Rickmers concludes $67m private placement Close Brothers Seydler acts as bookrunner
Germany licenses its first private maritime security firm Munich-based Result Group authorised to provide security cover
Angola LNG plant shuts for maintenance Seven vessels may head for the spot market as plant operates reduced capacity
States must co-ordinate fight against West Africa piracy Lack of joined-up thinking hinders regional progress, says expert
ClassNK still searching for cause of MOL Comfort disaster Preliminary report proposes crew inspect midship of vessels to check for deformations
Asia-Europe spot rates soar as November 1 rate increases kick in UPDATE: Drewry anticipates gradual erosion after early surge
Greece rules out more subsidies for ferries This is not the time to increase support for remote routes, says Varvitsiotis
Statoil changes sailing routes for offshore supply vessels Shortcuts aim to reduce energy giant's operating costs
China shipowners voice P3 anti-competition concerns Having moved to ban valemaxes, pressure group ponders boxship mega alliance
International Chamber urges Beijing to lift VAT burden on foreign carriers Morooka writes to the ministry of finance asking the government to take action
VLCC earnings climb $5,000 overnight Rush of fixtures reduces the number of ships available in Middle East
Capesize market finds some stability after a harrowing week Rates in Asia begin to rise, while some brokers eye a better week ahead
Maersk Tankers confirms product tanker order Danish company cements fleet renewal drive with order at Sungdong
Western Bulk adds tonnage to fleet Two vessels chartered in on long-term leases with purchase options
Hanjin yard wins capesize bulker order from Poseidon Greek owner signs for one 180,000 dwt vessel at $55.6m
Seanergy delisting risk intensifies VICTOR Restis-controlled Seanergy admitted today that it will be delisted by NASDAQ unless it successfully appeals the decision
SCF loses in UK court THE UK Supreme Court has dismissed an application from Sovcomflot for clearance to appeal British judgments in favour of former CEO Dmitry Skarga
Sungdong to build four MR tankers for Maersk MAERSK Tankers said today it has placed an order for four MR product tankers with Sungdong Shipbuilding & Marine Engineering in South Korea
NAT sets up unit for NYSE flotation NORDIC American Tankers said today it is setting up a new company that would acquire six PSVs and go public in New York
Aframax spots extend losses SHARP drops of spot rates for Aframax tankers extended this week, on bleak prospects in the Baltic and in Libya, a tanker broker said today
Western Bulk's lease deals expand fleet WESTERN Bulk said today it has acquired three ships through two lease agreements with Japanese principals
P&I club raising premium THE P&I club that focuses on small and specialised tonnage, Shipowners' Protection Ltd, said it is raising premiums by 5%
IB takes over Glander DUBAI'S bunker and lubricant trader International Bunkering today changed its name to Glander International Bunkering in line with its acquisition of Glander International, the US bunker broker
Yingkou Port profits up 17% SHANGHAI-listed Yingkou Port recorded profits of 437M yuan ($71.8M) in the first nine months of 2013, up 17.3% year on year
China's iron ore imports increase CHINA's iron ore imports gained pace in September, as profits from its steelmills nearly tripled in the first nine months of 2013
Jaya's profits fall 24% JAYA Holdings, Singapore's offshore vessel builder and owner, reported profits of $7.6M for its first quarter ended on 30 September, which was a 24% drop from last years' profits of $10.1M
China's soybean imports set to hit new high CHINA's soybean imports are likely to ris by 15% year on year in 2013-14
BNSF Profit Rises on Volume, Revenue Gains BNSF Railway profit rose nearly 5.6 percent year-over-year to $989 million in the third quarter, as revenue expanded 5.8 percent on a 4.6 percent gain in volume. A 5.4 percent increase in intermodal traffic helped push total revenue to $5.65 billion in the period, according to a third quarter financial release...
Norbert Dentressangle Posts 3Q Revenue Growth Norbert Dentressangle reported revenue of €1.0 billion (about US$1.4 billion) for the third quarter of 2013, an increase of 6.2 percent from €967 million in the third quarter of 2012. The freight forwarding division posted a revenue decline of 11.7 percent year-over-year in the third quarter of 2013, totaling €30 million, offset...
Korean Air to Provide $141 Million Loan to Hanjin Hanjin Shipping will receive a loan of 150 billion South Korean won (about US$141.4 million) from Korean Air, a major shareholder of Hanjin Shipping Holdings. The decision was made by the board of directors of Hanjin Shipping, Hanjin Shipping Holdings and Korean Air to overcome "liquidity problems," according to Hanjin Shipping. In...
Global Air Cargo Market Hits 25-Month High The global air cargo market stabilized in September, inching up 0.5 percent year-over-year, following recent months of "slow but steady growth," according to the International Air Transport Association. "The story behind September's performance is regional," said Tony Tyler, IATA's director general and CEO, in a written statement. "The leveling off of...
ATA Applauds Call for Reassessment of HOS Rule The American Trucking Associations has applauded the introduction of the TRUE Safety Act in the House by Reps. Richard Hanna, R-N.Y.; Tom Rice, R-S.C.; and Mike Michaud, D-Maine. The bill, H.R. 3413, would delay the hours of service regulations that went into effect for commercial truck drivers on July 1. More...
Le Havre Welcomes First Call of Glovis Ro-Ro Ship The Glovis Condor carried 297 units on its way to the Port of Le Havre.France's Port of Le Havre has welcomed the maiden call of the Glovis Condor, a roll-on, roll-off vessel owned by Glovis, a South Korean company. Glovis was originally an automotive logistics company, but recently expanded its business...
August US Steel Exports Down Year-Over-Year U.S. steel exports in August totaled 1.147 million tons, increasing 5.5 percent from 1.087 million tons in July, but declining 2.1 percent from August 2012, according to government reporting. U.S. exports of steel by region year-to-date. Full-size image "The increase in August was due to a jump in shipments to the Dominican Republic,...
Air France-KLM Cargo Operating Loss Swells Air France-KLM posted a higher cargo operating loss of 84 million euros ($113.4 million) in the third quarter, compared with 69 million euros ($93.2 million) a year earlier, and said the business will remain in the red through 2014. Revenue shrank 9.4 percent to 687 million euros from 758 million euros...
Ocean Carrier Rate Revision Roundup for Nov. 1 Major container lines have announced planned rate increases for a variety of trades, as detailed below, slated to take effect in November and December. Europe-Asia CMA CGM hopes to increase rates in its trade from North Europe, including the north continent, Scandinavia and the U.K. and excluding the Baltic region, to Asia....
SCFI: Asia-to-Europe Rates More Than Double Shanghai Containerized Freight Index, Mediterranean, week ending Nov. 1, 2013 Full-size image Spot container rates from Asia to European ports measured by the Shanghai Containerized Freight Index soared in the week ending Nov. 1. Both Mediterranean and northern European lanes saw rates increase of between $700 and $800 per 20-foot-equivalent unit, in response...
SCFI: Shanghai-to-US Spot Container Rates Slip Shanghai Containerized Freight Index, U.S. West Coast, week ending Nov. 1, 2013 Full-size image Spot container rates from Asia to the U.S. East and West coasts measured by the Shanghai Containerized Freight Index continued to slip for a seventh week in the week ending Nov. 1. The spot rate from Shanghai to the...
Profit Tumbles at Yusen Logistics Major Japanese international freight forwarder Yusen Logistics Co. said its group net profit plunged 79.0 percent year-over-year in the first half of fiscal 2013, which began on April 1, to 282 million yen ($2.9 million) despite a big jump in operating revenue. The Tokyo-based company saw its group operating revenue surge...
Acquisitions Push Up JOC Truck Capacity Index Trucking company acquisitions in the third quarter inspired the biggest leap in The Journal of Commerce Truckload Capacity Index since the recession. JOC Truckload Capacity Index Full-size image The index rose 4.7 percentage points to 86, its highest level since 2009, from a reading of 81.3 in the second quarter. The index, based...
CRST Expedited Hikes Driver Pay. Can Others Follow? Truck driver pay - or the lack of it - is a key factor in the so-called driver shortage, though not the only reason motor carriers can't hire enough drivers. For years, trucking executives have argued that "lifestyle" issues - particularly the extended time long-haul truck drivers spend away from home...
Lessons in Liability Two recent court cases should prompt all companies, and especially small and medium-sized importers and exporters, to review their business practices with an eye toward reducing potential liability. One dealt with the outcome when one company purchases the assets of another, and the second dealt with determining when U.S. Customs...
Saia's Profit Soared in Third Quarter Saia reported ia $12.9 million profit for the third quarter of 2013, a year-over-year jump of 39.5 percent. Quarterly revenue for the less-than-truckload operator, No. 10 on JOC's ranking of the Top 25 Less-Than-Truckload Carriers, was $293.1 million, an increase of 5.4 percent from $138.5 million. From January to September, net income...
J.B. Hunt, Marten Transport, Heartland Express Improve Profits Trucking's early third quarter earnings reports looked better than might be expected in a sluggish and inconsistent economy. That's largely because the first publicly owned motor carriers past the quarterly post took advantage of opportunities to move more freight by intermodal rail, diversified their over-the-road services and, most important, protected...
JAL's Profit Sinks Despite Increased Revenue Japan Airlines Corp. (JAL) said on Oct. 31 that its group net profit tumbled in the first half of fiscal 2013, which started on April 1, from a year earlier, despite increased revenue from both passenger and cargo operations. JAL posted a net profit of ¥81.940 billion ($836.1 million) on a...
Dew Named CEVA's Asia-Pacific Head eter DewCEVA Logistics has appointed Peter Dew as president, Asia Pacific. Dew has served as Asia-Pacific region chief at CEVA on an interim basis since July and has been a member of the company's executive board since 2008. "Peter's immense knowledge of supply chain and freight management will be a real asset...
Infrastructure Investment Needed to Unlock Philippines' Potential Philippine highwaysTrade growth to and from the Philippines is being held back by poor gateway performance and a lack of hinterland infrastructure, claim lines and forwarders. While many of its Asian neighbors have suffered slowing economies this year, the Philippines is expected to enjoy GDP growth of over 7 percent. Much...
OSG chops Lauritzen claim Overseas Shipholding Group (OSG) has struck a settlement deal with Lauritzen Tankers that chop more than $6m from a claim over a shredded charter deal.
Nasdaq to abandon SHIP The Nasdaq has decided to cut Seanergy Maritime Holdings from its roster of listed shipowners.
OSVs' final trip marred US authorities have rushed to the aid of a pair of aging offshore support vessels (OSVs) after encountering trouble on their final journey in the US Gulf of Mexico.
Fredriksen's stealth deals John Fredriksen has built up his fleet with a series of purchases away from his stable of public companies.
NOCC shreds scrap talk Norwegian Car Carriers has scotched reports it has scrapped one of its older ships.
Reinhart takes port call Maersk Line Limited (MLL) chief executive John Reinhart has emerged at the helm of the Virginia Port Authority.
IRISL doubles up Iranian container line IRISL has boosted box rates by more than 100% as sanctions led to other owners quitting domestic trades.
Tomini targets 25 newbuilds Tomini Shipping's first ever newbuilding order is just the start of the company's re-emergence as a dry cargo owner.
Otto ups Indonesia tally Otto Marine has bolstered its presence in the burgeoning Indonesian offshore market by agreeing the $120m sale of two vessels to a local joint venture.
Cast your votes now It's time to pick your favourite from among the impressive short-listed entries to the 2013 TradeWinds Maritime Photographer of the Year competition.
Buy boosts Navios views Navios Maritime Partners shift into the containership market has been met by a string of upgrades for the company.
Voodoo banking We take a look at what was said in the market over the past week.
Check your boxships Japanese class society ClassNK has urged owners to check for hull-bottom deformities on large containerships to avoid a repeat of the MOL Comfort catastrophe.
Campbell switches sides Five months after quitting as head of dry-cargo at Clarksons Guy Campbell has reappeared at Swire group's China Navigation.
Last roll of the dice? Eike Batista is prepared to inject close to $50m into his ailing shipbuilder OSX in a last ditch attempt to prevent it suffering the same fate as his oil company which filed for bankruptcy on Wednesday.
Big guns buy in TradeWinds digests the digits making the headlines this week.
Nordic American goes offshore Nordic American Tankers (NAT) is branching out into offshore shipping with a deal to buy six PSVs followed by a New York IPO.
HMD sees deeper red Korean shipbuilder Hyundai Mipo Dockyard (HMD) tumbled to a deeper than expected loss in the third quarter.
Ship sinks after smash A lightering vessel has sunk off Bangladesh after a collision with a Chinese tanker.
Avance welcomes rival Avance Gas has welcomed the union of Scorpio Tankers and Dorian LPG which has created the second largest company in the VLGC sector.
Crew escape ro-ro fire All 11 crew from a burning ro-ro cargoship off Iceland have been airlifted to safety.
Hanjin adds another cape Korea's Hanjin Heavy Industries has confirmed another order for a capesize newbuilding as its winning bulker streak continues.
Maersk firms MR swoop Maersk Tankers has confirmed a medium-range (MR) products tanker newbuilding in South Korea believed to be worth over $200m.
Ultra double for Western Western Bulk's (WB) Shipholding arm has snapped up another two Japanese newbuildings on long-term charters.
DHT poised to pounce DHT Holdings has given its clearest indication yet that it may be close to embarking on an expansion of its eight-strong fleet.
Shell orders 'loss making' Japanese investment bank Nomura says Hyundai Mipo Dockyard's (HMD) recent order for 16 MR tankers will be loss making.
LOC gets PE injection Private equity firm Bridgepoint Development Capital (BDC) has taken a minority stake in global marine engineering consultancy LOC Group.
Clarksons tools up Clarksons has acquired specialist tool supplier Gibb Tools Ltd in a deal that may eventually cost the UK company £12.7m ($20m).
Hutchison says it is well positioned for mega vessels
Maryland, Port of Calais sign MoU
Vanguard restructures India service
Drewry: November GRIs could influence contract rates "The timing of these increases is important, as prevailing spot market rates have a very strong influence on contract rates, for which negotiations are presently getting underway for 2014 calendar year," the firm said.
Breakdown delays Evergreen ship
CN, union reach tentative deal "This has been a difficult process that was greatly assisted by the support of the membership," the union said. "The 96.7 percent strike mandate delivered a strong message to everybody at the bargaining table."
Agency issues safety guidelines after MOL Comfort sinking
Maersk executive to helm Port of Virginia
Con-way sees mixed 3Q results
Truckers take legislative route to reverse HOS provision Three congressmen have proposed legislation that would block the restart provision in the hours-of-service rules until an independent review of the rationale used by the Department of Transportation for its decision is conducted.
U.S. intermodal traffic posts 4.7% gain in Q3 International traffic has been in decline due to the contents of many 40-foot international containers being immediately transferred to domestic 53-foot units at seaports, but during the third quarter, international volume grew 2 percent.
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