By Bloomberg News (Bloomberg) -- The fate of at least 15 oil tankers idling off the coast of China holds the key to determining the path of global freight rates. The vessels are owned by a unit of Chinese shipping giant COSCO that was sanctioned by the U.S. in late September for carrying Iranian oil. They’ve been floating off the coast for over a month, ship-tracking … [Read more...]
DNV GL Awards Approval in Principle for 25,000 TEU Containership
DNV GL has awarded China’s Hudong-Zhonghua Shipbuilding an Approval in Principle for the design of a 25,000 TEU LNG-powered containership which would be the largest in the world. The international classification society made the announcement in a post to Twitter. Knut Orbeck Nilssen, CEO of DNV GL - Maritime, handed the AiP certificate to Hudong-Zhonghua … [Read more...]
China Denies U.S. Navy Ships from Hong Kong Port Visits
BEIJING, Dec 2 (Reuters) - China on Monday banned U.S. military ships and aircraft from visiting Hong Kong and slapped sanctions on several U.S. non-government organizations for allegedly encouraging anti-government protesters in the city to commit violent acts. The measures were a response to U.S. legislation passed last week supporting the protests which have rocked the … [Read more...]
China Establishes World’s Largest Shipbuilding Group -State Media
SHANGHAI, Nov 26 (Reuters) - China on Tuesday formally established China Shipbuilding Group, which the country's government-run broadcaster described as the world's largest shipbuilder. The group's establishment, reported by China Central Teelvision (CCTV), comes after Beijing last month approved the merger of the country's two largest shipbuilders, China State Shipbuilding … [Read more...]
Shipping’s New Fuel Rules Pummel Asian Refinery Profits
By Clyde Russell LAUNCESTON, Australia, Nov 25 (Reuters) - Profits at Asian refineries are being buffeted by a combination of factors, chief among them uncertainty over how exactly new shipping fuel standards will play out and the rise of China as a product exporter. Refinery margins in Asia have been knocked to the lowest since the financial crisis in 2008 by some measures, … [Read more...]