Ship insurers have stepped in to help plug a shortfall in cover for transporting Iranian oil resulting from the fact that U.S. reinsurers are still restrained by Washington's sanctions, according to officials involved in the initiative. International…
Oil prices seesawed on Tuesday, rattled by investor nervousness after deadly blasts in Brussels prompted a flight towards so-called safe-haven assets such as gold. A suicide bomber blew himself up at Brussels airport on Tuesday killing at…
SCF Group (PAO Sovcomflot) reported steep jump in their net profit to USD 354.5 million from USD 83.9 million in the earlier year. Its gross revenue increased by 7.6 per cent to USD 1,483 million (2014: USD 1,378 million) and its time charter equivalent revenue rose by 18…
Kongsberg GlobalSim, the wholly owned land-segment crane simulation subsidiary of Kongsberg Maritime is to become an independent business following a management buyout announced on 21st March 2016. The buyout will enable GlobalSim to focus on its core port crane…
Hong Kong port recorded a 16% overall throughput drop in February to 1.2m teu from 1.4m teu in previous corresponding period, accelerating from the 9.6% drop seen in the first month of the year. The container turnover at port since the beginning of 2016 decrease by 12…
Evergreen Marine Corporation said that Chang Kuo-wei, the late founder's son, was no longer on its board of directors, reports local media. Chang's seat on its board of directors will be filled by Hsieh Huey-chuan. According to observers…
Stevedores in Santos, Brazil's largest port, have scheduled a 24-hour strike for Monday, demanding wage hike adjustments for inflation as the country's main commodity markets gear up for the export season.Stevedores are due to suspend work at 07:00 a…
Some cash-strapped U.S. oil and gas companies are considering creating an unusual layer of debt as a way of surviving the rout in oil and gas prices, according to restructuring advisors.Chesapeake Energy Corp for example is considering the strategy to swap some of its roughly $9 billion debt…
The United States Maritime Resource Center (USMRC) has announced the appointment of Tiffany A. Torrey as its new Director of Grants and Fundraising. Torrey comes to USMRC with an extensive background in fundraising, grant writing, strategic planning…
* PSA International Pte Ltd (PSA) handled 64.10 million Twenty-foot Equivalent Units (TEUs) for the year ended 31 December 2015, representing a decrease of 2.0% from the previous year.* PSA's flagship Singapore Terminals contributed 30…
The Indonesian government has ambitious plans for major infrastructure projects in the near future in order to give a massive boost to the country’s economy, already the largest in South-East Asia. Its shopping list includes among other things…
Moody's Investors Service has changed its outlook on the global shipping sector to negative as it expects supply growth to outpace demand growth in 2016 by more than 2 percent, suppressing freight rates, particularly in the dry bulk and containership segments…
Press Release: Crowley Marine Services will not be providing oil spill prevention and response services in Valdez and Prince William Sound when its contract expires June 30, 2018. Crowley has provided marine services in Prince William Sound since 1990…
Tender for the Greek rail service company Trainose, steams ahead with three potential suitors, say local media. Besides Hong Kong-listed Cosco Pacific, which is certain to participate, the tender has seen the return of Russian Railways…
South Korea’s shipbuilding giant Hyundai Heavy Industries (HHI) has been hit by another hurdle as it faces KRW 120 billion (USD 100.5 million) in taxes, Yonhap news agency informed. HHI has been notified by the country’s tax authorities…
