Demand drivers and freight rates Driven by the pandemic and stimulus-induced consumer spending on retail goods, container shipping has been a great place to be for carriers and tonnage providers, while proving a headache for those with cargoes needing to be moved in a timely manner. The start of this year has been the busiest …
Container shipping: Records keep falling as industry enjoys best markets ever Read More »
Diminishing attractiveness of a career at sea, coupled with rising man-berth ratios and continued fleet growth will lead to the highest shortfall of officers to crew the world’s merchant fleet in over a decade by 2026, with important implications for both hiring and future manning cost inflation, according to the latest Manning Annual Review and …
A recent small and short spike in oil product tankers shows just how far the tanker market still has left to go on its recovery journey. LR2 earnings rose to USD 26,823 dollars per day on 26 March as the Suez Canal blockage sparked fears of reduced available tanker shipping capacity in the key export …
Tanker shipping: Temporary shocks provide little support for desperate tanker market Read More »
The Baltic exchange’s main sea freight index slipped for a sixth straight session on Wednesday due to a fall in capesize rates. The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, fell by 38 points, or 1.5%, to 2,530. The capesize index dropped 156 points, or 5.2%, …
Falling capesize rates push Baltic main index lower Read More »
Global law firm Norton Rose Fulbright has advised Taylor Maritime Investments Limited (TMI) on its initial public offering, related seed asset acquisitions of Handysize and Supramax vessels and financing. This is the first shipping IPO for several years and involved simultaneous acquisition of 17 vessels from multiple vendors. TMI raised $160million in a placing and …
Watson Farley & Williams (“WFW”) acted as English law counsel to Costamare Participations Plc (“Costamare Participations”) on the issuance and public offering of a US$120m corporate bond on the Athens Stock Exchange, guaranteed by Costamare Inc. (“Costamare”). This was the first bond issued by a shipping company to be traded on the Athens Stock Exchange. …
WFW advises Costamare on US$120m bond issuance in Greece Read More »
OKEA has awarded CCB Subsea with a five-year agreement for subsea life extension services on the Draugen field offshore Norway. In relation to OKEA’s strategy to maintain production until 2040 on Draugen, the company selected CCB Subsea as the service provider for overhaul and refurbishment of existing subsea production systems. Services will be delivered both …
CCB Subsea lands Draugen subsea life extension job Read More »
An inspection team has boarded fire-stricken X-Press Pearl earlier today in a renewed attempt to make a line connection on the bow and tow the vessel away from the coastline. The fire, which has ravaged the vessel, has finally been extinguished after an extensive firefighting operation lasting for almost two weeks, X-Press Feeders, the operator …
Salvors attempt to tow charred X-Press Pearl amid concerns over ship’s stability Read More »
The Norwegian Petroleum Directorate (NPD) has granted OMV a drilling permit for a wildcat well in the North Sea offshore Norway. The well 1/3-13 will be drilled from the Maersk Integrator jack-up drilling rig. OMV has already gained consent from Norway’s Petroleum Safety Authority (PSA) to use the Maersk Integrator rig for this well. The …
Classification society Bureau Veritas will carry out the classification process of ten all-electric ferries after signing the contract with Portuguese river passenger operator, Transtejo. As informed, the vessels are currently under construction at the Gondán Shipyard in Spain and will enter operation between 2022 and 2024. The 40m-long GRP ferries will be powered by 100% …
Bureau Veritas to class 10 all-electric ferries in Portugal Read More »
