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Financial turmoil takes toll on Baltic index
The Baltic Exchange's main sea freight index, which tracks rates to ship dry commodities, softened on Monday as light business and the wider financial turmoil took their toll on the market.
Recession will speed up ship demolition
A global recession would mean 10 per cent of the world's shipping fleet used to carry coal and iron ore would be demolished sooner, as Chinese demand for raw materials would be cut, Arctic Securities ASA said.
Benin added to list of high-risk marine areas
London's marine insurance market has added Benin to a list of areas deemed high risk due to an escalation of pirate attacks in the area, a senior official said on Monday.

Strait Talk

Braemar upbeat about medium to long term
ONCE more, we are in worrying times for the global economy. As this column is being written, stock markets have been hit heavily, following the turmoil of the previous week. World leaders are busy conferring on what needs to be done to steady nerves.

Shipping Times

Trucker YRC struggles to stay out of ditch
YRC Worldwide Inc got a lifeline last month when the large US trucking company completed a restructuring that swapped debt for new equity, but it still has a long way to go.
China's Railways Ministry makes high-rate debt issue
China's Railways Ministry, the nation's biggest corporate issuer, has sold its shortest maturity debt on record and paid the highest interest rate in almost four years after a high-speed train crash last month which left 40 people dead.

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Shipping News

Financial turmoil takes toll on Baltic index
The Baltic Exchange's main sea freight index, which tracks rates to ship dry commodities, softened on Monday as light business and the wider financial turmoil took their toll on the market.
Recession will speed up ship demolition
A global recession would mean 10 per cent of the world's shipping fleet used to carry coal and iron ore would be demolished sooner, as Chinese demand for raw materials would be cut, Arctic Securities ASA said.
Benin added to list of high-risk marine areas
London's marine insurance market has added Benin to a list of areas deemed high risk due to an escalation of pirate attacks in the area, a senior official said on Monday.

Strait Talk

Braemar upbeat about medium to long term
ONCE more, we are in worrying times for the global economy. As this column is being written, stock markets have been hit heavily, following the turmoil of the previous week. World leaders are busy conferring on what needs to be done to steady nerves.

Shipping Times

Trucker YRC struggles to stay out of ditch
YRC Worldwide Inc got a lifeline last month when the large US trucking company completed a restructuring that swapped debt for new equity, but it still has a long way to go.
China's Railways Ministry makes high-rate debt issue
China's Railways Ministry, the nation's biggest corporate issuer, has sold its shortest maturity debt on record and paid the highest interest rate in almost four years after a high-speed train crash last month which left 40 people dead.

web site

Shipping News

Financial turmoil takes toll on Baltic index
The Baltic Exchange's main sea freight index, which tracks rates to ship dry commodities, softened on Monday as light business and the wider financial turmoil took their toll on the market.
Recession will speed up ship demolition
A global recession would mean 10 per cent of the world's shipping fleet used to carry coal and iron ore would be demolished sooner, as Chinese demand for raw materials would be cut, Arctic Securities ASA said.
Benin added to list of high-risk marine areas
London's marine insurance market has added Benin to a list of areas deemed high risk due to an escalation of pirate attacks in the area, a senior official said on Monday.

Strait Talk

Braemar upbeat about medium to long term
ONCE more, we are in worrying times for the global economy. As this column is being written, stock markets have been hit heavily, following the turmoil of the previous week. World leaders are busy conferring on what needs to be done to steady nerves.

Shipping Times

Trucker YRC struggles to stay out of ditch
YRC Worldwide Inc got a lifeline last month when the large US trucking company completed a restructuring that swapped debt for new equity, but it still has a long way to go.
China's Railways Ministry makes high-rate debt issue
China's Railways Ministry, the nation's biggest corporate issuer, has sold its shortest maturity debt on record and paid the highest interest rate in almost four years after a high-speed train crash last month which left 40 people dead.

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Maersk intra-Asia specialist MCC to start Shanghai-Chittagong loop Hyundai Merchant Marine loses US$70 million in second quarter AAUS group teams up with Maersk to upgrade peak season Australia loop Savannah takes market share as box volumes rise 11pc to 2.9 million TEU Prince Rupert container volumes rise 33pc in July, exports nearly double Port of Qinzhou's half-year box volume increases 47.7pc to 161,000 TEU Ningxia's rail transport volume up 1.7pc in first half CKYH to cut Halifax call from Far East- US eastern seaboard rotation Vancouver restricts trucks to major roads and highways to cut pollution MTA appointed exclusive Vanguard Logistics Services agent in Poland Nigerian ports laden containers up 26.6pc to 380,114 TEU in first half Famous Pacific Shipping goes for gold in Olympic train trials Asia Pacific slack pulls down Air France-KLM air cargo volumes in July Air forwarders to benefit from ICAO-FIATA dangerous goods training Cross-strait mail, package volumes increase 5.2pc in first half of 2011

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'Vessel rents unlikely to improve' after Baltic Index fall MALA 2011 set to enthral on September 30 (Friday) Sar Transport Systems looking at next level of service & growth Duty-free entry for textiles, spices into Japan V.O.Chidambaranar Port handles record throughput till date Emirates SkyCargo first airline to use Envirotainer Delhi-Mumbai industrial corridor to be cleared this week Economy heading for worst growth in 3 years Hike non-Basmati export price to $500/t, Thomas urges Pranab India, Japan ratings could be cut: S&P Just 13 pc of India's forex reserves in US treasury Sluggish global growth to impact exports: Survey US downgrade pushes to 6-week low

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AUGUST 9, 2011
Mercedes-Benz celebrates Turkish truck plant anniversary The Mercedes-Benz plant in Aksaray (Turkey) began production in 1986 and has manufactured 140,000 trucks to date. Mercedes-Benz Trucks has a 38% share in the Turkish market and Tur... BLS Cargo to rely on TRAXX AC locomotive with last-mile diesel In 2014 the Swiss private cargo rail operator BLS Cargo will become the first company in the world to use commercially three TRAXX AC locomotives with last-mile diesel, leased from... Russian Railways continues investment in north Caucasus main lines In the first half of 2011 Russian Railways invested more than RUB 2 billion (EUR 50 million) in implementing the complex reconstruction of the Maxim Gorky-Kotelnikovo-Tikhoretskaya... Pommier shuts down production in Florstadt (Germany) The French utility vehicles manufacturer Groupe Pommier is set to close its production site in Florstadt (Hesse/Germany) for commercial reasons by the end of the year. The facility... Airports "thrilled" with announcement to end FAA shutdown After airport projects across this nation have been delayed or postponed, and for some the construction season has been lost, Airports Council International-North America (ACI-NA),... Tufan Khalaji new InterRail Logistics sales manager Tufan Khalaji took charge of sales management for the Frankfurt-based German company InterRail Logistics today. In close cooperation with the sales teams at InterRail's locations i... Logwin's 40th anniversary as Iata agent The global logistics service provider Logwin, based in Grevenmacher (Luxembourg), has been an official Iata agent for 40 years. The International Air Transport Association (Iata) a... SAS named world's most punctual major airline Scandinavian Airlines (SAS) was named the world's most punctual airline in July, with 91.48% of all of its flights arriving on time. For the past three years SAS has been Europe's ... Terry Groff new Vanguard vice-president Vanguard Logistics Services recently appointed Terry Groff to the position of vice-president and general counsel, legal administration. In her new role, Groff will have worldwide r... MSC Antwerp: complex IT systems for smooth process at terminal MSC is relying on Visual Network Systems to monitor and ensure logistics and shipments for its container terminal in Antwerp. Visual Network Systems (VNS) specialises in the monito... Rhinecontainer expands fleet Rhinecontainer's fleet was expanded by an additional pushing unit on 5 August the "MS Privilege", a 320 teu vessel which will serve Frankfurt, Mainz, Andernach and Bonn from an... P&O Ferrymasters signs cooperation agreement with Sovtransavto The pan-European supply chain specialist P&O Ferrymasters is poised for growth in Russia and the CIS after reaching a cooperation agreement with Moscow-based Sovtransavto, a ma... Kerry Logistics expands Chongqing logistics centre Kerry Logistics has broken ground on the expansion of its Chongqing logistics centre just months after completing the first phase. Phase 2 construction, which is scheduled for comp... Bibby Distribution acquires Atchison Topeka in UK The UK-based logistics company Bibby Distribution has enhanced its service portfolio with the purchase of Atchison Topeka, a specialist logistics provider for the food manufacturin...

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AUGUST 9, 2011
Genesis completes acquisition of FMT black oil barge business Shipowners will have to scramble to meet new PRC pollution regs Costa Romantica to get $128 million renovation in Genoa shipyard Matson discontinues CLX2 China-Long Beach Express Donjon Marine adds 2,400 bhp tug to fleet British buyer for Blohm + Voss civilian operations? Fincantieri delivers first megayacht Concordia Maritime upgrades P-MAX tankers to IMO III Jurong Shipyard delivers harsh environment jack-up

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AUGUST 9, 2011
Matson plans shut down of China - Long Beach service Trucking association pleased with new fuel standards for trucking industry NYK company inks time charter for transport of crude oil Sea-Tac Airport project changing travel routes OOCL releases half-year numbers

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AUGUST 9, 2011
Panamax rates hit lowest level since May 'Pretty grim' Atlantic market sees Baltic fronthaul route slide to $2,152 per day Aframaxes boosted by lower bunker prices in Med Cross-Mediterranean earnings turn positive for the first time this month BDI sinks to three-month low of 1,257 Negative sentiment prevails in the dry bulk markets Who has staying power? In vicious bear markets, resilience is king Gloom descends on London brokers Weak chartering markets make it harder for brokers to cover their costs Bunker prices boost tanker brokers' earnings While many people in the shipping industry will be frustrated every time the oil price rises, tanker brokers may be breathing a sigh of relief High Court gives knock-for-knock a nudge in the right direction Decision strongly suggests that exclusion and limitation clauses do apply to liability incurred as a result of deliberate breach of contract Industry events to bring liability and piracy into clearer focus Countdown to IUMI and HMIS annual conferences Ocean Tankers sees four vessels arrested with more likely to follow Cyprus owner suffering major cashflow problems, says Lloyd's List Intelligence Box line punctuality improves Percentage of ships arriving on time at selected ports rising to 56% in the second quarter of 2011 Matson to axe transpacific service Loop to be withdrawn as peak season fails to materialise CSD draws intercompany loan to stave off tighter lending conditions Major China dry bulk and tanker operator predicts more stringent credit environment Alpahliner allays box shortage fears No repeat of last year's peak season shortages Essar bullish on newbuilding deliveries Indian owner says it has good relationships both within India and abroad with which to draw from Cosco could face further ship arrests Owners will keep arresting ships until they have enough security for claims Seanergy eyes further growth Handysize presence and larger fleet cited for Restis-linked company's profit Wilh. Wilhelmsen banks on fleet flexibility Group has placed itself to introduce either a rapid increase or decrease in capacity depending on economic circumstance Grimaldi halts Tunis calls Delays to new service force suspension No excuse Warnings about box shortages will now appear to shippers to be little more than scaremongering Divided we fall No one in shipping wants to see the European Commission making a unilateral imposition of market-based measures to cut carbon dioxide emissions ICTSI posts half year revenues up 29% Consolidated box volumes rise 24% to approach 2.5m teu MCC Transport to connect Shanghai with Chittagong Service to be launched next month will offer 13-day transit from China to Bangladesh via Tanjung Pelepas TBS International running out of cash Fresh funds must be found by September 30 as pact with lenders fails to stave off threat of collapse Boxship sale and bulker writedown hits Paragon result Dry-bulk company rejigs loan and time charters Knutsen NYK seals first deal as Repsol agrees five-year time charter Suezmax vessel being built by Hyundai Heavy Industries will service shuttle tanker contract starting in fourth quarter of 2012 Globus doubles earnings on bigger fleet Expanding company ekes out higher profit despite falling charter rates Paragon-linked container spin-off Box Ships makes profitable start Debut quarterly dividend of $0.15 per share paid out as company looks to add to fleet Marco Polo and lending banks head for cash collateral showdown Wider implication of New York court hearing is struggling companies' potential use of Chapter 11 to forestall aggressive banks

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AUGUST 9, 2011
Ship sales hit Paragon NYSE-listed Paragon Shipping was dragged into the red in 2Q11 by losses on vessel sales, the company has reported Royal Caribbean accused CRUISE giant Royal Caribbean and executives including chairman Richard Fain have been targeted by two lawsuits alleging securities fraud Seanergy sees rate relief NASDAQ-listed Seanergy today reported slim profits and predicted that sporadic drybulk rate spikes lie ahead Bangladesh breakers win BREAKERS in Bangladesh have reportedly won a court delay allowing them to operate until at least 12 October Iran gets $1.4Bn from India to pay for crude IRAN HAS received €1Bn ($1.4Bn) in back payments from India for oil supplies, IHS World Markets Energy reported today Liners improve punctuality SCHEDULE integrity has improved for global box lines, despite mounting operating losses for many carriers because of the rate slump, a survey from Drewry showed today KG fund raising hits low FINANCING options for German shipowners remain extremely limited after KG ship equity dropped again in the second quarter COSCO Shipping reports 6.6% profits COSCO Shipping said today first-half net profits were up 6.6% over the first six months of last year, but operating profits fell 2.6% Concordia converts two P-Max tankers SWEDEN'S Concordia Maritime has upgraded two P-Max tankers to allow them to carry vegetable oil, the company said today CSSC's profits shrink SHANGHAI-listed China CSSC Holdings said today net profits for the first half of this year dropped slightly from that period of 2010 Wilhelmsen pulls profits reversal NORWAY's Wilh Wilhelmsen reported today that it swung to profits in the second quarter as revenues rose on the back of higher freight volumes Korean box ports surge SOUTH Korea said today its box ports grew 13.2% in July year on year TBS admits capital shortfall NASDAQ-listed TBS International has confirmed that it has hired Lazard Freres to advise on "liquidity requirements" as its debt squeeze worsens Shipping shares plunge US-LISTED shipping stocks have suffered double-digit losses amid a market-wide selloff - but none fell more steeply than General Maritime

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AUGUST 9, 2011
Midwest Railcar Adds 2,400 Cars Midwest Railcar announced plans to expand its fleet by 2,400 cars, both new and used, by the end of 2012.... Fed Pledges Two Years of Low Interest Rates The Federal Reserve announcement Tuesday that it will seek to keep interest rates very low for at least the next... Port Tracker Expects Stronger Peak Season Imports at top U.S. container ports will lag last summer's totals before posting year-over-year gains when the peak season for... Vacancies Decline at Port-Area Warehouses Vacancy rates for warehouses and distribution centers near U.S. seaports declined to 8.5 percent this year, compared with 9.7 percent... Trac Expands Chassis Damage Waivers Trac Intermodal said it will expand its new damage-waiver program for leased chassis to New York-New Jersey and Baltimore on... Intermodal Traffic Grows 6.5 Percent North American rail hauls of intermodal containers and trailers rose 6.5 percent in the second quarter from a year earlier,... Textainer Doubles Profit, Halts Dry Container Orders Textainer Group more than doubled its net profit to $51.7 million in the second quarter, up 106 percent year-to-year, but... Europe Air Freight Falls 0.6 Percent Freight traffic for European airlines fell 0.6 percent in May as weaker demand in Asia gave the carriers their first... Industry Groups, Activists Hail Truck Fuel Standards Trucking industry groups and environmental activists are hailing new heavy truck fuel efficiency standards that could cut oil use 530... Baltimore Moves up US Port Rankings The Port of Baltimore moved up the rankings of U.S. ports in 2010 in terms of the dollar value and... Obama Unveils Heavy Truck Fuel Economy Rules President Obama on Tuesday introduced fuel efficiency standards for heavy trucks projected to save truck operators $50 billion from 2014... Trucking Capacity Index Climbs 8.8 Percent A key measure of truckload capacity rose 8.8 percent last week, climbing for the second straight week after five weeks... BNSF Boosts 2011 Capital Spending by $300 Million BNSF Railway is increasing its capital spending budget for 2011 by $300 million to $3.8 billion, as it repairs and... US Container Exports Slowed in Second Quarter The growth of U.S. containerized exports slowed in the second quarter as overseas demand for pet and animal feeds tumbled,... Sunteck Transport Parent Raises Profit 24 Percent AutoInfo, the parent of non-asset trucking and logistics firm Sunteck Transport, increased its net profit 24.3 percent in the second... BNSF Profit Rises 14.4 Percent to $690 Million BNSF Railway's profit rose 14.4 percent in the second quarter from a year earlier to $690 million, as traffic grew... Alphaliner Sees No Container Shortages The container shortages that exacerbated the shortage of vessel capacity last year will not be a problem during this year's... Second Major Indian Port Attracts Congestion Fees Hapag-Lloyd said Tuesday it will apply "port congestion surcharges" on all containerized cargo moving to and from Chennai, the second... Ocean Carriers Improve Schedule Reliability Container lines are improving their vessels on-time arrival rates at ports, according to the latest measure of container service reliability... Decline of Japanese Food Exports Slows Japan's exports of agricultural, fishery and forestry products fell for the third straight month in June on a year-to-year basis,... ICTSI Profit Jumps 42 Percent Global port operator International Container Terminal Services' profit jumped 42 percent in the first six months of this year to...

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AUGUST 9, 2011
Maersk upgrades 'S' class vessels PortJam and CMA CGM sign concession for KCT Investors flee in droves Matson cuts transpac loop after USD18 million loss ICTSI prospering

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AUGUST 9, 2011
Wall Street 'window' Shares of Seaspan, Teekay and Navios are the best way to play double-digit declines in rattled US market, analyst says. Profit shrinks at BLT Indonesian chemical tanker specialist looking to take a bigger bite of local market despite narrowed first-quarter gain. Seadrill scores John Fredriksen-controlled drilling contractor gets ready to relocate rigs to Arabian Gulf after penning a deal with KJO. NOCC firms demo deal Norwegian Car Carriers rakes in $3.6m from the sale of 1979-built ro-ro following expiration of CMA CGM charter. Marco fights for fuel Antonio Zacchello-backed tanker syndicate asks bankruptcy court for access to emergency cash in a race to stay afloat. Costa's major makeover Costa Romantica is to undergo a $128m remodelling. Lotus lands tankers Moscow River Shipping splashes cash on river-sea vessels at domestic shipyard. Seanergy in breach Dale Ploughman prepares for expansion while US-listed bulker owner fights to maintain compliance with cash covenants. ITF urges BMW action Transport unions demonstrate against sacked BMW workers in California. Maersk top in reliability Danish container line takes top honours with APL and CSAV in second and third Cosco warns again Chinese giant's Hong Kong bulker and boxship arm will swing into the red in the first half, from $535m profit in 2010. B+V sale close German group ThyssenKrupp could offload merchant shipbuilding part of yard to European investor. Kirby declares option US owner goes for second $47m tug/barge combo at Signal International yard in Alabama. Matson Line Hawaii trade increase Shipowner's core business to the US improves but long-haul disappoints.

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AUGUST 9, 2011
NVOs expand CaroTrans partners with Mideast NVOCaroTrans International, a Union, N.J.-based non-vessel-operating common carrier, has formed an alliance with Consolidated Shipping Services Group (CSS Group), a fast-growing NVO based in Dubai, United Arab Emirat... Heavy cargo business stays aloft Wilh. Wilhelmsen profit drops as costs rise The auto and roll-on/roll-off specialist carrier and logistics group Wilh. Wilhelmsen said Tuesday its first half operating profit rose 4.9 percent to $129 million, despite second quarter profit falling 9.7 percent to $71.4 million. First half reve... Guards beat back multiboat pirate attack An armed security team aboard a commercial bulk carrier was able to beat back a concerted attack by Somali pirates who attempted to swarm the vessel from all sides, according to the International Maritime Bureau's Piracy Reporting Center. The inci... Donjon Marine wins Navy salvage contract Hillside, N.J.-based Donjon Marine Co. has been awarded a $41 million contract for marine salvage, salvage-related towing, harbor clearance, ocean engineering and point-to-point towing services to support the U.S. Navy's Supervisor of Salvage and D... WFS buys Excel Cargo Montreal operations Worldwide Flight Services said it has become the largest cargo handler in Montreal, Canada, by purchasing the assets of Excel Cargo at Montreal's Dorval and Mirabel airports. The combined operation of both airports, including the existing WFS opera... Old Dominion starts drayage in Baltimore Old Dominion Freight Line has opened a container drayage site to serve all ports and container yards in the Baltimore area. The new site, the third new container drayage facility Old Dominion has opened this year, will offer pickup and delivery to ... Great Lakes coal trade falls 25% in July Coal shipments on the Great Lakes totaled 3.1 million tons in July, an increase of 58,000 tons over June, but down about 25 percent compared to a year ago and the month's five-year average. Major coal loading ports on the Great Lakes are: Superior,... Saf-Holland opens doors in Mideast, Africa Saf-Holland S.A., a Luxembourg-based supplier to the truck and trailer industry, has started a Dubai-based subsidiary to focus on the Middle East and North and Central Africa markets. Marc Rauchmann, who previously worked for the Saf-Holland afterm... Arrest made for illegal U.S. exports to Iran Federal agents in New Jersey on Saturday evening arrested the former manager of a Dutch freight forwarder for allegedly conspiring with others to export controlled exports of plane parts, peroxide and other materials to Iran. Ulrich Davis, 50, of ...

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AUGUST 9, 2011
O.W. Bunker Copenhagen relocates New office in the heart of Copenhagen's shipping community. Fujairah prices fall MGO prices unavailable in Durban. New IMO chief will focus on shipping's GHG emissions Other priority will be antipiracy measures. Bunker markets fall further "This is a unique situation, this tumble, nobody knows when it will stop," a supplier reported. Book review: Legal Issues in Bunkering Rudiments of maritime law addressed in 'light, simple and amusing style'. UK shipping rejects EU carbon measures Says regional emissions trading scheme is not suitable as it is 'not a global system.' Low sulphur premium shrinking Spread between low and high sulphur material halves in Rotterdam bunker market. 'Hard to pinpoint' impact of 0.50% sulphur limit on Singapore market IFO sales in 2025 could range from 22 to 135 million mt, depending on how many vessels use scrubbers, says consulting company. Bunker prices continue downtrend Demand for bunker fuel at key Asian ports below average on Tuesday. TBS reports heavier losses in Q2 Company in discussions with lenders about liquidity requirements. Tanker company in cost efficiency drive in weak market Nordic American Tankers posts $10 million in unaudited net income for Q2 2011. Authorities start siphoning bunker oil from sunken vessel Vessel owner Trans-Asia Shipping Lines plans to refloat sunken ship. Pakistan-based bunker supplier expands trading team Muhammad Arif Hanif and Cristy Ortiz-Malik join Zak Bunkers.