Cosco Corp profit drops 82% in 1Q15

Singapore-listed Chinese shipbuilding and dry bulk shipping group Cosco Corporation Singapore (Cosco) posted a net profit of SGD4.25 million (USD3.19 million), down 82% year-on-year for the first quarter that ended 31 March 2015.
Revenue also dropped 5% to SGD990,000 in 1Q15 as compared to SGD1.04

Another tanker hijacked for fuel

In the fifth incident of its kind this year, a tanker was attacked and had its fuel siphoned off Port Dickson, Malaysia, on 2 May.
Singapore-headquartered anti-piracy watchdog, ReCAAP Information Service Centre (ReCAAP ISC) said that the Singapore-registered products tanker, Ocean Energy, departed

Osaka’s throughput tumbled in January

The Port of Osaka in western Japan saw its cargo traffic plummet 10.4% in January from a year earlier to 6.558 million tonnes, according to figures released by the Osaka municipal government on 30 April.
Of the 6.558 million tonnes, 2.914 million tonnes came from foreign trade, down 7.1% from a

New Panama Canal Toll Structure Approved

By MarEx 2015-05-03 20:10:14 The Cabinet Council of the Republic of Panama has officially approved a proposal to modify the canal tolls structure, following a recommendation from the Panama Canal Authority (ACP) Board of Directors. The accepted proposal, which modifies the pricing structure for most canal segments, will better facilitate the canal’s goal of providing…


First Carbon Air Support OSV under Construction

By Wendy Laursen 2015-05-03 19:44:09 The first carbon fiber, air supported OSV is under construction at Tuco Marine in Denmark. The project is a combination of effort from Tuco Marine, Effect Ships International (ESI) and Diab. The team is combining ESI’s air supported vessel (ASV) technology with a light-weight carbon sandwich construction. Diab is responsible…


Russia and Lithuania in Power Link Tussle

By Wendy Laursen 2015-05-03 19:29:26 The Russian navy has been accused of deliberately disrupting the construction of an undersea power cable between Lithuania and Sweden. The NordBalt cable, designed by ABB, will be the world’s longest high voltage direct current extruded cable. Once operational it is expected to significantly reduce Lithuania’s reliance on Russia for…


Spain’s ACS Wins Texas Bridge Contract

By Reuters 2015-05-03 17:05:55 Spanish construction firm ACS said it had won a $983 million contract to design and build the longest cable-stayed bridge in the United States, in Texas. ACS, which will carry out the work through two of its subsidiaries, Dragados and Flatiron, will also operate and maintain the bridge for 25 years,…


Yemen: Alliance Accused of Cluster Bomb Use

By Reuters 2015-05-03 16:58:58 The international monitoring group Human Rights Watch (HRW) said the Saudi-led coalition attacking Yemen had probably used cluster bombs which are banned by most countries. “Credible evidence indicates that the Saudi-led coalition used banned cluster munitions supplied by the United States in air strikes against Houthi forces,” HRW said in a…