OSX to seek bankruptcy protection BRAZILIAN shipbuilder and offshore services company OSX confirmed today that it has hired new restructuring advisors and will seek bankruptcy protection
MISC faces tense 2014 despite 189% profits rise MALAYSIAN box carrier MISC might not enjoy a rosy 2014, even though its 3Q13 profits rocketed 189% year on year to $126M, an analyst today
Box Ships slashes dividend NYSE-listed Box Ships has halved its quarterly dividend and warned that expiring charters will probably roll over to much lower rates
Why China's frozen out on iron ore pricing CHINA, the world's largest importer of iron ore, will remain frozen out of iron ore pricing in the near future, a shipping conference heard
Sharp rebound seen for Europe's box sector EXPECT a steep recovery in box flows into and out of northern Europe next year, analysts said today
TTSI Official: Most Drayage Drivers Wish to Remain Independent Despite attempts over the past decade by the Teamsters union to convince drayage companies that the entire industry would benefit if drivers were hired as direct employees, the majority of drivers wish to remain independent, according to a drayage company president in Southern California. Vic LaRosa, president of TTSI, estimated that...
Marad Provides $1.4 Million for LNG Projects The U.S. Department of Transportation's Maritime Administration has allocated $1.4 million for two projects that will collect information on the use of liquefied natural gas as a marine propulsion and study the issues associated with shore-side storage and fueling of LNG vessels. Through a partnership agreement, Marad will provide Horizon Lines...
Marad Marks Opening of California Green Trade Corridor M-580 is expected to initially eliminate 200 trucks from I-580.The U.S. Department of Transportation's Maritime Administration has announced the opening Marine Highway M-580, also known as the California Green Trade Corridor, to help take freight traffic off of the state's congested Interstate 580. The program offers shippers an option to move...
Class 8 Truck Orders Strong in October ctober was a positive month for new order placement of Class 8 trucks in North America, exceeding order trends from the past few months. FTR Associates reported preliminary data showing North America's Class 8 net truck orders in October reached 25,960 units, increasing 14 percent year-over-year and 39 percent from the...
Production Shifts, Mega-Ships Challenge Panama Canal Is the Panama Canal losing its position as the dominant route for East Coast importers of cargo from Asia? Will it be able to regain the services it has been losing to the Suez route when it's finally able to open its large new locks to post-Panamax ships at the...
SCFI: Shanghai-to-US Spot Container Rates Inch Down Shanghai Containerized Freight Index, U.S. West Coast, week ending Nov. 8, 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 edge down one week ahead of a proposed Nov. 15 general rate increase. The Transpacific Stabilization Agreement...
SCFI: Asia-to-Europe Rates Ebb Post-GRI Shanghai Containerized Freight Index, Mediterranean, week ending Nov. 8, 2013 Full-size image Spot container rates from Asia to European ports measured by the Shanghai Containerized Freight Index slipped in the week ending Nov. 8, seeing some gains from last week's substantial increase erode. Both Mediterranean and northern European lanes saw rate decreases of...
Grabbing Headlines Forty years ago, Dr. Hook and the Medicine Show released "The Cover of the Rolling Stone." The song is a fictional band's lament that despite garnering the usual trappings of success, it has yet to get its picture on the cover of Rolling Stone magazine. Many of us in the transportation...
US Steel Imports Reflect Sluggish Economy U.S. steel imports in September totaled 2.761 million tons, declining 4.1 percent from August, but increasing 6.1 percent from September 2012, according to government reporting. The preliminary reporting data showed that imports of semi-finished products in September rose 7.7 percent year-over-year, from 598,000 tons in 2012 to 644,000 tons in 2013. U.S....
Cosco Exec Resigns Amid Investigation Even as Cosco becomes confident it will achieve a full-year profit and avoid delisting, it was denying reports that former chairman Wei Jiafu was placed under travel restrictions, after one of its top executives resigned under a cloud of investigation. Xu Minjie, executive director of China Cosco Holdings, resigned on Nov....
DF Young Launches Specialty Logistics Unit DF Young has introduced a new business division, DF Young Specialty Logistics. The new unit will target industry verticals that require special attention and handling. The Berwyn, Pa.-based supply chain management company expects to attract customers in the life sciences and pharmaceutical industries that have controlled substances, cold chain and sample...
IAG's Cargo Revenue Tumbles More Than 14 Percent International Airlines Group's cargo revenue in the third quarter of 2013 slumped more than 14 percent year-over-year, almost double the decline in freight traffic. The merged British Airways-Iberia carrier generated cargo revenue of '256 million (about US$343 million) in the three months through Sept. 30, 2013, against €298 million in the...
Typhoon Lashes Philippines, Disrupting Transportation Typhoon Hainan (Yolanda in the Philippines). Image: NASA Goddard MODIS Rapid Response Team,The Philippines faced yet more loss of life and economic destruction today as Typhoon Yolanda (known internationally as Typhoon Hainan) made landfall at 4 a.m. local time, bringing with it wind gusts of more than 200 miles per...
Invoice Accuracy a Challenge for Carriers, 3PLs When Maersk Line CEO Soren Skou told the JOC's TPM Conference in March that nearly 12 percent of container industry invoices are inaccurate, shippers took notice. It has been, after all, Maersk Line's "highest customer service issue for some time," one that potentially costs ocean carrier customers millions of dollars...
Kintetsu's Net Profit Sinks Major Japanese international freight forwarder Kintetsu World Express Inc. (KWE) said on Nov. 7 that its net profit tumbled 15.9 percent in the first half of fiscal 2013, which started on April 1, from a year earlier to ¥4.064 billion ($41.2 million) on a consolidated basis. The company's group operating revenue...
LA Harbor Commissioners OK Cargo Incentives Container terminals at the Port of Los Angeles.As shipping lines gain greater leverage over ports and terminal operators through the formation of vessel-sharing alliances, the Port of Los Angeles Board of Harbor Commissioners has approved an incentive program designed to attract more cargo. "Carriers are rethinking their routes and relationships to...
OSX board OKs bankruptcy OSX's board of directors has decided to file for a court reorganisation of the Brazilian shipbuilder.
LNG softness ahead Teekay expects the carrier spot market to experience softness for the rest of this year and into next, chief executive Peter Evensen said today.
GE profit doubles India's Great Eastern Shipping doubled third quarter earnings as its shipping division returned to profit thanks to the buoyant product carrier market.
Baltic open to panamaxes Baltic Trading has opened the door for an entry into the panamax market which would fill in the one blank spot in its dry-cargo fleet.
Awilco in business Awilco LNG has headed off competition from some established rivals to find employment for one of its newbuildings, TradeWinds reveals today.
KLC rises again Formerly bankrupt Korea Line Corp (KLC) has emerged from court receivership.
Pirates drain tanker Pirates hijacked and robbed a second tanker of its cargo off Malaysia in the space of a month.
CMES inks $510m loan China Merchants Energy Shipping (CMES) has fixed up a domestic loan to fund its VLCC newbuildings.
Genco splits opinion Wall Street scribes are split on how a dry-cargo market recovery will aid Genco Shipping & Trading's debt struggles.
Propeller poser A New Zealand ferry may be unable to carry passengers for months after a propeller fell off in the Tory Channel.
Xu Minjie quits Cosco A Cosco executive has handed in his resignation only a couple of days after his arrest amid suspicion of corruption.
Hallin in China first Hallin Marine has clinched a maiden contract for subsea services in China.
ICG takes Caronte ro-pax Irish Continental Group (ICG) is beefing up its Irish Sea services with a new chartered ro-pax.
Nam Cheong to hit new high Malaysian offshore vessel builder is expected to deliver another set of record earnings next week.
Crew saved after clash Nineteen Heung-A containership crew have been rescued after falling into the sea off Vietnam following a collision.
Positive sign for Navios MLP Angeliki Frangou says the purchase of a series of container vessels by Navios Maritime Partners is a transformative relaunch for the MLP.
ABG aims for debt deal India's struggling ABG Shipyard is in talks with banks over a restructuring of its debt after missing repayments.
Berge Bulk goes large TradeWinds digests the digits making the headlines this week.
Aker Phil seals $60m Aker Philadelphia Shipyard is close to tying up the $250m worth financing needed to cover the cost of its order backlog including a pair of boxships penned by Matson just yesterday.
Write-downs hit TOO Teekay Offshore Partners (TOO) has been clobbered by tanker impairments in the third quarter.
Conberria stuck fast Five tugs have failed to refloat the grounded cement carrier Conberria off Norway.
OOCL in HK smash All 12 crew were rescued from the sea off Hong Kong after their cargoship sank in a collision with a huge OOCL boxship.
Time is money We take a look at what was said in the market over the past week.
RBS offloads Eagle debt Royal Bank of Scotland is believed to have offloaded close to $800m in debt owed by struggling shipowner Eagle Bulk.
Swissco profit jumps Swissco Holdings has seen an 85% jump in third quarter net profit to SGD6.4m ($5.1m).
SALT grabs 10 more Scorpio Bulkers continues to hoover up bulker newbuildings with confirmation that it has bought 10 more ships.
Prosafe books two Prosafe has ordered up to six new semi-submersible accommodation vessels in China in a deal potentially worth $1.2bn.
New CEO at Eitzen Eitzen Chemical has named industry veteran Jens Gronning as its new chief executive effective.
PRGN narrows loss Greek bulker owner Paragon Shipping turned in a third-quarter deficit Thursday despite rising revenues and the recent rally in the spot market.
Government quantifies shutdown impact Trade was among the areas directly affected by the shutdown, in part because import and export licenses and applications could not be processed.
Freight committee sets date for second meeting The National Freight Advisory Committee will hold its second public meeting Nov. 21 in Washington, D.C., according to a Nov. 8 notice in the Federal Register.
APL ship unable to unload cargo
North Europe port recovery forseen in 2014 "North Europe Global Port Tracker" projects a recovery in container cargo volumes next year, just as significant numbers of ultralarge containerships are being delivered.
Cargloux adds Latin American service
JDA releases new technical services aimed at SCM
U.S. economy grew 2.8% in 3Q The growth was a bit stronger than many experts had expected and was followed Friday morning by the announcement that the unemployment rate inched up to 7.3 percent even as the economy created 204,000 jobs.
Fuel prices end week on low note in the Americas Demand and avails were said to be average in Houston on Friday.
Weekly global market report A weekly price round up from bunkering hubs around the world.
Potential 'eco' fuel receives support Glycerol being considered as a marine fuel for diesel engines.
Hull coating technology breaks new ground, says company Five-year development period leads to launch of new product.
Cosco update: Executive resigns Personal reasons given as reason for exit.
Bunker prices soft in European markets Weaker crude pulls down prices.
Tight avails in Fujairah Prices falling in the Middle East hub.
Bunker association's appeal upheld by Russian prosecutor Rules restricting bunker operations in Russian ports have met a successful challenge.
Bunker spat lands in court Wrongful arrest claim as bunker supplier tries to secure payment.
Call for continuous monitoring to enhance MARPOL Annex VI enforcement 'Burden of proof' regarding compliance should be more evenly distributed between PSC and ship, says CSC.
Asian bunker prices end week soft Avails tighten further in Busan.
Cosco graft probe widens But status of former chairman in the investigations is unclear.
DNVPS: 'Tricks of the trade' not new Methods to discover 'tricks of the trade' are not novel and claims about them may be exaggerated.
Cruise line reports profit boost Higher bunker costs fail to dent results.
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