Category Archives: News

India’s ship scrap market is hit hard by cheap Chinese steel slabs

VOLATILE currency movements and crashing steel prices have hit prices on offer for scrap ships in India, which also compete with cheap steel from China. Ship demolition markets in Pakistan and Bangladesh are proving more resilient than India’s, where prices … Continue reading

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DP World ships banned ZPMC cranes to Jawharlal Nehru port

When a ship carrying four quay cranes manufactured by Shanghai Zhenhua Heavy Industries Co. Ltd (ZPMC) docks at Jawaharlal Nehru (JN) port near Mumbai on 29 November, it is bound to raise eyebrows because China’s state-owned port crane maker is … Continue reading

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India: Attorney general’s opinion sought on new tariff for old cargo handlers

The shipping ministry has sought the opinion of the attorney general on migrating old cargo handlers to a new market-linked rate regime announced in July 2013 for new projects. A critical issue in this exercise is how to deal with … Continue reading

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London P&I Club calls for greater attention to masters’ night orders

NOW that deepsea captains have become “day workers” and ships still arrive at dawn, more attention should be placed on the drafting and enforcement of master’s night orders, says a major British marine insurer. “The value of masters’ night orders … Continue reading

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Global Offshore hits new high on taking delivery of vessel

Global Offshore Services has soared 8% to Rs 588 on the back of heavy volumes on the National Stock Exchange (NSE) after the company said its subsidiary firm has taken delivery of platform supply vessel. “The company’s subsidiary, Global Offshore … Continue reading

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Bigger containerships put greater pressure on the container industry

CARGO owners, intermodal operators, terminal operators and ports are facing increased financial and logistics pressures while shipping lines reap the benefits of lower costs, creating dis-economies of scale. London’s Drewry Maritime Research analysts say at the container shipping industry is … Continue reading

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Maritime Cook Islands Adds Specialised Tonnage To Its Fleet

Maritime Cook Islands (MCI), one of world’s the leading yacht registries, has just entered two types of highly specialised, high value vessels onto the flag from two established yacht owners, namely Emerald Sea Surveys and Echo Yachts. Emerald Sea Surveys … Continue reading

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VIKING’s arctic suit triumphs over extreme temperatures

A long-time favorite of mariners facing arctic survival risks, VIKING’s PS5002 immersion suit has been upgraded and independently tested at temperatures as low as -62.6 degrees Celsius. Marine and fire safety equipment leader VIKING Life-Saving Equipment has released the latest … Continue reading

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New app makes FPS more user-friendly

FPS Group – the global forwarding and consolidation network – has launched a new app for iPhones and Androids that enables members and customers to track ocean shipments passing through the FPS network.   The app also provides access to … Continue reading

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Low oil prices may boost global growth outlook: Barclays

Roughly 20% decline in oil prices could boost global growth by 0.3-0.4 percentage points, and reduces the downside risks to the global growth outlook, a report by Barclays said. Energy equities are down 15%, and oil producing currencies like the … Continue reading

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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