Judge sides with Genco Overrules equity objections
Second resignation hits Intercargo within a month Technical manager jumps ship and is linked with Intertanko
Fredriksen's hand guides Avance Gas tiller Frontline 2012 holds considerable influence over growth strategy
Update: OOCL found guilty of corporate manslaughter over Courtenay Allan death French court imposes $68,000 fine on Hong Kong line after long battle by family for justice
China Shipping Development borrows $164m from parent as fleet expands State carrier eases pressure on cashflows as it adds oil, bulk and tanker capacity
Reeferships quartet makes sweet music in a flat demo market Ramadan and monsoon rains combine with rupee weakness to undermine demand
Indonesia ban vexed supramax owners but has opened opportunities Tonne-mile advantage emerges as China sources minerals from more distant ports
Industry virgin promises revolution at Wilhelmsen Ships Service Former Capgemini 'change guy' wants WSS to act as procurement hub for major operators
Tech tests see engine cat fine problems cut Reducing abrasive residues in marine fuels tackles a major cause of engine damage
LNG carriers must be modified to transit the enlarged Panama Canal Owners may need to remove ships from service to alter their mooring equipment
European ports continue to prepare for LNG future Rotterdam can now offer LNG bunkering to all ships, while Zeebrugge is to benefit from NYK deal
Hanjin Shipping completes its dry bulk and LNG vessel spin-off Private equity firm Hahn injects $99m into H-Line joint venture
Woodward leaves helm at Horizon Lines Company's SEC filing does not give reason for chief executive's departure
No cargo disruption on US west coast as contract expires, shippers assured ILWU and PMA issue a joint statement to confirm that talks continue
GDF Suez, NYK and Mitsubishi plan LNG bunkering businesses Shipowning venture starts with 5,100 cu m supply vessel booked at Hanjin South Korea
Federal Maritime Commission approves CKYHE talks Decision allows five Asian lines to discuss co-operation in the US trades
Avance VLGC merger story may yet surprise us Despite two rebuffs, it is too early to write off the firm's consolidation attempts
June GRIs failed to prevent container spot rate drop The general rate increases (GRI) container lines introduced in the beginning of June failed to take hold. Spot freight rates fell by 7% last month compared with May, while continued oversupply of tonnage caps the upside in rates, according to a senior shipping analyst. "We are approaching the peak
Boskalis-SAAM confirm 100-tug fleet for the Americas A dual joint venture confirmed today between Netherlands-based Boskalis and Chilean-headquartered SAAM will see a fleet of 100 tugs operating in more than 30 port terminals in Brazil, Mexico, Canada, and Panama. Boskalis subsidiary SMIT will provide tugs and the combined companies will operate under
Hyundai Samho piles up the orders Hyundai Samho is piling up the orders with four pure car/truck carriers (PCTCs) from returning compatriot owner Hyundai Glovis, four capesize bulkers for domestic owner Dong-A and four suezmax tankers for Nereus of Greece. The four 7,300 PCTCs are for delivery in November 2016, January, March and
Yuzhny port completes first part of major dredging project The Ukrainian Port of Yuzhny celebrated completion of the first phase of a major dredging campaign by welcoming three Capesize bulkers - the first such vessels loaded to full capacity in the harbour. Now boasting 18.5m navigable draught in both the 3km-long access channel and port area, Yuzhny
US West Coast docker pact expires Negotiations for a new labour contract covering 20,000 dockworkers at 29 US West Coast container ports are ongoing after the existing six-year agreement expired on 1 July. Cargo will continue to move across the docks until a new agreement is hammered out, according to the Pacific Maritime
Lukewarm response to shipbuilder IPOs Investors have given a lukewarm response to two European shipbuilding company flotations. In Oslo, offshore services vessel builder Havyard, which priced its IPO at NOK33.50 ($5.58)/share, closed its first day at NOK33.20 and traded at NOK33.00 on midday of its second day. In its IPO, the company
More time for Norwegian flag rescue plan A working group tasked with finding ways to make the Norwegian International Ship Register (NIS) more attractive by lifting its current trade restrictions has received two more months time to finish its work. The working group, which was set up in March with Professor Jacob Bull as its chairman, had
Gothenburg offers discounts for LNG ships Vessels powered by liquefied natural gas (LNG) will receive a 30% port tariff reduction when they call at the Port of Gothenburg - a discount that will come into effect in 2015 and continue until December 2018. Timed to reflect the new, stricter regulations governing sulphur emissions that come into
JES refutes repayment default allegation Singapore-listed Chinese shipbuilder JES International today refuted allegations that it has defaulted on repayment on maintenance fees relating to a credit facility. JES International, led by CEO Jin Xin, said it received an email notification from the lender's legal counsel alleging it failed to
Dry bulk business spin-off earns Hanjin Shipping $296.3M Hanjin Shipping said today it has secured KRW300Bn ($296.3M) after completing a spin-off of its dry bulk business. The spin-off will see Hanjin Shipping transfer its long-term dry bulk and LNG shipping contracts to a newly created company, H-Line Shipping. Hanjin Shipping and Hahn & Company - a
EMAS AMC heralds new milestone for Chevron Singapore-headquartered subsea services provider, EMAS AMC has achieved the significant milestone of installing 50 platforms for Chevron Corporation (Chevron) in the Gulf of Thailand. EMAS AMC has deployed offshore construction vessel Lewek Champion, a dynamic positioning 2 (DP2) rigid pipe laying
South Korea taxes coal imports South Korea began taxing coal imports yesterday. Coal imports will be taxed $16.20/tonne and $18.10/tonne for below and above 5,000 kilo calories (kc) product respectively. The tax was first announced on 19 November last year. While the tax is not expected to greatly affect South Korea's coal
NYK orders world's first LNG bunkering vessel NYK has ordered the world's first LNG bunkering vessel that is targeted at LNG-fueled vessels. The contract was awarded to South Korean shipbuilder Hanjin HI & Construction. HHIC told IHS Maritime the vessel would be built in its Youngdo yard. The vessel price is undisclosed. The vessel is being
Record breaking low for China coastal bulk freight rate China's bulk freight rates on domestic coastal routes fell to new record lows in late June, due to weak demand for coal shipping in South China. The China Coastal Bulk Freight Index (CBFI), a weekly index tracking the freight rates, closed at 922.2 points on 27 June, a report published by the
Keppel clinches contracts worth $295.2M Singapore-based offshore solution providers, Keppel Offshore & Marine and Keppel Singmarine have secured contracts worth SGD368M or $295.2M. Keppel O&M, a wholly owned subsidiary of Keppel Shipyard, has clinched the contract for the conversion of a floating production storage and offloading (FPSO)
Astomos Energy books another VLGC Japanese LPG trader Astomos Energy has ordered another very large gas carrier. It is the third such order from Astomos Energy since 2013. Astomos Energy said in a statement, written in Japanese, that the 82,200m3 VLGC would be constructed at Kawasaki Heavy Industries. The vessel would be delivered
Government agencies denounced over Sewol disaster The South Korean parliamentary committee convened to investigate the Sewol disaster held a hearing at the country's National Assembly yesterday. The ruling party and opposition parties grilled government agencies such as the Ministry of Oceans and Fisheries regarding poor management of overall
ODFL furthers drayage expansion with two new facilities Old Dominion Freight Line has opened two container drayage facilities in Front Royal, Virginia, and Portland, Oregon, in response to customer demand. The less-than-truckload company, No. 5 in JOC's ranking of the Top 25 LTL Carriers in 2013, now offers its direct container drayage service from 20 ports. Jerry Aaron, director...
Spot rates rise, but Drewry says jump could be temporary Drewry's benchmark spot rate from Hong Kong to Los Angeles jumped for the first time in five weeks. Full-size chart A $200 gain in the spot rate price per 40-foot container in trans-Pacific lanes could be short-lived, Drewry said today. Drewry's benchmark spot rate from Hong Kong to Los Angeles jumped for the...
Slowdown at LA terminal, but unrelated to negotiations Longshoremen are "hard-timing" the TraPac terminal at the Port of Los Angeles, in other words working much slower than normal. But though the action comes just a day after the expiration of the current six-year West Coast longshore contract, the action has nothing to do with the contract negotiations taking...
TPM 2014 Sponsored Video: Kuehne + Nagel William Rooney, Kuehne + Nagel vice president, responds to questions about the current slower growth environment and the NVO ability to provide "something broader than rates" as the trans-Pacific trade evolves....
Wal-Mart latest to tap Indiana as e-commerce hub Basketball, corn and e-commerce? Wal-Mart's recent decision to open a 1.2 million square-foot online retailing fulfillment center outside of Indianapolis suggests the state's motto as the "crossroads of America" is well deserved. The distribution center in Plainfield, set to create up to 300 jobs by 2016, is near CSX Transportation's...
US East Coast ports watch storm for impact on schedules A tropical storm moving up the U.S. East Coast threatens to complicate cargo movement by disrupting vessel schedules at ports already facing a July 4 holiday interruption. How Tropical Storm Arthur will affect vessel schedules is still unclear. Carriers are trying to minimize disruptions to ships dodging the storm, which is...
UPS executive confirms $1 billion Europe expansion Earlier this year UPS the official opening of a $200 million expansion of its European air hub facilities at Cologne/Bonn Airport in Germany.UPS will invest about $1 billion of its $2.5 billion budget for capital expansion over the next three to five years in the European market, new comments from...
Carriers must focus on costs to offset falling rates - Drewry Ocean container carriers must prioritize cost reductions this year to counter lower contract freight rates and volatile spot markets, according to Drewry Maritime Research. There is a widening gap between the positive financial results of the few carriers "really focused" on cutting costs and the rest of the top 20 container...
Downbeat forecast for US exports to South America this year Sluggish growth projected for U.S. containerized exports to South America Full-size chart Southbound shipments to the east coast of South America declined in April year-over-year for the sixth consecutive month, with industrial resins and auto parts leading losses. Increasingly sluggish output growth in this region will impose strict limits on the southbound...
Global air cargo growth accelerates - IATA Global air cargo traffic grew 4.7 percent in May from the previous year, with all regions posting increased volumes as world trade and business confidence recovered from a weak first quarter, the International Air Transport Association said. The improvement on the 3.8 percent year-on-year growth in April was also driven by...
FMC OKs CKYH, Evergreen to cooperate in trans-Pacific, trans-Atlantic WASHINGTON - U.S. Federal Maritime Commissioners yesterday unanimously voted to allow CKYH partners and Evergreen Line to discuss cooperating in the trans-Pacific and trans-Atlantic trades. The discussion agreement allows the carriers to look at launching vessel-sharing agreements on the two major trade lanes while gauging the market and how other carrier...
Novorossiysk container terminal has plans to double capacity A recent arrival at the Black Sea port of Novorossiysk, part of China Shipping Container Line's new deep-sea service from the Far East to Russia.NUTEP, a container terminal at the Black Sea port of Novorossiysk, Russia, has plans to begin construction on a new pier this fall in order to...
London Gateway lands Hapag-Lloyd, MOL service DP World London Gateway has gained its fifth service since opening in November 2013, following Hapag-Lloyd and Mitsui O.S.K. Lines' merger of their Europe-West Africa joint services. In mid-June, Hapag-Lloyd and MOL announced that they were merging their weekly North Europe-to-West Africa loop (WAX/ARN) and their fortnightly Mediterranean-to-West Africa loop (WMX/ARS)...
ILWU, PMA pledge no disruption despite lack of contract Waterfront employers and the International Longshore and Warehouse Union did not reach a contract agreement by 5 p.m. today, as expected, but both sides indicated that there will be no cargo-handling disruption at U.S. West Coast ports while negotiations continue. "While there will be no contract extension, cargo will keep moving...
LA chamber head urges ILWU, PMA to 'lift the veil of secrecy' The president and CEO of the Los Angeles Chamber of Commerce is calling on the International Longshore and Warehouse Union and waterfront employers "to lift the veil of secrecy" on contract negotiations. The ILWU and Pacific Maritime Association's information "blackout" heighten the worries of those in Southern California that depend on...
Carnival's regional flip Carnival's North American brands saw second-quarter operating income cut nearly in half while its brands focused on the rest of the world more than doubled their result.
Ibero ship value dips Carnival Corp has recorded a $22m impairment on the value of its second-oldest cruiseship.
Judge backs Genco Management of Genco Shipping & Trading has prevailed in its battle with shareholders over the valuation of the company and its proposed reward to them.
Strike hits grain ports Labour strife has once again impacted operations at Argentina's key grain export ports.
Cosco backs bulkers China Cosco Holdings Co (CCHC) is guaranteeing another $475m of loans for its bulker arm.
Reuben Brothers continues order spree Geneva-based trader Reuben Brothers has clinched more newbuildings in Asia as part of plans to boost its fleet to 50 bulkers within two years.
Hapag-Lloyd hopeful Hapag-Lloyd is eyeing the end of next year for its long-planned IPO.
ALJ in at Top Ships Los Angeles hedge fund ALJ Capital Management is the second US investor to reveal a substantial holding in Top Ships in under a month.
Three vie for UN Ro-Ro Turkish ferry group UN Ro-Ro has attracted bids from three groups as US private equity fund KKR prepares to sell at a loss.
Siem's Brazilian break Norway's Siem Offshore has won entry into a Brazilian tax incentive scheme for ship contracts.
Yujin cuts loss Slimmed-down Singapore tanker owner Yujin International has posted an improved annual result as it seeks a new investor.
BC in the clear A Canadian union has failed in its bid to prevent BC Ferries ordering a cheaper cable ferry for a crossing from Vancouver Island.
BAM buys Golar slice Chicago hedge fund magnate Dmitry Balyasny has taken a significant holding in John Fredriksen's Golar LNG.
STX fraud probe widens A former senior South Korean tax official has been charged with taking bribes from STX Group.
GOS: no talks India's Global Offshore Services (GOS) has been forced to deny for the third time its controlling Garware family is selling out of the business.
Havila gets another year Oslo-listed Subsea 7 has taken up its option to keep a Havila subsea ship on charter for another year.
Hanjin banks $300m Korea's Hanjin Shipping has raised KRW 300bn ($298m) as it completed the spin-off of its bulkers and LNG carriers.
Vopak lines up sale Dutch tank terminals giant Vopak is looking to offload 15 mainly smaller facilities as it seeks to cut costs.
JES in loan row Chinese shipbuilder JES International has been accused of defaulting on a financing agreement in a row over the value of its shares.
Euronav halfway there Euronav says it has taken delivery of eight of the 15 VLCCs it acquired from Maersk Tankers earlier this year.
Bugbee keeps buying Robert Bugbee has put his hand in his pocket to buy yet more shares of Scorpio Bulkers, it has emerged.
Trio eye LNG bunkering GDF Suez has teamed up with two Japanese companies to develop a global LNG bunkering operation.
Astomos orders at KHI Astomos Energy has ordered a VLGC newbuilding at Kawasaki Heavy Industries, the company has confirmed.
Analyst: Truck pricing continues to rise "We have heard from truckload shippers who, as recently as a couple of weeks ago, were struggling to find capacity for days at any price. This could mean that the spillover effect from TL to LTL may have become more substantial," Cowen and Company noted.
DOT to slow down state highway payments to cover shortfall President Obama, in a speech at the Key Bridge connecting Washington, D.C., and Virginia, said "700,000 jobs could be at risk next year" if states have to scale back road and transit modernization projects because of the funding shortfall.
Calif. congressmen call for crude transport by rail action Democratic Congressmen John Garamendi, Doris Matsui, George Miller, and Mike Thompson also asked for a rulemaking requiring "the most volatile elements from Bakken crude" to be stripped out before rail transport.
Report finds FAA behind the ball for drone integration The FAA Modernization and Reform Act of 2012 outlined 17 goals for UAS integration. The FAA has so far completed nine of those tasks, which include publishing a roadmap for UAS integration and selecting drone test sites.
Baltimore launches next phase of dray truck replacement Earlier this year, the MPA received a $750,000 grant from the U.S. Environmental Protection Agency to extend its dray truck replacement program. The MPA said it will provide up to $30,000 to short-haul operators for scrapping pre-1997 trucks.
Hanjin spins off bulk business
Danieli to move from CEO to chairman of Zim
Old Dominion expands drayage in Virginia, Oregon
Descartes raises nearly $150 million in share sale
IAG boosts Madrid-Bogota frequency
ILWU, PMA say 'cargo will keep moving' Talks continue between the West Coast dockworkers union and its employer representatives, despite passing the 5 p.m. (PST) contract expiration Tuesday. Shippers, meanwhile, are increasingly concerned about the lack of forthcoming details from the PMA and ILWU during the contract negotiations.
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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