SRTS News

Shipowner claims that there will not be enough EU-approved ship recycling capacity following China’s exit from the international ship recycling scene at the end of this year has been rubbished by NGO Shipbreaking Platform. China, the world leader in green ship recycling, surprised the shipping industry last month announcing it ... read more

The Wall Street Journal is reporting China’s state-run shipping giant Cosco has offered a solution to American authorities to ease concerns about its takeover of Hong Kong containerline, OOCL. The $6.3bn deal is meant to go through shortly but has been held up in the US where the authorities have ... read more

Following two weeks of comparatively low activity levels, the secondhand dry bulk sale and purchase market bounced back in recent days, led by some noticeable en bloc deals. Owners appear to be getting their fleet plans in place before the summer holidays kick in. “On dry bulk, Allied Shipbroking noted ... read more

New York-listed Greek containership owner Danaos Corporation has sealed a refinancing agreement with lenders holding around $2.2bn of debt maturing at the end of this year. Danaos says the deal will strengthen its capital structure and reduce the company’s debt by around $551m. The refinancing will see a significant debt ... read more

Wilhelmsen Ship Management (WSM) continues its ambitious expansion, announcing today the opening of a new ship management office in Southampton. The new office will have an initial staff of five and kicks off with 11 vessels under management. Carl Schou, president of WSM, tells Splash that the goal is to ... read more

Daewoo Shipbuilding & Marine Engineering (DSME) of South Korea has won a deal to build an LNG carrier for John Angelicoussis’s Maran Gas Maritime. Angelicoussis, a very regular DSME client, has opted for a 173,400 cu m membrane type carrier this time. The ship will deliver in the second half ... read more

Norwegian OSV giant Solstad Farstad has sold the 2011-built anchor handling tug supply vessel . Delivery of the vessel to the new owner took place on June 20, although neither the buyer or price were revealed. Solstad Farstad said the sale of the vessel will result in a minor negative ... read more

Shenzhen Chiwan Wharf has announced plans to acquire a 38.72% stake in China Merchants Port Holdings (CMPH) for a total price of RMB24.65bn ($3.8bn). Shenzhen Chiwan will complete the deal via issuing new shares to China Merchants Investment Development (CMID), the current shareholder of CMPH. In the meantime, Shenzhen Chiwan ... read more

Greek owner Thenamaris has placed a new order at South Korea’s Hyundai Heavy Industries (HHI) for the construction of a 174,000 cu m LNG carrier. The order is the first LNG carrier order placed by the company in seven years. The vessel is scheduled for delivery in September 2020 and ... read more

CMA CGM has reached an agreement with Finland’s Container Finance to acquire containership owner and logistics firm Containerships. CMA CGM will also pick up Container Finance’s holdings in Multi-Link Terminals Ltd and CD Holding. Containerships owns a fleet of 15 vessels, with four more set for deliver over the next ... read more

UAE-based offshore drilling contractor Shelf Drilling says its upcoming IPO is oversubscribed at the minimum deal size within the indicative price range. The company is currently in the bookbuilding period for the IPO, which is expected to be launched on Oslo Stock Exchange around June 25. Shelf Drilling expects to ... read more

Cosco Shipping Specialized Carriers, the special purpose vessel unit of China Cosco Shipping, is going to deploy more than ten vessels on Arctic voyages between China and Europe this summer, the company revealed at the World Transport Convention in Beijing. Since Cosco Shipping’s MPP vessel  completed the company’s first Arctic ... read more

January 1, 2020 marks a date creating headaches for shipowners around the world as they gear up for the introduction of IMO’s global 0.5% sulphur cap. However, for one Korean carrier it is another date, three months later, that is causing consternation. Hyundai Merchant Marine (HMM), South Korea’s flagship carrier, ... read more

On March 16 2017, Hyundai Merchant Marine (HMM) inked a three-year strategic cooperation agreement with Maersk and MSC’s 2M alliance. Under that agreement, HMM increased its Basic Slot Allocation (BSA), primarily on the US West coast services and gained some financial stability due to alliance-related volumes. As all good things ... read more

Hong Kong commodity trader Noble Group has revised its restructuring proposal with the support of major shareholder Abu Dhabi-based Goldilocks Investment Company and looks set to move into the final stages of plans to form New Noble. In the revised deal, shareholders will receive an increased share of 20% of ... read more

David Galea, a partner at Ince & Co, based in Dubai, has this contribution on how to solve ‘one of the most stark and shameful realities of our industry’ with the creation of a crew abandonment benevolent fund. For the past seven years we have seen double-digit instances of crew ... read more

Deutsche Bank has confirmed earlier reports that it is selling $1bn portfolio of shipping loans to an entity owned by funds managed by Oak Hill Advisors and Varde Partners, the latest example of the huge clear out of Germany’s bloated and troubled ship finance scene. In a release, however, Deutsche ... read more

A very large ore carrier operated by Taiwan’s China Steel Corporation collided with an Evergreen post panamax containership at Kaohsiung port yesterday. Video footage of the incident shows the 206,600 dwt China Steel Innovator hit the 8,452 teu Ever Laden, which was berthed at the port, while manoeuvring. The ore ... read more

Brokers are reporting that American investment firm Mangrove Parners has headed to China for a series of newcastlemax bulkers. The 2010-founded investment vehicle has signed for two firm 208,000 dwt newcastlemaxes and two options, which are expected to be exercised soon. The firm ships are set for delivery in 2020 ... read more

Monaco-based shipping firm Dabinovic is increasing its fleet with a fifth handysize bulk carriers, acquired from Nova Marine Carriers sources tell Splash. The ship set to change hands is the 2005-built and the price reported for the deal is around $9.5m. MSI’s eValuator puts the fair market value of the ... read more