Category archives for: Company News

VIDEO: Dover Gets Green Light for Major Investment

VIDEO: Dover Gets Green Light for Major Investment

Dover Harbour Board has agreed to move forward on the first substantial phase of works to transform the Port of Dover through its Dover Western Docks Revival project. In what is a major part of the biggest single investment that will have ever been made by the Board in Dover and its port, tenders are […]

New VLCC Joint Venture on Horizon

New VLCC Joint Venture on Horizon

Frontline Management (Bermuda) Ltd., and Cyprus-based Tankers International LLC (TI) have started a new company named VLCC Chartering Ltd., pooling together their respective VLCC fleets in an effort to enhance flexibility and provide cargo owners with more options. The companies also hope that the new joint venture will enable them to to reduce voyage related expenses and thereby […]

Pan Ocean Up for Grabs

Pan Ocean Up for Grabs

South Korea-based bulk shipper Pan Ocean Co Ltd, formerly STX Pan Ocean, has been put up for auction, Reuters reports citing a sales notice from October 1st. According to the sales notice, potential bidders will conduct due diligence during Nov 10-28, with binding bids due on Dec 11. It is expected for the bid to range […]

MOL Merges Companies

MOL Merges Companies

Mitsui O.S.K. Lines, Ltd. merged MOL Marine Consulting, Ltd. (MOLMC) and MOL Cable Ship Ltd., on October 1, 2014. The new company, called MOL Marine Co., Ltd., will continue to develop the businesses pioneered by its two predecessors. MOL says that the merger will integrate both companies’ expertise in marine technology and ship management, enabling the development […]

Swissco Doubles Rig Fleet

Swissco Doubles Rig Fleet

Singapore-headquartered Swissco Holdings Limited has completed the acquisition of four additional mobile offshore drilling units, bringing its fleet of rigs to eight. As World Maritime News previously reported, the rigs have up to two-year contracts worth about USD 94.8 million, and are being deployed in Latin America. Mr. Kelvin Tang, Group Chief Investment Officer of Swissco, said: “Our expansion […]

Five VLCCs for CMES

Five VLCCs for CMES

China Merchants Energy Shipping (CMES) has placed orders for construction of four Very Large Crude Carriers (VLCCs) with two Chinese shipbuilders worth a total of USD 390 million. Dalian Shipbuilding Industry Co (DSIC) will construct two 319,000 dwt VLCCs whereas Shanghai Waigaoqiao Shipbuilding will build the other two 318,000 dwt VLCCs. All four eco-friendly ships are expected […]

UK Ministry of Defence Awards £3.2 Billion Contracts

UK Ministry of Defence Awards £3.2 Billion Contracts

The UK Ministry of Defence has awarded £3.2 billion (USD 5.18bn) of contracts to support the management of the UK’s naval bases. The contracts will also cover the maintenance and repair of the Royal Navy’s warships and submarines. Babcock, which manages Her Majesty’s Naval Bases at Devonport and Clyde, has been awarded a £2.6 billion (USD […]

Ports of Tacoma and Seattle Major Breadwinners

Ports of Tacoma and Seattle Major Breadwinners

Marine cargo operations at the U.S. ports of Seattle and Tacoma supported more than 48,000 jobs in 2013, which generated nearly USD 4.3 billion in economic activity, according to a study commissioned jointly by the two ports. This marine cargo activity produced more than USD 378 million in local and state taxes to support education, police, fire […]

Russian, Crimean Ports Given International Status

Russian, Crimean Ports Given International Status

Russian Prime Minister Dmitry Medvedev has signed a Decree which confirms the international status of all Russian ports, including those residing in the territory of the Republic of Crimea. Medvedev said that now border and customs procedures for arriving foreign vessels will be much more facilitated, eliminating the need for any additional permits and approvals. This […]

ZIM Shanghai Unloads in Long Beach

ZIM Shanghai Unloads in Long Beach

Israeli-owned containership Zim Shanghai has unloaded its cargo at the Port of Long Beach in Los Angeles, having been reverted from the Port of Oakland by pro-Palestinian protesters. The unloaded Oakland cargo in Los Angeles will most likely be trucked back up to Oakland causing additional costs to ZIM. The vessel departed Oakland on Sunday evening fully […]

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