This article will examine the Merchant Shipping (Masters and Seamen) Laws of 1963 to 2002 and the amendments introduced by Law 233(I)/2002 together with the repeals effected on 20/08/2013 by Ratification Law 6(III)/2012 regarding the ILO Maritime Convention 2006 in relation to earlier termination by the shipowner and/or the master of a Cyprus flag ship …
Earlier Discharge Of A Seafarer Under Cyprus Law Read More »
“Seafarers: at the core of shippingʹs future” has been selected as the World Maritime theme for 2021, reflecting a clear need to raise awareness of seafarersʹ vital role in world trade and increase their visibility. The focus on seafarers comes as the COVID-19 pandemic has placed extraordinary and unprecedented demands on seafarers. Hundreds of thousands …
2021 World Maritime theme – “Seafarers: at the core of shippingʹs future” Read More »
The composite index increased 4.2% this week and 49.7% up when compared with same period of 2019. The average composite index of the WCI, assessed by Drewry for year-to-date, is $1,726 per 40ft container, which is $313 higher than the five-year average of $1,414 per 40ft container. Drewry’s composite World Container index increased 4.2% to …
The Japanese-owned bulk carrier that ran aground off Mauritius and spilled oil over pristine waters and fragile coral reefs diverted more than 100 kilometres from a regular shipping lane, data from a maritime analysis firm showed. The MV Wakashio, owned by Nagashiki Shipping and chartered by Mitsui OSK Lines Ltd, struck a coral reef on …
Japan ship deviated from shipping lane before Mauritius impact, data shows Read More »
Operating income of USD 28.6 million (Q2 2019: USD 29.6m) EBITDA of USD 1.9m (USD 8.0m) Net result of USD -14.6m (USD 0.1m). Net result includes non-cash impairment of USD 4.9m total for the four oldest vessels in the fleet Net TCE earnings per ship of USD 6 927 per day versus BSI index of …
Belships ASA: A Challenging Quarter – Improving Outlook Ahead Read More »
By launching “A Humanitarian Ship for Lebanon” campaign, the CMA CGM Group contributes to international solidarity efforts by transporting medical equipment and essential goods and products to support the Lebanese population, following the devastating explosions that hit Beirut. “A Humanitarian Ship for Lebanon” to support French and international relief efforts The campaign will allow for …
Aurora Tankers, a wholly owned subsidiary of IMC Industrial Group (IMC), launches first of its eight newbuildings – Maritime Comity today. The remaining seven newbuildings are scheduled to be delivered from September this year and until fourth quarter of 2021. The series will be operated in the Aurora Tankers Pool, bringing the total MR fleet …
American Shipping Company ASA (“AMSC” or the “Company”) announces results for second quarter ending 30 June 2020. HIGHLIGHTS AMSC successfully closed a USD 305 million bank debt refinancing with new and existing lenders at attractive and improved terms. The new debt facilities reduce cost of capital and increase free cash flow Launched refinancing of the …
American Shipping Company ASA Reports Increased Dividend by 25% Read More »
Saga Tankers ASA (“Saga”, OSE: SAGA) reported a net asset value (NAV) of NOK 272 million end of the second quarter 2020, corresponding to NOK 1.02 per outstanding share, excluding minority interests and with Vallhall valued at book value. By the end of the second quarter, Saga had a cash balance of NOK 117 million. …
German oil and gas company Wintershall Dea, one of five western partners in the Nord Stream 2 gas pipeline project led by Russia’s Gazprom, has reportedly rejected sanctions planned by the United States. Mario Mehren; Source: Wintershall DEA According to an article by Reuters, the sanctions planned by the U.S. are aimed to discourage its …
Wintershall Dea rejects U.S. sanctions for Nord Stream 2 project Read More »
