The festive season is here, so shoppers are out and looking to buy. However, when it comes to the bulk carrier sale and purchase market, business has been booming throughout 2016, says Clarkson Research Services. The depressed earnings…
Moody's downgraded A.P. Moller-Maersk's credit rating on Tuesday, piling pressure on the world's biggest container shipper as it juggles a major restructuring with a multi-billion dollar acquisition of a German rival. Moody's said the downgrade…
The body responsible for the offshore oil and gas industry’s voluntary pollution compensation scheme has announced two appointments to its executive team.The Offshore Pollution Liability Association Limited (OPOL) has appointed a new managing director…
Hyundai Merchant Marine Co. (HMM) expects its profitability to improve slightly in the first quarter of next year on the back of an improvement in freight rates and its cost-cutting measures, reports Yonhap, quoting its chief executive Yoo Chang-keun…
GulfNav has marked another milestone by entering into strategic alliances with MENA ENERGY. The strategic alliances for mutual co-operation in ship acquisition, chartering and commercial management aims to set out a platform for the parties…
The Port of Los Angeles has received an $800,000 grant from the U.S. Environmental Protection Agency (EPA) to deploy green commercial equipment for moving cargo. The award will pay between 25 to 40 percent of the cost to replace and upgrade…
Danaos Corporation reports its results for the third quarter of 2016 in the aftermath of the bankruptcy of Hanjin Shipping, one of Danaos' large customers. Danaos' CEO Dr. John Coustas says: 'As a result of the bankruptcy, we did not recognize…
The medium range (MR) tanker market in the North Asia has firmed this week, with rates recovering from last month’s lowest levels in 2016 as charterers rushed to fix an influx of fresh cargoes before the holiday season. Rates for the key South Korea-Japan route grew by $20…
Ocean freight rates for cargo moving under contracts on the major East-West trade routes saw a reversal of trend in 4Q 2016, according to Drewry’s Benchmarking Club, a closed user group of 50 multinational retailers and manufacturers who closely monitor their contract freight rates…
The global shipping industry will hit a credit crunch if proposed new bank capital rules are implemented in a sector already weighed down by toxic debt, bankers involved say. The Basel Committee of banking supervisors from nearly 30 countries…
APM Terminals has entered into an agreement to divest Pentalver, the UK-based provider of container transport (trucking & haulage) and other container related services, to Genesee & Wyoming Inc. (G&W) – a United States-based, global operator…
The Asian Aframax market has been strengthening steadily, with rates for the Indo/Japan route up by w25 points w-o-w at w135. The Baltic Exchange’s benchmark TD14 route reached w127.50 Tuesday, jumping by w29 points w-o-w. This is partly due…
Now a lease agreement has been concluded with the Glasværket A/S in the town of Korsør on the rental of premises for the future domicile of the Danish Maritime Authority. The Danish Building & Property Agency has, on behalf of the Danish Maritime Authority…
In a move designed to support owners in difficult trading conditions, for the second year running The Swedish Club has announced a zero percent general increase for the up-coming P&I renewals 2017-2018.Speaking at the Club’s Board meeting in Bangkok…
Bill includes construction authorization for Charleston Harbor Deepening Project. Today's passage of S.612, the Water Infrastructure Improvement for the Nation Act (WIIN), formerly known as Water Resources Development Act (WRDA), by the U…
