• 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

  • Plans to demolish South Korea island announced

    An island off Busan, South Korea will be demolished to make it easier for ships to call at Northeast Asia's biggest transshipment hub. The island, called Tohdo, is situated at the entrance of Busan New Port. Due to its location, Tohdo has been regarded as an obstacle for vessels especially

  • Slower marine, coal growth hampers XMH performance

    Slower Indonesian marine and coal industry growth has affected Singapore-listed marine engine maker XMH Holdings' performance for financial year (FY) 2015. XMH posted a net profit of SGD5.43 million (USD4.02 million) for FY 2015 that ended on 30 April 2015, down 11.4% from SGD6.13 million in FY

  • Offshore, marine industry yet to bottom out, say analysts

    Singapore-based brokerage house UOB Kay Hian has suggested that the offshore and marine industry downturn has not bottomed yet. Analysts from UOB Kay Hian highlighted that the offshore support vessel (OSV) tender activities are recovering gradually despite oil companies asking for a 30% cut in day

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