rss icon Subscribe
desktop mobile

Legal

Suspected Pirates Apprehended off Somalia

Six suspected pirates and their vessels were detained following reported attacks on a containership and a fishing vessel off Somalia (Photo: EU NAVFOR Somalia)

Six suspected pirates were apprehended by the European Union’s antipiracy force off the coast of Somalia.   EU NAVFOR Somalia’s flagship, the Italian vessel ITS Virginio Fasan, detained six crew and their vessels following reported attacks on a 52,000 metric ton containership and a fishing vessel

Ship Operating Costs Stabilize: Drewry

© jcpjr / Adobe Stock

The cost of operating cargo ships rose marginally in 2017 following two consecutive years of falls, but ship owners should prepare for higher costs led by a spike in insurance premiums, according to the latest Ship Operating Costs Annual Review and Forecast 2017/18 report published by global shipping consultancy Drewry.

Singapore Charges Defunct Bunker Supplier, Staff

A Singapore marine fuel supplier and three executives have been charged with cheating as part of a government crackdown on short deliveries of fuel to vessels in the world's largest bunkering hub.   Vermont UM Bunkering Pte Ltd, two directors and a former bunker manager were charged with 150 counts

Liberian Registry, ICS Challenge Brazilian Court Ruling

Scott Bergeron (Photo: Liberian Registry)

The Liberian Registry, in cooperation with the International Chamber of Shipping (ICS), has succeeded in helping the holder of a Liberian mortgage to overturn a decision of the Brazilian courts which, if left uncontested, could have had serious adverse legal and economic consequences for the international shipping industry.

Moody's on Shanghai Port Tariff Cut

Image: Shanghai International Port(Group) Co.,Ltd

 Moody's Investors Service says that the announcement by China's National Development and Reform Commission (NDRC) of a cut in the handling tariff for import and export containers is credit negative for Shanghai International Port (Group) Co., Ltd (SIPG), but will not immediately affect SIPG's A1 issuer

GulfMark Sails Out of Bankruptcy

File photo: GulfMark Offshore

GulfMark Offshore, Inc. said it has completed its financial restructuring plan and emerged from bankruptcy protection under chapter 11 of the U.S. Bankruptcy Code.   The company’s court-approved reorganization plan went into effect November 14, 2017, and converts approximately $429.6 million of outstanding bonds into equity,

ESPO Supports CO2 Emissions Agreement

Eamonn O'Reilly, ESPO Chairman. Photo: European Sea Ports Organisation

 Last week, the European Parliament and the Council reached an agreement with regard to the CO2 emissions from shipping and agreed to align any EU action with the IMO timeline.    This compromise is a part of the first reading agreement on the review of the EU Emission Trading Scheme (ETS) Directive.

Diana Shipping Time Charter for Naias With Phaethon

m/v Naias. Photo: Diana Shipping Inc.

 Diana Shipping, a global shipping company specializing in the ownership of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Phaethon International Company AG, for one of its Panamax dry bulk vessels, the m/v Naias.    The gross charter rate is US$10,

Catching a Jones Act Seaman’s 'Golden Parachute'

© wanfahmy / Adobe Stock

A challenging offshore environment produces a different but equally difficult development. Will you be ready when it comes to your fleet?   Unfortunately, our industry continues to suffer due to the depressed oil prices that started in 2014. When the price of oil initially dropped, the industry’s outlook remained positive,

S&P Upgrades MOL‘s Long-term Credit Rating to BBB-

INA Offshore platform. Photo: MOL Group

 MOL Plc. has been upgraded to BBB- investment grade long-term credit and issuer rating with stable outlook by Standard and Poor’s (S&P).   S&P concluded that the upgrade to investment grade credit rating was justified by the improvement in MOL’s current and forecasted credit metrics, thanks to the

Ships 'Unseaworthy' If They Don't Meet Emissions Rules -IMO

Photo: International Maritime Organization (IMO)

Ships which do not meet cuts to the amount of sulphur they can burn in their engines risk being declared "unseaworthy", the International Maritime Organization (IMO) said on Thursday.   Shippers and refiner are not sure how they will comply with rules finalized last year which require ships worldwide to cut sulphur emissions from 3.

Dutch Court Rejects Groningen Gas Production Plan

© Peter Wollinga / Adobe Stock

The highest Dutch court on Wednesday rejected a government plan to cap production at the Groningen gas field for the next five years, ordering it to review its decision within 12 months.   In the meantime, the Council of State said production could be maintained at 21.6 billion cubic meters per year.

UK Ship Register Signs its First Unmanned Vessel

C-Worker 7. Photo: ASV Global

 The UK Ship Register has signed its first ever unmanned vessel to the flag, showing how it is adapting to the changes of the maritime industry.    ASV’s C-Worker 7 will be used for work such as subsea positioning, surveying and environmental monitoring. It can be used under direct control, semi-manned or completely unmanned.

Havila Shipping Hikes Capital

Image: Havila Shipping ASA

 Havila Shipping has made a stock exchange announcement about expected debt conversion to shares according to subscription rights issued as a part of the restructuring of the company.    The Norway-based offshore company announced about sale of vessels. The vessels were delivered to new owner on 9th and 10th November.

Maritime Apps