Quijano confirms three-month delay to enlarged Panama Canal Waterway pushes back commercial transit start date to the first quarter of 2016
GasLog seeks secondhand tonnage as energy firms divest and small players fold Company braced for LNG consolidation on posting strong annual results
Company results round-up Free to read: Keep up to date during the earnings season with our daily summary of financial reports
Höegh LNG slides into the red Weakening liquefied natural gas shipping market claims another casualty
BW LPG exercise options for two VLGCs Gas shipping company eyes growth in shipping US propane and butane
Golar bearish about short-term LNG shipping prospects Fredriksen gas carrier pulls no punches as its income slides
Eitzen Chemical hits a high as losses shrink Owner expects further improvements in chemtanker market
Scorpio Bulkers nets a new loan for four newbuildings Lauro-led outfit also announces new charter-in agreements
Busan offers discounts to green ships South Korean port adopts Environmental Ship Index as benchmark
See-saw ride for capesizes Rates have come up strongly, but should stay within today's range throughout the week
Eimskip pushes back newbuildings' delivery a second time Icelandic carrier says delay will not affect services as it posts operating profits down 9%
Asia-Europe rates slide again Prices slip by more than $100 week on week
Turkish ship recycler moves closer to European approval ISO certification positions Aliaga to meet Brussels' stricter standards
Tokyo Gas-backed orders signal Japanese rush to buy US LNG MOL and NYK book new tonnage at Japan Marine United
Pile them high As boxships get bigger, owners must rethink the way they stack cargo on board
Maersk Tankers seeks a way out Product segment has promise but can AP Moller-Maersk arm fulfil its potential?
Top five most-read stories Free to read: Friday February 27
Hutchison Port Holdings reports a 4% drop in annual operating profits Higher depreciation costs weigh down on earnings
Oldendorff reveals 68 firm newbuilding orders Dry bulk operator expects up to 80 vessels to join its fleet in the next four years
DFDS benefits from recovery in northern Europe Ferry and ro-ro operator posts a $64m pre-tax operating profit for 2013
Panama Canal work 'to regain normal pace' Canal authority and contractors table a conceptual agreement to finish the third locks
The Week on Wall Street | February 28 Free to read: the first OSG lender legal challenge, Matson Shipping, Diamond S and overordering in the tanker market
CSAV pleads guilty to US price-fixing charge and agrees to pay $8.9m Chilean line is the target for the first charges filed by antitrust agency in shipping probe
CSAV shareholders to vote on Hapag-Lloyd merger Extraordinary shareholders' meeting scheduled for March 21
NSB considers conversions NSB Niederelbe Schiffahrts - one of Germany's biggest charter container shipowners - is plotting a major ship conversion scheme in a bid to escape the slump in period rates for Panamax boxships.
Woodside signs LNG deal with Korea Gas Corp Korea Gas Corp (KOGAS) will buy 2.2M tonnes of LNG from Australia's Woodside over the next three years, Woodside announced today.
Danish Ship Finance impairment losses narrow Danish Ship Finance (DSF), the privately owned Copenhagen-based shipping bank, has reported a sharp narrowing of loan impairment charges and subsequently a significant increase in net profit.
MacGregor buys Deep Water Solutions Finnish onshore, offshore, and maritime load handling equipment maker Cargotec has announced that its MacGregor business unit has bought Deep Water Solutions (DWS) of Kristiansand, Norway, for an undisclosed sum.
Hoegh LNG dives to 2013 loss Hoegh LNG has reported a loss for both the final quarter of 2013 and the full year, and has warned that the sector is likely to face several challenging years because of excess capacity.
Box rates spiralling down Freight rates for container liftings ex Far East continued to drop fast this week ahead ahead of renewed rate restoration attempts by liner operators.1083671.timg
Panama Canal compromise reached A deal has been reached to complete the Panama Canal's third set of locks, although the debut of commercial operations will be delayed until spring 2016.1482282.timg
Speeding caused VLCC to crash into pipeline The Korea Coast Guard has announced that a Singapore-flagged VLCC was going too fast when it came into contact with GS Caltex's three pipelines in Yeosu last month.
STX O&S in further debt-to-equity swap Beleaguered South Korean shipbuilder STX Offshore & Shipbuilding will issue 756.5M new shares to its creditors in a further debt-to-equity swap.
SCFI Asia-Europe Rates Showing 'Rapid Decay' Shanghai Containerized Freight Index, North Europe, week ending Feb. 28, 2014. Full-size image Spot container freight rates from Shanghai to northern European and Mediterranean ports fell about $120 per TEU in the week of Feb. 28, continuing a downward trend that started in the second week of January and marking the lowest...
JOC Truckload Capacity Index Drops to New Low The JOC Truckload Capacity Index dropped to 79.8 in the fourth quarter - its lowest reading yet - as several large truckload fleets continued to reduce their tractor count in late 2013. The index fell after climbing in the previous two quarters from 79.9 to 81.9. The index, based on actual...
CSAV Pleads Guilty to Ro-Ro Price-Fixing Conspiracy CSAV has agreed to plead guilty and pay a criminal fine of $8.9 million for its involvement in a conspiracy to fix prices, allocate customers and rig bids of international shipping services for roll-on, roll-off cargo, to and from the U.S. and elsewhere, according to the U.S. Department of Justice. The...
Panama Canal Locks Delayed Again Under New Contractor Pact The deadline for completing the $5.25 billion Panama Canal's expansion project has been postponed by another three months, to early 2016, under a tentative refinancing agreement between the Panama Canal Authority and the engineering consortium that is building the new locks. The verbal refinancing agreement, which contracting consortium Grupo Unidos por...
Vancouver Unionized Truckers to Hold Strike Vote March 1 Port Metro VancouverUnifor-Vancouver Container Truckers' Association says it will hold a strike vote on March 1 that could result in its members joining hundreds of other truckers who walked off the job at Port Metro Vancouver on Feb. 26. Members of Unifor-VCTA, which is British Columbia's largest union representing container truckers,...
Storms Drive US Spot Truckload Rates Higher U.S. spot market truckload rates remain unseasonably high, propped up by a combination of higher demand and supply chain disruptions caused by continuing severe winter weather in parts of the country. The DAT average national dry van spot market rate rose to a new peak of $1.98 per mile in...
Airports Boosting Investment in the Cold Chain On a recent day in mid-December, two 747 freighters flew into MidAmerica St. Louis Airport loaded with 250,000 pounds of Chilean blueberries. Just days later, another 160,000 pounds of the fruit landed at the airport. For MidAmerica, which has ambitions of becoming an air cargo hub for perishables, it was the...
Ocean Carrier Rate Revision Roundup for Feb. 28 Multiple container lines hope to increase rates in a variety of trade lanes from March through June, although any hikes achieved could be fleeting, as overcapacity continues to negatively impact carriers' control of pricing. JOC's TPM 2014 conference, which kicks off on March 2, will feature discussions of volatility in the...
New Rail Services Give Perishables Shippers Options New and expanding refrigerated rail services are delivering new options for smaller food shippers who soon could be left out in the cold by western railroads as thousands of 50-year-old mechanical boxcars are retired in the coming years. "Over the next decade or so, there is a real wall coming up...
With ILWU Talks About to Heat Up, Shippers Weigh Options Li & Fung Logistics isn't waiting for the worst-case scenario. The logistics division of Hong Kong-based sourcing giant Li & Fung - and other cargo owners like it who ship through the U.S. West Coast - will be watching closely over the next four months as the International Longshore and...
Q&A: By Whom the Bill Is Paid Q: I hope you can provide me with some guidance on this. A carrier has these rules. They do not recognize Section 7 on any bill of lading as stated in the rules tariff. I have encountered situations described in B and C quite a few times, but A not so...
Nehru Port OKs PSA's Bid for Fourth Container Terminal Global port-terminal operator PSA International has been selected to build and operate the long-delayed fourth container terminal at Jawaharlal Nehru Port, India's largest container hub, through a public-private partnership development scheme. "The board of trustees at a meeting on Feb. 26 approved PSA's bid and agreed to issue a formal letter...
Massive Container Terminal Considered for Malaysia's Port Klang A planned new container facility at Port Klang will offer 30 million TEUs of extra capacity, according to government ministers. A new port of such size would significantly up the competitive ante against rival operators at Tanjung Pelepas, Maersk's South East Asia hub, and PSA's vast terminal complex at Singapore, as...
Golar seeks refinancing Golar LNG Partners said it is in talks to refinance an $84.5m loan backed by an eight-year-old LNG carrier.
Golar beats estimates Golar LNG has reported a group-wide decline in operating income, although both of its New York-listed companies beat analyst expectations.
Rescue called off The US Coast Guard has called off the search for a missing solo mariner after a tanker and pure car carrier diverted to help the rescue efforts.
Olympic fixes newbuilds Olympic Shipping has picked up contracts for a pair of subsea support newbuildings.
FRNT's cape IPO carrot Frontline 2012's long anticipated initial public offering (IPO) for its capesize fleet has added another carrot for investors in John Fredriksen's flagship company, analysts say.
Arison to pocket $400m Micky Arison stands to pocket around $400m from the sale of slice of cruiseship owner Carnival Corporation.
Klaveness profit triples Torvald Klaveness tripled its earnings in 2013 as it cut operating costs despite a bigger fleet.
FSL gets breathing room First Ship Lease (FSL) has reached a agreement with lenders to relax loan covenants until the end of the year.
Crews win pay rise Shipping companies and the ITF union have agreed a pay hike for crews worth 4.95% by 2016.
Flex pressing ahead Flex LNG is biding its time on a potential merger or asset sales as it focuses on finding finance and charters for its Samsung newbuildings.
SALT bulks up Scorpio Bulkers has moved quickly to add to its fleet of chartered in vessels and tied up financing for four newbuildings under construction.
Ardmore ups the ante Ardmore Shipping has increased its proposed share sale as it revealed it is on the hunt for resales and modern second-hand products tankers.
Diamond Geezer TradeWinds digests the digits making the headlines this week.
Suitcase financing We take a look at what was said in the market over the past week.
Eitzen Chem keen to buy Norway's Eitzen Chemical is still trying to find new cash streams to built its business, but recent debt sales have "created a new dynamic" in the process, it said.
GasLog in strong finish GasLog has reported a strong set of fourth quarter results which came in clear of Wall Street forecasts.
Tallink raises its sights Baltic ro-pax group Tallink has seen annual earnings fall, but an improved fourth quarter result has left it positive for 2014.
Wisdom adds two more Taiwan's Wisdom Marine has increased its big orderbook in Japan with two more 81,700-dwt bulkers.
DFDS launches buy-back Danish shipowner DFDS is rewarding investors through a buy-back scheme worth DKK 200m ($40.67m).
DFDS does better Danish ro-ro owner DFDS is still looking to make acquisitions after posting better profit for 2013.
Subsea 7 in $75m win Norway's Subsea 7 has won a $75m subsea contract with oil heavyweight ExxonMobil in Canada.
Sales hurt NOCC Norwegian Car Carriers (NOCC) fell to a deeper loss in the final quarter after scrapping two vessels.
PB to slow record growth Pacific Basin Shipping plans to slow down its record expansion pace in the face of rising asset prices and the filing up of shipyard slots in Japan.
CSAV slashes loss A tax gain has helped Chilean container line CSAV cut a large chunk from its annual loss.
Latvian loses less Products tanker owner Latvian Shipping Co (LSC) has cut its annual loss after a profitable second half.
JMU seals LNG double Shipbuilder Japan Marine United Corp (JMU) has secured orders for two LNG carrier newbuildings from domestic shipowners.
Hoegh LNG misses mark Hoegh LNG sank deeper into the red than predicted in the fourth quarter.
CSAV admits price-fixing Chile's CSAV has pleaded guilty to price-fixing in the US.
Top-up for CSCL Chinese container line CSCL has lined up a new loan worth $57m with Pingan Bank.
Jinhui slams private equity Jinhui Shipping & Transportation is the latest shipowner to argue that private equity is harming the recovery in the dry bulk sector.
Seaspan wins BC order Canada's BC Ferries is ordering a new cable ferry at Vancouver's Seaspan yard.
Jinhui slips to a loss Jinhui Shipping & Transportation has ended the year on a downer with a loss in the fourth quarter due to vessel write-downs.
Alam Maritime suffers Malaysia's Alam Maritim Resources has reported a near five-fold drop in FY 2013 fourth quarter profits.
Oldendorff comes clean Oldendorff has revealed comprehensive details of its huge newbuild programme which spans yards in China, Japan and South Korea.
Breakthrough reached on Panama Canal contract impass The Panama Canal Authority and the international consortium building the new locks for an expanded Canal announced Friday that they had reached a tentative agreement on a framework for completing the project.
COSCO to raise cargo rates by $1,000 in 11 weeks COSCO announced sharp rate increases for all cargo from the Far East to Red Sea and Persian Gulf trade over 11 weeks, adding a total of $2,000 to existing rates across two lanes.
Oregon's governor orders study at Port of Portland
Cargo weighs down IAG in 2013 IAG Cargo, the amalgamation of the cargo divisions at British Airways and Iberia, experienced a 7-percent drop in volume between 2012 and 2013, seeing activity decline to 5,653 million cargo-ton kilometers last year.
Kalitta Air helps launch NY-Amsterdam service
Weekly GRI Roundup
Jaenichen says marine highway program should expand focus DOT should explore expanding the Marine Highway concept beyond barge services for containers to other kinds of cargo normally carried by truck or rail, Acting Maritime Administrator Paul Jaenichen said.
CSAV shareholders to vote on Hapag-Lloyd merger
Japan 24-hour rule set to begin The Advance Filing Rule is similar to the U.S. 24-hour rule in timing, but requires more detailed information about the cargo itself and the parties involved in the transaction.
Fuel prices fall in the Americas Tight low sulphur avails reported in the US Gulf and along the US East Coast.
Weekly Global Market Report A weekly price roundup from bunkering hubs around the world.
DFDS may shut down 'unprofitable' routes due to high fuel costs Large-scale analysis of route network underway in light of upcoming 'costly' eco regulations.
Groups to sign preliminary deal to end Panama Canal dispute ACP and GUPC to give $100 million each for 'immediate cash flow needs' to fully resume expansion work.
DNV GL and Singapore join forces on research Areas to be addressed include LNG risk assessment, energy saving and emission reduction technology.
Lack of price direction as week ends Bunker prices were soft in Istanbul.
Prices soft in Fujairah Bunker prices climb in Suez.
Box shipping company to dump fuel-guzzling ships Capacity to be replaced with more fuel-efficient tonnage.
Singapore fuel oil stocks fall But February average unchanged from January.
Hong Kong bunker player shrugs off share price fluctuations Share value dipped 20% on Monday.
Asian prices soften to end week Good avails reported across key trading hubs.
Opportunity for bonded bunkering at Georgia No bunker tanker supply available since early last year.
Titan delays 2013 annual results Extra time needed to finalise results as two directors left the board, group says.
Sinopec sale to include Hong Kong marine fuels business Firm plans to sell up to 30% of its retail oil business to private investors.
Reports: Greek port planning LNG bunkering facility Qatari company linked to development.
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