IMO – The International Maritime Organization

Ship recycling in Bangladesh leaps forward with third phase of key project signed

The third phase of an IMO-implemented project to enhance safe and environmentally sound ship recycling in Bangladesh has been given the go-ahead, with Norway committing approximately US$1.5 million (14 million Norwegian Kroner) to support improved ship recycling in Bangladesh.

I IMO – The International Maritime Organization

Bahri posts highest Q2 results in its history

Bahri, the world’s largest owner and operator of very large crude oil carriers (VLCCs), recorded a surge of 1,569% in its net profit for the second quarter of 2020, reaching SAR 760.61 million ($ 202.7 million).

GasLog seals $1bn refinancing

Piraeus-headquartered GasLog and GasLog Partners have secured three new loan agreements to refinance the groups debt maturities due in 2021.

Ship orders plummet to lowest level seen this century

New shipbuilding orders in the first half declined 57% to the lowest levels seen this century, according to data from Clarkson Research Services. Just 269 ships – equivalent to 5.75m cgt – were contracted in the first six months around the world, putting many yards in jeopardy of running out of business in the coming year.

Capesize Bulkers In High Demand

Ship owners have intensified their interest towards second hand dry bulk carriers, most notably Capesizes, as a result of the recent market rally. In its latest weekly report, shipbroker Allied Shipbroking said that “on the dry bulk side, a very strong week in terms of activity noted was due. The main driver was the Capesize segment, where a significant number of vessels changed hands as of late. This, however, may well be down to the mere fact that we have seen an excessive bullish trajectory in freight returns during the past month or so. Moreover, given the general improved levels in freight rates and the better sentiment, it is yet to be seen whether we will continue seeing a very vivid SnP market, with an attuned buying appetite being shared across all the main size segments. On the tanker side, a w-o-w growth in transactions was noted, with overall activity though remaining at relatively uninspiring levels for a fair period now. During the past week, we saw a fair movement only…

MSC joins Smart Maritime Network

Container shipping major Mediterranean Shipping Company (MSC) has joined the Smart Maritime Network, an industry membership group focused on increasing the compatibility, standardization, and harmonization of the technology used in the shipping industry.

When big profits look bad

Container lines have done well during the global pandemic, but are they profiteering from the crisis and can anything be done to prevent more carrier-shipper animosity?

Battery-powered, autonomous offshore wind guard vessel introduced

A consortium comprising C-Job Naval Architects, LISA, SeaZip Offshore Service, Sea Machines, MARIN, and eL-Tec elektrotechnologie has unveiled a concept design for an Autonomous Guard Vessel (AGV), to be used for surveillance of offshore wind infrastructure, from wind farms to substation platforms and cable routes.