Scorpio Tankers said shareholders of Navig8 Product Tankers Inc. (NPTI) approved the previously announced merger of Scorpio and NPTI at shareholders meeting held Tuesday. At the meeting, approximately 94.25 percent of the NPTI shares outstanding were voted…
The port terminal operator division of China COSCO Shipping Corp. posted net profits of US$384.7 million, an increase of 123.7% for FY 2017, compared with the corresponding period last year. Total throughput of the Group’s container terminals increased by 11…
German container shipping group Hapag-Lloyd swung to a first-half operating profit as it raised transport volumes and freight rates stabilised, but it still posted a net loss after higher ship fuel costs weighed on first quarter earnings. Profit…
Cosco Shipping International said its net profit rose 42% in the first half of 2017, thanks to higher net exchange gains and net finance income. In the first half of 2017, the global economy saw an upward trend in growth with improving market confidence…
Korea Maritime Promotion Corporation (KMPC), a dedicated support organization for the shipping industry, will be established in Busan in June of next year with capital of 5 trillion won (US$4.5 billion), reported BusinessKorea. KMPC is set to offer financial and industrial policy support…
Brazilian authorities plan to implement legislation to help prevent that vessels owned by exporters such as Petrobras and Vale wind up on South Asia's beaching yards, Bloomberg reported. The report said that earlier this month, authorities…
The U.S. Coast Guard said it has issued a $5,000 fine to the owners of a foreign freight vessel for unauthorized ballast water discharge into the Willamette River in Portland, August 16. During a routine port state control ballast water examination on the 590-foot bulk freighter ANSAC Moon Bear…
South Korea's antitrust watchdog Fair Trade Commission (FTC) has imposed a combined 43 billion won (US$37.8 million) in fines on nine global auto shipping companies for bid rigging and price fixing, reported Yonhap. According to the FTC…
The Fair Trade Commission of South Korea (KFTC) announced on August 21, 2017 that several companies including MOL have breached South Korean antitrust law with respect to car carrier services. 'MOL and other shipping companies have been…
The joint venture between Pivotal LNG and Northstar Midstream, JAX LNG, LLC, has received a Letter of Acceptance (LOA) from the U.S. Coast Guard (USCG) for the operation of its waterfront LNG facility and the approval to conduct ship-to-ship…
Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with CMA CGM, Marseille, for one of its Panamax container vessels…
Golar LNG Partners announced that it has entered into a purchase and sale for the acquisition from Golar LNG Limited and affiliates of Keppel Shipyard and Black and Veatch of equity interests in Golar Hilli LLC, which will, on the closing date of the Acquisition…
Maersk Line, the world's biggest container shipper, is venturing into trade finance, as it seeks to fill a lending gap left by indebted banks pulling out of the crisis-hit shipping industry. Moving into traditional bank territory and further down the shipping value chain…
Danish shipping group A.P. Moller Maersk reported an unexpected net loss in the second quarter due to terminal and tanker impairment charges, but said it was upbeat on the container shipping outlook. Maersk also said it expected a $200 million…
Iraq's parliament on Tuesday questioned acting Trade Minister Salman al-Jumali over corruption allegations linked to the ministry, mostly stemming from a deal to import Indian rice in 2016. The minister, a Sunni Muslim in a government dominated by Shi'ites…
