Caveat emptor Is borrowing against scrap value brave or foolhardy?
German financier offers shipping 'payday loans' High interest borrowing now available against scrap value
A new solution for sub-prime shipping? Finance experts voice reservations for Northern Invest's collateralised debt obligation scheme
MCA chief executive suffers heart attack Parkes steps in to replace Massey as union calls industrial action
Navios duo faces 'minimal' discomfort from STX fall-out Analyst says charter default insurance and rising product rates should save the day
Pacific Basin launches $115m bulk carrier spending spree Hong Kong company buys secondhand ships it had on charter
Japanese put dry bulkers up for sale Secondhand prices continue to rise, particularly for panamaxes
China consortium bets on Beijing backtracking on valemax ban Port giants pledge to upgrade country's largest iron ore terminal
STX Pan Ocean lists defaults on seven Korean bonds worth almost $1bn Company makes the admission in a court filing following default
Chittagong worker's death casts ship breakers under fresh scrutiny Bangladesh yards face another clampdown if fatal incidents continue
Dubai's Drydocks World needs innovation to rebuild its fortunes Buamim talks about moving the business forward and out of debt
Yards offer bargain prices as boxship ordering gathers pace Lines cut their slot costs by booking larger vessels
Those who closed their chequebooks may have missed the boat Reports of rising newbuilding prices raise hope that ordering rush is losing steam
Boxship cascading blamed for rates collapse Drewry cites switching of surplus 8,000 teu ships to Asia-South America trade and launch of new MSC service
Indian discharge delays push gas carrier market to new highs Rates for Middle East to Asia voyages hit nine-month peak
Easy money in Oslo Norway's bond market growth should deliver a message to the banks
Guardcon can protect shipowners against guards' certification fraud BIMCO security chief says it falls to firms to guarantee that permits and licences are valid
Security certificates fraud is a global epidemic, claim vetting experts Trained ex-soldiers pay for unneeded extra courses to produce 23 pieces of paperwork
SCI and Gail agree long-term LNG shipments from the US Deal could support at least 10 gas carriers
NewLead unwinds nickel wire for equity deal Shares will be cancelled and $200m nano-tech material returned to owner
London Gateway names Marks & Spencer as first customer Port confirms retail giant as first user
LNG bunkering must do more to improve safety Draft guidelines demand greater care over explosions and asphyxiation
Hansa piles up tonnage HANSA Shipping, the ship management affiliate of Hamburg KG house and shipping group Hansa Treuhand, has bolstered its fleet with a bunch of new management contracts
Box rate falls jeopardise July rise plans CARRIERS' plans to impose box rate increases before the peak season starts next month are today in doubt as long-haul rates continue to deteriorate
Crew rescued as ship fails on maiden voyage TEN crew members have been rescued from an Indian cargo ship making its maiden voyage after it drifted and got stuck at Ratnagiri, Maharashtra
Capesizes buck summer lull CHINESE buyers acquired two Capesizes last week, defying what is normally a quiet summer period for sales
STX unit agrees to delay bond payments STX CORP said today that its subsidiary Forcetec has signed accords with its creditor banks to delay payments tied to maturing bonds
Price variety enlivens recyling sector THE BREAKING market experienced a mixed fortune last week, as different prices were offered in various recycling nations under different market conditions
AET sells another VLCC AET Tankers has reportedly sold a third VLCC, just two months after selling two VLCCs to the Onassis Group
American Airlines' Cargo Rose in May The parent of American Airlines, AMR Corp., reported May cargo figures for its principal subsidiary, showing an increase to 161,732 million ton miles, up 4.1 percent from 155,303 million ton miles reported in May 2012. For the five months to May 31, ton miles dropped to 718,852, a 4.4 percent decrease...
Union Pacific Recognized by WWL Vehicle Services Americas with Rail Carrier of the Year Award Omaha, Neb., June 10, 2013 - Union Pacific Railroad received the 2012 Rail Carrier of the Year Award from WWL Vehicle Services Americas. The award evaluates rail carriers on important criteria such as transit and damage-free delivery performance. It is the third consecutive year Union Pacific won this award. "Receiving this...
Fisher, King, Rouvelas to Receive AOTOS Awards The United Seamen's Service 2013 Admiral of the Ocean Sea Awards will be presented to Philip W. J. Fisher, president of Chas. Kurz & Co.; U.S. Rep. Peter King, R-N.Y.; and Emanuel Rouvelas, maritime attorney and partner at K&L Gates. The awards will be presented at a gala industry dinner and...
LTL Trucking Companies Aim for Higher Rates Each year, as the days get longer and skies sunnier, less-than-truckload motor carriers roll out general rate increases. The parade of GRIs is as sure a sign summer has arrived as highways clogged with beach-goers on Memorial Day weekend. Those GRIs cover only non-contract tariff-based business, typically a smaller portion of...
Brazil's Wilson Sons Posts TEU Volume Growth in May Wilson Sons reported that its container terminals in Brazil handled a total of 77,600 20-foot-equivalent units in May, jumping 14 percent from 68,100 TEUs in the same month in 2012. Tecon Rio Grande moved 53,600 TEUs in May, increasing 13.8 percent year-over-year, and Tecon Salvador moved 24,000 TEUs, rising 14.4 percent. Year-to-date,...
Report: Import Volume at US Retail Ports to Remain Weak Major U.S. retail container ports are expected to see a 1.1 percent year-over-year increase in import volume in June, reflecting "modest growth expectations" as retailers head the back-to-school and holiday seasons, according to the latest monthly Global Port Tracker report, released by the National Retail Federation and Hackett Associates. "With the...
Canada Slams USDA's Country of Origin Labeling Rules Canada's government has condemned the U.S. Department of Agriculture's Country of Origin Labeling program, which requires origin destinations of muscle cut covered commodities to include information about where each of the production steps occurred and removes the allowance for commingling of muscle cuts. "Despite consistent rulings by the World Trade Organization,...
US Customs to Enter New Phase of ISF Enforcement U.S. Customs and Border Protection will enter into the liquidated damages phase of the Importer Security Filing enforcement process, starting July 9. The agency will begin to enforce liquidated damages, adding to the use of manifest holds and nonintrusive inspections to enforce ISF compliance. Customs may issue liquidated damages of $5,000...
Express Association of America Forms Export Panel The Express Association of America, representing DHL, FedEx, TNT and UPS, has formed an export committee to manage policy issues affecting the efficiency of their supply chains that move products out of the U.S. "Over the past year, the U.S. government has made significant changes to the export controls regime for...
Trucking Companies Sue LA Over Railyard Project Six trucking companies have sued Los Angeles and the Port of Los Angeles Harbor Commission to block the construction of a recently approved $500 million railyard near the Los Angeles-Long Beach port complex, Courthouse News Service reports. The businesses claim the city and harbor commission abused powers of eminent domain and...
Key Strategies for Streamlining Your Import Process New GTM technologies are increasingly important to automate global operations across procurement, logistics, and trade compliance business processes. By integrating a supply chain visibility solution with your import compliance program, you will have the tools needed to collect, organize and report the key data elements to ensure optimal supply chain...
Update: NY's Maher Won't Accept Exports Today Maher Terminals is continuing to work on the computer issues affecting its main terminal and main chassis depot at the Port of New York and New Jersey and will not be receiving exports or empties at the main terminal for the rest of the day. Any trucks that are already inside...
Novo Express Merges Operations With DGX, DAX Novo Express International has merged a significant portion of its operations with Dependable Global Express and Dependable AirCargo Express. Novo Express, a U.S. customs broker and freight forwarder, specializes in trade to and from the Middle East and China, while DGX, also a customs broker and freight forwarder, is active in...
Big Retailer to Invest in DC at London Gateway Port DP World's London Gateway container port has signed up the U.K.'s biggest food and apparel retailer, Marks & Spencer, as the first customer for its giant logistics park. M&S plans to invest £200 million ($310 million) in a 900,000-square-foot distribution center adjoining the container port, which is scheduled to open at...
India Awards Contract for Delhi-Mumbai Rail Corridor A consortium of Japanese conglomerate Sojitz Corp. and domestic infrastructure major Larsen and Toubro has won a contract to develop the first phase of India's long-planned rail freight corridor between Delhi and Mumbai. The project, worth approximately $1.2 billion, is part of Indian Railways' Western Dedicated Freight Corridor, which aims to...
Canada's Railways Urged to Install Recording Devices Denis Lebel, Canada's minister of transport, infrastructure and communities; minister of the Economic Development Agency of Canada for the Regions of Quebec; and minister of intergovernmental affairs, has released a study by the nation's Advisory Council on Rail Safety's Working Group on Locomotive Voice and Video Recorders, which calls for...
Delmas to Include South Africa in MIDAS Service Delmas will upgrade its MIDAS Line service, connecting India's west coast and the Middle East with South Africa and West Africa, by extending coverage to South Africa. The new rotation starts on June 23 at Mundra, India, with the Albert Rickmers, voyage MU655W, with an estimated time of arrival in Durban,...
Infrastructure's Rallying Cry For the last couple of years, I've engaged in a regular e-mail exchange with a few friends - several retired steamship line executives, others who are still active, and a port executive - about the ocean carrier industry and the issues affecting it. Our club of 11 has a combined -...
Talks Break Down Between Cargolux, Unions Talks between Cargolux and labor unions over planned employee cost savings have broken down, shortening the odds on a strike at Europe's largest all-cargo airline. Unions rejected a final offer from the Luxembourg-based carrier, and negotiations will now continue with the participation of a third party mediator. Cargolux said it regretted the...
Hapag-Lloyd's India-Europe Rates to Increase Hapag-Lloyd will hike rates for all shipments from India's Zone 1 to North Europe and the Mediterranean, beginning July 11. The increase will be $250 per 20-foot-equivalent unit, the container line said. India's Zone 1 comprises the nation's west coast ports and all inland container depot locations moving via the ports of...
Navios in the clear? The collapse of STX Pan Ocean is unlikely to have a significant impact on Navios Maritime Partners or Navios Maritime Acquisition Corp, according to an equity analyst at Deutsche Bank.
Excel gets a lifebelt Excel Maritime is poised to enter a pre-packaged restructuring that will substantially boost the balance sheet of the struggling bulk carrier owner, according to market sources.
Cargill takes tanker Ardmore Shipping of Ireland has fixed another chemical tanker to US commodities giant Cargill.
STX faces US suits Bulkers with ties to STX Pan Ocean have emerged as the targets of two lawsuits filed against the embattled South Korean operator in the US.
GZE buying Titan yard There was more good news for struggling Titan Petrochemicals on Monday as its backer said it was buying the group's Titan Quanzhou Shipyard.
FSL wins reprieve First Ship Lease has secured a six-month grace period from its lenders in a pact which has seen the company's ships pledged to banks.
Centaurus stays on Nasdaq-listed Diana Containerships has won an extra six to 10-month charter for one of its boxships from CMA CGM.
Atlantic orders again Norway's Atlantic Offshore has returned to Spain's Astilleros Zamakona for another newbuilding.
Pac Basin buys 10 Pacific Basin Shipping has splashed out $120m to buy a series of 10 bulkers it previously had on charter.
Chinese cash for canal? A Nicaraguan canal has moved a step closer after the country's president Daniel Ortega said it will be built by a Chinese consortium.
STX PO reveals defaults Troubled Korean bulker owner STX Pan Ocean has listed a series of bonds in default following its filing for court restructuring on Friday.
Quotes of Nor-Shipping Nor-Shipping was alive with activity last week and those with tired legs and sore heads today will know it was not possible to see everything you wished.
Ten crew rescued Police and fishermen help seafarers after Indian cargoship goes adrift off Ratnagiri.
China raises sights China is looking for the shipbuilding industry to make a larger financial contribution, a new report says.
Ferry dangerous A stowaway has been nabbed by Spanish police after hiding next to the propellers of a ferry.
AET sheds VLCC AET of Malaysia has sold off its third VLCC of the year, brokers believe.
Crewman drowned A seafarer has died after an incident on a United Nations-chartered ro-ro off Liberia.
Kayne ties up KNOT stake Kayne Anderson Capital has already topped up its leading position in recently listed KNOT Offshore Partners.
Ceona inks debut order UK offshore operator Ceona has lined up its first order - a pipe-laying ship in Germany.
Bright scraps bulker Bright Navigation of Greece is said to have fetched a strong price for one of its panamax bulkers.
Subsea 7 scoops more Oslo-listed Subsea 7 has won more work for its 2012-built pipe-layer Seven Borealis.
Yinson bids for FOP Yinson Holdings has launched a recommended voluntary cash offer for Norwegian rival Fred Olsen Production (FOP).
STX O&S on track A restructuring plan for Korean yard STX Offshore & Shipbuilding will be submitted this month.
Samsung adds drillship Samsung of Korea has won another drillship newbuilding order for delivery in the second half of 2015.
Potty new CCO at MCC MCC Transport, AP Moller Maersk Group's intra-Asian operation, has named Naresh Potty as its new chief commercial officer.
Nose jobs slash bunkers Hyundai Merchant Marine's decision to redesign the bulbous bows on some of its boxships is already paying dividends, says DNV.
Wallem beefs up Wallem has appointed a new managing director for its ship management division, as it looks to bolster its management team.
Drewry says transatlantic trade 'continues to disappoint'
Rates fall in Asia-east coast South America trade An effort by container shipping companies to deal with surplus tonnage by cascading 8,000-TEU vessels into the trade lane between Asia and South America's east coast "appears to have seriously backfired," Drewry said.
Vitran signs interline agreement
FedEx Freight to hike rates
TNT to lay off Italian workers
MSP ships will be hit by sequestration Operators of 60 U.S.-flag ships in the Maritime Security Program will only get about 75 percent of their normal monthly stipend in August and none in September due to sequestration of the federal budget.
Express carriers to help shape U.S. export policy The Express Association of America, representing the four largest integrated express carriers, DHL, FedEx, TNT and UPS, said it is forming an Export Committee to manage policy issues that effect shipping from the United States.
Nicaragua leaders push Panama Canal alternative News reports say a Chinese company, HK Nicaragua Canal Development Investment, is working with the Nicaraguan government on a $40 billion project that would provide a vessel transit alternative to the Panama Canal.
Damage collections for ISF non-compliance to begin
Prices start week sluggish in Europe Mixed outlook in Hamburg.
Good avails in Fujairah Intermediate fuel oil (IFO) prices in Fujairah virtually unchanged.
Green light for Gulf gas bunkering facility Completion is slated for 2014.
Russia's fuel oil policy 'is failing' Government attempts to use tax to drive down fuel oil output have made little impact, say analysts.
STX ships in US arrests Bomin, WFS move against STX assets.
Draffin: LNG-fuelled ships 'is not science fiction' Supply chain is spreading and international voyages are already a reality.
Market 'hungry' for fuel efficient ships 'Everyone knows the only way to drive down costs is to work very hard on the fuel consumption.'
Oldendorff orders eco-ships to stay competitive Higher bunker costs from 2015 combined with weak rates makes fuel efficiency key, bunker department director tells conference.
High fuel costs partly to blame for STX Pan Ocean's fall But company should re-emerge around shipbuilding core.
Asian bunker prices open week flat Most Asian ports saw average demand on Monday.
Suppliers 'bankrolling shipping' with $195 billion Important 'not to give credit away cheaply' Tolson tells Istanbul Bunker Conference.
Concept LNG bunker barge unveiled LNG bunker barge designed by NLI Solutions, Rolls-Royce and Wilhelmsen Technical Solutions.
Norden committed to transition to fuel efficient fleet Firm is 'well prepared' to make more investments, says Carsten Mortensen.
US government loan applied for LNG-fuelled box ships Loan application by TOTE currently pending approval, says MARAD.
Shipping firm places second order for efficiency software Sea trials indicated fuel savings of 5.8%, says Bore.
Fuel-efficient LNG newbuilds secure charters Teekay vessels to enter five-year contracts with Cheniere Marketing.
NOx technology 'less effective in certain areas', says ferry operator SCRs can't be used 'in places where you want to use it', according to ship operator.
MSC updates bunker charges New rates start from July 1.
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