SMIT Salvage has been awarded the contract to salvage both the Front Altair and the Kokuka Courageous that were attacked in the Gulf of Oman on Thursday.
Former OW Bunker executive Lars Moller, blamed for the collapse of the company, has had his jail sentence increased to five years from one and half years after an appeal by the prosecution.
Insurers and flag-states are urging extreme caution and heightened security measures for vessels sailing in the Straits of Hormuz following the attack on two tankers on Thursday.
The Middle East region's offshore market continues to demonstrate an upward trajectory, which makes it the most robust marketplace from a demand perspective - widely attributed to the significant investment plans of the Kingdom of Saudi Arabia (KSA) in the United Arab Emirates (UAE). Gregory Brown, Associate Director for Offshore, Maritime Strategies International, a maritime forecasting and strategic advisory firm, expressed confidence in the upturn despite the market being structurally challenged.
A number of Singapore’s top shipowners are ready for the transition to IMO 2020 low sulphur fuel with BW Group, Maersk Tankers, Pacific Carriers Ltd, AET, and Pacific International Lines (PIL) all named at an industry seminar on Thursday.
Oil and gas major Shell sees a growing commitment to LNG as marine fuel and bio and synthetic options would make it “a robust step” in meeting IMO CO2 targets.
The ongoing China-US trade war has hit container volumes from China to the US, with China containerised exports to US ports dropping by 6.5% in the first five months of 2019 compared to the previous corresponding period, according to data by Alphaliner.
The Baltic Dry Index (BDI) can no longer accurately reflect how the dry bulk shipping market is performing, according to a latest analysis report by Bimco.
With a total asset value of some $105bn bank financing to Greek shipping continues to contract, but at a slower rate.