Rickmers Maritime sees red in 2Q15

Singapore-listed shipowner Rickmers Trust Management (Rickmers Maritime) suffered a loss of USD15.7 million for the second quarter ended 30 June 2015 from a profit of USD16 million in 2Q14.
The loss was followed by the drop in revenue, which fell 10% year-on-year to USD28.5 million in 2Q15 from

Moscow River In Flames

By MarEx 2015-08-13 10:20:12

An oil pipeline leak sparked a fire in the Moscow River. According to reports, pillars of smoke could be seen up to 10 miles away. There were no deaths, but three people, including one child, are being treated for respiratory tract issues. The pipeline is owned by the Transneft oil pipeline company.

Authorities are still investigating the cause of the fire. Rescue workers say the flames were sparked after a nearby grass fire reached the spill.

Gazprom Neft, Moscow’s state-run oil refinery, says its operations have been unaffected by the fire.


Dockworker Killed In Accident

By MarEx 2015-08-13 09:20:23

A Port of Elizabeth dockworker was struck and killed by a dock loader August 7. Judy Jones, 49, was pronounced dead at the scene by emergency response personnel. According to reports, Jones’ leg was severed in the incident and she bled to death.

Authorities say the top loader’s operator, Joe Pentangelo, had been drinking before the accident and criminal charges will be filed.

Jones worked at the Port Elizabeth for 18 years. Port Elizabeth is a major component of the Port of New York and New Jersey and is APM Terminals’ largest terminal on the east coast of North America.


Pacific Radiance profit tumbles by 88%

Singapore-listed offshore services provider, Pacific Radiance saw its profit tumble to USD3.8 million down 88% year-on-year for the second quarter ended 30 June 2015.
Revenue dropped by 29% to USD34.8 million in 2Q15 from revenue of USD48.7 million in 2Q14, while gross profit slid by 55% to USD10.1

Vard secures fishing vessel order

Vard Holdings has announced it has secured a contract worth approximately NOK60 million, to build a state of the art Gill Netter. The 34 m fishing vessel will be built at Vard’s Braila shipyard in Romania with delivery scheduled for Q316.
Ordered by Breivik AS of Floro, Norway, the Seacon SC34

Nam Cheong profit tumbles in 2Q15

Singapore-listed offshore services provider, Nam Cheong posted a profit of MYR10.5 million (USD2.6 million) for the second quarter ended 30 June 2015, lower as compared to profit of MYR63 million in 2Q14.
Similarly, the company’s revenue went down 49% to MYR192.7 million in 2Q15 from MYR378.8

Update: Tianjin terminal blast death toll rises

At least 50 people are now thought to have been killed and 700 killed in the Tianjin port explosions.
Nine firefighters died trying to contain the fire and 18 more are unaccounted for, according to the People’s Daily newspaper.
IHS Country Risk analyst David Yang pointed out that although some port operations have resumed, there was likely to be disruption affecting the Beijiang port area, given its central location.