Costamare and York Capital clinch first joint acquisitions Greek owner takes 49% stake in three boxships as profits rise
Cyprus owners come through crisis Shipping is critical to the country's recovery, says Kazakos
Navios Partners boosts second-quarter profit Investors told payout level 'secure' at least until end-2014
US crude import collapse undermines suezmax demand Fundamental change is coming for 1m-barrel capacity tankers
Pipavav launches double-stack high-cube rail operation New service will be able to transport boxes to Container Corporation of India's new double-stack hub at Kathuwas
Eight missing after Singapore barge capsizes Update: Search continues after casualty at Straits' eastern entrance
UK exports reach highest level since the onset of recession Index shows half the exporters surveyed reported second-quarter sales growth
Great Eastern books two kamsarmaxes Indian owner presses on with retonnaging programme
HHI second-quarter income slides 49% But giant South Korean shipbuilder says growth in orders remains healthy
Schenker reports dip in sea freight Sluggish first half prompts German logistics firm to rethink its annual forecasts
Yangzijiang will offer share trading in yuan from August Singapore-listed Chinese shipbuilder becomes the first to deploy SGX platform
Seadrill offers to buy Sevan Drilling Fredriksen's growing offshore business supports his shipping empire
TAL reports 30% rise in profits Utilisation improves but US box leasing giant expects a slower second half
Yangzijiang to launch dual trading in yuan SINGAPORE-listed Chinese shipbuilder Yangzijiang said today it is offering investors the option of buying shares in Chinese yuan
Navios beats Street NYSE-listed Navios Partners today reported better quarterly results than expected and emphasised the importance of its recent institutional-investor term loan
RCCL tweaks down outlook ROYAL Caribbean Cruises today reported rising profits, but pared its net yield guidance for full 2013
12 yards get US funds TWELVE small US shipyards in need of upgrades have received $9.5M in federal grants
Box Ships limps into PPE listing BOX Ships today priced its downsized and discounted perpetual preferred equity offering, netting much less than initially hope
Drybulk overhang questioned DRYBULK oversupply could be lower than expected, an industry conference heard today
MyFerryLink takes Eurotunnel into deficit CHANNEL tunnel operator Eurotunnel lost €18M ($23.8M) during the first six months, with its new MyFerryLink running up net losses of €19M
Munich RE trims P&I reinsurance cases THE WORLD'S biggest reinsurance group Munich RE is pruning back its exposure to marine liability because claims costs are rising fast
Berlin backs long-term asset value GERMAN shipowners and KG funds have achieved a partial success in their campaign for an alternative ship valuation standard
Slump hits DB Schenker DB SCHENKER, among the world's biggest freight forwarders, said today profits dived by more than one-third in 1H13
9 missing from barge NINE mariners remain missing today after their barge Guo Liang 677 capsized in Singapore
CS Haisheng turns to parent for loans SHANGHAI-listed CS Haisheng has tapped its parent company's financial resources to repay $24.5M in due debts
VLCCs belie hectic market VLCC freight rates remained stubbornly at unprofitable levels despite a sudden rush by charterers to cover stems for mid-August
Costamare-York JV buys ships NYSE-listed Costamare disclosed that it has begun buying assets via its new tie-up with private-equity firm York Capital
Strike closes Drummond's port and mine in Colombia WORKERS at Drummond's coal mine and port operations in Colombia went on strike yesterday after the union and management failed to reach agreement
Asia-Pacific Air Cargo Demand Declined in June The Association of Asia Pacific Airlines's preliminary traffic figures for June showed air cargo demand continued to be weak. Asia-Pacific international air cargo demand, measured in freight metric ton kilometers, recorded a 2.2 percent decrease compared to June 2012, reflecting continued weakness in key export markets. Offered freight capacity increased slightly, inching up...
Zim Expands Itinerary of Asia-Europe Service Zim Integrated Shipping Services has enhanced the port coverage of its Asia-Europe service, AEX1. Zim added the ports of Dalian and Qingdao, China, and Port Klang, Malaysia, as well as an additional eastbound call at Shanghai, to the route. The container line will deploy three 10,000 20-foot-equivalent unit vessels out of...
Revenue, Expenses Up, But Profit Flat at Blue Dart Express Blue Dart Express, India's leading air express and logistics services provider, reported a net income of $7 million in its fiscal 2013-14 first quarter, which ended June 30, flat compared to the profit in the same period of fiscal 2012-13. Total revenue during April to June was $77 million, up 5.5...
Maersk's Triple E Vessel Makes Maiden Call in China The Maersk Mc-Kinney Møller handled 1,682 containers during its maiden voyage.Yantian International Container Terminals in China has welcomed the inaugural call of the 18,000 20-foot-equivalent-unit Maersk Mc-Kinney M'ller, a Triple E vessel. YICT and Maersk Line jointly held a ceremony to celebrate the event with Patrick Lam, managing director of YICT,...
Port of NY-NJ Lowers Cargo Assessments The New York Shipping Association said per-container assessments on cargo moving through the Port of New York and New Jersey will be lowered on Aug. 1, reflecting reduced operational costs. Per-container cargo assessments will be reduced to $94 from $100 for shipments with destinations within 260 miles of the port. Assessments...
Maersk Line, MSC to Hike Rates Between Africa and Asia Effective Aug. 1, Maersk Line will boost rates on its trade from South Africa to the Middle East and Indian subcontinent by $100 per 20-foot container. The container line will also hike rates for shipments from the Far East to the west coast of South America, Central America and the Caribbean...
US Customs to Start Sharing ACE Data With FMC Thomas S. Winkowski (L), Customs' acting commissioner, shakes hands with Mario Cordero (R), Federal Maritime Commission chairman, after the trade data deal.U.S. Customs and Border Protection has signed a memorandum of understanding with the Federal Maritime Commission allowing CBP to share its Automated Commercial Environment data with the ocean transportation...
Japanese Exports to US Jump 14.6 Percent Japan's exports to the United States rose for the sixth straight month in June on a year-on-year basis, surging 14.6 percent to ¥1.134 trillion ($11.34 billion), according to preliminary figures released by the Finance Ministry. The June jump in U.S.-bound shipments was led by autos, motors and organic compounds, which soared...
Meridian Logistics Launches New Website and Rebrands as FreightPros Austin, TX (PRWEB) July 25, 2013 Meridian Logistics' rapid growth in the transportation industry, coupled with its focus on its employees and educating its strong customer base has lead to a natural shift in rebranding its business to FreightPros. FreightPros will continue to offer low freight quotesand emphasize customer service on truckload...
Seaspan Announces Multi-Year, Million-Plus Dollar Donation in B.C.'s Marine and Port Community North Vancouver, B.C. - On behalf of the Dennis and Phyllis Washington Foundation (the "Washington Foundation"), Seaspan announced today a multi-year donation of $1.1 million to three British Columbia marine and port community charitable organizations. Partnering with Sail and Life Training Society (SALTS), Vancouver Maritime Museum (VMM), and Royal Canadian Marine Search & Rescue...
Pinnacle Freight of Edison, NJ Exceeds Pharma Cold Shipping Standards in 24-Hour Temperature Distribution Verification July 19, 2013 (Edison, NJ) Pinnacle Freight Systems of Edison, New Jersey has released the results of a 24-hour temperature mapping study performed on June 13-14, 2013, by the Quality Management unit of Cryopak, the industry leader in cold chain packaging solutions. Eighteen ThermoProfile temperature data loggers were used to record...
Menlo to Provide European Distribution for NYX, a Fast-growing Cosmetics Company SAN FRANSICO and AMSTERDAM - July 25, 2013 - To better service its rapidly expanding markets throughout Western Europe, U.S.-based cosmetics company NYX has appointed Menlo Worldwide Logistics (Menlo) to operate a comprehensive distribution network based on its multi-user hub in Eersel, Netherlands. Although Germany is currently NYX's largest market, Eersel was...
Q&A: No Hiding From Concealed Damage Q: I'm hoping you can answer a question on a recent delivery. One of my fabric suppliers shipped a medium-sized load of piece goods to my warehouse via common carrier. When the truck backs up to our door, the driver is required to load the rolls onto rolling racks we provide and...
Saudia Cargo Posts First Half Volume Growth Saudi Airlines Cargo achieved freight volume growth of 4 percent in the first half of 2013 despite "sluggish" global air cargo markets. From January to June, the cargo arm of Saudi Arabian Airlines carried 270,000 tons, up from last year's record volume of 250,000. Revenue in the period rose 6 percent...
Mullen Group's Profit Jumps More Than 270 Percent In the second quarter of 2013, Mullen Group reported it generated net income of C$27.4 million (about US$26.6 million), an increase of $19.4 million or 270.3 percent from $7.2 million in the same quarter last year. However, total revenue in the second quarter was $301.7 million, down $9.5 million or 3.1...
ODFL Reports 21.8 Percent Jump in Profit Old Dominion Freight Line today reported net income in the second quarter of 2013 increased 21.8 percent year-over-year to $58.3 million, compared with $47.8 million in the same period last year. Quarterly earnings per diluted share for ODFL, No. 5 in JOC's Top 25 Less-Than-Truckload Carriers ranking, rose 21.4 percent from...
IAG Cargo Adds Johannesburg to Cold Chain Trade IAG Cargo has added Johannesburg as the third route for its new A380 superjumbo aircraft. The A380, which will begin flying to the South African city on Feb. 12, 2014, will join the 747-400 that already serves the route. The A380 features temperature-controlled facilities onboard, highlighting IAG Cargo's Prioritise and Constant...
American Railcar Industries' Profit Spiked in Second Quarter American Railcar Industries reported its net income in the second quarter of 2013 was $23.6 million, jumping 76 percent from $13.4 million in the second quarter of 2012. The profit gain was driven by strong manufacturing and leasing earnings, lower selling, general and administrative expenses and lower interest expense, according to...
New drinking water tests from Martek reduce risk from potentially fatal pathogens Martek Marine, leading manufacturer of maritime safety equipment, is introducing potable water testing kits to its product range, designed to meet the regulations on drinking water which come into force with the Maritime Labour Convention (MLC) in August 2013. The only standard kit guaranteed to meet all legislation and flag...
UPS Reports Reduction Of Total Greenhouse Gas Emissions UPS released its annual Sustainability Report announcing that while the total number of packages shipped in 2012 increased, the company reduced its total Greenhouse Gas (GHG) emissions. Environmental achievements included ground and air fuel savings, increased investments in alternative fuel vehicles, and retooled routes that shaved 12.1 million miles from...
Vitol turns to Exmar Exmar and MOL have secured employment for an LNG carrier that is getting ready to undergo a scheduled drydocking at the end of September.
Exmar on the up Belgian gas specialist Exmar managed to boost its bottom line in the first semester of 2013 even thought earnings slipped in the second quarter.
When the price is right York Capital may be looking to acquire more containerships but its interest in products tankers appears to be waning.
Ore price poses threat Iron ore prices are set to soften in both the short and long-term due to oversupply and sluggish steel demand, according to researchers at ABN AMRO.
First for Hoegh LNG Hoegh LNG has secured a breakthrough contract for a near shore floating liquefaction (FLNG) barge.
TMT wins full recovery Charterers involved in a complex legal dispute over a Today Makes Tomorrow (TMT) controlled VLCC today won a notable victory in a London appeal court.
PGS books strong Q2 Petroleum Geo-Services has recorded a rise in second quarter profit with the aid of a strong showing from its MultiClient library.
Bodouroglou buying Box Ships chief Michael Bodouroglou is backing the company's latest stock offering to the tune of $5m.
Royal back in black Royal Caribbean Cruises has moved back into the black in the second quarter despite carrying the cost of a fire onboard one of its vessels.
FSL hit by Geden woe First Ship Lease Trust (FSL) has seen earnings hit by payment defaults on a pair of chartered tankers but the company has found work for the second vessel.
Navios Partners kicks on Greek bulker owner Navios Maritime Partners has built its first-half earnings as revenue increased.
Comfort debris washes up Three gas tanks and other detritus from the sunken boxship MOL Comfort have been beached in India's Lakshadweep Islands.
GE bags a pair Great Eastern Shipping has completed its second purchase of the week with a double newbuilding order.
The only way is up An upturn in fortune is on the horizon for Malaysian Bulk Carriers thanks to recovering charter rates but the shipowner is still expected to see earnings chopped this year, according to an analyst.
Phoenix seeks new loans CSC Phoenix is aiming to secure new short term loans - and one potential lender is already suing it for overdue repayments.
Minister in defence New Greek Minister of Mercantile Marine has leapt to the defence of shipowners who are once again under fire for paying too little tax.
Shadow fails check US inspectors have revealed how crew on a Silverseas cruiseship tried to hide food under beds during a health check.
Kirby a cent short Kirby Corp has booked an improved second quarter profit and offered hope it will match market expectations for the full year.
Dof in Teekay tie-up Helge Mogster's Dof Subsea has signed a contract to support a new Teekay FPSO in the Norwegian North Sea.
Belships comes up short Belships has failed to sell out its NOK 90m ($15.5m) share issue, with major investor Sverre Tidemand set to mop up spare stock.
HHI misses the mark Hyundai Heavy Industries has seen its second quarter profit fall short of expectations as its bottom line was sliced in half.
Idan Ofer leaves board Billionaire shipowner Idan Ofer has resigned as a director of Israel Corp, the parent of container line Zim.
KDB lifeline for STX PO? Korea Development Bank could yet take control of restructuring shipowner STX Pan Ocean, its chairman says.
Ferry cash wanted Bangladesh's BIWTC wants $37m from World Bank for eight ro-paxes and cargo vessels.
Limarko back in profit Lithuanian reefer owner Limarko has made it back into the black in the first half of 2013.
CK picks Mipo again Korea's CK Corporation has returned to Hyundai Mipo to order a 1,900-teu containership.
TAL profits surge TAL International, the world's largest container leasing company, has reported a 30% increase in second quarter results.
Rise in idle boxships The number of laid-up containerships continues to rise with three main factors contributing to the increasing number of idle vessels.
Boxship JV buys trio Costamare and York Capital Management have acquired their first ships under their joint venture launched in May.
CMRE profits rise Costamare has reported a 45% increase in second quarter profits on the back of a larger containership fleet.
Pritzker talks trade with Japanese, Vietnamese delegations U.S. trade with Vietnam has grown significantly since 2001. Exports to Vietnam in May grew 22 percent compared to the same month a year ago, and imports from Vietnam were up 16 percent, according to the Commerce Department.
Federal funds released for flood-damaged NY roads
TAL International reports 29% increase in Q2 profit "We currently expect our market environment to hold fairly steady as we head into the second half of the year," Brian M. Sondey, TAL's president and chief executive officer, said.
CIMC to build five 8,800-TEU ships for MSC
Houston container volumes up, steel down Loaded container volumes in the first six months were 757,632 TEU, up 7.2 percent; empty container volumes totaled 220,934 TEU, up 6.4 percent. The port handled 166,093 TEU of containerized cargo in June.
G6 moves service string from Maher Terminal
New York Container Terminal extends lease to 2029
Costamare reports increase in second-quarter profit
Earnings increase slightly for Swift in 2Q "We are pleased with our team's continued ability to deliver positive results in a relatively lackluster freight environment," Swift stated, noting that freight demand was soft in April and May, but picked up a bit in June.
DHL unveils electronic delivery vehicle
CargoAir takes delivery of converted 737 freighter
Customs to share information with Federal Maritime Commission
IFO prices largely down at major Asian ports Supplies of bunkers fine at key ports on Thursday.
'Great potential' for shipping to reduce emissions, says report But no obvious single 'winner' in terms of technology in the medium to long term, says Royal Academy of Engineering.
New scrubber system to get trial The agreement also carries an option to install the scrubbing system on another 40 ships.
Petrotrin eyes expansion 'I think we are ready to take a step further down the value chain,' says Petrofin executive.
Euronav: 'Eco-ships' in large tanker sector don't exist 'Eco gains' can be replicated through retrofitting fuel saving devices on existing ships, it says.
Bunker convention to focus on Asian growth Delegates will have opportunities to interact, educate and inform.
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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