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...]

Biodegradable Plastics Don’t Work At Sea – Says New UN Study

ocean-plastic floating debris

"Don't discard 'Biodegradable' plastics at sea" asks a new report from the United Nations because biodegradable plastics don't disintegrate in the ocean. Complete degradation of biodegradable plastic occurs when none of the original polymer remains, a process involving microbial action (i.e. it is broken down to carbon dioxide, methane and water) but this process … [Read more...]

WATCH: Runaway Anchor Chain Causes Chaos and Fire


A very chaotic situation indeed as this anchor chain control malfunctioned and dropped unconstricted. Most surprisingly, deckhands can be seen scurrying about in the video risking life and limb in the presence of such an unpredictable and violent force as an free falling anchor chain. Luckily the shrapnel produced by the eventual snapping of the chain apparently did not lead to … [Read more...]

WATCH: Launching of the Largest Superyacht of 2015, the 156-Meter “Project Omar”


Russian billionaire Alisher Usmanov just outdid himself with the launch of his new 156 meter super yacht Project Omar. Usmanov already own another 110 meter super yacht dubbed Dilbar. The steel and aluminum Project Omar will be the 4th largest super yacht in the world. This short time-lapse video comes to us from Lürssen boatyard in Lemwerder, Germany. Full-length video … [Read more...]

Containership Owners Rapidly Idling Vessels As Market Slows, Drewry Says

Photo: VladSV/Shutterstock.com

The world's idle containership fleet swelled to 238 vessels and topped 900,000 TEU in November as owners rapidly lay up containerships as the market slows, according to new figures from the global shipping consultancy Drewry Maritime Consultants. The new figures represent a 54% increase from October to November to reach 901,000 TEU, the largest monthly sum since … [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...]

Neptune Orient Lines Nears Seven-Month High on Takeover Talks

APL is a wholly-owned subsidiary of Singapore-based Neptune Orient Lines. Photo: Sheila Fitzgerald / Shutterstock.com

By Bloomberg News (Bloomberg) -- Neptune Orient Lines Ltd. surged to its highest in almost seven months in Singapore trading after Southeast Asia’s biggest container shipper confirmed it’s in exclusive talks to be acquired by France’s CMA CGM SA. NOL shares rose by as much as 5.4 percent to S$1.18 on Monday, their highest intraday level since April 29. CMA CGM has until … [Read more...]