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Bunker supplier Aegean Marine Petroleum Network Inc has launched a new bunkering operation in South Africa’s Algoa Bay near the ports of Port Elizabeth and Coega.

Shanghai Waigaoqiao Shipbuilding (SWS) and Qingdao Beihai Shipbuilding Heavy Industry have landed an order to each build four VLOCs worth a total of $680m from China Merchants Energy Shipping (CMES).

Dry bulk shipowner Pioneer Marine has cancelled five handysize newbuilding contracts with China’s Yangzhou Guoyu Shipyard, and decided to delay vessel deliveries.

In a worrying sign of the times a majority of maritime executives believe that integrity is “routinely compromised” in shipping deals, according to a live audience poll carried at the CMA Shipping 2016 conference this week.

UAE-based rig manufacturer Lamprell reported $66.5m net profit in 2015, a very healthy result although not matching the $93.2m that the company recorded in what it described as an ‘exceptional’ 2014. 

The Hong Kong shipping community is not only well informed about the challenges of the upcoming implementation of new Solas regulations for VGM (verified gross mass), but is also taking a refreshingly positive approach to the challenges ahead, according to INTTRA president and coo Inna Kuznetsova.

Pan Ocean has entered into a long term contract of affreightment (COA) with Brazil’s state mining giant Vale to ship iron ore from Brazil to the Asian region including China and Malaysia.

Sovcomflot (SCF) booked $354.5m in profit in 2015, a year-on-year increase of more than four-fold compared to $83.9m in 2014.

The asset values of dry bulk vessels could potentially sink further amid the battered market, which continues to be badly in need of more scrapping activities to clear the severe oversupply of vessel tonnage, according to Peter Sand, chief shipping analyst at Bimco.

Newly formed conglomerate China Cosco Shipping Corporation (Coscocs) has sealed a 27-year-long contract to carry iron ore for Brazil’s state-owned mining giant Vale.

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