Hyundai Heavy Q2 profit hit by low ship prices Hyundai Heavy Industries, the world's largest shipyard, said profit in the second quarter dropped 17 per cent as it built more ships that were won at lower prices after the credit crisis.
New mega ship may pressure freight rates China's Bohai Shipbuilding Heavy Industry will soon deliver its first mega bulk carrier to Berge Bulk, local media reported, a move that could put further pressure on the weak shipping sector grappling with overcapacity and depressed freight rates. The imminent arrival of the 388,000-tonne mega ship, Berge Everest, comes on the heels of the delivery of two similar sized vessels to the world's largest iron ore miner Vale.
Russia plans to revive Soviet-era Arctic route Russia plans to revive a Soviet-era Arctic sea passage to service energy projects and provide a shorter supply route to Asia for carriers such as OAO Sovcomflot as the shipping line plans an initial share sale this year.
Middle East VLCC rates to stay flat on tonnage glut The glut of very large crude carriers available for employment in the Middle East Gulf for cargoes loading in the first half of August has ballooned by as many as 12 vessels to 88 ships in the last week, capping significant rate rises for VLCCs shipping crude from the region
Yards benefit from boxship order recovery this year Maersk Line has dominated ordering activity in 2011 with its multi-billion dollar order for 18,300 teu ships
Chinese yards deliver 40% of newbuildings in first half Widening gap between South Korean volumes as Asian shipbuilding shift continues
BHP hits record for iron ore and thermal coal Metallurgical coal numbers are down, though, as its facilities continue to recover from flooding and poor weather conditions earlier this year
Sluggish demand from Europe and Caribbean keeps charter rates low The downturn in the charter market has gained pace in the last week due to the summer period and low demand from carriers suffering from low utilisation
CMB profits slump on low first half capesize freight rates Newbuildings put pressure on rates and secondhand values
DP World denies damage to cranes at terminal is cause of congestion Container lines introduce surcharges in a bid to recover costs
Class societies' association to open Brussels office and step up EU lobbying Appoints representative to take proactive role in Europe.
Global economic indicators paint a worrying picture for ship finance Vessel earnings and values remain depressed, while options for raising new funds for investment or refinancing are limited
St Petersburg throughput falls 2% in shift from coal to containers Switch is part of programme for removal of environmentally unfriendly cargoes
Paragon Shipping signs up with blue-chip charterers Recent deals with Cargill and Morgan Stanley Capital highlight a strategy of securing reliable cash flow when the outlook for dry bulk earnings looks poor
Graig plans giant eco-feedership fleet First six vessels from Jin Hai yard to cost $180m, with expectation of 20 more similar vessels
Poland's rival ports maintain battle of words The fierce competition between Gdansk and Gdynia can be traced all the way back to the First World War
Why shipping stays offshore Is anybody listening to what the Greek private sector really needs to help improve the country's economy?
London's newest maritime library Lloyd's Register stepped in to save Imarest's world-class archive
The industry's responses to the scourge of piracy Evolving thinking about preventing pirate attacks has been marked by an increasingly aggressive call to arms
Norway provides template for armed guards New rules are a highly practical response to shipowners' calls for a workable code
Lines swap slots in Asia-Europe trades Capacity withdrawals force new partnerships
Wake up and smell the crude Greek VLCC owners may be in denial over Chinese dominance of Gulf to China route
Russia to develop 'toolkit' to ease way for ports concessions European Bank for Reconstruction and Development poised to lend funds for state-run agency to create draft agreements and tendering guidelines
Indian chaos India's government needs to resolve the tension between the urgent need to develop its infrastructure and following due process
Hyundai Heavy earnings fall 40% in second quarter Poor performance in non-shipping units drags on results
CMA CGM announces Asia-Europe peak season surcharge and rate hike Third attempt in as many months to press for higher freight rates
DP World takes majority stake in two Suriname port terminals Global ports group acquires control of container and breakbulk facilities at Paramaribo
Pacific Shipping Trust records steady second quarter Income stream defies tough market conditions as long-term charters remain intact
Head of Lloyds ship finance to step down Bank says Bart Veldhuizen is being replaced
Equatorial Guinea in shipbuilding and repair push Central African country to build first vessels at port of Malabo
OOCL points to disappointing outlook for full-year performance Demand is reasonable but rates on key east-west rates trades continue to deteriorate
Shikhov stresses IMO ties STRONGER ties with regulators, "in particular with the IMO", was listed today as a top priority for new IACS chairman Pavel Shikhov
EU adds money for LNG fuel study THE EU is to provide €9.57M ($13.58M) as part-funding for a €26.79M Belgian-Danish study to analyse proposals to switch to LNG propulsion to reduce ship pollution
ICS, ISF disown scam email A BOGUS email has suggested that recipients owe money to the International Chamber of Shipping and International Shipping Federation, the groups warned today
EU backs bigger Dunkirk DUNKIRK is to receive €1.85M ($2.63M) from the EU towards the €3.5M cost of a study into an expansion including two new deepwater docks
IACS plans performance gauges IACS IS changing its quality certification system, its recently appointed chairman said today
Steamships score ECA relief A DECISION by the IMO'S Marine Environment Protection Committee has effectively extended the fleet lifespan of struggling Jones Act carrier Horizon Lines
Cash confiscated at UK port OFFICERS at Holyhead ferry port in northern Wales have seized smuggled cash worth nearly $240,000, the UK Border Agency told Fairplay today
Bulks drive up Antwerp totals ANTWERP'S throughput increased by 10.4% to 95.87M tonnes in this year's first half, the port authority said today
Iran-India payment snag exacerbated IRAN IS threatening to cut off crude supplies to India because sanctions against Tehran make it difficult for other nations to pay for shipments, IHS Global Insight reported today
DPW bets on Suriname DUBAI Ports World today confirmed a major entry into the Suriname market in South America
Indonesia coal exports to India rising INCREASED demand in India for coal has enabled Indonesian exporters to set a record, IHS McCloskey reported today
HHI profits dive 16.5% HIGH STEEL prices contributed to a fall in net profits for South Korea's Hyundai HI in the second quarter, despite a jump in revenues
Atlantic ballasting rises for Panamaxes BROKERS told Fairplay today soft Panamax bulker rates in the Pacific are expected to spill over to the Atlantic
No-one bids for Greek container facility GREECE has reportedly failed to attract bids for its first container storage and distribution facility
Typhoon port closures fail to harm markets BROKERS told Fairplay today that the closure of some Japanese ports as Typhoon Ma-on approaches was not immediately expected to affect clean products and crude freight rates
Democrats Say Republicans Risk FAA Shutdown The Obama administration and Senate Democrats say Republicans' attempt to cut rural air service subsidies is risking a Federal Aviation...
Averitt Cuts Transit Times to Western Canada Averitt Express is shortening transit times between the Southern U.S. and Western Canada with a service that speeds freight across...
Customs Manifest Testing Pushed Back Again The start date for testing ocean and rail manifest systems of Automated Commercial Environment is pushed back to Aug. 1...
CSAV Volume Down, Average Revenue Up CSAV's volume of transported containers fell by 10 percent in June from May of this year, but the average revenue...
CSX Sees Shorter But Strong Peak Season CSX Transportation expects the upcoming intermodal peak season to kick in later than last year and not last as long,...
CN Improves Northern Ontario Main Line Canadian National Railway will spend more than $21 million (C$20 million) this year and next to expand the sidings of...
Port of Antwerp Container Traffic Grows 4.3 Percent The Port of Antwerp's container handling increased 4.3 percent year-over to 20-foot equivalent units in the first six months of...
Japan Extends Anti-Piracy Efforts Japan will extend the Self-Defense Forces' anti-piracy mission in the waters off Somalia for another year starting July 23. ...
Heavy Truck Orders Drop 9 Percent Heavy truck orders slowed for the second straight month in June, dropping 9 percent from May levels to 21,266 units,...
Marten Transport Boosts Profit 20 Percent Marten Transport improved its profitability for the fifth straight quarter, raising its profit 20.1 percent from a year ago to...
Duisburg Traffic Up 10 Percent in First Half Duisburg, the world's largest inland port, boosted first half 2011 container traffic by 10 percent from a year ago, outpacing...
MSC to Anchor New Togolese Port Terminal Mediterranean Shipping Co. will be the anchor customer of a new terminal at the Port of Lome, Togo, with annual...
Indian Navy Foils Pirate Attack The Indian Navy foiled an attempted pirate attack on a Greek merchant ship in the Gulf of Aden between Yemen...
Melford International Terminal's President on Project's Progress, Challenges Ahead (Video) Peter Tirschwell, senior vice president of Strategy for UBM Global Trade (parent company of The Journal of Commerce) sits down...
CSX's Ward "Not Overly Concerned" About Economy The rail freight economy is improving, the head of CSX Transportation said, and key customer sectors such as manufacturing point...
Heartland Express Profit Jumps 35.3 Percent Heartland Express increased its profit 35.3 percent year-over-year to $22.5 million as operating revenue rose 7 percent to $137.2 million...
Maersk to Launch Ecuador-Black Sea Service Maersk Line will start a new service between Ecuador and the Eastern Mediterranean and the Black Sea in September that...
OOCL Warns of "Disappointing" Year Orient Overseas Container Line is forecasting a "disappointing" full year even after the shipping line's second-quarter container volume and...
Steinke: Ports Must Reach Out to Communities Dick Steinke helped to build Long Beach into the nation's second largest container port during his 14 years as executive...
CSX Profit Rose 22 Percent in Second Quarter Second quarter profit at CSX Transportation jumped 22 percent to $506 million on just a 3 percent rise in freight...
DP World Buys Two Suriname Port Operators DP World acquired a controlling interest in two port companies in Suriname, expanding the Dubai-based terminal operator's footprint in the...
Maersk Postpones East Asia-US East Coast Surcharge Maersk Line is postponing by two weeks the implementation of the peak season surcharge that it planned to apply on...
JAL Cargo Plummets, ANA Up 2.1 Percent Japan Airlines' international cargo volume plummeted 58.5 percent in May as the carrier adjusted to business without full freighters and...
CMA CGM Raises Asia-Europe Rates Ocean carrier CMA CGM announced will impose a series of rate hikes and peak season surcharges on Asia-Europe trade lanes...
Low rates plague OOCL in Q2 OOCL's revenue stagnated in the second quarter, while volume increased 6.5 percent, the liner carrier said in an interim statement Wednesday. OOCL's revenue increased 1.4 percent to $1.4 billion in the second quarter, and rose 8.5 percent to $2.7...
CMA CGM seeks higher Asia/Europe rates Liner carrier CMA CGM on Tuesday said it plans to hike rates on the Asia/Europe trade Aug. 1. The line said it will raise Asia/Mediterranean rates by $250 per TEU and assess a $25-per-TEU peak season surcharge on the same date. CMA CGM said the su...
Report: China's HNA bidding for GE SeaCo Report: China's HNA bidding for GE SeaCo Report: China's HNA bidding for GE SeaCoHNA Group, a Chinese conglomerate that owns Hainan Airlines and Great China Shipping, is vying with the New York U.S. private equity group Kelso to buy GE SeaCo, TheF...
CSX reports 28 percent hike in profits CSX Corp. reported second quarter profit of $506 million, 28 percent more than the $414 million earned in the same 2010 period. Revenue was $3 billion for the quarter that ended July 1, 13 percent more than the $2.7 billion in the comparable 2010 ...
U.S. aerospace expects uplift from export reform The Aerospace Industries Association welcomed the Obama administration's proposed rule to relieve low-risk technology exports of burdensome and unnecessary restrictions. "For years the U.S. export control system has created confusion and delay in ...
U.S. regulators halt unsafe jewelry imports Collaboration between the U.S. Consumer Product Safety Commission and Customs and Border Protection has stopped another shipment of unsafe imports from entering the U.S. economy. This time the article in question was children's toy jewelry that con...
Matson rebrands units as Matson Logistics Matson said Tuesday it is rebranding its three logistics units under the new name, Matson Logistics. Matson said having the three entities -- Matson Integrated Logistics, Matson Global and Matson America -- use the same brand "will better define th...
BIS promises improved trade with U.S. allies A newly proposed regulation by the U.S. Commerce Department's Bureau of Industry and Security calls for amending the Export Administration Regulations to establish a process by which certain items moving from the Munitions List to the Commerce Co...
Judge orders Long Beach truck study A federal judge has ruled that the Port of Long Beach erred in 2009 when it modified without study its clean trucks program as part of a settlement with the American Trucking Associations. The court ordered the port to conduct such a study and rep...
Rotterdam and Hamburg bunker markets firm Busy morning session in Hamburg.
Total to sell LSFO in Le Havre Products will be imported from facilities in the ARA region.
European shippers call for delay of ECA sulphur limit Low sulphur fuel regulation could cause 'major shift to road freight,' warns ESC.
Chevron to close London bunker desk Closure to follow sales of its refining and fuels marketing business in the UK and Ireland.
First-ever greenhouse gas regulations for ships adopted by IMO This sends a strong signal that it is time to find ways to reduce emissions and fuel costs, while increasing overall ship efficiency. But the work is not done.
Asian bunker prices lack direction Demand generally 'moderate' at key Asian bunker hubs.
Logistical 'uncertainty' a chief concern of slow steaming BDP International carries out survey on how slow steaming affects companies.
Industry veteran steps in as director, CEO for Sri Lankan bunker firms Channa Abeyagunewardena joins Interocean Energy Pvt Ltd and McMarine Pvt Ltd as of July 12.
Lower freight rates in Q2 'hurt' OOCL Improved revenues needed to offset 'significant increases' in bunker prices, says parent firm.
Belgian tanker owner swings to red Tanker market faced with slump in rates and high bunker prices during Q2.
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