Major claim for a lost 18,000 teu boxship will top Costa Concordia Future casualty will rack up cargo losses that we simply cannot quantify, says underwriter
Update: Maersk and Hapag-Lloyd vessels collide in Suez Canal Ships make contact while sailing south through the transport artery
Sovcomflot starts cutting steel for the first Yamal LNG ship Russian tanker giant gets to work despite questions over the gas export project's fate
CMES books four VLCCs for $390m Chinese state carrier's orders mark ambition to become crude carrier giant
MOL Comfort was a 'rare' casualty due to storms and 'problematic' operation Shipbuilder Mitsubishi responds to ClassNK's investigation into split containership
European Shippers' Council hits out at 2M in FMC comments Shipper group warns that the alliance should not be seen as a P3 downgrade
Cosco and China Shipping units land scrapping subsidies China Cosco Holdings secures $228m for fleet renewal under cash-for-clunkers scheme
Carriers' reluctance to reduce capacity will increase pressure on rates New alliances will create further uncertainties, warn analysts
Finalists get jittery as the countdown starts for Lloyd's List Global Awards The pressure mounts for tonight's nominees - but who will walk away with the prizes?
Savannah reports surge in box traffic Double-digit growth for Georgia port as latest expansion project gets go-ahead
Libya fixture lightens a dull aframax spot market Repsol books tanker to deliver crude to Spain
Quartet shareholders approve Pangaea Logistics merger Parent of Phoenix Bulk Carriers and Nordic Bulk Carriers becomes latest Nasdaq-listed shipping outfit
ClassNK reports breakthrough in MOL Comfort probe Update: Japanese class society provides remedies and MLIT to release final report next March
Maersk Line unveils sulphur fee Danish carrier creates a standalone surcharge to improve transparency to customers
Nordic Passat plucks 150 refugees from boat in the Mediterranean Rescue from stricken craft off Sicily highlights people smugglers' switch of tactic
A fight on two fronts Saudi Arabia confronts weak crude prices and mounting pressure at home
JBIC bankrolls Berge handysize push Imbari Shipbuilding is to build two handysize carriers
Ports put proposals to Labour and Conservative conferences Level playing field from Brussels tops UKMPG wish list
Maersk to add anti-pollution surcharge Maersk Line plans to charge shippers an additional fee to recoup the cost of complying with new low-sulphur fuel requirements that begin on 1 January in North Europe and North America. New Emission Control Area (ECA) standards will require vessel operators to lower the maximum allowed content of
Uganda explores billion dollar Eurobond infrastructure sale Uganda's government is considering selling $1Bn of Eurobonds to fund its latest infrastructure development projects, according to its finance minister. In preparation, Maria Kiwanuka said in an interview with Bloomberg TV Africa: "We are looking at the external markets and want to make sure we have
Ninth Damen dredger for Nigeria Damen Shipyards has announced the delivery of a ninth CSD500 dredger to an established client working on a land reclamation scheme at Warri in the Niger delta. Assembly of the dredger presented a challenge since it was built at the side of a swampy river during the rainy season. The assembly team
Refinancing American Shipping seen to add to Ocean Yield firepower A proposed refinancing of American Shipping Company (AMSC) should significantly add to the firepower of Ocean Yield (OCY), shipping analysts at Arctic in Oslo say. An investment unit controlled by Aker, the Norwegian engineering to investment group that is major investor AMSC and Aker Philadelphia
Chinese yards secure more CMES VLCCs Chinese shipyards Shanghai Waigaoqiao Shipbuilding (SWS) and Dalian Shipbuilding Industry Co (DSIC) have both secured orders for a pair of VLCCs from returning compatriot shipowner China Merchants Energy Shipping (CMES) at a total cost of $389.5M. The two 318,000dwt vessels at SWS are eco-designed
Hull fracture caused MOL Comfort sinking A fractured hull girder caused the break-up and sinking of container ship MOL Comfort in June 2013, an investigation has found. Japanese classification society ClassNK, which classed the 8,110teu ship, released its final investigation report today. The MOL Comfort split into two and sank in bad
Pan Ocean puts itself up for sale South Korean bulker operator Pan Ocean has said that it will be on sale from tomorrow. Pan Ocean announced in a Korea Exchange filing on 30 September that the firm would choose a public bidding process to sell itself. The company, once South Korea's biggest bulker operator, went into receivership
HMD benefits most from Chinese restructuring South Korean shipbuilder Hyundai Mipo Dockyard (HMD) will be the largest beneficiary of China's shipbuilding industry restructuring, said KDB Daewoo Securities in a research note. KDB Daewoo Securities analyst, Ki-jong Sung said, "The Chinese government is accelerating the restructuring by forcing
DSME considers shipyard in China South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering said it is now discussing to build a shipyard in Dandong, China, in collaboration with China's Rilin Group. DSME, South Korea's third biggest shipbuilder, said in a Korea Exchange filing that it has been under discussion with Rilin
Newbuilding and secondhand ship global sales down in August Newbuilding and secondhand ship sales worldwide declined year on year in August, a trend that was attributed to bearish freight rates. Statistics compiled by Greek broker Golden Destiny showed that there were 150 newbuilding orders last month, compared to 182 orders in August 2013. Among
EMAS Offshore launches Singapore listing Singapore-headquartered offshore marine contractor, EMAS Offshore has launched its public offering of shares on 29 September following the registration of its prospectus with the Monetary Authority of Singapore. The shares would be listed on the main board of the Singapore Exchange Securities
Jiangsu Eastern Ocean Equipment denied standardised status Jiangsu Eastern Ocean Equipment, a Chinese shipyard based in Jingjiang, Jiangsu province, has been denied admission into the first batch of standardised Chinese shipbuilders. The shipbuilders are those that meet the standardised requirements set by China's Ministry of Industry and Information
RSHI hopes to complete restructuring by June 2015 China Rongsheng HI hopes to complete its potential restructuring with various unidentified local and overseas parties by the end of June 2015. The implementation of the potential restructuring is subject to the confirmation of the parties, a stock filing of RSHI said yesterday. The potential
Alam Maritim extends contracts for $22.9M Malaysia-listed marine services provider, Alam Maritim Resources has received a letter of extension from ExxonMobil Exploration and Production Malaysia, exercising its option to extend existing charter party contracts. The existing contracts are for one unit accommodation barge or vessel and one
VLGC rates slip Freight rates to haul LPG on very large gas carriers slipped last week as market players decided to wait for Saudi ARAMCO's announcement of October contract prices this week. As of 26 September, the Baltic Exchange assessed rates on the benchmark Gulf-Far East route at $101.643/tonne, down from
Ulstein wins design and system order from Van Oord Ulstein, the privately owned Norwegian maritime system supplier, said it has won an order from Van Oord in the Netherlands for the design and equipment contract for a subsea rock installation (SRI) vessel. "Working in close co-operation with Van Oord, this is the first fully integrated design where
Seattle and Tacoma ports responsible for 48,000 local jobs Maritime cargo activity at the ports of Seattle and Tacoma supported 48,100 direct, indirect and induced jobs and $4.1 billion in income and re-spending in the region, according to a study released Tuesday by Martin Associates. The study includes all types of cargo handled by the Pacific Northwest ports. As a...
Zim ship unloads in Long Beach after Oakland protest A Zim Integrated Shipping Services ship forced to abandon its scheduled call at the Port of Oakland over the weekend is now docked at the Port of Long Beach and unloading. According to The Jewish Press, the Zim Shanghai left SSA Terminal at the Port of Oakland on Sunday and steamed...
Middle Eastern feeder line launches India-Iran service The Middle East-based short sea shipping line Admiral Feeders has introduced a direct feeder link between India and Iran. The weekly shuttle service connects the Port of Mundra on India's west coast with Bandar Abbas, Iran's main cargo gateway. The container service was scheduled to begin with the Admiral Venture vessel calling at...
US truck rentals expected to rise with growth in capacity demands PacLease, the equipment leasing arm of truck maker Paccar, is expanding its rental fleet as trucking companies seek cost-efficient ways to match freight demands with capacity. The company has expanded its rental fleet by 20 percent since 2012 and rental demand "is at an all-time high," said Tom Pecyna, PacLease...
Zenith adds new trucks, trailers to fleet Zenith Global Logistics will expand its fleet as the company continues to benefit from a growing demand for home furnishings in the U.S. The North Carolina-based company, a home furnishings supply chain, announced it is adding 12 new trucks and 20 new trailers to its fleet to meet growing demand. U.S. furniture...
Drewry on port congestion: Certain regions at greater risk Container port congestion has been a hot topic this year, with issues including late ship arrivals; strikes, or fears of strikes, and their impact; terminal projects; and adverse weather conditions popping up across the world. While some congestion is caused by short-term issues, certain world regions may be at greater...
Conditions improving at western Canada ports Shippers are getting U.S.-bound cargo more easily through the British Columbia ports of Vancouver and Prince Rupert as the surge in imports avoiding the U.S. West Coast because of labor talks subsides with the conclusion of the ocean peak season. In early September, DP World Vancouver again began accepting U.S.-bound containers...
Alphaliner: Overcapacity could grow worse, eroding rates Carriers operating in the Asia-Europe and trans-Pacific trades could fall victims to their own tactics, as Alphaliner predicts their refusal to trim capacity and the delivery of big ships could cause major spot rate erosion. A massive influx of capacity could push spot rates, which are already in a volatile trend...
Brazilian logistics provider secures funding for launch Modern Logistics S.A. has secured funding that will help the Brazilian logistics services provider launch operations within two months, offering regional warehousing and air and ground distribution. The supply chain company, based in São Paulo, secured up to 75 million Brazilian reais (about US$30.6 million). Modern Logistics, catering to companies with high-value...
With carrier interest in Miami, FECR betting on intermodal future Florida East Coast Railway is preparing for completion of the Port of Miami's harbor-deepening project in the fourth quarter of 2015 by purchasing new equipment and locomotives and offering expedited services to population centers in the Southeast. South Atlantic ports anticipate increased container trade with Asia in early 2016 with the...
China putting $293 million into shipping sector Nearly $300 million in subsidies were given to four Chinese ship lines today, as the Chinese government begins to roll out parts of a six-year plan to update its shipping industry. China Cosco, Cosco Shipping, China Shipping Development Companies and China Shipping Container Lines all received a share of the 1.8...
Con-way Freight plans $60 million LTL driver pay hike This story was updated at 4:44 p.m., Sept. 30, 2015. Con-way Freight today said it will boost truck driver pay by $60 million in 2015, restructuring pay rates for more than 14,000 line-haul and pickup-and-delivery drivers nationwide. The second-largest U.S. less-than-truckload carrier said it will raise pay, align rates with geographic...
Brazil's year-old port law offers little of clarity promised The biggest losers from the new law were terminals operating at the Port of Santos.Facing pressure from powerful shipper groups, Brazilian President Dilma Rousseff in 2011 decided to do something about her country's ailing transportation infrastructure. Specifically, she wanted to improve the port facilities that many major shippers were decrying...
Air freight shippers face disruption as Lufthansa pilots strike European air freight shippers are facing fresh disruption today as a strike by Lufthansa pilots forced the cancellation of 50 long-haul flights to and from Frankfurt, Germany, the German carrier's global cargo hub. The strike, over planned changes to the pilots' early retirement scheme, comes just two days after pilots at...
Maersk unveils low-sulfur surcharges Maersk Line has announced low-sulfur surcharges of up to $160 per 20-foot container on the North Atlantic and lesser amounts on other trade routes to offset the cost of complying with regulations requiring ships to switch to cleaner fuels in 2015. All vessels sailing through so-called Emission Control Areas - the...
Toyota to export SUVs through Savannah Toyota will use the Port of Savannah's Ocean Terminal for exports of several thousand Highlander sport-utility vehicles annually from the automaker's Princeton, Indiana, plant to Australia and New Zealand. Savannah handled 26,375 of the 700,702 units of vehicles that moved through Georgia Port Authority facilities during the fiscal year ended June...
Idle container ship fleet falls to three-year low The idle container ship fleet has shrunk to a three-year low, driven by rising carrier demand for Panamax vessels of 3,000 TEUs to 5,100 TEUs capacity, according to Alphaliner. There were 117 vessels above 500 TEUs, with a combined capacity of 212,000 TEUS, or 1.2 percent of the global cellular fleet,...
Manila adds yard capacity to cope with growth in trade HONG KONG - The Philippines-based International Container Terminal Services, Inc. (ICTSI) will speed up construction of new yard facilities and an inland container depot at its flagship Manila terminal, boosting the yard capacity by more than 20 percent. With sustained and robust growth expected in the country's economy, the Philippine government...
Foreign couriers seek clarity on China ruling to open domestic sector HONG KONG - The world's top integrators are waiting to see how the recent ruling by China's State Council to liberalize domestic package delivery will play out across the multibillion dollar market dominated by a multitude of small low-cost operators. A State Council statement said it had been decided to "fully...
Export alliance expands A leading owner and charterer of bulkers made waves Tuesday after announcing plans to beef up its joint venture with Marubeni.
OSG tipped as M&A target A growing number of market forecasters believe the second and third largest operators of Jones Act tankers may pursue a merger in the months ahead.
Tenaska teams with Waller Waller Marine of the US is moving forward with a campaign to cash in on rising demand for LNG fuel in the Gulf of Mexico.
Thumbs up for Pangaea Pangaea Logistics Solutions has received resounding approval for a $375m deal that will bring the US bulker operator to the Nasdaq stock exchange.
Conoco exports US crude ConocoPhillips has exported the first cargo of Alaskan crude in a decade.
TNK targets TIL Teekay Tankers has launched a campaign aimed at acquiring more shares of affiliate Tanker Investments Ltd (TIL).
Teekay shares on fire Teekay Corp shares were running hot today as a decision to hike its dividend proved a hit with investors.
Pola Maritime wants more The company has just taken delivery of the last of six 37,500-dwt Sea Horse-type vessels from Qingshan Shipyard.
Difficult dredger Dutch shipbuilder Damen has completed the construction of a new dredger despite facing huge difficulties during the assembly process due to severe weather conditions.
Cold cuts South Korean shipbuilder DSME has cut steel on the first of a raft of ice-breaking LNG carrier newbuildings which will serve the Russian Arctic's Yamal LNG project.
Cosco banks scrap cash China Cosco Holdings has received a huge subsidy linked to its fleet renewal efforts.
Gas drives Sloman profit Germany's Sloman Neptun has posted a bigger first-half profit as its LPG carriers increased earnings.
Avance to squash forecasts Danske Bank has tipped VLGC spot specialist Avance Gas to shatter consensus expectations in the third quarter.
Atlantska stretches option Croatian owner Atlantska Plovidba has extended an option for a third ultramax bulker newbuilding in China.
Skangass builds another LNG provider Skangass has secured its second contract to build a new LNG terminal within a month.
The moment of impact An extraordinary video showing the collision between two huge container vessels in the Suez Canal has been released by the Port Said police.
What led to MOL Comfort loss? The MOL Comfort could have broken in half in the Indian Ocean last year because of lateral loads acting on the double bottom structure, according to a final report into the loss and post-panamax containership safety by ClassNK.
Sinotrans taking charter hit Hong Kong's Sinotrans Shipping has warned of a potential loss after a charterer defaulted on a term deal.
Heavyweight backs DHT Norway's Rasmussengruppen, one of the main shareholders in Norden, has thrown its weight behind major VLCC owner DHT Holdings.
Yujin sees red Singapore's Yujin International has seen a red bottom line for the first half of 2014 after selling off its bunker tankers.
Trident adds five Trident Alliance, the recently-launched band of shipowners seeking to ensure the enforcement of sulphur regulations, has welcomed five more members onboard.
Bergen has to pay Norway's Bergen Group has been told to hand over compensation to Poland's Stocznia Gdansk yard after it withheld fees for a delayed ferry hull.
GMS wins contract Offshore shipowner Gulf Marine Services (GMS) has secured a contract for one small-class vessel under construction.
Ostenfeldt joins Nordic Thome Ship Management chief executive Carsten Ostenfeldt has quit to take up an executive position at Nordic Tankers.
Samsung looks overseas Samsung Heavy Industries is eyeing a near $1bn investment to set up its first shipbuilding facility overseas.
GSI sells subsidiary State-owned Chinese shipbuilder Guangzhou Shipyard International (GSI) is hoping to raise at least CNY 413.79m ($67.34m) from the sale of a subsidiary.
Korean ferry grounds All 109 people have been rescued from a South Korean ferry that hit a rock off Hongdo Island on Tuesday.
Nordic eyes duo German shipowner Nordic Hamburg is in talks to buy two cancelled newbuildings in Bangladesh.
Japan backs Berge Bulk Berge Bulk has secured export credit financing for a pair of handysize bulkers ordered at Japan's Imabari Shipbuilding.
Japan LNG imports ease Japan's August imports of LNG fell to their lowest level in four years just released government data shows.
Poulsson joins FSL FSL Trust Management (FSLTM) has recruited Esben Poulsson as it continues to beef up its management expertise.
Jones Act duo mull listings A private equity firm backed by Norwegian shipping mogul Kjell Inge Rokke has abandoned plans to exit the Jones Act product tanker segment.
Teekay shifts gears Teekay Corp has announced plans to overhaul its dividend policy.
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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