Cosco to defer new projects, cut spending Cosco Pacific said yesterday it will cut capital spending and defer uncommitted projects and expansion of existing terminals amid a global financial crisis, boosting its stock nearly 14 per cent.
Taiwan, China to open direct sea cargo routes Taiwan and China will open direct sea cargo routes through 14 ports as part of a landmark agreement seen next week, ending decades of costly freight detours required due to sovereignty concerns, local media said yesterday.
UK Navy expected to get powers to board ships LAWS to give UK Royal Navy rights to board, search and detain vessels of another flag state is vying for spot in this year's Queen's Speech.
Calls to redefine piracy as a criminal act
Sevan seeks to delay delivery of rigs NORWEGIAN company needs more time to organise funding amid tight credit conditions.
Embattled Britannia Bulk told to cough up $158.7m NORDEA Bank Denmark and Lloyd's TSB Group demand immediate repayment as dry bulk operator negotiates sale of assets.
Britannia shares wiped out OWNERS of Britannia Bulk's common shares have been battered as lenders move swiftly to take over the embattled operator's assets
Breakthrough for France port reform FRANCE'S port reform project has taken a giant leap forward after major French port union, the F'd'ration CGT des ports et docks, today unanimously cast votes in favour of the adoption of port reform in France
Hawaii Superferry sister delayed HAWAII Superferry has disclosed that it will not introduce its second fast ferry in the islands next year as previously planned
Drybulk gloom deepens JP MORGAN has cut its rates and earnings outlook for Diana, Eagle, Genco and Navios as credit and recession pressures continue to plague the drybulk trades
MOL quits TSA grouping MITSUI OSK Lines is withdrawing from membership of the Transpacific Stabilization Agreement and the Canada Transpacific Stabilization Agreement from 27 November
Billion dollar deal Transocean shows that a deal can be done with $1.2bn drillship contract at the same rate as a July charter.
BBL loses heads? Talk of job losses at beleaguered bulker player Britannia but no sign of buyer on the horizon.
US stocks climb US shipping and offshore beat broader market after the Federal Reserve cuts rates.
Costs hurt K-Sea Tim Casey says US tank-barge player's 56% drop in profits was 'satisfactory' given the conditions.
Profit view stormy Responding to a weak rate environment, US shipping equities analysts cop estimates on dry-bulk sector.
Santos net grows Santos posts 5.5% increase in net income as taxes dig into sharply higher Ebitda.
Stocks hit Solvang Plunging investment portfolio helps drive Inge Steensland-led LPG carrier owner into the red.
Give us money Banks demand immediate repayment of $158.7m, but give struggling bulker owner Britannia Bulk operating funds and time to sell assets.
Cargoship grounds Small Norwegian-managed vessel comes to rest above gas pipeline 2.5 metres under seabed off Scotland.
Majestic growth Cruise operating profits jump at Ambassadors International, but revenues fall.
Dover dent Egyptian-flagged bulker and Dutch cargoship clash off UK, with both suffering minor damage.
Marad forecloses US homeowners are not the only ones facing foreclosure as the US government takes Majestic America Line's Empress of the North over loan guarantees.
Beluga bash Boxship batters Kiel Canal quay and hits cargoship Jerome H, whose owner was fined this week for a 2007 clash off the UK.
NOL cutting back Liner giant looks to "manage costs" in "challenging conditions" with market slump worse than feared.
Super-size Said Egyptian Suez Canal port planning new box and oil terminals in $5bn upgrade.
Sale saves STX One-off payment from Russian investor prevents heavy third quarter loss for Torstein Dale Sjotveit-led shipbuilder as offshore unit continues to struggle.
Havila hit Njal Saevik-led offshore owner sees third quarter profit slump from last year's record.
Yard pockets more Operating profits more than double at US shipyard Manitowoc Marine thanks to on-time delivery award and tank-barge orders.
Russian raid Fesco teams up with CMA CGM to launch new Baltic feeder service from St Petersburg.
Scandlines cuts Baltic player's ro-ro service from Denmark to Klaipeda in Lithuania axed as demand falls and costs rise.
Nexus chases cash Anders Holm-led FPSO player says it is "pursuing alternative solutions to meet its financial obligations".
Havila buys AHTS Norwegian shipowner buys PACC Offshore newbuilding, which will be bareboat chartered to joint venture company.
Paper progress Swedish ro-ro owner Rederi AB Transatlantic wins new forestry products contract from Finland.
Doom and gloom Japanese tanker and bulker owner Taiheiyo expecting much bigger annual loss than previously forecast.
Dollar lifts EMS Annette Malm Justad-led Eitzen Maritime Services returns to profit but reveals impact of failed Kaupthing Bank.
Tanker triumph Dubai's Gulf Navigation continues to make more money this year, with third-quarter earnings more than doubling.
Bharati on track Indian shipbuilder well on way to meeting full-year forecast with much improved second quarter.
Kyoei brighter Japanese VLCC owner raises annual profit forecast as revenues edge up, but will remain well short of last year's figure.
Back in the black Mexican tanker and offshore vessel operator returns to profit with promise of better to come.
GulfMark motors US offshore vessel operator sees healthy jump in revenues thanks to recent acquisition.
Box downturn Terminal operator Cosco Pacific sees third quarter profit dip as global woes bite, but remains ahead over nine months.
Forex fires Sevan Norwegian offshore owner returns to the red in third quarter with large currency gain.
Hawaii no go Hawaii Superferry postpones introduction of second vessel for a year due to the credit crunch.
Decrease in cruise bookings Royal Caribbean Cruises Ltd reports record third quarter earnings, but there is a significant decline in new bookings due to the economic and financial turmoil. Therefore it is expected that the fourth quarter yields will decrease with approximately 4'5 ...
HeavyLift Ancora lost its cargo in the North Atlantic The HeavyLift Ancora lost its cargo, the liftboat KS Titan 1, in the North Atlantic during the night to Monday, following main engine stop and excessive rolling in rough weather. The HeavyLift Ancora is owned by OHL, Ocean HeavyLift ASA ...
Nordic Tankers withdraws proposal to divert from shipping Only a few days before the extraordinary general assembly in Nordic Tankers A/S, the management has announced withdrawal of the proposal to make Nordic Tankers divert from the shipping business. It was announced through the Copenhagen Stock Exchange that ...
Forums 'already exist' for discussing testing standards Identifying 'common user guidelines' for forensic test methods is simply the 'next logical step'.
Total Marine Fuels moves
MOL resigns from liner agreements Cites European abolition of liner alliances as cause behind decision.
Global bunker market report
Bulk operator's troubles deepen Lenders demand immediate loan repayment after company warns of high default risk.
ARA - crude gains sees market increases
Industry remembers ISO 8217 founder Peter Newbery, who helped found the international marine fuel specification, was a 'voice of reason'.
Bunkers still bearish in most Asian ports Singapore bunkers, meanwhile, firmed on Wednesday.
Indian refiner offers mid-November cargo Offer made amid weak fuel oil market.
Banana sales offset bunker costs Fresh Del Monte coped with rising ocean freight costs in Q3.
Singapore players consider shorter payment terms 30 days credit period allowed for bunker purchases may be cut to 14 days.
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