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Warnings over increased insurance costs due to piracy
Friday, 21 November 2008 13:18
The escalation of piracy activities off the coast of Somalia is threatening to greatly increase insurance costs for ships sailing along the Gulf of Aden, said insurance and maritime experts. The more than 10-fold increase in
Read more: Warnings over increased insurance costs due to piracy
Pirates and risky ransom transactions
Friday, 21 November 2008 13:02
Piracy is big business and almost certainly the biggest single business in Somalia's lawless state. The typical ransom paid is between $1m (£500,000) and $2m, and the shipowners, lacking any other means of safeguarding
Maersk will re-route some of its vessels
Friday, 21 November 2008 11:28
A.P. Moller-Maersk one of the world's biggest shipping firms, said on Thursday it was re-routing some of its huge merchant fleet to avoid the Gulf of Aden because of piracy, following the lead of Norwegian chemicals
Pirates demand $25m for supertanker
Thursday, 20 November 2008 14:19
Somali pirates who hijacked the Saudi-owned super-tanker Sirius Star today demanded $25 million in ransom and set a 10-day deadline. “We are demanding $25 million from the Saudi owners of the tanker,” said
One more PRISCO tanker was floated out
Thursday, 20 November 2008 13:50
South Korea's Hyundai Heavy Industries has launched a new 104,000-dwt oil tanker ordered by Russia's Primorsk Shipping Corporation (PRISCO), the PRISCO press office said on Wednesday. The launch ceremony
Samsung surpass 2008 orderbook target
Thursday, 20 November 2008 13:23
Samsung Heavy Industries, the world’s second largest shipbuilder, has broken its 2008 orderbook target with an order for two drillships from Brazil. SHI said the order for two drillships is worth $1.44bn sending the value of
Shipowners reduce 25% of car carrier fleet
Thursday, 20 November 2008 13:02
Up to a quarter of the world’s fleet of pure car and truck carriers could be heading for the scrapyard as shipowners take action to slash capacity in line with factory production cuts. Many of the ships used to transport vehicles were
Master in jailhouse
Thursday, 20 November 2008 10:29
The master of a chemical tanker has been jailed for two months by a UK court after pleading guilty to being in command of a ship while the alcohol limit. He will be deported on release from jail. Ukrainian master of the
MOL training ship conducts anti-piracy drill
Thursday, 20 November 2008 09:45
Mitsui O.S.K. Lines, Ltd. announced that MOL, along with the Japan Coast Guard (JCG) and other involved organizations, have conducted an anti-piracy/terrorism drill aboard the training ship SPIRIT OF MOL in the South China Sea.
Zim line to resurrect Asia-Europe service
Wednesday, 19 November 2008 15:04
Zim Integrated Shipping Services (Zim) is planning to bring back its Asia-North Europe service in late 2009 with eight 10,000 TEU vessels, a move many shipping line executives believe is unprecedented. The new service will
Maersk to lay up boxships
Wednesday, 19 November 2008 14:58
Maersk Line is “very likely” to lay up container ships in 2009 to counter the deepest market downturn in three decades. The vessels likely would be withdrawn from the market in the first half of 2009, Maersk Line Chief Executive
Hijacked bulker Great Creation released
Wednesday, 19 November 2008 13:44
The Hong Kong-flagged Great Creation, which was hijacked off Somalia on September 18, was released today. The 25 crew on board were released with the 27,383 dwt, 1998-built bulk vessel at 1000 hrs. The ship was
Sirius Star hijacking pushes up oil prices
Wednesday, 19 November 2008 13:28
News of the hijacking by Somali pirates of the 319,430 dwt Liberian-flag VLCC Sirius Star helped push up the price of crude oil yesterday. Crude prices rose 1.4% to $55.72 in New York in reaction to the pirate attack on
Indian Navy destroys suspected pirate ship
Wednesday, 19 November 2008 11:46
An Indian warship dedicated to fighting pirates destroyed a suspected pirate ship that had opened fire in the Gulf of Aden, the Indian navy said Wednesday. The attack came late Tuesday, the same day that pirates hijacked a
Somali pirates hijack three more vessels
Wednesday, 19 November 2008 11:25
The US Navy said that a cargo ship has been hijacked off the Somalia coast on Tuesday the latest in a series of attacks by pirates operating out of the war-torn African country. Navy Commander Jane Campbell of the
Sea Diamond hit reef, map error blamed
Tuesday, 18 November 2008 14:47
Map error was to blame for the sinking of the cruise ship Sea Diamond off the Greek island of Santorini last year, according to a survey. The Louis Hellenic Cruises-operated ship hit a reef and sank on 5 April 2007,
Odfjell SE avoids Gulf of Aden
Tuesday, 18 November 2008 14:36
Odfjell SE has decided that all its owned, managed and time chartered ships that normally would sail through the Gulf of Aden will be routed via the Cape of Good Hope. - We will no longer expose our crew to the risk of being
"Go to sea!" campaign launched at IMO
Tuesday, 18 November 2008 14:22
A campaign to address the global shortage of seafarers, especially officers, which threatens the very future of the international shipping industry, has been launched by the International Maritime Organization (IMO) in
Vela VLCC hijack off Kenya
Tuesday, 18 November 2008 08:16
The Vela-operated, 319,430 dwt, 2008-built Sirius Star was hijacked on Monday off Kenya by Somali pirates according to reports from the US Navy. The fully-laden Saudi-owned VLCC was attacked 450 nautical miles
Hapag-Lloyd Q3 profit off
Monday, 17 November 2008 12:18
German container line Hapag-Lloyd is on track to increase its profitability this year despite a 20% decline in its third-quarter operating results year on year, its parent group TUI has declared. TUI’s latest quarterly report said
Mundra Port to set up second dedicated automobile terminal
Monday, 17 November 2008 11:25
Developer and operator of the Mundra Port, Mundra Port & Special Economic Zone Ltd (MPSEZ), is expected to announce a partnership with Wallenius Wilhelmsen Logistics (WWL) and NYK Line to set up a dedicated
Read more: Mundra Port to set up second dedicated automobile terminal
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