With less than ten months before the IMO 2020 regulation on sulfur oxide emission goes into effect Jan 1, carriers and shippers alike are facing an 'uncomfortable uncertainty' over its potential effects on costs and freight rates as they enter the 2019-2020 trans-Pacific contracting period.
The exposure of five Philippine banks to financially distressed Hanjin Heavy Industries and Construction Co. Philippines (HHIC-Phil), which recently declared bankruptcy after it defaulted on over $400 million in loans, could put pressure on their credit ratings.Their exposure to what may well be the largest corporate default in Philippine banking history may put pressure on the credit ratings of
Mining companies must forge new ties with partners from customers to governments as they pursue innovation and compete for talent with technology giants, Rio Tinto's chief executive said in a speech to be delivered on Tuesday.The mining industry has recovered from the deep commodity crash of 2015-16, but faces headwinds from U.S.
Japanese carrier Ocean Network Express (ONE) is set to see losses spiral to $600m in its first year, says its revised consolidated business forecast for FY2018 (April 1, 2018 to March 31, 2019).The integrated container shipping operating company, which was established by Kawasaki Kisen Kaisha, Ltd., Mitsui O.S.K. Lines Ltd.
On June 22, 2018, the Office of Management and Budget (OMB) issued a federal government reorganization proposal entitled “Delivering Government Solutions in the 21st Century”. The 132-page document is subtitled ‘Reform Plan and Reorganization Recommendations’. I have not read the entire report, but I have examined those portions that relate to maritime issues.
Captain Sig Hansen has been fishing crabs in Alaska aboard the F/V Northwestern for more than 30 years. In 2005, Discovery Channel aired the documentary TV show “Deadliest Catch”, which portrays real life aboard fishing vessels in the Bering Sea. Since then, he has been one of the most charismatic characters of the globally watched TV show.
John “Jack” J. Gallagher, a maritime industry veteran and environmental services pioneer, passed away on Monday at the age of 89.Jack’s greatest professional passion was his work as a Spill Manager/Qualified Individual, a role in which he had few peers. Jack was known to be fiercely committed to doing everything morally possible to protect his clients
A Danish court on Wednesday sentenced the former manager of OW Bunker's Singapore subsidiary to 18 months in prison after he was found guilty of granting credit outside his mandate, contributing to the bankruptcy of the marine fuel oil supplier.The 2014 bankruptcy of OW Bunker, then the world's leading supplier of marine fuel oil with a 7 percent market share
In 1975, tugboats Bouchard Boys and Evening Light enter service, both at 3,900-hp. It was also during this year that Bouchard Transportation Co. formed its long-standing current relationship with Caddell Dry Dock & Repair Co.—a partnership--to this day--is still based on trust, loyalty and family heritage.
Monaco based cruise line Silversea Cruises has ordered another new ship from Italian shipbuilder Fincantieri, with delivery scheduled for the fourth quarter of 2021.The $382 million contract for the construction of luxury cruise ship Silver Dawn follows Silversea's September 2017 order for sistership Silver Moon to be delivered from Fincantieri in 2020.
The 400-MW Rampion offshore wind farm off the Sussex coast in the UK has been officially opened, said German energy company E.on SE. The offshore wind farm now generating enough green electricity for around 350,000 UK homes setting a new power record in the country.Three years of construction officially came to an end on Saturday (November 29) at a ribbon cutting ceremony for the Rampion
The Port of Rotterdam Authority has had a swarm of bees placed on the Maasvlakte in the verge next to the Stenen Baakplein. In this section of the Honey Highway, ten thousand bees will soon be collecting pollen and nectar. The goal of this initiative is the conservation of the original Dutch honey bee by reintroducing it to this region. The Honey Highway is now in full bloom.