• AB Klaipėdos nafta preliminary revenue for May...

    The preliminary sales revenue of the Company’s oil terminals for May 2021 comprises EUR 1.8 million and is lower by EUR 1.3 million or by 41.9 % compared to May of 2020. The preliminary sales revenue of the Company’s oil terminals for the five months of 2021 comprises EUR 8.1 million and is lower by 41.3 % compared to the same period of 2020.


  • Germany finalizes terms of financial rescue for...

    The German federal government approved a new round of financing to support the financially troubled MV Werften shipyard with operations in Wismar, Warnemunde, and Stralsund, Germany. The shipyard had been facing bankruptcy since its operations were suspended 14 months ago during the pandemic and had been contributing to the financial difficulties of its parent company Genting Hong Kong. The shipyard had received a series of bridge loans starting last fall to continue limited operations.


  • EU needs to invest $8B in port infrastructure to...

    Europe’s ports must play a critical role if the European Union is going to achieve its ambitious goals for wind power generation. According to a new report released by WindEurope, Europe’s ports must expand and add new infrastructure to support the development of offshore wind. 


  • China’s COSCO hopes for Greek deal on Piraeus...

    Chinese shipping group COSCO hopes to reach a deal with the Greek government to complete the purchase of an extra stake in Piraeus, despite running out of time to fulfil a key condition, a top official at the port said.


  • WFW advises BPER Banca, CDP, Banca Popolare di...

    Watson Farley & Williams (“WFW”) has advised a consortium of banks comprising BPER Banca S.p.A., Cassa Depositi e Prestiti S.p.A. (”CDP”), Banca Popolare di Sondrio S.c.p.A. and SACE S.p.A., as lenders on a €31.5m loan to Fratelli Cosulich LNG S.r.l. (“Fratelli Cosulich”) to finance the construction of an 8,200mc gas carrier for the supply of LNG bunkering services.


  • Nordic Shipholding: Excessive tonnage hurts first...

    The first quarter of this year saw the Group performed poorly as the Time Charter Equivalent (“TCE”) rates were largely depressed due to low tonnage demand caused by the COVID-19 pandemic coupled with excessive tonnage in the market. As a result, the average daily TCE rate earned in Q1 2021 by the five vessels was 61% lower than the average daily TCE rate earned in Q1 2020.


  • Belships ASA expects solid fundamentals to...

    Time charter earnings per ship in the quarter were recorded at USD 12 162 net per day versus BSI index of USD 16 140 net per day for the same period. The inherent lag in our business means that when the spot markets fall, our outperformance will tend to be higher. Conversely, when the market rises rapidly our performance will tend to lag on a short-term basis.


  • ADNOC awards $744 million contract for full field...

    The Abu Dhabi National Oil Company (ADNOC) announced today, the award of a $744 million (AED2.73 billion) contract for the full field development of the Belbazem Offshore Block, underscoring its drive to unlock and maximize value from all of Abu Dhabi’s fields as it expands its oil production capacity to 5 million barrels per day (mmbpd) by 2030. Located 120 kilometers northwest of Abu Dhabi city, the Belbazem Block consists of three so-called marginal offshore fields; Belbazem, Umm Al Salsal, and Umm Al Dholou.


Seaspan Raises $750M in "Blue" Bonds After Giant LNG-Boxship Orders

The non-operating container ship owner Seaspan Corporation announced Wednesday that it has raised $750 million in "blue"-branded bonds, up 50 percent from a planned $500 million issuance. The funds will be used for sustainability-linked purposes in line with a previously-released "blue transition bond framework," which names LNG as the transition fuel of choice for the short to medium term. 


Extra Container Capacity Antwerp to receive European funding

The European funding programme Connecting Europe Facility (CEF), which supports projects that have a significant positive impact on the European transport network, is to award funding of €10.91 million to the complex project Extra Container Capacity Antwerp (ECA). By awarding funding to this project, Europe is not only underlining the importance of the port of Antwerp as a major European hub that forms part a global network, but also of the corresponding need for future-proof infrastructure. This European support will be used to carry out detailed studies to identify the most sustainable solution, in order to create a supported project that reconciles the needs of the economy, the environment and our climate.


ShipMoney Introduces Money Transfer Scheduler

Maritime Payment Solutions, LLC (d/b/a ShipMoney), a global provider of digital payment solutions for maritime companies, has launched the ShipMoney Money Transfer Scheduler. This new feature allows seafarers to preschedule automated transfers from their ShipMoney cards to bank accounts, companion cards, as well as for cash pickup via MoneyGram, TransFast and soon, Western Union.


Extreme spot rates heading for $20,000

In April’s Logistics Executive Briefing, Drewry flagged the issue of “extreme freight rates” and predicted that spot rates would continue to increase. Three months on, spot rates have jumped by another 70% or so and we expect rates to get close to $20,000 on some lanes.