10,000 TEU Vessel Delivered to Seaspan
Seaspan Corporation said it has accepted delivery of the CMA CGM Cochin, a 10,000 TEU containership that will commence a fixed rate time charter with CMA CGM S.A. for a three year term with an option to extend for an additional three years.The new containership, which was constructed at Jiangsu Yangzi Xinfu Shipbuilding Co., Ltd. and Jiangsu New Yangzi Shipbuilding Co., Ltd., is the second in a series of four 10,000 TEU vessels under time charter to CMA CGM that are scheduled to deliver in the first half of 2018.
Colombo Dockyard to Build Two Vessels for Iraq
The leader of Shipbuilding Industry in Sri Lanka Colombo Dockyard PLC (CDPLC) has successfully secured a contract with Toyota Tsusho Corporation (TTC) of Japan to build two vessels; Pilot Station Vessel and Buoy Tender Vessel, for General Company for Port of Iraq (GCPI). TTC and GCPI signed the Prime Contract on 27th April 2018 in Dubai. Subsequent to the signing of the Prime Contract, TTC signed the Sub Contract Agreement with CDPLC as TTC’s preferred Shipyard for the construction of these vessels on 2nd May 2018 in Japan.
Kongsberg Norcontrol Pact with Norwegian Coastal Administration
Kongsberg Norcontrol has signed a framework agreement with the Norwegian Coastal Administration for delivery, operations and maintenance of radars to the maritime traffic service. The agreement has a potential total value of up to NOK 250 million and a duration of up to eleven years. This is amongst the largest framework agreements the Norwegian Coastal Administration has entered into with a single supplier. "The Ministry of Transport and Communications has assigned us to expand the service area for our maritime traffic service…
Cress Systems Helps Container Terminals
Cress Systems helps container terminals reduce fuel bills, emissions and power peaks with ProwESS energy storage for rubber-tyred gantry cranes (RTGs). New technology allows container ports and terminals to capture, store and reuse energy from container yard handling equipment to reduce fuel cost and emissions and better manage peak electricity demands. Following a successful proof of concept trial at the UK Port of Felixstowe, Cress Systems is pleased to announce the commercial release of its ProwESS energy capture, storage and reuse system for container terminal yard handling equipment.
Maersk's Damco Leases Logistics Center in Los Angeles
Damco, a part of Denmark's A. P. Moller-Maersk, has agreed with Goodman Group on a 10-year lease of a one million square feet logistics center in Los Angeles, the two companies said in a joint statement on Monday.Damco will occupy 100 percent of the space at Goodman Gateway Santa Fe Springs, a six building logistics campus set over 75 acres including 18 acres of trailer parking.The facility is located within the Los Angeles industrial market.
Kalmar Contracted for Automation Retrofit of Two Kalmar RTGs
Kalmar, part of Cargotec, said it has been awarded a contract for the automation retrofit of two Kalmar rubber-tyred gantry cranes (RTGs) by Borg Havn IKS, Norway.The order, which also includes a one-year maintenance and support agreement for the automation software, was booked in Cargotec's 2017 fourth quarter order intake. The project is scheduled to be completed during Q4 of 2018.Borg Havn is a marine terminal located in Fredrikstad, southeast Norway. The terminal has an annual throughput capacity of approximately 150…
Gunvor, Oceangold and Maas Capital Form Tanker JV
A new ship holding company has been formed through a joint venture agreement between physical energy trader Gunvor Group, ship management company Oceangold Tankers and investor Maas Capital.The three partners hold an equal share in the new company, ClearOcean Tankers, which has been incorporated in Cyprus.The new joint venture company has entered into shipbuilding contracts for six vessels from South Korean shipyards, including four MR2 product tankers from STX Offshore & Shipbuilding Co. and two LR2 product tankers from Daehan Shipbuilding Co.
Diana Containerships to Sell Post-Panamax Vessel
Ship owner Diana Containerships Inc. announced it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to sell to an unaffiliated third party the 2009-built vessel Hamburg, with delivery to the buyer latest by July 31, 2018, for a sale price of $21 million before commissions.Net proceeds from the sale of the vessel are expected to be used by the company to prepay part of the existing indebtedness.Upon completion of the sale, Diana Containerships Inc.’s fleet will consist of five container vessels, including three Post-Panamax and two Panamax ships.
MOL Logistics Signs Pact with Al Madina Logistics in Oman
Mitsui O.S.K. Lines (MOL) announced that its group company, MOL Logistics (Japan) has signed an agency agreement with Al Madina Logistics Services Company SAOC, which has developed its logistics business in Oman, which is expected to grow as emerging market. MOL is strategically allocating resources to the logistics business under its management plan, "Rolling Plan 2018." MOL Logistics, a core of the MOL Group's logistics business, has 290 offices in 71 countries around the world…
Scorpio Tankers to Sell, Leaseback Five Product Tankers
Scorpio Tankers announced that it has agreed to sell and leaseback three MR product tankers (STI Ville, STI Fontvieille and STI Brooklyn) and two LR2 product tankers (STI Rose and STI Rambla) to AVIC International Leasing Co., Ltd. Upon completion, the Company’s liquidity is expected to increase by $42 million in aggregate after the repayment of outstanding debt. These lease financing arrangements are part of the Company’s new financing initiatives that were announced on April 25, 2018. As part of the agreements, the Company will bareboat charter-in the vessels for a period of eight years.
First LNG Bunkering of Fure Vinga in Europe
On May 19, 2018, the new build chemical tanker “Fure Vinga” bunkered LNG for the first time in Europe, receiving 120 tons of LNG in a truck-to-ship operation in the port of Cartagena. In total, 6 trucks of LNG were brought to the Spanish port and transferred to the vessel. “We are glad that the first LNG bunker operation for Fure Vinga in Europe has been completed smoothly, thanks to the cooperation of all parties involved in the bunker operation, including the ship’s crew and port authorities…
New Generation of RoRo Vessels Unveiled
Naval architect KNUD E. HANSEN reports it has signed a contract with Chinese shipbuilder Nanjing Jinling Shipyard to develop the basic design of a number of large RoRo vessels, based on a Grimaldi/KNUD E. HANSEN concept.The new vessels, the first of which is expected to be delivered in 2020, will have a length of 238 meters, a beam of 34 meters and a gross tonnage of 64,000 metric tons. Each will be able to transport more than 7,800 lane meters of rolling units, equivalent to approximately 500 trailers.KNUD E.
China 'Welcomes' High-Quality U.S. Products
China welcomes high-quality and competitive products made by the United States to enter its market, the commerce ministry said on Wednesday. Both China and the United States will seriously implement a deal reached in Washington, including the purchase of farm and and energy products, the ministry said in a statement. China said on Tuesday it would cut import tariffs for automobiles and car parts in the effort to further open up its markets. Reporting by Beijing Monitoring Desk
Diana Shipping TC Contract for P. S. Palios with Koch
Diana Shipping announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Koch Shipping, Singapore, for one of its Capesize dry bulk vessels, the m/v P. S. Palios. The gross charter rate is US$17,350 per day, minus a 5% commission paid to third parties, for a period of about 13 months to maximum 15 months. The charter is expected to commence on May 24, 2018. The m/v P. S. Palios is currently chartered, as previously announced, at a gross charter rate of US$10,550 per day, minus a 5% commission paid to third parties. The “P.
Osaka Gas wins Taiwan LNG terminal consulting work
Japanese city gas supplier Osaka Gas says its subsidiary has won consulting work for liquefied natural gas (LNG) terminals planned by Taiwan's state-owned CPC Corp and Taiwan Power Co.The subsidiary, Osaka Gas Engineering, will handle basic design for all of the planned LNG terminals in Taiwan, Japan's second-biggest city gas supplier said in a statement.(Reporting by Osamu Tsukimori)
Total to Set Up LNG Bunkering Hub in Oman
French energy group Total said it had signed a memorandum of understanding with the government of Oman to develop natural gas resources in the country."Total and Shell as operator will develop several natural gas discoveries located in the Greater Barik area on onshore Block 6 with respective shares of 25 percent and 75 percent, as per the agreement between both companies and before possible State back-in, with the objective of an initial gas production of around 500 MMcfd and a potential to reach 1 bcf/d at a later stage…
Bahri Chooses Digital Strategic Partner
Saudi Arabia based Bahri Group, one of the largest ship owners in the Middle East and the largest owner of very large crude carriers (VLCC) in the world, has opted for digital solutions from Singapore based MariApps Marine Solutions to help meet its ship management software requirements. Majid Al-Shenaiber, Senior VP, Information Technology, Bahri Group, and Sankar Ragavan, CEO MariApps Marine Solutions, signed the agreement at the Bahri offices in Dubai on May 13. MariApps said it will roll out the latest version of the ship management Enterprise Resource Platform (ERP)…
Shipbuilding: Keppel Bags Order for Van Oord Dredgers
Keppel Singmarine Pte won contracts from Van Oord to build two Trailing Suction Hopper Dredgers (with an option for a third), the shipbuilder announced, scheduled for completion in 4Q 2020 and 2Q 2021 respectively. Built to the standards of Bureau Veritas, Each TSHDs will have a hopper capacity of 10,500 cubic meters, and more importantly for environmental concerts, both will be equipped with dual-fuel systems capable of running on LNG. "We are pleased to work with Keppel on these…
Kalmar SmartPower for Indonesian Terminal
Kalmar, part of Cargotec, concluded a deal with Riau Andalan Pulp & Paper (RAPP) to supply three Kalmar SmartPower rubber-tyred gantry cranes (RTGs) for its container yard at the Port of Buatan in Indonesia. The order was booked in Cargotec's 2018 first quarter order intake and delivery is scheduled to take place towards the end of Q4 2018. RAPP, a subsidiary of APRIL Group - one of the world's leading producers of pulp and fine papers - operates a pulp and paper mill in Riau Province on the Indonesian island of Sumatra.
AAPA releases State of Freight III report
Trade Association Releases Freight Report on Multimodal Funding Needs of U.S. Seaports. In a just-released report, U.S. port authorities identified more than $20 billion in projected multimodal port and rail access needs over the next decade, while one-third cited pressing rail project needs costing at least $50 million for each of their ports. Sixty-seven percent said that funding and financing options are the biggest obstacles in getting essential rail projects started to access their facilities.
ADM CFO: Supply Chain Can be Managed Through U.S.-China Trade Tensions
Global grain merchant Archer Daniels Midland Co (ADM)feels it can manage its supply chain to adapt to China's threatened tariffs on imports of U.S. soybeans, Chief Financial Officer Ray Young said on Wednesday. The Chicago-based company is confident the world's two largest economies will "get through" the trade dispute, and sees an opportunity for China to import additional ethanol, Young said at the BMO Capital Markets 2018 Farm to Market Conference in New York. Beijing has threatened tariffs on imports of U.S.
Kalmar to Supply SmartPower RTGs to Port of Buatan
Kalmar, part of Cargotec, has concluded a deal with Riau Andalan Pulp & Paper (RAPP) to supply three Kalmar SmartPower rubber-tyred gantry cranes (RTGs) for its container yard at the Port of Buatan in Indonesia. The order was booked in Cargotec's 2018 first quarter order intake and delivery is scheduled to take place towards the end of Q4 2018. RAPP, a subsidiary of APRIL Group - one of the world's leading producers of pulp and fine papers - operates a pulp and paper mill in Riau Province on the Indonesian island of Sumatra.
Hamburg Süd Adjusts EMCS Service
Hamburg Süd is revising the sequence of ports in its EMCS service between Mexico, Central America, the Caribbean and North Europe. Beginning in June, weekly calls will be made at the following ports as part of the EMCS service: Puerto Moin (Costa Rica) – Cork (Ireland) – Tilbury (UK) – Antwerp (Belgium) – Bremerhaven (Germany) – Altamira (Mexico) – Veracruz (Mexico) – Port of Big Creek (Belize) – Manzanillo (Panama). The EMCS continues to provide clients short transit times and broad port coverage of Mexico, Belize, Panama and Costa Rica to North Europe.
Italy’s First, Fully-Automated Gantry Cranes Reach Vado Ligure
Italy’s first ARMG (Automated rail mounted gantry cranes) have reached APM Terminals Vado Ligure. These will be used in the new Container Terminal due for completion in 2019. The long journey to Italy started in China in January and included stops in South Africa and the UK. These six cranes are the first of 21 cranes to be delivered. These fully automated Gantry Cranes are the most technologically advanced in the terminal. In addition to their considerable size (they can handle up to six stacked containers)…
Concordia Boosts Tanker Biz
To prepare for a gradually strenghthening tanker market, Concordia Maritime decided to participate in three suezmax tankers chartered in by Stena Bulk. The 158,000 dwt vessels were built in Korea between 2012-2014. The contracts are for 12 months, with an option to extend until the end of 2019. After delivery in May and July, the vessels will be employed on the spot market through the Stena Sonangol Suezmax Pool. Concordia Maritime’s share in the vessel charters is 50%. The contracts also include a profit-sharing clause with the contractual partner.
Maersk Line Introduces Bunker Surcharge
The world's largest container shipping company Maersk Line is increasing prices because of a surge in the cost of bunker fuel. The shipping fuel has become increasingly costly as global crude oil prices have returned to peaks not reached since 2014, lifted by the United States' exit this month from the landmark nuclear deal with Iran and imposed sanctions against the OPEC member. Now Maersk has decided to introduce a so-called "emergency bunker surcharge", taking effect from June 1.
CP Rail Workers Reject Contract, Resume Negotiations
Canadian Pacific Railway conductors and locomotive engineers on Friday rejected the company's latest contract offer, with their union saying negotiations would resume and raising the prospect of another possible strike at Canada's second-largest railroad. A strike by the estimated 3,000 workers could be called if talks fail or if CP refuses to negotiate - but only after providing 72 hours notice, Teamsters Canada said in a statement. Teamsters Canada Rail Conference President Doug Finnson said by phone that the union expects to resume talks with Calgary-based CP on Friday.
DP World to Increase CapEx as 2017 Performance Shines
DP World, one of the world's largest port operators, said on Thursday full-year profit rose 14.9 percent in 2017 and that it would spend $1.4 billion on capital expenditure this year. Profit for the period attributable to owners of the company after separately disclosed items rose to $1.18 billion in 2017 from $1.02 billion in 2016, DP World said in a bourse statement. Revenue increased 13.2 percent to $4.7 billion and the board recommended increasing the dividend by 7.9 percent to $340.3 million at 41 cents per share.
Panama Canal Pact with Mato Grosso for Bulk Grain Cargoes
The Panama Canal signed a Memorandum of Understanding (MOU) in Cuiabá, Brazil that will promote the Panama Canal's position as a route for grain shipments traveling from northern Brazil to ports accessed in the Pacific Ocean. The agreement, signed with the Association of Soybean and Corn Producers of Mato Grosso (Aprosoja), will allow the two groups to conduct joint marketing activities and exchange market studies and information on trade flows to support modernization and improvement programs.
Importers Buy U.S. Corn at Record Pace
Importers are buying U.S. corn at the fastest pace since the mid-1990s, according to U.S. government data, as tightening stocks in Latin America prompt a rush to purchase cargoes of the grain from animal feeders worldwide. A deepening drought in Argentina and limited corn supplies in Brazil, two of the three largest exporters, have opened a window of opportunity for top supplier the United States, which has the largest available surplus for export. The shopping spree comes as a rare bit of good news for U.S.
U.S. Wants Export Caps in Return for Scrapping Tariffs
The United States has set conditions for scrapping its planned punitive tariffs on steel and aluminum imports from Europe, German magazine Der Spiegel reported, including capping U.S.-bound exports of the metals at 2017 levels. The European Union has been pushing for talks to avert a trade war since U.S. President Donald Trump announced he would slap tariffs on a raft of high-value European exports in retaliation for alleged steel and aluminium dumping. The conditions named by U.S.
Kalmar Backs Suomen Satamatekniikka Oy
Kalmar, part of Cargotec, has signed a Kalmar Care service agreement with Suomen Satamatekniikka, a subsidiary of Steveco, covering the maintenance and service of 16 Kalmar straddle carriers at the Port of Helsinki, Finland. The order was booked in Cargotec's 2017 fourth quarter order intake and the agreement comes into effect from the beginning of February 2018. Steveco, a leading port operator in Finland, employs approximately 850 people and has annual revenues of close to EUR 160 million.
Korea Lines orders two VLCCs at Hyundai Heavy
South Korean shipping firm Korea Line Corporation (KLC) has placed an order for two new very large crude carriers(VLCC) at country's biggest yard, Hyundai Heavy Industries (HHI), and the company will explore further collaborations with the country's shipbuilders. According to Yonhap news agency, the new VLCCs are expected to have been delivered by the 2020. The total amount of the agreement will amount at 185.6 billion won (US$173 million). The carriers, which can hold 300,000 tons of crude oil each…
Port of Gothenburg: Sustained Growth in Ro-Ro Operations
Ro-ro operations at the Port of Gothenburg are looking bright, with sustained growth three years in succession. There has been an increase of 10 per cent over the past year alone, with the number of units currently standing at 593,000. But there is still potential to raise the bar even further by switching a higher proportion of freight from Norway to Gothenburg from land to sea. It is hoped that closer collaboration between the ports in Hirtshals, Kristiansand, Larvik, Grenland…
ADNOC Signs Major Offshore Concession Agreements with Total
The Abu Dhabi National Oil Company (ADNOC) has signed agreements with Total of France, awarding them stakes in two of Abu Dhabi’s new offshore concessions. Under the terms of the agreements, Total has been awarded a 20% interest in the Umm Shaif and Nasr concession and a 5% interest in the Lower Zakum concession. Total is ADNOC’s largest and one of its longest international partners, active in Abu Dhabi’s oil and gas sector since 1939. Today, the French super-major collaborates with ADNOC across the value chain…
Diana Shipping TC Contract for New Orleans with SwissMarine
Diana Shipping announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with SwissMarine Services S.A., Geneva, for one of its Capesize dry bulk vessels, the m/v New Orleans. The gross charter rate is $21,000 per day, minus a 5 percent commission paid to third parties, for a period of minimum 11 months to maximum 13 months. The charter is expected to commence on March 25, 2018. The m/v New Orleans is currently chartered, as previously announced, to Koch Shipping Pte.
Greece Concludes Sale of 67% Stake in Thessaloniki Port
Greece concluded the sale of 67 percent stake in Thessaloniki port, the country's second-largest, to a German-led consortium, its privatisations agency (HRADF) said on Friday. Deutsche Invest and its partners, France's Terminal Link SAS and Cyprus-based Belterra Investments, signed the deal in December. The sale is part of a privatisation scheme Greece has agreed under its latest international bailout. The deal is worth 1.1 billion euros, HRADF said, and the consortium has already…
Radio Holland, Lars Thrane Team
Radio Holland Group and Lars Thrane A/S concluded a global distribution agreement for the LT-3100 Iridium system. As a ‘kick-off’, mid-March Peter Thrane (CEO & Co-founder) and Thomas Flinth (Sales Manager) visited the Rotterdam office of Radio Holland Netherlands for a sales presentation, a commercial and a technical training. The global agreement enables every Radio Holland office in the world to distribute the LT-3100 Iridium system as well as perform after-sales service and maintenance.
Ardent, Vernicos, EPE Partner
Ardent, Vernicos Tugs and Salvage, a Greek-based tug & salvage service provider and Environmental Protection Engineering (EPE) a Greek-based Oil Spill Response provider, have formally partnered for future operations within Eastern Mediterranean and the adjacent waters. The three companies signed a cooperation agreement on 20th March 2018 to closely work together on future opportunities and at the same time retain their own corporate identities. Ardent, announces the formation of a partnership with Vernicos Tugs and Environmental Protection Engineering S.A. (EPE).
DP World Wins Congo Port Concession
DP World, the Dubai-based ports operator, announced it has won a 30-year concession for the management and development of a port project in the Democratic Republic of Congo (DRC). The deal gives DP World an option to extend its management and development for a further 20 years, and is for a greenfield multi-purpose port at Banana. "The Port of Banana will be the first deep-sea port in the country along its small coastline of 37 kilometres, which currently only has the riverine port of Matadi," said a statement.
GasLog Partners Signs Multiple New Charter Agreements
GasLog Partners has announced that it has entered into agreements with a new customer for two new charters plus options for an additional two charters. The agreements include an approximately three and a half year charter for GasLog Santiago commencing in the third quarter of 2018 and a one year charter for a GasLog Partners 145,000 cubic meter (cbm) steam vessel (either Methane Jane Elizabeth or Methane Alison Victoria as nominated by the Partnership) commencing in the fourth quarter of 2019.
DP World to Develop Kazakhstan's Special Economic Zones
Dubai Ports (DP) World, the global port operator of the United Arab Emirates (UAE), and the government of Kazakhstan signed two framework agreements in Abu Dhabi today relating to the acquisition, governance and management of Special Economic Zones (SEZ) in Aktau and Khorgos. DP World has been providing management services to the Port of Aktau, Kazakhstan’s main cargo and bulk terminal on the Caspian Sea, and Khorgos SEZ, which is strategically situated on the China-Kazakhstan border and has been acting as the primary transit point for trans-Eurasian cargo trains for more than four years.
Abu Dhabi Ports, China Trade Council Sign MoU
Abu Dhabi Ports inked a new agreement with the China Council for the Promotion of International Trade to explore new commercial opportunities between Chinese companies interested in investing in Khalifa Industrial Zone Abu Dhabi (KIZAD) and Khalifa Port Free Trade Zone (KPFTZ), which is considered the largest free trade zone in the region. The Memorandum of Understanding (MoU) was signed by Abdulla Al Hameli, Executive Vice President - Corporate Support at Abu Dhabi Ports and Zhou Guangyao, Representative of the China Council for the Promotion of International Trade for the GCC region.
Diana Shipping Bags TC Contract for Aliki with SwissMarine
Diana Shipping, a global shipping company specializing in the ownership of dry bulk vessels, announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with SwissMarine Services, Geneva, for one of its Capesize dry bulk vessels, the m/v Aliki. The gross charter rate is US$18,000 per day, minus a 5% commission paid to third parties, for a period of minimum 20 months to maximum twenty-two 22 months. The charter is expected to commence on April 4, 2018.
More MTU Engines Destined for Majestic Ferry in Singapore
Rolls-Royce is to supply more MTU engines to fast ferry operator Majestic Ferry in Singapore. Designed by Incat Crowther, a total of seven new fast ferries are being built at PT Cahaya shipyard in Batam, Indonesia over the next two years. Rolls-Royce is to supply 14 MTU engines for them by 2019. Each of the twin-hulled vessels is to be powered by two MTU 16V 2000 M72 units. “The determining factor for this follow-on order is the positive experience the operator has had with MTU engines and with our service,” said Chew Xiang Yu, a member of marine sales staff at MTU Asia.
Ingalls to Build NSC 10 for USCG
Huntington Ingalls Industries’ Ingalls Shipbuilding division received a $94 million fixed-price contract from the U.S. Coast Guard today to purchase long-lead materials for a 10th National Security Cutter (NSC). “National Security Cutters continue to be extremely important assets for the coastal defense of our homeland,” said Ingalls Shipbuilding President Brian Cuccias. “These ships are enabling the Coast Guard’s missions in not only defending our shores, but also in the detection and interdiction of drugs and other contraband.
Fred. Olsen Windcarrier, Seacor Team Up for US Offshore Wind Market
Falcon Global, a subsidiary of Seacor Marine Holdings and Fred. Olsen Windcarrier a wholly owned subsidiary of Bonheur ASA announced that they have reached a cooperation agreement whereby each party will exclusively contribute vessels and marine/installation crews to the market and operate a full spread of offshore wind installation and feeder vessels for the US offshore wind market. The Falcon Global fleet consists of one of the largest existing US-flag and Jones-Act compliant lift boats in the U.S.
Arctic: ExxonMobil Exits, Rosneft Goes Ahead
Russian state oil company Rosneft will continue geological explorations in the Arctic offshore zone after ExxonMobil quits the joint projects, reports TASS. The report qouted Natural Resources Minister Sergey Donskoy saying that the Arctic licenses will remain with Rosneft and the company "plans to continue to operate there". Exxon Mobil decided to withdraw from the joint projects with Rosneft in late 2017 after Washington issued a legal act expanding against Russia. According to the document, in 2013 and 2014 Exxon Mobil and Rosneft created various entities for operations in oil exploration.
COSCO's OOCL Acquisition to Complete by End-June - vice chairman
Deal waiting for green light from CFIUS, China regulators; COSCO says keeping close eye on US-China trade tensions. COSCO Shipping's planned acquisition of Orient Overseas Container Line (OOCL) is on track to be completed by the end of June, the company's vice chairman Huang Xiaowen said on Tuesday. COSCO is still answering questions from the Committee on Foreign Investment in the United States on the deal, and is also awaiting a number of domestic approvals, Huang told a press conference in Shanghai. He said the deal needed U.S. approval as OOCL had some assets in that country.
U.S., China Stumble into the Thucydides Trap: Kemp
The United States and China have fired the opening shots in a trade war that may be hard to stop. Washington has published a target list of 1,300 items imported from China worth an estimated $50 billion that would be hit with an extra tariff of 25 percent (“Notice of determination”, USTR, April 3). Beijing has responded with a target list of 106 items imported from the United States worth a similar amount that would be hit by the same ad valorem tariff (“China retaliates for U.S. tariffs”, Reuters, April 4).
China Importers Hope to Sell U.S. Cargoes After Tariff Move
Chinese importers expecting cargoes of U.S. commodities from beef to propane said they hope to sell the goods to South Korea or Japan after Beijing's decision to slap extra tariffs on a swathe of items from agricultural products to chemicals. Beijing on Wednesday hit back against the Trump administration's plans to impose tariffs on $50 billion in Chinese goods, retaliating with a list of similar duties on key U.S. imports including soybeans, planes, cars, whiskey and chemicals. The speed of China's move stunned financial markets.
U.S. Commerce Chief Ross: China Trade Talks Likely
U.S. Commerce Secretary Wilbur Ross said on Wednesday he expects trade actions between the United States and China will likely lead to a negotiated deal, but that it was unclear whether such talks would happen by the end of May or later. "It wouldn't be surprising at all if the net outcome of all this is some sort of a negotiation," Ross said in an interview with CNBC. Ross' comments come after China slapped retaliatory duties on a number of American products earlier on Wednesday in response to Trump's planned tariffs on Chinese goods, rattling global financial markets.
Euroseas Announces Time Charter Contracts
Euroseas Ltd. The new charters will commence on April 9 for the EM Athens and April 7 for the Manolis. Euroseas typically announces charter arrangements of a year or longer duration. Aristides Pittas, Chairman and CEO, of Euroseas commented: “We are very pleased to announce the new charter and the extension of another for one more year for two of our containerships. These charters are roughly 30% higher than what the ships earned prior and is a clear sign that the sector is recovering.
Diana Shipping TC for m/v Los Angeles with SwissMarine
Diana Shipping announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with SwissMarine Services S.A., Geneva, for one of its Newcastlemax dry bulk vessels, the m/v Los Angeles. The global shipping company specializing in the ownership of dry bulk vessels said that the gross charter rate is US$19,150 per day, minus a 5% commission paid to third parties, for a period of about nine months to maximum 12 months. The charter is expected to commence on April 17, 2018. The “Los Angeles” is a 206,104 dwt Newcastlemax dry bulk vessel built in 2012.
Trump Economic Adviser says U.S., China Trade Deal Likely
White House economic adviser Larry Kudlow on Thursday said he expects the United States and China to work out their trade differences over time and that trade barriers likely "will come down on both sides." "There is a process here. There's going to be some back and forth, but there's also some negotiations," he said in an interview on Fox Business Network. "I think we are going to get a deal over a period of time." Reporting by Susan Heavey and Makini Brice
LNG Ships: Two DSME Orders for GTT
GTT announces it has received at the end of March, an order from the South Korean shipyard Daewoo Shipbuilding and Marine Engineering (DSME) for the design of the LNG tanks of two LNG carriers (LNGC). Each offering a capacity of 173,400m3, these units will be built at DSME's shipyard in Geoje, Korea, on behalf of a European ship-owner. The tanks will be fitted with the NO96 GW technology. Their delivery is expected for the first half of 2020. "We are very pleased to continue our excellent partnership with DSME with these two new orders." commented Philippe Berterottière…
HMM to Order 20 Mega Containerships
South Korea’s largest shipping line Hyundai Merchant Marine (HMM) announced it will order 20 new containerships, including eight 14,000 TEU vessels and 12 ships above 20,000 TEU. The announcement comes less than a week after the South Korean government unveiled its Five-year Plan for Rebuilding Korean Shipping. HMM said it has sent a request for proposal (RFP) to eligible shipbuilders. Once a builder is selected, HMM will decide between scrubbers or liquefied natural gas (LNG) bunkering in order to comply with the environmental regulations due to enter force in 2020.
Stena Line Expands Partnership with Telenor Maritime
Maritime mobile operator Telenor Maritime said it has expanded its long-term partnership with Stena Line and announced the introduction of the mobile ecosystem onboard their passenger ships, deploying a connectivity platform with Mobile/3G/4G, Premium Wi-Fi, Ka-VSAT and mobile broadband backhaul in addition to existing system to improve the customer experience.“We are delighted to develop further our long-term partnership with Stena Line, one of the largest ferry companies in the world with Europe's most comprehensive route network…
Diana Shipping TC Contract for Melia with United
Diana Shipping announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with United Bulk Carriers International S.A., Luxembourg, for one of its Panamax dry bulk vessels, the m/v Melia. The global shipping company specializing in the ownership of dry bulk vessels said that the gross charter rate is US$12,000 per day, minus a 5% commission paid to third parties, for a period of minimum s 17 months to maximum 20 months. The charter is expected to commence on April 20, 2018.
DP World Australia Extends Partnership with CMA CGM
DP World Australia announced the signing of a long-term partnership extension regarding service of CMA CGM Group vessels by DP World Australia at its terminals in Brisbane, Sydney, Melbourne and Fremantle. This partnership extension brings two market leaders of the Australian port logistics sector closer together. CMA CGM Group’s high-quality shipping services, which include ANL and APL, will leverage DP World Australia’s container terminal and intermodal footprint. DP World Australia’s CEO and Managing Director…
WTO: Global Trade Growth Strong as Trade War Worries Loom
World goods trade will grow 4.4 percent this year, maintaining a rapid recovery that could nevertheless unravel if trade tensions escalate further, the World Trade Organization said in its annual forecast on Thursday. Global trade growth was in the doldrums for a decade after the financial crisis, averaging 3.0 percent a year. But last year it grew 4.7 percent - much higher than the 3.6 percent estimated in September - and a further 4.0 percent rise is expected in 2019, the WTO said.
DFDS to Buy U.N. Ro-Ro in $1.2 Bln Deal
Danish shipping and logistics company DFDS has agreed to buy Turkish freight shipping operator U.N. Ro-Ro from Turkish private equity firms Actera Group and Esas Holdings for 950 million euros ($1.17 billion) on a debt-free basis. It marks a change of course for the Turkish company, which had planned an initial public offering for up to 57.7 percent of the company, a draft prospectus showed last month. U.N. Ro-Ro operates five freight shipping routes between Turkey, Italy and France. DFDS said U.N.
Russia's Aston to Build 4 New Ships
The JSC Aston, one of Russia's largest producers of foodstuffs and ingredients, and is a leading exporter of agricultural goods and vegetable oils, has signed the contracts with two Chinese shipyards for a construction of 4 ships. Addressing the unnamed Chinese shipbuilders Vadim Vikulov has mentioned the following: "The long way begins always with a first step. I am proud that we have done it. A press release stated that out of the series of 10 modern ships Aston planned, these four will be with a dead weight of 8000 ton — that is the maximal limit to enter the Don ports.
Shell, AET Deal for LNG Aframaxes
Malaysian-owned global shipping company specialising in the ocean transport of crude oil and refined products AET Tankers and Shell International Trading and Shipping Company formalised arrangements for the long-term charter of AET’s two newbuild liquefied natural gas (LNG) dual-fuelled Aframax tankers. AET’s two 113,000 dwt vessels are currently being built by Samsung Heavy Industries in South Korea and are due for delivery from Q3 of 2018. The arrangements will see Shell take both vessels on a long-term charter commencing in Q4 of this year.
CMA CGM, Lekki Port to operate Lekki Port’s future CT
The CMA CGM Group and Lekki Port LFTZ Enterprise (LPLE), the promoters of Lekki Deep Sea Port, announced the signing of a Memorandum of Agreement to operate Lekki Port’s future container terminal.Located in Nigeria, the future Lekki Deep Sea Port will be developed, built and operated by LPLE, a joint venture enterprise led by the Tolaram Group, the Lagos State Government and the Nigerian Ports Authority.As the container terminal operator, CMA CGM, through its subsidiary CMA Terminals…
Naval Dome, Stamco Ink Cyber Security Agreement
Maritime cyber security specialist Naval Dome has signed a contract with Piraeus-based Stamco Ship Management to install its maritime cyber defense system aboard 55 Pure Car and Truck Carriers (PCTC).Stamco Ship Management provides technical and commercial ship management services to various companies like NYK, MOL, K-Line, China Shipping, Höegh Autoliners, WWL, Eukor and Glovis.Naval Dome will install the security system onboard the vessels’ bridge, navigation, communication and machinery control systems to deliver maximum…
MAN D&T Scoops 11 MSC Vessel Order
MAN Diesel & Turbo has won the order from MSC Mediterranean Shipping Company for 11 × 23,000 TEU container vessels equipped with 11 × MAN B&W 11G95ME-C9.5 main engines. Samsung Heavy Industries (SHI) will construct six of the vessels while Daewoo Shipping Marine Engineering (DSME) will construct the remainder. Bjarne Foldager, Vice President – Sales & Promotion, Two-Stroke Business – MAN Diesel & Turbo, said: “This order underlines the positive, long-term business relationship between MSC and MAN Diesel & Turbo.
Kemp: Trade Restrictions puts World Economy at Risk
Trade and investment restrictions are proliferating around the world, driven by a combination of security concerns and protectionist pressures. In each instance, policymakers can usually cite a justification of why trade and investment restrictions are necessary. But taken together, a thickening web of restrictions on cross-border transactions is imposing a growing burden on business as well as complicating supply chains. The United States and China have threatened to hit each…
Shipping Firm MSC Stops Trade with Sanctioned Russian Entities
The world’s number two container group Mediterranean Shipping Company (MSC) has stopped any new potential trade with Russian entities that were sanctioned by the United States, the Swiss headquartered firm said on Tuesday. The United States imposed sanctions on April 6 against Russian entities and individuals, to punish Moscow for its alleged meddling in the 2016 U.S. election and other "malign activity". "MSC immediately instructed its worldwide agencies not to engage in any new contracts involving U.S.
Rusal Suspends Exports via Russia's Biggest Container Operator
Russia's largest freight container operator, TransContainer said on Tuesday Russian aluminium giant Rusal had suspended exports through TransContainer's system after Rusal was hit by U.S. sanctions "They (Rusal) do not know what to do yet, what is going on with them; that is why all transportation operations are suspended," TransContainer's chief executive Petr Baskakov told reporters in Moscow on Tuesday.According to his estimate, Rusal had been shipping 25-30 percent of its exports via TransContainer.
Crowley Acquires Three SeaRiver Tankers
Crowley Alaska Tankers, LLC, has completed its acquisition of three tankers from SeaRiver Maritime Inc. and is now chartering the vessels back to SeaRiver under varying multi-year terms.The tankers Liberty Bay and Eagle Bay, now under Crowley ownership and operation and renamed Washington and California respectively, each have a capacity of 760,000 barrels and transport crude from Alaska to West Coast refineries. The tanker SR American Progress, renamed Oregon, has a capacity of 342,000 barrels and transports refined petroleum between the U.S.
New Ro/Ro Facility Coming to Alabama
Plans are in motion to develop a new vehicle processing roll-on/roll-off (RO/RO) facility at Alabama’s Port of Mobile in the U.S.Today in Buenos Aires, Argentina, the Alabama State Port Authority signed a Memorandum of Understanding with AutoMobile International Terminal, a joint venture of Terminal Zárate S.A. and SAAM Puertos S.A., to develop and operate the new $60 million facility, which is expected to be completed in 2019.The agreement marks a giant step forward in supporting automotive logistics in the Americas and abroad…
Diana Shipping Signs Time Charter Contract With Cargill
Diana Shipping announced that, through a separate wholly-owned subsidiary, it has agreed to extend the present time charter contract with Cargill International S.A., Geneva, for one of its Capesize dry bulk vessels, the m/v Santa Barbara. The global shipping company specializing in the ownership of dry bulk vessels said that the gross charter rate is US$20,250 per day, minus a 4.75% commission paid to third parties, for a period of about 18 months to about 19 months. The new charter period is expected to commence on April 24, 2018.
Flex LNG Charters New LNG Carrier to Enel
Flex LNG , a global shipping company specializing in the ownership of LNG carriers, announced that through a separate wholly-owned subsidiary, it has entered into a time-charter agreement with Enel Trade, a company of the Enel Group, a multinational power company and one of the world's leading integrated electricity and gas operators. The time charter period of 12 months will commence during the second half of 2019. Enel also has the option to extend the contract by an additional 12 months subsequent to the firm period.
Navios Maritime Acquisition Corporation Inks Sale and Leaseback Pact
Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, announced that it has completed a $71.5 million sale and leaseback agreement for four MR2 product tankers. The proceeds have been used to extinguish $69.25 million of indebtedness. The Agreement provides for 24 quarterly payments of $1.5 million each plus interest at LIBOR plus 305 bps per annum. Navios Acquisition has an obligation to purchase the vessels at the end of sixth year for $35.8 million.
Ships Carrying US Sorghum U-turn after China Tariffs
Several ships carrying cargoes of sorghum from the United States to China have changed course since Beijing slapped hefty anti-dumping deposits on U.S. imports of the grain, trade sources and a Reuters analysis of export and shipping data showed.Sorghum is a niche animal feed and a tiny slice of the billions of dollars in exports at stake in the trade dispute between the world's two largest economies, which threatens to disrupt the flow of everything from steel to electronics.The supply-chain pain felt by sorghum suppliers on the Pacific…
Oldendorff Halts Guyana Operation Due to Rusal Crisis
German shipping group Oldendorff Carriers is stopping its business in Guyana, the company said on Friday, after the United States blacklisted Russian aluminum producer Rusal, which has a plant in the South American country.The United States on April 6 imposed sanctions against Russian entities and individuals to punish Moscow for its alleged meddling in the 2016 U.S. election and what the U.S. Treasury Department dubbed other "malign activity".Since then, the world's two biggest…
DP World Should Rethink Port Deals in Somalia - Foreign Minister
Somalia's foreign minister said on Friday that Dubai state-owned port operator DP World should reconsider its contract with the breakaway region of Somaliland and work with federal authorities so Somalia's sovereignty is not violated."We are asking DP World to reconsider these agreements, particularly the one in Berbera port since Somaliland is claiming to be a state independent from Somalia," Ahmed Isse Awad, Somalia's foreign minister, told Reuters in an interview.He said the…
Diana Shipping TC for m/v Arethusa with Glencore
Diana Shipping announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Glencore Agriculture B.V., Rotterdam, for one of its Panamax dry bulk vessels, the m/v Arethusa. The global shipping company specializing in the ownership of dry bulk vessels said that the gross charter rate is US$12,600 per day, minus a 5% commission paid to third parties, for a period of minimum 12 months to maximum 15 months. The charter is expected to commence on April 25, 2018.
Bangladesh Finalizes LNG Deal with Oman Trading International
Bangladesh has finalized a 10-year deal to import 1 million tonnes of liquefied natural gas (LNG) annually from Oman Trading International, two energy officials with direct knowledge of the matter told Reuters.The deal with Oman Trading is Bangladesh's second LNG import agreement after Qatari producer RasGas, which has since merged with sister company Qatargas, to cover the country's domestic natural gas shortfall.The LNG will be priced at 11.9 percent of the three-month average price of Brent plus a $0.40 per million British thermal unit (mmBtu) constant…
Agreement Paves Way for South African Offshore Supply Base
South Africa’s first dedicated and customized facility supporting offshore oil and gas activities will be introduced at the Port of Saldanha. This follows the conclusion of an agreement between Transnet National Ports Authority (TNPA) and Saldehco Pty Ltd, which was signed off at an official ceremony at the port on Monday, 23 April 2018.Saldehco is a privately owned South African company, comprising principal shareholder HARPS Holdings Pte Limited and local partner Semona Pty Limited.
SOHAR Port Signs Contract with Dredging International
SOHAR Port and Freezone have signed an agreement with Dredging International NV – Earth Moving Worldwide LTD (DINV-EMW JV) for the development of Phase 1 of the SOHAR Port South Construction Package I. Totalling an investment of USD 24mn (approx. OMR 9.24mn), the agreement will see the development of the first 50 hectares of useable land within the new port expansion; which is expected to be fully completed by Q4 2018. The agreement was signed on April 18 at a ceremony held at SOHAR Port and Freezone head office in Sohar.
Crooker Named VP at Ingalls Shipbuilding
Eric Crooker has been promoted to vice president of contracts and pricing for Huntington Ingalls Industries’ (HII) Ingalls Shipbuilding division.Effective immediately, Crooker will have overall responsibility for contracts, estimating and pricing, and export/import licensing and compliance for the Ingalls shipyard and will report to Tom Stiehle, Ingalls’ vice president, business management, and chief financial officer.Crooker succeeds Don Perkins, who will retire from Ingalls on July 1.Crooker joined HII in 2012 and served as a senior counsel at Ingalls.
Singapore Awards Another $1.1 Bln for Mega-port Project
Bollore Under Formal Investigation in Africa Graft Probe
A French judge on Wednesday placed tycoon Vincent Bollore under formal investigation over allegations his company undercharged for work on behalf of presidential candidates in two African nations in return for port contracts.Bollore's company, Groupe Bollore, announced the decision by Judge Serge Tournaire, which came after Bollore had been questioned for two days by French fraud police.Bollore, whose logistics empire is a powerhouse in former French colonies across West Africa…
Diana Shipping TC for m/v Atalandi with Uniper
Diana Shipping announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Uniper Global Commodities SE, Düsseldorf, for one of its Ice Class Panamax dry bulk vessels, the m/v Atalandi. The global shipping company specializing in the ownership of dry bulk vessels said that the gross charter rate is US$13,500 per day, minus a 5% commission paid to third parties, for a period of minimum 14 months to maximum 17 months. The charter commenced earlier today.
JAXPORT Extends Agreement with Carnival
More than 2.2 million passengers have sailed from Jacksonville during 15 years of cruise service at JAXPORT. Now the port has reached a deal with Carnival Cruise Line to help that number grow even larger.An agreement signed today extends Carnival cruise service from Jacksonville through at least May 2021 and potentially through 2027.Carnival Elation will continue offering year-round sailing to the Bahamas from JAXPORT’s North Jacksonville Cruise Terminal. The contract extends the cruise line’s service from Jacksonville for three years with three additional two-year renewal options.
Diana Shipping TC for m/v Salt Lake City with Cargill
Diana Shipping announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Cargill International S.A., Geneva, for one of its Capesize dry bulk vessels, the m/v Salt Lake City. The global shipping company specializing in the ownership of dry bulk vessels said that the gross charter rate is US$16,250 per day, minus a 4.75% commission paid to third parties, for a period of minimum eight months to maximum 10 months. The charter is expected to commence on May 1, 2018.
Ethiopia Will Take a Stake of Port Sudan
Ethiopia and Sudan have agreed on a deal that will allow the Horn of Africa nation to take a stake of Port Sudan, Ethiopia's Foreign Ministry said on Thursday.The deal was reached on Thursday in Khartoum in a meeting between Ethiopia's Prime Minister Abiy Ahmed and Sudanese President Omar Hassan al-Bashir."The leaders of both countries agreed to develop Port Sudan together," said Meles Alem, spokesman of Ethiopia's Foreign Ministry. "This deal entails that Ethiopia will be a shareholder as well," he told Reuters.(Writing by Omar Mohammed Editing by Alexandra Hudson)
Finnlines Orders Three Ro-ro Vessels
Finnlines, part of the Grimaldi Group, signed a 200 million euro ($240 million) order for three new ro-ro vessels to be delivered from China’s Jinling Shipyard from 2020-2021.The 17,400 DWT vessels will be 238 meters long and have a cargo capacity of 5,800 lane meters plus 5,600m2 of car decks and a capacity of about 300 TEU on the weather deck. The ships are designed to carry all types of ro-ro cargoes, with tank top and main deck areas are shaped with strengthened bulkheads and are free of pillar areas to accommodate paper and sto-ro.“We continue to modernize our fleet further…
Top Ships Extends Time Charter of M/T Eco Fleet
Top Ships, an international owner and operator of modern, fuel efficient "ECO" tanker vessels focusing on the transportation of petroleum products, announced that it has extended the firm period of the time charter of M/T Eco Fleet with BP Shipping Limited for six months. Following the signing of the above mentioned time charter party extension, the Company’s charter coverage is 100% of the operating fleet including vessels partly owned through joint ventures in the year 2018. The charter coverage of the operating fleet for the years 2019, 2020 and 2021 will be 83%, 65% and 20% repectively.
Sri Lanka Approves LNG Plant Near Chinese-controlled Port
Sri Lanka's state-run investment body has approved a $500 million liquefied natural gas plant by China Machinery Engineering Corp near a Chinese-controlled port and industrial zone, the development strategies minister said on Friday.The state-run Board of Investment has approved investment projects worth $1 billion in the first quarter, Malik Samarawickrama said, the largest of which was the LNG project in Hambantota, where China Merchants Port Holdings controls a Chinese-built port on a 99-year lease.The port…
Euroseas Bags TC for Newbuilding Kamsarmax M/V Ekaterini
Euroseas, an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, announced that a subsidiary of the Company has entered into a time charter contract for its newbuilding vessel, M/V Ekaterini, an 82,000 dwt, 2018 built Kamsarmax bulk carrier. Specifically, M/V Ekaterini, which is scheduled to be delivered to the Company from the shipyard on May 7, 2018, has been chartered to a highly reputable European charterer for about two years at a gross daily rate of $13,000.
DP World, Egypt & Suez Canal Authority To Develop Infrastructure
MOU has been signed to collaborate on development of new inland container terminal, promoting Egypt's sustainable economic growth. The three partners will bid for a government contract for the project, later this year. The proposed inland container depot (ICD) will increase the flow of cargo between ships and major land transportation networks in the country, creating a central distribution point. Under the terms of the MOU, DP World will lead and represent the alliance in the bidding process and become the ICD operator, if the tender is won. source: Reuters
Abu Dhabi Ports Signs a 30-year Deal with MSC to Build Terminal
Capital Products Acquires M/T Anikitos
Capital Product Partners L.P. has announced that it has completed the previously announced acquisition of the M/T Anikitos, an eco-type MR product tanker (50,082 dwt IMO II/III Chemical Product Tanker built 2016, Samsung Heavy Industries (Ningbo) Co., Ltd.) for a total consideration of $31.5 million from Capital Maritime & Trading Corp.The Partnership funded the acquisition of the M/T Anikitos with the net proceeds received from the sale of the M/T Aristotelis, available cash and the assumption of a term loan under a credit facility with ING Bank NV of approximately $15.6 million.
Polsteam, Nova Ship Tech SA Select Alfa Laval PureBallast 3
Alfa Laval said it has signed fleet agreements with Polsteam and Nova Ship Tech SA for the supply of PureBallast 3, the third generation of Alfa Laval’s ballast water treatment technology.Under the agreements, Alfa Laval will provide dozens of Polsteam and Nova Ship Tech SA vessels with PureBallast 3 systems – the vast majority of which will handle large flows of more than 1,000 m3/h.The agreements with Polsteam and Nova Ship Tech SA come as many ship owners shift their focus from individual ballast water treatment systems to complete fleet solutions.
Tightening Noose: Venezuela's Crisis Deepens
The news that Venezuela's PDVSA has diverted a crude tanker from Curacao after ConocoPhillips moves to satisfy a $2 billion arbitration award signals that worst may be yet to come. Reuters is reporting that Venezuela's state-run PDVSA ordered a tanker waiting to discharge at its Curacao terminal to divert to Venezuelan waters after ConocoPhillips introduced an order in a Caribbean court to seize its inventories and other assets in the island, according to a shipper and Reuters data on Tuesday.
Diana Containerships: Q1 Revenue More Than Doubles
Diana Containerships announces its Q1 revenue has more than doubled.Dry bulk shipper's shares jump 64 pct to $2.70, top advancer across U.S. exchanges in heavy premarket trade.DCIX trading with 20 pct of their free float volume in premarket, as per TR data.Q1 revenue more than doubles to $8 mln from a year ago, also posts a smaller YoY loss.Increase was mainly due to higher revenue from improved fleet utilization and increased time charter rates.If gains hold, DCIX shares set to more than erase YTD losses of 59.6 pct.Reporting by Shreyashi Sanyal in Bengaluru