Gulf Petrochem Group (GP) has strengthened its bunker trading team in Europe with the appointment of Maxime Cramer to the group’s Rotterdam office . He joins a team of bunkering traders headed up by Chris Todd in Europe’s largest bunkering port…
FY operating profit down 66 pct and freight rates down 15.4 percent in 2016. Company says merger benefits, cost cuts help. German container shipping firm Hapag-Lloyd on Tuesday reported a 66 percent year-on-year fall in operating profit for 2016…
The EU shipping industry directly employed 640,000 people and supported a EUR 57 billion contribution to GDP in 2015, says European Community Shipowners' Associations (ECSA) Adding supply chain and worker spending multiplier impacts, the…
MOL Group significantly outperformed its initial USD 2bn target for 2016 and delivered a clean EBITDA of USD 2.15bn, which is only moderately down compared with the previous year. Upstream has shown great resilience to the deteriorating external environment…
Total is in talks to buy a multi-billion dollar stake in Iran's partly-built liquefied natural gas (LNG) export facility, Iran LNG, seeking to unlock vast gas reserves.The French oil major -- the first of its peers to strike deals in Iran…
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, notched gains for the ninth straight session to end at a more than one-month high on Monday, helped by higher rates for panamax vessels.The index…
A company owned by the Nordic American Tankers Limited (NAT) Chairman & CEO, Herbjorn Hansson, and his son, Alexander, has purchased 75,000 NAT shares last week, adding to the position as one of the largest shareholders of NAT. The share price was $7.96 per share.
Qatar Navigation (Milaha), a maritime and logistics conglomerate based in Qatar, has reported a net profit of $195 million for the year ended December 31, 2016 compared to $300 million reported the previous year. The fall in the profit…
Mitsui O.S.K. Lines is investing in self-elevating platform vessel operator Seajacks International Limited (Seajacks) to move into offshore business following FPSO, FSRU, Shuttle Tanker, and Subsea Support Vessel. MOL has announced a plan to acquire a 5% share in Seajacks…
With the ClarkSea Index around $9,000/day, and many if not most of the major shipping markets under severe pressure, it’s hard to escape the conclusion that the shipping markets are a tough place right now, with limited pickings to share between owners…
Mike Corrigan, the incoming CEO of global trade association Interferry, is to advocate greater European Union involvement and investment in the ferry sector during an address on the opening day of European Shipping Week, which takes place in Brussels from February 27-March 3…
APM Terminals has significantly increased its previously announced USD $70 million investment plans for the APM Terminals Port Elizabeth facility, and now plans an investment total of USD $200 million. This figure includes ordering four…
Containership deliveries changed course in 2016, toppling from the record level of 1.7m TEU in 2015 to reach just 0.9m TEU, having previously increased each year between 2011 and 2015, says a report from Clarkson Research Services. If deliveries…
The March 2017 edition of Maritime Reporter & Engineering News focuses on SINGAPORE, as this maritime powerhouse struggles to maintain balance and influence through the offshore oil and gas downturn. Looking at the 'Top 10 Nations' ranked by value from VesselsValue…
Hyundai Merchant Marine (HMM) announced that it has entered into a contract with Hanjin Shipping and Marine Terminals Investment Limited (MTIL) to acquire Hanjin Pacific Corporation’s 100% stake in terminals in Tokyo and Kaohsiung.…
