Category archives for: Top Stories

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 […]

Storm Shuts Down Two Cargo Terminals at Long Beach

Storm Shuts Down Two Cargo Terminals at Long Beach

Two cargo terminals at the Port of Long Beach announced Wednesday, Aug. 27, that they were suspending vessel operations for the day because 10- to 15-foot high wave surges powered by Pacific Hurricane Marie endangered longshore workers. Total Terminals International on Pier T, with two Mediterranean Shipping Co. container ships at berth, and Crescent Terminals […]

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, […]

Bigger Ships Needed for US Ethane Boom

Bigger Ships Needed for US Ethane Boom

Lloyd’s Register has issued a report entitled Seaborne Ethane: a Report into the Commercial Need and Technical Requirements for Very Large Ethane Carriers that looks at the commercial landscape, regulatory issues and technical realities of a new trade in ethane emerging as a result of increased US gas production – and the technology required for […]

DP World’s Newly Added Capacity Bearing Fruit

DP World’s Newly Added Capacity Bearing Fruit

Global marine terminal operator DP World has recorded strong financial results from its global portfolio of marine terminals for the six months to 30 June 2014, delivering profit attributable to owners of the company before separately disclosed items of $332 million, 40.8% ahead of the first half of 2013 on a like-for-like basis. Financial highlights […]

Drillers to Favor Buying over Building?

Drillers to Favor Buying over Building?

The cyclical downturn in the offshore oil and gas-drilling market may provide an opportunity for drillers with financial flexibility to buy high-yield peers at favorable prices, rating agency Fitch Ratings said. In this environment, master limited partnerships (MLPs) may provide additional financial flexibility for corporate parents looking to acquire assets. Near-term offshore demand has moderated, […]

Deadliest Week in Mediterranean

Deadliest Week in Mediterranean

More than 300 people died while trying to make irregular sea crossings from North Africa to Europe in the past week, bringing the death toll this year from sinking vesels on the Mediterranean to almost 1,900, including some 1,600 since June, according to UNHCR. “The past few days have been the deadliest this year on […]

Much Bigger Fleet for LNG Shipping Needed in the Long Term

Much Bigger Fleet for LNG Shipping Needed in the Long Term

Continuing weak demand and excess tonnage are expected to depress LNG shipping earnings in the near term. But longer term the sector could face vessel shortages as ordering slows and liquefaction projects come on stream, according to the LNG Shipping Market Annual Review and Forecast report published by shipping consultancy Drewry. The global LNG trade fell […]

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