Category archives for: Top Stories

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 […]

UPDATE: Tanker with Kurdish Crude Dissappears from Radar

UPDATE: Tanker with Kurdish Crude Dissappears from Radar

The United Kalavrvta (formerly SCF BYRRANGA), which has been moored in international waters off Texas for more than a month, is reported to have disappeared from satellite tracking, writes Reuters. Namely, the ship, which got cleared for unloading of one million of barrels of Kurdish oil it was carrying earlier this week, is believed to had switched […]

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: […]

Container Shipping In for a Treat

Container Shipping In for a Treat

Container shipping will experience a strong demand rise triggered by the improving US economy that spurred consumer spending. According to BIMCO’s shipping market analyst, the Conference Board Consumer Confidence Index (CCI) continued to improve in August for the fourth consecutive month “as improving business conditions and robust job growth helped boost consumers’ spirits. ” Chief […]

Spiking LPG Demand Fuelling VLGC Orders

Spiking LPG Demand Fuelling VLGC Orders

A sharp rise in LPG shipping demand, particularly out of the US, is driving an ordering frenzy for very large gas carriers (VLGCs) which will increase the size of the LPG shipping fleet by over 50% over the next two years, according to the LPG Forecaster report published by shipping consultancy Drewry. The main demand […]

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.), […]

UPDATE: Operation at Long Beach Cargo Terminals Back on Track

UPDATE: Operation at Long Beach Cargo Terminals Back on Track

The Port of Long Beach resumed full cargo-handling operations on Thursday, Aug. 28, after a lessening of storm surges from Hurricane Marie that had battered south-facing piers and interrupted the loading and unloading of four vessels a day earlier. With swells down to 8 to 10 feet, from a peak of 15 feet or more […]

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 […]

Western Australia Selling Terminals to Cut Debts

Western Australia Selling Terminals to Cut Debts

The Western Australia’s State Government will among other assets sell port handling facilities in Port Hedland and Kwinana in the first round of asset sales to reduce the state’s debt levels. Announcing the projects listed for disposal, Premier Colin Barnett said the state’s priority was to reduce debt and regain the triple-A credit rating. “These […]

Northwestern Passage to Open by Early September

Northwestern Passage to Open by Early September

Large areas of sea ice still remain in the Northwestern Passage along the Canadian coast. However, based on analysis of satellite images by the Global Ice Center (GIC), ice experts at Japan-based Weathernews predict this should melt away by early September, thus opening the passage for vessels. The Northern Sea Route bordering Russia is now […]

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