Japan’s Mitsubishi Heavy Industries, Ltd. (MHI) today reported a plunge of 42.2 percent in its net profit for the fiscal year ended March 31, 2016, despite an increase in received orders and operating income. Namely, the company ended FY 2015 with a net profit of JPY 63.8 billion (USD 591.1 million)
Alphaliner: Third Alliance in the Making? The eight container carriers left out of the two major alliances, the 2M and Ocean Alliance, could team up under a single arrangement that would represent a serious count… Read More Hanjin Shipping’s Restructuring Cleared South Korean shipping company Hanjin
The overcapacity in the container shipping sector seems to have finally struck a nerve as owners abstained from ordering new boxship capacity for the first time in years. According to BIMCO, the first quarter of this year was the first time since the second quarter of 2009 that three months have pas
Singapore-listed ship repair, marine engineering and dry bulk shipping company COSCO Corporation (Singapore) Limited has recorded a net loss of USD 11.7 million in the first quarter of 2016, compared to a net profit of USD 4.2 million in the corresponding quarter of 2015. Group turnover plunged by 2
Chinese COSCO (Zhoushan) Shipyard, a subsidiary of COSCO Shipyard Group, has entered into a contract with an undisclosed European buyer to build two 113,000 DWT crude oil tankers. COSCO Zhoushan and the European buyer have agreed to keep the contract prices confidential, the company said. The crude
Viking Ocean Cruises, part of Viking Cruises, has christened its second ocean-going cruise ship, Viking Sea, on the Thames River in Greenwich. An interesting fact about the Viking Sea is that it is the largest ship ever launched in London, the company says. “Today is a proud day for our Viking famil
Florida-based shipping company Crowley Maritime Corporation christened on Thursday Louisiana, the latest of its four new Jones Act product tankers at the Port of New Orleans. Having received the American Bureau of Shipping’s (ABS) LNG-Ready Level 1 approval, Louisiana has a potential for future conv
Ship recycling practices in Alang, India, are gradually improving, the European Community Shipowners’ Associations (ECSA) says, following a fact-finding visit from last week to Alang. “The European Commission should acknowledge this positive development under the EU Ship Recycling Regulation. Adopti
South Korean shipbuilding major Daewoo Shipbuilding and Marine Engineering (DSME) managed to turnaround its net profit for the first quarter of 2016 recording KRW 31.4 billion (USD 2.7 million) against a loss of KRW 1.12 trillion in the previous quarter. However, DSME’s operating profit remained in
Navigator Aurora, a newly built ethane carrier, the world’s largest, owned by US liquefied gas shipping company Navigator Gas, is to be chartered out to Austria-based Borealis Group. Under the long-term charter agreement signed between the duo, the vessel will be used for transportation of ethane to
India’s shipbuilding industry has received an infrastructure status as the country’s Ministry of Finance has placed the shipyards on its Harmonized Master List of Infrastructure in an effort to support indigenous vessels program. With this move, the country’s shipyards will be eligible to receive lo
Australian livestock ship owner and operator Wellard Group added to its fleet the M/V Ocean Shearer, a livestock carrier, on April 28. The vessel was handed over to the company in Dalian, China after it was completed and commissioned by the COSCO shipyard. The M/V Ocean Shearer is an improved versio
In an effort to speed up the South Korea government’s restructuring plan targeting the financially troubled shipbuilding segment, the country’s shipbuilder Samsung Heavy Industries has been urged to devise a number of self-rescue measures, Yonhap news agency reports. The state-run Korea Development
Dry bulk shipping company d’Amico Dry, a subsidiary of Italian d’Amico Group, has decided to cancel two more vessels which were on order with China’s Yangfan shipyard. “During 2015 the fifth and sixth newbuilding of a series of six vessels ordered at the shipyard were already switched in new orders
