• CMA CGM Q2 profit up 67%

    French container line operator CMA CGM showed "strong and profitable growth" in the second quarter as consolidated net profit rose 67% year on year to USD 156 million. Group revenues dipped 2.1% to USD 4.11 billion despite carryings up 6.2% to 3.3 million teu but the group said that a 10.9%

  • Swire Shipping expands its Asia Pacific service

    Swire Shipping announced today it would be expanding two key services in the Asia Pacific linking New Zealand, Australia and Papua New Guinea, at the same time rebooting its Australia-South East Asia service. The China Navigation Company liner division will upgrade services out of Brisbane to New

  • Shipowners to diverge investment into tanker and container markets

    Ship-owners are shifting their investment from dry bulk to tankers and containerships, according to Chelsea Wang, consultant from Drewry Maritime Services. Speaking for the recent 8th Korean Register (KR) technical seminar held in Singapore, Wang highlighted that the dry bulk market is experiencing

  • CSDC's profit soares 602% yoy in 1H15

    China Shipping Development (CSDC)'s profit soared 602% year on year to CNY299.1 million (USD46.7 million) in the first six months in 2015 on lower fuel cost and government subsidies for scrapping old tonnage. Excluding one-off items, CSDC's profit also rose 391% year on year to CNY491.3 million, a

  • Keppel buys Cameron's offshore rig business

    Singapore-headquartered Keppel Offshore & Marine (Keppel O&M) has acquired Cameron's offshore rigs business for USD100 million. The stock and asset purchase agreement was signed by Keppel O&M's wholly owned subsidiary, Keppel Offshore & Marine USA with Cameron International which includes

  • Changhang Phoenix profit falls 41.76% for 1H15

    Shenzhen-listed Changhang Phoenix, a bulk carrier operating unit of Sinotrans & CSC, posted profit of CNY108.6 (USD17 million) for the first six months of 2015, slumping 41.76% from last year's CNY186.4 million. The company's revenue during the review period also dropped 24.8% from CNY526.9 in 1H14

Ships Ships

  • Panama Canal suspends draught restriction

    Rainfall has eliminated the need for a planned draught restriction of up to 11.89 m (39 ft) through the Panama Canal. Suspension of the restriction, which was set to go into effect on 8 September, was announced by the Panama Canal Authority (ACP) on 28 August. "Although the level of Gatun Lake is

Technology Technology

  • Wärtsilä to power world's first LNG dredger

    Finland-based Wärtsilä has confirmed it will supply dual-fuel LNG/diesel engines for Belgium dredging major DEME's 8,000m³ Antigoon class trailing suction hopper dredger (TSHD) Scheldt River. One of two dual-fuel (DF) TSHDs ordered by DEME, Scheldt River will be joined by the smaller Minerva, a

Safety & Security Safety & Security

  • Salvage divers enter Sewol ferry

    Salvage divers working to hoist the capsized Sewol ferry have gained entry into the vessel. South Korea's Ministry of Oceans and Fisheries announced that the team made a breakthrough when salvage works resumed on 27 August. Works were suspended due to Typhoon Goni on 24 August. The Sewol, carrying

Ports Ports

  • Rotterdam considers joint venture in Indonesian port project

    The port of Rotterdam has gone into partnership with Indonesian port corporation Pelinda 1 on the planned new Kuala Tanjung deep water port near the city of Medan in North Sumatra in the Strait of Malacca. The Dutch port and Pelinda 1 have agreed to carry out a joint feasibility study into the

Offshore Offshore

  • Hoegh LNG sees strengthening demand for FSRUs

    Hoegh LNG, the listed LNG carrier and floating storage and regasification unit (FSRU) owner in the Leif Hoegh group of Norway, sees strengthening demand for FSRUs. The group, which owns four FSRUs and five LNG carriers, reported a 2Q15 net profit of USD 5.9 million compared to a loss of USD8.6

Companies Companies

  • CSCL's 1H15 profit down 97%

    China Shipping Container Lines (CSCL)'s profit plunged 97% year on year (y/y) to CNY14.3 million (USD2.2 million) in the first six months of 2015 because of less investment income. CSCL's revenue fell 9% y/y to CNY16.0 billion during the same period because of falling shipping freight rates, a

Markets Markets

  • BHP profits dive 86.2% as Australia wins ore war

    BHP Billiton recorded an 86.2% profit plunge this week in its FY 2015 report, down USD1.91 billion. Following on similar profit slumps from miners Rio Tinto and Fortescue earlier this month, the company blamed the fall on lower commodity prices. However, it remained upbeat on weathering the storm,
  • Fresh course for Philadelphia

    29 Aug 2015

    Perishables and open space are foundations for growth along the Delaware River, IHS Maritime & Trade reports Philadelphia has a range of marketing channels it intends to use in a push to increase its port business and attract new customers. Whether the commodities involved are reefer imports from South Africa, steel from Russia, or potential … more

  • Yards should heed dry market prospects

    29 Aug 2015

    By IHS Maritime’s chief maritime analyst, Richard Clayton Two years ago, DS Norden, the Danish dry bulk and product tanker company, laid out a new corporate strategy built on expectations of improved market conditions for 2014. Not unreasonably, directors wanted to position the company so that it could take advantage of an upturn. Investment was … more

  • Comment: Shipping people’s power

    29 Aug 2015

    Do shipping people influence decisions? That’s the most intriguing question asked of delegates to the Maritime Cyprus conference to be held next month, IHS Maritime & Trade reports It might be asked of Andreas Chrysostomou, whose bid to become secretary-general of the International Maritime Organization (IMO) proved not strong enough. Was his bid derailed by … more

  • London underwriters focus on Iran, but step with care

    22 Aug 2015

    Marine insurers face dilemma on Iranian business ties, as sanctions are not yet lifted, IHS Maritime & Trade reports. Insurers are being approached with potential business from Iran even though the lifting of Western sanctions is not expected to become a reality until 2016. The return of Iran into the global business community would open … more