Tankers defy newbuildings order plunge

Newbuilding orders for all types of ships were down year on year (y/y) in March, except for tankers.
Figures compiled by Greek broker Golden Destiny showed that 46 tankers were ordered in March, up from 29 tankers in February and the 38 tankers ordered in March 2014.
In particular, Suezmax tanker

POSH’s net profit drops 99.9% y/y

Singapore-listed offshore services provider PACC Offshore Services Holdings’ (POSH’s) net profit dropped 99.9% year on year (y/y) to USD21,000 for the first quarter of 2015, compared with USD36.6 million for the first quarter of 2014.
The lower net profit was recorded despite a slight revenue

Kai Tak Cruise Terminal dredging starts

Dredging operations have started off Kai Tak Cruise Terminal, Hong Kong, a notice of Hong Kong Marine Department said.
The operations will be completed in approximately 10 months.
The dredging operations started on 29 April are within the area bounded by straight lines joining the following

TMSC holds back order for VLCCs

Wider fluctuations in the crude oil shipping market have prompted Shanghai-listed Tianjin Marine Shipping (TMSC) to hold back the order for its first four very large crude carriers (VLCCs).
The company’s management will take a prudent approach in using part of the CNY12 billion (USD2 billion) funds

Vancouver to Build New Container Terminal

By MarEx 2015-05-05 19:58:25 Port Metro Vancouver has submitted an Environmental Impact Statement for a new container terminal at Roberts Bank in Delta, B.C. on Canada’s west coast. Forecasts show demand for goods shipped in containers is growing, and it is expected container terminals on B.C.’s coast will be at capacity by the early 2020s.…


EU Ferry to Set Battery Record

By Wendy Laursen 2015-05-05 19:31:27 The European Union is funding the construction of the first mid-size 100 percent electrically powered car and passenger ferry. The ferry will be powered by the largest battery pack installed on a ferry to date. The zero-emission ferry will be powered by wind-sourced electricity, and the large battery pack will…


U.S. Approves Cuba Ferry Service

By Reuters 2015-05-05 18:25:42 The U.S. Treasury Department on Tuesday approved licenses for passenger ferry service between the United States and Cuba, a Treasury Department official told Reuters. One of the licenses was issued to Baja Ferries, part of a major shipping group with passengers and cargo operations, including on Mexico’s west coast, according to…


John A.C. Cartner on Recent Iranian Actions

By MarEx 2015-05-05 17:24:12 Maritime TV is pleased to present a special report in the Internet TV series known as “Conversations with Cartner”, a weekly video and blog discussion on maritime industry issues of the day with Shipmaster and Maritime Lawyer, Dr. John A.C. Cartner. In this 9th program in the series, Dr. Cartner provides…


VLCC Tanker Market Thriving

By Kathryn Stone 2015-05-05 16:10:20 The VLCC market is thriving as major market players announce impressive earnings for the first quarter of 2015. According to a weekly report by Poten & Partners, the VLCC market is “firing on all cylinders” and set to continue this trend into the second half of the year. So far…