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Shipping News

Frontline posts surprise 76% slump in Q3 profit to US$24.2m
Frontline Ltd, the world's biggest operator of supertankers, said that third-quarter profit tumbled 76 per cent as it leased out ships for less and fuel costs surged.
S Korean shipbuilder SPP eyes listing
South Korean mid-size shipbuilder SPP Shipbuilding is seeking to raise up to US$300 million in a 2008 IPO in Seoul to bankroll expansion in the buoyant shipbuilding industry, a source familiar with the situation said yesterday.
HK ports' container traffic up 0.4% in October
Hong Kong port operators including Hutchison Whampoa Ltd and PSA International Pte handled 0.4 per cent more containers in October than a year earlier, as competition from mainland harbours stymied traffic growth.

Admiralty Casebook

Ship owners lose demurrage case
THE 90-day time bar for a demurrage claim under a Beepeevoy 3 voyage charter-party form must be applied strictly unless a vessel owner provides all supporting documents within the limitation period, the English High Court ruled last month.

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Shipping News

Frontline posts surprise 76% slump in Q3 profit to US$24.2m
Frontline Ltd, the world's biggest operator of supertankers, said that third-quarter profit tumbled 76 per cent as it leased out ships for less and fuel costs surged.
S Korean shipbuilder SPP eyes listing
South Korean mid-size shipbuilder SPP Shipbuilding is seeking to raise up to US$300 million in a 2008 IPO in Seoul to bankroll expansion in the buoyant shipbuilding industry, a source familiar with the situation said yesterday.
HK ports' container traffic up 0.4% in October
Hong Kong port operators including Hutchison Whampoa Ltd and PSA International Pte handled 0.4 per cent more containers in October than a year earlier, as competition from mainland harbours stymied traffic growth.

Admiralty Casebook

Ship owners lose demurrage case
THE 90-day time bar for a demurrage claim under a Beepeevoy 3 voyage charter-party form must be applied strictly unless a vessel owner provides all supporting documents within the limitation period, the English High Court ruled last month.

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Oil price rise prompts AADA to hike bunker surcharges November 30 Shenzhen's YCT, CCT make top three list of China's best terminals Shanghai to host ports and terminals TOC Asia 2008 conference TAPA security professionals meet to talk EU cargo crime Mumbai port to build offshore container terminal DHL operates Unilever's eastern Java distribution centre CSX Intermodal to operate new box transfer facility in Buffalo Yantian International Container Terminal wins Luban prize Bonded airfreight warehouse starts operation in Chongqing Air Charter Service broker seeks listing on London's junior board ProLogis builds air logistics facility in Shanghai

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Chennai co. buys dredger from China for use at Karaikal GI status sought for Darjeeling tea in EU Export of oilseeds may be banned JN Port sustains growth momentum Development of greenfield box terminal proposed ...raring to go global AI, Gati sign pact to launch dedicated airfreight service India placed 39th in WB Logistics Index No move to cut import duty on edible oils-Pawar Customs, excise collections rise by 11.9 pc 12 SEZs to come up in Vidarbha

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NOVEMBER 15, 2007
Gefco Germany appoints new MD Lübeck's port boss Manfred Evers to quit Stena Line to invest GBP 5 million in "Stena Seatrader" Cargo volumes down for both American and Continental China'Mongolia'Russia rail project launched Christian Salvesen shareholders voted for Norbert Dentressangle Russia: new law for toll roads

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NOVEMBER 15, 2007
CKYH rejigs Asia-Europe routes Farstad profit up Rickmers-Linie to call at Tioga Marine Doubled revenue for Eitzen Maritime Services Profits down at Trailer Bridge

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NOVEMBER 15, 2007
House panel to hold local hearing on Cosco Busan spill Algoma Central orders two from China Milestone for 1,000 kW/cyl dual fuel engine USCG adopts Voluntary Disclosure Policy on environmental crimes Judge says Superferry can sail again

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NOVEMBER 15, 2007
TSA member carriers eye bunker cost recovery program Freight services index drops to new low in September Boeing's Everett tour center welcomes three-millionth guest PDX construction project will aid checked bag screening NASSCO delivers latest T-AKE vessel to US Navy

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NOVEMBER 15, 2007
Bourbon Dolphin crew 'lacked experienced' NEW evidence available to official inquiry says crew were not sufficiently experienced for the job. Bourbon Dolphin probe opens in Oslo Chamber slams shipping's green critics CHAMBER of Shipping chief David Dingle says media reports about shipping emissions "ridiculous". USCG replaces officer in Cosco Busan spill probe POLITICAL pressure prompts coastguard to relieve official in charge of oil spill response. SEA TREK: THE NEXT GENERATION THE US Maritime Administration goes all out to create more jobs for American mariners. Fog over the bay THE Bay Bridge accident may just be the key to an overdue review of the impatient box trade.

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NOVEMBER 15, 2007
CMA CGM pulls out of listing Global Ship Lease (GSL), a newly formed vessel-owning finance entity, has indefinitely postponed plans to go public on the New York Stock Exchange, Reuters new agency said today Shell to build LNG plant at Fos ENERGY major Shell is to invest '650M ($950M) in a new LNG regasification facility at Fos-sur-Mer Finance costs drag Eitzen into red A SHARP increase in financing costs after acquisitions pulled the net result of Norwegian group Eitzen Maritime Services down to a net loss of NK6.3M ($1.1M) USCG approves compliance policy SHIP owners and operators who voluntarily implement environmental compliance programmes could be spared criminal prosecution, under a new Coast Guard policy Superferry injunction lifted HAWAII Superferry has overcome its last hurdle, after a judge affirmed the validity of an emergency law that allows operations to restart Daewoo predicts tanker windfall Chevron settles Oil for Food case China can't solve manning crisis OPEC split on production and price Norden ups profit forecast by 20% Falling rates pummel Frontline Bunker fears: CMA CGM succumbs Govt acts on Port Klang corruption China gets major new VLCC owner Cosco Busan: doubt cast on radar claim

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NOVEMBER 15, 2007
Los Angeles and Long Beach ports ready to move on ambitious expansion plans More than two dozen environmental reviews await approval before ports can implement billions in expansion projects. TSA seeks immediate recovery of fuel costs DHS plans small-scale test of Global Trade Exchange CKYH Alliance expands Asia-North Europe service House approves transportation spending bill Rickmers to call Tioga terminal in Philadelphia Seaway sets closing Diana earnings improve AirbridgeCargo of Russia adds first 747 freighter Mumbai volume declines Work begins on Va.-Chicago intermodal rail route

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NOVEMBER 15, 2007
Unipac signs deal with GT Nexus TSA to take action on bunkers German KG-Fund container ship operating costs surge by 16% in 2006 Veitnam JV for Schenker Hooded pirates target Santos vessels

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NOVEMBER 15, 2007
Spill plot thickens USCG replaces San Francisco spill coordinator as debate over crews' drug and alcohol tests rages on. Algoma bags Chinese twins Canadian owner orders product tanker brace in a $90m move to add to Hanseatic Tankers pool. SFS plans $200m fund Cyprus-based group says new shipping fund to be first of many in 2008. Superferry order lifted Citing a new law, a Hawaii judge overturns his own ruling barring Hawaii Superferry from operating inter-island service. Aries' loss grows US-listed products tanker and containership owner's third-quarter losses widen by 40.2%. Spot the difference SFI follows Frontline's lead as third quarter and nine month returns suffer from weak tanker spot market. Globus pushes on George Karageorgiou's London-listed company sees third quarter returns improve on the previous period. TMM president resigns Leader at Grupo TMM steps down, handing both reigns to chairman Javier Segovia. Tallink rapped over report Estonian owner fined by stock exchange for delayed account of management shenanigans on Silja Symphony last year. Tidewater to pay $16.1m Tidewater and charterer Baker Hughes lose lawsuit filed by summer intern who lost his legs in a jack-up rig incident. Belships up but not settled Oslo-listed owner sees third quarter profits rise but it appears restless as Norway's tax dispute rolls on. CMA CGM dumps listing French boxship owner scraps New York float plan for Global Ship Lease venture. Nine-month cheer for SNO Romanian shipyard's profit grows again in 2007 as revenues increase. Meloodia out of tune Unwanted Tallink ferry heading to Singapore to make way for newbuilding in Baltic. Tankerska thankful for bulkers Croatian owner makes more money from its dry cargo fleet in first nine months. McCown scratching head Bureaucratic snafu has Trailer Bridge chief executive questioning 'the military business we thought we were awarded'. Spot of bother Frontline's third quarter result hit by 'substantially weaker spot market.' Wonson pays King's ransom Metals trader splashes $449m on Jiangxi Jiangzhou Shipyard. Huang eyes $2bn spending spree CSCL chief has money to burn and wants a fleet of 180 ships by 2011. CKYH shakes up Asia-Europe Coscon, K Line, Hanjin and Yang Ming adding bigger ships and two new services. Trailer Bridge net falls Puerto Rico container specialist sees 98.1% drop in profits after slow start to new Dominican Republic service. Trouble ahead for Hurtigruten Better nine-month result for Norwegian ferry owner could turn to full-year loss as financial pressures mount. Norden banks on bigger returns Danish shipowner again ups its full-year forecast and this time it's dry bulk getting it excited. Frenzel settles Boss of German shipping and tourism group TUI pays fine in Babcock Borsig insolvency case. SPP eyes Seoul IPO South Korean shipbuilder looking to pocket $300m from 2008 listing.

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NOVEMBER 15, 2007
Transpacific carriers plan bunker surcharges CKYH Alliance announces new services, port rotations Matson raises fuel surcharge Sea Star, Bernuth plans fuel charge hikes Rickmers will begin calling at Philadelphia's Tioga UPS offers infrastructure action plan Fittipaldi acquires oil distributor China to host C-TPAT meeting USDA considers mainland imports of 7 Hawaiian fruits FMC reviews 7 OTI license applications Environmental study for Panama Canal expansion approved

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NOVEMBER 15, 2007
Eckerö sold the Roslagen Rederiaktiebolaget Eckerö, on Åland, has sold the ferry the Roslagen, and she has been transferred to her new owners. It has been agreed not to go public with the name of the buyer. Ecker' confirms the price at market value ...

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NOVEMBER 15, 2007
Crude slumps after US stock builds Rise in imports sees both crude and gasoline stocks rise unexpectedly. Castrol Marine launching 'green' lubricants Claims to be the first with biodegradable marine lubricants that will also enhance performance. Tanker operator sees profits fall Sources say bunkers can account for more than 80% of a tanker's running costs. Rotterdam market firm New trading company set up in Pakistan Plimsol Oils to work with local supplier to bring in more business. Shipping lines act on bunker costs Fixed bunker surcharges have left ship operators 'hemorrhaging money'. Singapore fuel oil inventories steady Middle distillate stocks fell to a five-week low. UK snubs EU cold-ironing moves Government determined to protect UK ports and shipping from a 'competitive disadvantage'. Shipping lines raise bunker tariffs Shipping lines increase Bunker Adjustment Factor by 24%.