Category archives for: Top Stories

Odfjell Completes LPG/Ethylene Joint Venture Agreement

Odfjell Completes LPG/Ethylene Joint Venture Agreement

Odfjell SE has finalised forming of an LPG/Ethylene shipping joint venture with Breakwater Capital and Oak Hill Advisors, L.P., first announced on May 16, 2014. In accordance with the joint venture agreement, Breakwater Capital and Oak Hill Advisors, L.P. have jointly agreed to invest approximately USD 50 million as consideration for the 50% equity interest […]

VIDEO: Dover Gets Green Light for Major Investment

VIDEO: Dover Gets Green Light for Major Investment

Dover Harbour Board has agreed to move forward on the first substantial phase of works to transform the Port of Dover through its Dover Western Docks Revival project. In what is a major part of the biggest single investment that will have ever been made by the Board in Dover and its port, tenders are […]

New VLCC Joint Venture on Horizon

New VLCC Joint Venture on Horizon

Frontline Management (Bermuda) Ltd., and Cyprus-based Tankers International LLC (TI) have started a new company named VLCC Chartering Ltd., pooling together their respective VLCC fleets in an effort to enhance flexibility and provide cargo owners with more options. The companies also hope that the new joint venture will enable them to to reduce voyage related expenses and thereby […]

Ports of Tacoma and Seattle Major Breadwinners

Ports of Tacoma and Seattle Major Breadwinners

Marine cargo operations at the U.S. ports of Seattle and Tacoma supported more than 48,000 jobs in 2013, which generated nearly USD 4.3 billion in economic activity, according to a study commissioned jointly by the two ports. This marine cargo activity produced more than USD 378 million in local and state taxes to support education, police, fire […]

Russian, Crimean Ports Given International Status

Russian, Crimean Ports Given International Status

Russian Prime Minister Dmitry Medvedev has signed a Decree which confirms the international status of all Russian ports, including those residing in the territory of the Republic of Crimea. Medvedev said that now border and customs procedures for arriving foreign vessels will be much more facilitated, eliminating the need for any additional permits and approvals. This […]

ZIM Shanghai Unloads in Long Beach

ZIM Shanghai Unloads in Long Beach

Israeli-owned containership Zim Shanghai has unloaded its cargo at the Port of Long Beach in Los Angeles, having been reverted from the Port of Oakland by pro-Palestinian protesters. The unloaded Oakland cargo in Los Angeles will most likely be trucked back up to Oakland causing additional costs to ZIM. The vessel departed Oakland on Sunday evening fully […]

UASC: Shipping Alliances Will Stifle Smaller Operators

UASC: Shipping Alliances Will Stifle Smaller Operators

John Hinge, President and CEO of United Arab Shipping Co. (UASC) believes shipping alliances will help the box markets on what he called ”a slow journey to recovery,” stabilising the freight rates along the way, the Wall Street Journal reports. UASC President has projected a bright outlook for major box shippers who have been struggling with […]

Converto Sticks with Shipping

Converto Sticks with Shipping

 Norway’s Converto Capital Fund, in which Aker ASA holds 99.8 per cent of the invested capital, has decided to remain in the shipping business and scrap the idea of an exit from American Shipping Company ASA (AMSC) through a contemplated secondary offering. The decision came after Converto gained confirmation of the future potential of AMSC and Aker […]

ICTSI Speeding Up Construction of New Facilities at Congestion-Stricken Manilla

ICTSI Speeding Up Construction of New Facilities at Congestion-Stricken Manilla

International Container Terminal Services, Inc. (ICTSI)  said today it was fast-tracking the construction of new yard facilities at the Manila International Container Terminal (MICT) and at a new 21-hectare inland container depot in Laguna. ICTSI said it is speeding up the MICT expansion and inland depot, which will jointly add more than 20 percent to […]

Car Carrier Duo Collide in Zeebrugge

Car Carrier Duo Collide in Zeebrugge

Two car carriers collided on Monday afternoon, September 29th in the Zeebrugge Pierre Vandamme lock, Belgium. Cyprus-registered car carrier Neckar Highway was heading from Grimsby bound for Malmo when it collided with Singapore-flagged Baltic Breeze. No injuries have been reported. After the accident, vehicle carrier Baltic Breeze was towed by two tugs, Smit Lion and Smit Kiwi. […]

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