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Iran's Amirabad Port Gets Investments

Image: Ports & Maritime Organization

Iran's Amirabad port is attracting huge investments - 239 companies already committed investments, 13 of which are being under construction with 6700 billion Rials ($160mln ) worth of investment.“A new transit corridor will be formed on the axis of Amirabad - Dogharoon - Chabahar”, said

TOP Ships Gets Loan for a Tanker

Pic: TOP Ships

Top Ships, a provider of oil, petroleum products and chemicals transportation services, has concluded a financing agreement with an undisclosed Chinese financier to refinance one of its MR2 tankers.The  Greek tanker owner and operator said in a press release that the gross proceeds from the new financing amount to $25.

Alfa Laval 'confident' Despite Softening Scrubber Demand

AdobeStock / © dbvirago

Sweden's Alfa Laval reported a fall in quarterly orders on Wednesday on weaker-than-expected demand for ship exhaust cleaners and pumping systems, sending its shares sharply lower.Demand for so-called scrubbers which strip out sulphur from marine fuel has boosted the engineering group as well as

War Risk Costs Impact UAE Bunkers, Singapore benefits

File Image: AdobeStock / © Seafarer81

Shippers trying to minimise time in the Middle East after oil tanker attacks pushed up insurance costs are scaling back purchases of marine fuels from the United Arab Emirates' (UAE) Fujairah oil hub, trade sources said.Instead, they are turning primarily to Singapore, the world's top refuelling hub,

Baltic Index at 5-1/2 Year Peak as Capesize Demand Soars

file Image: CREDIT AdobeStock / © Lucasz Z

The Baltic Exchange's main sea freight index hit a five-and-a-half-year high on Monday on the back of strong demand for capesize vessels shipping iron ore.The Baltic index, which tracks rates for ships ferrying dry bulk commodities, rose 3.4%, or 63 points, to 1,928, its highest since January 2014. The index has tripled since February.

SPARK Joins OSC for $450mln Biz Incubator

Photo: Saudi Arabian Oil Co.

Saudi Aramco's King Salman Energy Park (SPARK) and Dubai-based Oilfields Supply Center Ltd. (OSC) signed an agreement to establish OSC as an anchor tenant at SPARK.OSC will develop a business incubator called the Common User Supply Base (CUSB) in collaboration with Saudi Aramco, to support the oil and gas industry in the Kingdom and the region,

MOL Sets Terms of Green Bonds

Pic: MOL

Japanese shipping major Mitsui OSK Lines (MOL), the first company in Japan to issue sustainability bonds aimed at individual investors, has revealed interest and investor details of its new JPY 20bn ($185.7 million) “sustainability bonds” to fund its latest green initiatives.The funds raised will be used for several purposes,

Piraeus Bank-AsiaPac JV on Ship Finance

Christos Megalou, CEO. Pic: Piraeus Bank Group

Greece’s largest lender by assets Piraeus Bank is eyeing a strategic partnership with a major Asian Pacific financial conglomerate that will help it provide financing to Greek shipping companies."This pioneering initiative forms part of Piraeus Bank’s continued commitment to the shipping community,

DP World to Issue $700 million in Bonds, Sukuk

file Image / Credit: DP World

Port operator DP World plans to raise at least $700 million through conventional and Islamic bond issues on Thursday, documents issued by banks involved in the deal showed.Majority owned by the Dubai government, DP World plans to issue benchmark sukuk with a 10-year maturity. Benchmark bonds are generally meant to be over $500 million.

Nakilat Profits Rise 7%

Photo: Nakilat

Nakilat said for the first half of the year ended June 30, 2019 that it achieved a net profit of $130 million compared to $122 million during the same period in 2018, an increase of 7%.Nakilat’s financial performance is driven by the acquisition of two additional Liquefied Natural Gas (LNG) carriers

Market in Focus: Containerships

© Image'in/Adobe Stock

Newbuilding UpdateThe highlight for newbuild orders in the last 12 months must certainly be HMM’s mammoth order back in September 2018. The South Korean company placed en bloc orders at three top South Korean yards for almost $3 billion in total.• eight 15,300 TEU ULCVs from Hyundai• seven 23,000 TEU ULCVs from Daewoo• five 23,

Hapag-Lloyd Adds VRS

Image:Hapag-Lloyd

German container shipping company Hapag-Lloyd has decided to implement a global vessel risk surcharge (VRS) following recent maritime incidents in the Gulf of Oman.The container line said that operating costs for its services have increased in the Middle East Gulf region as a result of tanker attacks that took place in the Strait of Hormuz.

Tallink Gets Finance for LNG Ferry

Pic: Rauma Marine Constructions

Estonian shipping company Tallink Tallink Grupp has borrowed  EUR 197.6 million to finance the new EUR 247 million LNG powered fast ferry currently under construction in Rauma Marine Constructions Oy.The loan agreement was concluded between AS Tallink Grupp subsidiary Tallink Superfast Ltd. and KfW IPEX-Bank GmbH, the shipper said.

Maersk, Major Shippers Hike Gulf-bound Box Rates

File Image: Maersk

A.P. Moller-Maersk have joined other major container shipping companies in increasing prices for sending containers into the Persian Gulf in response to the heightened risk of military conflict in the area.Attacks on two oil tankers in the Gulf of Oman last month drove up oil prices and raised concerns about a U.

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