Maersk Tankers outlines global scope But can profitability rise?
Rongsheng and Cardiff agree price reduction for suezmax Nantucket now trading in Economou-led fleet while yard works on two sister tankers
Iraq's oil export industry is on 'high alert' as jihadists declare Islamic state Shipping watches Umm Qasr as ISIS claims a caliphate across the northwest and into Syria
Scorpio boosts stock buyback to $150m New programme will be partly funded from new convertible bond proceeds
West coast strikes could cost US economy $2.5bn a day As talks look set to continue beyond July 1 deadline, study charts threat to economy
Cheniere signs another long-term deal to sell LNG from Corpus Christi Agreement with Woodside runs for 20 years with a 10-year extension option
Court allows cargo and other interests to participate in MOL Comfort lawsuit Underwriters, box owners and others join Mitsui OSK Lines in case against shipbuilder
US west coast labour talks look set to go beyond July 1 deadline ILWU and PMA negotiators continue to work on new contract
Easy money and overordering holding back recovery, Commerzbank warns Outlook depends on eurozone and US economies, says Otto
A trend turned upside down After a year in the doldrums, crude tankers' earnings rise and product carriers' fall
Asia-Europe rate increase set to be less than anticipated, say brokers Rise in year-to-date rates of 26% will offer carriers relief
Wisdom Marine to book panamax bulker Expansion-minded owner to pay $35m for 81,700 dwt ship at Namura Shipbuilding
Award for Cecilia Battistello Bellisario Foundation recognises her achievements in a man's world
K-Sure provides over $908m funding for Angelicoussis' LNG carrier orders State-owned financier to support Greek owner's $1.7bn deals in South Korea
Gothenburg to offer 30% off port dues for gas-fuelled ships Discount will run for four years from January 2015
Five die in Alang shipbreaking blast Saturday's incident raises the number killed this year in South Asian recycling yards to 20
FSL Trust leases aframax to Tesoro Major US refiner will pay about $5.7m for the 12-month contract
Eagle Bulk gets another 15 days to make deal with creditors Struggling New York-listed dry bulk operator will not pay interest due on Monday
DNV GL rejected boxship designs similar to MOL Comfort Industry waiting for result of second investigation into casualty in the summer
Norsepower claims 5-30% fuel saving Finnish marine technology company Norsepower claims its Norsepower Rotor Sail Solution can deliver fuel savings of 5-30%. A first pilot system will be fitted aboard Bore's Estrade later this year, with results verified by partner Lloyd's Register classification society, added the start-up.
UK fails to address maritime skills gap UK training provider Clyde Marine Training (CMT) has responded to comments made by the House of Commons Transport Committee and urged the government to address the "looming skills gap" in the UK maritime sector. Launching the report in March, committee chairwoman Louise Ellman said: "The
Gaming could improve training Delegates at the Manning and Training Conference in Copenhagen in May heard a call for new ways to develop training and gained an insight into one innovative approach. Martin Hernqvist, head of the Swedish Club Academy (SWA), said developing effective safety cultures on board involves "thinking
Top Ships equips itself to raise $250M Top Ships has reiterated its desire to pursue "potential acquisition targets on accretive terms", and filed paperwork to let it raise up to $250M in public equity or debt securities at its convenience. The Evangelos Pistiolis-led company's shelf registration filed with US securities regulators on
Another stay of execution for Eagle Bulk NASDAQ-listed Eagle Bulk Shipping has until 15 July to restructure long-term debt totalling $1.2Bn after creditors agreed to extend the deadline by 18 days. The Sophocles Zoullas-led company's announcement on Friday gave no insights into how talks with lenders are progressing. Eagle Bulk previously
SKF Blohm Voss unveils Turbulo BlueMon Gothenburg-based SKF Blohm Voss Industries has launched its Turbulo BlueMon emission monitoring system. Turbulo BlueMon can record all emissions related to all six MARPOL Annexes on board ships and couple the values with position data from GPS signals. A monitor screen lets users toggle between
RSC Bio lube go-ahead from Rolls-Royce RSC Bio Solutions, a US-based lubricant expert, has had its EnviroLogic 3068 bio-based hydraulic fluid approved for Rolls-Royce stabilisers under the revised 2013 US EPA Vessel General Permit (VGP) requirements. The approval covers Rolls-Royce's VM Series, Neptune, and Aquarius stabilisers, as well
Adani faces loss at Abbot Point A port expansion at Abbot Point in Queensland, Australia, totalling AUD5.5Bn ($5.17Bn) may be scrapped due to political opposition. Indian mining and port giant Adani told the state government the project is at risk unless dredging of the seabed is completed next year, the Australian Financial
Activists query Alang blast death toll Green activists suspect an explosion at a shipbreaking yard in Alang in the Bhavnagar district of Gujarat in India on Saturday caused more fatalities than initially reported. According to an official statement, five labourers died and at least 10 were injured by a blast on chemical tanker Perin,
Korea Line orders bulk carriers South Korea's Korea Line Corporation announced today that it will order two 64,000dwt bulk carriers worth KRW56.2Bn ($55.6M). Korea Line told IHS Maritime that the ships will be built at a shipyard in China, not in South Korea. The firm did not want to mention the shipbuilder's name. The investment
Fincantieri forced to downsize IPO Italian state-owned shipbuilder Fincentieri is scaling back its initial public offering (IPO) of shares by more than a third following a tepid response from investors. Shares on offer in the flotation will now total 450M, down from a planned figure of 704M. In addition, as the share price has been
OW Bunker launches third barge in Singapore OW Bunker, a marine fuel supplier has launched its third barge Marine Noel to expand physical operation in Singapore. The vessel has installed a Coriolis flow meter with the approval of the Maritime and Port Authority of Singapore (MPA) to ensure product quantity. Marine Noel is a modern 4,700dwt
Hong Kong considers new maritime body Hong Kong's Transport and Housing Bureau will study in detail the structure, functions, mode of operations and funding arrangements of a statutory maritime body that has been proposed by a consultant. The bureau is following up on the recommendation provided by a consultative study completed earlier
SHI stock price to depend on 2Q14 earnings Samsung Heavy Industries' stock price would hinge on the South Korean shipbuilder's 2Q14 performance, said an analyst. Samsung Securities' analyst Young-soo Han, who recently visited the shipbuilder, noted that SHI won $3.9Bn in orders over January-May and its end-June figure should not change much.
Five missing near Diaoyu/Senkaku Islands Five fishermen went missing on Friday, after their boat sank in waters near the Diaoyu Islands, said Xinhua news agency. The ship Minxiayu 01003 with 10 crew on board sank in the morning, north of the islands disputed between Japan and China in the East China Sea. Five fishermen were saved by a
Indonesian coal exports to China rebound in May Indonesia shipped more coal to China in May, after the previous month marked a 20-month low in such shipments. Last month, Indonesia exported 6.8M tonnes of coal to China, up 49% from April but down 1.2% from May last year. Year to date, China has imported 32M tonnes of Indonesian coal, putting it
Cargo ship on fire near Gresik, Indonesia Indonesia-flagged Caraka Jaya Niaga III-7 caught fire during repair work while anchored near Buoy 10 off Wilmar Harbour, Gresik, Indonesia, on Thursday. The local police reported that the general cargo ship, carrying timber with 10 metric tonne of diesel oil was anchored at Latitude 07 11S,
Nam Cheong share price poised for growth Singapore-listed Nam Cheong's share price is targeted to hit SGD0.47 or $0.37 per share, according to the UOB Kay Lian analysis. The company share price currently hovers around SGD0.39 cents or $0.31. The analysis report quoted three factors that Nam Cheong thrives at namely, vessels sales at higher
Otto Marine to dispose three AHTSs Singapore-listed Otto Marine has signed a memorandum of agreement to sell three offshore vessels to Go Marine Services for $37.5M. Go Marine, a Malaysian incorporated subsidiary of Otto Marine will purchase the three 6,000 bhp Anchor Handling Tug Supply (AHTS) vessels namely, Go Avior, Go Hawk and
Nigerian shippers demand rail links to ports The Shippers' Association Lagos State (SALS) last week urged the Nigerian government to build rail links from the country's existing ports to its inland container depots and container freight stations. An efficient railway system was essential to decongest the both ports and roads, according the
15 dead in Madagascan river wreck At least 15 passengers died when a small river craft laden with cargo and 35 passengers capsized on the River Tsiribihina on Tuesday. Most of those on board were traders travelling to market. The accident occurred in deep water 65km from Miandrivazo, in the northwest of Madagascar. L'Express de
Deutsche Bank seeks to sell Maher Terminals Deutsche Bank AG is seeking potential buyers for all or part of Maher Terminals after writing down a large percentage of the $2.3 billion the German bank paid to buy the container terminal operator in 2007. The Wall Street Journal reported that Deutsche Bank is considering selling Maher's terminals in the...
China's logistics property developer poised for strong growth The Chinese government has identified logistics as one of the pillar industries to support economic growth, and the phenomenal development in this area can be seen in the annual report of Global Logistics Properties, the mainland's market leader. Eighty percent of GLP's China portfolio is geared toward domestic consumption where e-commerce...
Integrated operations center tied to P3's demise The P3 was a traditional vessel-sharing agreement, albeit a very large one, but for one distinct element that made it unprecedented in the annals of container shipping: its joint operations center. It was this unique element, an entity distinct from the member carriers with its own employees running a combined...
DHL sees air cargo returning from ocean While many air freight carriers have seen their cargo shift to ocean during the long recovery from the Great Recession, one global carrier has experienced the opposite. DHL Express has been adding capacity into its global network in the last two years, both in terms of planes and ground facilities to...
Air freight carriers eagerly await iPhone 6 launch Rumors that the new iPhone 6 will be launched in September have not only consumers eagerly anticipating Apple's latest model smartphone. Millions of the China-made phones will be shipped across the world in freighters and in the belly holds of airlines, providing a welcome spike in revenue and yields for...
A lesson learned from China's rejection of P3 Network Container lines considering launching major highly structured vessel-sharing agreements in Chinese trade lanes would be wise to consider factors other than just market share, said an attorney familiar with Chinese transportation policy. China's surprise rejection of the P3 Network - an ambitious VSA involving Maersk Line, Mediterranean Shipping Co. and CMA...
Volvo to sell surplus rail capacity to Scanlog The Volvo Group today reached an agreement with Scandinavian Logistics Partners AB to sell extra capacity in rail transport from Belgium to Sweden, effective July 1. Volvo's freight train, known as "Train 8," leaves from Umeå via älmhult in Sweden fully loaded with truck components to the group's truck factory in Ghent,...
Union rivalry flares up at AgTC conference SAN FRANCISCO - Criticism of the International Longshore and Warehouse Union by an official of the International Association of Machinists provoked an angry response at the Agriculture Transportation Coalition conference in San Francisco on Friday. The IAM, whose members compete with the ILWU for maintenance and repair work at West Coast...
FMCSA official defends trucking HOS rule, keeps 'doors open' to change NAPLES, Fla. - Truck driver hours of service rules could evolve to become more flexible, but only following concrete safety gains and reduced fatalities on U.S. highways, a federal regulator told trucking and logistics executives at the SMC3 Connections 2014 conference here. "Our doors are open," Larry W. Minor, associate administrator...
Lytle urges quick conclusion to PMA-ILWU negotiations With the deadline for negotiating a West Coast dockworker contract at hand, the executive director of the Port of Oakland urged both sides to reach a successful conclusion for the good of all West Coast ports. "My message to [Pacific Maritime Association President] Jim McKenna and [International Longshore and Warehouse Union...
North Europe's ports face further congestion as alliances hit schedule reliability The major North European ports likely will face further congestion in the coming months as carrier alliances continue to have an impact on the reliability of service schedules, according to Drewry Maritime Research. Rotterdam and Hamburg, Europe's two largest container ports, are currently experiencing "significant" congestion, which was last seen during...
New broker bond: The 75K solution? Q: I've been hearing a lot about the requirement that motor carrier brokers carry a bond for $75,000. Most of the commentary I've encountered has been from the broker industry, and most of it, of course, has been negative. The common idea seems to be that the new requirement is...
'Terrible congestion' at LA-LB With the expiration of the current U.S. West Coast longshore agreement just hours away, truck traffic at the ports of Los Angeles and Long Beach is reportedly slow and congested, making it difficult for many shippers to get containers out of the nation's largest port complex. However it appears the...
Zim restructuring approved by Israel Corp. shareholders Zim VirginiaIsrael Corp. shareholders approved a radical financial restructuring of Zim Integrated Shipping Services over the weekend, paving the way for the group's ocean carrier to buy or lease new ships and form strategic partnerships with other container lines. The debt-for-equity deal is conditional on Israel Corp. reaching agreement with the...
Safe closes on $80m Safe Bulkers has added another $10m in gross proceeds as it completed a share offering on Wall Street.
ECSA seeks scrubber clarity The European Community Shipowners' Association (ECSA) has joined a port authorities group to urge the European Union to clarify rules on exhaust scrubbers.
Liner schedules hit ports Port congestions should continue to grow in northern Europe as alliance-making liner operators' schedule reliability declines, Drewry Maritime Research claims.
Hong Sheng Da scraps one China's Hong Sheng Da Shipmanagement has sold one of its oldest bulkers for demolition, it is claimed.
Navios seeks funds Greek owner Navios Maritime Holdings is planning a share sale to raise cash for vessel acquisitions.
Skangass speaks on spill LNG provider Skangass has explained why LNG was spilt during a cruise ferry bunkering operation last month.
Alpha's $1.4bn deal Greece's Alpha Bank is planning to raise EUR 500m ($683m) by securitising EUR 1bn of shipping loans.
Scorpio boosts buyback Scorpio Tankers has strengthened an already aggressive share buyback initiative.
OPEC's aid for VLs Increased OPEC production could create demand for up to 50 additional VLCCs this year, Jefferies says.
Oldendorff takes over Germany's Egon Oldendorff has strengthened its Middle East operations by teaming up with a government fund and buying its holding in tanker and bulker owner Eships.
Sealion orders in China Gregory Callimanopulos-backed Sealion Shipping has turned to Shanghai Zhenhua Heavy Industries for a new saturation diving support/offshore construction vessel.
Port offers LNG discount Gas-powered ships will see their port fees slashed from next year at Gothenburg in Sweden.
Otto passes Go Singapore's Otto Marine has disposed of its stake in a Malaysian joint venture three days after selling it three anchor-handlers.
Daishin charts price fall A decline in newbuilding prices will last for at least three months, Daishin Securities says.
Fincantieri slashes IPO Italian shipbuilder Fincantieri has reduced its planned IPO by 36% as the state said it would not release any of its stock.
Fire hits cruiseship A Holland America cruiseship has been forced back to port in the US after a boiler fire.
Pac Basin shuffles pack Pacific Basin Shipping has recalled its towage chief Chanakya Kocherla to Hong Kong to take up the post of chief technical officer.
Zim pleads its case Israeli container line Zim has won shareholder approval for its huge debt restructuring, but doubts remain about state permission for the deal, as well as potential shipping alliances and its IPO.
CMES fixes VLCC loan China Merchants Energy Shipping (CMES) has clinched a new $510m loan to part-fund its VLCC expansion.
Top stacks $250m on shelf Evangelos Pistiolis-led Top Ships has laid the groundwork for further equity raises with a $250m shelf registration.
Holland America fire
Tanker fights off attack A Torm products tanker has thwarted a pirate attack in the Gulf of Aden with the help of armed guards.
Otto eyes Malaysia Otto Marine is offloading three of its anchor handlers to its Malaysian subsidiary in a deal worth $37.5m, the company has confirmed.
Fred Olsen lifts Yinson Yinson Holdings has seen first quarter net profit almost double following its takeover of Fred Olsen production last year.
New Unifeeder investor Danica Pension has emerged as a minority shareholder in compatriot short-sea operator Unifeeder.
Shipowners ask EU for clearer rules on emissions filters The European Union has set a Jan. 1 deadline for vessels sailing in the Emission Control Areas of the English Channel, the North Sea and the Baltic Sea to use bunker fuels with a maximum sulfur content of 0.1 percent.
Madagascar back in AGOA, Swaziland out Madagascar was removed from the trade program on Jan. 1, 2010, following a 2009 coup d'état. The country held its first democratic elections since the coup late 2013; the U.S. has begun normalizing relations with Madagascar.
ILWU talks expected to continue past tomorrow's deadline The current contract between the International Longshore and Warehouse Union and employers is due to expire tomorrow, July 1, but nearly all observers are expecting talks to continue.
Zim 'on the verge of a new era' Shareholders of Israel Corp. approved a debt restructuring agreement for Zim, but the company is still trying to negotiate an agreement over the "golden share" the Israeli government maintains in the company.
UPS expands China-Europe rail service
UP triple track to separate Chicago commuter, freight rail
Bahri shareholders approve Vela merger Nearly 100 percent of Bahri shareholders who voted have approved the Saudi national shipping company's merger with Vela International Marine Limited.
'Substantial' discount for LNG-fuelled ships in Gothenburg Swedish port to offer 30% port tariff reduction for LNG-powered vessels.
Prices show soft picture across Europe Quiet market seen in key bunkering hub of Rotterdam.
Fujairah market lacks direction Little movement in Suez.
Gibraltar moves to cut bunker waiting times Port wants to sharpen 'its competitive edge'.
Scrubbers: 'Clarifications are urgently needed' Still confusion about scrubbers, six months before stricter ECA regulations come into force.
Bunker company among business award finalists Cyprus-based outfit praised for 'original thinking'.
ECA rules could boost bunkering prospects in the Azores 'Ships using LNG will have to stop more to refuel,' says port executive director.
Prices slip across Asia Offices in Hong Kong to close for a holiday on Tuesday.
Rolls-Royce to undertake LNG study Study prompted by LNG bunkering related enquiries.
Established player to move into bunkering Jamaican company already present in motor fuel segment.
Firms recognised for hybrid marine propulsion system Fuel savings up to 38%.
SLPA: Hambantota bunker cargo has 'no negative issues' Marine fuel sourced from 'highly respected and leading entities' within industry, SLPA tells Bunkerworld.
OW Bunker adds barge to Singapore fleet Barge has coriolis flow meter installed.
New Monaco-based trader at Dan-Bunkering Charalambopoulos was born and grew up in Athens.
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