First Ship Lease Trust confirms an extension of relaxation of loan covenants Singapore-listed shipping trust resumes trading
Rongsheng introduces new shareholder via $181m convertible bond issuance Yard lands fresh aid to ease financial strain.
Capital Product boosts profits in second quarter Greece-based owner received $32m for OSG claim pending final court decision
D'Amico surfs product tanker boom to land its first profit in four years Tonnage sales boost the bottom line as owner places timely medium range orders
Illegal bunkering exposes ships to hijacking risk Ship operators beware unsolicited West Africa emails
Tight-lipped Top Ships sails back into profit Pistiolis pledges to look forwards after a long, hard recovery drive
'Pyrrhic victory' for courts as 14 Dr Peters KGs declared insolvent Company claims legal rulings prevent orderly liquidation
Costamare adds $50m to warchest Greece-based owner amasses cash for acquisitions and investments
Congestion hits Big Apple's terminals Labour and construction problems bring bottlenecks to New York and New Jersey
Transpacific headhaul box rates gain 10% Shippers pay more as peak-season surcharges kick in
Beijing axes some shipping administration fees China aims to reform government structure and ease burden of payments
STX Offshore & Shipbuilding receives $1.9bn lifeline funding Creditors agree a 'normalisation of management plan'
Sumitomo Heavy Industries reports $10m shipbuilding operating loss Sales drop as orders remain sluggish
Japan bounces back Diversification is paying off for Japan's three major shipping lines
Chinese slowdown means no peak season for north range box ports Global Port Tracker sees growth concentrated in the Mediterranean
DP World reports falling first-half box volumes The slump is concentrated in Europe, the Middle East and Africa
Shipbuilding units boost Japan giants Industrial conglomerates soldier on after failed merger talks
MHI shipbuilding unit returns to profit Weaker yen and stronger margins boost Japanese yard
NYK makes stronger first-quarter showing Japanese owner raises profit expectation for 2013 to $307m
K Line reports $70m profits Group doubles dry bulk income but container business breaks even
MOL reports $147m first-quarter net income Dry bulk and tanker performance improves but boxships are still in the red
Genco losses surge PETER Georgiopoulos-chaired Genco today reported much higher quarterly losses as drybulk spot rates continued to plummet
NCL sponsors cashing in APOLLO, Genting HK and TPG are selling part of their NCL stakes after the cruise line's highly successful IPO and subsequent share appreciation
Costamare pricing succeeds NYSE-listed Costamare has succeeded in pricing its public offering of perpetual preferred shares
Teekay LNG raises $40M via private buyer PETER Evensen-led Teekay LNG has raised $40M via a private placement to finance two recent newbuilding orders
FMC backs ship sharing VESSEL sharing agreements have gained recognition in the US as the key to ensuring box competition
Novatek buy to boost LNG from Ust-Luga NOVATEK, the independent Russian gas producer, has bought a Polish supplier of LPG with the aim of increasing gas cargoes from Ust-Luga's port
Scorpio prices yet another follow-on NYSE-listed Scorpio Tankers today priced the latest in a long string of share offerings, raising cash for acquisitions
CPP books OSG claim gain NASDAQ-listed Capital Product Partners today posted improved results following its box-sector entry and new details on its OSG claim sale
ECSA urges Gulf of Guinea EU piracy patrols EUROPE'S shipowners today urged the EU to set up an anti-piracy force off West Africa
Turnaround hailed by Luxembourg's d'Amico MILAN-listed d'Amico International has reported a strong recovery in 2Q13 and 1H13 interims and said its outlook remains encouraging
Dorian shares placed on Oslo's OTC list SHARES in Dorian LPG of Greece have been admitted for trading on the Oslo Stock Exchange's over-the-counter list, after completion of an IPO by the company
IKK profits rocket 4,850% JAPANESE carrier Iino Kaiun Kaisha said today net profits for the 2013 fiscal year's first quarter were ¥2.18Bn ($22.3M), a 4,850% increase from the '44M year on year
MPP tonnage auctioned VESSEL financier Unicredit has auctioned a batch of small multipurpose and general cargo vessels that it had seized in Rotterdam
STX O&S signs restructuring MoU with banks STX Offshore & Shipbuilding said today that it has signed a memorandum of understanding with creditor banks
China vehicle exports rise to South America CHINA's vehicle exports to South American countries soared in 1H13, with the exports to Chile, Colombia and Brazil up 58%, 86% and 94% year on year, respectively
Japan Airlines' Profit Nosedives Japan Airlines Corp. (JAL) said on July 31 that its net profit tumbled 31.9 percent in the first quarter of fiscal 2013, which started on April 1, from a year earlier, to 18.337 billion yen ($187.11 million) on a consolidated basis. JAL's group revenue from overall operations rose 2.6 percent in...
Growth of Japanese Imports Accelerates Japan's imports and exports through June 2013; year-over-year change Full-size image The value of Japan's imports increased 11.8 percent year-over-year June 2013, according to Japan's Ministry of Finance. This was the highest growth rate in four months; import value has increased for the past eight consecutive months. Japanese imports were valued at 6.243...
Forward Air to Open Distribution Facility at Port San Antonio Forward Air Solutions is preparing to occupy an 89,600-square-foot distribution facility at Port San Antonio's industrial airport, Kelly Field, later this year. The facility at the Texas airport, which can be accessed by truck and cargo aircraft, allows Forward Air Solutions, the Tennessee-based logistics subsidiary of Forward Air Corp., to store...
Nick Hannigan Promoted to Vice President, Corporate Development, at Echo Global Logistics CHICAGO, IL -- (Marketwired) -- 07/31/13 -- Echo Global Logistics, Inc. (NASDAQ: ECHO), a leading provider of technology-enabled transportation and supply chain management services, announced today the promotion of Nick Hannigan to the role of Vice President, Corporate Development. In his new role, Mr. Hannigan will work closely with the executive team to develop and execute strategic acquisitions and...
'Month of Troubles' for Oakland Harbor Truckers Port of Oakland executives are stepping up their efforts to reduce the congestion at marine terminals that has made life miserable for harbor truckers during much of July. "We are working closely with the terminals to improve cargo flow," said Jean Banker, the port's deputy executive director. Banker stated bluntly that...
Grupo TMM Posts Net Loss for Second Quarter Grupo TMM reported a net loss of 235.1 million Mexican pesos (about US$18.3 million) in the second quarter of 2013, compared with a net loss of 218.4 million pesos in the second quarter of 2012. In the first six months of 2013, the Mexican intermodal transportation and logistics company reported a...
BestTransport Names Dolan President, CEO Mike Dolan, BestTransport's new president and CEO.BestTransport has appointed Mike Dolan as president and CEO. Dolan, the former chief operating officer at Kewill, will be responsible for the development, positioning and ultimate success of the cloud-based transportation management solutions provider. In addition to his role at Kewill, where he was responsible for...
CAI International Reports Record Quarterly Revenue CAI International reported its profit in the second quarter of 2013 was $16.9 million, increasing 12 percent from $15.1 million in the second quarter of 2012. Total revenue for the intermodal freight container lessor in the second quarter was a record $53.0 million, jumping 33 percent from $38.7 million in the...
Austrian Post Completes Acquisition of 25 Percent Stake in Aras Kargo Austrian Post has completed the acquisition of a 25 percent share in Aras Kargo, a Turkish parcel service provider, following anti-trust approval. Twenty percent of the shares were purchased from the publicly traded Turkish private equity company Is Private Equity, and a 5 percent stake was purchased from the Aras family,...
MOL Swings to Black MOL PrestigeMitsui O.S.K. Lines reported its net income in the first quarter of fiscal year 2013, ending June 30, 2013, was 14.5 million Japanese yen (about US$147.5 million), compared with a net loss of 5.0 million yen in the first quarter of fiscal year 2012, which ended June 30, 2012. Quarterly...
THUD Amendment Targets New Driver Hours of Service Rules The latest changes to the truck driver hours of service rules are being challenged by a congressman from New York. Rep. Richard Hanna, a Republican who represents the mid-state 22nd district, is expected to introduce an amendment to the Transportation, Housing and Urban Development bill that would block changes to...
Building the Business Case for Trade Compliance Automation While many organizations see trade compliance as a cost of doing business, automating compliance can actually result in a potential source of revenue. In fact, companies that automated their trade compliance program can realize productivity savings of up to 90%. Amber Road's white paper, The ROI of Automating Trade Compliance,...
First Hungarian Terminal Joins InlandLinks Budapest Intermodal Logistics Center Kombiterminál, an intermodal logistics center in Hungary, has joined InlandLinks, representing the first Hungarian terminal to join the online network. InlandLinks is a platform for container terminals in the hinterland, offering intermodal services to and from the Port of Rotterdam in the Netherlands. The network now comprises...
Drewry Trans-Pacific Benchmark Rate Rises $200 Drewry Container Rate Benchmark, July 31, 2013 Full-size image Average eastbound spot rates on the trans-Pacific soared $200 per 40-foot-equivalent unit this week, one day ahead of a planned August 1 rate increase. This indicates carriers have achieved approximately half of the peak-season surcharge of $400 per FEU proposed by the Transpacific...
Bader: Truckers Not Culprits in NY-NJ Delays This summer's delays at the Port of New York and New Jersey have resulted from labor shortages and low productivity at container terminals, not from a shortage of trucking capacity, a leader in the port drayage community said. Jeff Bader, president of the Association of Bi-State Motor Carriers and of Golden...
'K' Line's Profit, Revenue Rose in Second Quarter "K" Line reported its profit in the first quarter of fiscal year 2013, ending June 30, 2013, was 6.9 million Japanese yen (about US$70.8 million), up from a net loss of 674 million yen in the first quarter of fiscal year 2012, ending June 30, 2012. Revenue in the first quarter...
Experts See Peak Season as More of a 'Bump' The peak shipping season this fall should be uneventful, with only a modest increase in cargo volume, a temporary spike in freight rates and no real shortages of transportation capacity or equipment to disrupt the supply chain, according to industry experts who spoke at a Journal of Commerce webcast Tuesday. In...
ISC gains ground International Shipholding Corp (ISC) has reported improved net income in the second quarter but has seen dry-bulk prospects pull back its operational earnings outlook.
Genco losses balloon Peter Georgiopoulos-led Genco Shipping & Trading reported sharply higher losses in the second quarter but the deficit was only slightly bigger than expected on Wall Street.
Dorian LPG seals listing Dorian LPG has completed its over-the-counter listing in Oslo after wrapping up a private placement in which it raised roughly $168m.
All eyes on Ardmore All eyes were on Ardmore Shipping Wednesday as the Irish product and chemical tanker operator closed in on a New York listing.
Exmar LPG goes all in A joint venture between Exmar and Teekay LNG Partners has firmed up an order to construct another pair of midsized gas carriers.
Gard v Sinochart
Capesize cheerleader ICAP has flipped the script on the capesize market suggesting it is now in a win-win position.
Rongsheng goes for more Cash-strapped China Rongsheng Heavy Industries is raising close to $180m from the sale of convertible bonds.
Fesco falters Slimmed-down Russian container line Fesco has posted a substantial drop in earnings for the first six months.
Fiori: "no resales" d'Amico International Shipping is looking to sell its oldest ship but it will not be parted with any of its eco newbuildings despite hefty price climbs since the deals were placed, its CEO says.
OSG cash boosts Capital Evangelos Marinakis-backed Capital Product Partners has turned in a hugely improved profit for the first half, lifted by selling a claim against bankrupt OSG.
SCI dumps AHTS Shipping Corp of India has confirmed the sale of an ageing offshore support vessel.
STX gets $2bn lifeline Creditors of STX Offshore & Shipbuilding have finalised a deal to pump fresh liquidity into the troubled Korean outfit.
Strike three for DIS d'Amico International has posted its third successive quarterly gain to help it to a profitable opening half for the first time since 2009.
Global Carriers slumps Global Carriers of Malaysia dived to a loss in the second quarter as revenue collapsed.
Seaway owes $12m Bankrupt Canadian shipyard Seaway Marine and Industrial owes more than CAD 12m ($11.65m).
Tankerska slides to loss Croatian shipowner Tankerska Plovidba has fallen to a loss in the first half as revenue declined.
Sanoyas lowers sights Sanoyas Holdings has trimmed its full year profit forecast after seeing its bottom line come down in the first quarter.
Azuma earnings chopped Azuma Shipping has seen profit slashed by over a quarter in the first leg of the fiscal year.
Cruise control scrapped Taiwan is to allow international cruiseships to sail directly to China from next year.
Meiji profit jumps Japan's Meiji Shipping has reported soaring income in the first quarter of the year.
DP volumes dip Dubai ports group DP World has posted a 5.8% drop in cargo volumes in the first half.
Scorpio's strike decoded Scorpio Tankers' latest trip to the capital markets has laid the groundwork for hoovering of its VLGC options or the addition of an extra 11 product tankers, it is suggested.
Bahri offloads another Saudi state owner Bahri has sold the last-but-one of its veteran ro-ro cargoships as it renews its fleet.
Bulk boost for K Line A recovery in dry cargo rates has helped K Line back to profit in the first quarter and spurred hope for a stronger full year showing.
Pipavav heads for London Indian shipbuilder Pipavav Defence and Offshore Engineering is planning a London IPO to raise $150m.
Kenya jails pirates Nine Somali pirates have been jailed for five years for an attack on the German boxship Courier in 2009.
MHI ekes out a profit Mitsubishi Heavy Industries has managed to squeeze out a small operating profit at its shipbuilding division.
NYK returns to profit Fleet-wide slow-steaming, lower bunker prices and the stronger yen all combined to enable NYK to make a profitable start to fiscal 2013.
MOL turns it around Mitsui OSK Lines (MOL) has returned to profit in the first quarter helped by an improvement at its bulker and tanker division.
TGP seals fresh $40m Teekay LNG Partners has raised $40m to go towards two recently ordered LNG carrier newbuildings.
Helix doubles up Helix Energy Solutions Group is pushing ahead with plans to order a second semisubmersible well intervention vessel newbuilding.
Bugbee stings Ardmore The battle for investor attention, affection and - most important - dollars between established products-carrier owner Scorpio Tankers and debutante Ardmore Shipping has just gone nuclear, and it's Robert Bugbee who dropped the bomb.
Seacor marches upward Seacor Holdings saw its second quarter profits jump by 71.3% as offshore vessel earnings surged.
U.S. Export-Import Bank pleads case If support by the government for the U.S. Export-Import Bank isn't a priority, these opportunities will be left to the United States' competition, warned Fred P. Hochberg, the bank's chairman and president on Tuesday.
Everett keeps Boeing 777 parts floating in The port received a $1.5 million grant from Washington state to help complete the second phase of its roll-on/roll-off cargo facility, a dock-strengthening project which will allow it to accommodate the world's biggest ro-ro ships.
Metro Ports handles wood pellets at Prince Rupert
Vans save Sheetz restaurants on gas
DSC Logistics to open Calif. warehouse
Hapag-Lloyd tells customers to avoid NY port due to congestion "We continue to work diligently with all marine terminals, rail service providers, partner lines, port authority, however, we do not expect normal service to be restored until approximately middle of September 2013," the carrier said.
Big 3 Japanese carriers report profitable quarters The three major Japanese shipping companies released profitable first quarters for the period ending June 30, compared to losses in the same period last year. All three ocean carriers have fiscal years that begin April 1.
ABF extends voting deadline for contract supplements
2Q loss for XPO, but huge revenue growth
Zim joins Clean Cargo Working Group
Cargolux starts 747-8 service to Ho Chi Minh City
Premier powers Ohio facility with solar
Obama tax compromise for infrastructure risks roadblocks
Crude oil climbs, heading for biggest monthly gain since 2012 Prices rallied on news of an increasing US GDP and inventories at a major hub dropping to a 15-month low.
Fujairah prices stay on mixed trend Avails good in Durban.
Prices soft in Rotterdam Strong demand seen in Gibraltar.
New player in US Gulf Experienced staff behind new outfit.
Ex-head of state oil company attacks fuel oil quality Former MD of Pakistan State Oil Company says importers are operating 'cartel'.
MOL returns to profit in first quarter Softer bunker prices lift earnings.
Brightoil storage contract expires in August Sources say China Aviation Oil will takeover Singapore lease.
EPA begins ECA checks on US suppliers A handful of ports and suppliers targeted and subjected to first ever LSFO product tests.
'Gateway port' has little time to exploit LS bunker potential Stornoway must act before 2020.
Asian bunker prices resume stable trade But price movements lacked clear direction.
Japanese carrier drops fuel consumption, boosts profits Slow-steaming in place across fleet.
Seacor posts higher quarterly profits Operating results for firm's harbour towing and bunkering divisions higher in Q2 2013.
Gazpromneft move 'key' development for Romania Gazpromneft has become one of the largest operators in the port of Constantza.
Seaspan H1 profit quadruples Company sees positive impact from larger, more fuel-efficient newbuildings, and orders more.
Hambantota to offer LNG bunkering services As part of 'Vision2020' strategic plan of Sri Lanka, says SLPA Chairman.
Deltamarin design for Wallenius newbuilds Two vessel contract carries option for two more.
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