Singapore Exchange-listed COSCO Corporation’s gross profit decreased 9.4% from USD 321.2 million in FY 2013 to USD 291 million in FY 2014, the group said in its financial results for the full year ended 31 December 2014. This was mainly due to a one-off inventory write-down related to a discontinued
Sungdong Shipbuilding & Marine Engineering has won an order to build up to five Suezmax tankers for an undisclosed European customer. Under the deal, Sungdong has received a firm order for three 158,000 DWT and two optional tankers, worth a total of USD 330 million, local media report. The vessels,
The Maritime and Port Authority of Singapore (MPA) and Japanese ship classification society, ClassNK, signed a memorandum of understanding (MOU) on Friday to collaborate on maritime technologies research and development (R&D) to enhance ship safety and environmental sustainability. With the MOU, bot
Anthem of the Seas, the latest cruise ship being built by Germany’s Meyer Werft, will leave the building dock II of the company’s Papenburg shipyard on Saturday, February 21. The 168.600-gt cruise ship Anthem of the Seas, one of the largest cruise ship in the world, is scheduled to leave the shipyar
Kuwaiti Oil Tanker Fights Off Pirate Attack A Kuwaiti oil tanker sailing through the Gulf of Aden managed to fend off a pirate attack on Sunday, February 8th.…Read more Pieter Schelte Becomes Pioneering Spirit Swiss-based owner of Pieter Schelte Allseas Group SA said that the vessel is being renamed
China COSCO Holdings Company Limited has disassembled eight vessels from its aged fleet, the group said in a filing to the Hong Kong stock exchange. The scrapped vessels include eight container ships (Hutuo He, Xinhui He, Zhaoqing He, Yangjiang He and Yongding He) and three bulk carriers (Peng Jie,
The world’s largest cylindrical floating production, storage and offloading vessel Goliat FPSO has left Hyundai Heavy Industries’ Ulsan shipyard in South Korea, and is headed to Norway on board the Dockwise Vanguard. The 64,000 ton cylindrical floater, measuring 112m in diameter and 75m in height, i
Harvey Gulf International Marine LLC is on a roll with industry’s firsts as it received today the first ABS Classification Certificate and the first USCG Certificate of Inspection for a vessel powered by LNG. The M/V Harvey Energy is the first LNG powered vessel in service in North America. Last wee
The latest 0.1% Sulphur Directive effective January 1 has left the shipping industry with three possible choices on how to respond to the latest fuel requirements within the Emission Control Areas (ECAs): switch to Low Sulphur Marine Gas Oils (LSMO), install SOx scrubbers, or convert to alternative
The world’s largest shipbuilder Hyundai Heavy Industries (HHI) recorded a loss of USD 2 billion (KRW 2.21 trn) in 2014 as opposed to KRW 146.3 billion profit in 2013. The South Korean shipbuilder’s full year revenue dropped 3% year-on-year totaling in KRW 52.58 trn. The full year figures were in lin
Unionized workers of South Korean shipbuilding giant Hyundai Heavy Industries (HHI) have won a court battle on Thursday, according to which HHI should count regular bonuses as base pay, Yonhap news agency informed. Ten workers had filed suit against HHI in 2014, urging for regularly paid bonuses to
Danish tanker owner and operator Hafnia Tankers revealed plans to carry out a private placement targeting gross proceeds of up to USD 34 million. The company said that it intends to use the equity portion for the acquisition of second-hand four 74,500 dwt LR1 Product Tanker, built in 2010 at STX and
South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) and Mitsui OSK Lines (MOL) signed a contract today on construction of a 180, 000 cbm liquefied natural gas (LNG) carrier. DSME said that the LNG carrier would be chartered out to German energy supplier E.ON. The vessel, featuri
China Shipping Development Company (CSDC) has through its Hong Kong-based unit ordered four Very Large Crude Carriers (VLCCs) worth USD 375.9 million. The company signed a contract with compatriot shipbuilder Dalian Shipbuilding Industry Co (DISC) for construction of four 308,000 DWT carriers earlie
