Muhibbah Engineering profit up 43.6%

Malaysia-listed marine oil and gas engineering firm Muhibbah Engineering posted a profit of MYR32 million (USD8.68 million), up 43.6% year on year for the first quarter that ended on 31 March 2015.
However, its revenue suffered a dip of 7.8% to MYR363.2 million, compared with MYR393.9 million in

Busan to expand cruise terminal

South Korea’s Busan port, already the biggest transhipment port in Northeast Asia, wants to improve its cruise facilities.
In response to growing cruise passenger numbers in the region, Busan has decided to extend the 360 m long quay at its Yeongdo Cruise Pier to 435 m. Waters there are 12 m deep.

In Depth Investigation: Sage Sagittarius Deaths

By Wendy Laursen 2015-06-01 22:26:35

An Australian inquest into the deaths of two seafarers on Sage Sagittarius, the “death ship,” is underway.

Australian TV program Four Corners pieces together the fateful voyage, charting the growing fear and suspicion amongst the crew as one, then another, then another, die in mysterious circumstances.

The inquest is examining the death of Cesar Llanto, 42, one of three men from the Sage Sagittarius to die in a six weeks between August and October 2012. Llanto disappeared overboard as the vessel approached Australian waters northeast of Cairns.

The scope of the inquest also includes the death of chief engineer Hector Collado, 57, who died as a result of an 11-meter (36 foot) fall on board the bulk carrier. The third death, that of Japanese superintendent Kosaku Monji, who was crushed to death on a conveyor belt, is beyond the scope of the enquiry as it occurred when the ship was docked in Japan.


No bulkers sold for scrap as prices tank

No bulkers were sold for recycling 24 May to 30 May as cash buyers anticipate further price drops amid a deluge of such ships becoming available for sale.
With the Baltic Dry Index stubbornly hovering around 600 points, shipowners have been compelled to offload older tonnage that is not generating