Norway’s World Wide Supply Unable to Make Debt Interest Payment

World Wide Supply's PSV World Diamond. Photo credit: Damen Shipyards

OSLO, Nov 26 (Reuters) - Norwegian offshore supply vessel owner World Wide Supply will not be able to make a scheduled interest payment on its debt on Nov. 27, the shipping firm said on Thursday. Companies serving the oil industry are suffering from weak demand as oil companies cut back on investments and exploration to preserve cash following the fall in oil … [Read more...]

Egypt to Complete East Port Said Side Channel by June 2016

new suez canal

CAIRO, Nov 25 (Reuters) - Egypt plans to complete a side channel in East Port Said, near the Suez Canal, that would speed up shipping and allow ships direct entry into the port by the end of June 2016, Mohab Memish, head of the Suez Canal Authority, said on Wednesday. The new channel dredging will cost $36 million, of which $7.5 million will be financed by the Suez Canal … [Read more...]

Greek Shipowners Talk Up Their Role to Protect Tax Breaks

Cargo ships are seen sailing under storm clouds in the sea near the port of Piraeus in Athens, Greece in this March 5, 2015 file photo. REUTERS/Alkis Konstantinidis

By Tom Bergin PIRAEUS, Greece, Nov 25 (Reuters) - On the day he took office as Greece's shipping minister in June 2012, Kostis Moussouroulis received a visit from a 90-year-old shipowner. He still remembers the older man's words: "Don't forget, the best minister of shipping and maritime affairs is the minister who is doing nothing for the shipping industry. He is the one who … [Read more...]

Tycoon Fredriksen’s Firms See Diverging Fortunes

West Gemini drillship. Photo credit: Seadrill

By Gwladys Fouche OSLO, Nov 24 (Reuters) - Firms in Norwegian-born billionaire John Fredriksen's empire saw contrasting fortunes on Tuesday, as rig firm Seadrill booked $1.8 billion in writedowns while tanker firm Frontline turned around its fortunes after years of turmoil. The shipping tycoon, nicknamed "Big Wolf" or "Big John" in the shipping industry, controls … [Read more...]

Rotterdam Dockworkers Plan Strikes

Photo: VanderWolf Images /

AMSTERDAM, Nov 24 (Reuters) - Container workers at the Port of Rotterdam have voted to hold a series of 24-hour strikes in December and January in protest at possible job cuts, threatening to freeze the movement of goods through Europe's largest port. Niek Stam, leader of the FNV Havens union, said in a statement members of the union had voted in favour of the strikes to … [Read more...]

Dry Bulk Shipping Company Golden Ocean Misses Forecasts

Photo: Golden Ocean Group

OSLO, Nov 24 (Reuters) - Dry bulk shipping firm Golden Ocean reported a larger-than-expected third-quarter loss on Tuesday and said the market would remain difficult for the next six to twelve months. Golden Ocean, controlled by shipping tycoon John "Big Wolf" Fredriksen, said it made a net loss of $40.7 million in the third quarter, lagging expectations for a loss of $19 … [Read more...]

Somali Pirates Hijack Fishing Vessel Off Coast

File Photo: U.S. Navy

By Abdiqani Hassan BOSASSO, Somalia, Nov 23 (Reuters) - Somali pirates have hijacked an Iranian fishing vessel with 15 crew members, a Somali official and a maritime expert said on Monday amid warnings that piracy might be making a comeback in the Indian Ocean. Although there are still occasional cases of sea attacks, piracy near Somalia's coast had largely subsided in … [Read more...]