This year has seen a major comeback of the Suezmax tanker market prompted by the recent surge in newbuilding orders, after three years of very few orders, according to London-based shipbroker Gibson. The “mini” surge in the newbuilding market, caused by more regular spikes in the spot market, has se
Shipping Corporation of India (SCI) is currently in talks with GAIL (India) Limited to form a joint venture where GAIL will secure USD 3 billion for the purchase of nine LNG ships which will be run by SCI, a senior official at SCI was reported saying. Sarveen Narula, SCI Director for liner and passe
Several hundred shipyard workers at six Vigor Industrial facilities in Oregon and Washington, the U.S.A., conducted unfair labor practice (ULP) strikes on September 25 during their lunch break and at the afternoon shift change. The Metal Trades Council of Portland & Vicinity and the Puget Sound Meta
The Korea Development Bank (KDB) has made plans to allocate up to USD 1 billion for supporting small and medium-sized shipping companies.The state-run bank said that it will launch the “KDB Ocean Value-up Fund” within this year to sharpen the competitiveness of the local marine industry. The fund is
The secondhand dry bulk market has been struck by the latest stagnation in the market and depressed charter rates. “The market has been flooded by vessels for sale while even more candidates –especially from the Japanese market- are expected to come in the near future pushed by the weak Yen against
The U.S.-based TOTE Shipholdings Inc., and Sea Star Line LLC, operating companies of TOTE Inc., have agreed on the charter of the two liquefied natural gas (LNG) powered container ships being built by TOTE Shipholdings at NASSCO in San Diego, CA. The new Marlin Class ships will almost double the car
Mitsui O.S.K. Lines, Ltd., has held a naming ceremony for the LNG Venus, a newbuilding liquefied natural gas (LNG) carrier, at the Nagasaki Shipyard of Mitsubishi Heavy Industries, Ltd. The LNG Venus is co-owned by MOL and Osaka Gas’ wholly owned subsidiary, Osaka Gas International Transport Inc. Af
Global marine premiums dropped by 1.7% last year, falling from USD 34.8bn in 2012 to USD 34.2bn, as shown by the latest statistics released by the International Union of Marine Insurance (IUMI) at its 2014 annual conference held in Hong Kong. The conference gathered over 500 attendees who heard from
France-based Gaztransport & Technigaz (GTT), designer of membrane containment systems for the maritime transportation and storage of LNG (Liquefied Natural Gas), has signed through its U.S. subsidiary GTT North America an agreement with Conrad Shipyard, Morgan City (LA, the U.S.A.) for the future pr
Becker Marine Systems is expecting the first LNG Hybrid Barge to arrive at the Port of Hamburg this weekend. “If all goes well and the weather remains stable, the LNG Hybrid Barge should be arriving at its future home port of Hamburg on 4th or 5th October,” said Dirk Lehmann, Managing Director of Be
China Merchants Energy Shipping (CMES) has placed orders for construction of four Very Large Crude Carriers (VLCCs) with two Chinese shipbuilders worth a total of USD 390 million. Dalian Shipbuilding Industry Co (DSIC) will construct two 319,000 dwt VLCCs whereas Shanghai Waigaoqiao Shipbuilding wil
Russian Prime Minister Dmitry Medvedev has signed a Decree which confirms the international status of all Russian ports, including those residing in the territory of the Republic of Crimea. Medvedev said that now border and customs procedures for arriving foreign vessels will be much more facilitate
The Japan Bank for International Cooperation (JBIC) has agreed to finance two Handysize bulk carriers ordered by Ultrabulk Shipping A/S Group, a member company of Chile-based shipholding group Naviera Ultranav Limitada (Ultranav), and operator of the group’s bulk carriers based in Denmark. The USD 3
Steel was cut on Monday, September 29 for the pilot gas tanker ordered by Sovcomflot Group, Russia’s largest shipping company, for transportation of LNG under Yamal LNG project. The vessel is being built by South Korean Daewoo Shipbuilding and Marine Engineering. The tanker will be operated under a
