July 15th, 20192India’s limited VLCC fleet has been exposed with the latest chartering news from Indian Oil Corporation (IOC). IOC selected Japan’s Nissen Kaiun for a lucrative seven-year VLCC charter, after Indian owners were given first right of refusal to match the rate but failed to do so. IOC will pay Nissen Kaiun $31,950 per day for the...
July 10th, 20191Having carried out similar campaigns in places such as Nigeria and the Suez Canal, the Maritime Anti-Corruption Network (MACN) is now turning its attention to India. The global business network led by Cecilia Müller Torbrand has this month launched a port integrity campaign in India. The campaign, which aims to reduce and in the...
June 20th, 20190Japan’s Mitsui OSK Lines (MOL) has secured a short-term charter agreement from India’s main natural gas company, GAIL, for one of its LNG carriers. No further specifics have been revealed about the deal. MOL tends to focus on long-term charters when it comes to its LNG division. Like compatriot Nippon Yusen Kaisha (NYK) it has...
June 19th, 20190Indian owner Seven Islands Shipping buying spree continues, completing its fourth purchase this year. More ships are in the pipeline, as the company is inspecting ships attempting to live up to a recently won award, bestowed with the honour of Highest Growth of Indian Flag Vessels at the recent 55th National Maritime Day...
June 7th, 20190India’s Allcargo Logistics has quit shipowning and the coastal shipping business with the sale of the last vessel of what had been a five-ship strong fleet. “The growth in coastal bulk shipping has remained slow. Consequently, the segment did not contribute significantly in line with our outlook through the last seven years. This...
June 4th, 20190Hong Kong owner Chellaram Shipping completed its first move in the secondhand market in a year.The 13-strong bulker specialist has just let go of its oldest supramax, selling the the Mitsui-built, 56,000-dwt (built 2006) for just under $11m, a firm price with VesselsValue pricing it at just $11.07m. Broker sources tell Splash that...
May 27th, 20190Broking sources are tipping Mumbai's Seven Islands as the taker of a ship sold by Ardmore Shipping last week.
The fast growing Indian player is reportedly laying $9.2m on the table for Ardmore’s oldest tanker, the 15-year-old, 45,744 dwt , a ship that had been up for sale for a number of months. Seven Islands has added eight...
May 21st, 20190Mercator, once India’s third largest shipping line, has hit severe financial difficulties with local newspaper, Hindu Business Line, reporting the company has not paid its 350 crew for the past two months. The Mumbai owner - led by HK Mittal - has enormous debts and has been racking up sizeable losses in recent years. Today, it is...
May 7th, 20190Malaysia's Bumi Armada has announced that its Indian joint venture company Shapoorji Pallonji Bumi Armada Godavari (SPBAG) has been awarded a contract by India's state-owned oil company Oil and Natural Gas Corporation Limited (ONGC). The contract is for the charter and operations of an FPSO for a period of nine years, to be used at...
May 6th, 20190Indian conglomerate Adani Group has won a 50-year concession to develop an 800,000 teu a year box terminal in the southwest of Yangon. Ahlone International Port Terminal (2) (AIPT) will be situated 50 km up the Yangon river from the Andaman Sea where the depths are 9 m quayside allowing ships of up to 1,500 teu to call. The $290m...
