Ratings agency Standard and Poor’s (S&P) has given North P&I Club an ‘A’ financial strength rating and stable outlook for the 12th consecutive year, and increased its financial flexibility rating from adequate to strong. The ratings also apply…
Veritas Petroleum Services (VPS) has appointed Malcolm Cooper as Group Technical & Business Development Director and Steve Bee, another industry heavyweight, will join the company as Group Commercial Director on July 1, 2016.Cooper, who holds a Ph…
Hyundai Merchant Marine Co. (HMM), is resurrecting an asset-sale plan in an effort to stave off bankruptcy as it reels from a crisis in the shipping industry brought on by slowing global trade, says WSJ. The Seoul-based company plans to…
There are questions whether the low oil price is benefiting South Africa. ICE Brent spot price is trading around $30, the lowest level in 12 years, seen in the context of market surplus. The December meeting in which OPEC failed to set a total…
It seems increasingly unlikely that all shippers will be ready to meet their new verified gross mass obligation in July. What impact will this have on supply chains? Drewry has previously alerted exporters and importers of the lack of…
Malaysian Bulk Carriers Bhd (Maybulk) is forecasting significant losses for the fourth quarter of 2015 and the financial year ended December 31, 2015 amid depressed market condition. Maybulk, which operates the country’s largest fleet of dry bulk vessels used for international shipping…
Chinpo Shipping Company was fined a total of $180,000 on Friday (Jan 29) for transferring funds that could reasonably have been used to contribute to North Korea's nuclear programme and for running a remittance business without a valid licence…
Japan's Nippon Yusen Kaisha (NYK) has posted a $277.5mln extraordinary loss in the third quarter of year ended 31 March 2016 as it reduced the book value of its fleet inline with current market prices and expectations. The extraordinary loss…
Indian Government has initiated procedures for sale of shares of Cochin Shipyard Limited (CSL) by seeking expression of interest (EoI) from merchant bankers to manage the initial public offering (IPO). The listing will involve the sale of some 33…
Diana Shipping Inc. a global shipping company specializing in the ownership of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with SwissMarine Services S.A., Geneva…
Swiss Mediterranean Shipping Co. (MSC) has finalized the acquisition of CP Carga, the freight and logistics unit of Portugal’s state-owned railway. MSC Rail, railway company of MSC, has completed the acquisition of the CP Carga - Logística e Transportes Ferroviários de Mercadorias SA…
After acquiring control of Greece's Piraeus Port Authority SA, China Ocean Shipping (Group) Company (COSCO), is now bidding to run the port of Limassol on the island of Cyprus, in a bid to extend its reach in the Mediterranean Sea. A total…
Singapore’s dry bulk shipping company Mercator Lines Limited has has entered into Memoranda of Agreements to sell five bulk carriers, the company’s judicial manager said. The judicial manager appointed to oversee the bankruptcy of Mercator…
Navios Maritime Midstream Partners LP (NAP) on Wednesday reported fourth-quarter profit of $9.1 million. On a per-share basis, the company said it had profit of 44 cents. The operator of contracted crude oil tankers posted revenue of $25…
Norfolk Southern Railway has announced disappointing financial results, and a cost-cutting plan that could eliminate two thousand jobs over the next four years. Norfolk has assured shareholders that despite weak carload volume and tumbling…
