The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Thursday buoyed by a rebound in rates of the larger capesize vessel segment. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 28 points, or about 1.9%, to 1,484 – its biggest …
The Commission welcomes the political agreement reached between the European Parliament and the Council that increases the maritime transport sector’s contribution to reaching the EU-wide target of reducing net greenhouse gas emissions by at least 55% by 2030, and to achieving climate neutrality in 2050. Early this morning co-legislators agreed on FuelEU Maritime – a …
Since the start of March, Capesize values have surged across all age categories, but modern tonnage has seen the largest increase. These include values for 180,000 DWT vessels rising by c. 16.38% from USD 53.05 mil to USD 61.74 mil, the highest levels since August 2022. Tomini’s purchase from Mangrove Partners of two modern Newcastlemax’s …
Berkshire Hathaway’s Charlie Munger once famously said, “Every time you hear ‘EBITDA,’ just substitute the phrase ‘bullshit earnings.’” Public shipping companies in different segments highlight different earnings metrics. Tanker and dry bulk owners focus on adjusted net income. Listed container shipping lines often highlight adjusted earnings before interest, taxes, depreciation and amortization. EBITDA has been …
How much will container lines ‘earn’ in 2023? It depends on the metric Read More »
An oil tanker runs aground off eastern China, leaking fuel into the water. Another is caught in a collision near Cuba. A third is seized in Spain for drifting out of control. These vessels were part of a “shadow” fleet of tankers carrying oil last year from countries hit by Western sanctions, according to a …
Oil spills and near misses: more ghost tankers ship sanctioned fuel Read More »
Belgian tanker shipping major Euronav has announced the results of its long-awaited special meeting of shareholders in Antwerp and the vote on resolutions submitted by the company’s top shareholders Famatown Finance Ltd and Compagnie Maritime Belge NV (CMB). Illustration; Image credit Euronav As reported earlier, CMB was seeking the dismissal of all five members of the …
Euronav reshuffles the board at special shareholders meeting Read More »
Offshore drilling contractor Vantage Drilling has disclosed its operational and financial performance for the fourth quarter and full-year 2022 while revealing its expectations that the future will bring further growth in day rates and utilisation for its fleet of rigs. Platinum Explorer drillship; Source: Vantage Drilling Vantage Drilling reported on Thursday, 23 March 2023, a …
Hoegh Gannet, a floating storage and regasification unit (FSRU) serving the Elbehafen LNG terminal in Brunsbüttel, Germany, has started supplying gas into the grid as regular operations are expected to commence in April. Image source: RWE The Elbehafen LNG terminal will be Germany’s third FSRU-based terminal following those in Wilhelmshaven and Lubmin. The FSRU Höegh Gannet arrived at …
Germany’s third floating LNG terminal gears up for regular operation Read More »
Finnish shipbuilding company Meyer Turku has started the hull assembly of the methanol-ready Mein Schiff 7, being built for TUI Cruises. Image credit: Meyer Turku Mein Schiff 7’s keel laying ceremony was celebrated on March 21, as the crane lowered the ship’s first steel block to the bottom of the dry dock. As is tradition, lucky …
Methanol-ready Mein Schiff 7 reaches hull assembly stage Read More »
Watson Farley & Williams (“WFW”) has advised Navigator Holdings (“Navigator”) on a US$200m loan agreed with a syndicate of lenders, led by ABN AMRO Bank and Nordea and including SEB and BNPP, for the financing of ten vessels. Highlighting the ever-increasing importance of the sector’s focus on achieving its ESG goals, the loan agreement notably …
WFW advises Navigator on ‘women in leadership’ linked loan Read More »
