Category archives for: Headlines

BP Found Guilty of Gross Negligence

BP Found Guilty of Gross Negligence

Four years after the Deepwater Horizon disaster in the Gulf of Mexico, energy company BP was found guilty of gross negligence and willful misconduct for its role in the spill that cost eleven people their lives. According to the ruling issued yesterday by U.S. District Judge Carl Barbier, BP Exploration & Production (BPXP) is subject to […]

StealthGas Adds Two LPG Carriers

StealthGas Adds Two LPG Carriers

StealthGas Inc., a ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, has acquired two newbuilding LPG vessels as part of its fleet expansion program. The company exercised the acquisition options with a Korean yard and the additions to the fleet consist of two 22,000 cbm semi refrigerated eco LPG […]

DryShips Scraps Bulker Quartet Order

DryShips Scraps Bulker Quartet Order

DryShips Inc., an international provider of marine transportation services for dry bulk and petroleum cargoes, through its majority owned subsidiary, Ocean Rig UDW Inc., has reached an agreement with Jiangsu Rongsheng Heavy Industries (RSHI), to cancel the newbuilding contracts for four ice-class panamax bulker vessels, in exchange for the refund of all instalments paid to […]

Norwegian Cruise Takes Over Prestige

Norwegian Cruise Takes Over Prestige

Norwegian Cruise Line Holdings Ltd., has entered into a definitive agreement to acquire Prestige Cruises International, Inc., parent company of Oceania Cruises and Regent Seven Seas Cruises, in cash and stock for a total transaction consideration of USD 3.025 billion, including the assumption of debt, the company announced in a press release. “The acquisition of […]

Interlink Invests Heavily in Bulker Fleet

Interlink Invests Heavily in Bulker Fleet

American bulk carrier owner Interlink Maritime is pursuing an aggressive fleet expansion plan comprising up to eighteen bulkers ordered at three Chinese yards. Five  39,000dwt bulker orders have been placed with Zengzhou Shipbuilding. The contract includes options for five more. The five, worth $240m, will start delivery at the end of the 2015, continuing into the middle of 2016. The quintet, […]

Thai Tanker Hijacked off Malaysia

Thai Tanker Hijacked off Malaysia

An armed pirate gang hijacked a Thai tanker off Malaysia’s east coast and siphoned its cargo of oil on Thursday, August 28, the Regional Cooperation Agreement on Combating Piracy and Armed Robbery (ReCAAP) said on Friday. According to ReCAAP, the group, comprised of six armed pirates, approached the unnamed tanker in a speedboat at approximately […]

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 […]

Another Lawsuit Fuels Qingdao Port Scandal

Another Lawsuit Fuels Qingdao Port Scandal

China’s Qingdao port is sinking further under a pile of lawsuit cases over an ongoing metals financing fraud that has resulted in over USD 1 billion of claims. The latest developments have seen Shanxi Coal International file a lawsuit against the Australian trading arm of China’s Citic Resources Holding Ltd for $89.8m plus interest and costs for […]

KKR, Borealis Hustle Nine Container Ships

KKR, Borealis Hustle Nine Container Ships

The joint venture between KKR Special Situations Group of Kohlberg Kravis Roberts & Co. L.P. (USA) and Borealis Maritime Ltd. (UK) has signed an agreement with Frankfurt-based Commerzbank to buy nine container vessels financed by the bank. USD 216 million proceeds will be used  for the redemption of loans. “This transaction is the second successful capital markets […]

Interview: Switch to Gas Needs Speeding Up

Interview: Switch to Gas Needs Speeding Up

Maritime transport is moving towards the use of gas as a prime source of energy for propulsion and power generation on board ships. As the ‘dash for gas’ takes hold worldwide, the maritime industry has a golden opportunity to leapfrog the increasingly strict regime governing emissions of harmful atmospheric pollutants, reduce the carbon footprint of […]

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