MV Werften, a group of three of the largest shipyards in Germany, has ordered type 48/60CR engines for two Global Class cruise ships being built for Genting Hong Kong’s Star Cruises brand. German marine propulsion producer MAN Diesel & Turbo will equip each of the 200,000 gross ton vessels with six
Over 100 more classic Panamaxes would need to be scrapped in the coming months to re-balance supply and demand, and reduce the total pool to less than 470 units, compared to 670 units four years ago, according to Alphaliner. Only such a drastic reduction could elevate rates from their current all-ti
Weakness in freight rates will increase tanker shipping demolitions over the next two years, with the trend accelerating in later years as a result of the IMO regulation on ballast water, according to shipping consultancy Drewry. The new International Maritime Organisation (IMO) regulation on Ballas
One of South Korea’s Big Three shipbuilders, Hyundai Heavy Industries, is looking to reorganize its businesses into a number of separate companies next year, the company said in a stock exchange filing. In an effort to boost its competitiveness and improve the financial status, the company is set to
Norwegian RoRo shipping company Höegh Autoliners sold its 1988-built Pure Car and Truck Carrier MV Morning Mercator for recycling on November 15. The company said that the vessel will be recycled at China’s shipbreaking yard Jiang Men City Zhong Xin Shipbreaking & Steel Co., as part of Höegh Autolin
Swedish tanker owner Terntank has taken delivery of the Tern Sea, the third of four 15,000 dwt chemical tankers with dual-fuel two-stroke engines ordered from Avic Dingheng shipyard in China. Featuring a length of 147 meters and a width of 22 meters, the Tern Sea was named in September 2016. Prior t
The China Navigation Company (CNCo), a deep sea shipping arm of the Swire Group, christened MV Tunsin, the last of four Handysize bulk carrier newbuildings at Imabari Shipyard in Japan on November 16, 2016. The Tunsin is part of the four-vessel order placed in June 2014. The deliveries of the first
Norwegian ship owner Ocean Yield ASA has taken delivery of the 19,500 TEU container vessel MSC Mirjam from South Korean shipbuilder Samsung Heavy Industries. After being delivered from the shipyard today, the vessel commenced a 15-year bareboat charter with Switzerland-based container line Mediterra
Singapore-based marine and offshore engineering group Sembcorp Marine has decided to sell its 30 percent equity interest in COSCO Shipyard Group. The stake in COSCO Corporation (Singapore) Limited’s 51 percent-owned subsidiary would be purchased by shipping giant China Ocean Shipping (Group) Company
South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) has managed to narrow its net loss in the third quarter ended September 30 to KRW 238.1 billion (USD 203.9 million) compared to a net loss of KRW 1.14 trillion (USD 976.6 million) seen in the same quarter a year earlier. During
Japanese shipping company Mitsui O.S.K. Lines (MOL) has held a naming ceremony for the Shinzan Maru, a newbuilding iron ore carrier, at Imabari Shipbuilding. The ceremony took place at Imabari’s Hiroshima Shipyard on October 27, 2016. The new vessel, featuring a length of 320 meters and a width of 5
Connecticut-headquartered operator of dry bulk ships Eagle Bulk Shipping has acquired a resale 64,000 dwt SDARI-64 Ultramax dry bulk vessel currently under construction at China’s Chengxi Shipyard. The bulker, scheduled to be delivered to the company in January 2017, will be named M/V Singapore Eagl
Amid a record year for containership demolitions in 2016, which helped suppress total fleet growth close to the rate for demand, shipping consultancy Drewry said that the scrapping candidates will get younger and bigger until the market recovers. Greater scrapping is a sign of the underlying weaknes
Australian iron ore company Fortescue Metals Group Limited has finalized an agreement with the China Development Bank Financial Leasing Co., Ltd. (CDB Leasing) to finance eight Very Large Ore Carriers (VLOCs) currently under construction. The finance lease facility funds 85 per cent of the VLOC cost
