Biggest glut in tankers in 29 years Demolitions of supertankers, which carry about 20 per cent of the world's oil, are slowing as ship owners accept unprofitable rates rather than write off assets, creating the industry's biggest glut in 29 years.
China demand to drive crude tanker rates Rates for crude tankers on key Asian freight routes are expected to rebound slightly from this year's lows as Chinese demand for West African oil returns, shipbrokers said yesterday.
GE, partner sell box lessor to China firm General Electric Co and a partner agreed to sell shipping container lessor GE SeaCo for US$1.05 billion to China-based HNA Group Co and Bravia Capital as chief executive officer Jeff Immelt reshapes GE's finance business.
Strait Talk
Rougher seas ahead for liner shipping IF BUSINESS success depended on the amount of free advice offered, the container shipping lines would be massively profitable ventures.
Biggest glut in tankers in 29 years Demolitions of supertankers, which carry about 20 per cent of the world's oil, are slowing as ship owners accept unprofitable rates rather than write off assets, creating the industry's biggest glut in 29 years.
China demand to drive crude tanker rates Rates for crude tankers on key Asian freight routes are expected to rebound slightly from this year's lows as Chinese demand for West African oil returns, shipbrokers said yesterday.
GE, partner sell box lessor to China firm General Electric Co and a partner agreed to sell shipping container lessor GE SeaCo for US$1.05 billion to China-based HNA Group Co and Bravia Capital as chief executive officer Jeff Immelt reshapes GE's finance business.
Strait Talk
Rougher seas ahead for liner shipping IF BUSINESS success depended on the amount of free advice offered, the container shipping lines would be massively profitable ventures.
Swiss Worldcargo and Cargologic to continue partnership for a further seven years The long-running partnership between Cargologic and Swiss Worldcargo is set to continue: the success of the arrangement has been reaffirmed by a new agreement between the companies...
TAM increases flights between Orlando and S˜o Paulo As of today, the Brazilian carrier TAM will operate a second daily flight between Orlando (USA) and S˜o Paulo (Brazil). Using an Airbus A330, TAM which began to fly from Brazi...
IATA improves freight forwarder credit scheme In response to concerns raised by the Freight Forwarder community, IATA is pleased to announce a new settlement monitoring program has been agreed by the European Air Cargo Program...
GAC strengthens marketing presence in Europe GAC, a global provider of shipping, logistics and marine services headquartered in Dubai, has underlined its commitment to Europe by expanding its regional shipping marketing team ...
Horizon Lines reports second-quarter financial results Horizon Lines, a leading US domestic ocean shipping and integrated logistics company, recently reported its financial results for the second quarter ended 26 June 2011. Container v...
First European sized freight train over High Speed 1 in use DB Schenker Rail operates first European sized freight train over High Speed 1. The project to introduce regular European sized freight trains on High Speed 1 has achieved a ma...
Nigeria's Government has plans for the revival of the rail IN an effort to reduce the burden on Nigerian roads, Federal Government yesterday said it has developed a 25 year development plans for the resuscitation of railways sector in the ...
Iveco surprises with large growth in H1 Iveco, the truck brand of Fiat Industrial, posted revenues of EUR 4.6 billion for H1 2011, up 20.2% over the same period for the prior year. A total of 74,960 vehicles were deliver...
IMS Cargo increases shuttle connections IMS Cargo increased the capacities of its Austria Container Shuttle (ACS). There are new two additional round trips, which makes eight roundtrips in total per week on the route Ham...
New Sales Booming of Daimler Trucks in Europe and US Daimler Trucks posted EBIT of EUR 474 million (Q2 2010: EUR 300 million) and a return on sales of 7.1% (Q2 2010: 5.1%) in Q2. The rise in earnings is primarily due to a renewed sig...
Correction: Air France-KLM Cargo used new Envirotainer before Emirates SkyCargo With reference to our issue of yesterday, Air France-KLM Cargo points out that it has already been using the new Envirotainer RAP e2 containers since February 2011. The French-Dutc...
Ground-breaking ceremony for the new branch of the German forwarder Emons in the port of Nuremberg The German forwarder Emons based in Cologne (Germany) is investing about EUR 10 million in the construction of the new Nuremberg branch in Bayernhafen (port of Bavaria) Nuremberg. ...
Stef-TFE grows in all fields The French transport and logistics provider Stef-TFE that specialises in refrigerated and frozen cargo increased their turnover in the second quarter by 10.4% in absolute numbers a...
Port cuts diesel pollution by more than 70% The Port of Long Beach's clean-air efforts are achieving dramatic comprehensive reductions in air pollution, including a 72% decline in diesel particulates, according to the latest...
MOL announces upgrade to CX1 service linking Panama, Manaus Mitsui O.S.K. Lines Ltd. (MOL) recently announced an upgrade to its CX1 feeder service between Panama and Manaus and the beginning of independent operation on the route. The move w...
Time for container operators to embrace new salvage form The changes introduced in LOF 2011 will ensure efficiencies in the difficult circumstances of salvage operations
Syria violence fails to ignite cross-Mediterranean aframax rates Instead stagnating rates have pushed earnings into negative territory
Solid VLGC earnings set to rise further Brokers predict auspicious August as extra spot cargoes from Middle East continue to provide employment
Awilco carrier on first charter after lay-up Norway's Awilco LNG has secured a 30-90 day contract for its liquefied natural gas carrier WilGas
Tanker scrap values reach highest level since crash of 2008 Ships sold to Indian breakers achieve 'truly astounding numbers', with some earning as much as $575 per ldt
Capesize owners capitalise on booming scrap prices Latest two reported vessels sold for demolition push 2011 numbers further towards the 60 mark
Skuld's strong underwriting record wins S&P upgrade Stand & Poor's raises outlook to positive and affirms counterparty credit and financial strength ratings of A-
All eyes on Zurich in the great Asia rates debate The major underwriters have followed up on Lloyd's Asia and the market is now very competitive, with costs under pressure
Ransoms: the moral maze revisited Playing the waiting game to get 'prices' down is more costly financially as well as ethically
Chinese train tragedy's message for shipping While some shipowners swear by Chinese ships, few seafarers would chose to work on one over a Japanese or South Korean vessel
Tough choices for K Line If the Japanese carrier exits the Asia-Europe trades, what is the next move?
Top box lines join forces to cut cargo-related incidents Information will be shared between carriers through new Cinsnet online database
DSV checks aim to lift veil on weights Pilot scanning road freight will show shipping lines extent of misdeclared container problem
Giant boxships pose new risks Container heights to exacerbate existing stacking and lashing problems
Owners risk safety by cutting costs on pilotage UK shipping minister is told Maritime and Coastguard Agency should intervene
EU grants $35m for Rostock and Gedser Port upgrades to compete with road transport
Samskip wins deal for Duisburg rail terminal European shortsea and multimodal operator's $28.4m investment involves building seven train-long platforms built and two intermodal gantry cranes installed
Greek owners buck consolidation trend New Petrofin survey finds Greeks expanding in number of owners as well as fleet
NewLead pursues TMT for $7m in charter hire arrears Nobu Su faces owners' complaints of non-payment
Van Oord cleared of illegal dumping by Kenya Port Authority Dutch dredging operator disposed of Mombasa terminal spoil in designated area
Germany's strong car exports boost Bremen and Bremerhaven Twin ports post 16.5% growth in throughput to 40m tonnes in first half
ThyssenKrupp seeks owner for non-military arm of Blohm+Voss Engineering giant in talks with unnamed European investor
Grand China denies shrinking orderbook Dry bulk giant says rumours of reduced orders at Jinhai Heavy Industries are false
Taiwan tonnage tax fails to find takers Only tepid response despite heated calls from shipowners.
Latest quarterly loss prompts OSG to cut dividend by 50% New York tanker major becomes latest casualty in depressed spot market
Ransoms and deniability The freeing of the Italy flagged Buccaneer shows that mendacity has its uses when lives are at stake
New ship helps boost Norwegian Cruise Line's profit nearly 30% Delivery of Norwegian Epic combines with rises in ticket prices and onboard spending
HPH appointed operator of Enfield Intermodal Logistics Centre Inland site 18 km from Port Botany expected to achieve up to 300,000 teu of port related throughput by rail
Dockers down tools at Mermaid Marine Australia Six-day strike over pay at Dampier Supply Base turns into 12 after union rejects offer
Capesize prices can go much lower, says Courage Marine chairman Hsu Chih-Chien says the most vulnerable yards are small and medium sized facilities with limited ability to take loss-making deals
Ukraine bars 17 vessels UKRAINE today barred 17 riverine ships from operating after inspections sparked by a ferry sinking in Russia
NCL returns to profits NORWEGIAN Cruise Line swung to profits in its latest quarter, aided by increased net yield and capacity growth
Greeks seize 210 migrants GREEK authorities have arrested four smugglers and seized 210 migrants in the past week who had been trying to reach Italy
Italy's efforts to secure tug release revealed A NEW WikiLeaks disclosure describes how Italy made payments to Somali authorities as it tried to secure the release of a hijacked tug
GENCO votes half-million PETER Georgiopoulos will receive $500,000 per year as chairman of GENCO, its board has recommended
Sonatrach seeks gasoil shipments ALGERIA'S Sonatrach has issued a tender for six gasoil cargoes totalling about 180,000 tonnes, IHS World Markets Energy reported today
Ferry line frozen after sinking PHILLIPINES authorities have reportedly forced ferry company Trans-Asia Shipping Lines to suspend services after one of its vessels sank
Breaking misery continues AS BANGLADESH'S Supreme Court takes its time to decide whether shipbreakers can continue operating, ship buyer Global Marketing Systems told Fairplay today it did not sell any vessels to yards there last week
Russia signals pork import cut RUSSIA'S government has issued issued a resolution indicating that next year's import quota for pork is likely to be cut from 472,000 tonnes to 320,000 tonnes
Owner investments in Greece called 'unlikely' GREEK shipowners based in the UK are unlikely to invest in Greece unless it becomes more friendly to businesses, a key owner has warned
Sembcorp raises JV stake SEMBCORP Marine's wholly owned subsidiary Sembawang Shipyard has increased its stake in Sembmarine Kakinada Ltd
DHL picks profitable cargo DHL GLOBAL Forwarding said today it had lower cargo volumes but higher profits in Q2
Cosco Corp's shares dive SHARES of Cosco Corp (Singapore) dived today after analysts graded the group down following its 2Q2011 earnings results
Momentum seen for gas giants BROKERS told Fairplay today that the very large gas carrier rates are likely to continue rising on tight tonnage and increased exports
MR disruption seen in Taiwan TAIWAN'S part-shutdown of the Mailiao petrochemical complex owned by Formosa Plastics might disrupt MR freight rates
Expeditors Reports Record Second Quarter Profit Expeditors International of Washington reported a record second quarter profit of $95 million on Tuesday, but the forwarder saw growth...
Genesee Buys Short Line in Arizona Short line railroad owner Genesee & Wyoming signed an agreement to buy Arizona Eastern Railway from Iowa Pacific Holding for...
Obama Targets Trade, Infrastructure to Boost Economy President Obama on Tuesday urged Congress to quickly settle differences on aviation legislation to unblock air construction projects, and to...
Consumer Spending Fell 0.2 Percent in June U.S. consumer spending fell in June for the first time in almost two years in the latest indication the economy...
Atlas Profit Falls on Weaker Air Freight Atlas Air Worldwide Holdings' net profit fell 27.2 percent in the second quarter to $23.8 million on higher fuel costs...
Great Lakes Dredge Profit Down 42.8 Percent Great Lakes Dredge & Dock's profit in the second quarter fell 42.8 percent to $19.8 million, as its dredging segment...
NAFTA Surface Trade Rises 15.7 Percent The value of goods transported by truck and rail between the U.S., Mexico and Canada rose 15.7 percent in May,...
India Exports Surged 46 Percent Year-Over-Year India's exports surged 46.45 percent year-over-year to $29.21 billion in June, as fears grow that the uncertainty in the U.S....
Container Ship Capacity Jumps 10 Percent Active container ship capacity around the world is up 10 percent over the past year, running ahead of cargo demand...
Deutsche Post Profit Soars on DHL Boost Deutsche Post DHL more than tripled its net profit in the second quarter from a year ago to $368.9 million,...
Quality Distribution Profit Rises 300 Percent Quality Distribution increased its profit more than 300 percent in the second quarter to $9 million as the nation's largest...
TNT Profit Drops on Higher Costs, Asia Decline TNT Express reported an 8.1 percent drop in second quarter adjusted operating profit, as higher fuel and wage costs, declining...
ANA Loses $107.7 Million Despite Cargo Gains All Nippon Airways lost $107.7 million on a consolidated basis in the fiscal first quarter ending June 30 despite strong...
WWL Appoints New North American Management Wallenius Wilhelmsen Logistics announced changes on Tuesday in its North American management team. The Scandinavia-based roll-on, roll-off specialist named...
ADM attacks Restis arm Enterprises Shipping & Trading lands at the centre of million-dollar dispute over soggy soybeans.
Tsirigakis in at Ocean Rig Architect of new blank-cheque eyes board seat as DryShips drilling wing closes in on Times Square listing.
ITC sale fizzles out Back to the drawing board for Independent Tankers Corp as mystery buyer pulls plug on VLCC deal.
Seacor wing plots IPO Aviation arm of New York-listed offshore owner eyes $150m debut in the public market.
DryShips' $50m dividend Shareholders in George Economou-controlled shipowner set for a payout as part of OceanRig's Nasdaq float.
Bangladesh paper chase Bangladeshi ship breakers wait in anticipation while the legal wheels in the country's Supreme Court grind slow.
GLDD slips in the second Gross profit plummets 42% at Nasdaq-listed dredging giant following spike in shipyard stays.
Boxships to bounce back Containership owners can look forward to better earnings next year as demand outpaces supply, says Platou's Bjorn Bodding.
OSG cuts divi after loss Morten Arntzen-led owner slices dividend after booking its ninth successive quarterly loss in an "extremely poor" market.
Lower profit at SembCorp Singapore-based SembCorp Marine has reported a lower profit and turnover to the Singapore Stock Exchange in the first half of this year compared with the same period in 2010.
Crew pay rise confirmed Twitter leak rings true as union reveals seafarers are set to pick up larger cheques from next year.
Stevenson's spur Craig Stevenson's $1.2bn grab for 30 Cido products tankers spells good news for asset values in the sector, says Evercore.
Frontline sits out again CEO Jens Martin Jensen is bemused by rivals' willingness to work for nothing as it refuses to fix VLCCs at a loss.
Taiwan fire hits market The refinery fire at the Formosa Petrochemical refinery at Taiwan's west coast port of Mailiao will affect both tanker imports and exports.
Mermaid Marine diving Action hits Australian offshore outfit's share price as pay impasse continues.
Cosco shares plunge Over 10% wiped off the value of shipbuilder and bulker owner in early trading in Singapore.
Pay pack for Peter Genco board gives chairman Georgiopoulos half a million dollars per year wage despite shares tumbling.
Produce imports USDA considers West African tomato imports The U.S. Department of Agriculture's Animal and Plant Health Inspection Service has proposed amending its fruits and vegetables regulations to allow the import of tomatoes from the member countries of the ...
Logistics, transport growth strategy
MSC surcharges, rate hikes loom Liner carrier Mediterranean Shipping Co. said it will impose peak season surcharges on shipments from Asia to South Africa and from Southeast Asia to Australia in the coming weeks. The Asia-South Africa surcharge, to be assessed from Aug. 15, is $1...
Top container lines in joint safety project Five of the world's largest container carriers have joined forces to create a database for sharing information about cargo and container-related accidents "in order to improve safety in the transport chain." The Cargo Incident Notification System ...
HNA, Bravia agree to acquire GE SeaCo HNA Group Co. of China and Bravia Capital of Hong Kong said Monday they have agreed to acquire GE SeaCo, the world's fifth-largest marine container leasing company, for about $1.05 billion from General Electric and SeaCo. GE SeaCo owns and manages...
OSG reports $37 million loss Tanker company Overseas Shipholding Groupreported a second quarter net lossof $37.3 million compared to a $37.9 million loss in the same period last year. Shipping revenue in the second quarter was $271.7 million compared to $283.9 million in the s...
INTTRA offers automated invoice comparing INTTRA, a provider of e-commerce applications to the ocean freight industry, has developed an automated invoice comparison and dispute initiation system, called INTTRA Automatch. Available with INTTRA eInvoice, the electronic invoice presentment a...
MOL maintains on-time performance Liner carrier MOL said Tuesday its on-time performance in the second quarter remained steady in the transpacific and Asia/Europe trades while it improved drastically on the one transatlantic service the Japanese line measures. The line's transpaci...
Workers strike American Steamship Licensed deck and engineering officers and stewards represented by the American Maritime Officers union walked off American Steamship Co. vessels on Monday after their union's contract with the company expired at midnight on July 31. AMO President...
Old Dominion rolls out 3PL Old Dominion Freight Line has started a third-party logistics services provider, called Vault Logistics. Vault, based in Thomasville, N.C., unites several business units within Old Dominion into an independent operating division that includes ware...
Fujairah prices soft Earliest delivery dates were from August 5 onwards.
Chinese shipping firm suspends nuclear power research Study of other alternative energy sources to cut emissions continuing, may return to nuclear power later.
Titan 'committed' to its floating storage business Company confirms that it has been asked to relocate from Pasir Gudang.
Rotterdam bunker prices drop Earliest delivery dates from August 5-6 onwards.
IBIA appoints interim Chief Executive Trevor Harrison to take on the role on a part-time basis.
Valero completes deal for Chevron's UK refinery Deal includes refinery plus marketing and logistics assets throughout the UK and Ireland.
External: Praxis Energy Agents S.A.
Court rules refinery can restart operations But supplies to Bulgaria's bunker market still uncertain.
Fuel leak reported from sunken passenger ship 200 metre slick spotted off the coast of Iloilo province in the Philippines.
NCL returns to profit despite 'high' bunker prices 'Controllable costs were kept in check' says cruise line.
New office address for Chemoil Adani New corporate office address announced.
External: Global Vision Bunkers B.V.
Bunker prices at major ports largely down Below average demand for bunkers on Tuesday, says traders.
IMO's adoption of the EEDI is 'only the start' IMO still 'under pressure' to come up with market-based measures to cut GHG emissions, says Carbon Positive.
South China fuel oil imports up 35% month-on-month All the product was purchased by bonded bunker traders.
Singapore bunker volumes threatened by Brightoil expansion Chinese terminals aim to capture 30% of Singapore sales.
Box shipping market data points to 'fairly balanced' H2 Shipbroker also predicts a moderate recovery in both box rates and charter rates in 2012.
Buckeye keen to double BORCO's storage capacity As existing storage space is 'fully contracted.'
NOL losses to 'peak' in Q2 Amid delay in freight rate increases and high bunker costs, says Morgan Stanley.
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