BW LPG upbeat after strong start to year

BW LPG, the world’s largest LPG carrier owner, has taken an upbeat view of the future after delivering strong 1Q15 figures.
The company’s first-quarter net profit rose to USD57.5 million this year from USD30.8 million in 2014 on a bigger fleet and firmer rates. Revenues increased to USD167.9
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Cyber Attack Targets Tankers

By MarEx 2015-05-20 04:46:23

IT company Panda Security has released Operation Oil Tanker: The Phantom Menace, a report that details a malicious and largely unknown targeted attack on oil tankers.

First discovered by Panda Security in January 2014, the ongoing attack on oil cargos began in August 2013 and is designed to steal information and credentials for defrauding oil brokers.

Despite having been comprised by this cyber-attack, which Panda has dubbed “The Phantom Menace”, none of the dozens of affected companies have been willing to report the invasion and risk global attention for vulnerabilities in their IT security networks.

The Phantom Menace is one of the most unique attacks that PandaLabs has discovered. No antivirus engine was able to detect it when first triggered, primarily because the attackers used legitimate tools in conjunction with a number of self-made scripts to bypass any warnings that traditional anti-virus software would detect, says the company. It was only discovered when a secretary opened a nonspecific attachment to an email – a type of file that Panda Security would later identify among ten different companies in the oil and gas maritime transportation sector.

“Initially this looked like an average non-targeted attack. Once we dug deeper, though, it became clear that this was a systematic, targeted attack against a specific sector in the oil industry,” said Luis Corrons, PandaLabs Technical Director of Panda Security, and report author. “We can limit the impact of this potentially catastrophic cyber-attack, but only if the victimized companies are willing to come forward”.

In most cases, identifying the source of a cyber-attack is tremendously challenging. Once discovered, however, The Phantom Menace had a telling weak spot: the FTP connection used to send out the stolen credentials. Through the FTP connection, PandaLabs was able to identify both an email address and name.

Panda Security stands ready to identify the individual to authorities, but without any credible reports being volunteered by the alleged victims, the authorities are unable to launch their investigations or make any arrests.

Panda Security hopes the release of its report will shed light on the potential damage of The Phantom Menace and encourage companies to take the necessary steps against the perpetrator.

The report is available here.

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‘K’ Line to ship Hitachi rail cars

Japanese shipping company ‘K’ Line has signed a contract with a Hitachi subsidiary to transport rail cars that are being manufactured at the latter’s Kasado plant.
These rail cars will be loaded onto new ‘K’ Line vessels from the port of Tokuyama-Kudamatsu, near Hitachi’s Kasado plant, and will be
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UMW O&G sees tough competition ahead

Malaysia-listed offshore services provider UMW Oil and Gas Corporation expects competition for oil and gas contracts to heat up because of fewer tenders.
Rohaizad Darus, president of UMW O&G, noted there was around “30% reduction” in tendering activities for drilling contracts in the upstream oil and gas sector. This means
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Dispatches No. 245

Last Week:

11 – 15 May London, MEPC 68 session at IMO Capt. Paddy McKnight report available from: http://www.intermanager.org/category/imo-updates/

11 -12 May London, MHRA Conference , Capt. Kuba Szymanski speaking

Very interesting networking … (Read more…)

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Sainty Marine cuts overdue loan debts

Shenzhen-listed Sainty Marine and its subsidiaries have managed to cut its defaulted debts to CNY585.8 million (USD94.4 million) as of 19 May amid tight liquidity.
The company paid back CNY4.3 million of the overall overdue loans borrowed from the Bank of Nanjing on 18 May, a stock filing of Sainty
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