Category Archives: News

Asia Tankers-VLCC rates to climb on cargo flurry

Rates for very large crude carriers (VLCCs) on key Asian routes are set to continue the rebound that started on Wednesday with a raft of new cargo requirements and upbeat sentiment, brokers said. Brokers anticipated charterers would ramp up the … Continue reading

Posted in Shipping News | Leave a comment

Hyundai Heavy Sees First Strike in 18 Years

Unionised workers at South Korea’s shipbuilding giant Hyundai Heavy Industries staged their first industrial action in almost two decades this Thursday when they walked out from a scheduled one hour of extra work after their regular eight-hour shift, the AFP reports. … Continue reading

Posted in Shipbuilding, Shipping News | Leave a comment

Shipping operating costs stable, investments on rise: Moore Stephens

The cost of operating ships last year marginally declined for bulkers and containers and rose slightly for tankers as owners have worked to cap costs amid eroding earnings since 2008, a shipping industry study said. Consultancy Moore Stephens International said … Continue reading

Posted in Shipping News | Leave a comment

Gulf Coast Embraces U.S. Coal Shippers Rejected by West

When it comes to exporting American coal, the West Coast’s loss is the Gulf Coast’s gain. While environmental opposition has stymied plans to build terminals in California and the Pacific Northwest, the Mississippi River town of Darrow, Louisiana, has a … Continue reading

Posted in Shipping News | Leave a comment

Asia-Europe Shanghai box rate fell 13.3pc last week to US$809/TEU

THE Shanghai Containerised Freight Index (SCFI) fell 13.3 per cent on Friday from the previous week to US$809 per TEU on the Asia-Europe route, suffering a third straight week of declines, each more than $100. “The number of times the … Continue reading

Posted in Shipping News | Leave a comment

Port of Colombo handles first 16,000-TEUer – 16,650-TEU MSC New York

SRI LANKA’s Port of Colombo has welcomed its first mega box ship when Mediterranean Shipping Company’s newbuilding, the 16,650 TEU MSC New York, berthed at Colombo International Container Terminals (CICT). The terminal operator said it aims to attract more ships … Continue reading

Posted in Port News | Leave a comment

Europe to suck up surplus global LNG supplies as prices tumble

Europe is set to become a dumping ground for the world’s unwanted gas supplies this winter as Asian demand for sea-borne shipments fizzles out, leaving dealers to seek out willing buyers at rock bottom prices. Caught in a sharp downward … Continue reading

Posted in Energy News, General News, Shipping News | Leave a comment

Come 2015, crude oil prices may slide again

Crude oil prices may slide again to test a new low of $60 (Dh220.20) per barrel levels in the middle of next year on expectations before rising in the early part of the year as a likely removal of curbs … Continue reading

Posted in General News | Leave a comment

Expect a 0.5mn b/d Crude oil ceiling cut at OPEC meet: BoFA Merrill Lynch

Saudi has been trying out higher volume and lower prices for a while, and that means a 0.5 mn b/d ceiling cut next week in Vienna in the OPEC meet, according to BoFA Merrill Lynch. This announcement will support prices … Continue reading

Posted in General News | Leave a comment

Global LNG-Prices slide as Australia, Nigeria offer fresh supply

Asian spot liquefied natural gas (LNG) prices extended losses this week as demand in December and January flat-lined, which is likely to have reduced interest for two sell tenders by Australia and Nigeria. Spot LNG prices LNG-AS for January delivery … Continue reading

Posted in Energy News, General News | Leave a comment

IMO adopts mandatory Code for Ships Operating in Polar Waters

The International Maritime Organization (IMO) has adopted the International Code for Ships Operating in Polar Waters (Polar Code), and related amendments to the International Convention for the Safety of Life at Sea (SOLAS) to make it mandatory, marking an historic … Continue reading

Posted in Shipping News | Leave a comment

7 Rescued from Sinking Freighter Near Haiti

Seven crewmembers were rescued after their 100-foot coastal freighter began taking on water and sank approximately 45 miles north off of Cap Haitien, Haiti, Friday. Watchstanders at the Coast Guard 7th District command center in Miami received a report from … Continue reading

Posted in Shipping News | Leave a comment

Worldscale rates for Brazil’s Belem to rise: Worldscale Association

Worldscale rates for loading and discharging in Belem, Brazil have been raised, the Worldscale Association said Friday. “In light of recent information regarding the introduction of compulsory towage the Associations find it necessary to revise all rates involving loading or … Continue reading

Posted in Shipping News | Leave a comment

G6 Alliance announces Pacific Atlantic Service adjustment

Members of the G6 Alliance today announced an adjustment to one of its Pacific Atlantic services in response to seasonal changes in market demand.   The Pacific Atlantic 2 (PA2) service will temporarily stop calling European ports, and instead turn … Continue reading

Posted in Shipping News | Leave a comment

BW Offshore Q3 profits up

BW Offshore has reported an increase in profit from $17.7m to $40.4m in the third quarter as utilisation and rates remained high. The Q3 profit rise continues a good for first nine months where earnings were up to $174.5m, up … Continue reading

Posted in Offshore News | Leave a comment

South Carolina Ports Authority October container volume up 17pc

THE South Carolina Ports Authority (SCPA) has posted a 17 per cent year-on-year container volume increase to 164,672 TEU in October, representing a 14 per cent rise fiscal year to date. “October volume increased 19 per cent over the same … Continue reading

Posted in Port News | Leave a comment

India Sep Minerals production sees 0.7% growth

The index of mineral production of India mining and quarrying sector for the month of September (new Series 2004-05=100) 2014 at 116.0, was 0.7% higher as compared to September 2013. The cumulative growth for the period April-September 2014-15 over the … Continue reading

Posted in General News, Local News | Leave a comment

Confused OPEC Watchers Are More Divided Than Ever

To understand just how contentious next week’s OPEC meeting will be, take a look at the confusion it’s created among professionals paid to predict the outcome. The 20 analysts surveyed this week by Bloomberg are perfectly divided, with half forecasting … Continue reading

Posted in General News | Leave a comment

Shell launches Naturelle S4 Stern Tube Fluid 100 to meet revised US EPA regulations

Shell has launched its new range of Environmentally Acceptable Lubricants (EALs), including Shell Naturelle S4 Stern Tube Fluid 100. The Shell Naturelle range of products enables ships entering US waters to comply with the revised 2013 Vessel General Permit (VGP). … Continue reading

Posted in Energy News, General News | Leave a comment

Eddy Bruyninckx receives Lifetime Achievement Award

Eddy Bruyninckx, CEO of Antwerp Port Authority, was presented with a Lifetime Achievement Award on Monday at a ceremony in Rotterdam. The distinction forms part of the IBJ Awards which are presented annually by the International Bulk Journal. The Award … Continue reading

Posted in Port News | Leave a comment

BIMCO: The fall in bunker prices reduce fuel costs significantly

For a ship that burns 24 tonnes of fuel per day while steaming, fuel costs will be reduced by as much as USD 1 million a year if current price levels stay put. Assuming a difference from the average of the first … Continue reading

Posted in Shipping News | Leave a comment

World seaborne trade grew by just 3.8% in 2013, new report reveals

Reflecting stumbling growth in the world economy, world seaborne shipments grew by an average of just 3.8 per cent in 2013, taking total volumes to nearly 9.6 billion tons, UNCTAD’s Review of Maritime Transport 20141 reports. Much of the expansion … Continue reading

Posted in Shipping News | Leave a comment

Seafarer and docker union leaders warn EC over Euro ports plans

A meeting of key ITF (International Transport Workers’ Federation)  member union decision makers in London issued a strong warning to the European Commission (EC) today over the future of the continent’s ports.   Docker and seafarer trade union leaders meeting … Continue reading

Posted in Shipping News | Leave a comment

MSC puts back congestion surcharge despite shipper and regulator objections

AFTER withdrawing its west coast congestion surcharge – as other shipping lines have done – the Mediterranean Shipping Co (MSC) now tells customers it will be collected from November 26 at US$800 per TEU, $1,000 per FEU and $1,125 per … Continue reading

Posted in Shipping News | Leave a comment