A fire broke out on Aida Prima, pictured, being built by MHI. Credit: PA
Japanese ship builder Mitsubishi Heavy Industries has continued to incur extraordinary losses arising from the delayed delivery of two cruise ships it is building for Aida Cruises, a subsidiary of Costa Crociere.

An APM Terminals facility. Credit: APM
APM Terminals reported a drop in revenue and profit for 2015, which it attributed to lower oil prices, a stronger US dollar, and business divestments.

As the value of US-listed shipping companies deteriorates, concerns about the industry's future access to Wall Street are rising. Jefferies’ head of maritime investment banking Jeff Pribor offered his assurances in an exclusive interview with IHS Fairplay.

Containerised reefer trade
Vessels carrying fresh food cargoes to China are enjoying a relaxed start to 2016.

Alang ship recycling yard. Credit: PA
The Maersk Group has announced plans to involve itself in improving health and safety standards at shipbreaking sites in Alang, India. The group said that it intended to assist selected yards in Alang to upgrade their facilities and practices, as well as taking steps to form a “broader coalition” of shipowners to improve conditions in the Alang area more generally, perhaps through the Sustainable Shipping Initiative to which it already belongs.

TORI
Ho Chi Minh-based Triyards Shipyard has signed a new contract to build a Scientific Research Vessel for the Taiwanese Ocean Research Institute (TORI).

A Havila Shipping OSV. Credit: Geir Vinnes
The board of Havila Shipping, the listed Norwegian offshore services vessel owner, has tabled a new proposal to restructure the finances of the company, three days before an already extended deadline. The amended proposal, which follows talks with creditors of the company, includes NOK4.5 million of the interest on HAVI08 for each of the years 2016-2018 shall be paid in cash.

Last year Malta added 900 vessels to its registry. Credit: Cecil Jones
The Maltese Register of Shipping registered posted a strong financial performance for 2015. It reported an increase of almost 8.3 million gross tonnage representing a growth rate of 14.3% over the previous year bringing the total of gross tonnage 66.2 million at end of December 2015, a record for the Malta Flag.

IHS Maritime & Trade figures suggest that more than 580 vessels that exceeded 10,000 gt were broken up in 2015.

Indonesian-flagged vessels have a high Australian port state detention rate. Credit: PA
The Indonesian government has introduced a new initiative requiring a state inspector to ensure all ocean going shipping in the country complies with the Maritime Labour Convention, according to the head of the Indonesian Shipowners’ Association.

A DFDS ferry. Credit: PA
DFDS, the Danish ferry and logistics group, has posted record earnings in 2015 and expects its operating result to improve further in the present year. In 4Q15, group net profit rose to DKK205 million (USD31 million) from a mere DKK11 million in the same period year before. Revenues rose to DKK3.32 billion from DKK3.06 billion.

Hyundai Heavy Industries
Hyundai Heavy Industries (HHI) will still face a challenging year for 2016, although its losses are expected to decrease. HHI narrowed its annual loss for 2015 to KRW1.36 trillion (USD 1.14 billion), from the record loss of KRW2.2 trillion) it incurred for 2014.

Hyundai Merchant Marine's bulker Atlantic Legend. Credit: Daniel Ferro
Brokers in the dry bulk sector told IHS Fairplay today that charterers are insisting on excluding ships controlled by Hyundai Merchant Marine (HMM), amid mounting concern over the latter's liquidity.