Nordic American Offshore avoids having to swallow poison pill

Canadian investor exempt from 15% shares ceiling.

Finance  tradewindsnews.com 6 hours old Matt Coyne

Vasquez to take helm at Panama Canal

Ricaurte Vasquez will take the reins of the Panama Canal Authority this fall, the organization announced Friday. Vasquez will take over as Panama Canal Administrator 4 September, replacing Jorge Quijano who held the post for seven years and spent a total of 40 years with the waterway. "We are committed to ensuring that Mr. Vasquez acquires the knowledge and expertise required for a smooth transi

Weekly  tradewindsnews.com 8 hours old Matt Coyne

Oaktree Capital, Goldentree Asset up stakes in Eagle Bulk

Oaktree owns more than one-third of the New York-listed bulker owner.

Dry cargo  tradewindsnews.com 8 hours old Michael Juliano

Wilh Wilhelmsen in the red for fourth quarter

Wihl Wilhelmsen "took a beating" in the fourth quarter according to its chief executive, posting a NOK 345.7m ($40m) loss. The Oslo-traded company said maritime services did well, but marine services took a hit and "a substantial change in fair valuation of the group's investments" hit even harder. The company encouraged a "steady, cautious outlook" for the rest of the year. "The underlying per

Finance  tradewindsnews.com 10 hours old Matt Coyne

Diana Shipping eyes $24.7m from panamax sales, charters

Simeon Palios-led bulker player plans to offload two ships while chartering two others into 2021.

Dry cargo  tradewindsnews.com 11 hours old Michael Juliano

GasLog executives strike confident note on newbuilding contracts and funding

Peter Livanos-backed GasLog is confident of securing long-term charters for its two open newbuildings and landing finance for its full orderbook. GasLog: Korean shipyard mega-merger will drive up LNG newbuilding prices GasLog talks up record fourth quarter results GasLog has nine vessels on order, with most of the ships set to join Shell, Centrica or Cheniere following delivery. One ship set t

Gas  tradewindsnews.com 12 hours old Andy Pierce

Maersk Supply completes fleet renewal with future ownership still in question

The Danish owner has a young, valuable fleet of OSVs, but parent's plans for the company remain unclear

Offshore  tradewindsnews.com 12 hours old Holly Birkett

BULL buys Pappas product tanker as fleet expansion plans kick off

Indonesian tanker operator pushes growth agenda as it adopts a bullish stance towards the country’s oil transport sector

Ship Sales  tradewindsnews.com 12 hours old Jonathan Boonzaier and Harry Papachristou

Zvezda Arctic LNG 2 newbuild subsidies could hit $875m

A new series of LNG carriers to be built in Russia for the Arctic LNG 2 project could attract state subsidies of up to RUB 60bn ($875m). This is according to a "consortium" letter to the ministry of industry seen by the Kommersant daily. Sovcomflot poised to order first ship for Arctic LNG 2 Novatek reserves slots for 14 Arctic LNG carriers worth $4.45bn The report claims each of up to 15 plan

Gas  tradewindsnews.com 13 hours old Gary Dixon

GasLog: Korean shipyard mega-merger will drive up LNG newbuilding prices

No reduction in berth space but values may already be increasing, chief executive says

Gas  tradewindsnews.com 14 hours old Andy Pierce

Seabrokers: feast or famine for OSV owners

Norwegian broker Seabrokers said rate spikes this year may be giving anchor-handler (AHTS) owners hope that better times lie ahead. But it warned that the market remains volatile and it is likely to be more a case of "feast or famine" rather than a sustained recovery. Freezing order upheld as Russian owners fight over OSV charters OSVs drive impairment charges to $741m at ABN Amro "While 2018

Offshore  tradewindsnews.com 14 hours old Gary Dixon

ONE claims new teu loading record from Maersk

Japanese container line ONE claims to have loaded the most boxes ever on one vessel. Its 20,146-teu MOL Tribute (built 2017) took on 19,190 teu earlier this month, it said. The previous world record was reported as 19,038 teu on Maersk Line's 20,568-teu Mumbai Maersk (built 2018) last August. The MOL Tribute is deployed on ONE’s Far East Loop 2 service for THE Alliance line grouping. It achiev

Liner  tradewindsnews.com 16 hours old Gary Dixon

Equinor extends charter of JJ Ugland shuttle tanker

Norwegian oil major Equinor has extended a charter for a JJ Ugland shuttle tanker. The shipowner said the 126,000-dwt Vinland (built 2000) will remain with Equinor for another six months. This will take it up to November 2019. There are also further options to stretch the deal until August 2020. The vessel is operating in the North Sea, the company said. JJ Ugland signed the original charter

Tankers  tradewindsnews.com 16 hours old Gary Dixon

German entrepreneur snaps up big stake in ailing Flensburger

Liquidity crisis at ferry shipbuilder eased as Sapinda and Siem inject funds

Finance  tradewindsnews.com 17 hours old Geoff Garfield

Suez Canal extends toll rebates for bulkers

Egypt's Suez Canal Authority (SCA) is keeping a bulker rebate in force until the end of this year. It said the move was part of paying more attention to its "users' best interest" and was made after "considering the new changes in the global shipping market, and world economy". The fee rebate applies to ships operating between ports in the Americas and in Asia. US Coast Guard warns of GPS outag

Dry cargo  tradewindsnews.com 18 hours old Gary Dixon

Morgan Stanley downgrades Tsakos Energy Navigation as debt repayments rise

A focus on debt repayments and short-term weakness in the tanker market have led Morgan Stanley to downgrade shares in Greek shipowner Tsakos Energy Navigation (TEN). Analyst Fotis Giannakoulis dropped the stock to equal weight today, suggesting the upcoming refinancing of preferred stocks and high debt repayments could eat into the company’s liquidity. Greeks emerge as net buyers in sale-and-pu

Tankers  tradewindsnews.com 18 hours old Andy Pierce

Greek manager says nothing wrong with 'banned' rice cargo

A Greek shipmanager has said there is nothing wrong with a cargo of rice "banned" in two West African countries. CSAV ruling gives shippers advantage in cargo damage cases The BBC reported that the authorities in Guinea and Togo had branded 18,000 tonnes of rice from Myanmar on the 51,000-dwt cargoship Oceanprincess (built 1999) as "unfit for consumption". It cited a note from the Togolese mini

Dry cargo  tradewindsnews.com 18 hours old Gary Dixon

Robert Bubgee talks sibling shareholdings and tactical time charters

Scorpio Bulkers unlikely to sell stock in tanker stablemate, while product giant won't be signing period deals for economic reasons.

Tankers  tradewindsnews.com 18 hours old Andy Pierce

Chopped Maersk Honam section heads to HHI

The viable stern section of the fire-ravaged Maersk Honam is en route to South Korea to have a new bow fitted. The rear part of the 15,262-teu boxship (built 2017) was loaded onto Cosco's 98,000-dwt heavylift ship Xin Guang Hua (built 2016) off Dubai on 2 February. Maersk Line said it is now in transit and is expected to pass Singapore on Monday. The 228.5m section will be delivered next month

Liner  tradewindsnews.com 19 hours old Gary Dixon

Changdao Xianglong returns to Jinglu for ro-pax

Chinese owner Changdao Xianglong has headed back to the domestic Jinglu Shipyard for a new ro-pax. Brokers said the 2,000-passenger vessel will be ready in 2020. No cost was given for the contract. The Shandong shipowner's three existing ferries were delivered from Jinglu in 2017. The yard is also building bulkers for Chartworld and Laskaridis.

Shipyards  tradewindsnews.com 19 hours old Gary Dixon

Hellenic Tankers completes lucrative VLCC asset play with Nathalin deal

Brokers say subjects have now been lifted and new price benchmark can be pencilled in.

Tankers  tradewindsnews.com 20 hours old Andy Pierce

Number of Cyprus-based owners doubles as Greek link mooted

Cyprus' deputy minister for shipping has revealed the number of companies setting up headquarters there has nearly doubled in six years. Natasa Pilides told AP the numbers are a testament to its growing appeal as a maritime business hub. She said there are currently 203 shipping companies operating under tax-resident status in Cyprus, 100 more than in 2013. More are doing business there, but are

Finance  tradewindsnews.com 20 hours old Gary Dixon

Hanjin strikes debt-swap deal for Philippines yard

South Korea's Hanjin Heavy Industries & Construction has agreed a debt restructuring deal for its Philippines shipyard. Hanjin Heavy stock suspended as loss hits $1.2bn It said on Friday that the rescheduling agreement with creditors will be submitted to a local court by the end of February, the Yonhap news agency reported. The Subic Bay yard, HHIC-Phil, filed for rehabilitation in January afte

Shipyards  tradewindsnews.com 21 hours old Gary Dixon

Aqualiner orders ferry double at Rodman Polyships

Expanding Dutch owner Aqualiner has contracted two more new ferries. It has opted to build the 248-passenger vessels at Rodman Polyships of Vigo, Spain. They will be delivered in September this year for an undisclosed cost. The owner has one ferry in operation, which was built at Damen Antalya in Turkey in 2017. Three more are due from the yard this year. Rodman is also building seven ferries

Shipyards  tradewindsnews.com 21 hours old Gary Dixon

Angelicoussis back at DSME for more LNG tonnage

South Korean shipbuilder continues to bag newbuildings ahead of marriage with Hyundai Heavy

Gas  tradewindsnews.com 23 hours old Dale Wainwright

Schulte Group distances itself from supramax arrest

German shipowner says legal woes plaguing the Universal Bremen in Singapore are the problems of the charters.

Legal  tradewindsnews.com 15 Feb 03:30 GMT Jonathan Boonzaier and Harry Papachristou

Marco Polo Marine slashes the red ink in first quarter

But restructured offshore vessel company still hurt by weak rates and lack of newbuilding demand

Offshore  tradewindsnews.com 15 Feb 03:23 GMT Dale Wainwright

APL Vancouver en route to Singapore for discharge

Fire hit containership allowed to sail from Vietnam, expected to come alongside on Monday

Casualties  tradewindsnews.com 15 Feb 01:28 GMT Dale Wainwright

Aegean bankruptcy moves forward, but with revisions

A judge has given Aegean Marine Petroleum Network's bankruptcy disclosure statement the go-ahead — after the bunker supplier makes some revisions. At a hearing on Thursday morning in a New York bankruptcy court, Judge Michael Wiles gave the thumbs up, so long as changes were made to provisions impacting claims in a fraud lawsuit filed by Aegean shareholders targeting founder Dimitris Melissanidis

Legal  tradewindsnews.com 14 Feb 22:22 GMT Matt Coyne

Cargill sees more capesize scrapping in 2019

The sudden downturn has caught the trader unawares

Dry cargo  tradewindsnews.com 14 Feb 19:06 GMT Holly Birkett

Back to future as headwinds take their toll on shipping

This was supposed to be a year of slow but steady improvement for shipping markets, so where has it all gone wrong and can markets get back on track?

Finance  tradewindsnews.com 14 Feb 18:00 GMT Julian Bray

Cosco Bulk splashes $880m on newcastlemax orders in China

Dry bulk giant places orders for 16 firm ships at five yards, with options for up to 30 vessels in total

Dry cargo  tradewindsnews.com 14 Feb 17:16 GMT Irene Ang

Scrubber users reject EC's call for urgent change to IMO rules

Scientific evidence on exhaust gas systems is being ‘ignored’, says Clean Shipping Alliance 2020 spokesman Hamish Norton

Legal  tradewindsnews.com 14 Feb 17:16 GMT Michael Juliano

Bugbee bats away scrubber ban fears for Scorpio Tankers

While president does not think kit will be outlawed he suggests company would be better off.

Tankers  tradewindsnews.com 14 Feb 15:55 GMT Andy Pierce

Chevron extends Dof PSV timecharter

The Norwegian operator of offshore support vessels has won another long-term contract

Offshore  tradewindsnews.com 14 Feb 15:27 GMT Holly Birkett

Capital World takes Norwegian stake to over $1bn

US-based investment manager owns almost 10% of Frank del Rio-led cruise major.

Passenger ships  tradewindsnews.com 14 Feb 15:14 GMT Michael Juliano

Maersk seals US LSFO production deal for its ships

Danish boxship giant AP Moller-Maersk has signed a deal to produce low-sulphur fuel oil (LSFO) in the US. The agreement will see Maersk source crude for PBF Logistics (PBFX) to process at its CPI Operations terminal facility in New Jersey. The deal enables Maersk Oil Trading to supply IMO 2020-compliant 0.5% marine fuel to customers on the US east coast. Maersk takes fuel storage space in Sin

Liner  tradewindsnews.com 14 Feb 14:51 GMT Gary Dixon

Renegade Swish makes Tidewater swoop

A Texas investment firm and two related parties have taken a collective 5.9% stake in Tidewater. According to Securities and Exchange Commission filings made Thursday, Renegade Swish owns 2.1 million shares in the offshore player. Wells Fargo buying up Tidewater shares The firm's two affiliated parties, Captain Q and Q Global Management own 360,946 and 1.7 million shares, respectively. Accordi

Finance  tradewindsnews.com 14 Feb 14:18 GMT Matt Coyne

SBM Offshore adds to firepower as profit piles up

"The market is growing; a new cycle is coming up," chief executive Bruno Chabas said

Offshore  tradewindsnews.com 14 Feb 13:34 GMT Holly Birkett

Zhenhua buys into Cosco in strategic tie-up

Port equipment manufacturer wants to expand business with Cosco’s global network.

Shipyards  tradewindsnews.com 14 Feb 13:26 GMT Max Tingyao Lin

Dry bulk investment debate poses $2bn question

Two chiefs of public companies clash over the importance of scale in breaking the sector’s cycle of diminishing investment

Finance  tradewindsnews.com 14 Feb 13:25 GMT Joe Brady

Congestion at Turkish straits reaches record levels

Stricter passage rules for LPG carriers, adverse weather and increasing vessel sizes are causing the worst queues in 16 years at the Dardanelles and Bosphorus

Tankers  tradewindsnews.com 14 Feb 13:25 GMT Max Tingyao Lin

Hornbeck loss grows with 40 OSVs laid-up

US owner Hornbeck Offshore Services (HOS) has racked up a bigger loss in the fourth quarter as rates stayed soft. The net deficit to 31 December was $24.2m, against a profit of $93.8m in 2017, when it was boosted by a $125.2m tax benefit related to US tax reform legislation. Revenue was $53.9m, down $2.3m year-on-year. Hornbeck notes-for-loans scheme falls short of its target Hornbeck aims to

Offshore  tradewindsnews.com 14 Feb 13:09 GMT Gary Dixon

Scorpio Tankers raises hope of imminent return to profit

Scorpio Tankers has booked a smaller than forecast loss for the fourth quarter of 2018 and raised expectations it will soon snap a losing streak. Scorpio Tankers scrubber savings could hit $125m Banker tells why new M&A deals could get 'scrubbed' New York-listed Scorpio revealed the results alongside plans to redeem notes due to mature this summer. It also voiced confidence in securing financ

Tankers  tradewindsnews.com 14 Feb 12:40 GMT Andy Pierce

Credit Suisse shuts legacy loans unit after $1.3bn loss

Swiss lender Credit Suisse has finally shut down its legacy loans unit after booking a $1.3bn loss from the division last year. It said the Strategic Resolution Unit (SRU) was successfully closed, "outperforming end-state targets." Credit Suisse invests $11.2m in Danaos The SRU was shut down on schedule at the end of the year. Its loss was down from $3bn in 2017. The residual SRU portfolio ha

Finance  tradewindsnews.com 14 Feb 12:13 GMT Gary Dixon

Lurssen fire has 'galvanised' London's hull market

Broker suggests $700m claim has made Lloyd’s of London market even more determined to raise premiums

Insurance  tradewindsnews.com 14 Feb 12:07 GMT Adam Corbett

Venezuela crude tanker charters win big rewards

Crude tanker owners that are willing to trade despite US sanctions are taking hefty profits, brokers report

Tankers  tradewindsnews.com 14 Feb 12:06 GMT Max Tingyao Lin

MSC approaches Chinese yards for neo-panamax newbuildings

Enquiries come as Jinhai yard's cash crisis may have impacted construction of newbuildings chartered by liner giant

Liner  tradewindsnews.com 14 Feb 12:05 GMT Irene Ang and Bob Rust

Mercuria Energy chief touts consolidation as traders struggle for capital

Trading giants may look to consolidation at a time they are finding it increasingly difficult to find fresh capital, Mercuria Energy co-founder Marco Dunand says. His comments came in an interview with Bloomberg which highlighted how the changing face of the industry had made it more difficult to attract outside investors. ExxonMobil locks in VLCC on seven-year time charter Gotland ice-class

Finance  tradewindsnews.com 14 Feb 12:03 GMT Andy Pierce

NYK merging three technical research companies

Japanese shipowning giant NYK is to merge three of its research and technical subsidiaries. Japan Marine Science, Yusen Navtec and NYK Engineering will be combined if shareholders approve at a meeting in May. The new company name has not yet been decided, but it will be run by Koichi Akamine, current president of Japan Marine Science. It is expected to start trading on 1 July. NYK said: "The s

Finance  tradewindsnews.com 14 Feb 12:01 GMT Gary Dixon

Freezing order upheld as Russian owners fight over OSV charters

The UK high court has upheld freezing orders against a Russian OSV owner in an ongoing legal battle with his former partner. Judge Sonia Tolaney QC rejected an application by defendants Balfour Worldwide and Nikolay Sochin to discharge the 2018 worldwide orders. The application was part of a wider dispute involving Sochin and former partner Nikolay Baranov over diverted charter payments. Until

Legal  tradewindsnews.com 14 Feb 11:10 GMT Gary Dixon

DSME CEO Jung Sung-leep "offers to resign"

A report in Korea has claimed DSME CEO Jung Sung-leep has offered to step down ahead of the yard's merger with Hyundai Heavy Industries (HHI). The Maeil Business newspaper cited unnamed industry sources as saying the offer was made after the yard's largest shareholder Korea Development Bank signed a conditional deal to sell its controlling stake to HHI. A formal contract is expected to be finali

Shipyards  tradewindsnews.com 14 Feb 11:01 GMT Gary Dixon

ESL's new bulkers hit by "serious technical problems"

Finland's ESL Shipping has been incurring significant loss of income from two new LNG-fuelled bulkers due to "serious technical problems" with their cranes. The 25,600-dwt Viiki and 23,650-dwt Haaga were delivered last year from Jinling Shipyard in China. "However, extensive and serious problems in the conventional mechanics of high-power cranes, which are subject to warranty, have significantly

Dry cargo  tradewindsnews.com 14 Feb 10:16 GMT Gary Dixon

Jotun's financial performance brightens

Jotun, the world’s leading producer of marine paints, had a strong performance towards the end of 2018, new data shows. The privately owned company reported operating revenue of nearly NOK 17.7bn last year ($2.2bn), an increase of 8% compared to 2017. Jotun wins Kyklades VLCC business The Norwegian company delivered an operating profit of NOK 1.36bn up marginally from 2017. The Sandefjord-bas

Finance  tradewindsnews.com 14 Feb 09:37 GMT Trond Lillestolen

Clarksons covers key bases with new chairman Thomas

New man brings FTSE 250, remuneration committee and cyber security know-how to the board of shipbroker.

Finance  tradewindsnews.com 14 Feb 09:01 GMT Andy Pierce

Viking Line posts weaker earnings

Cruiseferry operator Viking Line has logged less profit in the fourth quarter as revenue dipped. Net earnings were EUR 0.7m ($0.8), down from EUR 1.5m in 2017. Revenue was weaker at EUR 119.8m versus EUR 121.5m. Looking ahead, it said: "Competition in Viking Line's service area entails continued pressure on prices and volumes, which will have an adverse effect on net sales revenue per passenger

Passenger ships  tradewindsnews.com 14 Feb 08:26 GMT Gary Dixon

GasLog talks up record fourth quarter results

GasLog rode a high spot market to a record fourth quarter performance, the company reported Thursday. The New York-traded LNG carrier owner posted $62.5m in adjusted profit as spot rates shot into the six-figures in the last three months of 2018, and over $200,000 in November. Chappell: LNG carrier rates will stay high The companyreported record revenue at $188.6m and Ebitda at $145m. It's ad

Gas  tradewindsnews.com 14 Feb 08:15 GMT Matt Coyne

Zodiac builds strong position in LR2 sector with GEM deal

Below the radar purchase follows on from strides taken in sector with Toisa transaction.

Tankers  tradewindsnews.com 14 Feb 08:13 GMT Andy Pierce

Commerzbank sheds $5.75bn of legacy loans as shipping book shrinks

German lender continues to run down portfolios as it cuts maritime book to fewer than 60 ships.

Finance  tradewindsnews.com 14 Feb 07:52 GMT Gary Dixon

Nauticor chief exec Abeynaike focuses on going 'the last mile'

Nauticor chief executive Mahinde Abeynaike expects the market share of LNG-fuelled newbuildings will “grow significantly”. But he added: “The key question is more, when will the newbuilding market ramp up again?” Abeynaike believes most companies looking at newbuilding projects will consider the LNG-fuelling option. Industry must go ‘last mile’ on LNG bunkers — Hapag-Lloyd He pointed to the mo

Gas  tradewindsnews.com 14 Feb 07:51 GMT Lucy Hine

Nauticor targets wider LNG bunker play as first ship starts operating in Baltic Sea region

Chief executive Mahinde Abeynaike tells TradeWinds how new vessel Kairos will be deployed

Gas  tradewindsnews.com 14 Feb 07:50 GMT Lucy Hine

Besiktas busy with Norden and Grimaldi scrubber work

Turkish yard wins 17 scrubber retrofit deals, with more contracts in the pipeline

Tankers  tradewindsnews.com 14 Feb 07:49 GMT Harry Papachristou

Aspen finalises deal with Lodestar

Fixed-premium protection and indemnity (P&I) provider Lodestar Marine has finally concluded a deal for financial backing from Aspen Insurance to allow it to continue to provide cover. Aspen set to provide new financial backing for Lodestar Aspen has moved into provide capacity to back Lodestar’s fixed premium business after RSA withdrew backing late last year. Under the deal Lodestar will provi

Insurance  tradewindsnews.com 14 Feb 07:49 GMT Adam Corbett

Odfjell plunges to $48m loss but sees better times ahead

Norwegian owner takes hit from terminals as new US partner Northleaf buys in, but chemical tanker markets improving.

Tankers  tradewindsnews.com 14 Feb 07:31 GMT Gary Dixon and Andy Pierce

Supply vessel sinks off Singapore

All crew from the Ocean Cooper 2 are reported as safe.

Casualties  tradewindsnews.com 14 Feb 07:29 GMT Jonathan Boonzaier

Malaysia Marine and Heavy Engineering sinks to fourth quarter loss

Yard group suffers from lack of large value floater conversions and LNG drydockings.

Shipyards  tradewindsnews.com 14 Feb 05:10 GMT Dale Wainwright

Profitable quarter sees Epic Gas heading in the right direction

Singapore LPG specialist also bolsters fleet with vessel charter which includes purchase option.

Gas  tradewindsnews.com 14 Feb 02:51 GMT Dale Wainwright

Singapore Shipping Corp hit by increased costs

Results at Singapore-listed PCTC operator also impacted by vessel off-hire due to drydockings.

Finance  tradewindsnews.com 14 Feb 02:00 GMT Dale Wainwright

P&I clubs declare SK Shipping 'free business'

South Korean shipping company could be one of this year’s biggest renewal moves as account goes up for grabs

Insurance  tradewindsnews.com 14 Feb 00:52 GMT Adam Corbett

Bond worries drive Chinese lessor CMIG to sell MSC duo

Small shipping player CMIG Leasing is feeling the heat from its parent's liquidity crisis

Liner  tradewindsnews.com 14 Feb 00:50 GMT Bob Rust

Credit Suisse invests $11.2m in Danaos

Swiss bank snatches up millions of shares of the New York-listed boxship owner.

Finance  tradewindsnews.com 13 Feb 22:35 GMT Michael Juliano

Shareholders move to block Aegean Marine plan

Shareholders embroiled in a class action lawsuit against Aegean Marine Petroleum Network's former officers and auditors are moving to block parts of the bankrupt bunkerer's reorganisation plan. In court papers filed Tuesday, lead plaintiff Utah Retirement Systems alleges part of the plan makes their securities fraud lawsuit against founder Dimitris Melissanidis worthless by prioritising future li

Legal  tradewindsnews.com 13 Feb 22:23 GMT Matt Coyne

Sinokor linked to MR product tanker sextet at Hyundai Mipo

South Korean owner thought to be behind order for up to six 50,000-dwt ships

Tankers  tradewindsnews.com 13 Feb 22:12 GMT Irene Ang

Sinokor boosts LNG carrier fleet with delivery of former BP ship

South Korean shipowner concludes stalled purchase of 16-year-old vessel on charter to energy major

Gas  tradewindsnews.com 13 Feb 22:11 GMT Lucy Hine

Saverys drops into second place in Euronav ownership

Chateauban takes highest stake.

Finance  tradewindsnews.com 13 Feb 22:09 GMT Matt Coyne

US sanctions slash product tanker flows to Venezuela

Suppliers hesitant to continue sales of petroleum products after ­action against ­country’s oil sector

Tankers  tradewindsnews.com 13 Feb 18:56 GMT Max Tingyao Lin

Major CSC Phoenix investor files for liquidation

Chinese entrepreneur Chen Deshun’s high-profile takeover of CSC Phoenix appears to be ending on a sour note. Chen’s Tianjin Shunhang Shipping — which is CSC Phoenix’s controlling shareholder — has applied for liquidation under a bankruptcy procedure, according to an exchange filing from Shenzhen-listed CSC Phoenix. It says Tianjin Shunhang is insolvent and could not repay its debts in full, with

Dry cargo  tradewindsnews.com 13 Feb 18:48 GMT Max Tingyao Lin

Noble is selling a capesize amid a graveyard-like market

Sellers still want yesterday’s prices, but buyers are steering clear, brokers say.

Dry cargo  tradewindsnews.com 13 Feb 17:02 GMT Holly Birkett

Vanguard goes for more Seacor

US-based investment advisor approaches 10% stake in New York-listed Seacor Holdings.

Finance  tradewindsnews.com 13 Feb 16:30 GMT Michael Juliano

Cargo claim lands Schulte-controlled supramax under arrest in Singapore

A cargo dispute has led to the seizure of a supramax bulker that trades in the fleet of the Schulte Group’s Hanseatic Chartering. The 56,800-dwt Universal Bremen (built 2010) was arrested by officials of the Sheriff of Singapore’s office late last Friday at the request of the Dubai branch of the National Bank of Fujairah (NBF). The vessel had just arrived in the South East Asian port from Mina S

Legal  tradewindsnews.com 13 Feb 16:21 GMT Jonathan Boonzaier

Cambiaso Risso sold to Siaci Saint Honore in marine broking tie-up

Consolidation drive moves forward with Italian and French marine insurance brokers entering 'a strategic partnership'

Insurance  tradewindsnews.com 13 Feb 15:40 GMT Ian Lewis

V.Group and Inchcape trade agency businesses

The marine services giant has swapped its ship agency business for Inchcape's corporate travel agency.

Finance  tradewindsnews.com 13 Feb 15:15 GMT Holly Birkett

Mercator selling last VLCC for $34m to clear debt

Indian owner Mercator has confirmed it is selling its last VLCC to pay down debt. The company said it expects to repay INR 2.42bn ($34.16m) after disposing of the 299,000-dwt Nerissa (built 2006). It has already cut borrowings by INR 1.26bn in its third quarter to 31 December. It said the sale of the "high-value" tanker is expected this quarter, with all proceeds to be used for de-leveraging.

Tankers  tradewindsnews.com 13 Feb 14:58 GMT Gary Dixon

Korean shipyard mega-merger "unrealistic"

The mega-merger between Hyundai Heavy Industries (HHI) and DSME is "unrealistic" due to competition concerns, according to a Korean analyst. Mega-merger of HHI and DSME confirmed as Samsung passes Moo-hyun Park of Hana Financial Group believes the $1.8bn deal is already "on the skids", despite it being confirmed this week after rival Samsung declined to bid for Korea Development Bank's holding i

Shipyards  tradewindsnews.com 13 Feb 14:25 GMT Gary Dixon

Silversea founder Lefebvre takes over Abercrombie & Kent

Silversea Cruises founder Manfredi Lefebvre d'Ovidio has agreed a takeover deal for cruise operator Abercrombie & Kent (A&K). The shipowner's private investment company Heritage Group has entered into a strategic partnership with Geoffrey Kent, A&K founder and chief executive, to buy 100% of the company. Heritage will own 85% and Kent 15%. Silversea teams with Royal Caribbean for new orders Ke

Passenger ships  tradewindsnews.com 13 Feb 14:02 GMT Gary Dixon

ABB wins deal for Iceland's first electric ferry

Swiss technology company ABB is to supply power and storage solutions for Iceland's first all-electric ferry. The 550-passenger Herjolfur II was ordered in 2017 by the Icelandic Road and Coastal Administration (ICRA) at Crist in Poland and is due this year. The ship will make 3,600 annual trips in the rough waters between Landeyjahofn on the mainland and Westman Island, covering 13km in about 45

Passenger ships  tradewindsnews.com 13 Feb 13:16 GMT Gary Dixon

OSVs drive impairment charges to $741m at ABN Amro

Dutch lender ABN Amro has partly blamed the offshore shipping sector for higher impairment charges in 2018. The bank said provisions totalled €655m ($741m) last year, against a reversal of €63m in 2017. Eagle Bulk eyes scrubber bill with $208m loan Gunvor closes second $1bn loan facility this month "Despite the continued favourable overall credit quality trend and the positive macro-economic e

Finance  tradewindsnews.com 13 Feb 13:05 GMT Gary Dixon

Niriis disposes of last big ships as former Restis panamax sold

Greece’s Niriis Shipping has sold the last two large ships that have been part of its fleet since the company was founded about five years ago. The Athens-based outfit has secured a Chinese buyer for the 73,100-dwt bulker Navalis (built 1998) at a price of between $6.1m and $6.5m, according to reports by several brokers based in Greece and the US. This is one of two panamax sisterships that Niri

Ship Sales  tradewindsnews.com 13 Feb 12:32 GMT Harry Papachristou

Solbakken sights investments following FPSO contract progress at Ocean Yield

Ocean Yield has turned an eye back to growth after securing a potential charter for a previously troublesome FPSO. Oslo-listed Ocean Yield splashed over $600m to grow its portfolio last year and last night announced Aker Energy had signed an optional bareboat deal for the Dhirubhai-1. Ocean Yield shares respond after FPSO headache eases Ocean Yield finds work for unemployed FPSO Lars Solbakken

Ship Sales  tradewindsnews.com 13 Feb 12:24 GMT Andy Pierce

Scenic cruiseship delayed again at Uljanik

Australia's Scenic Cruises has announced another delay in the delivery of its first cruiseship being built at the troubled Uljanik yard in Croatia. The company said the 17,100-gt Scenic Eclipse has been pushed back from April to 15 August, according to Luxury Travel Advisor. It had previously revealed a delay from a scheduled handover last month, while its original delivery date was 2018 after b

Passenger ships  tradewindsnews.com 13 Feb 12:01 GMT Gary Dixon

Vitol and Scorpio forge period charters in LR2 segment

Scorpio Tankers, the world’s largest owner of product tankers, is expanding its links with Vitol, reportedly providing two LR2s on period charters. The Geneva-headquartered trader has reached an agreement to take on the LR2s on six-month charters in an effort to take a longer position in the segment, a source with knowledge of the situation said. The arrangement builds on a 15-year relationship

Tankers  tradewindsnews.com 13 Feb 11:14 GMT Max Tingyao Lin and Joe Brady

Parent Advent supports V.Ships strategy because size matters

Although new V.Ships Germany chief executive Nils Aden does not subscribe to the view that the shipping industry has an excessive amount of third-party managers, he sees “room for consolidation”. “I firmly believe size is a strong argument going forward,” he says. One reason is that investing in digital tools is beyond the financial scope of many companies. “Size is a big advantage in keeping

Finance  tradewindsnews.com 13 Feb 11:14 GMT Geoff Garfield

Shandong working on four-ship project for Bunge

Shandong Shipping and Bunge are working on a newbuilding project for kamsarmaxes to be financed by ICBC Leasing

Shipyards  tradewindsnews.com 13 Feb 11:00 GMT Bob Rust

Elderly tanker pulled off Cypriot beach

A 1952-built tanker has been refloated after being forced ashore in a storm off Cyprus last week. The 200-dwt Salim N1 (built 1952) grounded on a beach after being anchored off Famagusta since 2 December. The vessel was pulled free and taken to anchorage after four days aground, Deniz Haber reported. The operation by the TRNC ports department lasted 45 minutes. The tanker is listed as contro

Casualties  tradewindsnews.com 13 Feb 10:58 GMT Gary Dixon

Ocean Yield shares respond after FPSO headache eases

Promise of Aker Energy contract for offshore unit trumps concerns around weak fourth quarter.

Finance  tradewindsnews.com 13 Feb 10:50 GMT Andy Pierce

Schulte Group buys TecHullClean in Singapore

Hamburg's Schulte Group has acquired a majority stake in TecHullClean (THC) of Singapore. THC is an underwater inspection, repair and maintenance (IRM) technology company. It also has offices in Spain, Gibraltar and Ghana. THC founder Paw Rene Jakobsen will be CEO following the transaction. Jakobsen said: “The team at THC is proud that the Schulte Group has become our partner and we look forwa

Ship Sales  tradewindsnews.com 13 Feb 10:41 GMT Gary Dixon

Dennis Uy pulls out of EMAS Offshore rescue

It's the second time in 12 months that EMAS has seen an investor terminate a potential restructuring deal

Offshore  tradewindsnews.com 13 Feb 10:33 GMT Holly Birkett

Evalend: bulker crew were never starving in Australia

Greek owner Evalend Shipping has denied there is any problem on one of its bulkers in Australia following ITF claims that its crew was starving. A seafarer on the 82,000-dwt Villa Deste (built 2018) allegedly contacted the union from BHP's Hay Point terminal in Mackay claiming they were being underpaid. BHP defends its decision to axe Aussie crew on cabotage trade BHP ends Australian iron-ore b

Dry cargo  tradewindsnews.com 13 Feb 10:29 GMT Gary Dixon

Robbers use hose to siphon fuel from bulker

Robbers have used a hose to steal bunkers from a bulker in China. The IMB said the incident happened on 10 February at the Caofeidian anchorage. A duty officer from the unnamed ship noticed from the bridge wing that a hose had been connected from an open diesel tank manhole to a small un-lit barge alongside. The alarm was raised and a duty seafarer was instructed to investigate. The duty offic

Dry cargo  tradewindsnews.com 13 Feb 10:28 GMT Gary Dixon

Hanjin Heavy stock suspended as loss hits $1.2bn

Korea's Hanjin Heavy Industries has had trading in its shares suspended due to "capital erosion." The group's Philippines yard HHIC-Phil filed for court rehabilitation in January and Hanjin said there had been a related impairment made in its accounts. It risks delisting in Seoul if it cannot improve its financial standing. The company has until 1 April to submit a plan to achieve this. Its ne

Shipyards  tradewindsnews.com 13 Feb 09:48 GMT Gary Dixon