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Vopak to Invest in Rotterdam Terminal

Image: Artist impression: Vopak

 Vopak Rotterdam Botlek is investing in 63.000 cbm state-of-the-art stainless steel capacity (15 tanks) for the storage of Styrene and other hazardous chemicals.   Styrene is a vital product used in manufacturing of a wide variety of consumer goods serving markets such as packaging, construction (for example isolation) and automotive.

South Korea Eximbank Pledges Huge Loans to Shipping

Image: Export-Import Bank of Korea

 As part of the government's large-scale rescue plan for shipping sector, the Export-Import Bank of Korea  (Korea Eximbank) sets a figure for loans and guarantees to the country's shipping sector.   According to Yonhap, Korea Eximbank will funnel more than 800 billion won ($749.3 million) in shipping

Maritime UK Mulls Increased Commonwealth Trade

Lord Mountevans, Vice Chairman. Photo: Maritime UK

 Alderman The Lord Mountevans, Maritime UK Vice Chair, called for increased trade between UK and Commonwealth countries at the Commonwealth Head of Governments Meeting (CHOGM).   Maritime UK brings together the UK’s shipping, ports, services, engineering and leisure marine industries to promote the sector, influence government and drive growth.

Star Bulk Acquires 16 Ships

Photo courtesy Star Bulk

Star Bulk Carriers Corp. agreed to acquire 16 vessels from entities affiliated with Augustea Atlantica SpA and York Capital Management in an all-share transaction.  As consideration for the Vessel Acquisition, Star Bulk has agreed to issue approximately 10.5 million common shares to the sellers of the 16 vessels, equal to approximately 14.

Trump Rails Against Oil Prices, OPEC Pushes Back

© Igor Groshev / Adobe Stock

U.S. President Donald Trump accused OPEC on Friday of "artificially" boosting oil prices, drawing rebukes from some of the world's top energy exporters."Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea. Oil prices are artificially

EU Suspects Tax Fraud at China's New Gateway to Europe

© milangonda / Adobe Stock

European Union and Italian authorities are investigating suspected wide-scale tax fraud by Chinese criminal gangs importing goods via Greece’s largest port of Piraeus, a trade gateway between China and Europe, officials said.“The VAT is completely evaded, with enormous damage to the national tax authorities and to the community,

GE Profit Tops Estimates

General Electric Co posted quarterly results that topped expectations on Friday, as earnings from aviation, healthcare and transportation offset weak power and oil-and-gas profits, sending shares sharply higher. GE affirmed its forecast for 2018 earnings and cash flow, and said it expects to book

Ships Carrying US Sorghum U-turn after China Tariffs

© James Lantsbery / MarineTraffic.com

Several ships carrying cargoes of sorghum from the United States to China have changed course since Beijing slapped hefty anti-dumping deposits on U.S. imports of the grain, trade sources and a Reuters analysis of export and shipping data showed.Sorghum is a niche animal feed and a tiny slice of the

Dry Bulk: Capesize Rally Continues

© Eugene Sergeev / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, hit an over three-month high on Friday as a rally in the capesize vessel segment helped the index record its best week since August 2014.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels,

Odfjell Drilling to Expand Fleet

(Photo: Odfjell Drilling)

Offshore rig firm Odfjell Drilling plans to expand its floating rig fleet to between six and 10 from four now, it said on Friday, the latest sign of recovery in the energy industry.After cuts in exploration spending following an oil price plunge that began in 2014, energy firms are now hiring rigs as crude prices have recovered some ground.

Scrubbers 'No Silver Bullet' for Shipping -Wartsila

© Diego Cardini / Adobe Stock

Global shipping fleet must cut sulfur emissions by 2020. Wartsila received record orders for sulfur scrubbers last year. Shipping industry hopes that so-called sulfur scrubbers are a quick-fix solution to compliance with drastic emissions reduction demanded by 2020 are somewhat misguided, one of the

Panama Canal LNG Volume Soars as Global Demand Grows

On April 17, the Panama Canal transited three LNG vessels – Clean Ocean, Gaslog Gibraltar and Gaslog Hong Kong – in one day, marking a first for the waterway. (Photo: Panama Canal Authority)

The Panama Canal may carry five times as much liquefied natural gas (LNG) in 2020 as it did last year as production of the fuel expands in the United States and Asian import demand rises, the head of the canal's governing agency told Reuters.LNG volumes traversing the Canal could hit 30 million tonnes a year before the end of 2020,

Bulk Carriers: Capesize Rates Surge

© Eugene Sergeev / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, jumped 7 percent for the second straight day to a six-week high, perked up by surging capesize rates. The overall index, which factors in rates for capesize, panamax and supramax shipping vessels,

$252m Finance for LNG-Powered Tankers

Gary Walsh is a partner in the firm’s Asset Finance Group. Photo WFW

 Watson Farley & Williams (“WFW”) has advised ING Bank (“ING”), as agent, security trustee and the syndicate of lenders on the US$252m financing of the world’s first ever LNG-powered aframax tankers for leading Russian shipowner Sovcomflot Group (“SCF”).   The six 114,000dwt, ice-class vessels are being built by Hyundai Samho,

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