Mercator Lines (Singapore) agree early termination & settlement agreements with owners of bulkships 'Chaitali Prem' & 'Chanchal Prem'.Briefly, the existing charter of M.V. “Chaitali Prem” ends on or about 31 August 2014. Under the terms of the relevant Early Termination Agreement…
The Export-Import Bank of China (Eximbank) joins hands with China Classification Society (CCS) to support the country's shipping industry.China Eximbank and CCS agree to conduct more cooperation in future on financing services, technical risks hedging and prevention…
Korea-based conglomorate STX saw tough times the past year due to severe cash shortage, but is seeking a turnaround in 2013 after offloading some assests. Market analysts have mixed views for STX. Some say that its bold move will help the conglomerate get back on track…
Eco Marine Power (EMP) invites investment in its wind power & solar energy system for ocean going ships, called the Aquarius MRE System. EMP is a marine systems technology company that offers investors the opportunity to help drive forward…
Singapore-listed Cosco Corporation subsidiary Cosco Shipyard Group increases its investment in the registered capital of 60%-owned Cosco Qidong Offshore, China.Cosco has increased its investment by RMB300-million to RMB600-million. The…
NS United Kaiun Kaisha (NSU) resolved early cancellation of dry-bulk ship time charters due to unfavourable economic market conditions.The cancellation will result in appropriation of extraordinary loss in Q3 2013.Reason for the cancellationsThe…
Effective Shutdown of Nation’s Busiest Water Transportation Artery Expected Earlier Than Predicted: January 3-4. Late Christmas Eve, the U.S. Army Corps of Engineers advised industry of the most current 28-day weather and water forecast for the Mississippi River area near Thebes…
Keppel Offshore & Marine Ltd's (Keppel O&M) subsidiaries have won three new contracts - worth a combined value of $343mn - to bring the group's total order wins for 2012 to $8.1B. Mr Tong Chong Heong, CEO of Keppel O&M, said, 'With the strong confidence and support of new and repeat customers…
In accord with Hong Stock Exchange rules China Rongsherg Rongsheng Heavy Industries Group announces an expected net loss for year ending 2012.The Company believes that the net loss is primarily attributable to the decline in the shipbuilding…
Paragon Shipping Inc. raises US$ 10-million working capital in sale of newly-issued shares to an entity affiliated to its own chairman.The Paragon Board agreed to sell 4,901,961 newly-issued shares of the Company's common stock to an entity affiliated with Mr…
Market analysis suggests winter demand could cause LNG freight rates to rise but downward pressure might later be forthcoming.Rising LNG prices, almost stagnant liquefaction capacity amid expanding regasification capacity and development…
Diana Shipping Inc. signs MOU to buy a new-building bulk ship from a third party; subsidiaries negotiate term loan facilities.The new-building Kamsarmax dry bulk carrier, to be named Myrto of 82,131 dwt, was built by Tsuneishi Shipbuilding Co…
Standard & Poor has raised the long-term rating on the Cleveland- Cuyahoga County Port Authority’s development revenue bonds to ‘BBB+.The outlook is stable. In September, Standard & Poor’s upgraded the rating to BBB/Stable. The Port has…
Continued demand for iron ore, coal, and general cargo for the industrial and manufacturing sectors lifted the tonnage numbers along the Great Lakes-Seaway System to the positive column. For the period March 22 to November 30, year-to-date total cargo shipments were 34…
Overall confidence levels in the shipping industry recovered slightly from their lowest level for over four years in the three months ended November 2012, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens…
