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NYK in ESG Index for 17th Year in a Row

 Pic: NYK

Japan's shipping giant Nippon Yusen Kaisha (NYK) has been selected for the Dow Jones Sustainability Indices (DJSI), the world's leading investment indexes for ESG (environmental, social, and governance) criteria, for a 17th straight year.The DJSI, which is a major global index for companies engaging in ESG initiatives,

Marine Cargo Insurance Market Still Not Profitable

Sean Dalton, IUMI Cargo Committee Chair: “Exposures will continue to increase for the cargo underwriter.” (Photo: IUMI)

Sean Dalton, Chair of the Cargo Committee of the International Union of Marine Insurance (IUMI) has said at the organization’s annual conference in Toronto, Canada, that there has been a 2.5 percent increase in 2018 global premiums to $16.6 billion but that this increase was largely attributable

The Poseidon Principles: De-carbonizing Global Shipping

The Poseidon Principles have been established by the Global Maritime Forum and major financial institutions as a framework within which maritime industry stakeholders will work to reduce carbon emissions.

(Photo © Adobe Stock / Paul Vinten)

The Global Maritime Forum, banking institutions and other maritime industry stakeholders have developed the Poseidon Principles, a global agreement among financial institutions with the aim of decarbonizing shipping. Named after the Greek God of the sea, the Poseidon Principles aim to reduce carbon

Australia Bans Two Bulkers Over Mariner Pay Spat

Image: Australian Maritime Safety Authority

The Australian Maritime Safety Authority (AMSA) has banned two foreign-flagged bulk carriers from Australian ports after their crews reported being underpaid.The Chinese-owned bulk carrier MV Xing Jing Hai and the Panama-flagged MV Fortune Genius were banned for 18 months and 12 months respectively.

Ports Asks EU to Focus on Port Economy

Pic: Port of Rotterdam

Antwerp and Rotterdam Port Authorities asked new European Commission (EC) and Parliament to focus on the economic significance of ports.The energy transition and digitization are the two strategic challenges facing large industrial ports. The European Union can offer port authorities and industrial

Baltic Exchange Rolls-out Opex Index

Image: Baltic Exchange

The Baltic Exchange, the a membership organisation for the maritime industry, and freight market information provider for the trading and settlement of physical and derivative contracts, has launched a new assessment to track the cost of operating vessels.Initially covering a range of dry bulk vessels,

Sovcomflot, NYK Pact on Financing 2 LNG Carriers

Photo: Sovcomflot

Russian maritime shipping company specializing in petroleum and LNG shipping Sovcomflot (SCF Group) and NYK Line have announced that they have signed a new $176 million non-recourse credit facility for eight years with three leading international banks.The banks are: Sumitomo Mitsui Banking Corp. of Japan (through its German subsidiary,

Maritime Contributes $56.8B To UK Economy

The UK maritime sector makes a major contribution to the country’s economy. (Photo© Adobe Stock / harlequin9)

A new report commissioned by Maritime UK and the UK’s Center for Economics and Business Research (CEBR) has recognized the contribution of the UK maritime sector to the country’s economy. The report notes that the sector facilitates 95 percent of all UK trade and that it is larger than both the automotive and aerospace transportation sectors,

Southampton Launches UK's 1st PEP

Associated British Ports’ Port of Southampton. Photo: ABP

The Department for Transport (DfT), in partnership with ABP’s Port of Southampton, launched UK’s first Port Economic Partnership (PEP).PEP is an innovative initiative to create stronger links between ports and Government, to maximize long-term trade and economic growth. The Partnership will

Nasdaq: Performance Shipping Out of Compliance

File Pic: Performance Shipping

Greek boxship owner Performance Shipping disclosed that it has received a noncompliance notification from the Nasdaq Stock Market.The notice was received from the regulator because the company's  closing share price was below $1.00 per share for 30 consecutive days, said the global provider

SFI Acquires Three VLCCs From Hunter Group

Bermuda-based ship-owning and ship chartering firm Ship Finance International Limited (SFL) has agreed to purchase three very large crude carriers (VLCCs) from Norwegian investment company Hunter Group. The 300,000 dwt oil tankers are currently being constructed by South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME).

Baltic Index Falls for Third Straight Day

AdobeStock / © Lucasz Z

The Baltic Exchange's main sea freight index fell on Monday for the third consecutive day, as lower demand for ships across segments eased rates.The Baltic index, which tracks rates for ships ferrying dry bulk commodities, fell 40 points, or 1.6%, to 2,442 points.The capesize index dropped 105 points, or 2.

UK Risks Losing Edge in Maritime Services

Adobestock / © magicbones

Britain's position as a top hub for maritime services is being eroded by competition, a loss of shipping finance business and the removal of tycoon-friendly tax breaks, a report said, deepening uncertainty for its financial sector as Brexit nears.The UK has been a pivotal global shipping centre for centuries,

NYSE Begins to Delist Seadrill Partners

Image: Seadrill Partners

The international offshore drilling contractor Seadrill Partners LLC announced that it has been notified by the New York Stock Exchange that trading in SeaDrill's common units on the exchange has been suspended and the procedure to delist the units has been initiated.According to the UK-based offshore deepwater drilling company,

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