Cosco Shipping announced on 7th January that it had received approval from China Securities regulatory Commission for a new share issue plan it applied for in 2015. The heavy lift specialist will issue 456m new shares to its parent Cosco Group and First Seafront Fund to raise rMB2.5bn ($380m). The funds will be used for the construction of two semi-submersibles and seven heavylift vessels, in addition to repaying bank loans. Cosco and China Shipping group is currently working on a merger, and Cosco Shipping will transfer its bulker assets to China Shipping Development and focus on special purpose vessels after the merger.

Crowley Maritime Corporation took delivery of their second 50,000dwt LNG-ready product tanker from Jones act shipbuilder Philly Shipyard on 23rd December, the first delivery from the yard under its new name. (Formerly Aker Philadelphia Shipyard). The 29,801gt Texas joins sister ship Ohio, delivered to Crowley in October 2015, as the first vessels to receive the American Bureau of Shipping’s LNG-ready Level 1 approval, meaning the vessel was built with the option to convert the tanker to liquefied natural gas (LNG) propulsion in the future. The four sister ships, of which two are now delivered, are based on a proven design from South Korea’s Hyundai Mipo Dockyards (HMD) and built for fuel efficiency, flexible cargo capability, and the latest regulatory requirements.

Ferus Smit, a Dutch shipyard, announced the delivery on 23rd December of the 4,500gt Greenland, a cement carrier that now holds the title as the world’s first LNG-powered dry cargo ship. Known to the shipyard as Nb. 423, the ship was handed over to owners JT Cement in the weeks leading up to Christmas. after all sea trials and tests, the ship departed Delfzijl, The Netherlands, on 23rd December on her maiden commercial voyage to Rostock, Germany, to collect her first cement cargo. The unique design of the ship incorporates vertical LNG fuel tanks integrated into the hull in the foreship. The cement cargo system consists of a fully automated cement loading and unloading system that uses compressed air to move cement through fully enclosed pipes, making loading and unloading dust free. JT Cement is a joint venture between Erik Thun AB and KG Jebsen Cement from Norway. The sideways launch of the Greenland took place on 31st October at the shipyard in Westerbroek.

Panama Canal: a delayed opening of the Panama Canal expansion beyond the April 2016 deadline appears to be a certainty as work continues to repair a crack that formed in one of the new lock complexes. The project stood at 96% complete at the end of December with delivery still expected in the second quarter of 2016, even though a final date remains to be determined. Since August 2015, contractor GUPC has had the additional task of repairing a crack that developed in one of the concrete chambers of the new Cocoli locks complex located on the Pacific side of the canal. The first transit trials of the new Atlantic locks are not now scheduled to begin until April, and only then will inauguration and commercial opening dates be set. The $5.25 billion expansion project, involving the construction of a third lane of traffic to allow the passage of bigger vessels, was originally planned to be completed in 2014, but industrial action and other setbacks have delayed the opening.

Royal Boskalis Westminster N.V. (Boskalis) and KOTUG international B.V. (KOTUG) reached agreement on the merger of their European harbour towage operations on 23rd December. The Memorandum of Understanding signed by the parties in late 2014 has now been formalised following a thorough process. The combined operations will be transferred to a 50/50 joint venture bringing together the European harbour towage activities of SMIT, a Boskalis subsidiary, and KOTUG. The operations will continue under the name KOTUG SMIT Towage. The scope of the joint venture will encompass the harbour towage operations of SMIT in Belgium, the Netherlands and the United Kingdom, as well as the harbour towage operations of KOTUG in Germany, the Netherlands and the UK. The merger will create a leading provider of harbour towage services in north-western Europe, serving 11 ports in four countries with a fleet of 65 tugs. Boskalis then announced on 4th January that it had acquired the dredging activities and assets of STRABAG Wasserbau GmbH, formerly known as Möbius Wasserbau of Hamburg, the market leader in the German dredging sector. Through this acquisition, Boskalis strengthens its home market position in Germany. Furthermore, by acquiring the hopper dredgers, the requirement to renew part of the Boskalis dredging fleet in the 6,000m3 to 9,000 m3 sector will be fulfilled.

Shell has confirmed its plans to build a specialised LNG bunker vessel to deliver to LNG-fuelled ships in northwest Europe. The new build will be based at the port of Rotterdam in the Netherlands, and will load from the new LNG break bulk terminal and jetty to be constructed by the gas access to Europe (gate) terminal. The vessel will also be sea-going so therefore will be able to bunker customers at other locations. Construction will be undertaken by STX offshore & Shipbuilding with the ship’s capacity being 6,500 m3 of LNG fuel. She will be highly efficient, manoeuvrable and will feature an innovative transfer system and sub cooler unit, making the vessel capable of loading from big or small terminals and able to bunker a wide variety of ships.

Star Bulk has sold four of its dry bulk vessels, comprising of two modern Capesize vessels and two modern Kamsarmax vessels, but the company declined to name specifically which vessels were being sold. Star Bulk also declined to name the buyer, saying only that the vessels were being purchased by unaffiliated third parties. Aggregate gross proceeds from the sale will be $122 million with the vessels due to be delivered to the buyers during the first quarter of 2016.

Genting Hong Kong has completed the buyout of German shipyard Lloyd Werft according to an announcement on 4th January. The Malaysian gaming and cruise giant exercised a call option to buy out the remaining shares not already owned in Lloyd investments and Lloyd Werft Bremerhaven. Genting, whose subsidiaries include Star Cruises, said the acquisition will place the company in a better position for leverage on the technical knowhow and expertise of the shipyard, allowing the company to expedite its business plans through priority access to new building slots at competitive pricing.