• Arkon, Rolner launch new project carrier

    German chartering broker Arkon and the former managing partner of heavy lift carrier SAL, Lars Rolner, have teamed up for the launch of a new tramp project carrier. United Heavy Lift, with headquarters in Hamburg and a second office in Seoul, Korea, is to operate a fleet of 18 multipurpose heavy

  • Ocean Yield buys eight chemical tankers

    Norwegian-listed Ocean Yield says it has agreed to acquire eight chemical carriers for a total of USD307.8 million. At the same time, the investment company has signed 15-year 'hell and high' bareboat charters [meaning hire is payable unconditionally] to Navig8 Chemical Tankers. "The first four

  • MOL set on container business return to profit

    As the container business has been dragging down Mitsui OSK Lines' (MOL's) profits in recent years, its president, Koichi Muto, has expressed a determination to restore profitability to the sector in the coming financial year (FY). Speaking on the 131st anniversary of the establishment of Japan's

  • Euronav optimistic after reduced 2014 losses

    Pure-play crude tanker shipping giant Euronav is optimistic about the outlook in the sector after reporting reduced losses for both 4Q14 and the full-year 2014. Group net loss narrowed to USD3.9 million in 4Q14 from USD23.3 million a year earlier, while revenues rose to USD144.8 million from

  • Howe Robinson forms merger with ICAP Shipping

    The merger of ICAP Shipping and Howe Robinson Group is now official. The new entity, called Howe Robinson Partners, will be headquartered in Singapore under the leadership of chairman Peter Kerr-Dineen. ICAP Shipping's former boss Henry Liddell will head the new entity's tanker division. Howe

  • Compensation process begins for Sewol victims

    The South Korean government said on 1 April that it will start compensating victims of the Sewol ferry, nearly a year after the vessel capsized. On 16 April 2014, the Sewol, carrying 476 passengers and crew, capsized during a routine Incheon-Jeju trip. More than 300 of them were Danwon High School

Ships Ships

  • OOIL orders six 20,000 teu box ships

    Hong Kong-based Orient Overseas (International) (OOIL), the parent company of Orient Overseas Container Line (OOCL), announced it had placed a new order for six 20,000 teu container ships at Samsung Heavy Industries for USD951.6 million. OOIL is currently arranging a bank loan to fund 70% of the costs of the

Technology Technology

  • Cavotec wins port equipment orders worth EUR10 million

    Global engineering group Cavotec has today announced port equipment orders worth EUR10 million, including five from Chinese crane manufacturing giant ZPMC. Of those, the biggest is for cable reels that will supply electrical power to 72 ZPMC automated stacking cranes at Singapore's newest terminal,

Safety & Security Safety & Security

  • Cargo hold deaths under investigation

    The UK's Maritime Accident Investigation Branch is investigating the deaths of two senior officers who died aboard an Isle of Man flagged general cargo bulk carrier. The chief officer and chief engineer of Carisbrooke Shipping's Sally Ann C died on the 13 March after they entered a cargo hold where

Ports Ports

  • Gate Terminal LNG breakbulk ground-breaking

    Chief executives representing players from across the port of Rotterdam's LNG and logistics chain attended a symbolic ground-breaking ceremony today to mark the official start of the EUR76 million (USD82.5 million) LNG break-bulk development at Gate Terminal. The terminal is a joint Gasunie-Royal Vopak venture on the Maasvlakte that opened in 2011 to enable

Offshore Offshore

  • US harmonises offshore vessel safety

    Foreign shipowners that plan to work in US offshore drilling markets will be required to ensure their vessels meet the same standards for explosion protection as their US counterparts. The new requirement, published 31 March and effective 30 April, applies to mobile offshore drilling units (MODUs)

Companies Companies

  • COSCO Shipping posts 506% profit rise

    Shanghai-listed COSCO Shipping on 31 March announced that it recorded profit of CNY197.8 million (USD32.0 million) for 2014, up 506% from a profit of CNY32.6 million in 2013. The company recorded revenue of CNY7.66 billion in 2014, up 2.98% year on year (y/y) from CNY7.44 billion in 2013, and its

Markets Markets

  • HSH Nordbank returns to profit

    German state bank and leading ship financer HSH Nordbank achieved a profit last year for the first time since 2010. A reversal in risk costs saw the bank post net earnings of EUR160 million today, against a loss of EUR769 million in 2013. Reduced provisioning and compensation from state guarantees
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  • China turns to underdeveloped ports

    31 Mar 2015

    Some Chinese ports are expanding despite slow growth in throughput, IHS Maritime’s Dexter Yan reports After a dozen of years marked by new projects and expansions, Chinese ports are maintaining their growth momentum by looking to areas that were previously underdeveloped. However, experts are worried that this will create overcapacity in China. Xie Xie, a researcher with … more

  • The spill NYK will not forget

    30 Mar 2015

    NYK organises yearly campaigns to emphasise crisis response, IHS Maritime’s Crystal Chan reveals It may have been 18 years since one of its tankers was involved in an oil spill, but Japanese shipowner NYK Line has vowed never to forget the lessons learnt. On 2 July 1997 Diamond Grace, a very large crude carrier owned by NYK, ran … more

  • Offshore project vessels make waves in China

    29 Mar 2015

    A massive wind energy growth strategy is fuelling demand for high-tech vessels, IHS Maritime’s Dexter Yan reports China’s ambitious offshore power goals are set to unleash a huge demand for special ships that are needed to install gigantic windmills at sea. Wind power installation vessels, which are still perceived as a niche market in China, … more

  • Insight: China iron ore imports boom

    28 Mar 2015

    IHS Maritime’s Angela Yu looks at China’s iron ore import boom Ore imports to China from Australia, west Africa and Brazil all increased last year, while import volumes from Malaysia, Mongolia, and Iran all dropped. The 548 million tonnes of iron ore imported last year to China from Australia represented an increase of 31.5% year-on-year. … more