StealthGas ponders orders for LPG newbuildings Greece-based owner rules out further equity offerings to fund its next acquisitions
Aframaxes out of the Baltic look set for cold shoulder Earnings to drop on maintenance at Primorsk
Industry viewpoint: Athena case offers clarity over the issue of hire Court of Appeal decision looks at treatment of hire and calculation of time lost when an 'off-hire' event occurs
Anek Lines expects refinancing to boost its 2014 results Crete-based line is one of several Greek ferry lines to post first-half losses
Middle Eastern Promise Terminal operators DP World and Gulftainer aim to become global port leaders
Aronnax: Brokers define eco-ships A vessel's efficiency is becoming a financial factor
VLGC pools are not for us, says BW LPG Oslo firm is more interested in ownership than in 'managing other people's vessels'
Scale matters but smaller box lines can still make money Alphaliner analysis praises Wan Hai for strong financial performance
Shippers enjoy lower contract rates as lines lock in below breakeven Drewry reports a 6% price drop in just four months on the east-west trades
Tasneef to classify Drydocks World's fleet of 11 vessels New Emirates Classification Society assignment underscores extending reach
CSAV boss urges struggling lines to follow Chilean carrier's 2011 example Oscar Hasbún says carriers that cannot fund losses should withdraw from unprofitable trades
Damen slashes repair schedule by 25% Using innovative project planning techniques and highly specialised equipment, Damen Shiprepair Vlissingen (DSV) completed a major upgrade on one of the largest drilling rigs in the North Sea in just 100 days, a month less than projected by the client. Project scope included extending the Rowan
NCL to buy Prestige Cruises Norwegian Cruise Line (NCL) will be transformed into a multi-sector cruise major following the acquisition of Prestige Cruises International. Prestige owns two brands: Oceania Cruises in the upper premium sector and Regent Seven Seas in the luxury sector. NCL - which operates a brand in the
Sri Lanka LPG supplier buys gas carrier Sri Lanka's Laugfs Gas, an LPG supplier that is diversifying into other businesses, announced it plans to buy the 7,046dwt LPG vessel, Gas Puffer, for $6.9M and rename it Gas Challenger. The vessel will be registered under the Sri Lankan flag, it said in a stock exchange filing. The company has set
Shikoku secures Nissen Kaiun bulker pair Japanese shipbuilder Shikoku Dockyard has secured an order for two Handysize bulkers from returning compatriot shipowner Nissen Kaiun. The two 34,500dwt vessels are scheduled for delivery in June 2016 and March 2017 and will have an overall length of 179.8m and beam of 30.4m. The owner has three
Hakodate wins orders for four ships Japanese shipbuilder Hakodate Dock has won orders for two Handysize bulkers from Mumbai based Chowgule Steamships, a handysize bulker from Hamburg based Johann M K Blumenthal, and a Fishery Support Vessel (FSV) from Japan's Fisheries Research Agency. The two 34,000dwt vessels for the Indian owner
Be more understanding, Sewol victims' families urged South Korean lawmakers have urged the families of Sewol victims to understand that not all their demands can be met in formulating the Sewol bill. National Assembly speaker Chung Ui-hwa made this comment during the opening of the assembly's 100-day regular parliamentary session yesterday. The
Crew watch workmate killed at Webb Dock A man was run down on board a ro-ro vessel in Melbourne, Australia on 20 May, despite both crew watching the tragedy unfold and calling out, an investigation has found. Anthony Attard, 42, was working at Toll, Webb Dock, on board the Australian flagged Tasmanian Achiever around 13.45 local time,
MOL pledges donation to curb Ebola Japan's biggest shipping company, Mitsui OSK Lines (MOL) has pledged monetary donation of $10,000 to help the Republic of Liberia to curb the spread of Ebola virus. The donation will be used to procure much needed supplies and medical equipment such as surgical gloves, face masks, soap, chlorine,
HUBline rebounds to profit Malaysia-listed shipping company, HUBline bounced to profits of MYR2.02M ($640,000) for the third quarter of 2014 from a loss of MYR163.17M in the same period last year. The increase in profit is mainly attributed to provisions for impairment of MYR154.2M that was taken up in 3Q13. In addition, the
Wave Shipping launches in Singapore A new ship agency, Wave Shipping, has been established in Singapore, joining the city state's growing maritime ecosystem. Wave Shipping, founded by CEO Lars Rosenkrands, aims to provide solutions to its customers and to introduce new technologies to change the way port agency services are provided.
ClassNK, Nakashima Propeller install world's first CFRP Japan-headquartered ship classification society ClassNK and Japan-based general marine manufacturer Nakashima Propeller has installed the world's first carbon fiber reinforced plastic (CFRP) propeller on the main propulsion system of a merchant vessel. The CFRP propeller was installed on the Taiko
SHI-Samsung Engineering merger a long-term positive The planned merger between Samsung HI, the world's second-biggest shipbuilder, and its affiliated engineering firm Samsung Engineering, has short-term pains but a long-term positive, said Daishin Securities in a research note today. SHI announced yesterday that it would acquire Samsung Engineering
GSI sees red in 1H14 Shanghai-listed Guangzhou Shipyard International (GSI) posted a loss of CNY271.1M ($44.1M) for 1H14, turning to red from profits of CNY55.3M in 1H13, according to its fiscal reports. The company recorded revenue of CNY3.9Bn, up by 47.4% y/y from CNY2.6Bn in 1H13, including the revenue of CSSC
Thailand's exports unlikely to see much growth There is only a "slim chance" that Thai exports will grow 3% this year, Kasikorn Research has reported in a research note. Thailand's outward trade in July fell 0.85% year on year, the Southeast Asian country's fifth monthly contraction this year, Kasikorn noted. The contraction follows a robust
Shin Yang earnings up by 17% Malaysia-listed shipping services provider, Shin Yang Shipping Corporation, reported fourth quarter ended 30 June 2014 revenue up by 17% to MYR280.6M ($88.77M) from MYR239.8M in the same period last year. The company's net profit, however, dropped to MYR2.5M at 30 June 2014 from MYR15.8M at 30 June
VLGC rates pick up on possible tight supply After softening for more than a month, rates to haul LPG on very large gas carriers finally showed an uptick from 29 August. As of yesterday, rates averaged $102.857/tonne, up 85.7 cents from 29 August. At current bunker prices in Fujairah, that works out to about $88,000/day. VLGC owners require
Pakistan the shipbreaking market of the moment Volatile currency movements and steel plate prices in India have enabled Pakistan to offer better prices and thus compete for recycled ships. Cash buyers assess prices in Pakistan at $460/lt ldt for bulkers and $490/lt ldt for tankers, while Indian and Bangladeshi prices are behind by $5/lt ldt and
Asian Star Anchor Chain profits surge in 1H14 Shanghai-listed Asian Star Anchor Chain (ASAC) yesterday posted profit of CNY57.5M ($9.4M) for the first half of 2014, up by 91.2% year on year. The company's revenue amounted to CNY778.8M, an increase of 15.7% y/y and its earnings per share (EPS) doubled from CNY1.07 per share in 1H13 to CNY2.07
Van Oord orders new subsea rock installation vessel To be built by Sinopacific Shipbuilding Group Shanghai at its Ningbo yard in China, Van Oord's new subsea rock installation (SRI) vessel will be delivered in 2016 - the contract price was not revealed. Perhaps best known as one of the world's biggest dredging contractors, Van Oord includes subsea
Rising chemical production fuels Quality Distribution expansion Chemical manufacturers are learning that if they build new U.S. facilities, Quality Distribution will come calling. The second-largest bulk trucking operator by revenue, Quality Distribution and its subsidiaries are in the midst of an expansion driven by increased U.S. chemical production. This week, subsidiary Quality Carriers expanded its chemical hauling business...
Drewry: East-west contract freight rates decline Ocean freight rates for shipments under contract on major east-west routes decreased 6 percent from March through July, allowing shippers to reduce their costs, according to results from Drewry's Benchmarking Club. The decline - which is based on contract freight rate data provided confidentially by Asian, American and European retailers and...
Top 50 container ports: The winners and losers of 2013 The JOC's annual report on the Top 50 World Container Ports highlights the ports with the highest container throughput around the globe. As usual, Asian ports dominate: They hold nine of the 10 top rankings and fill 26 of the 50 slots in the 2013 rankings. But there have been...
Confirming predictions, container traffic at US West Coast ports drops in July Total container traffic at U.S. West Coast ports declined 2 percent in July compared to the same month last year, confirming the predictions that importers and exporters would divert some of their cargo to Canadian and U.S. East Coast ports because of longshore contract negotiations on the West Coast. Imports declined...
Protecting your data Reports of successful incidents of cyber intrusion are seemingly a daily occurrence these days (today's entry: Home Depot). As consumers, we certainly should worry about our private data, but companies should be just as concerned, even if they're not engaged in e-commerce or retailing. In February, the Obama administration released its...
Distribution center growth 'disciplined' around US ports Strong U.S. imports are fueling growth of distribution centers near major U.S. port gateways, but there's no sign that overcapacity is on the way, according to real estate management firm Jones Lang LaSalle. During previous cycles of market growth, rising rents encouraged developers to "let it rip and build on spec,"...
Rotterdam congestion hurts carriers' schedule reliability Although delays are starting to ease at the Port of Rotterdam, schedule reliability to the Dutch port plummeted this summer. Congestion was so bad at three deep-water terminals in Rotterdam this summer that Hapag-Lloyd diverted multiple voyages on one of its Asia-Europe services to Antwerp, while other carriers introduced congestion surcharges. Logistics software...
Trucking telematics firm Omnitracs acquires rival as technologies converge The market for mobile transportation or telematics technology in the U.S. is evolving quickly as a U.S. mandate for electronic recordkeeping by truck drivers draws closer. One of the biggest telematics companies, Omnitracs, is acquiring rival XRS for $178 million. Telematics allows trucking operators to track assets such as trucks, trailers...
SeaIntel: Panama must revamp tolls to stay competitive If the Panama Canal hopes to retain container carrier services from South China and Southeast Asia to the U.S. East Coast and regain those it has lost to the Suez Canal over the last few years, it will have to develop a new pricing structure or lower its tolls after...
Samskip expands European intermodal network Samskip's European intermodal networkSamskip Van Dieren Multimodal today launched rail shuttle services between Duisburg, Germany, and Bettembourg, Luxembourg, creating a new link between Scandinavia and France and Spain and expanding its intermodal service. The Samskip Van Dieren Rail Terminal in Duisburg already handles rail shuttles to and from Scandinavia, but the new...
UPS targets growth in Mexico's middle class and manufacturing UPS is making some major moves to tap growing domestic freight in Mexico, driven by the manufacturing sector and fueled by export demand and a burgeoning middle class. So far this year, the parcel giant has opened a 78,000-square-foot health care facility, added retail centers designed to serve small and medium-sized...
Bunker fuel prices end slide Rotterdam high sulfur bunker prices rose 1 percent last week, and low sulfur bunker fuel followed suit, with a gain of 0.6 percent. Full-size chart After weeks of declining prices for both high and low sulfur bunker fuel, prices rebounded last week. High sulfur bunker prices rose 1 percent last week, and low...
Brazil's terminals want port politics out of presidential campaign Brazilian Association of Port Terminals President Wilen Manteli.The Brazilian Association of Port Terminals has launched a campaign to try and keep politics out of the Brazilian port sector by persuading the three candidates for the forthcoming presidential elections to agree on some "core" issues before they battle with each other...
Port of Gulfport begins long-delayed dredging Dredging to restore the ship channel at the Port of Gulfport, Mississippi, to its authorized 36-foot depth has begun after years of delays. The Mississippi State Port Authority agreed 10 months ago to provide $8 million for the project. The federal government has provided $4 million. The 16-mile channel has silted in...
Global air cargo surges to new July high Global air cargo traffic surged 5.8 percent in July from a year ago and likely will continue to increase in the coming months, driven by accelerating economic growth in key Asian markets, according to the International Air Transport Association. The increase, which is more than double the 2.4 percent year-on-year growth...
Air and ocean freight indicators stick in positive territory The second-quarter recovery that gave air and ocean cargo such a welcome boost looks set to continue its momentum well into the second half as the latest economic and freight indicators show some positive numbers. Driving the optimism is the steady improvement of the U.S. economy, a confident and growing air...
Capital seeks cash Capital Product Partners (CPP) has returned to the capital markets for cash to fund fleet expansion.
PRGN posts loss Greek bulker operator Paragon Shipping turned in a second-quarter deficit Tuesday that was deeper than many forecasters had expected.
Supramax cargoes cometh The US Department of Agriculture's (USDA's) latest forecasts bode well for operators of supramax bulkers, a leading equity analyst told clients Tuesday.
Pareto plugs DSX A leading European investment bank has initiated research coverage of Greek bulker operator Diana Shipping.
Unipec fixes three Unipec has firmed up three VLCC fixtures at rates that suggest daily levels for tonnage trading in the spot market are starting to gain traction.
Coal cull rattles market Bulker operators were reeling this week in the wake of reports that China plans to cut coal imports in the months ahead.
Jasper loses newbuild China's Yiujian Shipyard is to sell off a new floatel after Singapore group Jasper Investments failed to come up with the cash to ensure its delivery.
Evergreen upgrades Taiwan's Evergreen Line has continued its efforts to upgrade intra-Asia services by forming a new partnership with Singapore-based Mariana Express.
Anek losing more Greek ferry group Anek Lines has posted a sharp rise in its second quarter deficit due to reduced traffic volumes.
ITC loses a little more Frontline-owned Independent Tankers Corporation (ITC) has seen its loss widen in the second quarter as revenue fell.
Tasneef wins fleet deal Dubai's Drydocks World has reached an agreement with Emirates' classification society Tasneef for providing maritime surveying services to its fleet.
Share Harvest halted Hong Kong-listed Great Harvest Maeta Group has scrapped a second bond sale because it has enough money already.
Marenave makes less German shipping company Marenave has seen first-half profit eroded by falling revenue.
Boxship rescues refugees Hundreds of refugees were rescued by a Maersk boxship when their fishing boat took on water near Crete.
Tanker reappears A Greek-owned tanker carrying a disputed cargo of Kurdish oil from Iraq has reappeared on satellite tracking systems near Texas.
Titagarh still hopeful India's Titagarh Wagons has begun a small-scale move into shipbuilding as it seeks to revive its big plans for a greenfield yard.
Ro-ro runs aground A German ro-ro was due to be surveyed by divers after it ran aground off Ullensvang, Norway, on Monday.
Laugfs goes for gas Sri Lankan energy company Laugfs Gas is eyeing a move into the shipping sector with the purchase of an LPG carrier.
Maersk Tankers eyes cuts Denmark's Maersk Tankers is readying a new strategy that will cut costs further and introduce new commercial initiatives.
Heroin ship scuttled Kenyan authorities have blown up a general cargoship after finding heroin hidden in its fuel tanks.
CSG goes short again State-giant China Shipping Group (CSG) is raising another CNY 2bn ($325m) through an AAA-rated bond issue.
Van Oord orders in China Van Oord has ordered a subsea rock installation vessel newbuilding at China's Sinopacific Shipbuilding Group.
MS targets CNG exports Morgan Stanley is looking to export compressed natural gas (CNG) from the US, according to papers filed with regulators.
Container carriers not consolidating European port calls "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 number of North European ports called by each service," London-based Drewry said.
Port of Portland plans new terminal for propane Port of Portland officials said Tuesday that Calgary, Alberta-based Pembina Pipeline Corporation has entered into an agreement to develop a rail-served propane export facility. The development is expected to be up and running by 2018.
Air cargo activity rose 5.8% in July Total capacity grew by 2.9 percent, year-over-year, leading to a total load factor of 44.4 percent. So far this year, activity is up by 4.4 percent and capacity has grown by 3.5 percent.
Suttons buys Imperial Tankers Terms of the transaction were not disclosed. Imperial Tankers has a road tanker fleet of more than 200 tractor units and 350 tanker semi-trailers, and delivers a range of hazardous and non-hazardous chemicals.
K+N sharpens emissions calculations on sea freight
Omnitracs buys XRS for $178 million
Quality Carriers adds on Charleston
OIA Global adds Mumbai office
Taiwan law opens door to more export consolidations
Drewry: Container rates fell 6 percent from March to July
Container alliance looks set to win approval 'The chances for 2M to be approved are very good.'
Price movements mixed across Europe Softer trend seen in Rotterdam.
Prices falling in Fujairah Mixed trend in South Africa.
St. Petersburg storage project gets approval Land reclamation secures planning approval.
Singapore: Rock cavern storage officially opened The storage reservoir has been built more than 100 metres below the surface.
Warning issued on contaminated fuels Several recent samples from the US Gulf region were 'externally contaminated' and at least one ship has had problems.
MFM: Installation cost justifiable, says analyst Technology will boost efficiency and improve transparency.
IFO rates soften across key Asian hubs Above-average demand seen across Busan.
Ferry group warns customers of ECA impact Ferry group: 'ECA costs will have to be passed on to customers.'
Wartsila inaugurates JV engine factory in China 'Another significant step towards enhancing our presence in the region,' says firm's CEO.
New calls for reform of India's coastal shipping Bunkering facilities should be upgraded in all the country's ports.
Shipowner adopts new fuel-saving concept Concept involves combining 'ultra-lightweight' propulsion with propeller technology.
Kenyan authorities destroy drugs ship Heroin was hidden in ship's fuel tanks.
South China fuel oil imports fall About 60% of total import volume came from Singapore.
Deal for 200-LNG powered vessels facing payment difficulties First payment of $21.16 million has not been received by Chinese ship design firm.
Chevron enters Turkish marine lubricants market Via tie-up with a local bunker player.
UK shipowner introduces 'next generation' eco ship design Design includes MAN DIESEL engine unit.
Bunker prices lose direction on Labour Day Markets in Canada and the US close for holiday.
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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