The Worldscale rate on VLCCs hauling crude from the Persian Gulf to North Asia, which had stayed in the low w30s for some time, hit the w40 mark Thursday for the first time in three months. After languishing in the w30-w37.75 levels since January 25, rates hit the key w40 level after GS Caltex was widely reported to have taken either the Asian Progress IV for a Persian Gulf to Yeosu, South Korea, voyage, loading May 26, at this level for carrying a 270,000 mt crude cargo. Neither the ship's ...

Despite the doom and gloom that the dry bulk market has experienced during the past couple of years and especially during 2012, ship owners have increased the rate of their newbuilding orders in the sector, as they are looking for investment opportunities, trigerred by lower prices in various shipyards (close to historical lows), a factor which is difficult to be ignored by many owners. According to the latest report from Piraeus-based shipbroker Golden Destiny, "overall the past week ended wi...

PARIS - May 6, 2013 - GE’s Power Conversion business (NYSE: GE) unveils a new power and propulsion system that reduces fuel consumption by controlling engine speed on platform support vessels at OTC. The Variable Frequency Active Front-End power and propulsion system, or VF-AFE, enables ship owners using conventional power system components to lower engine speeds when feasible, cut fuel consumption and reduce emissions and maintenance requirements. “We are increasing efficiency of existing ...

Geoje in South Gyeongsang Province of Korea has requested a service for ‘a decision on urban management plan (change) and execution plan’ regarding an establishment of an offshore plant industry support center. The city has announced on May 6 that it will begin a service for building the center within this month and complete the service early next year.  The offshore plant industry support center is planned to be constructed in 169,000㎡ of woods and fields in Jangmok-ri, Jangmok-myeon,...