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Shipping News

Japan's top 3 shipping firms raise their profit outlooks
JAPAN's top three shipping firms yesterday boosted their annual profit outlooks above expectations on softer fuel costs and better freight rates, with Mitsui OSK Lines putting in the strongest performance.
TUI's shipping unit heads for 2006 loss
GERMAN tourism and shipping firm TUI posted a 25 per cent drop in quarterly core profit yesterday and warned it now expected its sea container division to have a loss for the full year as costs weigh.
EasyCruise to launch Greek operations next year
EASYCRUISE, a cruise-line sister company of low-fare airline EasyJet plc, will start operations to the Greek islands on May 31, 2007, chairman Stelios Haji-Ioannou said.
UPS adds delivery-time options for global shipments

Admiralty Casebook

Shipowners still able to limit liability for negligence
ASHIPOWNER'S liability for negligence under the Jones Act is not over and above disability benefits paid to a seaman, and a shipowner may offset from any damages awarded against it the benefits that it has already paid, a US appeals court ruled last week.

Port Shots

Port Shots
EAGLE Bulk Shipping Inc, whose ships carry commodities such as coal and iron ore, said third-quarter profit rose 23 per cent after its fleet expanded.

web site

Shipping News

Japan's top 3 shipping firms raise their profit outlooks
JAPAN's top three shipping firms yesterday boosted their annual profit outlooks above expectations on softer fuel costs and better freight rates, with Mitsui OSK Lines putting in the strongest performance.
TUI's shipping unit heads for 2006 loss
GERMAN tourism and shipping firm TUI posted a 25 per cent drop in quarterly core profit yesterday and warned it now expected its sea container division to have a loss for the full year as costs weigh.
EasyCruise to launch Greek operations next year
EASYCRUISE, a cruise-line sister company of low-fare airline EasyJet plc, will start operations to the Greek islands on May 31, 2007, chairman Stelios Haji-Ioannou said.
UPS adds delivery-time options for global shipments

Admiralty Casebook

Shipowners still able to limit liability for negligence
ASHIPOWNER'S liability for negligence under the Jones Act is not over and above disability benefits paid to a seaman, and a shipowner may offset from any damages awarded against it the benefits that it has already paid, a US appeals court ruled last week.

Port Shots

Port Shots
EAGLE Bulk Shipping Inc, whose ships carry commodities such as coal and iron ore, said third-quarter profit rose 23 per cent after its fleet expanded.

web site

Shipping News

Japan's top 3 shipping firms raise their profit outlooks
JAPAN's top three shipping firms yesterday boosted their annual profit outlooks above expectations on softer fuel costs and better freight rates, with Mitsui OSK Lines putting in the strongest performance.
TUI's shipping unit heads for 2006 loss
GERMAN tourism and shipping firm TUI posted a 25 per cent drop in quarterly core profit yesterday and warned it now expected its sea container division to have a loss for the full year as costs weigh.
EasyCruise to launch Greek operations next year
EASYCRUISE, a cruise-line sister company of low-fare airline EasyJet plc, will start operations to the Greek islands on May 31, 2007, chairman Stelios Haji-Ioannou said.
UPS adds delivery-time options for global shipments

Admiralty Casebook

Shipowners still able to limit liability for negligence
ASHIPOWNER'S liability for negligence under the Jones Act is not over and above disability benefits paid to a seaman, and a shipowner may offset from any damages awarded against it the benefits that it has already paid, a US appeals court ruled last week.

Port Shots

Port Shots
EAGLE Bulk Shipping Inc, whose ships carry commodities such as coal and iron ore, said third-quarter profit rose 23 per cent after its fleet expanded.

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MOL boosts Europe-S Africa services Xiamen Port Q3 net profit soars 113pc Maersk to reduce Europe-China BAF Yingkou Port Q3 net profit falls 13pc JAL moves from loss to US$12m profit in first half Boeing appoints new president for its Germany operations Kassabri named new senior manager for Jade Cargo

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Pak Minister coming to sign ferry pact Minister rules out duty-free import of wheat after Dec. 31 India rated safest for investors in South Asia 50 pc rise in natural rubber exports Starch producers seek duty waiver to facilitate maize imports Remove trade barriers, India tells Pak Port of Halifax provides key to vast N. America, Canadian markets IOC wants oil terminal at Cochin Port converted to LPG handling facility MCA for port sector soon-Baalu Soyameal exports surge despite port constraints Czech-based Scoda Exports to develop port at Nizampatnam NMPT-FKCCI trade meet in Bangalore today HDC awaits Centre's nod to sell land to state govt KPT gets go-ahead for highly-mechanised fertiliser handling facility Need for expert body to format & develop model bid documents for PPP projects in Rlys stressed India, China plan railway link-up Decision soon on sugar export, says Pawar FIIs pump in $ 7 bn No cap on number of SEZs-Official

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NOVEMBER 9, 2006
CMB makes US$50m on bulker sale Good market boosts Farstad Eitzen Maritime's strong quarter Eagle buys 2 Futura 56s UK throws out document forger

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NOVEMBER 9, 2006
$67.5 million Navy award to Marinette Marine Electric Boat awarded Underwater Express contract Aker Yards wins $511 million ferry order New Japanese shipyard to be built Bollinger Gulf completes barge conversion Eagle Bulk inks

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NOVEMBER 9, 2006
Ports of Everett, Hiroshima ink cooperative agreement DHS taps Sea-Tac Airport for air cargo security tests Port Angeles Coast Guard group presents Veterans Day ceremony Pair of rail projects completed at Port of Tacoma Greenbrier expands operations with purchase of Meridian Rail Holdings

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Japan's big three see profits hit by fuel hikes NYK, MOL and K Line all saw profits fall dramatically during the first half of fiscal 2006, despite increased revenues. The main spoiler was increased fuel costs. Calls for overhaul on liability limitation CHARTERERS need a new international convention which recognises a right to limit liability, a leading City lawyer has said. Stena books 'superferrys' from Aker GOTHENBURG shipping powerhouse Stena has lined up with Aker Yards a €400m ($468m) order for two "super ferries" as it awaits a decision on its '1.3bn bid for Baltic ferry group Scandlines. Castalia Springs investors burst into FFA market A new investment fund specialising in forward freight agreements (FFAs) is being spearheaded by Philippe van den Abeele, a key figure in the development of the modern futures market in shipping, writes Tony Gray.

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NOVEMBER 9, 2006
Mitropoulos mandate renewed IMO Council has renewed Efthimios Mitropoulos's mandate to serve as secretary-general of the UN agency for a further four years Sovcomflot and Unicom: clarifications FAIRPLAY has investigated certain allegations regarding Sovcomflot made in articles published between December 2005 and March 2006 and wishes to clarify the position Long-term tanker demand assured THE tanker sector need not fear US political calls for an end to foreign oil dependence, according to energy analyst Michael Economides Jones Act demand more acute WITHDRAWALS in the Jones Act tanker trade could come sooner than expected, with Overseas Shipholding Group (OSG) poised to take advantage OSG outlines Gulf shuttle plans Crunch time for Turkey over ports Tanker trend propels TEN to record Hapag to slip into red, says TUI Ballasting error led to grounding Ethanol fuels Brazilian agro-exports Container pioneer Sir Kerry dies Mixed interims for Japan's top trio Salinas calls for joint responsibility Ships needed to aid Jaffna crisis

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NOVEMBER 9, 2006
Ocean shipping profits dive Rising fuel costs, declining freight rates exact a heavy toll on Hapag-Lloyd, Hyundai and the three Japanese carriers. Trailer Bridge earnings surge TSA plans air-cargo screening tests at Sea-Tac Fountain gets top spot at Barthco DHL to expand in Korea U.S. trade deficit shrinks China's trade ascent continues India's SCI charters 3 vessels HACTL reports record air-cargo volume Airfreight volume climbs Diana charters bulker

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NOVEMBER 9, 2006
News Analysis: Hapag-Lloyd figures the result of integration in a harsh market Continuing earnings losses by TUI's shipping division in Q3 reveal the burden of integration-costs, without which Hapag-Lloyd would be reporting results on the level of other carriers troubled by the market's current high costs and negative economic conditions, according to analysts. Four make short-list for Patrick Shipping A Tasmanian consortium of Launceston's Southern Shipping and Devonport-based Chas Kelly Transport has emerged as the frontrunner to buy Bass Strait feeder operator Patrick Shipping and its associated forwarding activities. NYK and MOL record sharp fall in H1 profits, but raise forecasts for H2 Virginian governor heads for talks with AP Moller-Maersk Boxshipping pioneer Sir Kerry St Johnston dies SCI deploys newbuildings in US and Europe services Indonesia to build new container terminal in East Kalimantan Asia-Russia/E.Europe trade to top 9m teu by 2016 NYK to pay less for ship fuel K Line lifts 12-month forecast, despite severe decline in H1 profits HMM post US$1.1m net loss in Q3 Macaque makes a monkey out of the authorities Shipping to remain a drag on TUI's earnings until 2007 says CFO

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NOVEMBER 9, 2006
Spac targets offshore Blank-check IPO company Vantage Energy Services is looking to acquire a fleet of offshore vessels. Huge job for German Aker Kjell Inge Rokke's Aker Yards says it will build the world's biggest ferries for Stena at its German facilities. Demoted! Moody's inflicts first of two possible ratings downgrades on struggling TUI. Stolt docks dividend Investors will get less in their pockets after chemical operator cuts payout. India detains N Korean ship Officials want to know why empty vessel that developed a problem in Indian waters was sailing to Iran. Rams in the red More off-hire and shortfall on derivatives pushes Aries Maritime to first time loss. More losses for TUI German owner of Hapag-Lloyd and CP Ships finding it tougher going in 2006 as freight rates fall. Noble nobbled Falling charter revenues cut earnings for Hong Kong shipowner and trader by 64%. Haisheng orders chemical double China Shipping subsidiary picks Zhejiang Zhenxing yard for new 7,000-dwt tankers. Azuma misses target Full-year profit and revenue forecasts downgraded despite improved follow-on quarterly result. Goodearth plans Indian yard Indian bulker owner ready to invest heavily to build VLCCs in Tamil Nadu. SSC shrinks Smaller fleet hurts bottom line at Singapore Shipping Corp though cuts in costs bode well. Iino down again Japanese tanker and bulker owner's first-half earnings fall despite higher revenues. Up and down at Shinwa Second-quarter profit surges at Japanese bulker owner but first-half figures slightly shy of the mark. HMM slips into red Nothing sexy about the numbers at Hyundai Merchant Marine as third-quarter figure stripped on higher costs. NYK takes a dip Lower boxship rates and higher fuel prices combine to lower Japanese owner's first-half earnings. Crewman dies off Australia Towing operation goes tragically wrong for Filipino man off Darnley Island. Mipo rises Higher profit for Korean yard in third quarter as demand and ship prices increase. K Line knocked Japanese giant takes a fall in the second quarter with full-year profit set to be chpped by a third. MOL battered by bunkers Japanese giant's profit remains lower in first half of 2006, but it has increased full-year forecast as markets stay strong. TEN makes a ton Greek tanker owner hits record high in third quarter as fleet swells and charter rates soar.

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NOVEMBER 9, 2006
"Weak market environment" sees Hapag-Lloyd post 3rd quarter loss Japanese three's first-half profits down FMC chairman makes leap to IICL Trailer Bridge reports improved results "K" Line signs first long-term bulk contracts with Baosteel Air cargo security technology tested at Sea-Tac Unions take aim at big four integrators globally Cathay's October cargo up 4.2% Swiss WorldCargo names Kassabri to handle Jade Cargo's European sales Schneider Logistics names Austin VP, European operations Herbalife to use ClearOrbit for order fulfillment Deutsche Bank takes share of Peel Ports Tacoma completes two rail projects

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NOVEMBER 9, 2006
Stena orders ultra-large ferry from Aker Yards Aker Yards has agreed with Stena Rederi AB about the delivery of two ferries in the first and third quarter ... Stranded ferry lifted off breakwater The stranded ferry 'en is back in the water. In the early hours of Wednesday morning the floating crane Samson ... Aker Yards expects savings from new business model Aker Yards has announced a new business model for its shipyards in the business area Cruise & Ferries. During a 100 ...

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NOVEMBER 9, 2006
Crude gets 'bullish surprise' Oil markets at 2-week high with bunker prices following. O.W. Bunker expands physical supply through acquisition O.W. merger with ABC Atlantic Bunkers to cover African coast from top to bottom. Another shipowners association calls for switch to distillates Asian shipowners association pulls away from 1% sulphur cap on IFO and backs radical INTERTANKO proposal. New regulation halts bunker supply in Mumbai Indian suppliers united against baffling new regulation amid fears it could spread to other states. Demand picks up in Asian hub Singapore market sees surge in activity after days of thin trade Falling prices boost shipping lines' prospects Japan's largest shipping companies revise their profit forecasts upwards on back of 'bunker bonus'. Rotterdam market stays firm Another record result from WFS Earnings so far this year up by nearly 70% with two out of three quarterly results beating records. Singapore onshore fuel oil stocks rise Weak Chinese demand sees Singapore inventories grow.