditor bank said, according to South Korea's (Yonhap) News Agency…
GasLog Partners LP, an international owner and operator of liquefied natural gas (LNG) carriers, increased quarterly cash distribution by 10% to $0.478 per unit for the third quarter of 2015, equivalent to $1.912 per unit on an annual basis…
Looking at the Company’s business performance for the first half of FY2015, operating income and ordinary income improved as the tanker division enjoyed favorable market conditions, backed by a decline in bunker prices, says Mitsui O.S.K. Lines (MOL)…
The Bank of China and the Port of Rotterdam Authority signed a Memorandum of Understanding aimed at strengthening relations between China and the Netherlands. Through this Memorandum, the Port of Rotterdam Authority and the Bank of China…
China Cosco, the flagship unit of state conglomerate Cosco Group, swung to a net loss in the third quarter of calendar 2015 at 1.7 billion yuan. Its revenue fell 19 per cent to 14.1 billion yuan in the third quarter. For the first nine months of 2015…
Hong Kong-listed China Shipping Development (CSD) , part of Chinese state giant China Shipping Group, posted a net profit of 391 million yuan, up 800 per cent compared to the same quarter last year. Driven by strong tanker performance, CSD had a much better third quarter…
German container shipping group Hapag-Lloyd AG is postponing its stock market debut by a week after investors shied away from the company following Maersk Line’s modest profit forecast last week, reports Reuters. If demand for the shares remains weak Hapag may lower the offer price…
Abu Dhabi Ports (ADP), the master developer, operator and manager of ports and industrial zones in the Emirate, presented the offerings of its Khalifa Industrial Zone Abu Dhabi (Kizad) and Khalifa Port at an exclusive business event in Dubai…
Norwegian geophysical services company Electromagnetic Geoservices ASA (EMGS) announced that its Chief Financial Officer (CFO), Svein Knudsen, has tendered his resignation. Knudsen has held the position as CFO of EMGS since January 2005.Stig Eide Sivertsen…
Gulf Petrochem has appointed John Phillips as Head of Credit Risk for the Group’s Bunkering division. With over 30 years experience in the Maritime sector, John is a well known expert in the industry and will focus on areas such as Credit Management (focused on Bunker business)…
As carriers withdraw from unprofitable routes, is there really too little competition in container shipping? A new report from UNCTAD highlights risks to competition in the container sector, specifically for smaller nations, says Drewry…
$1 billion Memorandum of Understanding between the Eximbank of China and ING Bank for shipping finance On October 26, 2015 in the presence of President Xi Jinping and King Willem-Alexander of the Netherlands, ING Bank NV and The Export-Import…
The UK P&I Club, a provider of protection and indemnity insurance, agreed at its board meeting Monday that the General Increase for the 2016 renewal will be 2.5 percent.In announcing the increase, the UK Club board said it is mindful of…