The potential had always been there, but so far, the African continent had failed to materialize all those positive prospects surrounding its ability to rise as a new global economic power. The latest trends though, especially when it comes to sourcing and exporting its vast commodities' resources, have favored this transition, thus providing a positive boost for the global shipping industry. According to a report from shipbroker Intermodal, "Africa had been largely left behind in the wave of...

CSSC Chengxi Shipyard turns out to have signed a newbuilding contract to build a pair of 64,000-dwt bulkers on May 28 with Baoyuan International of China. The handymax bulkers are based on 'Dolphin 64' design, developed by CSSC's ship design company, Shanghai Merchant Ship Design & Research Institute (SDARI). The design enhances energy efficiency and eco friendliness. Comparing the 64,000-dwt bulker with existing 57,000-dwt, the 64,000-dwt increased its capacity by 8% and cargo capacity by...

Shipbuilding industry is said to be entering into a road to recovery, passing through a protracted recession finally. Analyst Yoo Jae-Hoon at Woori Investment & Securities of Korea revealed, “There have been signs of recovery in commercial vessel market, for instance, rising vessel prices and etc.,” and said, “In comparison with last year, drillship contracts show a relatively weak track record, however from the second half of this year, the recovery is likely to be seen”. Particularly,...

May 31, 2013 - Rolls-Royce Plc has delivered the first of a revolutionary new design of cargo ship which will reduce CO2 emissions by up to 40 per cent, thanks to a combination of cutting edge marine technology, including a wave-piercing bow and an engine powered by liquefied natural gas (LNG). The first Rolls-Royce Environship, of NVC 401 LNG design, the Eidsvaag Pioner, has been delivered to Norwegian company Eidsvaag AS this week, and will soon enter service on a year-round schedule deliv...