Category archives for: Europe & Eurasia

Volumes up, Profit down at CMA CGM

Volumes up, Profit down at CMA CGM

The Board of Directors of CMA CGM Group, the world’s third largest container shipping company, met under the chairmanship of Jacques R. Saadé, Chairman and Chief Executive Officer, to review the financial statements for the second quarter of 2014. In the second quarter, in a market environment shaped by diverging developments in different regions: Consolidated […]

Sovcomflot Navigates Back to Black

Sovcomflot Navigates Back to Black

OAO Sovcomflot (SCF), Russia’s largest shipping company, has managed to accrue the net profit of USD 63.6 million for the first six months of 2014, a far cry from the 1H 2013 loss of USD 14.5 million, largely due to improved crude oil market dynamics during the first half of the year.  SCF’s interim report has revealed that: […]

Hyundai Mipo Scores Carrier Trio

Hyundai Mipo Scores Carrier Trio

 Hyundai Mipo Dockyard Co, a subsidiary of South Korean shipbuilding giant Hyundai Heavy Industries, has secured orders for three vessels, two liquefied petroleum gas (LPG) carriers and one asphalt carrier. The LPG order, worth USD 104.7 million, comes from the Marshall Islands-based operator StealthGas. The carriers are slated for delivery by the end of 2017. These vessels will measure […]

Sevan Drilling to Cancel Newbuild at Cosco?

Sevan Drilling to Cancel Newbuild at Cosco?

International drilling contractor Sevan Drilling may cancel its order for offshore platform “Sevan Developer” being built at China’s Cosco Shipyard, the company said in its second quarter results. “The soft ultra-deep water market resulting from the pause in spending and subsequent lack of awards from oil companies continues to delay obtaining an operating contract for […]

IHC Stocking Up on Dredgers

IHC Stocking Up on Dredgers

Royal IHC (IHC) has started constructing Easydredge 2700, the first vessel in its range of standard trailing suction hopper dredgers (TSHD),  in response to the increasing global demand for TSHDs. IHC says that the new vessel will be supplied with a “world-dredging package”, which includes bottom doors, a bow coupling and a dredging depth of 25m. […]

Hamburg Port Pioneers Onshore Power Supply for Cruise Ships

Hamburg Port Pioneers Onshore Power Supply for Cruise Ships

Hamburg Port Authority (HPA) has commissioned Siemens  as a general contractor to supply a turnkey onshore power supply system to cut  the combustion of marine fuel to supply the required electricity to all onboard systems when cruise ships are in port, which is a major contributor to local air pollution in harbours. The system, to […]

Construction of Caribbean FLNG on Course

Construction of Caribbean FLNG on Course

Antwerp-based LNG and LPG owner and operator Exmar said that the construction of the world’s first floating liquefaction unit Caribbean FLNG at Wison Heavy Industry’s shipyard in Nantong, China is progressing as planned. Start of operations is scheduled from the second half of 2015. Exmar and Pacific Rubiales ENERGY (through its affiliate Pacific Midstream Holding Corp.), […]

Dry Bulk Shipping Earnings Set for Comeback

Dry Bulk Shipping Earnings Set for Comeback

Despite weak freight rates so far this year, dry bulk shipping earnings are forecast to recover as demand for both major and minor bulk commodities rises, according to the Dry Bulk Forecaster report published by shipping consultancy Drewry. Freight rates have been depressed due to a continuing oversupply of vessel capacity, despite recent moderation in […]

Skangass Cleared for New LNG Terminal

Skangass Cleared for New LNG Terminal

The Swedish Government has granted Skangass permission to build and operate a new Terminal for LNG (Liquefied Natural Gas) within the harbour in Gävle, Sweden, the company said. Skangass aims at starting the construction work during 2015. The permission is given for a storing capacity of 30 000 m3 LNG and a handling of up […]

Atlantic Handysize Dry Market Taking an Upward Curve

Atlantic Handysize Dry Market Taking an Upward Curve

Front-haul rates for handysize fleet are increasing in the US Gulf as more grain stems come onto the market and the tonnage list is thin, Platts writes citing unnamed shipping sources. A 58,000 dwt vessel can now expect to achieve $20,000/d to take grain stems from the US Gulf Coast to China with September dates, […]

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