Almost $3bn invested in new LPG ships this year The LNG bubble has burst - now can the LPG sector escape the same fate?
Shippers and forwarders: we want to hear from you Containerisation International's annual shipper survey now live
DS Victory sale for $33.6m highlights firm secondhand VLCC prices Robust charter market boosts vessel values for the largest crude tankers
NordLB books a $136m first-half loss on shipping Industry crisis will last 'some time yet', warns Hamburg-based bank
Oil siphoning piracy increasingly looks like an inside job Leaked knowledge of a ship's cargo and route allows attacks to be made just outside of jurisdiction
Congestion impacts ocean-carrier reliability Global on-time performance falls for first time since February
Maritime training centre opens in Angola Angolan public sector energy company Sonangol and Sweden's Stena Group have opened Centro De Formação Maritima De Angola (CFMA), which they describe as Africa's most modern maritime campus. The maritime faculty of City of Glasgow College will manage from the outset the facility, which "will be an
Ecoships launches next-gen bulker design Ecoships today introduced a new bulk carrier design "to set the standard in ecologically compatible marine transportation". The technical ship management arm of Newport Shipping Group said the design is "inspired by the low friction to water flow and self-cleaning properties of the lotus flower - a
Tsuneishi Zhoushan wins 'Tess 58' duo China's Tsuneishi Zhoushan has won an order for two Tess 58-type bulkers from Pacific Basin Shipping of Hong Kong. Delivery of the two 58,000dwt vessels, for which the shipbuilder has allocated yard numbers SS-190 and SS-191, is scheduled for June and September 2016. Under an order for four similar
Taizhou Sanfu bags Nova tanker options Chinese shipbuilder Taizhou Sanfu Ship Engineering has secured an order for the first of two pairs of chemical tanker options from Singaporean owner Nova Shipping & Logistics. The two 34,500dwt vessels will have an overall length of 180m, beam of 30m, and depth of 15.4m. They are scheduled for
CMA CGM raises revenues and lowers costs CMA CGM has announced second-quarter revenues of $4.2Bn, up 3.7% year on year, with core EBIT climbing 18.4% to $204M and volumes up 8% to 3.1M teu. While average revenue per teu slipped by 3.9%, the company "maintains its commitment to operational efficiency, thereby reducing costs per teu by
Gulfport finally to be dredged After a long wait and the expenditure of $8M of its own funds, Gulfport will see federal dredging start tomorrow on its access channel, bringing it back to the authorised depth of 36ft (10.97m) from the present 33ft. The container, bulk, and break-bulk port on the Gulf of Mexico had its channel last
SHI to take over Samsung engineering Samsung Heavy Industries (SHI), the world's second-biggest shipbuilder, said today it would acquire Samsung Engineering in a KRW2.5Trn ($2.5Bn) deal. In a Korea Exchange filing, SHI said the merger would provide "a foundation to ensure top-notch competitiveness in the key market for offshore
Ukraine patrol vessels attacked The Ukrainian/Russian crisis has spread to the sea after two Ukrainian maritime security vessels were fired at on Sunday. An official statement today from the State Border Guard Service of Ukraine said "shelling from artillery" occurred in the Azov Sea within the Luhansk and Donetsk regions and
Sewol captain: Lax checks 'habitual' The captain in charge of the Sewol ferry when it capsized has told a South Korean court that standard procedure did not include thorough checks of the vessel before setting sail. The Sewol, owned by Chonghaejin Marine, capsized during a routine Incheon-Jeju trip on 16 April, leaving 304 of 476
Barakah Offshore earnings rocket 129% Barakah Offshore Petroleum's second-quarter earnings leapt by 129% to MYR12.3M ($3.9M). The Malaysian offshore services provider's profit surged with the completion of topside installation work as well as the start of new transportation and installation contracts during the quarter. Over the first
Banned ship held in New Zealand The container ship Vega Auriga, which was banned from Australian ports for three months last week, is now being held in New Zealand. Maritime NZ (MNZ) inspected the 966teu ship when it arrived in the port of Tauranga, finding 14 deficiencies, of which 11 must be rectified before the vessel can set
Tanjung Offshore to offload subsidiary Tanjung Offshore is to sell its entire stake in its subsidiary Tanjung Maintenance Services (TMS) to Zulkifli Bin Ahmad and Syed Elyas Bin Syed Abdullah. The deal is a management buy-out by Zulkifli and Syed Elyas, who will pay MYR9M ($2.84M) to the Malaysia-listed offshore oilfield service
Xiamen logistics chamber fights EIR fee The Chamber of Xiamen Logistics Industry today issued a letter to Xiamen Port Authority attacking Mediterranean Shipping Company's (MSC's) new EIR (Equipment Interchange Receipt) fee. MSC announced earlier that all shipments from Shenzhen will incur an EIR fee of CNY30 ($4.90) for each voucher from
Zhongchang Marine trims first-half loss Shanghai-listed Zhongchang Marine was in the red by CNY52.3M ($8.5M) for 1H14, a slightly narrower shortfall than its CNY54.2M loss in the same period last year. But the company's first-half revenue of CNY122M was down 28.97% year-on-year, while its earnings per share (EPS) continued their descent.
Nanjing Tanker narrows losses in 1H14 Beleaguered Nanjing Tanker's losses narrowed 4% year on year to CNY700M ($114M) in 1H14 as VLCC rates rebounded. But first-half revenues dropped 20% year on year to CNY2.9Bn due to idled VLCC and MR tankers, according to a financial statement from the firm. As of the end of June, the company
CSDC returns to black in the first half China Shipping Development (CSDC) was back in profit in 1H14 with earnings of CNY42.6M ($6.9M), buoyed by improved oil and dry bulk shipping rates and its lower operating costs. Revenues for the bulk shipping arm of China Shipping Group climbed by 20% year on year to CNY6.3Bn on higher rates than a
SapuraKencana finds more gas at SK408 SapuraKencana Petroleum has made another gas discovery from Bakong-1, the fifth and final well in its 2014 drilling campaign within the SK408 Production Sharing Contract (PSC) area, offshore Malaysia. SapuraKencana Energy Sarawak (SKE), a wholly owned subsidiary of the Malaysia-listed offshore
Thai tanker robbed of lube oil cargo Pirates have stolen a cargo of oil from a tanker off Malaysia in this year's eighth such incident in Southeast Asia waters. At about 2040 local time on 28 August, Thailand-flagged 1,569dwt products tanker V.L. 14 was hijacked about 30nm north of Pulau Tioman. Six pirates armed with guns boarded the
Chennai port clears outer harbour plan The board of trustees of India's Chennai port on Thursday cleared a scheme valued at more than $1Bn for privately funded development of an outer harbour. "The outer harbour will have six berths to handle containers, cars, liquid and other dry bulk," said port chairman Atulya Misra. The project was
Hapag-Lloyd hits Africa shippers with Ebola inspection fee Hapag-Lloyd will begin charging an Ebola inspection fee on all shipments to and from West Africa from Sept. 21 as mandatory health checks on ships are expected to cause lengthy delays. Cargo shipments to Senegal, Ivory Coast, Ghana, Togo, Benin and Nigeria will be charged $250 per 20-foot container and $350...
Euro mega hub yet to emerge as big ships maintain port rotations The surging number of ultra large container ships has failed to create a European mega-hub with ocean carriers still operating multi-port rotations, according to Drewry Maritime Research. "Despite containerships doubling in size in the past 10 years on the Far East-North Europe route, there has not been a reduction in the...
Low rates and rouble hit Fesco revenue, earnings Fesco Transportation Group's revenue and earnings declined in the first half as a weaker rouble and lower ocean freight rates offset higher container volumes. Russia's largest liner shipping group saw revenue shrink eight percent to $513.1 million from $557.6 million in the first six months of 2013. The Moscow-based company, which is...
Publicly owned truckers strengthen as fall peak approaches ABF Freight saw the biggest increase in profitability on the LTL side in the second quarter, 314.5 percent.A review of publicly owned trucking company earnings in the second quarter shows the strength of freight demand building up as the U.S. economy expanded, supporting growing expectations of a busier than typical...
Maersk slaps Sohar with port congestion surcharge Maersk Line has levied a congestion surcharge on all North American cargo discharged at the port of Sohar in Oman from Oct. 1 as the relocation of all commercial traffic from Muscat to Sohar leads to berthing delays. "Due to heavy congestion in Sohar, Maersk Line will be implementing a port...
Manila port is not your warehouse, PPA tells shippers Get your customs-cleared cargo out of Manila terminals by Sept. 8 or we will do it for you, is the blunt message from the Philippine Ports Authority (PPA) that has dismayed business groups in the country. Any unclaimed cargo in the port that has already been cleared by customs will be...
India to pilot DHL's Asia-Pacific e-commerce campaign Deutsche Post DHL will use India to pilot the development of its e-commerce business model for the Asia-Pacific region via subsidiary Blue Dart Express. The group's new business unit, DHLeCommerce, will invest in infrastructure and the development of fulfilment centers, multiple delivery and payment options as it aims to become a...
Last quarter push lifts regional carrier PDZ Small Malaysian container line and regional feeder operator PDZ released its full-year results, and once again the destructive impact of weak freight rates was evident in a carrier's financials despite the line posting a pre-tax profit. PDZ only has six vessels that work the Southeast Asia trade, covering East and West Malaysia,...
Zim heads off on new path dogged by weak rates Zim Integrated Shipping Services entered the final stages of a debt restructuring programme after posting a mixed set of first quarter results where the carrier managed to reduce the size of its loss despite falling revenue. Downward pressure on freight rates saw revenue drop by 10 percent to $875 million in...
Cosco orders 14,000-TEU ships in fleet renewal plan Cosco Container Lines (Cosco) is placing an order for five 14,000-TEU vessels as it continues with an aggressive tonnage scrapping programme to revitalise both its fleet and its flagging profits. Board members of the liner shipping division of China Cosco Holdings passed the resolution after the carrier posted a disappointing first...
Sical sells stake in MOL India auto joint venture Sical Logistics Ltd., India's leading multi-modal logistics provider, is selling its 40.92 percent stake in Ennore Automotive Logistics, an automobile port yard joint venture with Japanese shipping group Mitsui O.S.K. Lines. "The board has approved the proposal to divest the company's entire shareholding in the joint venture unit," Sical said in...
Island profit stable Norway's Island Offshore has kept its profit stable for the second quarter as revenue grew.
HCI Hammonia loss jumps Germany's HCI Hammonia has recorded a sharp rise in its first-half deficit due to a fleet write-down.
Prudence for IHC Dutch yard Royal IHC has announced plans to build a specialised vessel due to the increasing global demand for trailing suction hopper dredgers (TSHD).
Shin Yang makes less Malaysia's Shin Yang Shipping has seen its profit for the fourth quarter of the year slip despite increased revenue.
Rickmers scrapes into black Germany's Rickmers Group has revealed a small profit for the first half of 2014 as revenue shrank.
NEL sees red again Greece's Maritime Company of Lesvos (NEL Lines) has posted a wider loss and decreased revenue for the first half of 2014, while in the middle of debt restructuring.
Premuda loss widens Italian tanker and bulker group Premuda has posted a bigger loss in the first half as revenue declined.
Small drop for Bumi Increased revenue was not enough to prevent Bumi Armada's profit from marginally falling in the second quarter of the year.
Havyard profit slips Increased operating expenses have resulted in smaller profit for Norway's Havyard in the second quarter of 2014.
NOCC offloads duo Norwegian Car Carriers (NOCC) has revealed it has sold another two veteran vessels as it slid to a loss in the second quarter.
GE plans to invest India's Great Eastern (GE) Shipping has revealed plans to invest up to $380m for the acquisition of six vessels and one rig by March 2017.
NCL eyes $3bn move for Prestige Malaysian-owned Norwegian Cruise Line (NCL) has been linked with a $3bn move to acquire US operator Prestige Cruises.
CSSC profit jumps State shipbuilder China CSSC has reported a steep improvement in earnings in the first half.
Russia seizes Zaliv Zaliv Shipyard in Crimea has been taken over by Russian interests following the annexing of the former Ukrainian region earlier this year.
Three dead in blast Three shipyard workers have died in Indonesia after welding triggered an explosion on a ship.
Cash boost for Rongsheng China's troubled Rongsheng Heavy Industries is to recover most of the CNY 630m ($102.6m) it paid as a deposit in the aborted takeover of an engine maker.
Samsung in $2.5bn merger Korea's Samsung Heavy Industries is taking over Samsung Engineering in a KRW $2.5 trillion ($2.5bn) deal as the group continues to restructure.
HUBLine inches into profit HUBLine has reversed losses of a year ago to move into profit in the third thanks to a lack of write-downs.
PDZ back in the black PDZ Holdings continues on the road to recovery with a second consecutive profitable quarter, latest figures show.
CSAV sinks to loss Compania Sudamericana de Vapores (CSAV) made a second quarter loss of $58.5m, in figures released late Friday.
Maritime dents NordLB Norddeutsche Landesbank's (NordLB) shipping arm has seen a further deterioration in its financial performance.
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