SRTS News

Subsea 7 has provided details of its cost reduction programme to deal with the offshore downturn caused by Covid-19 and low oil prices. The company plans to reduce its workforce of 12,000 by around 3,000 between now and the second quarter of next year. Two-thirds of the reduction will be ... read more

Former Euronav CEO Paddy Rodgers has been appointed as a non-executive director of ship management and services giant V.Group. Currently a director at Royal Museums Greenwich, Rodgers served as Euronav’s CEO for almost 20 years and shocked the industry in February 2019 when he announced he would be leaving the ... read more

DP World has announced that it has completed the early stages of integration with TradeLens, a blockchain-based digital container logistics platform, jointly developed by Maersk and IBM. The company expects the collaboration to help accelerate the digitisation of its global supply chains with an aim to connect all its 82 ... read more

RightShip will scrap its ratings system in favour of a new safety score in the biggest shake-up at the maritime risk management organisation since Martin Crawford-Brunt (pictured) took over from Warwick Norman two years ago. The launch of the new Safety Score is scheduled for September this year and has ... read more

Robert Macleod no longer needs to make a trip to Intersport to pick up a pair of trainers as VLCCs roared back into life yesterday. The Frontline boss would have been watching the plummeting rates through to yesterday with some concern, potentially limbering up for some serious exercise. Macleod had ... read more

Twelve months into her two-year tenure as the first woman president of BIMCO, the world’s largest international shipping association, Şadan Kaptanoğlu is having to restress her green priorities, something that risks being sideswiped by the Covid-19 pandemic. In the latest episode of the Maritime CEO Tech Leader Series, sponsored by ... read more

MPC Container Ships, owners of one of the fastest growing boxship fleets in the world in recent years, is opening dialogue with creditors as liquidity concerns arise. The Oslo-listed company reported a net loss of $10.7m in Q1 yesterday, and admitted that following the outbreak of Covid-19, the group is ... read more

The Export-Import Bank of Korea has increased its funding for shipbuilders from KRW3.8trn to KRW5.2trn ($419.45m). “We have increased financing for shipbuilding by KRW1.4trn to support shipbuilders and their small and medium-sized partners,” the bank said yesterday. The bank’s president Bang Moon-kyu visited Hyundai Heavy Industries in Ulsan on Tuesday ... read more

The sale and purchase market has moved sideways in the past week as volatility extended in the dry bulk market and the feeling of uncertainty is still the main resistance for owners to invest in new tonnage. Sales have mostly centred around older smaller size segments due to further discounts ... read more

Dubai Navigation is looking to clear out its tanker fleet, having just listed three 115,400 dwt LR2 tankers for sale. Brokers are circulating the 2005-built Dubai Harmony and Dubai Hope as well as the 2006-built Dubai Horizon. All the ships are currently chartered to MISC’s AET. Dubai Navigation acquired the ... read more

China Merchants Energy Shipping (CMES) has officially entered into shipbuilding contracts with China Merchants Jinling Shipyard for the construction of four 62,000 dwt multi-purpose heavylift vessels, after it announced plans to order the ships in March. The total price for the four ships is $119m and they will join the ... read more

Singapore’s First Ship Lease Trust has been awarded extensions for the two chemical tankers in its fleet. Golden Stena Baycrest Tankers has exercised options to extend the charter of 2016-built chemical tankers FSL London and FSL New York by a period of one year. FSL says the extensions are worth ... read more

Esteban Pacha, chair of the trustees of Stella Maris and a former ship’s captain, writes for Splash today on what the charity has been doing to help seafarers during the Covid-19 crisis. The 230 Stella Maris chaplains working in 300 ports in 41 countries have been supporting seafarers in many ... read more

Shipping association BIMCO is currently working on the draft for a global set of guidelines for ship hull cleaning to protect the marine environment. According to BIMCO, currently there is no common global standard for cleaning ships’ hulls to avoid transferring invasive aquatic species, nor for the potentially damaging debris ... read more

News yesterday that Pacific International Lines (PIL) is seeking a de facto state bailout has brought into sharp focus the financial viability of the container shipping industry as a whole, having made paltry profits for a decade and now faced with a historic drop in demand thanks to Covid-19. Singapore-based ... read more

The troubled state of many of the world’s boxship tonnage providers is the lead story in the May issue of Splash Extra, which launches today. According to data from Sea-Intelligence, just six carriers – Maersk, Cosco, CMA CGM, Hapag-Lloyd, Evergreen and Yang Ming – have redelivered 430,000 teu of charter ... read more

Rhode Island-based Pangaea Logistics has been crowned the best listed dry bulk company in terms of its time charter earnings (TCE) performance, according to a new report from Denmark. This marks the second year in a row the Ed Coll-led company has topped the Vesselindex Performance Report carried out by ... read more

Arne Blystad’s Songa Container is tapping shareholders and bondholders for more equity for the second time in just over two months. Despite $5m of new equity being pumped into the company in March, Songa Container has warned that due to the Covid-19 pandemic, it risked breaching the terms of a ... read more

The Suez Canal Authority might be forced to offer even greater rebates if it is not to lose more traffic with many boxships still opting to go via the Cape of Good Hope to soak up capacity and save costs. The canal authority slashed rates on May 1 in reaction ... read more

Costamare has announced the sale of the largest container vessel ever scrapped. Brokers Braemar ACM report that the 1997-built 7,403 teu will be recycled in Bangladesh having fetched a price of $323 per ldt. Alphaliner provides some background to the ship, built at Odense in Denmark, Maersk’s now defunct shipyard. ... read more