Höegh LNG Partners LP announced that its board of directors (the 'Board') has declared a quarterly cash distribution with respect to the quarter ended December 31, 2015 of $0.4125 per unit. This represents an increase of $0.075 per unit…
French container shipping group CMA CGM bought an additional 2.4 million shares in takeover target Neptune Orient Lines (NOL) from the open market on Thursday at $1.235 and $1.24 per share, says a report in the Business Times. Following the latest transaction…
The state privatization fund Hellenic Republic Asset Development Fund (HRADF) of Greece has accepted a “significantly improved” offer from China’s Cosco Group for the state’s majority stake in the Piraeus Port Authority (OLP). “HRADF’s…
Southwestern Energy Co said it would lay off 1,100 employees, or nearly 40 percent of its workforce, as it slows down drilling activity in response to a prolonged slump in oil prices.Oil futures dropped to their lowest levels since 2003…
Amid political rivalry between the Islamic Republic of Iran and Saudi Arabia, United Arab Shipping Company (UASC) is resuming business with Iran following the lifting of Western sanctions, reports Reuters. Saudi Arabia is one of the shipping line's main shareholders…
Ports America, the largest stevedore and terminal operating company in the United States, is refocusing its business strategies on the West Coast through additional investments and expansion of services into new terminals. Areas of concentration include Los Angeles…
The critical link between shipping and global society is the main focus for this year’s World Maritime Day theme: 'Shipping: indispensable to the world'. The theme for 2016 was launched by IMO Secretary-General Lim as he opened the Sub-Committee on Ship Design and Construction (18 January)…
Cosco Pacific is expected to submit an improved bid for the controlling stake in Piraeus Port Authority (OLP) on Wednesday that is set to be discussed at the board meeting of the Hellenic Republic Asset Development Fund (TAIPED), reports Kathimerini…
European shipowners welcome the European Parliament’s INTA Committee recommendations to the European Commission on the ongoing negotiations of the Trade in Services Agreement between some of the world’s leading economies. In it MEPs acknowledge…
Ciner Gemi Acente Isletni Sanayi Ve Ticaret S.A., a ship management company in Turkey, pleaded guilty and was sentenced in federal court in Baltimore, Maryland, for violating the Act to Prevent Pollution from Ships (APPS), announced Assistant Attorney General John C…
The Mehr News Agency reports that the British Lloyd's Register Group has canceled one sanction against Iran’s oil industry by issuing certificates for commute of Iranian oil tankers to the ports and oil terminals of European Union. The…
The IMO Convention for Safety of Life at Sea (SOLAS Chapter V, Regulation 23) sets out the principal requirements for the rigging of pilot ladders. There is further detailed technical specification for pilot ladder in IMO Resolution A.1045 (27)…
Criteria for entry into force of BWM Convention not yet reached – further ratifications needed. Insufficient tonnage to trigger entry into force despite recent ratifications, says International Maritime Organization (IMO). Following the…
Six months to the day ahead of the naming ceremony, Mein Schiff 5 was launched today at the Meyer Turku Oy shipyard. Following a construction period of 14 months, Ferdinand Strohmeier, Vice-President Operations TUI Cruises, was on hand for the so-called “floating” celebrations…
Caterpillar Inc. announced today that the company’s Board of Directors has elected Denise Johnson, currently vice president with responsibility for the Material Handling & Underground Division, as group president of Resources Industries.…