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Latest From Finance

ICC signs deal to boost digitalisation of global trade and commerce

Top names signing up include APRIL, Japanese trading houses Marubeni Corporation and Mitsui & Co, major financial institutions Mizuho Bank, MUFG Bank, Standard Chartered Bank, Sumitomo Corporation, Sumitomo Mitsui Banking Corporation and Tokio Marine as well as Noble, NTT DATA, Sompo Japan Nipponkoa, in addition to DBS Bank and PSA International from Singapore

International Containers

More banks pledge to align shipping lending to climate goals

Parker, architect of the Poseidon Principles that launched in June last year, tells Marine Money that he expects a number of Asian lenders to join in a matter of months

Finance Environment

Dry bulk market remains challenging, says 2020 Bulkers chief

The Olav Troim-backed company is expecting its last two newbuilding newcastlemaxes to be delivered in May

Dry Bulk Europe

Cosco Shipping units cheered by profit surge

Both the state conglomerate’s boxship and tanker units see net profits jump sharply in 2019 compared to the previous year

Containers Tankers and Gas

Brightoil agrees $2.3bn debt restructure with lenders

Privately-run Chinese oil firm has disposed of all of its 15-ship fleet to reduce debt pressure

Tankers and Gas Finance

Pacific Radiance rescue talks stall

The unnamed firm is one of the interested parties that had previously expressed interest in extending debt financing to Pacific Radiance

Asia Pacific Middle East and Africa
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Latest From Insurance

North P&I signs up to Concirrus data platform

North P&I Club has become the latest marine insurance provider to sign up to the Quest Marine platform from insurtech Concirrus, already in use at Hiscox, Chaucer, Skuld and a number of Lloyd’s syndicates

United Kingdom Insurance

The Interview: Andrew Yeoman

Insurtech Concirrus has gone from a standing start in 2016 to build a customer roster that includes some of the biggest names in marine insurance. Chief executive Andrew Yeoman explains how he came to shake up an entire sector

International Big Interview

Search continues after fatal tanker collision off Texas

Search and rescue efforts remain the top priority as the US Coast Guard looks for the remaining two crew members with flights, shore patrols and maritime searches

Tankers and Gas Casualty

Beazley puts UK regional marine lines into run-off

The lines collectively account for only 5% of the insurer’s overall global marine book

United Kingdom Insurance

Saudis defy global safety shipping rules to switch off AIS for Hormuz transits

P&I Clubs, including those that provide cover for Bahri, have warned that switching off AIS could invalidate insurance

Tankers and Gas Bahri

Hiscox adopts Concirrus marine hull analytics platform

The platform will include a new predictive pricing module, which Concirrus says will enable Hiscox to analyse existing portfolios in greater detail

Europe United Kingdom
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Latest From Law

Ince adds Bentleys to boost shipping team

London shipping law firm Bentleys, Stokes and Lowless is ending more than 80 years of independent existence, with its fee earners moving over to become part of AIM-listed Ince & Co next month

United Kingdom Law

UK unlikely to take back control of liner block exemptions until 2021

‘The Competition and Markets Authority may or may not think about it, but my suspicion is that they will just keep the block exemptions in place,’ says Jeremy Robinson of WFW

Europe United Kingdom

Marine accident reports remain inadmissible in English courts

Mr Justice Teare has reaffirmed that detriment to incident investigations that might come about if MAIB reports were allowed to be used as evidence outweighs any benefit to commercial arbitration. The reports remain off-limits for commercial court disputes

United Kingdom Casualty

Samsung could get $318m from Pacific Offshore drill ship dispute

The drill ship was ordered for $517m in 2013 and Samsung has so far only $180m in advance payments

South Korea Offshore

Djibouti rejects court ruling over Doraleh terminal

Horn of Africa nation’s government declares: ‘This ruling comes as no surprise. It is merely the outcome of the iniquitous provisions of the concession, which could force a sovereign state to set aside and disregard its own national law, in order to revive a concession that was terminated on the grounds of the higher interest of the Djiboutian nation.’

Containers Ports and Logistics

DP World wins latest round in Djibouti port fight

The company says Djibouti has ignored five previous foreign court rulings in its favour

DP World Djibouti
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Latest From Regulation

Fafalios urges care over R&D fund scheme

GSCC leader takes IMO to task for ‘imperfect’ 2020 regulation and warns that $5bn research proposal could lead to ‘bottomless pit’

Regulation Environment

Inchcape launches bunker survey services in Singapore

Inchcape claims that its newly available service offerings will result in cost savings and standardised reporting for customers of the products 

Bunkers Singapore

Port of Karachi bans open-loop scrubbers

The Pakistani government will force ships at the Karachi port to switch to closed-loop scrubbers or compliant fuel oil. Karachi becomes the latest in a long line of destinations to ban the technology

Regulation Environment

UK unlikely to take back control of liner block exemptions until 2021

‘The Competition and Markets Authority may or may not think about it, but my suspicion is that they will just keep the block exemptions in place,’ says Jeremy Robinson of WFW

Europe United Kingdom

Sulphur cap rules being enforced ‘without exception’

Port control bodies vow a ‘practical and pragmatic’ approach to enforcing the sulphur cap, saying they expect compliance

Fuels Regulation

Sludge risk may rise as bunker stream lightens

Traders are bringing in compliant, lighter fuel oil blends to Singapore — the world’s top marine fuel hub

Singapore Bunkers
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Latest From Casualty

Marine accident reports remain inadmissible in English courts

Mr Justice Teare has reaffirmed that detriment to incident investigations that might come about if MAIB reports were allowed to be used as evidence outweighs any benefit to commercial arbitration. The reports remain off-limits for commercial court disputes

United Kingdom Casualty

UK agrees treaty with US to protect Titanic wreck

The UK and US governments have passed legislation giving themselves the power to grant or deny licences authorising people entering the hull sections of Titanic

United Kingdom Casualty

Ship batteries need extra fire risk safeguards

DNV GL hopes the joint development project’s findings will help guide battery safety rules as the technology evolves

DNV GL Group International

Cosco boxship hit by blaze off India

Misdeclared or undeclared dangerous goods are thought to be the main area of suspicion relating to the blaze

Asia Pacific Containers

Turkish cargoship sees third grounding in a decade

Zelek Star was carrying cement and other goods from Greece to Israel when stormy weather forced the vessel away from its anchor point near the port of Ashdod

Middle East and Africa Casualty

IMO chief pledges to reverse casualty reporting deficit

Governments have submitted reports on less than half of the very serious casualties over the past five years. Kitack Lim tells Lloyd's List he wants to raise that to at least 80% by 2022

IMO People
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Latest From Piracy and Security

Tanker crew released after kidnap ordeal

The crew of a Greek-owned tanker have been released after being held hostage for three weeks in the west of Africa

Middle East and Africa Piracy and Security

Samudera tanker crew repel attack

Incidents have been increasing in the area, with three boardings in the Singapore Strait in January so far

Tankers and Gas Piracy and Security

West African pirates hijacking larger vessels to maximise ransom returns

West African gangs are extracting $30,000 to $50,000 per kidnapped crew member from insurance companies

Middle East and Africa Piracy and Security

South Korea to send forces to Strait of Hormuz

The expansion of the unit’s sphere of activity is to guarantee safety of South Koreans and freedom of navigation of vessels, says South Korea’s defence ministry

Tankers and Gas Piracy and Security

Tanker crew kidnapped off Togo released with one dead

The crew will be debriefed by the local authorities and then return home to their families

Tankers and Gas Piracy and Security

Gulf of Guinea accounts for more than 90% of crew kidnappings

There were 121 seafarer kidnappings in the Gulf of Guinea in 2019, which is an increase of more than 50% compared with 2018

Piracy and Security Crewing
See All

Latest From Ports and Logistics

Long Beach port director delivers upbeat view for 2020

As a result of the recent Phase One trade agreement between Washington and Beijing, the Long Beach port supremo expects that ‘more markets’ will open up as China eases tariffs on US goods. Farm and energy exports in particular can expect an increase in volumes

US States Containers

French ports hit by strike action

Container terminals at Le Havre and Marseille are under pressure from union protests as they decry the plans of President Emmanuel Macron

Europe France

Transpacific sees first contraction in a decade

Dismal final quarter leads to first decline in full-year eastbound transpacific volumes since 2009

Asia Pacific China

US west coast coal export terminal row heads to court

Montana and Wyoming may be able to count on support from the Trump administration, which favours the export of coal and backs the opening of more export facilities in the country

US States Asia Pacific

Port of Karachi bans open-loop scrubbers

The Pakistani government will force ships at the Karachi port to switch to closed-loop scrubbers or compliant fuel oil. Karachi becomes the latest in a long line of destinations to ban the technology

Regulation Environment

DP World cancels leave in fight with Australian maritime union

The union and DP World have clashed for years over automation and outsourcing

DP World Australia
See All

Latest From Environment

More banks pledge to align shipping lending to climate goals

Parker, architect of the Poseidon Principles that launched in June last year, tells Marine Money that he expects a number of Asian lenders to join in a matter of months

Finance Environment

Fafalios urges care over R&D fund scheme

GSCC leader takes IMO to task for ‘imperfect’ 2020 regulation and warns that $5bn research proposal could lead to ‘bottomless pit’

Regulation Environment

HHI signs tanker orders worth $229m

The South Korean shipbuilder expects the market to improve this year in certain segments. The improved prospects are helped in part by stricter environmental requirements in shipping 

South Korea Tankers and Gas

US west coast coal export terminal row heads to court

Montana and Wyoming may be able to count on support from the Trump administration, which favours the export of coal and backs the opening of more export facilities in the country

US States Asia Pacific

Port of Karachi bans open-loop scrubbers

The Pakistani government will force ships at the Karachi port to switch to closed-loop scrubbers or compliant fuel oil. Karachi becomes the latest in a long line of destinations to ban the technology

Regulation Environment

Sulphur cap rules being enforced ‘without exception’

Port control bodies vow a ‘practical and pragmatic’ approach to enforcing the sulphur cap, saying they expect compliance

Fuels Regulation
See All

Latest From Safety

Shell endorses carbon pricing for shipping

Well-designed carbon offsets in the early stages could enable the industry to decarbonise while developing some of the longer-term, lower-cost fuel solutions

International Tankers and Gas

Ship batteries need extra fire risk safeguards

DNV GL hopes the joint development project’s findings will help guide battery safety rules as the technology evolves

DNV GL Group International

P&O Ferries switches North Sea ratings from Portuguese to ITF contract Filipinos

‘P&O sees the recent general election result as an opportunity to profit from doubling down on seafarer exploitation on international ferry routes,’ RMT union leader charges in a letter to UK business secretary

Roro Crewing

LNG rail transport opposition could crimp US exports

Energy Transport Solutions, a subsidiary of New Fortress Energy, hopes to liquefy Pennsylvania natural gas and send it by rail to a proposed terminal on the Delaware River in New Jersey for export to the Caribbean, Mexico and Ireland

US States LNG

Gulf of Guinea accounts for more than 90% of crew kidnappings

There were 121 seafarer kidnappings in the Gulf of Guinea in 2019, which is an increase of more than 50% compared with 2018

Piracy and Security Crewing

IMO facing call to adopt HFO ban in Arctic

The US, Norway, Finland and other states are backing a heavy fuel oil ban in the Arctic, but with a five-year delay for specific ships

Arctic shipping Fuels
See All

Latest From Shipbuilding

Torm buys two LR2 newbuildings from GSI

The two vessels will be fitted with scrubbers and the potential for dual-fuel installation

Tankers and Gas Sale and Purchase

Vafias agrees $126m deal for LPG carriers

Three medium-sized fully-refrigerated LPG carriers from Hartmann Reederei will come with remaining charter periods to Geogas, Total and Mexican charterer Grup Nieto, say market sources

Tankers and Gas LPG

HHI signs tanker orders worth $229m

The South Korean shipbuilder expects the market to improve this year in certain segments. The improved prospects are helped in part by stricter environmental requirements in shipping 

South Korea Tankers and Gas

Probunkers eyes order for LNG bunkers at Hyundai Mipo

Probunkers is hopeful of proceeding to final contract discussions with the yard ‘in the next month or so’

Tankers and Gas Bunkers

Samsung could get $318m from Pacific Offshore drill ship dispute

The drill ship was ordered for $517m in 2013 and Samsung has so far only $180m in advance payments

South Korea Offshore

Ammonia-powered tanker under development

Samsung Heavy Industries, MISC, Lloyd’s Register and MAN Energy Solutions have launched an ammonia-fuelled tanker project in a decarbonisation push

Environment Technology and Innovation
See All

Latest From Technology and Innovation

The Interview: Andrew Yeoman

Insurtech Concirrus has gone from a standing start in 2016 to build a customer roster that includes some of the biggest names in marine insurance. Chief executive Andrew Yeoman explains how he came to shake up an entire sector

International Big Interview

Ammonia-powered tanker under development

Samsung Heavy Industries, MISC, Lloyd’s Register and MAN Energy Solutions have launched an ammonia-fuelled tanker project in a decarbonisation push

Environment Technology and Innovation

Climate threats take top five long-term risks, says World Economic Forum

Geopolitical turbulence is threatening our ability to tackle shared, critical long-term risks, warned World Economic Forum president Borge Brende today. The cost of inaction will be huge

United Kingdom Switzerland

Softbank deal boosts shipping technology investment

Size of venture capital investments rise as the maritime technology market matures

International Technology and Innovation

Hong Kong retains prowess as maritime centre

Decarbonisation and digitalisation emerged as major themes running through the week, while other important areas such as Hong Kong’s role within the Greater Bay Area were also discussed

Hong Kong Digitalisation

Maersk Tankers launches digital venture

Tramp vessel owners will form the key target market for a digital tool that helps to optimise vessel speed, bunker purchase and the route used

Europe Denmark
See All

Latest From Sale and Purchase

Torm buys two LR2 newbuildings from GSI

The two vessels will be fitted with scrubbers and the potential for dual-fuel installation

Tankers and Gas Sale and Purchase

Vafias agrees $126m deal for LPG carriers

Three medium-sized fully-refrigerated LPG carriers from Hartmann Reederei will come with remaining charter periods to Geogas, Total and Mexican charterer Grup Nieto, say market sources

Tankers and Gas LPG

Safe Bulkers signs sale and leaseback deal for eight ships

Safe Bulkers also entered into a three-year unsecured revolving credit facility with a $15m draw-down capacity

Safe Bulkers Dry Bulk

Contships buys two feeders and lines up further deals

The latest acquisitions, which were signed late last year, take the operation to more than 40 feeder vessels and means the fleet grew by a third in 2019

Containers Sale and Purchase

Danish Dee4 Capital hits growth mode

The Copenhagen-based company, founded by Carsten Mortensen and Freddie Lee, has added a fourth product tanker to its portfolio

Denmark Sale and Purchase

Greek owners take top S&P spot in 2019

Greek buyers outspent their rivals in all three mainstream market sectors, splashing out a total of $3.2bn on 234 units

Sale and Purchase Finance
See All
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