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Great Eastern Shipping
 

Great Eastern plans Rs 2,300-cr capex to raise capacity


Great Eastern Shipping, the largest private sector liner in the country, plans to invest up to $380 million or around Rs 2,300 crore in acquiring vessels and on a rig by March 2017, a senior official has said. Around $180 million will … Continue reading

 
Chabahar port
 

India has pledged $100 million for Chabahar port: Afghan envoy


India has earmarked $100 million for upgradation of Chabahar port in Iran so as to improve trade with Afghanistan and other Central Asian countries, Afghan envoy to India Shaida Mohammad Abdali has said. “Ultimately the port connects the Central Asia … Continue reading

 
Times of San Diego
 

Coast Guard Rescues 5 Off Sinking Ship Near Point Loma


Coast Guard crews pumped water from a sinking ship and rescued five people off the coast of Point Loma, agency officials said Sunday. The Coast Guard Sector San Diego received an emergency call from the vessel PMS Escape II at 5:58 p.m. … Continue reading

 
Iron-Ore (1)
 

Iron-Ore Freight Rates Have Biggest Monthly Jump Since September


Charter rates for Capesize ships that carry iron ore jumped the most since September this month, helped by the biggest increase in four years on the route between Brazil and China. The daily average rate to hire a Capesize, each … Continue reading

 
cscl
 

CSCL back in black with US$74.9 million profit via staging asset sales


CHINA Shipping Container Lines (CSCL) posted a first half net profit of CNY460.3 million (US$74.9 million), reversing a CNY1.3 billion loss sustained last year. A unit of the state-owned China Shipping Group, the Shanghai- and Hong Kong-listed company would have … Continue reading

 
DP World
 

DP World profit up 26pc to US$332 million as revenues rise 9.9pc


DUBAI’s global port operator DP World has posted a 26 per cent year-on-year first half net profit increase to US$332 million, drawn on revenues of $1.6 billion, which increased 9.9 per cent. DP World said it handled 29.4 million TEU … Continue reading

 
Rickmers
 

Rickmers turns to debt market as profits fall 95pc to US$1.4 million


HAMBURG’s box and heavy lift carrier Rickmers has posted first half year-on-year pre-tax profit decline of 95 per cent to EUR1.1 million (US$1.4 million), drawn on revenues of EUR271.7 million, down 5.9 per cent. The company said it expects no … Continue reading

 
Commodities5
 

Australia avoids commodity “Dutch Disease”, for now: Russell


The resource boom is often cast as both villain and hero in Australia, being simultaneously recognised as a major driver of the country’s wealth but also as a destroyer of traditional industries. Two recent research papers have highlighted this dual … Continue reading

 
Opec1
 

OPEC Oil Output Hits One-Year High in August on Nigeria


OPEC crude oil production increased to a one-year high in August, led by surging output in Nigeria, a Bloomberg survey showed. Production by the 12-member Organization of Petroleum Exporting Countries rose by 891,000 barrels a day to 31.033 million, according … Continue reading

 
Ganz
 

CSO Capt., Ulrich Ganz Bernhard Schulte joins Tundra


Tundra Group is delighted to announce the addition of the former Senior Company Security Officer (CSO) of Bernhard Schulte Shipmanagement (BSM), Captain Ulrich Ganz, to their Senior Management team. An Ex-Master and Marine Superintendent with over 30 years’ experience which … Continue reading

 
USGC LPG cargo
 

Rising Demand for LPG Shipping Driving VLGC Ordering Frenzy


A sharp rise in LPG shipping demand, particularly out of the US, is driving an ordering frenzy for very large gas carriers (VLGCs) which will increase the size of the LPG shipping fleet by over 50% over the next two … Continue reading

 
Thai tanker
 

Thai tanker hijacked by armed pirates off Malaysia, cargo stolen


A Thai oil tanker, VL14, was hijacked by armed pirates off the East Coast of Malaysia on Thursday evening and its cargo stolen, the eighth such incident this year. The 1,074 gt tanker was boarded by six pirates armed with … Continue reading

 
dry bulk2
 

Recovery in Sight for the Dry Bulk Shipping Market


Despite weak freight rates so far this year, Dry Bulk shipping earnings are forecast to recover as demand for both major and minor bulk commodities rises, according to the Dry Bulk Forecaster report published by shipping consultancy Drewry. Freight rates … Continue reading

 
Sovcomflot
 

Growth continues for Sovcomflot in first half


OAO Sovcomflot (SCF) has reported a net profit of $63.6m in the first half, reversing a loss of $14.5m in the same period last year. he profit increase comes on a 7.4% increase in revenues to $675.2m from $628.4m in … Continue reading

 
tankkkk
 

Tanker with Kurdish Crude Dissappears from Radar


The United Kalavrvta (formerly SCF BYRRANGA), which has been moored in international waters off Texas for more than a month, is reported to have disappeared from satellite tracking, writes Reuters. Namely, the ship, which got cleared for unloading of one million of … Continue reading

 
zim
 

Zim upgrades Med-West African MAF loop from fortnightly to weekly


ZIM said it has upgraded its service between the Mediterranean and West Africa from a fortnightly rotation to a weekly frequency. The MAF service will deploy six ships and rotate through Tarragona, Valencia, Algeciras, Tangiers, Dakar. Lagos-Tin Can, Tema, Abidjan … Continue reading

 
Evergreen ship
 

Evergreen takes on Thalassa Doxain, 9th of ten 13,808-TEUers on charter


EVERGREEN has taken in charge the 13,808 TEU Thalassa Doxa, the nineth ship in a series of 10 sister ships built by Hyundai Heavy Industries (HHI) for Greek owner Enesel. The ships were ordered by Enesel in July 2012, with … Continue reading

 
Iran oil tanker
 

Asian buyers take 29.4 pct more Iran oil in July on-year


Iran’s major Asian customers shipped in 29.4 percent more crude in July from a year earlier, with China, Tehran’s biggest client, still accounting for most of the increase seen since Western sanctions were eased at the beginning of the year. … Continue reading

 
Iron ore imports
 

At 2-year low, iron ore set for biggest monthly loss since May


Iron ore is on track to end August with its biggest monthly fall since May as a supply glut and a weak steel market have dragged prices down to the lowest level since September 2012. Shanghai rebar steel futures dropped … Continue reading

 
India’s thermal coal
 

Indian power station coal stocks lowest since 2012 blackouts


Half of India’s thermal power stations have less than a week’s supply of coal on hand, according to weekly data, the lowest level since mid-2012 when hundreds of millions of people were cut off in one of the world’s worst … Continue reading

 
HSHb
 

Germany’s HSH Nordbank sees risk of falling short in ECB tests


Germany’s HSH Nordbank expressed confidence in its capital safety buffers on Friday, but acknowledged it could still fall short in a European Central Bank (ECB) test of the state-backed lender’s ability to withstand financial shocks. HSH, long seen as vulnerable … Continue reading

 
P31
 

World’s biggest, 2nd biggest lines ask Washington for permission to tie-up


THE world’s biggest and second biggest shipping lines, Maersk and MSC, have sought permission from the US Federal Maritime Commission (FMC) to form a vessel sharing agreement called the 2M. Copenhagen’s Maersk Line and Geneva’s Mediterranean Shipping Company (MSC), have … Continue reading

 
CMA CGM up-sizes
 

Throughput boost at CMA CGM


CMA CGM has reported a $94m profit in the second quarter, down from a $268m profit in the second quarter 2013, where the company recorded $248m of one-off gains from the sale of Terminal Link. Volumes carried by the French … Continue reading

 
Somalia flag
 

Somalia takes maritime dispute with Kenya to United Nations


Somalia has taken its maritime border dispute with Kenya to the United Nations’ top court which could settle a dispute and pave the way for oil and gas exploration. The International Court of Justice (ICJ) in a statement said Somalia … Continue reading

 
 
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