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  • Eidesvik PSV leaves lay up for Aker BP contract

    After over two and a half years in layup, a platform supply vessel (PSV) owned by Eidesvik Offshore is about to start a contract with Aker BP. Three Norwegian owners win PSV frame deal with Aker BP The 3,546-dwt Viking Athene (built 2006) will be employed for a firm six-month period beginning next quarter, Eidesvik said in a filing on Tuesday. The PSV has been laid up in Norway for 973 days

    Offshore  tradewindsnews.com 17 minutes old Holly Birkett

    Jones Act tanker firm American Shipping Company opens 2019 in the black

    American Shipping Company’s first quarter results have measured up with market expectations at a time it sees stability in the Jones Act market. American Shipping Company stays in black as Jones Act momentum continues American Shipping Company looks to amend $220m bond Oslo-listed American Shipping rang in an adjusted profit of $2.2m in the first three months of the year, in line with the $2.3m

    Tankers  tradewindsnews.com 36 minutes old Andy Pierce

    Master reveals 'mental torture' on detained suezmax

    The captain of a UAE-owned suezmax detained in Egypt for six months has revealed what he calls "mental and physical torture" on board the vessel. In an email to TradeWinds, master Vitaliy Nesterenko said his 163,000-dwt Sea Shark (built 1991) was held by Egyptian naval forces on 17 December. Fuel has now run out on board and the vessel is using emergency generators, he wrote. "This has

    Tankers  tradewindsnews.com 1 hours old Gary Dixon

    Lloyd's AFL makes play to grow marine insurance business

    New recruit Alexander Mott says the marine market needs fresh ideas, as he attempts to grow the ambitious broker's business from London

    Insurance  tradewindsnews.com 2 hours old Adam Corbett

    Car carrier rates have bottomed out but are still too low to kick-start newbuildings

    Up to the collapse of Lehman Brothers in 2008, there was a shortage of car carrier capacity. The fleet then included a lot of older vessels, many of which were scrapped enabling the market to recover from the economic downturn. For example, in late 2009 Hoegh Autoliners’ decided to scrap eight car carriers in China. However, an orderbook of more than 150 newbuildings meant the fleet quickly gre

    Dry cargo  tradewindsnews.com 2 hours old Geoff Garfield

    The men sculpting the future of 150-year old Astrup Fearnley

    How do you go about changing a revered 150-year-old Oslo institution? Start by tearing down walls, the new top team at Astrup Fearnley explains

    TW+  tradewindsnews.com 2 hours old Andy Pierce

    New K Line coal carrier fixed to Jera

    Japan's K Line has fixed a new specialised coal carrier to power company Jera. The 100,000-dwt Miyagawu Maru was delivered on Tuesday from the Marugame yard of Imabari Shipbuilding. The "Hekinan Max" was jointly developed by the owner and the yard to maximise transport volume to the discharging terminal, Jera's Hekinan thermal power plant in Aichi. The vessel will be principally involved in "

    Dry cargo  tradewindsnews.com 3 hours old Gary Dixon

    Fitch bullish on tanker owner BULL

    Fitch Ratings has assigned Indonesian tanker owner Buana Lintas Lautan (BULL) a B+ issuer default rating. The outlook for the company is stable, it said. BULL builds tanker acquisition war chest with $84m raise BULL said last month it was looking raise IDR 1.2 trillion ($84.3m) in a share issue as it eyes fleet expansion. It said 60% of the proceeds will be used to buy new ships, with 10% goin

    Tankers  tradewindsnews.com 3 hours old Gary Dixon

    Yantian Express makes Halifax, but cargo interests face two week wait

    ONE says no cash, no containers for those yet to pay salvage and general average security.

    Casualties  tradewindsnews.com 4 hours old Dale Wainwright

    DSME boosted by $400m delivery of Sonangol drillship

    Daewoo Shipbuilding & Marine Engineering (DSME) is KRW 480bn ($401m) better off after it finally delivered a much delayed drillship newbuilding. DSME profit down but beats estimates Angolan state oil company Sonangol took delivery of the second of two offshore units on Friday, six years after they were originally ordered. The first drill ship was delivered in March after resolving a multi-year

    Offshore  tradewindsnews.com 6 hours old Dale Wainwright

    Crowley claims “industry first” with all-female officer bridge watch

    US shipowner says more women are showing an interest in attending US maritime academies.

    Casualties  tradewindsnews.com 8 hours old Dale Wainwright

    Paulson & Co. sells International Seaways shares

    Paulson & Co. has cut its holding in International Seaways. The John Paulson-led investment firm now owns 1.67 million shares in the tanker owner down from just over 2 million reported two months ago and the 2.9 million in mid-March. The position is good for 5.7% of all outstanding shares. The move drops Paulson & Co. to International Seaways fifth largest shareholder, behind Vanguard, Donald S

    Finance  tradewindsnews.com 11 hours old Matt Coyne

    DHT adjusts note conversion

    DHT Holdings has adjusted conversion prices for two sets of bonds. The New York-traded tanker owner's 4.5% convertable senior notes due 2019 and 4.5% convertable senior notes due 2021 are now worth $6.0442 per share, working out to roughly 165.4484 common shares per $1,000 of notes. The price was adjusted down from $6.1285. According to Securities and Exchange Commission filings, DHT has $32.9m

    Finance  tradewindsnews.com 12 hours old Matt Coyne

    Shipowners call on EU to treat sector as strategic asset

    European Community Shipowners’ Associations is calling for a new era of joined-up policymaking as the continent prepares to vote next week

    Legal  tradewindsnews.com 12 hours old Harry Papachristou

    Eastern Pacific accelerates shipping’s move to technology innovation

    Singapore shipowner joins seed funding giant to bring lessons from digital world into the maritime industry

    Finance  tradewindsnews.com 12 hours old Jonathan Boonzaier

    Braemar Shipping Services shares jump following strong shipbroking performance

    Braemar Shipping Services stock jumped by over one tenth today, breaking above the £2.00 barrier for the first time since February. The run follows strong full-year results from its shipbroking and finance divisions and a stable dividend during a year which saw one-offs from the sale of a slice of its technical arm bring a bottom-line loss. Technical division sales hit Braemar result Braemar Sh

    Tankers  tradewindsnews.com 17 hours old Andy Pierce

    Clarksons bearish for shipping as US-China trade war escalates

    Clarksons has cut its tonne-mile growth forecast for this year and has reiterated that dry bulk will be the sector hardest hit by tit-for-tat trade tariff increases by the US and China. Aside from the so-called ‘trade war’ between the two superpowers, the risk of a global economic slowdown will also impact seaborne trade, Clarksons said in a new research report. ROUND 4 OF US-CHINA TRADE TARIFF

    Dry cargo  tradewindsnews.com 18 hours old Holly Birkett

    Frank del Rio interview: Norwegian goes American

    NCL expects to expand its fleet by more than 40% by 2027, and many of those vessels are bound for the US

    TW+  tradewindsnews.com 18 hours old Michael Juliano

    Enesel doubles suezmax tanker order at Daehan

    Lemos family company triggers optional pair linked to last year's two-ship suezmax order as outfit continues large-scale tanker fleet-renewal programme

    Tankers  tradewindsnews.com 18 hours old Irene Ang and Andy Pierce

    China Merchants eyes tanker business from Rongsheng Petrochemical

    Rongsheng Petrochemical forms strategic partnership with Chinese state conglomerate as the latter commissions a $25bn petrochemical complex that will receive equity investment from Saudi Aramco.

    Tankers  tradewindsnews.com 19 hours old Max Tingyao Lin

    Brookfield moves to take Teekay Offshore private

    Brookfield Business Partners is looking to take Teekay Offshore private and is offering to buy up the company's remaining outstanding shares for $1.05 in order to do so. The Toronto-based private equity firm made the $43.68m offer Monday morning and it is subject to the approval of Teekay Offshore's directors. In a letter, Brookfield chief executive Cyrus Madon said the $1.05 price for the 41.6

    Offshore  tradewindsnews.com 19 hours old Matt Coyne

    Incat to build world's biggest aluminium ship worth $130m

    Australian shipbuilder Incat has clinched a new ro-pax order worth $130m. The 130-metre vessel for Uruguay's Buquebus will be the world's biggest aluminium ship, the yard told AAP. It will operate between Argentina and Uruguay. Incat founder and chairman Robert Clifford said his company will spend six months designing the vessel, with delivery expected in three years. It will likely be 13,000

    NEWS  tradewindsnews.com 19 hours old Gary Dixon

    UAE suezmax held for six months in Egypt

    The crew of a UAE-owned suezmax has appealed for help after spending six months under detention in Egypt. The 31 men on board the 163,000-dwt Sea Shark (built 1991) contacted Russian news agencies to highlight their plight. Pirates fire shots after boarding arrested ABC product tanker AIS data shows the vessel sailed from Kharg Island in Iran in October to Suez. There it awaited instructions f

    Tankers  tradewindsnews.com 19 hours old Gary Dixon

    Search ends for missing Maersk crewman

    A search for a missing Maersk Line crewman has ended without success. The Danish owner said it reported a seafarer overboard from its 2,902-teu Maersk Patras (built 1998) on Sunday in the Saint Lawrence River in Canada. The missing man is the second officer, a Sri Lankan national. The vessel was north-east of the junction with Saguenay River at the time. Several ships and aircraft joined in th

    Casualties  tradewindsnews.com 20 hours old Gary Dixon

    Dof to harness big data to reduce vessel emissions

    Dof Group is partnering with Kongsberg Maritime and research firms SINTEF Ocean and NORCE to use 'big data' to make its operations greener and more efficient. The partners plan to develop a "sophisticated" new decision support system (DSS) for operating Dof's offshore support vessels (OSVs), using 'internet of things' technologies. Owners reactivating North Sea OSVs IMO tightens efficiency rule

    Offshore  tradewindsnews.com 20 hours old Holly Birkett

    Klaveness Combination Carriers sets date for Oslo listing

    Klaveness Combination Carriers (KCC) has been approved by the Oslos Bors to list its securities on the Oslo Axess market within the next six weeks. KCC clears the way for share issue ahead of IPO The first day of listing should be no later than 5 July this year, according to a filing on Monday. KCC must satisfy Oslo Axess' listing requirements before its first day of listing, the filing said.

    Dry cargo  tradewindsnews.com 20 hours old Holly Birkett

    Six released in $181m Uljanik fraud probe

    Six suspects have been released from "investigative detention" in a EUR 162m ($181m) fraud probe involving troubled Croatian shipbuilder Uljanik Group. The county court in Rijeka made the order on Monday, the Hina news agency said. Court spokesman Zoran Srsen said that there were no longer grounds for detention because all the witnesses had been interviewed during the investigation. Uljanik Plo

    Legal  tradewindsnews.com 21 hours old Gary Dixon

    Sovcomflot tipped for more Arctic LNG 2 newbuilds

    Russian state shipowner Sovcomflot has been linked to orders for four more LNG carriers for the Arctic LNG 2 project. Industry sources cited by the Sputnik news agency said gas producer Novatek could sign deals with the owner for ships at Zvezda Shipyard this summer. Sovcomflot signs for first Arctic LNG 2 carrier The companies already have a deal in place for the first vessel in a potential se

    Gas  tradewindsnews.com 22 hours old Gary Dixon

    Hafnia Tankers books profit in first quarter since BW deal closed

    Hafnia Tankers has recorded a profitable start to 2019 in what was its first quarter following a merger with BW Tankers. Hafnia Tankers tipped for 'cracking deal' with Equinor for LR2 newbuilding brace Product tanker capital of the world shows clockwork growth Andreas Sohmen-Pao strikes again as BW Group takes control of Epic Gas The January deal created a product tanker power with a $2.2bn ow

    Tankers  tradewindsnews.com 22 hours old Andy Pierce

    Car carriers ‘struggle’ to recover from tough market

    The car carrier market faces uncertain times despite various positives including a shrinking orderbook. For many years, the sector was very stable and profitable, benefiting from long-term contracts, sometimes of up to 10 years. But trade wars, slowing economic growth and longer-term structural changes in the automotive industry have left the operators and tonnage providers with many challenges.

    Dry cargo  tradewindsnews.com 23 hours old Geoff Garfield

    Rates must rise to sustain long-term investment, says Hoegh Autoliners’ boss Myklebust

    Chief executive says car manufacturers have benefited from declining rates for many years

    Dry cargo  tradewindsnews.com 23 hours old Geoff Garfield

    TGS and PGS to conduct first 3D seismic survey in Labrador Sea

    Norwegian owner PGS and charterer TGS are to conduct the first 3D seismic survey in the Labrador Sea in eastern Canada. The two companies will work on the Torngat 3D multi-client project, which will cover around 3,287 km2 of the area included in the Labrador South November 2021 bid round. PGS and TGS wins Canadian survey contract NYK enters geophysical survey sector This will be PGS and TGS' n

    Offshore  tradewindsnews.com 23 hours old Holly Birkett

    Joint War Committee extends risk area after attacks

    The London insurance market’s Joint War Committee (JWC) has extended the high-risk area for shipping after the Fujairah tanker attacks. Iran's Revolutionary Guards 'highly likely' to have attacked ships in Fujairah The body said the list now includes Oman, the United Arab emirates and the Persian Gulf west of longitude 58°E. The committee also said claims from the attacks will be "significant".

    Insurance  tradewindsnews.com 23 hours old Gary Dixon

    Technomar Shipping linked to post-panamax boxship deal

    Greece's Technomar Shipping is said to have bought a post-panamax containership pair from clients of Germany's Zeaborn GmbH & Co. The vessels in question are the 7,849-teu sisterships ER Montecito and ER Santa Barbara (both built 2004). London-based brokers report them as sold to George Youroukos-led Technomar for $15.5m each. The price is said to involve a long-term time charter for the pair, w

    Ship Sales  tradewindsnews.com 23 hours old Harry Papachristou

    Former Aurora shareholders to appeal after losing round with BW LPG

    A group of Aurora LPG shareholders are planning to appeal after losing a court fight over the takeover by larger rival BW LPG. The plaintiffs, including former Aurora chief executive Borge Johansen and chief financial officer Nikolai Jebsen, claim that BW LPG breached the mandatory offer rules and paid NOK 500m ($60m) too little when it took over the Oslo-based VLGC owner in 2016. They sued in a

    Legal  tradewindsnews.com 23 hours old Trond Lillestolen

    Wreck of liner Lusitania gifted to Irish museum

    The wreck of the liner Lusitania, sunk by a German U-boat in 1915, has been donated to an Irish museum. The vessel was once the biggest passengership in the world until its tragic loss in World War I that killed 1,198 people. Divers recover Lusitania telegraph The wreck lies 17 kilometres (11 miles) off the Cork coast. The plan is to display artefacts from the former Cunard vessel at a redevel

    Casualties  tradewindsnews.com 24 hours old TradeWinds staff

    Okeanis sees rising investor interest in tankers as part of energy upswing

    Investors are showing a strong interest in tanker stocks as part of a wider upturn in attention directed towards the energy sector, according to a leading shipowner. Alafouzos family backs fresh $15m Okeanis Eco Tankers private placement Alafouzos family hands Okeanis Eco Tankers options for fresh suezmaxes at Hyundai Heavy Industries Okeanis Eco Tankers has just raised $15m from its main share

    Tankers  tradewindsnews.com 24 hours old Andy Pierce

    Anchor-handler rates more than double in North Sea

    Anchor-handler spot rates have more than doubled in the North Sea as charterers booked a host of vessels for rig moves. Siem Offshore: term AHTS deals "non-existent" Anchor handlers step in as PSVs sell out in Norway Brokers reported Solstad Offshore's 338-bp Normand Prosper (built 2010) fixed at £65,000 ($83,000) per day with ROV by Shell UK for the Wilphoenix rig move over two weeks. Shell a

    Offshore  tradewindsnews.com 24 hours old Gary Dixon

    Knowing your fuels can save money and anguish

    Do your homework on the IMO 2020 options

    TW+  tradewindsnews.com 20 May 08:57 GMT Paul Berrill

    IMO 2020: The tsunami that's heading your way

    The new sulphur regulations go beyond switching fuels. The changes could send prices crazy and end the whole post-war bunker market

    TW+  tradewindsnews.com 20 May 08:53 GMT Paul Berrill

    IMO has “no appetite for speed limits”

    Leading shipowners association the ICS says the IMO is still on schedule to meet its carbon emissions targets despite claims from environmentalists that progress has stalled. Commenting after the conclusion of the Maritime Environment Protection Committee (MEPC) meeting, where carbon reduction strategies were discussed, International Chamber of Shipping (ICS) chief executive Guy Platten said: ““I

    Tankers  tradewindsnews.com 20 May 07:53 GMT Adam Corbett

    Technical division sales hit Braemar result

    A one-off book loss from the sale of much of its technical operation pushed Braemar Shipping Services deeper into the red for the full year. The £21.3m ($27.12m) sum attributed to last week’s deal with Aqualis came alongside a strong underlying performance from the London-listed group’s shipbroking and financial divisions. New chairman Ronald Series told investors Braemar had achieved good progr

    Finance  tradewindsnews.com 20 May 07:29 GMT Andy Pierce

    Greek vessel fined in Norway for breaching sulphur rules

    Norway has fined a Greek cruiseship for violating fuel sulphur limits in the fjords. The 46,000-gt Magellan (built 1985) will have to pay the Norwegian Maritime Authority (NMA) NOK 700,000 ($80,000). P&O master escapes jail but fined over fuel breach The vessel is owned by Global Cruise Lines (GCL), NMA said. Equasis shows Epic Cruise as the owner, with GCL as the manager. "Our documentation s

    Legal  tradewindsnews.com 20 May 07:16 GMT Gary Dixon

    IMO tightens efficiency rules for gas carriers and boxships

    The International Maritime Organisation (IMO) is tightening energy efficiency rules for boxships and gas carriers. A draft of a new agreement drawn up last week shows that new containerships will now be required to be up to 50% more efficient by 2022, against the previous target of 30% by 2025, Reuters reported. New general cargoships, LPG and LNG carriers and hybrid diesel-electric cruiseships

    Liner  tradewindsnews.com 20 May 06:26 GMT Gary Dixon

    Catholic shipping dioceses start stock sell-off

    Several Catholic dioceses in big shipping centres have pledged to divest shares in fossil-fuel related companies. The National Catholic Reporter said the announcement was made following a Vatican-sponsored conference on the challenges facing the oceans and coastal areas. Among the dioceses involved is Panama City, next to the Panama Canal and the first archdiocese in the Americas to divest. Tan

    Finance  tradewindsnews.com 20 May 06:08 GMT Gary Dixon

    Evergreen suezmax smash case heads to supreme court

    Evergreen is fighting a liability ruling all the way to the UK's top court following a 2015 smash between a boxship and a suezmax off Jebel Ali. Quadrant Chambers, which will represent the Taiwanese owner, said permission to appeal to the Supreme Court has been granted. This is the first liability appeal to reach the highest court and could be the first shipping case to be heard there since the

    Legal  tradewindsnews.com 20 May 06:02 GMT Gary Dixon

    Shipping man who yearns for the beach: 20 Questions with Kumiai Senpaku's Nobutaka Mukae

    What was your earliest memory? It is my four-year-old’s memory of when I staged a play at my Catholic kindergarten. Did you go through training/university or straight into work? I graduated from Kobe mercantile academy and qualified as a merchant cadet. But after graduation, I ended up becoming a shipbroker without getting working experience at sea. The success of a Japanese broker depended on th

    TW+  tradewindsnews.com 19 May 20:54 GMT Irene Ang

    IMO 2020: What’s in store for shipowners in Asia?

    Shipowners and traders in Asia are busy stockpiling. Maersk Line's initiative to secure up to 40% of its low-­sulphur fuel oil (LSFO) needs with storage deals in Europe, the US and Singapore has been well documented, while Euronav’s storage of LSFO on its 441,585-dwt ULCC Oceania (built 2003) in the Mediterranean was revealed by TradeWinds in February. Euronav buys fuel oil cargoes for 2020 ULCC

    TW+  tradewindsnews.com 19 May 20:46 GMT Dale Wainwright

    Singapore digs deep at Mission to Seafarers gala

    Mariners take centre stage at annual awards dinner

    Weekly  tradewindsnews.com 19 May 20:39 GMT Jonathan Boonzaier

    Danaos gets lift from Seaspan's $1bn loan programme

    Perhaps the John Coustas-led boxship player can take page out of Seaspan's book, Jefferies analyst Randy Giveans said.

    Liner  tradewindsnews.com 17 May 20:50 GMT Michael Juliano

    Iran's Revolutionary Guards 'highly likely' to have attacked ships in Fujairah

    Iran's Revolutionary Guards (IRG) are "highly likely" to have had a role in sabotaging four tankers off Fujairah in the United Arab Emirates last Sunday, according to Reuters reports. The hulls of tankers owned by interests in Saudi Arabia, UAE and Norway were damaged by explosives in the attack this week. Mystery deepens as tanker attack damage revealed Two Saudi tankers among those attacked

    Insurance  tradewindsnews.com 17 May 16:12 GMT Holly Birkett

    Vale warns of potential tailings dam collapse

    Vale says it has detected movements at its Gongo Soco iron ore mine in Brazil, which could threaten a nearby dam. Iron ore production ceased at the Gongo Soco mine in April 2016, so Vale's safety warning is not expected to further impact Vale's production outlook and subsequently the capesize market outlook. Cleaves says the only way is up for capesizes Chinese appetite for scrap steel is a s

    Dry cargo  tradewindsnews.com 17 May 14:41 GMT Holly Birkett

    De Beers orders $468m diamond mining ship at Damen

    Expanding Dutch group Damen Shipyards has branched out again with an order for the world's first custom-built diamond mining ship. De Beers Marine Namibia (Debmarine) said the deal is worth $468m. De Beers orders biggest mining ship for $142m The crawler diamond recovery vessel will be its biggest ship at 177 metres in length. It includes a dynamic positioning system (DP2) based on a seven-thr

    Shipyards  tradewindsnews.com 17 May 13:29 GMT Gary Dixon

    NYK develops first compliant additive for LSFO

    NYK and its group company Nippon Yuka Kogyo have developed what they say is the first IMO 2020-compliant additive for very low sulphur fuel oil (VLSFO). The idea is for the product, Yunic 800VLS, to help prevent engine problems that could be caused by certain constituents of the fuel. NYK said it began examining VLSFO at an early stage and developed Yunic to disperses asphaltene and paraffin to

    Tankers  tradewindsnews.com 17 May 13:14 GMT Gary Dixon

    POSH claims victory in Makamin charter case

    Singapore's PACC Offshore Services Holdings (POSH) says it has won a long-running court case in Saudi Arabia over OSV charters. The Robert Kuok-controlled company said a Saudi court has issued a judgement in favour of its subsidiary POSH Semco against Saudi outfit Makamin Offshore. It is now entitled to SAR 26.14m ($6.97m) for its principal claim. POSH increases claim in Makamin charter row Th

    Legal  tradewindsnews.com 17 May 13:05 GMT Gary Dixon

    The shipping analyst who really runs America

    From Boston to Houston, from New Orleans to Las Vegas — and next month the Wall Street Decathlon — Randy Giveans is a man on the go

    TW+  tradewindsnews.com 17 May 12:26 GMT Joe Brady

    Swire to scrap elderly MPP at HKC-compliant yard

    Hong Hong's Swire group is to scrap a veteran MPP in India. Its Swire Shipping unit said the 23,000-dwt Kweichow (built 1994) would be recycled sustainably next month "after years of reliable service." The work will be carried out at a Class NK-certified and Hong Kong Convention-compliant facility in Alang. VesselsValue assesses the ship as worth $4.08m for both further trading and scrap. Swir

    Ship Sales  tradewindsnews.com 17 May 11:38 GMT Gary Dixon

    TNG fixes out MR tanker on term deal

    Croatia's Tankerska Next Generation (TNG) has clinched a new charter for one of its MR tankers. TNG secures more MR tanker cover A "prominent charterer" has taken the unnamed vessels for between six and 12 months with immediate effect. The rate is $17,000 per day. "The negotiated conditions are thoroughly in line with the company's strategic concept that focuses on the efforts to secure a stro

    Tankers  tradewindsnews.com 17 May 10:35 GMT Gary Dixon

    Maersk books up to 10 feeder boxships at Jiangnan Shipyard

    Maersk approached shipyards for the feeder boxships newbuildings since last summer

    Liner  tradewindsnews.com 17 May 10:09 GMT Irene Ang

    Carnival of colour: How Joe Farcus and Ted Arison gave cruise a makeover

    Designer Joseph Farcus explains how his over-the-top interiors and creative partnership with Ted Arison helped turn Carnival into the most successful cruise brand of the modern age

    TW+  tradewindsnews.com 17 May 10:01 GMT Jonathan Boonzaier

    Veteran Denis Petropoulos to target next generation from Baltic Exchange chair

    Denis Petropoulos has been elected chairman of the Baltic Exchange Council and will start in the new position on 1 June. He will replace Duncan Dunn, who has held the post since January 2018. Big name trio join Baltic Exchange Council "During my term in office I intend to pay particular attention to raising awareness of the maritime industry to the younger generation," Petropoulos said of his n

    Dry cargo  tradewindsnews.com 17 May 09:57 GMT Holly Birkett

    Claims hit Steamship Mutual earnings

    UK based Steamship Mutual recorded a technical underwriting loss in its latest policy year because of an increase in claims. Its combined ratio, which indicates its underwriting performance, was 116% in the year to 20 February 2019, compared to 101% in the previous year. A combined ratio above 100% indicates claims costs exceeded premium income and expenses. “Increasing levels of claims from m

    Insurance  tradewindsnews.com 17 May 09:48 GMT Adam Corbett

    Pacific Basin Shipping finances bulker buys with new revolver

    Pacific Basin Shipping has secured a new revolving credit facility secured against 10 of its ships. The new $115m loan has a seven-year tenor and has been provided by a syndicate of three unnamed "leading international banks". Pacific Basin reveals new bulker buys as rates fall Deflation of dry bulk balloon fails to dent Pacific Basin Shipping's growth ambitions Pacific Basin Shipping profit p

    Dry cargo  tradewindsnews.com 17 May 09:34 GMT Holly Birkett

    Scafi buys 50% of Vernicos to form new towage company

    Greece's Vernicos Tugs & Salvage and Italy's Scafi Societa di Navigazione have joined forces to create a new towage player. Mediterranean Tugs formed after Greek merger Scafi has bought 50% of its Greek partner to form Vernicos Scafi for operations in Greece with 40 tugs. The new company will be headed by president Dimitris Vernicos and vice president Paolo Visco. Vernicos said the investment

    Offshore  tradewindsnews.com 17 May 09:18 GMT Gary Dixon

    Frontline eyes growth with backing of Fredriksen X-factor

    John Fredriksen’s Frontline is eyeing expansion with the backing of its billionaire chairman, which will allow it to execute deals many others can’t match, a top executive says. Speculation swirls around suezmax tanker resale swoop by John Fredriksen Frontline profit soars as tanker rates rise Shipowner John Fredriksen to mark 75th birthday as 'richest Norwegian ever' It comes at a time asset

    Tankers  tradewindsnews.com 17 May 09:11 GMT Andy Pierce

    Rina reveals 10% fleet growth

    Italian classification society Rina has said marine performance has been strong so far in 2019 as it built its fleet. The classed fleet has reached 44m gt, up 10% since 2017. It has more than 6,500 ships on its books. Rina and Bureau Veritas differ on classing Iranian ships Revenue for 2018 was in line with the previous year at EUR 440m ($492m), while EBITDA was EUR 51m. Rina has a strong posi

    Tankers  tradewindsnews.com 17 May 08:44 GMT Gary Dixon

    Beneteau on board for sailing ship project

    French yacht maker Beneteau Group has joined domestic start-up Neoline's project to build a sail-powered cargo vessel. It wants to use the ship to export its boats across the Atlantic, Neoline said. Neoline to build cargo sailing ships for Renault Magdeleine Allaume, purchasing and supply chain director of Beneteau Group, said: "The Beneteau Group exports nearly 80% of the boats built in Europe

    Ship Sales  tradewindsnews.com 17 May 08:14 GMT Gary Dixon

    Conveyor belt collapses on to Greek bulker

    A conveyor belt has collapsed on to a Greek bulker during loading operations in Chile. Portal Portuario reported that the incident occurred at Puerto Patillos as salt was being loaded on to Laskaridis Shipping's 63,000-dwt Leonidas (built 2017). The country's maritime authority will start an investigation. Port captain Horacio Hurtado told reporters that one person had suffered

    Casualties  tradewindsnews.com 17 May 07:56 GMT Gary Dixon

    Klaveness adds four more options to Cleanbu series

    Norwegian owner Klaveness Combination Carriers (KCC) has added four more optional vessels to its series of newbuildings in China. The company raised NOK 350m ($40m) this week in a placement, plus a 5% over-allotment, and used the cash to declare options for the seventh and eighth ships in its Cleanbu series at Jiangsu New Yangzi Shipbuilding. TradeWinds has reported these priced at $46.5m. Kla

    Tankers  tradewindsnews.com 17 May 06:45 GMT Gary Dixon

    Eight pirates arrested after tanker hijack

    Togo has arrested eight pirates after thwarting a tanker hijacking. Watch Spanish troops liberate Boskalis ship Two Togolese and six Nigerians were held in an operation on Sunday, the government said on its website. The gunmen reportedly rented a canoe to launch the raid on a Togolese-flagged ship named as Djetona 1 at anchorage off Lome. They boarded the vessel and took the crew hostage. The

    Tankers  tradewindsnews.com 17 May 06:19 GMT Gary Dixon

    Attica Group buys Danish ro-ro vessel

    DFD’s Anglia Seaways set to join Greek ferry operator’s large fleet

    Ship Sales  tradewindsnews.com 17 May 04:56 GMT Jonathan Boonzaier

    Hyundai Heavy to partially shut Ulsan yards due to strike

    Unionised employees at Hyundai Heavy Industries (HHI) have downed tools in protest at the shipbuilder’s deal to take over rival Daewoo Shipbuilding and Heavy Engineering (DSME) HHI said it would suspend production at its shipyards in Ulsan next Monday, Tuesday and Wednesday as a result. It halted production for four hours on Thursday and Friday, it said in a filing. Plants will be shut for an

    Shipyards  tradewindsnews.com 17 May 03:00 GMT Jonathan Boonzaier and Gary Dixon

    Maxim confirms exit from shipping

    New York bank drops coverage of five shipowners days after analyst departure.

    Finance  tradewindsnews.com 16 May 21:16 GMT Joe Brady

    Seaspan expects to save $400m off $1bn loan programme

    The new debt will 'fundamentally change the way business can be done', chairman David Sokol said.

    Liner  tradewindsnews.com 16 May 18:13 GMT Michael Juliano

    Flex LNG nears spot deal for newbuilding

    Shipowner Flex LNG is closing in on spot business for its next-to-deliver, speculatively-ordered LNG carrier newbuilding. Fredriksen’s Flex LNG inches towards US listing Market sources said energy major BP has fixed the 173,400-cbm Flex Constellation on subjects for 20 to 40 days on an ex-yard basis. Delivery voyages No rate details were given, but shipowners pointed out that lower-than-market

    Gas  tradewindsnews.com 16 May 16:52 GMT Lucy Hine

    ST Shipping time-charters Euronav VLCC for trading

    Glencore’s ST Shipping & Trading has taken a modern VLCC on time charter in what brokers said is its first move on a trading vessel of this size in many years. Market sources said ST Shipping has fixed Euronav’s non-­scrubber-fitted, 299,999-dwt Dia (built 2015). Glencore fixes Zenith aframax duo for three years The trader’s chartering company has taken the vessel for 12 months at a reported ra

    Tankers  tradewindsnews.com 16 May 16:51 GMT Lucy Hine and Max Tingyao Lin

    Koo boosts comeback with $390m in newbuilds

    Three Chinese shipyards have signed letters of intent with Glory Maritime

    Tankers  tradewindsnews.com 16 May 16:51 GMT Irene Ang

    Rates for modern LNG carriers approach six-figure levels

    Term-charter rates for large modern LNG carriers are shifting up and are expected to break the six-figure mark soon. Brokers this week quoted a recently concluded deal for Teekay LNG Partners and Marubeni Corp’s 165,500-cbm Arwa Spirit (built 2008), which is reported to have been fixed to Cheniere Energy for 12 months at a rate in the low $80,000-per-day range. BP sets time charter rate tone wit

    Gas  tradewindsnews.com 16 May 16:11 GMT Lucy Hine

    Scorpio Tankers gets upgrade as IMO rally nears

    JP Morgan is bumping up its Scorpio Tankers rating ahead of the expected sector rally brought on by the incoming IMO 2020 emissions regulations. Noah Parquette, analyst at the investment banking giant, upgraded the New York-traded shipowner to overweight from neutral and raised the target price to $34 from $29. Scorpio: Tanker upswing will hit all product segments Scorpio Bulkers to hold onto s

    Tankers  tradewindsnews.com 16 May 16:05 GMT Matt Coyne

    Launch of Cold Water Shipping causes a splash in offshore

    Offshore shipowners are giving new outfit the cold shoulder, but one of the company’s backers says the scepticism is unfounded

    Offshore  tradewindsnews.com 16 May 15:15 GMT Holly Birkett

    Big names grapple with challenge of lifting diversity and inclusion

    Senior industry professionals from Cargill and Bahri share their experiences on changing company culture

    Finance  tradewindsnews.com 16 May 14:45 GMT Lucy Hine

    Croatia is going for broke flirting with China's bold ambitions

    China's Belt and Road Initiative could save Croatia's strike stricken Uljanik Group from almost certain bankruptcy, but such an investment would come at a price

    Shipyards  tradewindsnews.com 16 May 14:12 GMT Max Tingyao Lin

    Middle Eastern tension boosts tanker sentiment

    Heightened tension in the Middle East has prompted optimism in the tanker market even though its actual impact on vessel operation remains muted. On the benchmark Middle East-China route, spot VLCC earnings have risen over 50% this week to nearly $13,000 per day, according to brokers. Among recent fixtures, pool manager Tanker International’s 298,330-dwt Ridgebury Artois (built 2001) is provisio

    Tankers  tradewindsnews.com 16 May 14:00 GMT Max Tingyao Lin

    Maersk Product Tankers cuts sale-and-leaseback deal

    Maersk Product Tankers has hashed out a sale-and-leaseback deal for a quartet of MR tankers with Industrial and Commercial Bank of China. The company did not disclose which ships were included in the agreement — simply that they were built in 2015 and 2016. Maersk Tankers posts loss in tough product market "The agreement will increase financial flexibility and strengthen the financial position

    Tankers  tradewindsnews.com 16 May 13:44 GMT Matt Coyne

    MPC Capital expands with tanker, bulker deals

    German asset and investment manager MPC Capital has revealed growth in its shipping activities during the first quarter. Aug Bolten joins MPC's bulker management venture MPC Capital snaps up $42m boxship trio The Hamburg owner said it had expanded "its range of services in the technical management of tankers." And last month Hamburg owner Aug. Bolten said it was joining MPC Capital's bulker te

    Tankers  tradewindsnews.com 16 May 13:29 GMT Gary Dixon

    Electromagnetic Geoservices wins another Barents Sea survey contract

    Electromagnetic Geoservices (EMGS) has struck an agreement with an unnamed client to conduct more survey work in the Norwegian Barents Sea this quarter. Its 103-metre vessel Atlantic Guardian (built 2001) will work on a multi-client 3D controlled-source electromagnetic (CSEM) survey in the region. EMGS signs off upsized Barents Sea contract The contract has a value of $1.25m, which has been fu

    Offshore  tradewindsnews.com 16 May 13:17 GMT Holly Birkett

    Arctech yard reveals $1.7bn order hope under new owners

    Finland's Arctech Helsinki Shipyard (AHS) is lining up fresh orders under its new owners. The company has been sold by Russia's state United Shipbuilding Corporation (USC) to Algodor Holdings, owned by two Russian businessmen, Rishat Bagautdinov and Vladimir Kasyanenko. Ex Russian minister Olersky to buy Arctech yard USC in talks for 50 newbuildings AHS said the pair have "strong backgrounds"

    Shipyards  tradewindsnews.com 16 May 13:08 GMT Gary Dixon

    Offshore rate surge helps Hornbeck refinance

    Hornbeck Offshore is not done pushing back some of its upcoming debt maturities, the company's chief executive said. After staving off bankruptcy during offshore's multi-year downturn, the Louisiana-based, New York-listed company has been working out deals to refinance or clear bonds coming due over the next three years — moves enabled by the sector's expected turnaround. Hornbeck losses deepen

    Offshore  tradewindsnews.com 16 May 12:54 GMT Matt Coyne

    Recycling gains will be lost if we dither, so what are we waiting for?

    Japan warns that recent environmental and safety improvements in shipbreaking could reverse if momentum towards enforcement of a global deal fades

    Shipyards  tradewindsnews.com 16 May 12:21 GMT Julian Bray

    Greater change is needed to make seafaring attractive for women

    International Seafarers' Welfare and Assistance Network (ISWAN) project manager Caitlin Vaughan has seen and heard a pushback on female seafarers. And that, she said, is something that “still needs to change" in the industry. Shipping must act to make seagoing careers more attractive to women Vaughan, who joined the panel session on diversity and inclusion (D&I) at HR Consulting's Maritime HR C

    Finance  tradewindsnews.com 16 May 11:26 GMT Lucy Hine

    AP Moller-Maersk doubles down on its logistics focus

    AP Moller-Maersk is beefing up its logistics focus by merging APM Terminals Inland Services into Maersk Logistics & Services. The Danish giant is transitioning away from being a conglomerate to becoming an integrated transport and logistics specialist. The business combination will be effective from 1 August and will provide customers with "seamless access to a wider range of logistics and servi

    Liner  tradewindsnews.com 16 May 10:54 GMT Holly Birkett

    Minerva Marine makes it five LNG ships with latest newbuild

    Greek shipowner joins those cashing in on LNG options this year while also inking aframax tanker deal

    Gas  tradewindsnews.com 16 May 10:50 GMT Irene Ang and Lucy Hine

    Cleaves says the only way is up for capesizes

    Equities analysts for once are predicting a prolonged upturn for capesize bulk carriers, thanks to depressed asset values and historically low orderbook levels. Cleaves Securities anticipates “one of the longest expansionary dry bulk cycles” in its records, which go back to the 1740s, according to a research note on Thursday. "I believe the cycle will contract in 2022 at the earliest, but potent

    Dry cargo  tradewindsnews.com 16 May 10:32 GMT Holly Birkett

    Bimco draws up first decommissioning contract

    Shipowners' organisation Bimco has drawn up the industry's first offshore decommissioning contract. Sabrina Chao in female line of succession at Bimco The aim is to provide a balanced set of terms and conditions to both parties in the process. The contract, known as Dismantlecon, will be released at the end of June. “Dismantlecon is a marine services contract designed to appeal equally to the

    Offshore  tradewindsnews.com 16 May 10:19 GMT Gary Dixon

    Samsung to appeal $180m Ensco drillship award

    Korea's Samsung Heavy Industries is to appeal a $180m damages award to Ensco over a cancelled drillship charter contract. The shipbuilder said a London arbitration tribunal had ordered the payment as compensation to the UK-based company. Ensco had started proceedings against Samsung in 2016 after its charter deal with Brazilian oil major Petrobras was cancelled over corruption charges. It claim

    Legal  tradewindsnews.com 16 May 09:37 GMT Gary Dixon

    MPCC brings in Pareto to boost liquidity

    Oslo-listed MPC Container Ships (MPCC) is bringing in Pareto Securities to boost its liquidity. The expanding boxship owner has entered into a market-making agreement with effect from 20 May. "The purpose of the agreement is to increase the liquidity of the company’s shares," it said. Such deals involve market makers quoting prices for a guaranteed number of shares. They make it easier for tra

    Liner  tradewindsnews.com 16 May 09:22 GMT Gary Dixon

    Yard conditions condemned after fatal aframax blast

    Pressure group NGO Shipbreaking Platform has condemned working conditions after a fatal blast on a tanker at a Bangladeshi breakers. The explosion took place on the 106,000-dwt Bunga Kelana 4 (built 1999) on Wednesday in Sitakunda, killing two men and severely injuring five others. Watch the aftermath of the blast here Flames spread from abandoned waste oil near to the engine room where workers

    Shipyards  tradewindsnews.com 16 May 09:04 GMT Gary Dixon

    Frontline profit soars as tanker rates rise

    John Fredriksen's Frontline has logged a big return to profit in the first quarter as rates jumped. The tanker owner said net earnings to 31 March were $40.11m, against a loss of $13.55m in 2018. Revenue grew to $238.27m from $169.62m as average spot daily time charter equivalent rates for VLCCs, suezmaxes and LR2/aframaxes reached $35,700, $28,200 and $24,000, respectively. Shipowner John Fred

    Tankers  tradewindsnews.com 16 May 06:52 GMT Gary Dixon

    BW LPG loss grows but recovery underway

    BW LPG is hopeful of rates rising back above break-even this year after it posted a bigger loss in the first quarter. The Singapore owner said the net deficit was $23.5m compared to $8.4m in 2018. Revenue grew to $118.1m from $117.9m, but voyage expenses rose to $57.84m from $44.68m. BW lifts Epic Gas stake to 83% with latest share deal Depreciation was also higher. VLGC time charter equivale

    Gas  tradewindsnews.com 16 May 06:35 GMT Gary Dixon

    BP swoops on BW LNG gas carrier newbuild in period deal

    Major set to spread risk by taking a vessel from an established player on a multi-year charter

    Gas  tradewindsnews.com 16 May 06:25 GMT Lucy Hine