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StealthGas Achieves High Revenue

Photo: StealthGas Inc

 StealthGas, ship-owning company primarily serving the liquefied petroleum gas (LPG) sector of the international shipping industry, registered  an operational utilization of 97.3% in Q1 2017 (91.1% in Q1 2016), best performance since the beginning of 2014.   Revenues for the three months ended March 31, 2017 amounted to $38.

Global Shipping Regulations for a Level Playing Field

IMO Secretary-General Kitack Lim (left) with EMSA Executive Director, Markku Mylly (right). Photo:  International Maritime Organization (IMO)

 The relationship between global shipping regulation, through  International Maritime Organization (IMO), and regional implementation can be strong and very effective.    This was the message from IMO Secretary-General Kitack Lim, speaking at the European Maritime Safety Agency (EMSA) in Lisbon, Portugal (24 May).

California Pushes Ahead on Ballast Water Compliance

Photo courtesy MEA-nl

California State Lands Commission moving ahead with ballast water compliance protocols   We are quickly approaching September 8, 2017, the date when the International Ballast Water Convention will enter into force requiring ships to manage their ballast water using methods to remove or render harmless

U.S. Warship Challenges Beijing in South China Sea

The USS Dewey underway in the South China Sea (CREDIT: PO3 Kryzentia Weiermann)

A U.S. Navy warship sailed within 12 nautical miles of an artificial island built up by China in the South China Sea, U.S. officials said on Wednesday, the first such challenge to Beijing in the strategic waterway since U.S. President Donald Trump took office.   The officials, speaking on condition of anonymity,

Hapag-Lloyd, UASC Complete Merger

Photo: UASC

 Hapag-Lloyd and United Arab Shipping Company (UASC) merged yesterday (May 25, 2017). The merger between the two liner shipping companies was completed in Hamburg.    With 230 vessels and a shared fleet capacity of approximately 1.6 million TEU, Hapag-Lloyd is the fifth-largest liner shipping company in the world.

Scorpio Tankers Merges with Navig8 Product Tankers

Photo: Scorpio Tankers Inc

 Scorpio Tankers has entered into definitive agreements to merge with Navig8 Product Tankers  and acquire Navig8’s 27 operating product tankers.   Subject to the terms and conditions of these agreements, Scorpio will acquire four LR1 tankers prior to the closing of the Merger (the LR1 Vessel Acquisitions)

Panama Frees Vessel Held in Western Sahara Claim

Panama authorities have released a Moroccan phosphate shipment from the disputed Western Sahara territory after it was temporarily held by a legal challenge from the Polisario independence movement, officials said on Monday.   The vessel was held on May 18 and is the second tanker carrying phosphate

Subchapter M Survey Reports

© Adam Parent / Adobe Stock

The advent of the subchapter M towboat rules – even though the bulk of the rules don’t come into effect until July of 2018 – requires a close look at your equipment. How you go about that important task will make all the difference.   Towing vessels should be surveyed for Subchapter M regulatory compliance,

Pacific Radiance, Allianz JV in Middle East

Photo: Pacific Radiance Group

 Crest Offshore Marine (COM), the wholly owned subsidiary of Pacific Radiance, has entered into a Joint Venture (JV) Agreement  with Allianz Offshore Middle East (AOME).  According to JV agreement, both companies are jointly incorporating a company in Singapore known as Allianz Radiance (ARPL). ARPL has been incorporated on the same date.

Marco Polo Seeks Protection from Creditors

Photo: Marco Polo Marine Ltd

 The Board of Directors of Marco Polo Marine informed that PT Marcopolo Shipyard (PTMS), has filed an application to place itself under a Penundaan Kewajiban Pembayaran Utang (PKPU) suspension of debt payment plan in accordance with Law on Bankruptcy and Suspension of Debt Payment.   On 18 May 2017

Gulf Navigation Sails to Profit

Photo: Gulf Navigation Holding

 Dubai-based shipping company Gulf Navigation Holding  has reported a 39% growth in net profit at the end of the first quarter of 2017 compared to the same period in 2016.    The result came at a stage while the company is witnessing a significant improvement in its performance, successful settlement

McDermott, Saudi Aramco Sign MoU

Logo: McDermott International

 McDermott International has signed another memorandum of understanding (MOU) with Saudi Aramco to expand and develop the company’s physical and human capital within Saudi Arabia as part of Aramco’s In-Kingdom Total Value Add (IKTVA) initiative.   The MOU was signed as part of the first ever Saudi-U.

Dynagas Closes USD 480mln Term Loan B

Photo: Dynagas

 Dynagas LNG Partners, an international owner and operator of liquefied natural gas (LNG) carriers, announced  the closing of a USD 480 million Senior Secured Term Loan B facility (the "Term Loan B") by its wholly-owned subsidiary, Arctic LNG Carriers Ltd.   The Term Loan B is secured by, among other collateral,

AWO Welcomes CVIDA Inclusion in Coast Guard Authorization Bill

Tom Allegretti (Photo: AWO)

The American Waterways Operators (AWO) said it welcomes the inclusion of the Commercial Vessel Incidental Discharge Act (CVIDA) and the recapitalization of the aging fleet of inland waterway tenders as part of the FY 2018 Coast Guard Reauthorization Act, which was approved today by the Senate Committee on Commerce,

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