DryShips cites 'severe' Rongsheng delays DRYSHIPS predicted today that Chinese builder Rongsheng will fail to perform on its contract, allowing the company to recoup progress payments
Seaspan plots another preferred sale GERRY Wang-led Seaspan today announced a follow-on offering of perpetual preferred equity, despite a failed attempt to raise capital last month
China COSCO's return to black predicted CHINA'S Industrial Securities analysts have predicted that China COSCO will return to the black for full 2013
164 held in Greek migrant smuggling cases GREEK authorities are holding 164 people in connections with migrant smuggling cases of the past week
3i buys Allianz Scandlines unit LONDON-based investor 3i said today it has signed a deal to acquire the stake in ferry operator Scandlines owned by Allianz Capital Partners
Two buys continue Baltic Trading fleet growth PETER Georgiopoulos-chaired Baltic Trading today confirmed agreements acquire two Capesizes, increasing the fleet's dwt capacity by 49%
Lianyunguang container facility acquired CHINA's Lianyungang Port Group and Singapore's PSA International today signed a deal to acquire all of Lianyunguang New Oriental International Container Wharf
Dorian LPG raises $250M in placement DORIAN LPG of Athens said today it raised $250M in a private placement of equity
TORM cuts losses TORM, DENMARK'S listed product tanker and drybulk shipping group, said today it reduced its losses in both 3Q13 and the first nine months of 2013
NOL still rated a 'buy' ANALYSTS have issued mixed ratings for NOL, parent of APL, in reaction to it reporting profits of $20M for 3Q13
JES veers into mining SINGAPORE-listed JES International said today it has entered into a conditional investment deal with a mining company as part of efforts to diversify its portfolio
Montenegro yard narrows losses in 9 months MONTENEGRO'S ship repair yard Jadransko Brodogradiliste Bijela said it narrowed its net losses year on year during 2013's first nine months
STX Finland trims layoff total STX FINLAND today said it plans 670 layoffs, 80 fewer positions than earlier expected
Modec, Schahin awarded Carioca FPSO charter JAPAN'S FPSO specialist Modec and Brazil's Schahin have been awarded the Carioca FPSO charter contract from PETROBRAS and its partners in a consortium
SMM rig unit climbs 67% SINGAPORE's Sembcorp Marine said today its rig-building unit reported a 67% rise in 3Q13 turnover year on year
Profit Tumbles for Nippon Express ippon Express Co., Japan's largest international freight forwarder, said that its group net profit plunged 34.2 percent in the first half of fiscal 2013, which started on April 1, from a year earlier to ¥7.443 billion ($75.9 million) despite revenue growth. The Tokyo-based company's group revenue rose 4.6 percent in the...
Facing Debt Deadlines, YRC Asks Teamsters for Help Once again, YRC Worldwide is turning to its most consistent supporters - its 32,000 employees and the Teamsters - for help getting out of a fiscal jam. YRC Worldwide is expected to ask its union employees to extend their current contract beyond 2015 in order to secure restructuring debt financing from...
Profit Grows at Expeditors International of Washington Expeditors International of Washington reported a $92.4 million profit for the third quarter of 2013, up 4.4 percent year-over-year. "Despite ongoing pricing volatility in the ocean markets and an air peak season that didn't commence in September, as anticipated, we executed well in our 2013 third quarter," said Peter J. Rose, Expeditors'...
Port of Tampa, Zim Celebrate 10-Year Milestone Port President and CEO Paul Anderson (left) with Lea Bogatch-Genossar, Zim president, and Tom Perdue, president of Ports America Stevedoring, at the 10-year anniversary reception at the Tampa Museum of Art.Officials from the Tampa Port Authority and terminal operator Ports America, as well as regional exporters and importers, celebrated the...
Mexican Military Takes Hold of Port of Lazaro Cardenas The Mexican military has taken the reins of the Port of Lazaro Cardenas, one of the country's largest container ports, as Mexico attempts to crack down on surrounding drug war activity and the import of precursor chemicals used to make methamphetamine, according to the Associated Press. Navy personnel on Monday took...
Depressed Cargo Rates Hit Seaboard Revenue Decreased cargo rates and lower volume year-over-year drove revenue drops at Seaboard Marine in the third quarter of 2013, according to Seaboard Corp., the parent company. Seaboard Corp. said its marine segment posted quarterly revenue of $219.5 million, down 9.4 percent compared with the same period in 2012. Furthermore, Seaboard Marine's...
Reviewing the Invoice, Refining the Process This podcast examines the truth behind ocean freight invoice inaccuracies, including causes, current review procedures and the impact on the larger industry. Speaker Steve Ferreira has run Ocean Audit Inc. for 20 years and developed an in-depth understanding of the invoicing process nuances of the various ocean carriers. This is...
Oakland Breaks Ground on New Logistics Center The Port of Oakland at the weekend broke ground on its Trade and Logistics Center, an import, export and transshipment hub with intermodal rail service that will bring logistics activities on to port property. The project in the coming decade will redevelop the former Oakland Army Base in several phases, beginning...
Vitran Builds Defense Against Takeover Bids Vitran is putting a buffer between its Canadian trucking operations and any unwelcome suitors, adopting a "shareholder rights plan" designed to slow or ward off any unsolicited bids and give the company time to evaluate proposals. Since the sale of its ailing U.S. operations to Matthew Moroun, vice chairman of Detroit-based...
US Ag Exporters Have Ample Container Supplies - For Now Container shortages aren't expected to squeeze most U.S. grain and soybean exporters until early next year, but there are already signs of scarcity. Although inbound holiday goods are still delivering ample supplies of containers for Midwest exports, supplies will tighten as container carriers scale back their operations during the typically...
Bangladesh Political Violence Blocks Traffic Out of Top Port Bangladesh exporters are unable to get their goods out of the country via the Port of Chittagong, the country's busiest port, after trucking companies refused to deliver goods because of vandalism fears, according to reports. No containers were moved out of the port's 16 inland container depots and no trucks from...
Miami Targets Bigger Import Market Share Miami's new super-post-Panamax gantry cranes arrived in early October.Sometime this year or early next, Florida will replace New York to become the third-largest U.S. state in population. But even with that growing population, Florida still gets about 70 percent of its containerized imports from outside the state. They come in via...
3i Buys Out Scandlines Partner for $223 Million U.K. private equity investor 3i has taken control of Scandlines, after buying out the co-owner of the ferry operator, and has refinanced its debt facilities. 3i said it paid Germany's Allianz Capital Partners €165 million (about US$223 million) for its 49 percent stake in the leading Baltic Sea roll-on, roll-off shipping...
Dubai Exports Renews Partnership with BDP Dubai, Philadelphia, Singapore, November 4, 2013 - BDP International (BDP) today announced that its partnership agreement with Dubai Exports has been renewed for another 12 months. BDP, along with a handful of other select logistics companies, was approved by Dubai Exports to provide world class, value added services and capabilities to exporters...
Jones Lang LaSalle Hires Incentives Expert Dan Breen PARSIPPANY, NJ, November 4, 2013 - Jones Lang LaSalle has hired Daniel Breen as an executive vice president at its Hasbrouck Heights, N.J., office. Breen will lead the firm's business and economic incentives practice throughout the Northeast, focusing on the New York metropolitan area with an emphasis on the New...
Cushman & Wakefield Completes Sale of 312,000-SF Chicago Industrial Building CHICAGO, Ill., Nov. 4, 2013 - Cushman & Wakefield has completed the sale of 2801 S. Western Ave. on the near south side of Chicago. The seller, Friedman Realty, was represented by Sally Macoicz of Cushman & Wakefield's Chicago office. The investment buyer was Venture One Real Estate LLC Friedman Realty is an affiliate of Dearborn Wholesale...
Hope on the Horizon Horizon Lines eked out a profit in the third quarter and continues to believe the bottom line will improve in the months ahead.
Uncertainty haunts yard A US shipyard on the brink of closure is poised to hand out more pink slips in the coming weeks even though it is has been approached with a proposal to construct up to eight Jones Act products tankers, TradeWinds has learned.
Now Safe to wait Safe Bulkers will sit on the sidelines of the newbuilding market this quarter after announcing orders for three vessels, the company's chief executive said.
DRYS: delays are 'severe' DryShips does not expect Jiangsu Rongsheng Heavy Industries to complete four panamax bulkers that are due for delivery in 2014, management warned investors Tuesday.
DLNG pulls the trigger Dynagas LNG Partners is moving forward with an initial public offering (IPO) in which it hopes to raise nearly $300m.
Lauritzen's OSG deal 'fair' J Lauritzen is pleased with a deal with Overseas Shipholding Group (OSG) to reduce the size of a claim over a tanker charter cancellation.
Finnlines slips into red Finnish ro-ro owner Finnlines has fallen to a loss in the first nine months.
JES branches out Chinese shipyard JES International is branching out into the mining sector to help offset losses at its shipbuilding operations.
Seaspan tries again New York-listed Seaspan Corporation is back with another share sale less than a month after pulling a previous issue.
Export Credit hits record Export Credit Norway received a record number of applications in the third quarter as demand for offshore funding grew.
Grimaldi gets busier Italian shipowner Emanuele Grimaldi is the new CEO and president of Finnlines after Uwe Bakosch resigned.
Drugs found on tanker Belgian police have seized EUR 3m ($4m) of cocaine on a juice tanker that docked at Zeebrugge.
Animal instinct Baltic Trading has confirmed a $103m swoop for a pair of capesize vessels.
Swiber cashes in Singapore-listed Swiber Holdings is set for a $90m windfall after agreeing to sell its controlling stake in a subsea services provider.
Stohle makes his case Hoegh LNG's CEO Sveinung Stohle says he is "puzzled" by criticism of his company's floating storage and regasification (FSRU) project in Lithuania.
Ocean Yield readies divi Ocean Yield has cleared the way to introduce its first dividend before the end of the year.
Cosco profit slumps Cosco Corporation (Singapore) has seen a collapse in profit as low margin work ate away at its bottom line.
Bijela better so far Montenegrin shipyard Jadransko Brodogradiliste Bijela has reduced its loss in 2013 as revenue climbed.
3i takes control 3i Group has bought out Allianz Capital Partners (ACP) to take full ownership of Baltic ro-ro operator Scandlines.
STX PO raises $35m Restructuring STX Pan Ocean has freed $35m of cash by reducing the capital of its LNG subsidiary.
Repair aids Sembcorp A sharp rise in revenue from shiprepair has helped Sembcorp Marine to an improved third quarter showing.
Vard seals Caspian deal Vard has clinched a contract to build a survey vessel for Kazakhstan-based owner Circle Maritime Invest (CMI).
Wreck to be raised Salvors are planning a five-hour operation to refloat and remove the holed cargoship Siderfly in the Kiel Canal on Tuesday.
Torm narrows range Torm has trimmed its full-year loss estimates after a third quarter which saw it achieve a core operating profit while its bottom line stayed red.
NOCC stretches two Norwegian Car Carriers (NOCC) is set to earn more from two vessels after stretching time charter contracts on the pair.
Strike three for SALT Scorpio Bulkers has completed a third successful raid on investors adding a further $300m to its expansion arsenal.
Dorian banks $250m Oslo-listed Dorian LPG has clinched a $250m share sale in a private placement on the over-the-counter (OTC) market.
Iran renews guarantees Iran has renewed state guarantees for domestic insurers covering tanker trips to India.
Kazakhs eye yards Kazakhstan is to construct a new Caspian Sea repair yard in the Mangistau region.
Sale gets green light The Port of Newcastle, the world's largest coal exporting facilities, is to be sold under a long term lease.
Tidewater lifts earnings Tidewater has reported a strong second quarter to the year with net profit up over 30% year-on-year, it said Monday.
Safe books bulker trio Safe Bulkers has bolstered its newbuilding orderbook with deals for three new panamax ships at Japanese shipbuilders.
Safe suffers in third Safe Bulkers looks to have missed out on the recent spike in freight rates with a 40% drop in third quarter results.
Greek bulker arrested Singapore's admiralty sheriff has arrested a Greek-owned panamax bulk carrier court documents show.
Horizon Lines reports increase in profits Horizon's president said the improvement was "driven largely by reduced vessel charter expense, increased non-transportation revenue, lower dry-dock transit and crew-related expenses, and reduced overhead."
Q3 revenue growth 'significant' for XPO Logistics The company's freight brokerage business generated a revenue of $152.6 million, a 374.4-percent increase from the 2012 period, and revenue for the expedited transportation segment ticked up 5.7 percent to $25.1 million.
PSA investing in in Lianyungang container port The container terminal has a designed capacity of 2.8 million TEUs and is designed to service the world's mega container vessels. The terminal is expected to commence operations in 2014.
Expeditors reports 4% increase in profits
Justice in ongoing talks with American, US Airways If the carriers want the Department of Justice to drop its antitrust lawsuit opposing the carriers' $11 billion merger, the airlines will have to agree to a few concessions, according to Attorney General Eric Holder.
LNG Fuel terminal planned in Jacksonville
Washington Notebook: CBP works on ACE, modifies simplified-entry pilot
Strike action to suspend Piraeus's bunkering ops Wednesday's protests will postpone same-day deliveries, says source.
LNG-fuelled barge wins award LNG-electric inland vessels have a bright future, says marine engineer.
Prices lack direction in Fujairah Cape Town saw double digit falls on MGO.
Avails tight in Rotterdam Good activity was seen in the Gibraltar market.
China urged to back ECA in Pearl River Delta Hong Kong official says ECA status would improve air quality in a region 'shared by 50 million people'.
London terminal gets first ship call Owner expects rapid take up in first year of operation.
Iranian wants more fuel oil to be exported from Kharg 'Export capacity will be increased to 16,000 barrels per hour', says official.
Current methods of verifying bunker deliveries are archaic, says ExxonMobil The bunker industry can do a lot better on reassuring customers that they get what they pay for.
Fujairah bank ready to support bunker projects Bank anticipates 'high funding needs' of projects linked improving bunker facilities and expounding the port.
Asian IFO rates mostly stable MGO prices, on the other hand, were lacking direction.
Aegean conference call Third quarter results will be followed by conference call.
Huge increase in bunker investigative work DNVPS reports about 70% increase in demand for detailed on-board checks 'to ensure that every drop of oil onboard is accounted for'.
Numerous tasks ahead for IBIA, says Chairman 'Finding low sulphur fuel oil will be a challenge', says Neo.
Integrated system promises big bunker savings Fuel savings of 10% possible, study finds.
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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