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  • Buyers swoop on cut-price classic panamax boxships

    Borealis Maritime, Sinokor and Celsius Shipping among names to enter fray for discounted secondhand boxships

    Liner  tradewindsnews.com 16 May 06:25 GMT Ian Lewis

    Paul Newton’s exit from AXA XL leaves hole in hull body

    For second time in a year, the chairman of the Joint Hull Committee is forced to step down after losing their job.

    Insurance  tradewindsnews.com 16 May 06:24 GMT Adam Corbett

    Boskalis loses appeal in OSV charter time-limit battle

    Dutch group Boskalis has failed in a bid to overturn a UK tribunal ruling that it must hand over EUR 1.47m ($1.64m) in a row over a time limit contained within an OSV charterparty. Sir Ross Cranston, sitting as a UK high court judge, said the case involved UK owner Atlantic Marine and Aviation's 3,200-dwt multi-functional support ship (MSV) Atlantic Tonjer (built 1983). The appeal related to a c

    Legal  tradewindsnews.com 16 May 06:16 GMT Gary Dixon

    NYK to fit scrubber to cruise ship Asuka II

    Japanese largest cruise ship set to enter Sembcorp Marine’s Admiralty yard in early 2020.

    Passenger ships  tradewindsnews.com 16 May 06:16 GMT Dale Wainwright

    Grimaldi car carrier hit by fire off Spain

    A Grimaldi Group car carrier has suffered a fire off Spain. The blaze broke out on Wednesday morning on the 3,320-lane-metre Grande Europa (built 1998) off Majorca. Spanish authorities said the ship was loaded with 1,843 vehicles, according to AFP. Fifteen of the 25 crew were taken off the vessel by helicopter. The rest stayed to tackle the fire, which was brought under control and "

    Casualties  tradewindsnews.com 16 May 06:14 GMT Gary Dixon

    Dryad down plays fears of further Iranian threat to tankers

    Security firm says incidents, such as those off Fujairah, are likely to be “less frequent”.

    Casualties  tradewindsnews.com 16 May 05:23 GMT Dale Wainwright

    SunStone confirms Silver Discoverer sale

    Miami-based cruise company says two more of its cruiseships are still up for grabs.

    Passenger ships  tradewindsnews.com 16 May 03:40 GMT Jonathan Boonzaier

    Singapore flags risk of increased maritime security threats

    Defence minister also reveals concerns about security threats during Trump-Kim summit on Sentosa.

    Casualties  tradewindsnews.com 16 May 02:49 GMT Dale Wainwright

    Ezion Holdings slashes the red ink in first quarter

    Singapore firm’s road to recovery hampered by delay in securing additional revolving credit facilities.

    Offshore  tradewindsnews.com 16 May 01:14 GMT Dale Wainwright

    DryShips to spend up to $100m on water ballast, scrubbers

    George Economou-led bulker player's first-quarter operating income falls mostly due to higher vessel costs.

    Dry cargo  tradewindsnews.com 15 May 22:50 GMT Michael Juliano

    Seaspan sets up $1bn financing programme

    Boxship lessor will use proceeds from 'first of its kind financing' to repay 12 secured credit facilities.

    Liner  tradewindsnews.com 15 May 21:25 GMT Michael Juliano

    MOL ups LNG carrier tally at DSME to three

    Japanese shipowner MOL has declared an option for an LNG carrier newbuilding at DSME in South Korea, bringing its total haul at the yard to three. DSME bags order for LNG carrier newbuilding This week, DSME announced it had secured an order for an LNG newbuilding for delivery in the second half of 2021, without disclosing the name of the contracting party. MOL's account Industry sources follow

    Gas  tradewindsnews.com 15 May 20:44 GMT Lucy Hine

    Formosa Plastics Marine drawn to stainless-steel chemical tankers

    Taiwanese owner approaches shipyards in South Korea and Japan for newbuildings

    Tankers  tradewindsnews.com 15 May 20:44 GMT Irene Ang

    Industry faces remember 'visionary' and 'innovator' Eisbrenner

    Shipping industry names who knew NextDecade founder and LNG regasification innovator Kathleen Eisbrenner have been remembering and detailing her contribution to the business following the news of her death last week. Eisbrenner’s family said in an obituary that the 58-year-old had died on 9 May after suffering a “devastating head injury” from a fall in her home. Those in the industry who met Eis

    Gas  tradewindsnews.com 15 May 20:43 GMT Lucy Hine

    Barges in tanker clash taken from Houston Ship Channel

    The waterway is now fully operating without restrictions, officials said.

    Casualties  tradewindsnews.com 15 May 20:33 GMT Michael Juliano

    Worker dies in accident at Port of Los Angeles

    The incident, which caused serious injury to another worker, happened at Fenix Marine Services.

    Casualties  tradewindsnews.com 15 May 19:25 GMT Michael Juliano

    After positive Q1, Nordic American Tankers shares soar

    Nordic American Tankers shares are up big after its first quarter results beat analyst expectations. The Herbjorn Hansson-led shipowner was trading up more than 16%, or $0.36, to $2.56 in midday trading Wednesday after it reported $5.6m in profit for the first tree months of 2019 after the close Tuesday. Nordic American Tankers posts best results in years The performance was good for $0.04 earn

    Finance  tradewindsnews.com 15 May 17:41 GMT Matt Coyne

    Shipowners unfazed by Trump tariff hike

    China will send their factories to other countries if trade war continues, according to boxship player Global Ship Lease.

    Dry cargo  tradewindsnews.com 15 May 17:34 GMT Michael Juliano

    Pangaea stays in black despite tough quarter

    Rhode Island-based niche player says contracts-heavy approach helped it outperform general market despite headwinds.

    Finance  tradewindsnews.com 15 May 16:00 GMT Joe Brady

    Sovcomflot posts big first-quarter profit as tanker market recovers

    Sovcomflot is back in the black for the first quarter thanks to an upswing in the company's tanker business. The Russian state shipowner posted $70.1m in profit for the three months of 2019, a marked improvement over the $16.1m loss reported for the same period last year. Novatek advances Arctic LNG 2 project before taking FID Sovcomflot seals newbuilding financing with new loan Sovcomflot, a

    Tankers  tradewindsnews.com 15 May 15:57 GMT Matt Coyne and Andy Pierce

    DFDS plans unsecured offering to refinance maturing bonds

    DFDS is considering a new bond issue that would refinance its existing DKK bonds, which are set to mature in June. The company intends "in the near future" to issue new DKK- and/or NOK-denominated senior unsecured bonds with an expected maturity of five years. The issuance is part of the "continuous pursuit of improving the financing cost of DFDS", a release said on Wednesday. DFDS posts profit

    Passenger ships  tradewindsnews.com 15 May 15:35 GMT Holly Birkett

    Epic Gas plots purchase of larger vessels backed by BW Group 'halo' effect

    Epic Gas is eyeing up further growth opportunities in the larger pressurized LPG segment as it looks to extend expansion efforts under the ‘halo’ of the BW Group. Epic has boosted its fleet by 23% in capacity terms with the $106.5m addition of four vessels and time charters for two modern ships this year. Andreas Sohmen-Pao takes the chair at Epic Gas as loss cut Epic Gas opens book on $60m eq

    Gas  tradewindsnews.com 15 May 15:10 GMT Andy Pierce

    All paths lead back to Norway for growth, says Horizon Maritime

    COO said growth in the North Sea only part of the reason why the Canadian firm opened Aalesund office

    Offshore  tradewindsnews.com 15 May 14:24 GMT Matt Coyne

    Portline bulker's oily water separator 'just for show'

    Portuguese owner Portline Bulk International has been fined in a US pollution case after crew admitted a bulker's oily water separator (OWS) was "just for show." Portline has agreed to pay $1.5m after it admitted in a plea deal that engineers on the 51,000-dwt Achilleus (built 2001) had falsified entries in a record book used to track the disposal of bilge water, the Post and Courier reported. d

    Legal  tradewindsnews.com 15 May 14:22 GMT Gary Dixon

    Yang Ming Marine eyes $193m bond to repay debt

    Taiwanese container line plans bond sales for debt repayment as business environments remain volatile amid US-China trade tension.

    Liner  tradewindsnews.com 15 May 14:09 GMT Max Tingyao Lin

    Landbridge seals long-term charter with Trafigura

    Chinese industrial company Landbridge Group is extending its cooperation with Western partners by locking one of its VLCCs into a time charter with trader Trafigura for up to five years. European brokers said the Geneva-headquartered trader has fixed the 308,000-dwt Landbridge Glory (built 2019) for three years at $36,500 per day, with options to extend at undisclosed rates. The charter is in

    Tankers  tradewindsnews.com 15 May 14:05 GMT Trond Lillestolen

    Pipe-layer owner turns to US courts to free arrested vessel

    The owner of an arrested pipe-layer is taking legal action in the US to free the ship and recoup millions of dollars in damages before a Nigerian company can have it auctioned off in Ghana. Wartsila: crew may be to blame for tanker fire Second Gourdomichalis bulker seized in ship abandonment case Dallas-based WAG SPV I and New York lender Hark Capital allege Fortune Global Shipping & Logistics

    Legal  tradewindsnews.com 15 May 13:55 GMT Matt Coyne

    Environmentalists call for scrubber moratorium

    Numerous groups, including Stand.earth and WWF, send letter to IMO in light of Carnival Corp scrubber violations

    Passenger ships  tradewindsnews.com 15 May 13:18 GMT Michael Juliano

    One dead and five injured in blast at breakers

    One worker has died and another five were injured in an explosion at a ship recycling yard in Bangladesh. Worker killed in Bangladesh yard blast The accident happened on Wednesday at Premier Trade Corporation and Mahinur Ship Recycling in Sitakunda, the UNB news agency said. Watch footage of the incident here Cutter Mohamamd Rubel was pronounced dead at hospital. A police official said the si

    Casualties  tradewindsnews.com 15 May 13:12 GMT Gary Dixon

    Transocean expands loan facility to $1.36bn

    New York-listed drillship owner Transocean has expanded a loan facility to $1.36bn. The Swiss-based company said it has built the revolver from $1bn when it was arranged last year. It can also add another $500m. The facility matures in July, 2023. An additional $140m remains available under its accordion provision. Transocean has a fleet of 48 mobile offshore drilling units.

    Finance  tradewindsnews.com 15 May 12:57 GMT Gary Dixon

    HMM cuts loss to $89m and sees rates rising

    Korean boxship line HMM has reduced its first quarter loss as revenue rose. The operating deficit was KRW 105.7bn ($88.8m), down from KRW 170.1m a year ago. It blamed high bunker costs, the US-China trade conflict and a delay in the rate of regional recovery for the red ink. Revenue was up 18% at KRW 1.31 trillion, led by higher transport volumes and load factor. It carried 11% more containers

    Liner  tradewindsnews.com 15 May 12:39 GMT Gary Dixon

    Heated US-China trade war threatens to squeeze car carrier market

    Operators will face more operational challenges and demand uncertainties, even though the absolute trade volume between China and the US is small

    Legal  tradewindsnews.com 15 May 12:29 GMT Max Tingyao Lin

    Indian owners busy in tanker charter market

    Shipping Corp of India (SCI) is finally set for decent rates on two LR2 tankers after chartering out the duo amid a flurry of new term fixtures for Indian shipowners. SCI gas carrier damaged in collision goes for repairs LNG carrier and VLCC in collision off Fujairah European brokers said the 104,900-dwt Swarna Jayanti (built 2010) is fixed by Petro Diamond for eight months at $20,500 per day,

    Tankers  tradewindsnews.com 15 May 11:41 GMT Trond Lillestolen

    Goulandris sells oldest ship to Chinese buyer

    Greece's Goulandris Bros is selling its oldest ship, an 18-year-old panamax. Oldendorff wins settlement but Bank of China fight goes on Beijing puts brakes on lucrative trade in ageing Greek bulkers The sale appears to be a renewal move for the bulker owner. European sources said the 74,000-dwt Rodon Amarandon (built 2001) has been sold to a Chinese buyer for $6.6m. Although bulker prices a

    Ship Sales  tradewindsnews.com 15 May 11:41 GMT Trond Lillestolen

    Gard reports first loss in 10 years, with $53m of red ink

    Gard, the world’s largest dedicated marine insurer, has reported a surprise loss — its first in 10 years. Its post-tax loss for the 12 months to 20 February 2019 was $53m, compared with a $193m profit in the previous year. It earned premiums of $798m, up from $775m. Gard made an investment loss of $3m. It also recorded a technical underwriting loss, reporting a combined ratio of 110%, indicating

    Insurance  tradewindsnews.com 15 May 11:38 GMT Adam Corbett

    Mercuria signs EDF trio to launch London LNG desk

    Swiss-based commodities giant also eyes structured finance opportunities including funding US yards

    Gas  tradewindsnews.com 15 May 11:33 GMT Geoff Garfield

    Malta ratifies Hong Kong Convention

    Malta has become the 12th country to accede to the IMO’s Hong Kong Convention for the Safe and Environmentally Sound Recycling of Ships (HKC) as the convention today marked the 10th anniversary of its adoption. The convention requires ratification by 15 states and 40% of the world’s tonnage. Malta’s inclusion lifts the total so far to around 28.8% in tonnage terms. Accession to the conventio

    Casualties  tradewindsnews.com 15 May 11:28 GMT Geoff Garfield

    Beazley launches cyber cover

    Leading marine insurer Beazley has launched a cyber product to protect owners against physical damage and loss of hire resulting from cyber attack. Marine insurers had been reluctant to provide cyber cover but such products are now growing in number. Tim Turner takes Beazley's reins from Clive Washbourn Beazley said the cover, named Cyber Defence for Marine, would help owners meet the IMO’s req

    Insurance  tradewindsnews.com 15 May 10:51 GMT Adam Corbett

    IMO ruling on toxic coatings could cost shipowners dearly

    Owners could be forced to recoat the hulls of thousands of ships if revisions to anti-fouling convention are approved

    Casualties  tradewindsnews.com 15 May 10:50 GMT Adam Corbett

    Shipping brings ‘hope and healing’ to Africa’s poorest

    Geneva ball hears how shipping and trading communities have thrown their weight behind Cargo Day fundraising

    Tankers  tradewindsnews.com 15 May 10:50 GMT Geoff Garfield

    Klaveness Combination Carriers raises $40m for new ships

    Norway's Klaveness Combination Carriers (KCC) has completed a new stock issue that will see it bank NOK 350m ($40m). Klaveness raising cash for more combination carriers It will issue 7.36m shares at a price of NOK 47.50 each. The company was targeting a figure of between NOK 200m and NOK 400m to pay for two optional Cleanbu combination carriers at China’s Jiangsu New Yangzi Shipbuilding. It ha

    Finance  tradewindsnews.com 15 May 10:42 GMT Gary Dixon

    Eidesvik Offshore sees seismic boost after smaller first-quarter loss

    The offshore support shipowner said its result exceeded the expectations of both the company and its lenders.

    Offshore  tradewindsnews.com 15 May 10:31 GMT Holly Birkett

    PSV recovery sees profit rolling in at Standard Drilling

    Platform supply vessel (PSV) investor SD Standard Drilling has been boosted by the North Sea sector recovery in the first quarter. The Norwegian company said net earnings to 31 March were $2.98m, against $0.14m in 2018. SD Standard Drilling buys PSV at bargain-basement price It attributed this to an unrealised gain of $2.9m on the revaluation of financial assets. Revenue and EBITDA from charte

    Offshore  tradewindsnews.com 15 May 10:28 GMT Gary Dixon

    Turkish owner Arkas lands $800m refinancing deal

    Turkish shipowner Arkas Holding has clinched an $800m refinancing package in a deal with banks. The company said the facility was arranged by lender Yapi Kredi. Arkas, Cosco team up for reefer service The loan matures over five years with a 12-month grace period. The company said it is taking measures to strengthen its balance sheet and reduce financial costs in a time of high interest rates.

    Finance  tradewindsnews.com 15 May 09:49 GMT Gary Dixon

    PSV trio reactivated after combined 11 years

    A trio of platform supply vessels (PSVs) have re-entered the buoyant North Sea spot market after a combined 11 years - 4,178 days - in layup. The moves once again demonstrate the trend for bringing units back into play as rates rise. Anchor-handlers have been booked for supply work as the PSV supply ran low in recent weeks. Anchor handlers step in as PSVs sell out in Norway Broker Westshore sai

    Offshore  tradewindsnews.com 15 May 09:26 GMT Gary Dixon

    Angeliki Frangou eyes up VLCC options to renew Navios Acquisition fleet

    Angeliki Frangou’s Navios Maritime Acquisition is looking to the optional newbuilding slots it holds in Japan for the next stage of its VLCC fleet renewal programme. Imabari confirms four VLCC newbuildings for Navios Frangou's Navios eyes rare VLCC order at Imabari Frangou merging VLCC vehicle into Navios Acquisition New York-listed Navios has sold two veteran VLCCs this year and took its orde

    Tankers  tradewindsnews.com 15 May 09:02 GMT Andy Pierce

    VLGC owner Avance Gas banks $515m refinancing package

    John Fredriksen-backed Avance Gas has refinanced debt of more than $500m in a reshaping of its balance sheet that overshadowed a weak first quarter performance. Culture clash forced Christian Andersen's exit from Avance Gas Andersen replaces Andersen at head of Avance Gas Avance Gas closing in on refinancing as scrubber decision nears Christian Andersen, then president of Avance Gas, told Trad

    Gas  tradewindsnews.com 15 May 08:10 GMT Andy Pierce

    DSME profit down but beats estimates

    Korean shipbuilder DSME has topped analysts' profit estimates in the first quarter, despite weaker results year-on-year. Operating earnings were KRW 199.62bn ($167.8m), compared to KRW 298.6bn a year ago. The forecast range was between KRW 66.56bn and KRW 110bn, according to Bloomberg data. Net earnings came in at KRW 195.18bn, against a range of KRW 43.17bn to KRW 86.49bn. It made KRW 226.3bn

    Shipyards  tradewindsnews.com 15 May 07:49 GMT Gary Dixon

    Mikelis fears plurality of standards for global shiprecycling

    Consultant and Hong Kong Convention architect concerned at consequence of Alang recyclers chasing European list ‘carrot’

    Casualties  tradewindsnews.com 15 May 07:09 GMT Geoff Garfield

    Jotun records sharp increase in results for first quarter

    Jotun, the a leading producer of marine paints, has delivered strong results in the first quarter of 2019. The privately owned company has said it also expects better results in the coming quarters than it achieved last year. Jotun paints a brighter picture over IMO changes Jotun's financial performance brightens The improved outlook comes after the Sandefjord-based outfit was hit by the colla

    Finance  tradewindsnews.com 15 May 07:07 GMT Trond Lillestolen

    Saudi tanker attacks reveal dangerous geopolitical waters

    Holing of Saudi vessels, trade wars and the rise of nationalism spell trouble for shipping

    Casualties  tradewindsnews.com 15 May 07:07 GMT Terry Macalister

    Sea Stallion Pool sets sights on up to 40 bulkers

    Managers confident of growing Hamburg-based handysize operation, which is outperforming indices

    Dry cargo  tradewindsnews.com 15 May 07:07 GMT Ian Lewis

    Norway raises security level after Gulf attacks

    The Norwegian Maritime Authority (NMA) has raised the security level for its ships following the attack on tankers at Fujairah in the UAE. At least four vessels were targeted in what appeared to be a mine attack on Sunday, including two from Saudi Arabia and Norwegian manager Thome's 47,000-dwt Andrea Victory (built 2005). No one has yet admitted responsibility. Mystery deepens as tanker attack

    Tankers  tradewindsnews.com 15 May 06:50 GMT Gary Dixon

    Sabrina Chao in female line of succession at Bimco

    Sabrina Chao will follow Sadan Kaptanoglu as Bimco president as the organisation embraced change at its annual meeting. The world's largest shipping association elected the managing director of HI Kaptanoglu Shipping as its first female president last night in Athens. “It is a great privilege for me to chair the Bimco board of directors in this crucial time of change for shipping," Kaptanoglu sa

    Tankers  tradewindsnews.com 15 May 06:26 GMT Gary Dixon

    Andreas Sohmen-Pao takes the chair at Epic Gas as loss cut

    BW Group supremo Andreas Sohmen-Pao has been appointed chairman of Epic Gas following its takeover. LPG carrier owner Epic said Charles Maltby had stepped down from the role, but remains CEO and a director. Sohmen-Pao steps on M&A gas with Epic takeover in his sights New chapter unfolds in Epic saga Epic Gas confident fleet renewal efforts will fuel profit Sohmen-Pao is already chairman of BW

    Gas  tradewindsnews.com 15 May 06:08 GMT Gary Dixon

    Diamond S product tanker targeted by robbers off India

    Incident follows similar boarding of Stena-Sonangol suezmax pool vessel last month.

    Casualties  tradewindsnews.com 15 May 05:28 GMT Dale Wainwright

    Thoresen Shipping makes weaker start to 2019

    Higher operating costs and lack of impairment gains dent results at Thai-backed bulker owner.

    Dry cargo  tradewindsnews.com 15 May 03:21 GMT Dale Wainwright

    Horizon Maritime eyes Norwegian market with Aalesund office

    Canadian offshore vessel operator launches expansion drive as ex-Bourbon OSV joins the fold.

    Offshore  tradewindsnews.com 15 May 01:16 GMT Dale Wainwright

    Nordic American Tankers posts best results in years

    Nordic American Tankers is trumpeting its best quarterly performance in nearly three years, with even better days in store. The Herbjorn Hansson-led company posted a $5.6m profit for the first three months of 2019 a $25.3m improvement over the same period last year and its best, the company said, since the second quarter of 2016. New loan’s ‘cash sweep’ could limit dividends for Nordic American

    Finance  tradewindsnews.com 14 May 21:23 GMT Matt Coyne and Andy Pierce

    Diana Shipping gets boost from improved tender offer

    New York-listed bulker player raises share price to $3.40.

    Dry cargo  tradewindsnews.com 14 May 21:17 GMT Michael Juliano

    Product tanker Babylon back under the hammer in Asia

    One of two Coastal Oil handysize product tankers that failed to sell at auction in April will be back on the auction block at the end of this month. The Sheriff of Singapore’s office will conduct another auction for the 24,200-dwt Babylon (built 2017) on 27 May via a sealed tender process, with offers on the ship due in at 3pm on the day. The Babylon, together with identical sistership Atalanta

    Tankers  tradewindsnews.com 14 May 21:01 GMT Jonathan Boonzaier

    Taylor Maritime stays true to secondhand bulk carriers

    Buttery says it is possible to earn good returns with older bulkers provided you have the know-how

    Dry cargo  tradewindsnews.com 14 May 21:00 GMT Jonathan Boonzaier

    AVIC International Leasing emerges as financier for five Navios product tankers

    Chinese state lessor continues expansion pace as its business is not affected by the planned sale of group shipbuilding

    Tankers  tradewindsnews.com 14 May 20:58 GMT Max Tingyao Lin

    Navigator Holdings hypes 2020 with projects coming on line

    Navigator Holdings is already looking ahead to next year. A number of one-off incidents worldwide pushed the New York-listed company into the red for the first quarter, but chief executive David Butters said other projects identified on the company's "road to 2020" are humming along. "We believe in the milestones we identified on that road to 2020 remain achievable and essentially on our origina

    Finance  tradewindsnews.com 14 May 19:59 GMT Matt Coyne

    Latest scrubber play gives Torm full hand for IMO 2020

    Torm now has the hand it wanted to play in the IMO 2020 tanker upcycle after doubling its investment in scrubber technology today, according to executive director Jacob Meldgaard. The Danish product tanker owner this morning revealed it would now fit the equipment on 34 of its tankers, with all bar two having the kit on board by the start of next year. “We are now where we would like to be ahead

    Tankers  tradewindsnews.com 14 May 16:53 GMT Michael Juliano

    Diamond S could expand scrubber total

    Craig Stevenson fields his first public conference call in 12 years with IMO 2020 questions and explanation of repositioning costs on MR fleet.

    Finance  tradewindsnews.com 14 May 16:51 GMT Joe Brady

    UK Club reports $32m loss

    P&I mutual’s balance sheet hit by expensive claims

    Insurance  tradewindsnews.com 14 May 15:19 GMT Adam Corbett

    Diana Shipping extends tender offer at higher price

    Simeon Palios-led bulker owner in April offered to buy back 3.13 million shares.

    Dry cargo  tradewindsnews.com 14 May 14:17 GMT Michael Juliano

    Cosco International boosted by bulker charter

    Cosco Shipping International's marine revenue grew in the first quarter thanks to an additional bulker in operation. The Singapore-listed owner chartered in an extra ship in the period, pushing revenue up 14% from SGD 3.6m ($2.59m) to SGD 4.1m. Group net profit was SGD 2.94m, up from SGD 2.87bn in 2018, but overall revenue declined to SGD 39.01m from SGD 40.64m. However, charter rates were lowe

    Dry cargo  tradewindsnews.com 14 May 13:11 GMT Gary Dixon

    Germany's 'bad bank' turns a corner with first positive result

    Portfoliomanagement releases in-the-black results but warns that winding down of non-performing shipping loans will continue for years to come

    Finance  tradewindsnews.com 14 May 12:51 GMT Ian Lewis

    Roose & Partners calls for quick release of Yantian Express cargo

    Law firm wants all parties to work together to deliver salvaged cargo from fire-ravaged containership

    Casualties  tradewindsnews.com 14 May 12:51 GMT Adam Corbett

    Libya's NOC opens office in US for $60bn push

    Libya's National Oil Corporation (NOC) has opened its first international headquarters in Houston. The office is planning to lead a $60bn procurement drive to upgrade Libya’s oil and gas sector and increase production capacity to 2.1m barrels per day by 2023. NOC chairman Mustafa Sanalla said: “This is NOC’s first international office – a major milestone in our journey as an NOC responsible for

    Tankers  tradewindsnews.com 14 May 12:22 GMT Gary Dixon

    Yang Ming cuts back loss to $22m

    Taiwanese container line Yang Ming Marine Transport has slashed its first quarter loss as revenue rose. It said the net deficit to 31 March was TWD 0.68bn ($22.06m), down from TWD 1.95bn in 2018. Yang Ming seals deal for boxship quartet with Shoei Kisen The owner's ships carried 1.29m teu in the period, up 5% year-on-year. Revenue increased 13% to TWD 35.08bn. The improvement came despite the

    Liner  tradewindsnews.com 14 May 12:18 GMT Gary Dixon

    Maxim Group second US bank in six weeks to cut shipping coverage

    A second investment bank has parted ways with its shipping analyst and apparently dropped coverage of the sector in a climate of scarce deals and struggling shares. The Maxim Group has let go of analyst James Jang just weeks after Seaport Global Securities split with Houston-based analyst Magnus Fyhr, sources told TradeWinds. Jang had been writing research notes on companies including DHT Holdin

    Finance  tradewindsnews.com 14 May 11:54 GMT Joe Brady

    Solomon Trader refloated after three months

    Salvage workers have managed to refloat an ageing bulker that has been aground close to a Unesco World Heritage site for more than two months. The 74,000-dwt Solomon Trader (built 1994), partially loaded with 11,000 tonnes of bauxite, got stuck in the Solomon Islands' Rennell Bay in February this year after being caught up in a storm. Authorities draw up plans to refloat sorry Solomon Trader Th

    Casualties  tradewindsnews.com 14 May 10:32 GMT Adam Corbett

    Ship Finance International eyes new bonds

    John Fredriksen shipowning company Ship Finance International is going on the road to test support for a new bond issue. It has brought in DNB Markets, Nordea, SEB and Arctic Securities to arrange a series of fixed-income investor meetings in the Nordic countries from 22 May. A five-year Norwegian unsecured bond may follow, subject to market conditions, it said. Last August, the company secured

    Finance  tradewindsnews.com 14 May 10:05 GMT Gary Dixon

    VSM boss Luken slams Chinese state support for yards

    Chinese state aid to shipyards has come under fire in Germany for "distorting" the market. Speaking at its annual meeting, German Shipbuilding and Ocean Industries Association (VSM) general manager Reinhard Luken said Asian competitors are aiming to penetrate the high-tech shipbuilding market. "It is a sign of realism that the discussion has shifted from focusing only on the opportunities offere

    Shipyards  tradewindsnews.com 14 May 09:55 GMT Gary Dixon

    Fiba Group exits shipping as it sells final MR tanker

    Hong Kong-based owner Island Navigation pays $26m-plus to Turkish billionaire for 50,000-dwt vessel

    Ship Sales  tradewindsnews.com 14 May 09:44 GMT Harry Papachristou

    How New Shore aims to revive Germany’s retail space

    An online crowdfunding venture is targeting a new generation of investors with a ‘warts and all’ pitch

    Finance  tradewindsnews.com 14 May 09:44 GMT Ian Lewis

    28 people to remain on quarantined Scientology ship

    A group of passengers and crew have been ordered to stay on a Church of Scientology cruiseship on which a case of measles was discovered. Scientology cruiseship quarantined after measles case The 9,800-gt Freewinds (built 1968) was originally quarantined in St Lucia at the start of May. It was later released to head to its home port of Curacao and arrived there a week ago. Authorities there sa

    Passenger ships  tradewindsnews.com 14 May 09:32 GMT Gary Dixon

    Eidesvik vessel to spend summer in the North Sea

    Eidesvik Offshore has won a letter of award to supply a source vessel to ocean-bottom seismic technology firm Magseis Fairfield this summer. The 93-metre survey vessel Veritas Viking (built 1998) will be employed for two to three months on an upcoming ocean-bottom survey at an undisclosed location in the North Sea . Eidesvik continues cooperation with Seabed Geosolutions The contract commences

    Offshore  tradewindsnews.com 14 May 09:24 GMT Holly Birkett and Gary Dixon

    Gulf Navigation slips into the red

    Dubai tanker owner Gulf Navigation has fallen to a loss as costs rose faster than revenue in the first quarter. The company said the net deficit was AED 11m ($2.99m) to 31 March, compared to a profit of AED 4.9m in 2018. Revenue increased to AED 45m from AED 37.6m, but operating expenses jumped to AED 41.8m against AED 27.5m. In early December, UAE-based Goldilocks Investment Company acquired

    Tankers  tradewindsnews.com 14 May 09:13 GMT Gary Dixon

    Danish shipowner Torm doubles scrubber investment to span half of its tanker fleet

    Danish product tanker owner Torm has doubled its investment in scrubbers having ridden a recovering market to record its best quarterly results in three years. Torm says tanker market is set for ‘multi-year’ upward cycle Product tanker capital of the world shows clockwork growth Torm extends scrubber plan as it inks new joint venture Torm shows 2020 hand with scrubbers set for all newbuildings

    Tankers  tradewindsnews.com 14 May 09:12 GMT Andy Pierce

    Q-Flex LNG carrier makes historic transit of Panama Canal

    Largest LNG carrier to date uses the expanded waterway, opening trade potential for all but the largest vessels in Q-ship fleet

    Gas  tradewindsnews.com 14 May 09:00 GMT Lucy Hine

    Eidesvik continues cooperation with Seabed Geosolutions

    Eidesvik Offshore has signed a deal to supply Seabed Geosolutions with seismic source and node-handling vessels over a "long-term" period. The two have agreed a master timecharter agreement, under which individual contracts will be called off, the shipowner said on Monday. Eidesvik details two-tier PSV market Eidesvik: no subsea recovery until 2020 Under the first call-off agreement, Eidesvik

    Offshore  tradewindsnews.com 14 May 08:40 GMT Holly Birkett

    Marinakis aframax tanker newbuildings set for ExxonMobil time charters

    Greek shipowner Evangelos Marinakis is set to secure long-term time charters for two aframax tanker newbuildings on order in South Korea. The deal, which is believed to remain on subjects, is the latest evidence of charterers paying a premium for scrubber-fitted tankers with IMO 2020 rules set to arrive. Price of Marinakis’ aframax duo emerges Evangelos Marinakis marks S&P scorecard with profit

    Tankers  tradewindsnews.com 14 May 08:19 GMT Andy Pierce

    Dramatic turnaround for Namura Shipbuilding

    Japan's Namura Shipbuilding is expecting a much better annual result than previously forecast. It said net earnings for the year ended 31 March will now be around JPY 621m ($5.65m), against a forecast loss of JPY 500m before. Namura posted a loss of JPY 20.55bn in the previous 12 months. Revenue is expected to be JPY 124.58bn, down from an actual income of JPY 134.88bn a year earlier

    Shipyards  tradewindsnews.com 14 May 07:42 GMT Gary Dixon

    Splosna Plovba fleet shrinks with sale of bulker pair

    Greek dry debutant strikes second deal in as many months to snap up sistership from shipowning arm of Shin Kurushima Dockyard

    Tankers  tradewindsnews.com 14 May 07:15 GMT Trond Lillestolen

    KN Maritime sells second ultramax to Neptune Dry

    Greek dry debutant strikes second deal in as many months to snap up sistership from shipowning arm of Shin Kurushima Dockyard

    Ship Sales  tradewindsnews.com 14 May 07:15 GMT Harry Papachristou

    UK Supreme Court's shipping shortfall angers its legal sector

    Country seen at risk of losing its edge with lack of commercial experience on the bench

    Legal  tradewindsnews.com 14 May 07:14 GMT Gary Dixon

    Dennis Uy's Chelsea eyes LNG terminal in Philippines

    Dennis Uy's Chelsea Logistics is bringing together an alliance to develop an LNG terminal in the Philippines. Dennis Uy pulls out of EMAS Offshore rescue The tanker and ferry company is teaming up with state-run Philippine National Oil Co (PNOC) to explore the project, which would include storage capacity. A site at PNOC’s facility in Batangas province is being examined, Chelsea said in an exch

    Gas  tradewindsnews.com 14 May 07:06 GMT Gary Dixon

    Schulte eyes start-ups with venture capital unit

    Germany's Schulte Group has launched a new venture capital unit to tap into maritime start-up opportunities. Innoport aims to support entrepreneurs with "smart capital," it said. Bernhard Schulte removes crews from disputed PDVSA tankers Bernhard Schulte sets up OSV unit Based in Hamburg, Limassol and Singapore, the team is headed by Yiannis Sykas, director of strategy and product development

    Finance  tradewindsnews.com 14 May 06:34 GMT Gary Dixon

    Mystery deepens as tanker attack damage revealed

    Photographs have revealed damage to a Norwegian tanker caught up in the Fujairah attack on Sunday. But there were still no answers on Tuesday morning as to who was behind the apparent raid that involved four vessels in the UAE. The US issued a second warning to ships as the UAE’s regional allies condemned the incident. Two Saudi tankers among those attacked off Fujairah UAE alleges ‘sa

    Tankers  tradewindsnews.com 14 May 06:16 GMT Gary Dixon

    China to increase tariffs on US LNG to 25%

    Ongoing trade war continues to create hesitancy for Chinese buyers looking to sign new long term deals.

    Gas  tradewindsnews.com 14 May 05:18 GMT Dale Wainwright

    DSME bags order for LNG carrier newbuilding

    Korean yard takes year-to-date gas carrier tally to five, lifts 2019 order haul to $2.5bn.

    Gas  tradewindsnews.com 14 May 04:37 GMT Dale Wainwright

    Team Tankers in MR sale and charter-back deal

    Chemical ship specialist posts loss in first quarter, but reports improving market ahead of IMO 2020.

    Tankers  tradewindsnews.com 14 May 02:12 GMT Dale Wainwright and Max Tingyao Lin

    POSH tows sanctions busting bulker to American Samoa

    US government gets Singapore offshore vessel owner to take ship from Indonesia to Pago Pago.

    Legal  tradewindsnews.com 14 May 00:54 GMT Dale Wainwright

    Danaos posts higher profit

    Dr John Coustas-led boxship player sees lower costs, beats Wall Street consensus.

    Liner  tradewindsnews.com 13 May 21:42 GMT Michael Juliano

    Nordic American Offshore asks for new name

    Nordic American Offshore is looking to change its name. And not to Scorpio Offshore. Nordic American Offshore strikes bank deal The New York-traded, Scorpio Group-controlled offshore player will ask shareholders at its 4 June annual meeting to approve Hermitage Offshore Services as the company's new moniker, according to Securities and Exchange Commission filings. The new name comes after Scor

    Offshore  tradewindsnews.com 13 May 21:11 GMT Matt Coyne

    Navigator Holdings posts first-quarter loss

    A slew of geopolitical issues kept Navigator Holdings in the red for the first three months of 2019. The David Butters-led gas carrier owner reported $3.3m loss for the first quarter after the close Monday, missing Wall Street expectations by $0.10 per share and down from the nearly $700,000 made for the same period last year. The company said US sanctions against Venezuela levied in January too

    Tankers  tradewindsnews.com 13 May 21:08 GMT Matt Coyne