MSC finalises $1.9bn ports deal New partners eye acquisitions after Global Infrastructure Partners buys 35% of TIL
The new yardstick: verifying the efficiency claims Doubts over eco-designs still loom. Those yards that deliver will gain pricing power
Commerzbank takes on defaulting ships Exclusive: Warehousing scheme restricted to around 10 vessels in the next two years
Shipping industry must invest in salvage or face national legislation No one wants to foot the bill, says Swiss Re's Townsend
BW Group fixture pushes VLCC spot market to new highs Further rate rises are expected this week
Cost-cutting pays as CSAV narrows its first-quarter loss Chief executive Hasbún has high hopes for rates hike
Seafarers kidnapped from Nigerian chemical tanker Matrix 1 hijacking indicates West Africa shift from cargo theft to kidnap for ransom
Ryckbost replaces Verhoeven at Espo Brussels insider joins shipowners' group at a critical time for European ports
Ocean carriers may shun low-rated cargoes Drewry suggests that lines forego volumes to shore up freight rates
Globus posts first-quarter profit Greece-based owner senses that dry bulk recovery is 'not too far away'
Comment: Freight market spike prompts Maersk Tankers to dispose of tonnage But will new LPG supply make Maersk live to regret its decision?
Lloyd's Market Association reviews proposed rules for the use of force Document has also been submitted to the ISO but insurance industry still has concerns
Hanjin chairwoman's tax row highlights investors' debt concerns South Korean shipping giant will benefit from government-backed perpetual bond
Update: Maersk Tankers sells VLGC division to BW Group Seller refocuses on product carriers as buyer broadens its global reach
Asia-Europe box rates could be stronger than thought Analyst claims $600 discrepancy in reported average prices for Shanghai-Rotterdam
Talks continue over Bergen Group's part sale of shipbuilding activities Offshore specialist writes off goodwill after 'unsatisfactory and disappointing' quarter
Get it while you can Even today's disappointing market will not deter the rush to over-order
Shipping voices mixed feelings about Brussels' proposed port guidelines Critics say reforms tangle players in red tape yet fail to tackle restrictive practices
Industrial action disrupts Sokhna 'Serious' backlog for boxes as DP World terminal's handling rates fall 70%
TSA members pursue 'meaningful increase' in rates from July Lines seek $400 per feu rise for Asia-US west coast and $600 for all other destinations
Star Bulk ramps up managed fleet Nasdaq-listed bulker owner will take in tonnage acquired by Oceanbulk and Oaktree
Friedrichs leaves HCI Capital Chief executive is a high-profile casualty of the German shipping crisis
Higher hopes for box prospects Macquarie says accelerated scrapping points to a better container market from next year
Damco hails 'satisfactory' first quarter Moving headquarters and investing in IT system explains dent in results
Wärtsilä will make medium-speed engines in China Joint venture with Yuchai Marine Power begins production next year
Ease off the aframaxes Flagship's two-ship order ignores outcry on overcapacity
Wide effects seen for key Greek tax changes MOORE Stephens today warned that tax changes voted by the Greek parliament will have wide effects on its shipping sector
SCI narrows losses LOWER expenses helped government-owned Shipping Corp of India narrow its losses to 2.81Bn ($52M) rupees over January-March, from 3.56Bn rupees year on year
Dole upgrading fleet REEFER shipper and vessel owner Dole is moving ahead with plans to add new tonnage to its US West Coast operations
CSAV books inquiry provision CHILEAN carrier CSAV has posted more significant quarterly losses and warned of possible fallout from a global car-carrier antitrust inquiry
Sabine financing sealed CHENIERE Energy confirmed today that financing has been secured for Trains 3 and 4 at the Sabine Pass LNG export terminal in Louisiana
Friedrichs leaving HCI GERMAN KG house HCI Capital's chairman Ralf Friedrichs is leaving at the end of June, in a move accompanied by changes in its governance structure
Pistiolis sells another slice TOP Ships founder Evangelos Pistiolis has divested another tranche of his shares, with more sales expected
TSA urges new box rate jump VESSEL overcapacity and rising costs in the trans-Pacific box trades is pressuring liner operators to push for another round of rate increases
APM exits VLGCs with S&P MAERSK Tankers has sold its five VLGCs to Singapore's BW Group for an undisclosed sum and thereby exited the gas sector
Deaths rise but casualties fall offshore Australia Deaths rise but casualties fall offshore Australia INJURIES in Australia's offshore sector were at a record low in 2012, but fatalities and safety incidents rose, the industry's regulator has found
11 sought after capsizing ELEVEN passengers are missing today after an overloaded ferry capsized and sank off Sarawak state in northwestern Malaysia
12 sought in tug sinking SEARCHERS are reportedly looking for a dozen seafarers missing since a Chevron-contracted tug sank off Nigeria
Report puts Oz economy on notice AUSTRALIA is missing out on a $100Bn surge in the resources boom because of its high cost of doing business, a study has warned
TMT's F Elephant acquired in fire sale TAIWAN Maritime Transportation has sold its ore carrier F ELEPHANT to a Taiwanese buyer for $99M yuan ($16M)
Sinotrans warns on profits HONG KONG-listed Sinotrans Shipping has warned of a substantial decrease of net profits - or even losses - for 1H13
NYCT's Fate Tied to Truck Toll Rebate The continued existence of the New York Container Terminal, long the most productive terminal in New York harbor, is mired in negotiations with the Port Authority of New York and New Jersey. The negotiations are over the amount of the rebate that the port agency will pay under an agreement it...
OL&T Buys Hawaii Intermodal Tank Transport Odyssey Logistics & Technology Corporation has acquired the bulk liquid food products transportation business of Palmetto, Fla.-based Hawaii Intermodal Tank Transport. Financial terms of the transaction were not disclosed. As part of the deal, which OL&T made through its affiliate, OL&T FoodTrans LLC, it will acquire rights to the Hawaii Intermodal...
73 Crowley Vessels Honored With Jones F. Devlin Awards for Their Commitments to Operational Safety NEW ORLEANS - Seventy-three Crowley Maritime Corporation vessels received Jones F. Devlin Awards for their commitment to operational safety from the Chamber of Shipping of America (CSA) at the 2012 Annual Safety Awards Luncheon in New Orleans, La. Each year the CSA grants Devlin Award certificates to manned merchant vessels...
Ryder Supplies Additional Trucks to the MOD's Defence School of Transport Ryder has supplied a further 14 MAN TGS tractor units and trailers on contract to the Ministry of Defence (MOD). The trucks will be based at the Defence School of Transport (DST) based at Normandy Barracks, Leconfield, East Yorkshire, where Ryder recently supplied 138 trucks and tractor units, plus 47...
Record Soybean Shipments Clog Brazilian Ports Brazilian soybean shipments, which typically run through May, will be extended until at least July as a record crop from the South American nation has created a backlog at ports and on roads, Bloomberg reports. "This is totally atypical for this time of the year," Bloomberg quoted Isis Markarian, an analyst...
MSC Finalizes Sale of Stake in Terminals Division Mediterranean Shipping Co., Global Infrastructure Partners and a group of GIP's co-investors have closed on the sale of a 35 percent stake in MSC's terminals business. The closing follows obtaining the relevant approvals. The strategic partnership in Terminal Investment Ltd. between MSC and GIP will provide a "strong foundation" to support the...
Savannah Dredging Project Clears Major Snag U.S. District Judge Richard M. Gergel on Wednesday accepted the settlement agreement between all parties involved in the mediation regarding the Savannah Harbor Expansion Project, dismissing the federal litigation pending against the proposed deepening of the harbor channel. Parties to the mediation included the South Carolina Department of Health and Environmental Control,...
CMA CGM to Increase North Europe-North America Rates in July CMA CGM will boost rates for dry and refrigerated cargo on its trade from North Europe to the U.S. East Coast, Mexico and Canada, effective July 1. The increase will be $100 per 20-foot container and $200 per 40-foot container, the container line said. CMA CGM will also hike rates on...
Unisource Names Serlin as Chairman, CEO Unisource Corporate, a holding enterprise that acquires third-party logistics service providers and logistics technology providers, has appointed Jordan Serlin as its new chairman and CEO. Nicholas Ferber, the current CEO, will continue to serve on Unisource's board of directors and will consult during the transition period. Serlin has been advising the...
US Intermodal Rates Climb Year-to-date 2013 changes in U.S. directional indices Full-size image The overall U.S. intermodal rate index increased 0.5 percent or $9.58 to $1,973 this week due to increases in three of the four directional indices, according to data on all-inclusive 53-foot door-to-door spot pricing quoted by railroads and provided by the 3PL IDS. The top...
FMCSA Shuts Down Colorado Trucking Company The U.S. Department of Transportation's Federal Motor Carrier Safety Administration has ordered GD Cars, Aurora, Colo.-based trucking company, to cease all operations, stating that its vehicles and drivers pose an "imminent hazard" to public safety. FMCSA said its investigators found "serious vehicle safety deficiencies" during the course of their investigation. In...
Canadian National Fast-Tracks Upgrade for Frac Sand Production Canadian National Railway is accelerating work on the $33 million upgrade of its Whitehall Subdivision in Wisconsin in order to increase car-loading capacity and train velocity for the frac sand supply chains of Badger Mining, Preferred Sands of Wisconsin, Atlas Resin Proppants and Taylor Frac, in order to accommodate ramped-up...
Fines vs. Jail: Why Words Matter It's a growing phenomenon that all importers must beware: What federal agencies regulating trade once considered strictly mistakes warranting no more than a civil penalty have become criminal violations. Take this example: If a company imports goods subject to the Food and Drug Administration's jurisdiction, the importer will hold those goods...
Dole Invests $165 Million in Reefer Container Ships Dole has suspended a previously announced $200 million share buyback program in order to mitigate losses from its strawberry business and revamp its fleet of container ships, Fox Business reports. The California-based food company will use the repurchase program's existing funding to buy three new custom-built refrigerated container ships for $165...
CEVA Logistics Expands US-Mexico Offerings CEVA Logistics has launched two services in its U.S.-Mexico portfolio, including a new intermodal service. Mexico Direct, a customs clearance service intended for Mexican importers, offers a combination of CEVA's less-than-truckload network on the U.S. side and in-bond trucking on the Mexico side. Cargo is moved from any CEVA station up...
JOC Truckload Capacity Index Flat at 79.7 The JOC Truckload Capacity Index remained flat at 79.7 in the first quarter, the lowest reading in the recently revised index's six-year history. JOC Truckload Capacity Index Full-size image That indicates tractor counts at the group of motor carriers tracked by The Journal of Commerce are about 20 percent below their peak at...
CMA CGM to Hike Europe-US Rates in July CMA CGM will raise rates on its trade from the Mediterranean to the U.S. East Coast, effective July 1. For dry and refrigerated cargo, the increase will be $200 per 20-foot container and $300 per 40-foot container. The container line will also boost rates on its trade from India and Pakistan to...
Europe's Ports Prepare for Box Battles Fears that Europe is heading for a Japanese-style decade of snail's pace economic growth or even stagnation are hardening into reality as the continent faces another year of recession while the rest of the world is in recovery mode. This is the nightmare scenario facing Europe's major ports as they prepare...
Federal Regulators Seek Comment on EOBR Survey Federal regulators are preparing an in-depth survey on whether electronic onboard devices used to record truck driver hours of service could be used by motor carriers to harass tired drivers, asking how to prevent potential abuse of the technology. The survey, detailed in the May 28 Federal Register, is the latest...
Costamare in York JV Costamare has teamed up with York Capital Management to pump $500m into a containership joint venture.
TOO seizes FPSO Teekay Corp (Teekay) is moving forward with the sale of a stake in a floating production, storage and offloading unit (FPSO) to New York-listed offshoot Teekay Offshore Partners.
Centrofin tanker scrapped Dimitris Procopiou's Centrofin is thought to have scrapped one of its oldest tankers.
Tug survivor found A ship's cook has been found alive four days after the capsizing of a West African Ventures (WAV) tug off Nigeria on Sunday.
Shreyas improves again India's Shreyas Shipping & Logistics has bumped up its annual earnings after expanding its fleet.
HHI bags Diamond gig Korea's Hyundai Heavy Industries (HHI) has added a huge contract for a semi-submersible drilling rig to its fast growing orderbook.
Wait over Brazil's Petrobras has finally signed off on six four-year supply ship charters worth $298m to owner Ultrapetrol.
VL rates rising Rising activity in the Arabian Gulf is pushing VLCC rates towards their highest point this year.
CSAV loses less CSAV has scaled back its first quarter loss in a still tricky container shipping market.
Maybulk profit slashed Malaysian Bulk Carriers (Maybulk) is predicting a tough year ahead after seeing first quarter earnings chopped by two thirds.
State exits Commerzbank Commerzbank is on the verge of repaying a pair of state lenders that came to its aid during the global financial crisis.
Greeks unveil tax plan Greek owners are again looking at the prospect of tax hikes as part of an effort to revive the national economy.
3 Maj keeps cash Croatia's 3 Maj shipyard is retaining much of its 2012 profit to cover losses in previous years.
Kingfish in new talks UK-based Kingfish Trading is in talks with a new shipyard in Brazil after cancelling a deal for 11 MR tankers at OSX Acu.
STX PO bounces back STX Pan Ocean shares sprang back today amid renewed hope Korea Development Bank is ready to takeover the company.
Heavy-lifts for Hongqiang China's Jiangsu Hongqiang Marine Heavy Industry has won a deal to build four heavy-lift vessels for an unnamed German owner.
Alam triples profit Malaysian offshore outfit Alam Maritim has more than tripled its profit after a bumper first quarter in which it secured a flurry of fresh contracts.
Aegean seals $800m deal Greek bunker tanker owner Aegean Marine Petroleum Network has lined up $800m of loans to expand its business.
'Price was right' Maersk Tankers has sold its VLGC fleet to BW Group in a rising market as the price was right, its CEO says.
Pratibha suezmax seized The government of Goa, India, is to tow a Pratibha Shipping suezmax into port over fears it could break up in the monsoon season.
Bergen more upbeat Bergen Group is optimistic about the prospects of a turnaround in its fortunes but the company's new CEO still described its first quarter performance as "unsatisfactory and disappointing".
SPP confirms AHTS debut Tanker specialist SPP Shipbuilding of Korea has confirmed its debut offshore vessel deal.
CKS in share issue Hong Kong ferry group Chu Kong Shipping (CKS) is to raise nearly HKD 400m ($51.5m) from a convertible warrant deal.
Top boss sells stock Evangelos Pistiolis has sold a slice of shares in Top Ships and is in discussions to shed some more.
Maybulk eyes POSH listing Malaysian Bulk Carriers (Maybulk) is eyeing a Singapore Stock Exchange listing for offshore unit PACC Offshore Services Holdings (POSH) by the end of the year or early next year.
Six more for Sainty Chinese shipbuilding group Sainty Marine is building another six bulkers for long-term charter business.
Maersk sells VLGCs Maersk Tankers has sold off its VLGC division to fellow shipping heavyweight BW Group.
TSA seeks further rate rise Member lines of the Transpacific Stablization Agreement (TSA) have announced plans for a 1 July box rate hike.
New funds for ULTR Nasdaq-listed Ultrapetrol (ULTR) is refreshing its finances with $200m of new notes, as well as a loan from DVB Bank.
NADL delays US IPO North Atlantic Drilling Ltd (NADL) has again delayed plans to list in the US due to discussions about a potential strategic tie-up.
Trio in FSO battle Omni Offshore, Teekay and Knutsen are in a three way fight to win a lucrative FSO charter from French oil major Total.
SBLK eyes wet and dry When Star Bulk Carriers puts cash from an upcoming fundraiser to work in the sale-and-purchase market the Greek operator will probably stick with the sectors it knows best.
GLBS defies the odds Greek bulker owner Globus Maritime managed to generate a profit in the first three months of 2013 despite a decline 26% decrease in revenue.
CN to speed up track work for frac sand customers The Canadian National Railway will accelerate the upgrade of 74 miles of track in Wisconsin to handle growing demand for sand shipments used in hydraulic fracturing of shale formations by oil and gas developers in the Bakken region.
VPA commissioners approve restructuring plan Key elements of the restructuring include centralizing port operations under the direct oversight of the VPA to align the economic development of the state with port initiatives, and eliminating duplicate levels of management and administrative functions.
Wal-Mart fined for improper waste disposal Wal-Mart Stores has pleaded guilty to illegally disposing of hazardous materials at its U.S. retail stores and will pay $81 million for its six negligent violations of the Clean Water Act, according to the EPA.
CSX train collides with truck outside Baltimore
Zim selling interest in container factories
CEVA adds new Mexico services
CSAV reports smaller loss despite car carrier charge This result includes a provision of $40 million that the board of CSAV decided to make to cover possible costs as a result of investigations into breaches of free-competition regulations in the car-carrier shipping business.
Law firm files suit against car carrier operators
Norbert Dentressangle acquires Fiege operations
ICAO signs agreement with Canada
Executive moves
U.S.-Saudi Arabia sign bilateral air service agreement
Transpacific carriers seeking July 1 rate increase
India rejects Iran's offer of refinery insurance Western sanctions on Iranian crude sales costing country $5 billion per month, insurance offers a bid to boost its crude sales.
Dutch shipping firms unite to develop LNG market 'This collaboration is a leap forward in the realisation of an inland LNG transport corridor and facilitates LNG bunkering.'
Chinese imports a boost to global trade But container lines will still struggle, says Maersk executive.
Prices head up in Fujairah Apart from Cape Town's MGO, price rises remain at under $5.00 per metric tonne.
Prices move little in Rotterdam Prices rising in Mediterranean ports.
'Durban's days of sitting on its laurels are over' Walvis Bay expansion, including new bunkering facilities, could pose competition.
Players join LNG bunkering project Canadian project to identify and address barriers to LNG bunkering.
'Bunker spill' exercise in the Baltic Estonia and Finland in cross border response.
More changes considered for flagging fuel oil futures contract Shanghai Futures Exchange could downsize each unit.
Asian bunker prices head higher Prices of 380 cSt product traded in tight range.
LNG bunkering safety code moves step closer New body being set up to promote safe LNG bunkering.
Fisheries institute orders fuel-saving vessel design software Software will help design 'optimally engineered' vessels to meet the conditions of India's inland and offshore fisheries.
'Preferred supplier' for Wartsila LNGPac fuel system chosen Bestobell to supply LNG cryogenic valves for Wartsila LNGPac fuel system.
Cyprus sees growth in monthly MGO sales Total sales of petroleum products from January to April amounted to 401,472 mt.
Bunkering in profit for Sri Lankan group John Keells Holdings posts $107 million profit for FY 2013.
Agriculture firm renews fleet with 'fuel-efficient' orders Ageing fleet to be replaced.
Star Bulk net income up in Q1 Recent equity rights offering to go on fuel efficient vessels.
- Via Raffaele Paolucci 17r/19r - 16129 Genoa - ITALY
phone: +39.010.2462122, fax: +39.010.2516768, e-mail
VAT number: 03532950106
Press Reg.: nr 33/96 Genoa Court
Editor in chief: Bruno Bellio No part may be reproduced without the express permission of the publisher
- Via Raffaele Paolucci 17r/19r - 16129 Genoa - ITALY
