Euroseas suspends dividend in favour of acquisitions Boxship and bulker owner posts third-quarter loss
Oaktree and Centerbridge named third-party buyers of Eagle Bulk loan Bank of America emerged last week as the initial player
UASC takes the lead on LNG-fuelled boxships All ships ordered in August will be LNG-ready when delivered
Svitzer urges industry to work together on emergency response solution Salvage company has come up with a solution that should work in most circumstances
IPOs gain favour Weak capital markets drive an outbreak of shipping company listings
D'Amico welcomes more private investment Spread of ownership improves liquidity, says Fiori
ITF launches mission to explain why container weight checks are essential The practice of misdeclaring container weights is a threat to safety at ports, on roads and on rails
Ocean Shield forces capture nine pirates after a spate of attacks Naval forces, armed guards and best practice thwart Indian Ocean gangs
How business leaders should navigate in turbulent times The role of senior leadership is more critical than ever
Thamesport scores the latest win in box ports' Battle of Britain Shortsea specialist MacAndrews switches a fourth service from Tilbury
Product tanker hijacking renews fears of piracy in Asia Malaysia cargo theft may have used inside assistance, says Risk Intelligence
Storms and delays lift earnings for aframaxes in the US Gulf Earnings on benchmark route hit a nine-week high
Navig8-Oaktree venture exercises six options at Hyundai Mipo UK partner confirms $209m medium range tanker order
Higher operating costs erode Avic Singapore's bottom line Aviation Industry Corp subsidiary absorbs expenses from Deltamarin takeover
MCC's intra-Asia conundrum Intra-Asia volumes are growing by up to 4% but carriers are adding too much capacity on certain routes
Commerzbank leads the race to slim down portfolio Shipping book is shrinking faster than those of its rivals, says Otto
Los Angeles to pay shipping lines that bring more boxes in 2014 Port will pay $5 for every extra teu of throughput compared with 2013 volumes
Fujairah approves LNG import terminal Ships will deliver gas to United Arab Emirates without entering Strait of Hormuz
Mission to Seafarers sets up Haiyan communications fund Charity's 47 centres distribute phone cards and offer free wi-fi to Filipino seafarers
DHL Global Forwarding posts 2.4% fall in third-quarter ocean volumes Company continues with selective strategy despite loss of market share
Ocean Yield sees improved third quarter Net profit hits $19.1m
Sailors' Society launches Philippines typhoon appeal Group seeks shipping industry aid after the worst storm in the country's history
West of England opts for 7.5% increase on net advance rates Club will continue to debit IG reinsurance tariffs separately from mutual premium
Regional Container Lines widens third-quarter loss Overcapacity and volatile freight rates hit Thai company's performance
Hapag-Lloyd posts lower third-quarter profits after steep fall in freight rates Behrendt lambasts 'irrational behaviour' as prices continue to sink in October
Supreme Court decision reinforces power of English jurisdiction clause Alexandros T claims can be heard without a decision on jurisdiction in Greece
Yemen sentences nine for smuggling arms A YEMENI court reportedly sentenced nine defendants today to prison for smuggling a weapons cargo
Bankrupt OSG profits OVERSEAS Shipholding Group, which is in bankruptcy protection, reported quarterly profits today on improved operating results
Crews saved as Haiyan hits China FOURTEEN crew members aboard two Chinese cargo vessels were rescued yesterday after heavy storms brought by Typhoon Haiyan hit China
Hapag avoids red ink GERMAN liner Hapag-Lloyd posted net profits for the third quarter today, despite weaker freight rates and negative exchange rate effects
US threatens Alaska penalties TANKERS operating off Alaska's West Coast will be hit with penalties if crews violate rules on vessel response plans, the US Coast Guard has warned
Euroseas axes dividend as losses widen NASDAQ-listed Euroseas today reported widening losses and revealed a board decision to suspend its quarterly dividend
Offshore service strength lifts Farstad FARSTAD Shipping, the Oslo-listed offshore services vessel owner, today reported strong 3Q results on firm markets
D'Amico turns losses into profits ITALY'S product tanker group d'Amico International Shipping said today it stayed in profits during 2013's first nine months
Global Port Tracker Cuts 2013 US Imports Prediction The monthly Global Port Tracker report, published by the National Retail Federation and Hackett Associates, has lowered its prediction for total imports at U.S. ports in 2013 from 16.3 million TEUs, an increase of 2.7 percent over 2012, to 16.2 million TEUs, an increase of 2.3 percent year-over-year. Ben Hackett, founder...
WSC's Koch: Rising Tide of Regulation Threatens Shipping Some nations are talking about imposing operating standards to encourage fuel efficiency by shipping lines, even though the carriers already have ample incentive to use as little fuel as possible, according to Christopher Koch, CEO of the World Shipping Council. In a speech to the World Trade Association of Philadelphia, Koch...
YRC Worldwide Loses $44.4 Million YRC Freight is No. 3 in the JOC's ranking of the Top 25 LTL CarriersYRC Worldwide drove back into losses in the third quarter after an ambitious network reorganization at long-haul YRC Freight went awry this summer. Unexpected manpower shortages were among the factors contributing to an overall decline in service...
Our Airport Vulnerability The recent fatal shooting of TSA officer Gerardo I. Hernandez while at his passenger screening post at LAX airport, instantly reminded me of an airport security column that I wrote in 2006. Although the earlier piece provided a scenario for a potential terrorist attack, it was based on the observation...
CEVA Logistics Unveils Aerospace Facility in Singapore CEVA Logistics has continued its strategic development of operations in Asia with the introduction of its new aerospace storage area in Singapore. The 1,200-square-meter (about 3,937-square-foot) storage area, designed specifically for the security and specialized requirements for the aerospace sector, is housed within CEVA's new multi-user warehouse and logistics center at...
Incheon Port Authority, PSA International Sign MOU Port of IncheonSouth Korea's Incheon Port Authority and PSA International have signed a memorandum of understanding to facilitate long-term, strategic cooperation. The two organizations plan to mutually share information on port operations, technology and best practices, and collaborate in the development of Incheon Port. The MOU was signed in Singapore by...
Tax Overhaul to Dull Mexico's Export Edge Maquiladoras, or manufacturers in Mexico focused on exports, were on a roll this year. Barely a week went by without a major shipper announcing its plans to set up shop or expand operations in Mexico. The accessibility to the largest global market, the United States; rising Chinese labor costs; and...
Moore Takes the Helm at Port of Los Angeles Gary Lee Moore, interim executive director of the Port of Los Angeles.Gary Lee Moore has started his duties as interim executive director of the Port of Los Angeles. Moore, who was most recently the city engineer of Los Angeles, replaces Geraldine Knatz, who was the port's executive for almost eight years...
Teamsters Pact to Allow ABF to Focus on Profitability It took months of bargaining-table wrangling and two rounds of voting, but ABF Freight System finally has its own national master freight agreement. The less-than-truckload carrier and the Teamsters sealed the deal on a five-year agreement in late October when a lone holdout region rejected a strike authorization. When the contract...
Three Strikes It's often said that things come in threes: The Three Stooges, The Three Little Pigs, the Big 3 and, of course, the P3. In the U.S. container port industry, there's another Big 3: Los Angeles and Long Beach on the West Coast and New York-New Jersey in the East. Together, the...
2013's Revenue Busters The rapid deceleration in revenue growth evident among the world's 50 largest transportation and logistics companies last year is still with us in 2013, with a few fluctuations and twists. Foreign exchange rates that hurt companies last year are proving more helpful in 2013, and the largest ocean carriers, which reported...
Xenon FS's Drayage Management Solution Helps Shippers Avoid Penalties And Stay Ahead of Changing Federal Truck Regulations LONG BEACH, California - November 7, 2013 -- New drayage management technology from Xenon Freight Solutions is helping shippers stay ahead of the curve and avoid potential penalties and costly insurance claims, says Stacy Lange, director of key accounts for Xenon FS. Lange notes that the Federal Motor Carrier Safety Administration (FMCSA) enforces...
AIIS Announces New Executive Director November 12, 2013, Falls Church, Va - The American Institute for International Steel announces the selection of Richard Chriss as its new Executive Director, replacing David Phelps, who is retiring. David served as the Institute's Executive Director and later President for the past 17 years. Mr. Chriss will assume his new...
Zim Completes Sale of Stakes in Chinese Container Manufacturers Israeli ocean carrier Zim has completed the $50.5 million sale of stakes in two Chinese container manufacturers. Zim, a wholly owned subsidiary of Israel Corp., has said it expects to book a capital gain of $31.5 million on the disposal of a 55 percent holding in CXIC Star Container and a...
Heartland Express Buys Gordon Trucking Heartland Express, one of the most profitable truckload carriers in the nation, acquired fast-growing Gordon Trucking for $300 million in cash, assets and debt.The acquisition gives Heartland a more than $400 million revenue boost, with combined total revenue for both companies expected to top $1 billion.North Liberty, Iowa-based Heartland is...
Deutsche Post DHL's Earnings Grow on Strong Parcels, Express Performance Deutsche Post DHL's third quarter earnings rose 6 percent from a year earlier on strong growth in its domestic parcels and global supply chain units. Net income reached 399 million euros (about $536.8 million), against 377 million euros ($507.1 million) in the third quarter of 2012, and earnings before interest and...
Agility Posts Mixed Results in Third Quarter Agility reported profit of 12.1 million Kuwaiti dinars (about US$42.7 million) in the third quarter of 2013, representing a jump of 26 percent year-over-year from 9.6 million dinars. However, the Kuwait-based logistics company's quarterly revenue dropped 10 percent, from 363.4 million dinars in 2012 to 326.8 million dinars in 2013. Revenue...
Hapag-Lloyd's Profit Slumps on Weak Peak-Season Freight Rates Hapag-Lloyd's third quarter profit plunged more than 60 percent from a year earlier as weak peak-season freight rates outweighed increased container volumes. The German ocean carrier's net income fell to 16.6 million euros ($22.2 million) in the three months through end-September from 45.6 million euros ($61.1 million) in the 2012 period. The...
Modern Terminals Announces Appointment of Erick Wong as General Manager, Customer Service Delivery Modern Terminals Limited is pleased to announce the appointment of Erick Wong as General Manager, Customer Service Delivery. The addition of Mr. Wong to the Modern Terminals team is part of a major Service Delivery initiative which began in late 2012. Mr. Wong joins Modern Terminals after spending the last 18...
BALT eyes ultramaxes Baltic Trading of the US appears to be closing in on a contract to construct two ultramax bulkers at a cost of $28m a piece.
Bases loaded Another bulker owner has joined the growing list of shipping companies that are calling on the capital markets for cash.
Cape confidence Prices for capesize and panamax bulkers appear to be on the rise, according to a team of equity analysts at DNB Markets.
OSG returns to profit Overseas Shipholding Group (OSG) eked out a third-quarter profit in a dramatic flip from the red that was partly fuelled by charter rejections while under bankruptcy protection.
Enter the can crushers Shipping banks can no longer continue to kick the can down the road in light of tightening legislation and regulatory pressure, Michael Parker says.
Crude losses 'scary' Nikolas Tsakos today branded as scary the losses recorded by crude tanker owners since the crash of 2008.
OSX officially files OSX has sought a court's protection from creditors and has torn up a charter of an FPSO to sister company OGX.
Pacific IPO sells out Pacific Radiance is toasting a successful IPO on the Singapore Stock Exchange (SGX).
Euroseas loss grows Greece's Euroseas is still looking to take advantage of low ship prices to grow its fleet despite posting a bigger loss in the third quarter.
Hanjin eyes $650m in sales Hanjin Shipping is planning to offload non-core assets including ships as it plots a return to financial health.
Conberria refloated A Cypriot cement carrier has been refloated six days after grounding off Norway.
Farstad profit edges up Farstad Shipping has carded a small rise in third quarter profit as rates firmed across most markets.
d'Amico's spot boost Italian tanker owner d'Amico International Shipping (DIS) has returned to profit in the first nine months as it reduced its third quarter loss.
Seacor back at Nassco Seacor Holdings has returned to US shipyard General Dynamics Nassco for a third products carrier newbuilding and chalked up an option for a fourth.
NAT's PSVs split Street Nordic American Tankers' dip into the offshore sector has received a mixed reaction from leading Wall Street analysts.
SBM's OSV profit Dutch owner SBM Offshore is likely to book a $10m profit from exiting the offshore service vessel (OSV) sector.
RCL stays deep red Thailand's Regional Container Lines (RCL) remains deep in the red after booking a slightly worse third quarter deficit.
Solvtrans sees profit grow Norwegian wellboat owner Solvtrans has pushed up earnings despite third quarter revenue dipping.
Golden's delicious return A joint venture between Golden Ocean and Glencore is sitting pretty after spinning a profit on a handysize vessel it never really wanted.
Crewman feared dead The US Coast Guard (USCG) has ended a search for a crewman who fell from a supply ship in the Gulf of Mexico.
Eidesvik up on sale Norwegian owner Eidesvik Offshore was boosted in the third quarter by a vessel sale.
Schettino "jumped" A cadet from Costa Concordia has told an Italian court that master Francesco Schettino did not fall into a lifeboat during the disaster, as he has previously claimed.
Ardmore plans upgrade Ardmore Shipping is looking to retrofit one of its oldest tankers to improve its performance.
Altor eyes tanker IPO The owner of Denmark's OW Bunker is plotting an IPO that could value the tanker and ship fuel company at $895m.
The $5bn men? Hyundai Mipo Dockyard could see its orderbook reach $5bn in 2013 after netting another products tanker contract today.
Behrendt slams liners Hapag-Lloyd has slammed the "irrational" liner shipping industry after the German company saw almost two thirds sliced off its third quarter profit.
Iran readies cash The Iranian government has said it will support a private sector push to invest in shipping and ports.
Ocean Yield profit jumps Ocean Yield, the Lars Solbakken-led ship leasing company, has posted a near 58% jump in third quarter profit.
Algoma wins yard cash China Ocean Shipbuilding Industry Group has lost its battle to avoid paying compensation for delayed tankers.
Haiyan spill contained The Philippine Coast Guard (PCG) has prevented an oil slick from a grounded barge spreading further.
Haiyan cash pours in Shipping has been showing its more compassionate side in the wake of super-typhoon Haiyan in the Philippines.
Shipping aids Philippines The shipping industry has wasted little time in providing support to the Philippines in the wake of super-typhoon Haiyan.
Asian offshore shuns LNG Three leading offshore owners say it is unlikely that the region's offshore players will be switching to LNG in the near future.
BofA tipped as buyer Bank of America has emerged as the likely buyer of Eagle Bulk debt from Royal Bank of Scotland (RBS).
Nam Cheong turns golden Nam Cheong has reported an 86% jump in third quarter profit due to strong margins at its shipbuilding and chartering arms.
Navig8 takes LR2 options Navig8 Product Tankers has exercised options for a further four LR2 tankers at Sungdong Shipbuilding & Marine Engineering.
Justice reaches settlement with American, US Airways The airlines will divest 52 slot pairs at Washington Reagan National Airport, 17 slot pairs at New York LaGuardia, and two slot pairs each at airports in Boston, Chicago, Dallas, Los Angeles and Miami.
NTSB faults agency oversight of truck safety
Heartland Express buys Gordon Trucking "Heartland acquires a major presence in the West, affording the combined customer base significant capacity nationwide through what is expected to be one of the five largest asset-based truckload fleets in North America," the CEO said.
Washington Notebook: Industry questions Republican Party direction
Liners focus on cost savings, efficiency Ocean liner carriers "have had little choice but to focus on cost savings and increased efficiency as their strategy," said Christopher Koch, president and chief executive officer of the World Shipping Council.
Oakland completes cold ironing infrastructure
Xenon releases new drayage management tool Stacy Lange, director of key accounts for Xenon FS, said shippers should more closely manage drayage services, especially with the Federal Motor Carrier Safety Administration stringently enforcing new truck safety programs.
Evergreen Airlines could close down by month's end In a statement, Delford Smith, Evergreen's chief executive officer, passed off the press reports of Evergreen's demise as simple rumors, but an internal memo said the company will close on Nov. 30.
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