• IMO elects South Korea’s Ki-tack Lim to top post

    South Korea's Ki-tack Lim, president of the Busan Port Authority, has been elected as the new secretary-general of the International Maritime Organization (IMO). He will take the helm from incumbent, Japan's Koji Sekimizu, on 1 January 2016, for an initial four years. Ki-tack Lim served as the

  • DryShips divests final tankers

    NASDAQ-listed DryShips has sold its remaining six tankers to founder and chief executive officer George Economou, concluding a sale process that began in March. On 30 June, DryShips confirmed that Economou exercised his options to purchase six Aframaxes - the Alicante, Belmar, Calida, Daytona ,

  • Two more rigs booked at Huangpu Wenchong

    China's Huangpu Wenchong shipbuilding yard has been contracted to build a further pair of jack-up rigs from a returning customer. Hong Kong-listed TSC Group has ordered, through it daughter company Alliance Offshore Drilling (AOD), two Zentech-designed R-550D jack-up drilling rigs with deliveries

  • Samsung HI clinches Statoil platform orders

    Samsung Heavy Industries (SHI) has clinched orders for Statoil's Sverdrup Topside project, as analysts predicted. South Korea's second biggest shipbuilder said in a Korea Exchange filing on 30 June that it has clinched two platforms related to the project. The contract is worth about USD1.05

  • CH Offshore receives USD60 million from charter dispute

    Singapore-listed offshore services provider, CH Offshore, has recouped USD60 million from unpaid charter fees from Venezuela's state-owned PDVSA's subsidiaries. CH Offshore stated in its filing to the Singapore Exchange that the company has received the outstanding USD60 million from PDV Marina and

  • Beijing audit reveals underreporting in COSCO accounts

    COSCO recorded CNY298 million (USD48 million) less in its revenue and CNY169 million less in cost for the 2008-13 period, leading to an understatement of CNY116 million in its profit for 2013, according to a National Audit Office (NAO) report. The report, released on 28 June, revealed that COSCO

Ships Ships

  • German bank to fund Petredec LPG carriers

    Germany's KfW IPEX-Bank is working with compatriot credit insurance provider Euler Hermes to provide USD186.3 million in financing Singapore-based LPG trading house Petredec for the building of four 21,000 m³ LPG carriers. There is a German component in the deal, as German-made gas and tank systems

Technology Technology

  • Wärtsilä tunnel thruster approval

    Wärtsilä has successfully obtained a Lloyd's Register (LR) 'Type Approval' Certificate for the Wärtsilä WTT11 tunnel thruster, which means the unit will not have to undergo a design review for each individual vessel or hull number. Wärtsilä says approval certification will also mean cost savings, as

Safety & Security Safety & Security

  • Tanker, box ship collide near Tanjung Perak Port

    A liquefied petroleum gas (LPG) tanker caught fire after it collided with a container ship near Port of Tanjung Perak, Indonesia, on 28 June. Indonesia-flagged, 2008-built LPG tanker Navigator Aries was leaving Tanjung Perak port after discharging its cargo when it collided with Panama-flagged,

Ports Ports

  • Offshore wind terminal plans kick off on MV2

    Sif Group, an offshore foundations manufacturer, and Verbrugge International, a logistics service provider, have signed an agreement in principal with the Port of Rotterdam Authority for the construction of a production and storage/handling terminal. This is to better serve the North Sea's emerging

Offshore Offshore

  • Ferry strike adds to Greek woes

    Ferry services in Greece are being disrupted today as the result of a 24-hour strike called by the Pan-Hellenic Seamen's Federation (PNO). The union claims that some shipping firms have violated collective labour agreements. PNO has called on seafarers aboard Greek-flagged ferries to take

Companies Companies

  • ‘Grexit’ fear hits shipping shares

    Shipping stocks are falling on the threat of a Greek debt default, but some commentators claim industry impact will be immaterial. The government of Greece placed capital controls on the banking system on 28 June. Greece faces a USD1.8 payment deadline on an International Monetary Fund on 30 June.

Markets Markets

  • VLGC rates near $130/tonne

    Rates to ship LPG on very large gas carriers (VLGCs) are inching closer to the USD130/tonne mark, having averaged USD128.156 /tonne on the Baltic Exchange on 29 June. That had come up from USD121.875/tonne on 22 June. At current bunker prices in Fujairah, the latest rate works out to daily earnings
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  • Fibrelight releases improved recovery cradle

    30 Jun 2015

    The Fibrelight mass casualty recovery (MCR) cradle, which is produced and distributed by CQC, has been designed to meet changing customer and safety requirements, reports IHS Maritime. These changes have come about in operations, primarily in the North Sea, and are centred on SOLAS Regulation 111/17-1. This requires plans and procedures for the recovery of … more

  • Dredging insight: China at a turning point

    30 Jun 2015

    China’s slowing economy has led to port development projects being delayed as operating companies start to leverage more powerful IT software and more focused management expertise, writes IHS Maritime’s chief analyst, Richard Clayton. This marks a turning point for the country’s port sector, Ningbo Port Group’s chief economist Tong Mengda told the Intermodal Asia 2015 … more

  • Japan’s LPG import growth squeezed

    29 Jun 2015

    Mature economy and other energy sources limit Japan’s LPG demand growth, IHS Maritime reports. Japan is the world’s biggest importer of liquefied petroleum gas (LPG), but its demand appears to have matured. Speaking at the recent IHS Asia LPG Seminar in Singapore, Astomos Energy Corporation’s deputy general manager Kentaro Harada said that growing use of … more

  • Port of refuge: myth and reality

    27 Jun 2015

    Appointing a port of refuge for salvage operations carries a series of challenges, reports IHS Maritime’s Titus Zheng. In the world of ship salvage, assignment of a port of refuge is often a sensitive topic because of the environmental impact and political issues that it involves. The International Maritime Organization (IMO) adopted two resolutions in … more