German finance watchdog orders scrutiny of banks' shipping loans Directing auditors to check shipping portfolios in depth is likely to spark additional writedowns
Liquid bulk overload Scrapping must rise as yet more tanker ordering points to trouble ahead
Lauritzen takes $167m writedown Impairment equivalent to 8% of fleet value
Precious Shipping avoids long-term contracts Firm books only 13.5% of time charter days for next four years
Back from the brink US moves at the 11th hour to dodge fiscal crisis and avert chaos in its ports
Port-Evo develops first inland box depot in Bangladesh Project upgrades transport links between Chittagong and Dhaka
Mediators buy time but have yet to settle US east coast ports dispute 'Container cliff' looms as the clock is reset for contract talks
Transfield targets North China Shipping bulker LIQUIDATORS of Transfield ER have filed a $57M claim against North China Shipping and are seeking to seize a bulker in Tacoma, Washington
OSG moves to curb sales of covered claims BANKRUPT OSG is seeking to restrict the sale of covered claims, including bonds, in an effort to shield tax credits
Founder ups Paragon stake PARAGON Shipping founder Michael Bodouroglou now owns 55.5% of the company following his recent equity infusion, according to an SEC filing
Davie to restart work on Cecon vessels DAVIE Shipyard's new owner told Fairplay today that work would start before February on three unfinished offshore vessels
US private equity swoops on containers GERMAN KG house Buss Capital has sold two container equipment fleets totalling 275,000 units for $410M to US private equity interests
Swiber notes value raised OFFSHORE player Swiber Holdings said today it has increased the value of its medium-term multicurrency notes scheme from S$700M ($573M) to S$1Bn
Sour box sector predicted A RECORD newbuilding influx was seen today keeping box shipping's outlook sour all this year
ICTSI tells why it quit Syria ICTSI said today its shutdown of Tartous port operations in Syria had been forced by a steep volume fall as well as war-risk factors
LPG spot demand seen picking up CONTRACT prices for LPG in January have been lowered by SAUDI ARAMCO, suggesting that spot demand is picking up, traders told Fairplay today
Japan's vehicle export fall continues JAPAN'S vehicle exports fell for the fourth straight month in November, according to the Japan Automobile Manufacturers Association
Scrapping S&Ps slowed SCRAPPING prices and demolition sales slowed with the approach of the New Year
Mercator Lines axes timecharters MERCATOR Lines (Singapore) said today it will terminate timecharter agreements for two bulkers and is discussing a similar move to cancel a third bulker
Widespread Weakness in US Intermodal Rates Domestic U.S. intermodal rates weakened broadly this week, reflecting the slack, post-holiday season. Of the 36 lanes tracked weekly by IDS, 32 either dropped or remained the same from the prior week, with declines seen on lanes in all four directions. An average of West-to-East lanes dipped from $2,518 to $2,505...
OCU Strike Puts a Crimp in LA-LB Container Growth West Coast container volumes in November declined 6 percent compared to November 2011, reflecting the impact the strike by office clerical workers in Los Angeles-Long Beach had on business at the ports. Containerized imports in November were down 6 percent and exports dropped 7 percent, according to numbers published Wednesday on...
BlueGrace Logistics Honored in 2012 Inc. 500/5000 and Inc. Hire Power List RIVERVIEW, Fla. - BlueGrace Logistics announced today that it has been featured in both the 2012 Inc. 500/5000 and Inc.'s inaugural Hire Power Awards list, which recognized the fastest-growing private companies in the United States and businesses that have created the most jobs in America the past three years, respectively. In...
American Science and Engineering, Inc. Awarded Order for Sentry Portal Cargo Inspection System from Government Agency in Asia to Scan Air Cargo BILLERICA, Mass. - American Science and Engineering, Inc. ("AS&E") (Nasdaq:ASEI), a leading worldwide supplier of innovative X-ray detection solutions, announced today the receipt of an order for one Sentry(TM) Portal cargo screening system from a government agency to protect an airport in Asia. Aviation security officials will use AS&E's Sentry...
US Manufacturing Activity Picks Up Economic activity in the manufacturing sector expanded in December following one month of contraction, and the overall U.S. economy grew for the 43rd consecutive month, according to the latest ISM report on manufacturing. The PMI index registered 50.7 percent, an increase of 1.2 percentage points from November's reading of 49.5 percent, indicating expansion...
Launch of New PCN Invoice Monitoring System Screenshot of Project Cargo Network's new Invoice Monitoring System. LISS, England -Project Cargo Network (PCN) www.projectcargonetwork.com today launched a new online Invoice Monitoring System designed to encourage healthy cash flow between their Members and to prevent late payments. PCN Chairwoman, Rachel Humphrey said "As PCN is one of the fastest growing networks...
Lynden International Opens Service Center in Alberta Freight forwarding and logistics company Lynden International has opened a new service center at Edmonton International Airport in Alberta, to meet the increasing demand for transportation services for Canada's oil and gas industry. "We are expanding our long-established truck transportation offerings to include import and export services, freight forwarding, customs brokerage...
Canadian National Merges Chicago-Area Rail Affiliates Class I railroad Canadian National Railway has completed the merger of the Elgin, Joliet and Eastern Railway Company into its Wisconsin Central subsidiary. The merger of the two rail affiliates that connect in the Chicago area will simplify CN's corporate structure and operations in the U.S., the company said in a...
Halifax Port to Boost Fees Halifax Port Authority in Nova Scotia will increase fees, effective March 1. Harbor dues, berthage and wharfage fees on containerized cargo will increase by 1.2 percent, and wharfage fees on non-containerized cargo will increase by 3 percent....
Hapag-Lloyd to Hike Indian Subcontinent-Latin America Rates Ocean carrier Hapag-Lloyd will increase rates for all cargoes and container types from India, Pakistan, Sri Lanka and Bangladesh to Mexico, Central America (including Panama), the west and east coasts of South America, and the Caribbean. Effective Feb. 1, 2013, the company said, rates will go up by $500 per 20-foot-equivalent...
Europe's Manufacturing Sector Ended 2012 in Slump Europe's manufacturing sector ended 2012 in a slump, with production levels and new orders decreasing further in December as demand from domestic and export markets remains low, according to business surveyor Markit Economics. The Final Eurozone Manufacturing Purchasing Managers' Index was at 46.1 in December, down from 46.2 in November, showing...
CMA CGM Plans Two Rounds of India, Pakistan Rate Hikes CMA CGM is planning two rounds of rate hikes for goods moving from India and Pakistan to a variety of destinations worldwide - North Europe, the Mediterranean, the Baltic, the Black Sea, North Africa, South and Central America, the Caribbean and Canada, as well as Houston, Texas. Effective Feb. 1, 2013,...
U.S. Lines Enhances Cutoff Times for Oceania Service Ocean carrier U.S. Lines has improved cutoff times for its weekly PSW-1 service from Oakland, Calif., and Los Angeles to Australia and New Zealand, starting immediately. From Oakland, the dry and reefer cargo cutoff will be Wednesdays at 4:30 p.m. Vessels will depart on Thursday nights. From Los Angeles, the dry cargo...
Aprile Cool Solutions, Easyfresh Merge Reefer Networks Aprile Cool Solutions, Aprile SpA's refrigerated container division, has merged with Easyfresh, a Valencia, Spain-based logistics company specializing in temperature controlled cargo, effective Jan. 1. The merger will improve ACS's network in the reefer logistics market, the Genoa, Italy-based company said in a written statement. "It is essential that we tie up...
Hapag-Lloyd Restores Lisbon Call to Med Canada Service Hapag-Lloyd's Med Canada Service. Ocean carrier Hapag-Lloyd will resume eastbound calls at Lisbon, Portugal, starting Jan. 13, as part of its Med Canada Service, which runs between Canada and the Mediterranean. The eastbound call at the Portuguese capital was added in October but was suspended shortly thereafter because of a strike, which...
ILA, Employers Focus on Work Rules The International Longshoremen's Association and its employers are shifting their attention to work rules now that a deal on container royalties has averted an East and Gulf Coast dockworker strike. The ILA and United States Maritime Alliance agreed last week to extend their coastwide master contract and supplementary local agreements through...
UPS Launches International Express Freight Service UPS today announced a new express air freight service, UPS Worldwide Express Freight, for time-sensitive international heavyweight shipments. The service is an extension of the UPS Worldwide Express package portfolio. Customers can now ship pallets of more than 150 pounds from 37 origins to 41 destinations, including overnight shipping from the...
Drewry Container Rate Benchmark Flat for Third Week Trans-Pacific eastbound spot rates were flat for the third straight week, according to the weekly Drewry Hong Kong-Los Angeles container rate benchmark issued Wednesday. The rate stood at $2,213 per 40-foot container for the week, unchanged from the prior two weeks. The index began the year roughly 20 percent above...
ICTSI Pulls Out of War-Torn Syria Philippine port operator International Container Terminal Services, Inc., is abandoning its business in Syria because of the dangerous environment caused by the country's civil war. Under the investment agreement between ICTSI's Syrian subsidiary Tartous International Container Terminal, which has been operating at the Port of Tartous, and Tartous Port General Company, wars and...
Suderman Rebranded as Metro Nautilus International Holding has rebranded its cargo and cruise subsidiary companies Suderman Contracting Stevedores and Suderman Terminals have been rebranded as Metro Ports, Metro Cruise Services and Metro Shore Services, effective Jan. 1, according to James R. Callahan, chairman, Nautilus president and CEO. The change will not affect the current legal status...
Shipping recognised in New Year Honours Britain's shipping industry is rounding off a good year in which it managed to perform well during a tough economic climate with several mentions in the 2013 New ...
Hefty rate hikes for reefer cargo Shippers of chilled and frozen produce are facing hefty rate increases as container lines target refrigerated cargo.Following Maersk Line's announcement a few months ...
Gothenburg to build logistics centre The port of Gothenburg has obtained state clearance to invest EUR18 million to build a new 24,000sq metre logistics centre which will be leased out to DB Schenker ...
USEC strike concerns persist Such has been the brinkmanship of contract negotiations covering 14,500 longshoremen at US container ports from Boston to Houston that the December 29 11th ...
Fiscal cliff fall avoided Equities around the world responded positively today to the news from the US that its economy had been saved from the very edge of the so-called fiscal cliff by ...
ICTSI pulls out of Syria International Container Terminal Services Inc (ICTSI), says it is pulling out of the Syrian Arab Republic due to the worsening civil war in the country.
Grounded Kulluk 'stable' Shell's grounded Kulluk drilling rig was stable after being cut lose from a troubled AHTS and running aground off Alaska.
Royal's New Year sneer Attempts to avoid heavy weather placed Royal Caribbean at the centre of a New Years Eve storm in Sydney.
Big John is your best bet John Fredriksen-backed shipping companies appear the best way for investors to deploy their funds this year, according to Arctic Securities.
CEO's present opened Michael Bodouroglou is sitting on Paragon Shipping shares worth almost $14m after his Christmas Eve present for the bulker owner.
BDI opens down Dry-cargo rates entered 2013 on a downward path amid gloomy predictions for the year ahead.
Wilbur's judgment date Shipping markets need to recover in 2014 if the industry's most famous newcomer Wilbur Ross is to maximise his returns.
Hagland's newbuild hope Broker says only one third of North Sea ready PSV newbuilds will arrive in 2013.
Indian summer for FAR oldie Farstad Shipping has booked a modest profit from the sale of an ageing anchor handler.
PE cash for Cecon Cecon has turned to private equity to secure the future of three troublesome newbuildings at Davie Yards.
Queen crowns trio Three individuals with shipping connections had extra reason to celebrate the arrival of 2013 having been recognised in the New Year honours list.
Fred Olsen starts fast Fred Olsen has enjoyed a happy start to the New Year after netting a $90m contract with Petrobras.
Mercator culls a pair Mercator Lines Singapore has cut up contracts for a pair of post-panamax bulkers owned by Italian companies.
Farewell Floro STX has continued its asset disposal efforts by offloading one of its Norwegian shipyards.
ICTSI pulls out of Syria terminal The Philippine terminal operator said Wednesday it has pulled out of a terminal it operates in Tartous, Syria, including its people, due to the ongoing civil war in the Middle East nation.
Skipped sailings coordinated to reduce capacity Two rival groups of ocean carriers with separate weekly loops in the Asia-to-east coast of South America trade are each skipping alternate sailings and taking slots on each other's ships to reduce their overall capacity.
UPS starts time-sensitive heavyweight program
Lynden International opens Edmonton office
Huerta confirmed as FAA administrator Before joining the agency in 2010, Michael Huerta served as managing director of the 2002 Olympic Winter Games in Salt Lake City, worked in the U.S. Transportation Department, and ran the port of San Francisco.
With tentative container royalty deal, ILA-USMX turn to NY issues The union and employers agreed last week to continue contract negotiations through Feb. 6, averting a strike that would have begun on Dec. 30, but there are still difficult issues for the two sides to address in the weeks ahead.
Growing ENTREC buys U.S. crane service
Oil rig runs aground off Alaska
TTX outook calls for slow U.S. economy The growth of the U.S. container industry will be modest this year as the U.S. economy, led by consumer demand, continues to sputter at a weak pace, according to a forecast by the giant North American railcar provider.
The Suez Canal Authority has announced that it will introduce surcharges on transit tariffs through the Egyptian canal for most major cargo vessels, effective July 15.
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