Maritime – Page 123 – City Business News

March 18, 2019 No Responses

New LNG Carrier Begins Charter To Shell

Greece-based LNG carrier, GasLog Gladstone and GasLog Warsaw are to commence long term charter to Shell. Owner and operator, GasLog recently named the two new Samsung Heavy Industries-built ships at a ceremony on March 12. According to the company, the...

March 13, 2019 No Responses

CMA CGM To Test Sustainable Marine Biofuel

French container shipping company CMA CGM and Dutch Port of Rotterdam have joined forces with IKEA Transport & Logistics Services and the GoodShipping Program to test and scale the use of sustainable marine biofuel oil. The test will commence with...

March 11, 2019 No Responses

Container Terminal Declares $1.2B Revenue For 2018

Philippines-based port management company International Container Terminal Services (ICTSI) has increased its 2018 profit on the back of a six percent increase in TEU volume and inclusion of new terminals. Consolidated volume for 2018 rose to 9,736,621 TEUs, c...

March 10, 2019 No Responses

Hyundai Acquires Daewoo Shipbuilding Firm

South Korea’s shipbuilding group Hyundai Heavy Industries (HHI) has signed a formal deal to proceed with the acquisition of its smaller rival Daewoo Shipbuilding & Marine Engineering (DSME). The deal was inked with Korean state lender Korea Development...

March 5, 2019 No Responses

CMA CGM Explains $1.2b Cost-Cutting Plan

French shipping major CMA CGM is launching a USD 1.2 billion cost reduction plan despite record revenues seen in 2018. As informed, the company will implement “a global plan” in 2019 to improve its operational performance. CMA CGM intends to...

March 5, 2019 No Responses

Firm Invites Bids For Design Of New LNG Bunkering Vessels

Greece-based company probunkers is taking one more step towards the implementation of its LNG bunkering project by inviting stakeholders’ proposals for the design of the company’s LNG bunkering vessels (LNGBVs). As part of its new project, probunkers&nbs...

March 3, 2019 No Responses

‘LNG Sets Path To Meet Green House Gas Reduction Targets’

Liquefied natural gas (LNG) is a viable pathway to meet the International Maritime Organization’s (IMO) 2050 greenhouse gas (GHG) targets, SEA\LNG boss has said. As explained, the maritime industry has two broad but major environmental initiatives rela...

March 2, 2019 No Responses

Crane Manufacturer Acquires $62.8M Of COSCO Shares

China’s crane manufacturer Shanghai Zhenhua Heavy Industries (ZPMC) has decided to invest in compatriot shipping company COSCO Shipping Holdings by acquiring CNY 419.9 million (USD 62.8 million) worth of COSCO shares. ZPMC recently signed the share sub...

March 1, 2019 No Responses

Firm Votes $1.2B For New Vessels

Bermuda-based shipowner Ship Finance International Limited (SFL) invested USD 1.2 billion in new assets in 2018, continuing its fleet renewal efforts. As explained, these transactions added USD 1.3 billion in future contracted charter revenue. The company inte...

February 26, 2019 No Responses

Fire Destroys 34 Vessels

More than thirty vessels were burned in a major fire at Muara Baru Port in Penjaringan, Indonesia, on February 23, 2019. The incident in the subdistrict of North Jakarta affected a total of 34 vessels, according to DPKP DKI Jakarta, a regional...

February 24, 2019 No Responses

Container Carrier Declares $20.6m Revenue In 2018 Q4

United State based container carrier Matson closed the fourth quarter of 2018 with a considerably lower net income but higher revenues. For the quarter ended December 31, 2018, net income stood at USD 20.6 million, compared a net income of...

February 23, 2019 No Responses

Samsung Secures $774.9m Contract For LNG Carriers

South Korea’s Samsung Heavy Industries has clinched an order to build four liquefied natural gas (LNG) carriers. The shipbuilder received newbuilding orders from a US shipowner, SHI said in a regulatory filing without revealing further details. The shipbuild...

February 22, 2019 No Responses

A.P. Moller – Maersk Explains $8.7b Debt, 2019 Investment Agenda

For the 2018 financial year, A.P Moller-Maersk net interest-bearing debt reduced from $14.8billion to $8.7billion. Meanwhile, the company remains investment grade rated. Following the listing of Maersk Drilling through a demerger and subject to maintaini...

February 21, 2019 No Responses

DP World Acquires Pan-European Logistics Firm

Dubai-based port operator DP World has acquired the pan-European logistics company P&O Ferries for a purchase consideration of GBP 322 million (USD 421 million). The company said that the transaction implies a 2017 Enterprise Value/EBITDA valuation multipl...