Seafarers missing after vessel sinks off Thailand General cargoship Hope said to have capsized in heavy seas
Chinese state giants expand in large boxship leasing Charter deals for 16,000 teu vessels and 8,800 teu ships make names for CSSC and CIMC
Three eyes good? Owner, UK class society and flag state launch separate probes into splitting of MOL Comfort
Yangzijiang Shipbuilding wins 15 newbuildings in the second quarter Contracts worth $414m bring total order backlog to $3.7bn
On the books You gotta fight for your right to straight-line depreciation
Code Red West Africa needs practical support to stamp out the scourge of piracy
Eight tankers idle after militants bomb Kirkuk-Ceyhan pipeline Owners hope Turkish port will resume loading crude within days
Weak navies undermine West Africa's piracy code of conduct Initiative will flounder without international military, financial and political backing, say security experts
Clausius, three others are out at FSL FIRST Ship Lease Trust said today chairman and director Wong Meng Meng and CEO and president Philip Clausius are among four who have left the company
China's hull steel production plummets by 37% CHINESE steelmill production of structural steel for hull building slumped 37% year on year to 2.7M tonnes over this year's first four months
Yangzijiang unveils 15 new building contracts SINGAPORE-listed Chinese yard Yangzijiang Shipbuilding said today that since 26 April, the group has secured contracts to build 15 more vessels, worth $414M
TMT wants $0.66M freed TMT HAS asked a federal bankruptcy judge in Houston to order its secured lenders to fork out about $660,000
VW sets up freight hub in Duisburg EUROPE's largest inland port, Duisburg, has been selected as one of Volkswagen's ocean freight hubs
Price-fixing allegations investigated ITALY'S competition authority said it has begun an investigation into allegations of price fixing among ferry operators linking the mainland and Sicily
China-Japan fracas lit up again by rig TENSION is bubbling up again over drilling rights in the East China Sea, IHS Global Insight reported today
MOL turns to LR for inquiry answers MITSUI OSK Lines said today it has appointed Lloyd's Register as "technical consultant" on the MOL Comfort casualty
RSHI to lay off 3,500 CHINA Rongsheng HI, hit by two days of labour disputes earlier this week, has reportedly decided to lay off about 3,500 workers
Shanghai trade zone approved SHANGHAI'S plans for a free trade zone has reportedly been approved by the State Council
DB Schenker Expands in India DB Schenker (India) has opened a new sales office at Thiruvananthapuram to serve its customers in the southern region. Thiruvananthapuram is the capital of the state of Kerala. "This is DB Schenker's 37th office in India and the eleventh in South India. It will cater to DB Schenker's customers in Thiruvananthapuram, Quilon,...
Asia-Europe Container Shipping Rates Skyrocket Spot container shipping rates in the Asia-Europe trade soared 165 percent in the week of July 4 as general rate increases carriers implemented on July 1 took hold, according to the World Container Index. As of Thursday, rates in the benchmark Shanghai-Rotterdam trade were $2,622 per 40-foot container, up from $990...
EU-China Trade Dispute Threatens Wine Trade Wine exports from Europe to Asia have become a major staple of backhaul eastbound container trades in recent years as alcohol demand has surged. Yet growth is now threatened by a trade dispute between the EU and China. Last year, wine accounted for almost 9 percent of total EU exports to...
Malaysian Ports Eye Expansion Malaysia's Kuantan Port is expected to start laying foundations for a major expansion next year. Port operator IJM Corporation is aiming to begin construction in the first quarter of 2014, with the two-year build projected to double capacity to over 52 million tons. IJM is undertaking the expansion in partnership with China's...
Suez Canal Remains Open Amid Turmoil in Egypt The Suez Canal remains open amid unrest in Egypt, but some transport operations around the country are closed. Both sides in the turmoil that has led to the ouster of Mohammed Morsi from the presidency recognize the importance of the canal to Egypt's economy, CNBC reports. It cited the Egypt Independent for...
Mumbai Port's Throughput Fell 14 Percent in First Quarter Cargo throughput at India's Mumbai port slipped 14 percent year-over-year in the first quarter of fiscal year 2013-14, the port authority said in a statement. Total tonnage from April to June was estimated at 13.28 million tons, down from 15.45 million tons in the same period last fiscal year. The authority...
Container Carriers Build Toward Ho-Hum Peak Season Shipping lines are entering the peak season in the major east-west trade lanes at a decided disadvantage because they aren't taking the steps necessary to control capacity to match modest growth in container volumes. When carriers have succeeded in implementing rate increases this year, it's been the product of sheer...
Japanese Container Trade Seen Rising 2.9 Percent in FY2013 Japanese containerized cargo trade will rise 2.9 percent year-over-year in fiscal 2013, which started on April 1, to 12.723 million 20-foot equivalent units, a Tokyo-based research firm predicted in a new report. The growth in trade will follow an estimated 0.6 percent decline in fiscal 2012, Nittsu Research Institute and Consulting,...
Airlines Urge Easier Global Merger Rules Airlines will struggle to finance the next generation of aircraft unless governments remove obstacles to global mergers, the International Air Transport Association warned. Consolidation is a key driver of the increased profitability required to raise the estimated $4 trillion to $5 trillion investment to renew aircraft fleets, the industry body said. The...
France Selling Stake in Paris Airports The French government is selling a further 9.5 percent stake in Aeroports de Paris, but it will retain control of the operator of Roissy Charles de Gaulle airport, Europe's largest cargo hub. The sale of stakes to Vinci, a French construction company, and Credit Agricole, one of the country's largest banks,...
Drewry: Tumbling Prices Driving Surge in Ship Orders Tumbling shipyard prices and easy credit are driving the recent surge in container ship orders at a time of industrywide overcapacity, according to consultant Drewry. This suggests carriers are no longer motivated by supply and demand fundamentals, the London-based company said. Even when the most recently contracted vessels are delivered in 2016,...
DHL's New Cincinnati Hub Serves Latin America Trade On a recent afternoon, a big yellow Boeing 757 freighter emerged from the dark clouds hanging over Cincinnati/Northern Kentucky International Airport and flew close enough for assembled local notables to see the painted red letters on its side: DHL. After it landed and taxied close to the seated audience, a crewmember...
An End to Easy Money? Investment bankers, private equity investors and shipowners swarmed the halls of the Hotel Pierre at Marine Money Week in June looking for deals they could cut to finance new ship orders. It wasn't like the good old days when there was an abundance of bank loans, so investors and lenders...
South American Container Trades Face Challenges When container ships arrive in Santos, they sometimes have to wait two or three days to get into the Brazilian port's three container terminals because of port congestion and the tangle of traffic on nearby roads. The delays got especially bad this spring when a drought devastated India's crops and fueled...
MSC, Adani Group in Mundra Port Terminal Joint Venture Adani Group, India's largest port infrastructure developer, has announced the formation of a joint venture with ocean carrier Mediterranean Shipping Co. to operate the Adani International Container Terminal at Mundra Port. The company did not disclose further details of the deal. The Ahmedabad-based group launched the container terminal, one of three at...
J.M. Baxi Opens Intermodal Terminal in Northern India Mumbai-based international freight forwarder and terminal operator J.M. Baxi Group has opened a new intermodal container terminal in Sonepat, near Delhi, to serve the growing trade to and from northern India. The new 65-acre facility was built at a cost of Rs. 200 crore (approximately $34 million). "With capacity to handle 500,000...
Taizhou ditches veteran China's Taizhou Shipping has trimmed its fleet by selling a 1985-built bulker.
Batista mulls exit Advisors are telling Batista to consider shutting down the shipbuilding business of oil-services company OSX Brasil, according to Bloomberg news agency which quotes a person with direct knowledge of the proposal.
Rongsheng suspended Share trading in China Rongsheng Heavy Industries was suspended on Thursday after media reports that it has shed 8,000 workers in recent months.
Australia links improve A new port rotation for the North East Asia Australia service (NEAX) will improve schedule integrity and provide a direct link from Qingdao, according to the lines which operate the loop
Vyborg bags loan Russia's VTB bank coughing up $188m to refinance domestic shipbuilder.
15 more for Yangzijiang China's Yangzijiang Shipbuilding has unveiled an order for15 new ships worth $414m.
Another year Kristian Siem's Subsea 7 has taken up a 12-month option for a Dof construction support vessel.
SinOceanic succeeds China's HNA Group has completed its 100% takeover of Norway-based SinOceanic Shipping and will delist its shares in Oslo.
DVB raids Maersk DVB has recruited Henriette Brent-Petersen from Maersk Broker to fill a gap at the head of its shipping research division.
DSME wins $5bn battle Daewoo Shipbuilding & Marine Engineering has won the race for a potential $5bn LNG carrier contract for Yamal LNG.
Renewal riches Oslo-listed Subsea 7 has won another charter extension in Brazil worth $400m.
LR on Comfort case Japan's MOL has turned to Lloyd's Register (LR) to pinpoint the cause of the MOL Comfort disaster.
Qinfa cancels duo Hong Kong's Qinfa Group has scrapped deals for two new bulkers in China.
FSL top brass quit Senior managers and directors of Singapore-based First Ship Lease Trust have resigned after what the company describes as a "difference of opinion".
IRISL undaunted Islamic Republic of Iran Shipping Lines boss Mohammad Hossein Dajmar says his company is capable of meeting Iran's shipping needs as other international shipping companies steer well clear of the country.
Scandlines orders ferries Scandlines has moved forward with its plans to order new eco-ferries, signing a letter of intent (LOI) with STX Finland for two LNG-fueled ro-paxes.
New bunker terminal to be ready by end of 2016 Work at Busan New Port is expected to take 36 months.
Bunker market firming in Fujairah But South African ports see IFO prices fall.
IFO prices show losses in Rotterdam Mediterranean markets firming.
Lack of fuel stalls ten STX carriers 'Only about half of our roughly 400 vessels remain in operation,' says STX source.
EU gears up for better sulphur monitoring and reporting Tender issued for developing sampling, analysis and inspection guidelines with firm eye on tighter ECA limits in 2015.
'No evidence' that Platts prices have been compromised Review of data shows 'normal and stable patterns.'
Danish operator orders LNG-fuelled ferries Ships to be delivered in 2015.
Asian bunker prices climbing Mixed demand in Singapore.
Fuel oil stocks still falling But Singapore market expected to remain well supplied against a background of weak demand.
LED lighting a fuel saving choice for ships, says provider US Navy could save more than $500 million on bunkers if it uses LED lighting for its fleet, firm suggests.
Low sulphur bunkers 'a matter of urgency', says HK study Study undertaken to observe how CARB reduced air pollution in California.
US owner adds fuel-saving tug to fleet Tug will consume 'significantly less fuel' compared to other oceangoing tugboats, said Jensen.
Brightoil secures $50 million loan Development to be focused on boosting the firm's marine transportation segment.
Chinese regional fuel oil stocks down Volume amounted to 3.46 million mt in the week ending July 4.
LNG supply for TOTE ships 'still to be decided' Containerships are set to start running on LNG in September 2016.
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