The shipping industry will this year scrap the largest number of oil tankers in over half-a-decade, driven by weak earnings, firm prices for scrap steel and the need to prepare fleets for strict new environmental regulations.The surge in scrapping…
Singapore's port authority will provide S$6 million ($4.5 million) to help build two liquefied natural gas (LNG) bunker vessels, in a bid to promote ship-to-ship LNG bunkering in the city-state.FueLNG, a joint venture between Keppel and Shell Eastern Petroleum…
Containership owner operator Seaspan Corporation has announced that Fairfax Financial Holdings Limited, through certain subsidiaries, has entered into a definitive agreement to invest an additional $500 million of equity in Seaspan through the exercise of two tranches of warrants…
DemandThe improved fundamentals during 2017 are clearly seen in the freight rate levels during the first four months of 2018. Freight rates for Handysize, Supramax and Panamax went up by 25-27 percent as compared to the same period of last year…
The European Union's plans to hit back at new U.S. tariffs on EU steel and aluminium exports include hiking duties on a range of imports from the United States, from blue jeans and rice to the proverbial kitchen sink.In eight closely typed pages…
Ship Finance International Limited (SFL) informs it has agreed to acquire four large container vessels in combination with long-term time-charters to a leading container line.The vessels are modern eco-design built in 2014 with approximately 14…
European Union institution the European Investment Bank (EIB) has renewed its partnership with French port Marseille Fos under a €50 million funding agreement to support five key development projects.The projects, which require a total investment of €136 million…
Container shipping: Change required for higher ratesDemandThe growing imports of loaded containers into the U.S. East Coast (USEC) continues to be a focal point for the container shipping industry. Growing by 10.4 percent in Q1-2018, the first three months saw 215…
Increased scrapping of older oil tankers and the potential for higher output of OPEC crude are likely to boost vessel demand and thus rates, Oslo-listed shipper Frontline said on Thursday.The company reported a first-quarter operating profit of $2…
Malaysia's state-owned oil and gas company Petroliam Nasional Bhd said on Thursday it is buying a 25 percent stake in a Canadian liquefied natural gas (LNG) export project, nearly a year after cancelling its own planned terminal.The company…
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Thursday snapping eleven sessions of losses, supported by stronger capesize vessel rates.The overall index, which factors in rates for capesize…
Tanker shipping: Added uncertainty is not helpful to the struggling tankersDemandJust when you thought it could not get any worse for the tanker shipping industry, the U.S. is reimposing sanctions on Iran coming into force after a six months wind-down period ending on November 4…
French President Emmanuel Macron on Wednesday said it was time for the world's biggest economic powers to start talks on reshaping World Trade Organization rules to prevent current tensions spiraling into trade wars.Macron's comments before…
The current global economic growth (GDP) looks like it may be as good as it gets, with indicators across the globe signaling healthy expansion, but at a slower pace compared to the levels seen in the last half of 2017.Global economic growth seems on track to reach its highest level since 2011…
A Danish court on Wednesday sentenced the former manager of OW Bunker's Singapore subsidiary to 18 months in prison after he was found guilty of granting credit outside his mandate, contributing to the bankruptcy of the marine fuel oil supplier…
