• Zhuangji Group's yards hold first creditor conference

    Zhuangji Ship Industry and Wenzhou Yuandong Shipyard, two subsidiaries of Zhuangji Group in Zhejiang, China, held the first creditor conference on 27 May after they filed for bankruptcy reorganisation. As of 15 May, 49 creditors has demanded a total of CNY1.2 billion (USD194 million) claims from

  • Icon Offshore profit drops 86%

    Malaysia-listed offshore services provider Icon Offshore posted a profit of MYR2.7 million (USD700,000), down 86% year on year (y/y) for the first quarter ended 31 March 2015 because of lower vessel utilisation. Revenue dropped by MYR16.5 million or 20.5% to MYR63.6 million in the first quarter of

  • Bearish outlook for Precious Shipping

    CIMB Securities is urging investors to be cautious when buying stocks of Thai bulker owner Precious Shipping, anticipating higher losses all the way to 2017. Precious Shipping had a net loss of THB335.69 million (USD10 million) in its first-quarter 2015 results. This contrasts sharply with a net

  • IEV units secure five subsea contracts

    Singapore-listed offshore oilfield service provider IEV Holdings said on 27 May that its subsidiaries, IEV International and IEV Malaysia, have collectively secured five new contracts to provide subsea solutions. The contracts, worth USD2.2 million, involve structural pile grouting and free-span

  • CMES admits risks of management level difficulties

    Shanghai-listed China Merchants Energy Shipping (CMES) acknowledged risks that its human resources and management levels face difficulties to meet the demand for its rapid development in the short term, in the wake of fleet expansions. The growth in the company's fleet size will raise difficulties

  • Donghae Port to undergo upgrades

    South Korea's Donghae Port will undergo upgrades soon, after port authorities selected a contractor in May. Located in the country's Gangwon province, Donghae is in the central region of South Korea's east coast. Donghae Regional Maritime Affairs and Fisheries Office said the upgrades would be

    FEATURED REPORT

  • Wall Street hits ‘pause’ button

    Wall Street has had a major impact on the orderbook in the past decade, both pro and con. In 2013 and early 2014, US-listed companies bet heavily on newbuildings. This year, public investors are shunning fresh orders in dramatic fashion, reports Greg Miller.

    Photo: The New York Stock Exchange. Credit: PA

  • Maritime movers

    IHS Maritime profiles the latest movements by the movers and shakers: the people who make shipping happen. Please send your suggested movers and shakers to savahna.nightingale@ihs.com

    Photo: New Algoma Central CEO Ken Block Sorensen. Credit: Algoma Central

Ships Ships

  • Wärtsilä wins another BWMS order

    Wärtsilä has won another order for its Ballast Water Management Systems (BWMS) in the first quarter of 2015. Three new container ships being built for CMA CGM at the Jinhai Shipyard in China will be fitted with Wärtsilä Aquarius UV BWMS, a statement of Wärtsilä said on 27 May. Wärtsilä will

Technology Technology

  • Canada won’t be rushed on ballast treatment

    Canada will not require domestic shipowners operating on the Great Lakes to equip their ships with costly ballast treatment systems until effective technology exists, Canadian transport minister Lisa Raitt said on 21 May. Canada will only require ballast treatment on the Great Lakes "once it is

Safety & Security Safety & Security

  • Seoul to advise salvage companies on Sewol tender

    South Korea's Ministry of Oceans and Fisheries (MOF) said on 28 May that salvage companies interested in tendering for the hoisting of Sewol will be advised on preparing their bids. The MOF will hold a session at 15:00 h local time on 29 May to guide interested companies in writing technical

Ports Ports

  • Union: Callao box ops affected

    Replacement labour used by APM Terminals (APMT) to fill in for striking dockworkers at Peru's Port of Callao has started to affect container operations, according to the labour union's spokesman. Juan Carlos Vargas, spokesman for the Peruvian dockworkers' union SUTRAMPORPC, disputes APMT's

Offshore Offshore

  • COSCO delays delivery for two PSVs

    Singapore-listed shipbuilder, COSCO Corporation Singapore (COSCO) has delayed the delivery dates of two platform supply vessels (PSVs) after reaching mutual agreement with its buyers. COSCO did not give any reasons for the delay, according to its filing in Singapore Exchange (SGX), but speculation

Companies Companies

  • Tsuneishi to establish repair yard in Indonesia

    Japanese shipbuilding group Tsuneishi Holdings Inc has said it will invest USD40 million in establishing a ship repair facility in Indonesia. Tsuneishi's president and chairman, Yasuharu Fushimi, cited Indonesian president Joko Widodo's bid to develop his country into a maritime nation as the

Markets Markets

  • VLGC rates dip pending June LPG contract prices

    Very large gas carrier (VLGC) freight rates to ship LPG from the Gulf to Asia Pacific decreased as market players stayed away pending Saudi Aramco's announcement of June LPG contract prices. The Baltic Exchange assessed the benchmark rate at USD111.50/tonne on 26 May, down approximately USD0.19
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  • Shale boom upsizes ethane carriers

    23 May 2015

    IHS Maritime’s Frank Lennox-Millard reports on the development of purpose-built very large ethane carriers Very large ethane carriers (VLECs) are destined to become part of the global seascape. A boom in shale oil/gas in the US promises increasing amounts of ethane and ethylene for highly profitable export. As a result the shipping industry is finding solutions … more

  • Tonnage shortages return to haunt banana shippers

    23 May 2015

    Ecuador bananas are in huge demand in previously untapped export markets, IHS Maritime’s Michael Hollmann reports Long-haul banana trades continue to flourish as consumers in Asia add more of the fruit to their diets. While reefer containers gain market share, Ecuador-based shipbroker Sopisco argues that specialised liner services could claw back some of the business. Bananas … more

  • Day of the Seafarer: Dubai alliance aims to educate a region

    18 May 2015

    IHS Maritime’s Richard Clayton looks at how the GCC is targeting the education and training of local labour to cement the region’s maritime and offshore future A partnership between a maritime academy and an ‘i-university’ could change the way the Gulf Cooperation Council (GCC) countries think about the industry, writes Richard Clayton, IHS chief maritime … more

  • Maritime movers

    16 May 2015

    IHS Maritime profiles the latest movements by the movers and shakers: the people who make shipping happen. Please send your suggested movers and shakers to savahna.nightingale@ihs.com Costa brand rebuilder wins PR professional of the year Hansjörg Kunze, vice-president of communication and sustainability of the Costa Group, has received a PR Professional of the Year award … more