Leading Bunker Supplier Aegean Marine Files Chapter 11 Bankruptcy Amid Fraud Probe

Bunker supplier Aegean Marine Petroleum Network announced Tuesday that it and certain of its subsidiaries have filed for Chapter 11 bankruptcy in the U.S. Southern District of New York. The announcement comes just days after the company said that an internal audit has revealed $300 million in cash and other company assets had been misappropriated through fraudulent … [Read more...]

Video Shows Violent Mooring Line Break in Brazil

<span data-mce-type="bookmark" style="display: inline-block; width: 0px; overflow: hidden; line-height: 0;" class="mce_SELRES_start">?</span> A new video posted online shows the moment a mooring line securing an MSC ship to a dock in Brazil snapped. You can see the line break at approximately the 45 second mark. Many commenters online were … [Read more...]

Maersk Family Ousts Danske Bank Chairman After Scandal

By Teis Jensen and Jacob Gronholt-Pedersen COPENHAGEN, Nov 6 (Reuters) - Danske Bank's largest shareholder, the Maersk family, has ousted the lender's chairman after a money laundering scandal that has also forced out its chief executive. A.P. Moller Holding, which controls about 21 percent of the share capital in the bank, has nominated Karsten Dybvad, who currently heads … [Read more...]

IMB: Record-Low Hijackings in the Gulf of Guinea in 2018, But Piracy Threat Persists

A total of 156 incidents of piracy and armed robbery against ships were reported to the ICC International Maritime Bureau’s Piracy Reporting Centre in the first nine months of 2018 compared to 121 for the same period in 2017, the IMB said in its latest quarterly report.  The 2018 figures can be further broken down to 107 vessels boarded, 32 attempted attacks, 13 vessels … [Read more...]

Russia’s Murmansk Shipping Signs Major Arctic Coal Shipping Contract

Murmansk Shipping Company (MSCO) has signed a major contract to transport coal produced in the Russian Arctic to Europe via the Northern Sea Route. The contract was signed MSCO and Sibanthracite Overseas, a subsidiary of Russian coal company VostokCoal, and spans an initial period of five years. VostokCoal manages the development of the massive Taimyr coal basin, home to … [Read more...]