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Capesize Demand Buoys Baltic Index

File Image: A large Capesize bulker underway at sea. (CREDIT: AdobeStock / (c) Lucasz Z)

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Wednesday as demand for capesize vessels increased.   The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 26 points, or 2.88 percent, at 929 points.

Lenders Ramp up Pressure on 'Toxic' Shipping Debt

Financiers are set to take a tougher stance towards distressed shipping loans including more enforcement action to recoup funds, while capital on offer to the industry is expected to shrink further, a leading transport survey showed on Wednesday.   The global shipping sector is reeling from a near-decade-long downturn,

MSC, Maersk Work on Data Sharing after Cyber Attack

File Image: The Madrid Maersk, a 20,000+ TEU Box ship (CREDIT: HR Wallingford)

Swiss container line MSC (Mediterranean Shipping Company) is working with vessel-sharing partner Maersk to find ways to share data after a cyber attack on the Danish company, MSC said on Wednesday.   MSC said it was prepared to divert ships away from affected Maersk terminals.   "We are working

India's Largest Box Port Hit by Cyber Attack

File Image: CREDIT Trelleborg

Operations at one of three terminals at India's largest container port JNPT, near the commercial hub of Mumbai, have been disrupted by the global ransomware attack, the port said on Wednesday.   The affected terminal is operated by Danish shipping giant AP Moller-Maersk, which said on Tuesday that

Current and Former WWL Execs Accused of Price Fixing

Photo: WWL

Two former and one current executive of the shipping company Wallenius Wilhelmsen Logistics AS (WWL) have been indicted on charges of fixing the prices of some international ocean shipping, the U.S. Justice Department said on Tuesday.   Former executives Arild Iversen and Anders Boman were indicted

Telenor Expands Communication Services for DFDS

Photo: DFDS

Global maritime mobile operator Telenor Maritime said it will expand communications services for longstanding partner DFDS, deploying its connectivity platform with Premium Wi-Fi, Ka VSAT and mobile broadband backhaul for the Northern European shipping company. “We are moving fast forward into the Networked Society,

US Shale Producers Say Spending Flexibility Is Key

© denismax / Adobe Stock

U.S. shale oil producers plan to keep drilling new wells despite this month's crude price drop but expect to revisit spending should pricing remain below $45 a barrel for several months.   "We will not drill into oblivion," Tim Dove, chief executive of Pioneer Natural Resources Co, told investors on Tuesday at a J.

US Shale CEO Sees Saudi Arabia Moving to Lift Oil Prices

Saudi Arabia likely will move to boost oil prices after a recent drop in order to prop its own national finances, the chief executive of U.S. shale oil producer Pioneer Natural Resources Co said on Tuesday.   Oil prices have tumbled in recent weeks despite moves by Saudi Arabia and other members of

BW Group Completes VLCC Deliveries to DHT

Photo: BW Group

DHT Holdings, Inc. said it has taken delivery of nine VLCCs acquired from the BW Group Limited, as well as the contracts for two VLCC newbuilds due for delivery in 2018.   "The delivery of the fleet acquired from BW has been conducted in a speedy and efficient manner," DHT senior management said it a press release.

Wind Power's Big Bet: Colossal Turbines

File photo: DONG Energy

Wind farm operators are betting on a new generation of colossal turbines, which will dwarf many skyscrapers, as they seek to remain profitable after European countries phase out subsidies that have defined the green industry since the 1990s.   The world's three leading offshore wind operators - DONG Energy,

Cargotec Refinances EUR 300 mln Credit Facility

Photo: Cargotec

 Cargotec Corporation entered into an EUR 300 million multicurrency revolving credit facility with a syndicate of its six relationship banks on 26th June.    The facility carries a tenor of five years including two one-year extension options. The purpose of this facility is to refinance the existing

Dry Bulk, Tanker Newbuilds on the Rise -BIMCO

© Nightman1965 / Adobe Stock

Tanker and dry bulk vessel newbuild contracts have been signed at an increasing pace so far in 2017, with newbuild activity for the first half of 2017 surpassing the same period last year by 20 percent. According to BIMCO, 5.9 million DWT was contracted in May 2017 and 3.1 million DWT so far in June 2017,

Frontline Alters Course, Drops DHT Pursuit

Photo: DHT Holdings

CEO: Frontline will continue to expand its fleet; won't pursue M&A now, though consolidation may come later.   Oslo-listed oil tanker firm Frontline has abandoned its pursuit of New York-listed rival DHT Holdings and is not working on any alternative acquisitions, Frontline's CEO told Reuters on Monday.

Lithuania Inks U.S. LNG Supply Deal

File Image: Credit QGTC

Lithuania's state-owned gas trader Lietuvos Duju Tiekimas (LDT) said on Monday it had signed a deal to buy liquefied natural gas (LNG) directly from the United States for the first time and expects to receive a delivery in the second half of August.   The deal is with a unit of Cheniere Energy and

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