Russia’s second-biggest gas producer Novatek is selling a 9.9 percent stake worth an estimated US$1.4 billion in its Yamal liquefied natural gas (LNG) project to a China’s Silk Road infrastructure fund, reports Reuters. The deal, first discussed in August…
The government of India would soon build a major port at Colachel in the southernmost tip of Tamil Nadu at an estimated cost of $3.2 billion (Rs 21,000 crore), envisaged to emerge as a southern gateway of transshipment in the country, reports PTI…
Port Canaveral announced that its CEO John Walsh has been elected to serve as Secretary-Treasurer on the Board of Directors of the 2015-2016 Florida Ports Council (FPC), a nonprofit corporation serving as the professional association for Florida’s 15 public seaports and their management…
Mitsui O.S.K. Lines, Ltd. today announced that it has started demonstration tests of a new windshield for containerships, which has the potential to reduce wind resistance, save fuel, and reduce CO2 emissions. MOL jointly developed the device with MOL Techno-Trade…
Taiwan’s defense ministry seeks financing to expand the country’s submarine fleet, reports Reuters quoting local media reports. The government has allocated $92.55 million over four years, beginning next year, to launch a long-awaited program…
Edelweiss Asset Reconstruction Company has taken over management control of Bharati Shipyard, says a report in ET. Edelweiss now controls 70% of the Indian yard’s debts. A month ago plans were made to change the yard’s name to Bharati Defence…
China Shipping Container Lines Co is planning to buy around 10 ultralarge container ships for around $1.5 billion, despite the shipping industry struggles with a capacity glut, reports WSJ. The company wants to fulfill capacity commitments…
The closed-door talks on what is believed to be merger discussions between Cosco and China Shipping continue, reports local media. According to JoC, the Chinese executives of the carriers have been tight lipped on the discussions, but it…
French shipping giant CMA CGM, reported a 66.7% jump in net profit to $156m in the second quarter of 2015. The result compared to a $94m net profit in the same period a year earlier. The world’s third largest container line says that its unit costs fell 10…
China Merchants Energy Shipping Co., Ltd (CMES), the dry and wet bulk arm of state conglomerate China Merchants Holdings (International) Company Limited, has set up a wholly owned subsidiary China VLOC Company Limited to operate 400,000 dwt ore carriers in Hong Kong…
The subject of ship telematics will be prominently featured at the upcoming SHIPPINGInsight 2015 Fleet Optimization Conference & Exhibition, which takes place in Stamford, Conn., Oct. 13-14.Big Data, connected ships and cyber security…
The Executive Committee of Euronav NV today announced that it has signed a new USD 750 million senior secured amortizing revolving credit facility led by DNB Bank ASA and Nordea Bank Norge ASA acting as Coordinators, Mandated Lead Arrangers and Bookrunners and ABN AMRO Bank NV…
The Russian Joint Venture between Rosneft, Sberbank Investments and Pietro Barbaro S.p.A. closed the acquisition of the Pietro Barbaro Group shipping assets in the Russian Federation (100% share of Prime Shipping group of companies). Prime…
NewLead Holdings Ltd.announced today a review of the commercial performance of one of its bitumen tanker vessels, the MT Nepheli since the vessel was delivered to NewLead's fleet.The Nepheli is a 2009-built bitumen tanker vessel of 3…
BMT Designers & Planners, a subsidiary of BMT Group, an international maritime design, engineering and risk management consultancy, has announced the appointments of Albert Graves as Financial Controller and Greg Jose as Marketing Manager.Graves…
