Wind turbine installation vessel business – Reprieve or a debt trap for Scorpio Bulkers?

On 3 August 2020, Scorpio Bulkers (SALT) announced the signing of a Letter of Intent (LOI) to construct a wind turbine installation vessel (WTIV), due for delivery in 2023 with the option for up to three additional vessels. The total cost of the project is expected to be in the range of USD 265-290 mn, …

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Baltic index falls for 10th session on waning demand across vessels

The Baltic Exchange’s main sea freight index that tracks rates for ships carrying dry bulk commodities fell for a tenth straight session on Tuesday, weighed down by weaker rates across vessel segments. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 59 points, or 4.2%, at 1,350 …

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V.Group and Costamare Shipping Company S.A. expand existing strategic partnership

Global ship management and marine support services provider V.Group and Costamare Shipping Company S.A. (“Costamare”) have announced they have strengthened and expanded their existing strategic partnership. The expanded strategic partnership will see V.Group providing a range of management and other marine services from Shanghai and Greece to 41 container vessels associated with Costamare Inc. and …

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Hill Dickinson welcomes casualty specialist and partner Ian Teare to London and Piraeus shipping teams

Leading maritime law firm Hill Dickinson is delighted to announce the hire of partner Ian Teare to the firm’s Marine and Trade practice with effect from January 2021. Ian joins from Wikborg Rein’s Singapore office where he has been both managing partner and led the casualty response practice for Asia. Following his return to Europe …

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Extinction Rebellion activists dump manure outside BP’s UK office accusing it of greenwashing & gaslighting

Members of global environmental movement Extinction Rebellion have dumped manure in front of BP’s offices in Aberdeen as part of its protest against the fossil fuels industry, accusing the oil major of greenwashing and gaslighting. Copyright Extinction Rebellion Extinction Rebellion Scotland on Tuesday kicked off the third week of direct action campaign Make The Connections …

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US sanctions Chinese entities over ties with IRISL

The United States is sanctioning six Chinese entities and two individuals over business relations with Iranian shipping company IRISL and its subsidiary Hafez Darya Arya Shipping Company (HDASCO). The State Department designated IRISL and IRISL’s Shanghai-based subsidiary, E-Sail Shipping Company Ltd., in June 2020 on the grounds of reported proliferation-related conduct.  IRISL has been accused …

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NZ: Near-fatal incident results in 1st enforceable undertaking for maritime industry

Maritime safety authority Maritime New Zealand has accepted an enforceable undertaking (EU) from one of New Zealand’s biggest stevedoring companies, ISO Limited, after a near-fatal incident involving one of its workers in December 2017. As informed, the EU will cost ISO Limited NZ$425,000, plus financial amends made to the victim. The stevedore, who was trying …

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