Tanker carrier Sovcomflot has signed a memorandum of understanding for a large credit facility which will be used to pay for two ice class Panamax vessels. The new ships will service a Russian oil project in the Pechora sea.
Was 2016 a final turning point for the otherwise successful tanker segment? Now the answers are revealed as to how both crude oil and product tanker carriers performed during a year which had such a promising beginning.
With the container alliance HMM + K2 Consortium, Hyundai Merchant Marine is signaling that the company eyes opportunities for growth in intra-Asia rather than on the large trade routes, says Lars Jensen from Seaintelligence consulting.
The extreme pressure in recent years on dry bulk carriers seems to be letting up, and 2018 in particular looks poised to be a turning point in all crucial aspects, concludes Fearnley Securities in a comprehensive analysis of the dry bulk market.
So why did nothing happen until Kristian Mørch took over as CEO of Odfjell? A carrier with strong roots in Bergen and a close relationship with the family behind the more than 100-year-old carrier. ShippingWatch interviews the former Clipper CEO about his first 500 days and his future plans.
The container carriers divided themselves into three major alliances during 2016, and in April these alliances will start to battle it out on the industry's key tradelane from Asia to North Europe. SeaIntel tries to pick a winner among 2M, Ocean Alliance, and The Alliance.
The European Community Shipowners' Associations, ECSA, has voiced fierce criticism toward the EU's list of approved ship recycling facilities. But the association is now taking a more positive stance, viewing the list as a means that can help ensure implementation of the Hong Kong convention.
The countries behind the agreement to reduce the oil output have so far been able to cut production by 1.5 million barrels per day. This happens while the number of active oil rigs in the US is on the rise, notes Global Risk Management.
Svitzer will more than double the number of tugs under Brazilian flag, so that the fleet will reach ten vessels by the end of the year. The Maersk Group's carrier is also expanding its Brazilian business, which has secured two new execs.