Category archives for: Headlines

COSCO Orders Ten Bulkers

COSCO Orders Ten Bulkers

Prosperity Investment, a wholly-owned subsidiary of China COSCO, has placed an order for eight new bulk carriers at China Shipbuilding Trading and Chengxi Shipyard. In addition, COSCO has placed another order with Shanhaiguan Shipbuilding for two bulk carriers.   The combined budget for all ten newbuilds is approximately $263m. China Shipbuilding Trading and Chengxi Shipyard will build […]

Maersk, MSC Establish Ten-Year VSA

Maersk, MSC Establish Ten-Year VSA

Maersk Line and Mediterranean Shipping Company (MSC) have signed a 10 year Vessel Sharing Agreement (VSA) on the Asia-Europe, Transatlantic and Transpacific trades.   The VSA will be referred to as 2M, and it replaces all existing VSAs and slot purchase agreements that Maersk Line has in these trades.  The VSA will include 185 vessels with an estimated […]

Concordia’s Refloating Starts on Monday

Concordia’s Refloating Starts on Monday

The long awaited Concordia refloating operation is set to go ahead starting on Monday, July 14th, the salvage team confirmed on Wednesday.   As was the case for parbuckling, commencement of the operation is subject to authorization from the Observatory and also depends on the weather forecast over the next few days. Therefore, the final […]

Interview: JMU’s Contra Rotating Propellers Cut Fuel Consumption

Interview: JMU’s Contra Rotating Propellers Cut Fuel Consumption

With the climate in the shipping industry as competitive as ever, the shipowners look favourably on any breakthrough that could lead to cutting shipping costs.   That is why Japan Marine United Corporation’s (JMU) innovative fuel-saving Contra Rotating Propeller System (CRP) has made waves within the shipping community. This technology, which was developed independently by […]

MOL, DSME Pen Yamal LNG Carriers Deal

MOL, DSME Pen Yamal LNG Carriers Deal

TOKYO-Mitsui O.S.K. Lines, Ltd. today announced that joint venture companies between MOL and China Shipping Company, concluded and signed shipbuilding contracts with Daewoo Shipbuilding & Marine Engineering Co., Ltd. in Korea to build three ice class LNG carriers.   These ice class carriers are intended for Yamal LNG project, which is currently Russian’s most strategic […]

EURONAV Resumes Its Shopping Spree

EURONAV Resumes Its Shopping Spree

Crude tanker company EURONAV is further strengthening its fleet capacity and this time with a deal to purchase four modern Japanese built VLCC vessels worth USD 342 million.   The vessels are on average 3 years old. As explained by the company, the transaction allows EURONAV to expand its existing fleet with an ‘en bloc’ […]

Ukraine to Close Crimean Ports

Ukraine to Close Crimean Ports

Ukraine shall close the ports located on the territory of the Autonomous Republic of Crimea for international shipping, the Ukrainian Government said this morning.   The decision on closing relates to the ports Evpatoria, Kerch, Sevastopol, Feodosia, Yalta and Sevastopol. The move stems from a corresponding decree issued on June 16th, 2014  “On closing of […]

Top News of the Week June 30th-July 4th

Top News of the Week June 30th-July 4th

How Many Containers Have Shippers Lost at Sea? The World Shipping Council (WSC) estimates in its report on containers lost at sea that for the combined six year period from 2008 to 2013, there were 546 containers lost on average each year. VIDEO: Prelude – Revolution in Natural Gas Production Shell is building the world’s […]

BG Group Orders Big in China

BG Group Orders Big in China

BG Group and the investor of Queensland Curtis LNG Project have contracted Hudong-Zhonghua Shipbuilding Co., Ltd. to build four LNG carriers plus two options.   With GTT No.96 E-2 membrane-type cargo tanks, these 174,000 m3 vessels are 290m in length, 46.95m in breath and 26.25m in depth (moulded). The vessels can be operated at a service […]

VIDEO: Countdown Begins for Concordia’s Refloating

VIDEO: Countdown Begins for Concordia’s Refloating

Installation of the last sponson, P1, on the port side of the wreck of the cruise ship Costa Concordia was completed as planned yesterday afternoon.   Now, ahead of authorization from the Monitoring Observatory, technicians can start to test all the systems for the final refloating of the Concordia. ” we can start the countdown […]

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