• LPG freight rates drop ahead of March contract prices

    LPG freight rates dropped below the $100/tonne mark as traders calculated their moves ahead of Saudi ARAMCO's announcement of contract prices for March. As of 2 March, the Baltic Exchange assessed the benchmark Gulf-Asia Pacific rate at USD99.625 per tonne, down USD1.375 from 27 February. At

  • Baltic Trading warns on covenants

    NYSE-listed Baltic Trading has admitted that it is in danger of breaching debt covenants within the next six months. The dry bulk owner posted a net loss of USD5.6M for 4Q14 versus net income of USD587,000 in 4Q13. Average time charter equivalent rates were just USD8,847/day in the most recent

  • Scorpio reveals strong start

    NYSE-listed Scorpio Tankers has reported lower than expected 4Q14 earnings but confirmed positive rate trends for 1Q15. The Emanuele Lauro-led product tanker owner posted net income of USD495,000 for 4Q14 versus USD5.8 million in 4Q13. Excluding special items, Scorpio Tankers had adjusted net

  • DVB not scared by dry bulk slump

    German transport lender DVB bank is hopeful that risk costs will continue to fall this year despite increased stresses in the dry bulk shipping and offshore services sectors. "We believe that we may have passed the peak in loan loss provisions. The influx of new problem cases is basically zero,"

  • Pan Ocean returns to black for 2014

    South Korean bulker operator Pan Ocean posted a KRW788.6 billion (USD716 million) net profit for 2014, which is regarded as a great improvement compared with the KRW1.909 trillion loss for 2013. Although Pan Ocean achieved sales of KRW1.645 trillion for the year, a drop of 39% year-on-year as the

  • MOL to charter six 20,000 teu container ships

    Japan's biggest shipping company Mitsui OSK Lines (MOL) revealed on 2 March arrangements relating to its plan to operate six 20,000 teu container ships. Four 20,000 teu ships would be built at Samsung Heavy Industries (SHI). Although it has been reported in several media that Greek owner Costamare

Ships Ships

  • Amarcon boosts new bulkers’ fuel efficiency

    Amarcon is to deliver SEEMP-compliant OCTOPUS-Onboard fuel monitoring systems for 12 Handysize bulkers being built by Yangzhou Guoyu Shipbuilding for Pioneer Marine (Singapore). Due for delivery in 2015 and 2016, the 25,000 dwt Handysizes have a Green Dolphin design, intended to reduce fuel

Technology Technology

  • World's latest large ro-ro box ship delivered

    The STX Offshore & Shipbuilding shipyard in Jinhae, South Korea, has announced the delivery of ro-ro container vessel Jolly Cobalto to Italian shipping company Ignazio Messina & Co. The new vessel, claimed by Messina to be largest such vessel in the world, will be Italian-flagged and will make its

Safety & Security Safety & Security

  • Maersk grounding in Fremantle under investigation

    The container ship Maersk Garonne that ran aground near Fremantle Port on 28 February is currently being investigated by the Australian Transport Safety Bureau (ATSB). An industry source told IHS Maritime that the vessel is widely believed to have suffered an engine failure. "If you look at the

Ports Ports

  • Indian seafarers may get tax exemption

    Indian seafarers may finally obtain an exemption from income tax bringing relief to domestic shipping companies struggling with inflated wage bills. Budget proposals for 2015-16 unveiled by finance minister Arun Jaitley in parliament on Saturday include a directive to the Central Board of Direct

Offshore Offshore

Companies Companies

  • Pan Ocean returns to black for 2014

    South Korean bulker operator Pan Ocean posted a KRW788.6 billion (USD716 million) net profit for 2014, which is regarded as a great improvement compared with the KRW1.909 trillion loss for 2013. Although Pan Ocean achieved sales of KRW1.645 trillion for the year, a drop of 39% year-on-year as the

Markets Markets

  • Fincantieri yard profits drop sharply

    Leading European shipbuilder Fincantieri saw profits drop sharply last year as difficulties in its offshore activities offset the recovery in its main cruise ship construction business. Group profits for 2014 dropped from EUR85 million (USD95.48 million) in 2013 to EUR55 million last year, despite
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  • Right time, right place

    01 Mar 2015

    Captain Andrey Voloshin wanted a hydrocarbon shipping safety revolution. He describes his journey to start one. IHS Maritime’s Girija Shettar reports As a Ukrainian former master mariner, Andrey Voloshin was in the best position to know what goes on aboard oil tankers, beyond the hype of annual reports claiming declining levels of accidents and incidents. … more

  • We are all ambassadors

    01 Mar 2015

    What can shipping learn from Costco, asks IHS Maritime’s Richard Clayton James Sinegal is not widely known in shipping circles, but as co-founder and former chief executive at Costco, the Washington state headquartered membership-only warehouse club, his thought leadership hits the spot time and again. I was reminded of his wisdom last week when I … more

  • Hard evidence for a hard industry

    23 Feb 2015

    IHS Maritime’s Girija Shettar recently attended an industry event where lawyers and human rights advocates reviewed the strategies needed to address abusive working situations faced by some seafarers. During a gathering of at the UK’s London Shipping Law Centre, four speakers, all former seafarers and three with Royal Navy backgrounds, were brought together to address … more

  • Container congestion

    22 Feb 2015

    JOC chief content officer Peter Tirschwell looks at the dangers faced by the global container shipping sector The biggest threat to global container shipping is not protectionism or terrorism, says Moffatt & Nichol economist Walter Kemmsies. Instead, he picks out congestion at ports: a phenomenon building for years that hit the headlines only last year. … more