San Francisco-based freight forwarder Flexport announced a unding injection of $1 billion led by the venture capital (VC) arm of Japanese investment firm SoftBank Group.'We’re excited to share how we’re accelerating and further realizing that…
The London P&I Club saw further growth in its mutual owned entry following the conclusion of the recent P&I renewal season.The club’s director of underwriting, Reto Toggwiler, says, “Our mutual membership saw year-on-year growth of approximately of 3…
U.S. crude stocks rise to 454.5 mln barrels as crude exports from U.S. hit record 3.6 mln bpd.Oil prices rose on Friday, supported by OPEC's ongoing supply cuts and hopes that Washington and Beijing may soon end their trade dispute.International Brent crude futures hit a new 2019 high of $67…
Danish shipping group Moller-Maersk said that although it had a challenging start to 2018, looking at the financial performance, it increased earnings despite significantly higher bunker fuel prices and lower than expected container volume growth in the second half of 2018…
North P&I Club has concluded its 2019 renewal and for the first time in the Club’s 159-year history, is projecting total entered tonnage to exceed 200 million gross tons.“Our 2019 renewal strategy was very clear,' said Paul Jennings, CEO, North P&I Club…
DP World has bought back British ferry and shipping freight operator P&O Ferries for 322 million pounds ($421 million), more than a decade after it sold it.DP World acquired the British shipping and logistics company in 2006 but soon sold off some assets…
A growing number of hedge funds are moving into shipping debt, an asset class few have invested in before, looking to buy up loans and bonds as banks cut their exposure to the troubled sector.World economy worries and cost pressures are dampening…
Nordic American Tankers (NAT) reported a net loss for 4Q2018, came in at -$10.5 million. This was a substantial improvement from the previous quarter (3Q2018) which saw a net loss of -$37.9 million. 'It is important to note that we have concluded…
A new round of talks between the United States and China to resolve their trade war will take place in Washington on Tuesday, with follow-up sessions at a higher level later in the week, the White House said on Monday.The talks follow a round…
The international rating agency Moody’s has upgraded the German cargo container shipping line, Hapag-Lloyd AG's corporate family rating (CFR) to B1 from B2 and its senior unsecured bond rating to B3 from Caa1. The outlook remains stable.According to Moody's release…
The Suez Canal Authority (SCA) has extended discounts concerning dry bulk vessels operating between American and Asian ports after considering “new changes in the global shipping market and the world economy”.'SCA pays more attention to its users best interest…
The International Maritime Bureau (IMB) announced that it has launched a new initiative aiming to mitigate bills of lading (B/L) fraud conducted by non-vessel owning common carriers (NVOCCs).The IMB NVOCC Register provides a business solution…
Italian worldwide leading broker for marine insurance Cambiaso Risso Group has signed a strategic partnership agreement with French insurance broker Siaci Saint Honore to foster a strong positioning in their markets.The deal will be subject…
One Sea, the alliance that brings together leading exponents of autonomous ship technology, has secured new funding to support its role as business ecosystem, at the same time adding Shipbrokers Finland as a new partner.An injection of public…
Dan-Bunkering promoted Bunker Trader Søren Emil Dam to Bunker Trader & Team Leader as of February 1, 2019.Søren Emil Dam is a Danish national and joined Dan-Bunkering’s Danish head office in Middelfart in 2013. One year after his employment…
