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Algoma Cancels All Four Newbuild Contracts with Uljanik

Canadian shipping company Algoma Central Corporation has decided to cancel all four newbuild construction contracts with Croatian shipbuilder Uljanik. As World Maritime News reported, Uljanik received a contract cancellation for one Algoma ship earlier this month. Now, Algoma confirmed it will scrap the remaining vessels it has on order at Uljanik’s 3. Maj shipyard. “The [...]

By | October 15th, 2018|News|0 Comments

Port of Gothenburg Starts Building New Terminal

After years of planning and preparation, construction of an entirely new terminal in the outer area of the Port of Gothenburg has started. The 220,000 square metre terminal, scheduled for completion around 2025, will be constructed using 350,000 cubic metres of dredge spoils from the river, the Göta Älv. The first phase of the project [...]

By | October 15th, 2018|News|0 Comments

VLCC Tanker Market Retreats After Recent Rebound

VLCC Charterers took a step back last week after previously frenetic activity. In the Middle East Gulf rates peaked at WS 85 for 270,000mt to China, and then softened to low WS 80s, as owners await the November Saudi program. Going west, 280,000mt to the US Gulf was assessed at around WS 32.5 Cape/Cape. West [...]

By | October 15th, 2018|News|0 Comments

LNG shipping fleet poised for record growth

The global fleet of liquefied natural gas carriers is slated for record growth this year as LNG becomes easier to trade and U.S. exports ramp up. Shippers, traders and energy companies are expected to take delivery of more than 70 new LNG carriers in 2018, according to a report by S&P Global Platts. Fleet owners [...]

By | October 15th, 2018|News|0 Comments

The costs of greenhouse gas reduction in shipping

Who wouldn’t want to know how much reducing shipping’s greenhouse gas (GHG) emissions will all cost? It’s a buzz word (or a statement) resonating amongst stakeholders, public policy forums and private industry alike. Following the achievement made by the IMO in April in MEPC 72, which agreed to cut annual GHG emissions by ‘at least’ [...]

By | October 15th, 2018|News|0 Comments

IMO takes important step to facilitate use of methanol

An IMO sub-committee has completed draft interim guidelines for the safety of ships using methyl/ethyl alcohol as fuel, setting them on course for formal approval by the IMO’s Maritime Safety Committee (MSC) in 2020. The goal of these guidelines is to provide for safe and environmentally-friendly design, construction and operation of ships and in particular [...]

By | October 15th, 2018|News|0 Comments

Older Handy Product Tankers Could Soon be Scrapped due to IMO 2020 Rules

As the 1st of January 2020 is edging closer, the effects of the IMO 2020 rule on burning cleaner marine fuels are bound to be diverse, across all ship classes. One such case is the Handy product tanker range. In its latest weekly report, shipbroker Gibson said that “looking at the orderbook for Handysize product [...]

By | October 15th, 2018|News|0 Comments

MABUX warns bunker prices may be vulnerable amid the uncertainties on both the supply and demand side

World oil indexes rallied last week to their highest level since November 2014 supported by disruptions in the Gulf of Mexico related to Hurricane Michael. However there is downward correction on the market at the moment: API reported a major build of 9.75 million barrels of United States crude oil inventories for the week ending [...]

By | October 15th, 2018|News|0 Comments

Pacific Basin Boasts Vessel Earnings Hike

Hong Kong-listed dry bulk shipping company Pacific Basin Shipping Limited saw a significant hike in vessel earnings in the third quarter of the year. Handysize and Supramax daily time-charter equivalent (TCE) earnings were USD 10,080 and USD 12,180 per day net respectively in the third quarter, representing an improvement of 24% and 30% year-on-year. The [...]

By | October 12th, 2018|News|0 Comments