Japan’s Onomichi Dockyard Company has announced plans to divest its 51% stake in Colombo Dockyard PLC, Sri Lanka’s largest shipbuilding and repair facility. The company also intends to end a management agreement that has been in place for over 30 years. This decision follows significant financial difficulties for Colombo Dockyard, which reported losses exceeding US$25 million in 2023. Colombo Dockyard is currently in preliminary talks with several interested parties regarding
Category: Shipping News
Algoa Bay bunkering revival a game changer for South Africa’s maritime industry
The reopening of offshore bunkering in Algoa Bay represents more than just a return to operations—it signals an opportunity to reshape South Africa’s maritime industry and solidify its position in the global blue economy. Durand Naidoo, CEO of Linsen Nambi, emphasized the significance of this moment: “By addressing past challenges and embracing new opportunities, Algoa Bay can set a benchmark for sustainable and efficient offshore bunkering. With collaboration between government,
Port of Beira Welcomes One of the World’s Largest Cargo Ships
On Friday, November 22, the Port of Beira in Sofala province, central Mozambique, hosted one of the world’s largest cargo ships. The 300-meter-long Post Panamax vessel, carrying 1,800 containers of diverse cargo, is operated by an international shipping company. Miguel de Jenga, Operations Director at Cornelder de Moçambique, the concessionaire managing the port, highlighted the ship’s arrival as a testament to the port’s growing competitiveness and its modernized infrastructure. Preparations
Portugal-Angola Trade Declines as Angola Drops in Portugal’s Export Rankings
From January to September 2024, Portugal’s exports to Angola totaled €753.1 million, a decrease of €229.6 million compared to the same period in 2023, reflecting a 23.4% decline. As a result, Angola has fallen four places in Portugal’s export rankings, now positioned as the 13th largest destination for Portuguese goods, down from 9th place since 2019. Despite this, Portugal remains Angola’s second-largest supplier, after China. These figures are part of
Tridock Shipyard Namibia Unveils $728 Million Drydock Project in Walvis Bay
Tridock Shipyard Namibia (Pty) Ltd has announced a landmark $728 million investment to develop a state-of-the-art drydock facility in Walvis Bay. The project aims to strengthen the maritime sector along Africa’s western coast, addressing the growing demand for vessel maintenance and repair services as maritime traffic in the region continues to increase. In its initial stages, the drydock is projected to generate $150 million (N$2.7 billion) annually, with potential revenue
DP World Unveils £1-Billion Expansion to Transform London Gateway into UK’s Largest Container Port
Global logistics leader DP World has announced a £1-billion expansion of London Gateway, set to establish it as Britain’s largest container port within five years. The investment will fund the construction of two additional shipping berths, bringing the port’s capacity to six berths capable of accommodating the world’s largest container vessels. Additionally, a second rail terminal will be constructed to support the anticipated growth in containerized trade. By the end
Global Shipping Industry Faces Challenges with Ageing Fleet Amid Shipbuilding Boom
The global shipping industry is grappling with an ageing merchant fleet, and even the current surge in shipbuilding may fall short of replacing older vessels in time, according to Xclusive Shipbrokers’ latest weekly report. The report highlights a significant rebound in shipbuilding over the past two years, primarily fueled by a recovery in freight rates post-Covid-19. “This surge has led to a notable increase in the orderbook-to-fleet ratios across various
Maersk Defies Russian Threats with New Weekly Container Service to Ukraine
Maersk has launched a new weekly container service to Ukraine, pushing forward amid escalating Russian attacks on merchant ships and Ukrainian ports. According to the Ukrainian news portal Dumskaya, the first vessel under this service departed from Port Said, Egypt, on Thursday and is scheduled to reach Chornomorsk on October 22. Maersk’s Ukraine office issued a statement to clients, emphasizing that the new service “marks a significant step forward in
MSC Acquires Majority Stake in Brazilian Port Operator Wilson Sons
Mediterranean Shipping Company’s maritime services subsidiary, SAS Shipping Agencies Services, has agreed to acquire a 56.47% controlling stake in Brazilian port operator Wilson Sons for 4.3 billion Brazilian real (R13.44 billion). In a regulatory filing, Wilson Sons confirmed it received notification from its controlling shareholder, OW Overseas Investments, regarding the execution of a share purchase agreement. This agreement involves OW Overseas (the seller) and SAS Shipping Agencies Services Sàrl (the
Four Crew Members Missing After Russian Cargo Ship Capsizes Near Sakhalin Island
Four crew members remain missing after the small general cargo ship Grigory Lovtsov capsized near Korsakov port at the southern end of Sakhalin Island, in Russia’s Far East. Russian authorities reported that three crew members were rescued, though all are suffering from hypothermia. The Grigory Lovtsov, a 41-meter, 200-dwt vessel that has operated in Russia since 2010, was carrying a crew of seven. Sakhalin Oblast Governor Valery Limarenko stated on