• Demographic dilemma for Big Oil

    Oil companies struggling to come to terms with a low oil price environment are facing two critical issues: how to respond to plunging revenues and how to retain skilled engineers. Stephen Chazen, president and CEO of Occidental Petroleum, acknowledged at CERAWeek on 20 April that the oil industry

  • Pan Ocean to raise USD785 million

    South Korean bulker operator Pan Ocean is to raise KRW850 billion (USD785 million) through the issuance of 340 million shares in a paid-in capital increase. The shares, worth KRW2,500 each, would be bought by Cheil Holdings and Poseidon2014, which would take 272 million shares and 68 million shares

  • Ocean Yield plans bond issue

    Ocean Yield, the listed Norwegian company that invests in ships and offshore assets it charters for third parties, said it is contemplating issuing a bond. "Ocean Yield ASA is contemplating the issuance of new unsecured bonds in the Nordic bond market with maturity in May 2020," the company said in

  • ‘Unified’ EU to take military action in the Med

    The European Union (EU) has announced that it will launch a "civil and military" offensive in the Mediterranean Sea to "systematically capture and destroy" vessels used by people smugglers. Part of a 10-point plan jointly announced by European Commission vice-president Federica Mogherini and

  • DS Torm restructuring agreement wins 92% support

    A restructuring agreement has been signed by the board of DS Torm, the listed Danish product tanker and dry bulk shipping group and Oaktree Capital Management and lenders holding in aggregate 92% of Torm's existing loan facilities by value. "Torm is confident that the company will achieve the

  • Grounded freighter in St Lawrence River blocks traffic

    The US Coast Guard and Seaway Development Corp are investigating the grounding on 20 April of the Juno, a 621ft bulk carrier operated by Polsteam, near the American section of the Thousand Islands Bridge in the St Lawrence River. Shipping was halted in the area while officials from the coastguard

Ships Ships

  • Japanese yard orders down 36%

    Orders at Japanese shipyards fell 36% year on year (y/y) in February, continuing its descent as investment appetite for newbuildings has been affected by the sluggish dry bulk market. Figures from the Japan Ship Exporters' Association (JSEA) showed its member yards clinched 30 export orders

Technology Technology

  • DeltaLangh offers new scrubber deal

    Finnish scrubber supplier DeltaLangh has launched a new scrubber product to complement its present range along with a financing package that includes quoting a price. So far, the scrubbers, developed by Langh ship owner Hans Langh have been installed aboard his company's ships and recently ro-ro

Safety & Security Safety & Security

  • Thai fire ferry had no safety breaches say investigators

    Investigators continue to probe the cause of a fire on Ao Nang Princess 5 as Thailand tightens rules on ship safety. The ferry caught fire on 8 April en route from Krabi to Phuket with 116 passengers on board. All but one, a 12-year-old Israeli girl, was rescued. The number of passengers was within

Ports Ports

  • Mexico touts Gulf port expansion

    Mexico's top port official expects energy sector reforms to fuel a surge in growth at ports along the country's Gulf coast. Guillermo Ruiz de Teresa, general co-ordinator of Mexican Ports and Merchant Marine, said deepwater offshore oil contracts could do for Gulf of Mexico ports what the container

Offshore Offshore

Companies Companies

  • Royal Caribbean cuts 2015 profit outlook

    Shares of Royal Caribbean Cruises fell sharply after the cruise company reduced its 2015 profit outlook, citing rising fuel prices and a strong US dollar. The company reported net income of USD45.2 million for 1Q15, up from USD26.5 million in 1Q14. However, adjusted net income was USD45.2 million

Markets Markets

  • US senator urges export ban lifting

    The ban on US crude oil exports is "a sanction on itself", US senator Lisa Murkowski told delegates at the opening day of CERAWeek. The senior senator for Alaska, who is chairman of the Senate Energy and Natural Resources Committee, said it was wrong to negotiate the lifting of sanctions on Iranian
  • Klaipeda port builds on its links

    18 Apr 2015

    Low costs and efficiency have made the port a Baltic success story, says IHS Maritime’s John Pagni Being Lithuania’s only cargo port has not held Klaipeda back from acting as a trade outlet for landlocked nations. “Port infrastructure is upgraded annually by the state on behalf of Klaipeda State Seaport Authority (KSSA) and we maintain … more

  • Banks to tighten offshore lending

    18 Apr 2015

    A return to higher oil prices may have little effect on the offshore sector as banks look to reinvent their lending and revenue strategies. IHS Maritime’s Savahna Nightingale reports Access to easy capital is becoming more difficult as banks begin to tighten their offshore lending strategy. This could place further financial pressure on stressed vessel owners and … more

  • Bulker buyers grab bargains

    17 Apr 2015

    The value of bulk carriers halves, luring eager buyers to the S&P market, IHS Maritime reports Even though fewer candidates are coming on to the market, a considerable number of bulker sales are still being concluded. Sellers seem to be offloading tonnage for fear of a sustained slump in earnings, while buyers believe that they … more

  • New generation of PCTCs showcase innovation

    11 Apr 2015

    The recurrent themes of upscaling and increased efficiency are making an impression in vehicle carrier construction as the forward order book holds steady, by IHS Maritime’s Malcolm Latarche Car carriers are one of the more specialised vessel types and also one of the types where trade routes have limited variety to a very high degree. … more