The German lender Commerzbank is making money in tough market as it sheds another $1.2bn of ship loans. For the first time ever, Commerzbank's shipping portfolio stands at less than EUR 10 billion, according to the third quarter interim report…
The shares of German container line Hapag-Lloyd will now be offered at between 20 and 22 euros ($22-$24.20) each, down from 23-29 euros previously, reports Reuters. Its initial public offering on the stock exchanges in Hamburg and Frankfurt set to commence on November 6…
Lori J. Quinn, shareholder in the Manhattan office of Marshall Dennehey Warner Coleman & Goggin, has been named a Proctor in Admiralty by the Maritime Law Association of the United States (MLA). Founded in 1899, the MLA is devoted to advance reforms in the maritime law of the U…
A U.S. Navy salvage team prepared on Sunday to launch a remotely operated submersible to confirm that wreckage discovered near the Bahamas was that of the cargo ship El Faro, lost in a hurricane last month along with its 33 crew members. The…
Despite an overall global reduction in serious piracy attacks this year, the International Maritime Bureau’s Piracy Reporting Centre (IMB PRC) cautions against complacency in its 2015 report for the year to 30 September.Southeast Asia cracks down In Southeast Asia…
CIMIC Group today announced the appointment of Adolfo Valderas as Deputy Chief Executive Officer.Mr Valderas is the current CIMIC Group Chief Operating Officer.CIMIC Executive Chairman and Chief Executive Officer Mr Marcelino Fernández…
Striking Southern California port truckers who accuse shipping companies of wage theft took their grievances on Friday to City Hall in Los Angeles, where they gained new political backing for their cause.The City Council voted unanimously…
Transport Minister Robert Goodwill MP has taken part in a round table discussion with transport leaders from the ports, road, rail freight and shipping industry at the Port of Felixstowe, the Port of Britain. Mr Goodwill’s responsibilities…
A joint statement, officially establishing the Arctic Coast Guard Forum (ACGF), was signed today by leaders representing all eight coast guard agencies of the Arctic nations.The Arctic Coast Guard Forum (ACGF) is an operationally-focused…
Vessel operating costs are expected to rise in both 2015 and 2016, according to the latest survey by international accountant and shipping consultant Moore Stephens, which found cost categories likely to increase most significantly include crew wages…
Brazil's largest oil workers union said on Friday it will start an open-ended strike against Petrobras on Sunday in a bid to overturn moves to shrink the state-run oil company.FUP, which represents platform, refinery and other workers, will join a number of smaller unions already on strike…
Husky Energy Inc, Canada's No.3 integrated oil company, swung to a quarterly loss due to a C$3.8 billion ($2.9 billion) after-tax impairment charge.The company said it has cut about 1,400 jobs till the end of the third quarter ended Sept…
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…
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…
