South Korea’s Hanjin Shipping is planning on submitting a self-rescue plan to creditors this week to stave off bankruptcy by Aug. 25, reports Korea Herald quoting local media. According to the shipper, the plan includes details on securing…
A wave of cargo cancellations from the US is putting additional pressure on VLGC rates, according to the latest edition of the LPG Forecaster, published by global shipping consultancy Drewry. Two major factors have lowered VLGC rates in…
NORD/LB Norddeutsche Landesbank and KKR Credit have reached an agreement by which, subject to completion of certain conditions precedents, KKR Credit, together with a sovereign wealth fund (the “Investors”), will acquire a portfolio of performing…
Indian public sector oild giants Oil and Natural Gas Corp (ONGC), Indian Oil Corporation (IOC) and Bharat Petroleum Corp Ltd (BPCL) have booked 60 per cent of the capacity of Swan Energy Ltd. (SEL)'s upcoming floating Liquefied natural gas (LNG) terminal off the Gujarat coast…
Australia’s third-biggest oil and gas producer Santos Ltd reported a first-half net loss of $1.1 billion after taking a $1.05 billion charge on its Gladstone liquefied natural gas (LNG) export project in Queensland, reports Bloomberg. However…
The Swedish Club demonstrated a solid performance in the first six months of the accounting year with the announcement of its half-year results today. With balanced underwriting, the Club delivered an operating surplus of $11.2 million, resulting…
United States District Court Judge Leslie E. Kobayashi today accepted the guilty plea of Doorae Shipping Co., LTD, a South Korean maritime operations company, and sentenced the company to pay a fine of $275,000, and a term of three years of…
First-half seaborne cargo throughput of 70.2 million tons reflected stabilization of the trend for the Port of Hamburg. At the same time, a steep increase occurred in freight transport by rail to/from the Port of Hamburg. At 70.2 million tons…
Tony Nicholson, Senior Claims Director at UK P&I Club, outlines concerns around the Philippine legal system and praises the new ‘Seafarers Protection Act’. “Filipino seafarers make an immense contribution to the world’s ocean-going merchant shipping fleet and their home country…
Palfinger Marine GmbH has decided not to complete the planned acquisition of TTS Group. One of the closing conditions of the acquisition was that Palfinger Marine GmbH had to get acceptances for at least 90 per cent of the TTS shares on a fully diluted basis…
In the first half of 2016 the Rickmers Group generated consolidated revenues of €249.3 million ($279 mln), 13.9 percent lower than in the corresponding period in 2015 (€289.6 million, $324 mln). The main underlying factors are the persistently strained market situation…
International law firm Watson Farley & Williams (“WFW”) advised Crédit Agricole Corporate and Investment Bank (“CACIB”), SACE S.p.A. (“SACE”) and a syndicate of banks on the delivery of the cruise ship “Seven Seas Explorer” built by the Italian shipyard Fincantieri S…
McQuilling Services’ 2016 Mid-Year Tanker Market Outlook Update examines the tanker shipping market from January, and forecasts the balance of 2016 through 2020 based on market conditions in the first half of the year. Findings from the report can be found below…
Wilhelmsen Maritime Services AS (WMS), a wholly owned subsidiary of Wilh. Wilhelmsen Holding ASA, said it has signed an agreement whereby technology subsidiary Callenberg Technology Group will be acquired by Trident Maritime Systems.'We have in Trident and their principal…
Marshall Islands corporation headquartered in Stamford, Connecticut Eagle Bulk Shipping Inc has announced that it has closed its previously announced private placement of its common stock for aggregate gross proceeds of $88.0 million. After…
