Two new parties are prepared to buy bunker company Aegean, which filed for bankruptcy protection in the US in November. The bidders are well-known shipping names, and they have offered a three-digit million dollar figure for the restructured Aegean, writes Ship&Bunker.
Weaker retail sales and lower industrial production slowed down China's economy in November. This creates a challenging basis for the country's policymakers who are set to gather next week .
China will, by all accounts, announce a new environmental initiative before long. The country is expected to surpass IMO's 2020 sulfur regulations and ban the use of open-loop scrubbers within a few years, according to estimations.
The world's biggest buyers of liquefied natural gas could quadruple demand by 2030, predicts consultancy company Wood Mackenzie in new report. Especially one country contributes to the growth.
As China's President Xi Jinping works toward a trade deal with the US, China resumed its buying of US soybeans in a move that brings some relief to US farmers.
The struggling commodity trader, once Asia's biggest, is seeking to restructure its debt through a Bermudan court using a local insolvwency process. The company's original plan failed as Singapore authorities blocked a vital element.
The next big gathering of shipping leaders in the Global Maritime Forum will take place in Singapore.
The US-based investment bank has been searching the market for a buyer for Norwegian Seven Seas Group. Wrist Ship Supply has been in play but is not interested in the competitor despite ambitious acquisition plans, according to ShippingWatch's sources.
The embattled Singapore-based commodity trader is allegedly preparing for an insolvency filing after regulators blocked a key element of its USD 3.5 billion debt, sources say.
Engine manufacturer and equipment supplier MAN Energy Solutions has developed a fuel system for vessels to sail on liquid hydrogen. The gas is one of the alternatives that can help reduce shipping's carbon footprint.
Norwegian yards have so far secured orders valued at EUR 2.37 billion, according to Norwegian media. Almost half of the figure comes from five contracts on one yard, prompting concerns.
Scrubber manufacturers are, like a number of shipping companies, preparing for more bans on the use of open-loop scrubbers, but they do not envision a global ban on the open-loop systems. The EU is monitoring developments.
A startup company is launching a test phase of a new platform based on blockchain technology which can track bunker from the oil platform to the vessel tank.
More ports will ban open-loop scrubbers, project Torm and DHT Holdings after the news that Singapore will ban ships from using open-loop systems in the port's area.
It is both disappointing and radical that the port authorities in Singapore have decided to ban open-loop scrubbers, spokesperson from the scrubber alliance Clean Shipping Alliance 2020 tells Ship & Bunker.
Scorpio is now putting a figure on the number of vessels in its fleet to be equipped with scrubbers – and how many additional units are held on option.
Approximately 60 percent of ballast water treatment systems installed on board existing vessels face problems, shows a survey among Intertanko members.
The green transition is transforming the energy market and thus also the market for transporting coal, oil and gas. According to Wood Mackenzie, the downturn in coal transport is fairly clear, while the pattern looks different for gas in particular.
It will be illegal to use open-loop scrubbers in one of the key ports in the world. Singapore's Maritime and Port Authority will from Jan. 1, 2020 ban use of the technology.
The shipping bank Maritime & Merchant, which has a number of prominent people in its ownership, has taken another step towards the expected IPO next year. It is now possible to trade the bank's stock on NOTC in Oslo.
With the push of a button a ferry sailed out of a harbor and docked at another without any human interference. Wärtsilä, the company behind the technology, calls the test "a huge step forward."
A number of insurance syndicates have closed down or significantly downscaled on marine insurance at Lloyd's of London after the British insurance giant posed them with an ultimatum. The Nordic countries are closely following the development, where there has been a turnaround in premiums following several years of decline.
It is "highly unlikely" that the US will abandon its plans to levy significantly higher tariffs on Chinese goods by the turn of the year, says US President Donald Trump only a few days ahead of a summit meeting with Chinese President Xi Jinping.
Significant legislative changes, protectionism and a frozen situation with far too many ships are just some of the challenges the shipping sector faces in the years to come. ShippingWatch delves into a new report from Danish Ship Finance.
Shipbuilders in Singapore note severe pressure from competitors backed by state support schemes and billions of dollars in subsidies. ShippingWatch has asked how two of the biggest yards handle the competition scenario.
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