While, weak spot prices and higher futures prices created demand for oil tankers has boomed, bulk carriers have been hit by massive overcapacity, as Chinese demand for such commodities has collapsed, says latest report from the Economist. The…
Worse is still to come for many bulk carriers, warns a report in the Economist that claims that the dry-bulk cargo shipping has hit the bottom. Between the start of the financial crisis and January this year Baltic Dry Index - a measure of bulk freight rates—had fallen by 95%…
Creditors of South Korea's Daewoo Shipbuilding and Marine Engineering Co. will pour 4.2 trillion won about (US$3.68 billion) into the ailing shipyard to help it get back on track, the main creditor bank said, according to South Korea's (Yonhap) News Agency…
Retrieving an unreliable blowout preventer (BOP) is a necessary but expensive operation, costing upwards of one or two million dollars and easily the double in developing ultra-deepwater regions. It is also the main cause of downtime during drilling activity…
GasLog Partners LP, an international owner and operator of liquefied natural gas (LNG) carriers, increased quarterly cash distribution by 10% to $0.478 per unit for the third quarter of 2015, equivalent to $1.912 per unit on an annual basis…
Looking at the Company’s business performance for the first half of FY2015, operating income and ordinary income improved as the tanker division enjoyed favorable market conditions, backed by a decline in bunker prices, says Mitsui O.S.K. Lines (MOL)…
The Bank of China and the Port of Rotterdam Authority signed a Memorandum of Understanding aimed at strengthening relations between China and the Netherlands. Through this Memorandum, the Port of Rotterdam Authority and the Bank of China…
CSSC Wärtsilä Engine (Shanghai) Co. Ltd (CWEC) celebrated the beginning of construction on its new 20,000 sq.m. factory with a groundbreaking ceremony on October 28 in Lingang, Shanghai. Following the groundbreaking ceremony, strategic cooperation…
William E. Albrecht has been appointed to the board of directors of Rowan Companies plc, effective October 28, 2015. Albrecht has served as executive chairman of California Resources Corporation, a publicly traded oil and natural gas exploration and production company…
A yacht race from Hong Kong to Daya Bay in the Mainland will take place on 30 October 2015 (Friday). About 60 yachts are expected to participate in the race.The race will start in the vicinity of Steep Island, Sai Kung at 1000 hours on 30 October 2015…
Two high-speed boats from Sweden have joined the sea rescue effort in the Eastern Aegean, and it was GAC that coordinated their delivery to Greece.The craft were sent by the not-for-profit NGO, the Swedish Sea Rescue Society (SSRS), in…
The enactment of Law No. 2014-742 of 1st July 2014 and the signing of decrees related during late 2014 and early 2015 resulted in June 2015 to approve the first private companies wishing to conduct activities of protection of French flagged vessels (APPN)…
Maersk Line has laid-up one of its 18,000-teu Triple E containerships. It cannot rule out that it will have to anchor another of its massive Triple E ships in connection with the Chinese New Year. The Danish carrier will anchor Triple- E 18…
While merger talks between South Korean shipping companies Hanjin and Hyundai Merchant Marine lines hit the newspapers, the latter has refuted rumors that the government asked the carrier to merge with the former. HMM said, 'With regards to the report in Korea Economic News…
Carnival Cruise Line has announced plans to commit two ships to the China cruise market: Carnival Miracle and Carnival Splendor. Both ships will be based in China year-round, with Carnival Miracle to begin China sailings in spring 2017 and Carnival Splendor to begin in spring 2018…
