• Viking bags second charter worth $31m

    Singapore-listed offshore services provider Viking Offshore & Marine has clinched a 48-month charter for a second land drilling rig system at approximately USD31 million. The charter is signed by its subsidiary Viking LR2, which will lease a 1,500 bhp train-type land rig and related drilling

  • China shipping confidence index hits two-year low

    China's shipping industry confidence index for the second quarter of 2015 was in relatively stagnant zone at 65.64, a two-year low, while the China Shipping Prosperity Index has remained stagnant for two straight quarters. Shanghai International Shipping Institute (SISI), in the China Shipping

  • CMES forecasts 1H15 profit to double

    China Merchants Energy Shipping (CMES) projects that its profit would be more than doubled in the first half of 2015 from a year ago. The range of growth would be between 110% and 130% year on year (y/y) during the first half of 2015, a stock filing of CMES said. The surge in profit would be a

  • Grimaldi contracts Jinling for another three PCTCs

    The Italian shipowner, Grimaldi Group, has put in another order for the construction of three pure car truck carriers (PCTCs) at the Chinese Jinling shipyard for 2017 delivery, it announced today. The value of the total investment is USD165 million and the agreement includes an option for another

  • Dayang offers $17.73m for Perdana Petroleum takeover

    Malaysia-listed offshore services provider Dayang Enterprise Holdings has made a conditional mandatory takeover offer for all the shares it does not already own in Perdana Petroleum for a cash consideration of MYR66.6 million (USD17.73 million). According to Perdana Petroleum's filing to Bursa

  • ICBC Leasing inks $1.1b deal with Seatrade, Jaccar

    China's ICBC Leasing has inked financing deals worth USD1.1 billion with Belgium-based Seatrade and France-based Jaccar during Premier Li Keqiang's visit to Europe. The agreements with Seatrade and Jaccar were signed on 29 June and 2 July, respectively. ICBC Leasing will extend USD200 million to

Ships Ships

  • TUI Cruises orders two more ships at Meyer Turku

    TUI Cruises, which is a joint venture between the German tour operating company TUI and Royal Caribbean Cruises, Ltd (RCCL), which is the world's second largest cruise shipping company, says it has ordered two ships at Meyer Turku Shipyard in Finland. "TUI Cruises GmbH and Meyer Turku Oy signed an

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

  • Crisis Response Centre launched in Durban

    Seafarer charity Sailors' Society has set up a crisis response centre in Durban to provide 24-hour rapid response to seafarers affected by violent incidents in sub-Saharan Africa. The support is provided by a network of port chaplains who have undergone traumatic incident response training. The

Ports Ports

  • Australia’s Pilbara ore shipments hit record high

    Exports of iron ore out of Australia's Pilbara port reached a new high for fiscal year (FY) 2015, plunging iron ore prices lower as the world glut continues to bight. Pilbara Port Authority announced on July 2 that it had delivered a record annual throughput of 619.8 million tonnes for the

Offshore Offshore

  • Sembcorp Marine chooses Technip for topside EPC

    Singapore shipbuilder Sembcorp Marine has appointed French engineering firm Technip to handle engineering, procurement, and construction (EPC) for the topsides of a floating production, storage, and offloading (FPSO) vessel it is working on. Sembmarine's Jurong shipyard is currently working on

Companies Companies

  • Investors urged to be cautious with DSME's stocks

    A sector analyst has urged investors to be cautious when buying the stocks of Daewoo Shipbuilding & Marine Engineering (DSME), advising them to do so only after South Korea's third-biggest shipbuilder announces its earnings for the second quarter of 2015. Samsung Securities analyst Han Young-Soo

Markets Markets

  • Hyundai yards, DSME to gain from cheaper oil

    The collapse in oil prices and the subsequent growth in oil consumption would benefit Hyundai's shipbuilders and Daewoo Shipbuilding & Marine Engineering (DSME) as they construct oil and product tankers, a sector analyst has opined. JP Morgan analyst Lee Sok-je noted that the crude tanker market
  • 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