Shipping crisis to extend into 2013, says Moody's The global shipping slump is expected to last well into 2013 as a glut of vessels and a growing credit squeeze will challenge even the toughest companies in the seaborne sector, Moody's Investor Service said on Wednesday.
CMA CGM in talks to overhaul debt terms CMA CGM, the world's third-largest container shipping firm, is in talks with its banks to overhaul its debt terms to ease financial pressure caused by volatility in the freight sector, the French group's finance director said on Wednesday.
New head of Finnair Cargo Finnair has appointed Juha Järvinen as managing director of its cargo companies, Finnair Cargo Ltd and Finnair Cargo Terminal Operations Ltd, with effect from 14 May. J'rvinen will...
Gatwick says hello to Hong Kong Airlines and good-bye to Air Asia X This morning (8 March), Hong Kong Airlines arrived for the first time at London's Gatwick airport. The arrival heralds the introduction of a daily service operated with a fleet of ...
Oil and fuel distributor in UK expands fleet with Isuzu vehicles The Southampton (UK)- based oil and fuels distributor WP Group said that the longevity, manoeuvrability and reliability of a tanker vehicle were the driving factors when specifying...
New study: US airports are vital economic hubs The USA's commercial airports are a powerful economic engine, generating 10.5 million jobs and USD 1.2 trillion - about 8% of the country's gross domestic product (GDP) and a...
A lot more money for Switzerland's railway infrastructure Switzerland's federal council of ministers is allotting nearly CHF 9.5 billion for the operation and maintenance of the country's railway infrastructure between 2013 and 2016. The ...
IJS selects managing director for German market IJS Global, a worldwide logistics service provider, has appointed Stefan Heine as managing director Germany. Reporting to EMEA CEO, Mike Gillett, Heine will be based at the newly o...
Railfreight sector increased in Europe Data collected by the Community of European Railway and Infrastructure Companies (CER) on the performance of the rail sectors in Q3/2011 shows a continued recovery of railfreight i...
Scania switches to fossil-free fuel for internal transport services The Swedish truck manufacturer Scania is now taking a further step in its efforts to reduce the climate impact from its own operations. Using renewable bio ethanol as a fuel rather...
Scandlines adding Baltic Sea services The Danish/German shipping company Scandlines, based in Rostock, is augmenting its Baltic Sea services. The carrier now offers daily departures (except on Sundays) to Latvia. Four ...
Inchcape Shipping establishes own office in Malta Inchcape Shipping Services (ISS) has established a new office in Malta. It is headed by ISS country manager Ray Turban. (it)
New general manager at Haeger & Schmidt International Heiko Brückner, the current managing director of H&S Container Line, will also assume the task of general manager of Haeger & Schmidt International in October this year. Ha...
Kenco announces three promotions Kenco, a Tennessee (USA)-based 3 PL-provider, has promoted three executives. Brad Liddie, now vice-president, operations (Stryker-Medical), joined Kenco in 2001 as an operations su...
Amsterdam and Cologne airports to reward quieter freighters The Russian carrier AirBridgeCargo (ABC) is the first freighter operator this year to enjoy reduced airport charges at Amsterdam Airport Schiphol, by benefitting from the facility'...
Rhenus begins construction of new logistics centre near Paris The German Rhenus Group has commenced construction work on its new logistics centre in Gretz-Armainvilliers (Seine and Marne), in the Paris region. A 32,000 sqm warehouse of the la...
Panalpina reports successful 2011 The Basel (Switzerland)-based Panalpina Group can look back on a successful 2011. The provider of supply chain solutions further expanded its profit margins and achieved a consolid...
Norden forecasts two-tier tanker market Fuel-efficient tonnage has 'competitive edge' of double hulls in the 1990s
Tanker rates will flatten this year Market faces triple-whammy of recession, oversupply and high bunker rates
STX Pan Ocean and Swiss Marine seek damages from Allied Maritime Greek charterer faces new Rule B complaints in Illinois
CMA CGM seeks minority investor for ports business Company aims to finalise debt restructuring in June
DVB Bank profits hit all-time high Sale of containers helps earnings to rise to $195.3m
Chemical and product tankers eye early upturn European laws on low-sulphur fuel will drive new tonne-mile demand
Q&A: Energy Transact partner David Gardner LNG shipping is gearing up for growth, but flexible arrangements could make for more disputes in the future
LR tankers grow in popularity in the Atlantic Use of long range vessels for Atlantic trades stifles MR tanker chartering
Dubai Drydocks World launches $2.2bn debt restructuring plan Company says earnings comfortably top budget
VLGC fleet set to match demand Tonne-mile demand boosted by China taking cargoes from Atlantic basin
Rising production drives up global seaborne LPG trade Middle East and West Africa increase liquefied petroleum gas output, while western Europe sees decrease
LNG charter market seeks spot tonnage A buyer in possession of good cargo must be in need of a ship
FMC developing freight index for US exporters Commission exploring the use of data it has on file to develop a container shipping rate index for targeted export commodities
Supramax Atlantic rates climb on rising US scrap and pet coke cargoes Indonesian port congestion also pushes up Pacific charter rates
Goldenport focuses on secondhand containerships Newbuilding spree 'very unlikely, especially in bulk carriers'
Clarksons' core profits hold steady in 2011 Broker gains market share in dry and wet divisions and predicts tanker industry growth
Naval and regional states co-operate to increase piracy prosecution It will still be 'many years' until Somalia can deal with the problem
Cargoship master arrested after Belfast ferry collision Vessel named as Union Moon
Heavylift vessel faces Grand China litigation in Texas Oldendorff and C Transport Cape Size seek Rule B attachment against Eagle
Armed guard contract to be published before the end of the month Guardcon will provide clarity but BIMCO questions who will take the next step
Better to be green Today's tough shipping economics is cutting into the green recycling initiative
Tough times for CMA CGM CMA CGM has asked creditors for more time
STX Offshore & Shipbuilding wins $100m heavylift contract South Korean yard to deliver crane ship to SSMC in first quarter of 2014
Rena's master failed to respond to radar warning of dead-ahead reef Accident report details minutes leading up to New Zealand grounding
Cosco Shipping reports rising volumes State-owned giant's Shanghai-listed unit may bottom out in first half of 2012
PNSC to lose monopoly status in advance of going private Pakistan's state-owned shipping company will be stripped of its right of first refusal of public sector cargoes
DSME in $2bn FPSO deal for Inpex Vessel bound for Western Australia's Ichthys project
Chinese shipping lines pessimistic about their prospects 93% of carriers say industry faces its worst downturn in three decades
DVB to raise ship lending GERMAN specialist transport bank DVB said today it plans to expand its exposure to shipping this year despite turmoil in major dry and wet cargo segments
Allied under siege INSTEAD of forbearing, Allied Maritime's counterparties are accelerating legal actions, filing $8.5M in fresh claims yesterday
Goldenport eyes expansion GOLDENPORT Holdings, the Athens drybulk and box shipowner, left the door open today to cautious expansion after returning to profits in 2011
Loan portfolios stay on shelf SHIPOWNERS will probably be spared the headache of switching bank portfolios so their loan accounts can be transferred to more acquisitive lenders, transport bank DVB said today
Legal complexity seen failing seafarers MARITIME law's complexity is failing seafarers, a top jurist has told Fairplay
Hay Point short of coal STRIKES at mines operated by the BHP Billiton Mitsubishi Alliance are the major cause of coal shortages at Hay Point coal terminal, IHS McCloskey reported
Hurtigruten finishes shuffle A LOAN accord has enabled Hurtigruten of Norway to complete restructuring of its debt
Oz mining exports rocket THE VALUE of mining exports from Australia reached a record in 2011, according to new figures
Stolt-Nielsen weighs new bond issue STOLT-Nielsen, the London-based chemical carrier and tank terminal group, said today it might issue bonds on the Norwegian market
COSCO buys three bulkers COSCO has exercised purchase options on three Panamax bulkers it had chartered from two of George Economou's companies
VLGC sector depressed HIGHER contract prices of Saudi Arabian LPG have depressed freight rates for very large gas carriers on the Persian Gulf/East route
Rena shortcut confirmed A REPORT today found that the captain of Rena, the box ship whose grounding caused New Zealand's worst pollution casualty, had been taking a short cut
Profits rise at Clarkson's CLARKSON'S said today 2011 net profits rose to £35.4M ($56M) from £32.4M in 2010, despite a fall in revenues to £194.6M from £202.6M
Vale finishes first transhipment BRAZIL'S mining giant Vale has executed its first iron ore transhipment
Legislators Seek to Tie HMT Spending to FY2013 Budget While a long-term transportation bill faces an uncertain future in the House, sponsors of a measure to spend all Harbor...
Intermodal Volume on US Railroads Climbs 6 Percent Intermodal volume hauled by major U.S. railroads rose 6 percent year-over-year in the week ending March 3, pushing intermodal traffic...
USPS to Lose $83.2 Billion by 2016 Unless Congress Acts The U.S. Postal Service, upping the pressure on Congress to allow it to overhaul operations, said Thursday that it will...
Boehner Rides Senate's Version of Transport Bill House Speaker John Boehner appears to have given up hope of resuscitating the ailing House surface transportation bill after he...
CP to Open North Dakota Crude Oil Facility Canadian Pacific Railway said it would further tap the Bakken crude oil boom this summer by opening a North Dakota...
Qatar Airways to Expand Cargo Capacity Qatar Airways will expand its global bellyhold and freighter network via its Doha hub later this year. Starting in...
Air France-KLM Cargo Posts $79.2 Million Loss Air France-KLM's cargo unit swung to a $79.2 million loss in 2011 from a $19.8 million profit in 2010 amid...
Lufthansa Lost $17 Million in 2011 Lufthansa, Europe's second-largest airline, swung to a net loss of $17 million in 2011 from a $1.5 billion profit in...
Italy Slams India's Action Over Deaths of Fisherman The recent arrest and jailing of two Italian armed ship guards by Indian authorities drew a sharp protest from the...
DHL Drives Deutsche Post Growth Germany's Deutsche Post DHL, coming off a year in which net profit fell by half because of a onetime charge...
'Multichannel' Shoppers Challenge Retail Supply Chains Retail supply chains are no longer just multimodal, they're multi-channel, and that's adding layers of fulfillment complexity for shippers, a...
Two New Export Control Offices Open Federal officials on Wednesday announced the opening of two offices to expedite the investigation into shippers believed to be illegally...
Pelindo II to build Kalibaru CT Indonesia's state-owned port operator Pelindo II is to develop a new container port for the heavily congested Jakarta (Tanjung Priok). Phase one of the project ...
D-Day for the Greeks Greece says that almost 60% of its bondholders have agreed to a 53.5% [EUR206 billion] 'haircut' in value ahead of the 20:00 GMT deadline today - it needs a 75% ...
Brazil marching to the growth beat The largest economy in Latin America, Brazil, is now the world's sixth-biggest, overtaking the UK in the process. According to official data from the National Institute ...
Maersk revamps Middle East-Indian Ocean/East Africa network Maersk Line is shaking up its regional Middle East-Indian Ocean/East Africa network as it strives to improve service levels, extend market coverage, target the ...
Auckland sackings: 'unlawful' That is the belief of New Zealand's Maritime Union [MUNZ] after digesting yesterday's shock news by the council-owned Ports of Auckland [PoA] to dismiss almost ...
US execs urge: 'Kill' harbour tax Strong hostility from the US container industry was voiced against the Harbor Maintenance Tax [HMT]at the Long Beach-hosted JOC Transpacific Maritime Conference ...
CaroTrans adds Charleston/South Africa direct LCL link US, Clark (NJ)-based CaroTrans has added Charleston as a direct call on its LCL service offering to South Africa. The move reflects growth in the market and is ...
LA gears up to face Panama Canal challenge The port of Los Angeles' (LA) executive director Geraldine Knatz has applauded the announcement that Maersk has teamed up with BNSF for its 'Absolute Reliability' ...
CMA CGM also sinks further into the red As with most other ocean carriers, CMA CGM sank further into the red in the final quarter of the year. Compared to Q3 11, its revenue only decreased by 1%, down ...
BLT unit takes over tonnage $50m lawsuit against Berlian Laju on hold as US-based Chembulk takes direct control of chartered ship from Indonesian parent.
Allied faces legal avalanche Dimitris Marinis at the helm as Greek operator grapples with dry downturn and charter claims of nearly $15m.
Shipping slips under radar Only seven shipping names flagged on Forbes rich list, but there were plenty more industry big hitters fighting hard with global elite.
K Line wins JFE freight deals Japan's K Line secured three major long term freight contracts with JFE steel involving three newbuildings
Green shoots for ConTex For the first time in a year all the arrows on the Hamburg Shipbrokers Association's containership chartering indices are pointing skywards.
Van Oord happy with year Dutch dredging specialist sees a rise in turnover but says 2012 will not be easy.
Albedo set for freedom? Malaysian boxship tipped to receive ransom drop which would end long-running piracy drama, it is claimed.
Clarksons settles with Nikitin Top shipbroker draws a line under long running Sovcomflot and Novoship corruption cases as it pockets $7m from Russian businessman.
Tanker hit by fire Deck of Volgoneft-215 went up in flames in St Petersburg after fuel oil spilled.
Moody's in recovery warning Light at the end of the tanker and bulker tunnel is over a year away, ratings agency says.
DSME wins Ichthys FPSO Korean shipbuilder emerges victorious in the race to build $2bn floater for Australia LNG project.
DVB overcomes market gloom Top ship finance bank on profitable course despite significant rise in bad loans.
Master pulled from Med Russian captain missing for six hours suffers hypothermia after miraculous rescue by Spanish authorities.
Stolt joins bond flock Oslo-listed owner is the latest to tap the red hot bond market for cash to clear existing debt.
Mipo makes offshore move Korean yard clinches first platform supply vessel contracts from European owner in a deal worth $196m.
Asian fuel oil timespreads falling 'Current demand is so weak now, it's pushing down the premiums.'
Prices up in Rotterdam, Hamburg Some Rotterdam suppliers fully booked until March 12.
Prices barely move in Fujairah Good bunker in Middle East hub.
Algeciras sets new annual bunker sales record Supplied volumes in 2011 up by nearly a quarter after a dip in 2010 as more container ships call at the port.
MISC Bhd downgraded Moody's says decision driven by 'high fuel costs' and overcapacity.
Ferry group blames bunker costs for fall in profit 'Fuel costs had been a significant headwind for a number of years.'
Fuel oil stocks fall But Singapore inventories still above 21 million barrels.
IFO prices climb in key Asian ports Weak demand in Asian ports on Thursday.
'Tight' avails of MGO at Colombo Supplies of MGO should return to normal after March 10, says trader.
'Half' of shipyards unable to back performance claims Use of LNG as bunker fuel in Norway is 'obviously attractive,' says Gearbulk.
Biofuels provider for US Navy posts losses for 2011 But fourth quarter loss (Q4) lower than Q3 losses.
Canadian firm enters trial agreement for vessel tracking services System aims to improve efficiency and reduce emissions.
- Via Raffaele Paolucci 17r/19r - 16129 Genoa - ITALY
phone: +39.010.2462122, fax: +39.010.2516768, e-mail
VAT number: 03532950106
Press Reg.: nr 33/96 Genoa Court
Editor in chief: Bruno Bellio No part may be reproduced without the express permission of the publisher
- Ocean news
- Via Raffaele Paolucci 17r/19r - 16129 Genoa - ITALY
