Ebola outbreak forces CMA CGM to reorganise West Africa calls Services split to separate affected and disease-free countries
Company results round-up Latest financial reporting shows three up, three down
CMA CGM tightlipped on post-P3 plans as it reports $94m profits Volumes rise, ROIC slips but French line says nothing about future alliances or post 2M strategy
Drawing a line - why pilotage must be exempt from competition Pilots' standards, training, qualifications and experience are critical to safety at ports
GSI reports deeper first-half loss following consolidation with Longxue Restructuring plans continue at CSSC subsidiary
CSSC Holdings more than doubles its first-half profit Shanghai-listed unit rides on offshore shipbuilding operations and vessel deliveries
HSH pledges to continue its bad bank shipping loan disposals Strategy pays off as the world's largest ship finance lender doubles its first-half profits
No respite for falling Asia-Europe box prices Freight rates fall for the fourth consecutive week as lines postpone September rates hike
China Shipping Development returns to half-year profit Shanghai- and Hong Kong-listed tanker and bulker unit benefits from higher freight rates
Sovcomflot goes back to black with a $64m net profit But Frank warns that the market remains challenging
China Cosco plans 45-newbuilding fleet-renewal programme Officials say the investments improve fleet composition and meet client demand
Rickmers' profits plunge 95% Hamburg boxship and heavylift specialist holds out little hope for a respite
Port of Seattle appoints Fick as chief executive Tacoma native takes over as Yoshitani retires
Pirates seize lube cargo in new South China Sea attack off Malaysia Incident is the eighth this year in the region in which gangs have stolen oil
Charles Taylor blames currency effects for flat first-half results But Marock takes a relaxed view of Standard Club's performance
China Rongsheng losses deepen in first half Struggling shipbuilder says it is transforming into an industrial conglomerate for the energy sector
Week on Wall Street | August 29 The weekend starts here... with a firm 'No comment'
US sanctions Nefertiti, Lissome Marine The US Treasury Department has announced new sanctions targeting two shipping companies and six vessels due to their alleged links to Iran. "Nefertiti Shipping is being designated [for sanctions] for its ties to the Islamic Republic of Iran Shipping Lines (IRISL)," said the Treasury Department on 29
US LNG import plunge continues Imports of LNG to the United States are on track for their lowest annual volumes in nearly two decades, according to data from IHS Waterborne. US LNG imports for the period January-August 2014 totalled 1.002M tonnes, IHS Waterborne reported in its new monthly report. This represents a 29% drop
Royal IHC meets demand for quick dredger delivery Royal IHC is to offer a standard trailing suction hopper dredger (TSHD) at 'a competitive price' and with an extremely short delivery time. Standardisation, combined with extremely short delivery times, has proved highly successful for IHC's Beaver cutter suction dredger range, but this is a first
Eco cranes ordered for Brazil Super Terminals in Manaus, Brazil, is buying four cutting-edge eco cranes, worth $8M, from Kalmar of Finland. The E-One2 zero emission rubber-tyred gantry cranes (RTGs) include an all-electric drive that produces no emissions or engine noise and completely replaces conventional hydraulic systems. In
Scorpio box ship order confirmed Monaco-based Scorpio Group has contracted three 19,200teu box ships at Samsung HI for bareboat charter to Mediterranean Shipping Co (MSC). IHS Fairplay Daily Newbuilding News initially reported news about the order on August 14 however details have now come to light regarding numbers of ships
Insight: Development of North Korean port Development of North Korean port as new Northeast Asian transhipment hub faces significant challenges. IHS reports... Key Points On 21 August, a low-level official delegation from Japan visited the port of Rajin in North Korea's Rason special economic zone. The visit is the latest in a series of
Port worker dies in mystery accident A port worker has died after a mystery accident at Port of Tauranga in New Zealand. The 59 year old was airlifted to Waikato Hospital after the accident, but died on 22 August. It was four days later when the incident was first reported. "No one knows what happened," Maritime Union of New Zealand
Australian Admiral jailed for fraud The former deputy chief of the Royal Australian Navy, and more recently CEO of Sydney Ferries, Rear Admiral Geoffrey Smith, has been jailed for at least 18 months for fraud. He pleaded guilty to defrauding Sydney Ferries of more than A$200,000 to fund a lavish lifestyle, The Australian newspaper
Utah Point, Kwinana ports up for sale Two bulk ports on Australia's west coast are up for sale - Utah Point in the ore rich Pilbara and Kwinana south of Fremantle. The asset sales are part of an estimated AUD2Bn ($1.8Bn) in state-revenue raising to reduce debt and regain its triple-A credit rating, the state government announced
South Korean parliament still in Sewol bill stalemate South Korea's ruling Saenuri Party and the main opposition New Politics Alliance for Democracy (NPAD) remain in a stalemate over the passing of a bill related to the capsized ferry Sewol. Since Tuesday, the NPAD has been urging the Saenuri Party to renegotiate the bill, primarily to include
SITC International profits up 9% y/y in 1H14 Hong Kong-listed intra-Asia box carrier SITC International Holdings' profits gained 9% year on year to $56M in 1H14 due to better freight rates and its expanded freight forwarding business. Revenues also rose 11% y/y to $657.6M during the same period on rising shipping volume and growth in its
RSHI losses up 142% y/y in 1H14 Rongsheng Heavy Industries Group Holdings (RSHI), which has been undergoing restructuring, said its losses surged 142% year on year to CNY3.1Bn ($497.7M) in the first half of 2014, due to steep falls in output and orders. Revenues fell 78% y/y to CNY340.6M due to a plunge in shipbuilding revenues.
ASL Marine profit plunges 50% y/y Singapore-based offshore vessel builder ASL Marine's profit for FY2014 dived 50.3% year on year due to a 4QFY14 loss. ASL Marine's profit for the year was SGD22.12M ($17.7M) and it had a SGD3.03M loss for 4QFY14 that reversed a SGD14.41M profit in the same quarter in FY2013. ASL Marine blamed the
China COSCO's losses worsen Shanghai-listed China COSCO stayed in the red for the first half of 2014, recording a loss of CNY2.28Bn ($371M), up almost 130% year on year from the loss of CNY989M, according to its interim fiscal report released today. The company posted revenue of CNY29.94Bn for 1H14, down by 0.9% y/y from
ClassNK, Daihatsu to research engine monitoring Japanese classification society ClassNK will embark on a joint research project together with Daihatsu Diesel. ClassNK will support research that tests the extensibility of condition-based monitoring system and automatic diagnostic system "ClassNK CMAXS LC-A" for auxiliary diesel engines
CSCL returned to black in 1H14 Shanghai-listed China Shipping Container Lines (CSCL) announced today that the company posted profit of CNY460.3M ($75M) for the first six months of 2014, returning to black from a loss of CNY1.27Bn in 1H13. The company made revenue of CNY17.6Bn during the reporting period, increased by 8.1% y/y,
Asia seen importing more LPG from west-of-Suez Asia is expected to import more LPG from the west-of-Suez, more so with terminal expansions in the US Gulf, said IHS Waterborne Energy. IHS Waterborne Energy, which tracks LPG shipments, noted that from June through this month, there have been more than 1.3M tonnes or about 30 VLGC loads, lifted in
Cargo ship arrested in cocaine bust US Coast Guard officials have seized more than 970kg of cocaine worth an estimated $32.4M from a general cargo vessel in the Caribbean Sea. The Coast Guard Cutter Tampa had been on patrol in support of migrant and drug interdiction operations in the Windward Passage, between Cuba and Haiti, when it
Capesize rates pull back Capesize rates have started pulling back after rallying this week. "As we speak now, the last done on the Western Australia-China front was around $8.70/tonne although the Baltic index rated it at $9.009/tonne yesterday. So I expect rates to come down again today," said a Singapore-based broker.
2M scheme filed with US regulator Maersk and MSC have submitted their so-called '2M' vessel-sharing arrangement to the Federal Maritime Commission (FMC) for approval. The request filed with the FMC on 27 August covers routes connecting US and other North American ports with Europe, Asia and Africa, but not cooperative efforts
Industry slump hits Rickmers' earnings Rickmers Group said "strained" markets, currency exchange and weak charter rates contributed to revenue and profit declines in the first half of 2014, and that conditions will remain difficult through the rest of the year. The Hamburg-based company said weak shipping markets affected all three of its divisions - maritime assets,...
Inc. 5000 list includes fast-growing logistics companies The 132 transportation and logistics companies that made the Inc. 500/5000 list of fastest-growing U.S. companies this year prove that size and speed aren't always twinned. Three-quarters of the fastest-growing transportation and logistics companies on the list had less than $100 million in revenue in 2013, and 34 percent had less...
New ro-ro ships conserving fuel, cutting costs NYK Line in May took delivery of the first post-Panamax car carrier built in Japan. Dubbed the Aries Leader, the new pure car carrier not only boasts a capacity of 7,000 vehicle units, but also a wide range of energy-saving technologies not found on other such vessels. The vessel also is...
With diesel prices dropping, carriers cut US intermodal fuel surcharge At least two ocean carriers are cutting intermodal fuel surcharges for dry and refrigerated shipments to and from the United States, effective Oct. 1, as a result of falling diesel prices. Niels Erich, spokesperson for the Transpacific Stabilization Agreement, a discussion agreement representing 15 of the largest carriers in the U.S....
SCFI: US rates climb, European rates fall The spot rate to the U.S. East Coast was $4,344 per 40-foot container this week. Full-size chart While it appears some September 1 general rate increases may have been successful, spot rates in other lanes are poised to drop to new lows. Rates responded poorly to carriers' attempted general rate increases in the...
Bourbon export growth good news for US East Coast ports Growing global demand for bourbon, a solely U.S.-produced liquor, is giving U.S. East Coast ports a sweet, down-home surge in containerized cargo. The value of containerized shipments of the American whiskey rose 6.5 percent year-over-year to $458 million in the January to June period, according to data from the U.S. Department...
ILWU threat to holiday season shipments diminishes Despite the lack of a new West Coast labor contract two months after the expiration of the last agreement, the threat of work stoppages to peak-season merchandise is rapidly receding, according to a retail industry consultant. The reason? Holliday goods have largely made their way through the ports and are...
Ocean carrier rate revision roundup for Aug. 29 Several container lines have planned general rate increases in numerous trade lanes in September and October, although any gains achieved could be fleeting as overcapacity and sluggish global demand continue. Carriers' earnings continue to reflect a trend in which the world's biggest carriers are profitable while much of the rest of...
Cape prices climb Cargill's investment arm has been linked to the acquisition of a capesize bulker controlled by Sinokor Merchant Marine of South Korea.
CMA CGM defies downturn CMA CGM turned in a second-quarter profit Friday despite ongoing turbulence in the containership market.
Marine Stars refloated It has taken ten days for the bulk carrier Marine Stars (built 2006) to be refloated after a successful operation conducted by salvor Vernicos, in Oinousses, a small Greek island.
CSDC returns to profit Growing revenue and reined-in costs proved the key to a better first half result for China Shipping Development Co (CSDC).
Atlantic sees red Norway's Atlantic Offshore has booked a loss for the second three-month period of the year.
Moundreas adds VLCC Greek owner NGM Energy has acquired its second VLCC with the purchase of the 299,000-dwt DS Victory (built 2001) from DS Tankers of Germany.
Devaluation hits Fesco Devaluation of the Russian rouble has seen Far Eastern Shipping (Fesco) book a decline in profit in the first half of 2014, despite growth in container volumes.
Deep pocket barbarians We take a look at what was said in the market over the past week.
GSI sinks deeper Hong Kong-listed Guangzhou Shipyard International (GSI) has logged a first-half loss hot on the heels of its acquisition of Longxue Shipbuilding, despite an increase in revenue.
Trio for Santoku Japan's Santoku Senpaku has increased its domestic orderbook with deals for three new ships.
Vega boxship banned A German boxship has been banned from Australian ports for three months after being detained over crew wages and conditions.
Olympic improves profit Oslo-listed Olympic Shipping has seen its profit grow in the second quarter of 2014 thanks to the operation of two new vessels.
SCF back in black Sovcomflot (SCF Group) has its gas carriers to thank for a return to profit in the first half, as tanker markets struggled.
Radiance raises funds Singapore-listed Pacific Radiance has issued $100m-worth of 4.3% fixed-rate notes for future investments.
Minoan cuts loss Greece-based Minoan Lines has seen less red ink in its first half-bottom line.
VLCC clear-out continues Shipowner John Fredriksen continues to clear out 1990s built VLCCs and has concluded a preliminary deal to sell a 1998 unit for a firm price to a conversion buyer.
Flex loss falls Oslo-listed Flex LNG has cut its first-half loss as it continues to seek charterers for its new LNG ships.
Global turns profit Malaysia's Global Carriers has posted a profitable second quarter result thanks to an investment disposal during its debt restructuring.
Billion-dollar buyback begins Danish shipping and oil giant AP Moller-Maersk is preparing to launch the first phase of a share buy-back that will eventually see up to $1bn of its capital cancelled.
Asian tanker hijacked Armed pirates hijacked a Thai tanker off Malaysia's east coast and pumped out its cargo of oil yesterday, a maritime watchdog said.
Brazilian breakthrough Norway's Havyard has won its first ever contract in Brazil for the design of four anchor-handlers to be built and operated by Grupo CBO.
Torm wins more time Danish tanker owner Torm has bought more time to come up with a new capital structure in a deal with its banks.
ZMPC scores $200m order Shanghai Zhenhua Heavy Industries (ZMPC) has won a valuable order for a big coastal supply ship.
Latvian making progress Latvian Shipping Company (LSC) has reduced its loss in the first half, but wrote down the value of its fleet to reflect oil majors' stricter vetting procedures.
Goldenport cuts the red Goldenport Holdings has eked out a small profit in the second quarter, despite an 18% decline in revenues.
Rongsheng losses mount Rongsheng Heavy Industries, the struggling Chinese shipbuilder, has posted a first half loss of just over CNY 3bn ($498m).
Long Beach back on line The Port of Long Beach resumed full cargo-handling operations on Thursday in the wake of Hurricane Marie.
Globus mints dry fixture Globus Maritime (Globus) of Greece appears to have lined up a time charter for one of its panamax bulkers.
CMA CGM reports uptick in volumes, reduced unit costs CMA CGM said average revenue per TEU decreased by 3.9 percent over the period. However, the company said, "Freight rates remained volatile overall, with the usual high level of volumes at this time of the year."
TIL buys half interest in Buenos Aires terminal
Government releases Malaysia Airlines restructuring plan The restructuring plan also calls for increased government regulatory support of the new Malaysia Airlines, better job training and new leadership. The new airline's business model will also be more regionally focused.
Court dismisses case against NY Waterfront Commission Judge Susan Wigenton wrote in her decision "the eradication of racial and gender-based discrimination is a purpose of the compact" between New York and New Jersey that created the commission in 1953.
GAO says Ex-Im Bank needs better dual-use export controls Ex-Im Bank spells out requirements for products with potential use in either military or commercial applications, in its financing agreements with borrowers. The government seeks to prevent misuse of certain dual-use technologies.
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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