Cargo market must start catastrophe modelling Losses of $2bn-$3bn are likely, says Argo marine insurance chief
CSCL net losses mount Falling freight rates send Chinese carrier into the red
Weak container demand cuts CIMC net profit World's largest boxmaker records lower sales of dry and refrigerated containers
Braemar reports lower revenues and profit dip but is positive on prospects Although business is challenging, the cycle is boosting shipbroking, says Kidwell
Precious Shipping expects dry bulk recovery in first-quarter 2014 Thai owner's profits plunge in third quarter
Engelstoft to head new Maersk division Maersk Tankers boss Sørensen named chief executive at Damco
DP World terminal in Argentina completes boom extensions Kalmar completes the work at Rio de la Plata ahead of schedule
Maersk vessel loses boxes in high seas French coastguard warns of hazard to navigation off Brittany
DP World sees rise in like-for-like gross box volumes Improved Asia-Pacific and UAE performance drive third-quarter increase
Fred Olsen Energy sees quieter third quarter for UK operation Average drilling unit day rates decline, but ultra deepwater segment stays healthy
KHI posts stronger offshore and shipbuilding performance Japanese yard cuts costs to offset falling orders
Sustainability lobby group sharpens its focus Defining terms could be a crucial business step for shipping, says new SSI director
Danaos focused on 'rapid deleveraging' NYSE-listed Danaos today reported strong progress on debt reduction and posted a profitable quarter as long-term charters shielded it from weak rates
Navios Acquisition to refinance notes NAVIOS Acquisition today announced a $600M private offering of mortgage notes to fund a tender for existing notes with shorter maturities
Dorian - to need $450M equity? Dorian LPG, the Athens-based LPG carrier company that yesterday announced the acquisition of the LPG carrier fleet of Scorpio Tankers, will need up to $450M in equity to finance its newbuilding programme
NCL tops forecast NASDAQ-listed Norwegian Cruise Line has posted better than expected results but pared its full-year yield forecast
CIMC Q3 profits down 35% SHENZHEN and Hong Kong-listed CIMC's net profits fell 35% year-on-year to CNY424.9M ($69.4M) in the third quarter in 2013, due to weaker demand for containers compared to the first half
North P&I agrees on premium increase NORTH of England P&I Association, the British P&I club based in Newcastle, has decided to introduce a 7.5% premium increase in P&I next year, the club said in a statement
EU silent on IRISL sanctions response THE EUROPEAN UNION has declined to comment on a report that member governments are preparing to re-impose sanctions on Iranian shipping line IRISL, despite last month's ruling by the European Court of Justice that they should be lifted
Miclyn acquires towage firm MICLYN Express Offshore said it had acquired 50% of Uniwise Towage Limited (UWT) for $18.9M
Uni-Asia acquires bulker SINGAPORE's investment company Uni-Asia Holdings said it had entered into a joint venture with Yamasa to acquire a newbuild handysize bulk carrier
'Pivot point' nears for Scorpio Tankers SCORPIO Tankers president Robert Bugbee asserted today that the Dorian VLGC transaction could pivot Scorpio from its frenetic newbuild investment phase to the 'harvesting' of returns for shareholders
Jinzhou Port profit up in first three quarters SHANGHAI-LISTED Jinzhou Port's net profit stood at 143.4M yuan ($23.6M) in the first nine months of 2013, an increase of 18% year on year
Box lines face fines LINER companies operating China's export trades will face fine of up to 100,000 yuan ($16,330) if they do not report list rates or agreement rates, starting 15 November
US House Panel Releases Freight Transportation Recommendations The U.S. House Transportation and Infrastructure Committee's Panel on 21st Century Freight Transportation released its final report today on the current state of freight transportation in the U.S., including its recommendations for improvements. The panel's report concluded that Congress should: Establish a national freight transportation policy and designate a multimodal freight network Ensure...
Chicago Sees 40-Foot Container Deficit Reach 20th Consecutive Week A combination of increased transloading, healthy agriculture exports and moderate retail imports are likely the reason the number of 40-foot containers available for outbound shipments was below zero for the 20th straight week ending Oct. 23. Ocean Shipping Container Availability Report, Oct. 23 Full-size image Carrier data used in the report indicates 319...
Damco Appoints Sørensen CEO Hanne B. Sørensen, Damco's new CEO.Damco has named Hanne B. Sørensen as CEO, effective Jan. 1, 2014. Sørensen will succeed Rolf Habben-Jansen, who is joining Hapag-Lloyd. Sørensen has been with Damco's parent company, Maersk, for 19 years, most recently as CEO of the Tankers division. She will report to the newly appointed CEO...
US Diesel Prices See Eighth Week Without Increase U.S. diesel prices through Oct. 28, 2013 Full-size image U.S. diesel prices continued to edge down in the week ending Oct. 28, the eighth straight week without an increase. During this slump, the average price is down a total of 11.1 cents, according to the U.S. Energy Information Administration. The national average price...
Amsterdam Airport Schiphol's Cargo Traffic Increases Amsterdam Airport Schiphol handled 383,780 metric tons of cargo in the third quarter of 2013, increasing 2.6 percent compared with the same period in 2012. Amsterdam Airport Schiphol's cargo traffic year-to-date. Full-size image In September, cargo rose 3.9 percent year-over-year to 130,631 metric tons, bringing the total for the first nine months of...
EDF Climate Corps Seeks Logistics Operations for Fellowship Program Environmental Defense Fund's Climate Corps summer fellowship program has expanded to include logistics operations in the U.S., and is seeking organizations with large logistics operations to host fellows for the summer of 2014. EDF Climate Corps places graduate students at organizations to help identify cost-effective solutions that will reduce waste and...
Profit, Revenue Rise at Container Corp. of India Container Corp. of India reported its net income in the second fiscal quarter, which ended Sept. 30, was $40 million, climbing 5 percent from $38 million in the year-ago period. Quarterly revenue jumped 19 percent year-over-year to $206 million. Operating income from the state-owned rail operator's international intermodal operations grew 17 percent...
Nehru Port Draws Congestion Surcharges Delmas has announced an "emergency port surcharge" for shipments moving through India's Port of Jawaharlal Nehru (Nhava Sheva), and other major carriers are expected to follow as congestion and delays intensify at the country's largest box gateway. Effective immediately, the CMA CGM Group carrier is charging a bottleneck fee of $250...
YRC Worldwide, Teamsters Set to Meet in Dallas YRC Worldwide, fresh from a terminal network restructuring and change in leadership at $3.2 billion less-than-truckload carrier YRC Freight, will meet with the Teamsters union early next month to discuss the company's future. Teamsters officials and YRC Worldwide executives will sit down in Dallas Nov. 5 for a "company update" and...
FMC Says 'No Fat' in Budget Request Federal Maritime Commission Chairman Mario Cordero warned Congress that continued tight budgets will harm the FMC's ability to regulate the shipping industry, gather information and upgrade its information technology. The administration has requested $25 million in funding for the FMC in the next fiscal year, up from the $22.8 million post-sequestration...
DP World's Container Traffic Rises 2.4 Percent DP World handled 14.2 million 20-foot-equivalent units in the third quarter, a 2.4 percent year-over-year increase that was driven by an improved performance at its terminals in the United Arab Emirates and the Asia-Pacific region. The UAE terminals increased traffic by 5.4 percent to a quarterly record of 3.6 million TEUs,...
P3 Carriers Unveil Plans as Regulators Voice Concerns As shippers obtain more information about how the P3 Network would operate, regulators are pressing the three member carriers to explain how the alliance will affect schedule reliability and competition. The world's top three container lines - Maersk Line, Mediterranean Shipping Co. and CMA CGM - last week released details of...
Port of Cleveland Plans Great Lakes-Europe Container Service Spliethoff's Maasgracht vessel, an M-type ship that could be deployed on the new Cleveland-Europe freight service. Photo courtesy of Spliethoff.The Port of Cleveland is in final negotiations with the Dutch company Spliethoff Group to run a global container service between the Great Lakes and Europe via the Saint Lawrence Seaway. Negotiations...
WFS wins major cargo contract with Brussels Airlines at their home base Worldwide Flight Services (WFS), the world's largest provider of cargo handling services, and Brussels Airlines are pleased to announce a close collaboration for Brussels Airport. As of January 1st, 2014, WFS will handle some 280 weekly flights for the home carrier. After an in-depth tender process based on the criteria of...
In DC, It's Time for Shippers to Step Up The recent partial shutdown of the federal government and debt ceiling scare suggests that for shippers and transportation providers, the failure of Washington, D.C., isn't any longer about Democrats vs. Republicans. Instead, it's increasingly about those who want to provide some economic certainty versus those willing to endanger a modest...
Blu. Chooses Ryder for Natural Gas Vehicle Solution MIAMI, October 28, 2013 -- Ryder System, Inc. (NYSE: R), a leader in commercial transportation and supply chain management solutions, announced today that Blu., an operator of liquefied natural gas (LNG) refueling stations and provider of LNG technology solutions, has selected Ryder to provide LNG vehicles for Blu. fleets in Utah and Georgia. This represents the first...
Graybar Names Neubauer District Vice President in Pittsburgh ST. LOUIS, October 28, 2013 - Graybar, a leading distributor of electrical, communications and data networking products and provider of related supply chain management and logistics services, has appointed Scott B. Neubauer as its District Vice President in Pittsburgh, effective February 1, 2014. Neubauer will replace Steven M. Schooley who has announced...
CN announces plan to buy back shares through private agreements MONTREAL, Oct. 25, 2013 - CN (TSX: CNR) (NYSE: CNI) announced today that it intends to purchase for cancellation up to 5 million of its common shares pursuant to private agreements between CN and arm's-length third-party sellers. The purchases will form part of CN's repurchase program for up to 15 million...
CN extends EcoConnexions From the Ground Up program for three more years to green public properties across Canada OTTAWA, October 25, 2013 - CN (TSX: CNR) (NYSE: CNI) today announced it will extend its CN EcoConnexions From the Ground Up program for another three years owing to a strong response from many Canadian communities to the program's inaugural 2012-13 launch. CN will provide grants of as much as $25,000...
Danaos flips to black Danaos Corp has returned to the black in the third quarter but reported a declining operational profit.
Obama 'embracing' LNG The US federal government is supportive of LNG as a marine fuel, a top maritime official has said.
Navios Acquisition gets a 'B' Navios Maritime Acquisition's proposed new debt issuance has received 'B' ratings from two leading credit agencies.
Meiji scraps VLCC Meiji Shipping of Japan is thought to have trimmed its exposure to the VLCC market with the scrapping of its last 1990s built tanker.
Jiangnan HI earnings fall Jiangnan Heavy Industry slumped to a bigger third quarter deficit as ship orders fell away.
Last chance to enter The deadline for entering this year's TradeWinds Maritime Photographer of the Year competition is fast approaching.
'It wasn't me' Diana Shipping of Greece is denying reports that it has acquired a capesize bulker from China's Henghou Industrial.
Phoenix reduces red ink Troubled Chinese bulker owner CSC Phoenix has cut its nine-month loss despite a fall in revenue.
Limarko to delist Lithuanian owner Limarko looks likely to delist in Vilnius as part of a takeover by its parent.
Farstad builds Brazil book Farstad Shipping is to pocket over NOK 1bn from a pair of charter contracts with energy giant Petrobras.
Navios in $600m issue Navios Maritime Acquisition plans to issue $600m worth of ship mortgage notes in a private placement.
Vroon doubles up Dutch owner Vroon has signed up for two more Ulstein-designed supply ships in China.
Siderfly secured Germany's Kiel Canal remained closed on Tuesday morning as salvage teams secured the damaged cargoship Siderfly following a major collision on Monday.
CSDC loss jumps China Shipping Development Corp (CSDC) has posted a big rise in its loss for the first nine months as interest costs increased.
Scorpio in phase shift Scorpio Tankers has called a halt to its rapid expansion after completing its tie-up with Dorian LPG.
KHI sales and orders dip Kawasaki Heavy Industries (KHI) has seen a decline in sales and orders at its shipping and offshore division in the first half of the year.
Engelstoft takes over Maersk Line COO replaces Hanne Sorensen at Maersk Tankers as part of new wider role.
Shall we dance, Robert? Robert Bugbee has lifted the lid on the courting ritual which saw Scorpio Tankers climb into bed with Dorian LPG and create the world's second largest VLGC owner.
CSCL in Q3 reversal China Shipping Container Lines (CSCL) slumped to a third quarter loss as freight rates fell.
KLC back in black Bankrupt Korea Line Corp (KLC) has posted a profit in the third quarter as revenue improved.
USC buying Arctech Russia's United Shipbuilding Corporation (USC) is taking over the struggling Arctech Helsinki Shipyard in Finland.
Milaha profit soars Milaha has booked a double digit jump in year-to-date earnings after four of its five major business segments improved.
Braemar rebuilds orderbook Braemar noted a growing confidence in the shipping industry after adding more than 30 newbuildings and resales to its forward orderbook in the first half of this year.
Western Bulk grabs another Western Bulk's Shipholding division has leased another Japanese newbuilding due in 2017, with a purchase option attached.
Nisshin seals five Japan's Nisshin Shipping has returned to its favoured Chinese shipyard for five kamsarmax newbuildings.
Uni-Asia teams up Uni-Asia Holdings has teamed up with major shareholder Yamasa Co to acquire a handysize bulker.
Alam ties up PSV Alam Maritim Resources has secured employment for another of its offshore vessels, the Malaysian shipowner has confirmed.
China product surge China's product exports are expected to surge in the fourth quarter of this year, according to research by Barclays.
KP Spirit released A South Korean-owned general cargo vessel has been released from arrest in Singapore after settling an outstanding bunker bill.
NEWSFLASH: P3 carriers file agreement with FMC The agreement would give the three carriers the ability to discuss and agree on the size, number and operational characteristics of vessels to be operated on transatlantic and transpacific trade lanes.
ILA complains Waterfront Commission is 'overstepping boundaries' "I believe management has good intent; I believe the ILA has good intent. But the big umpire in the room is the Waterfront Commission," said Dennis Daggett, president of the ILA's Atlantic Coast District and of Local 1804-1.
Farmers complain about possible Canadian Pacific track sale CP acquired the 660-mile section of track, which runs west through South Dakota, Nebraska and Wyoming, in its October 2008 purchase of Dakota, Minnesota & Eastern Railroad.
ASF Intermodal enters Chicago market
Maersk shuffles senior management
U.S. concerned about Guatemala worker rights The Obama administration expressed "serious concerns" about the enforcement of Guatemala's worker-rights laws, expecting "solid progress" toward implementing the country's commitments over the next six months.
North American trade leaders promise cooperation
Bahri reports higher profit as fleet renewal continues
Cargo volume up at Amsterdam airport
INTTRA to offer supply chain visibility
Amerijet expands rate relationship with CargoSphere "The recent termination of operations of OAG Cargo's AFRA, an online rate distribution and management application for air carriers and freight forwarders, is creating a gap in the marketplace," CargoSphere said.
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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