Med ports challenge NW EU ports over funding Mediterranean ports body Intermed has responded to a recent claim from German and Benelux ports that new EU transport infrastructure funding will be best concentrated on northern European ports. Intermed, which represents the ports of Genoa, Marseilles and Barcelona, warned, "We should not dwell on
Tonnage sales hit German FD&D The contraction of the German merchant fleet due to distressed sales and insolvencies has taken its toll on German freight, demurrage and defence mutual Schutzverein Deutscher Rheder this year. The market leader recorded a drop in the number of vessels entered by 5% to 1,836 units, the club's
Star Bulk joins 'baby-bond' parade Petros Pappas-led Star Bulk is the latest shipping company to tap the so-called 'baby-bond' market, which targets retail investors. The NASDAQ-listed dry bulk major is selling $50M of senior unsecured notes that will mature in November 2019 and bear an interest rate of 8%. Underwriters have the
GAIL gives more time for chartering 9 LNG ships GAIL (India) Ltd has extended to 4 December the deadline for submission of bids for the charter of nine LNG carriers to help Indian yards find tie-ups to build three of those ships in India. The earlier timeline ended on Thursday (30 October). None of the three Indian yards - Cochin Shipyard, L&T
NOL posts $23M loss for 3Q 2014 Singapore's NOL Group, the parent of APL, has posted a net loss of $23M, reversing a $20M profit for 3Q 2013. "Our unwavering focus on reducing fixed costs continues to show results," said APL president Kenneth Glenn. "Unfortunately, the industry-wide port congestion issues in southern California
Keppel FELS bags $240M contract from BOT Keppel FELS, the Singapore-headquartered offshore marine services provider, has won a contract from BOT Lease Company (BOT) for construction of a KFELS Super B Class jack-up rig worth about $240M. The rig is scheduled for completion at end 2016, and will be provisionally named as Hakuryu 15. Upon
Shipping cuts piracy roots with learning centre A German anti-piracy initiative conceived in 2011 has taken shape in the form of an eLearning centre for children and adolescents in Djibouti. The E-Learning-Zentrum, which can accommodate about 200 students, is situated in Balbala near the port of Djibouti, and offers training in, among other
Trieste targets central Europe The port of Trieste has stepped up contacts with central European shippers, organising port tours for logistics organisations from both Austria and the Czech Republic during October. The Italian port is at the southern end of the proposed Baltic-Adriatic Core Network Corridor and is particularly
China COSCO profits rise in 3Q 2014 China COSCO Holdings recorded profits of CNY1.62Bn ($265.03M) for 3Q 2014, surging 255.8% from the giant loss of CNY1.04Bn in 3Q 2013, its fiscal report stated today (31 October). The company, which is Shanghai listed, is a subsidiary of China Ocean Shipping (Group), From January to September
Profitability splits among Japan's Big Three Japan's Big Three shipping companies - Mitsui OSK Lines (MOL), Nippon Yusen Kaisha (NYK Line) and Kawasaki Kisen Kaisha (K Line) - had diverse earnings results for the first six months of FY2014. K Line, led by CEO Jiro Asakura, saw profits increasing dramatically year on year. For 1H of FY2014,
Australia port privatisation under fire The Australian Competition and Consumer Commission yesterday warned of the risk of price rises arising from port privatisation. In its report on Australian container terminal productivity the ACCC said there was "significant concern that the sales of ports, if not properly managed, could lead to
KLC finalises $218M ship loan Korea Line Corporation (KLC) has secured a combined loan worth KRW230Bn ($215.6M) to build four Capesize bulk carriers from Korea Development Bank and Korea Export-Import Bank. The funds will be used to build one 180,000dwt bulk carrier and three 207,000dwt bulk carriers at South Korean yard Daehan
LNG supply squeeze to last until 2016 Tight supply of LNG is expected to persist until 2016 due to outages in production trains worldwide and high winter demand. Speaking at the Gas Asia conference in Singapore yesterday, IHS Energy Insight director (global gas and LNG) Tony Taylor said, "The supply-demand balance will depend on new
Caution urged on Hyundai Mipo Dockyard stocks Investors should be cautious about Hyundai Mipo Dockyard's stocks as heavy provisioning and impairments in its Vietnam yard caused it to post a KRW456Bn ($427.2M) loss for 3Q14. The result was HMD's worst quarterly result and its eighth straight quarterly loss. For 3Q13, HMD, which builds products
MHI profits up 16% Japanese shipbuilder Mitsubishi Heavy Industries said today that the company's net profit for the first six months of FY2014 was up 16% year on year to JPY38Bn ($342.4M). However, the improvement in earnings was due more to MHI's energy and environment, as well as its machinery, equipment and
Taiwan's 3Q14 GDP grows higher than expected Taiwan's gross domestic product (GDP) recorded a 3.78% year on year increase in 3Q14, beating the 3.62% annual growth projected by the government earlier, said its Directorate General of Budget, Accounting and Statistics (DGBAS) today. The DGBAS said that the GDP growth in 3Q14 reached the highest
FSLTM turns consecutive profit for 3Q14 Singapore-listed business trust First Ship Lease Trust Management (FSLTM) reported its 3Q14 net profit of $0.74M from a loss of $8.9M in the same period a year ago. This is the second consecutive quarter of profit to be generated by the FSLTM and its net cash from operations increased 67.9% year on
COSCO Shipping records $31.4M profits Shanghai-listed COSCO Shipping recorded profits of CNY191.8M ($31.4M) from January to September this year, returning to black after suffering a loss of CNY42.7M year on year, according its fiscal report published today. The company's profits for 3Q14 amounted to CNY180M, up 414.3% from its CNY35M
Restis bids to continue defamation case against UANI New motion resists US government move to kill lawsuit
Company results round-up Today's round up of financial reports from Japan's Big Three, NOL and Exmar
Sceptic shippers unconvinced that container alliances bring benefits Exclusive Containerisation International shipper-sentiment survey finds shippers falling out of love with alliances
Rising demand reignites suezmax spot rates Demand has come alive, ending a slow period for fixtures
Expansion-minded Star Bulk has room for more Oaktree-backed Greek bulk firm could target 'significant fleets' by year-end
Tankers face drop in Russian crude cargoes Sanctions likely to cause Russia's crude production to drop, removing cargoes from tankers working out of the country
November rate increases push Asia-Europe box prices by 88% Observers warn that undercutting will bring new pressure
Port congestion hits NOL's third-quarter result Figures reflect lower rates and bottlenecks at Long Beach and Los Angeles
The Week on Wall Street | October 31 Emanuele Lauro turns a mistake into an act of boldness
Who lowered the flag? Forty years on, no one can agree on what killed off the Red Ensign
Zim maintains Asia-north Europe coverage Customer commitments persuade Israeli carrier to retain an ad hoc service
Ship names - keep it simple says ACL Halifax staffer wins competition to name box-ro-ro newbuildings
More drivers, more dollars for Celadon Trucking More drivers meant more trucks, more freight and more profit in the last quarter for Celadon Trucking. The Indianapolis-based truckload carrier raised its average seated tractor count for the quarter 7.6 percent year-over-year to 3,255 in the first quarter of its fiscal year. That resulted in a 10.5 percent year-over-year increase...
More shippers ask PierPass for fee break amid LA-LB congestion One of the largest U.S. shipper groups is throwing its weight behind an effort to convince PierPass to temporarily waive millions in fees to ease the pain of congestion at the Los Angeles-Long Beach port complex. The National Industrial Transportation League today joined the National Retail Federation in asking PierPass and...
UP appears to be grabbing intermodal share from BNSF Union Pacific Railroad appears to be snagging intermodal market share from its archrival, BNSF Railway. UP grew its intermodal volume 9 percent over the past four weeks, while BNSF saw its traffic rise only 0.2 percent in the same period, according to Association of American of Railroads statistics. During a third-quarter...
'Solid' rates, firm demand put Con-way Freight in higher gear Years of network optimization are paying off for Con-way Freight, the second-largest less-than-truckload carrier. In the third quarter, Con-way's LTL division increased its operating profit 39.4 percent to $71.9 million on a 5.2 percent increase in revenue to $964.3 million. That follows a 51.8 percent increase in profit in the second...
Thieves hit US shippers less frequently but steal more, report finds U.S. shippers are getting their goods pilfered less but when theft does happen, the losses are more severe, according to a recently released FreightWatch International study. From July to September, cargo theft fell 20 percent year-over-year to 194 truckload incidents and 14 last-mile courier incidents, totaling 208 thefts. But the value...
BNSF's Kansas City logistics park gains momentum with new tenant BNSF Railway's relatively new intermodal terminal in the Kansas City area has attracted another shipper and fueled speculative industrial warehouse construction, totaling roughly 1.4 million square feet of new building. NorthPoint Development told the Kansas City Business Journal it has begun construction on a 760,000-square-foot building at Logistic Park Kansas City...
Jacksonville's Asia trade push gains legs The Port of Jacksonville's first dedicated Asian container terminal opened in 2009 - just as U.S. consumer demand plunged because of the global recession. Now the promised Asian container traffic boom is starting to become a reality with volume up 20 percent year-over-year to about 272,500 TEUs in the port's...
Despite congestion, LA, Long Beach gain West Coast market share The ports of Los Angeles and Long Beach gained one percentage point of market share through the third quarter of 2014. Full size chart. Despite nine months that included historic congestion, rumblings of diversions and the lack of a West Coast port contract, the ports of Los Angeles and Long Beach nabbed...
YRC Worldwide profits on higher freight volume and rates The wave of stronger economic activity that produced freight for truckload and less-than-truckload carriers alike in the third quarter lifted tonnage, shipments and revenue at YRC Worldwide, giving the $4.9 billion LTL company a chance to improve profitability. The holding company and its largest subsidiary, YRC Freight, returned to profitability in...
Why fixing port congestion matters As a former commissioner at the Port of Long Beach, I had the opportunity to view the challenges of ensuring efficient operations. Los Angeles-Long Beach is the nation's largest port complex, handling 40 percent of containerized U.S. imports. My eight years as commissioner at a port authority and now as...
Growth in reefer cargoes sparks APMT investment in Pecem Booming refrigerated shipments have given a boost to containerized operations at Brazil's Port of Pecem, which is operated by APM Terminals. APMT, a business unit of Moller Group, is investing 54.5 million reais ($22 million) from now to the end of the year on new ship to shore gantry cranes and...
VLCC spared scrap heap An Overseas Shipholding Group (OSG) VLCC has been spared a trip to the breakers after finding a trading buyer.
Dillon joins Gibson board EA Gibson veteran Liam Dillon has joined the board of the London-headquartered shipbroker.
Judge fast tracks Nobu case A judgement in a case being brought by Monaco-based shipowner Polys L Haji-Ioannou and his companies against Today Makes Tomorrow chairman Nobu Su and his TMT entities will likely be made known by next week.
Su takes aim at Star Bulk Carriers The masterminds behind the merger between Star Bulk Carriers and Greek compatriot Oceanbulk have emerged as the targets of a class action lawsuit led by Nobu Su.
GSI seals double deal Guangzhou Shipyard International is set to complete a near $900m double acquisition.
Clarity on SOx We take a look at what was said in the market over the past week.
More red for Mercator India's Mercator Lines has seen its quarterly loss jump by 15% for the third quarter ending on 30 September.
Miller buys into Paragon US investor Lloyd I. Miller, III has emerged as a major shareholder in Paragon Shipping.
Sinotrans teams with ER A double capesize sale and purchase deal is just the beginning of a new partnership between Sinotrans and ER Schiffahrt, the German owner says.
SALT to trim chartered fleet Scorpio Bulkers expects to cut its exposure to chartered-in vessels as it preps to take delivery of the majority of its order book next year.
MES strong in first half New orders and increased sales have boosted Mitsui Engineering and Shipbuilding (MES)'s performance in the first half.
Vale in VLOC sales talks Vale has raised the prospect of more Valemax sales to Chinese shipowners.
Daiichi reduces loss Daiichi Chuo has cut its first half loss prompting a positive revision in its full year forecast.
Bonheur sees red Norway's Bonheur has seen red ink at the foot of its balance sheet in its third quarter partly due to increased operating expenses.
NOL deepens 2014 red ink Neptune Orient Lines fell back into the red in the third quarter to deepen its running deficit for 2014.
NS United weaker NS United Kaiun Kaisha has seen its first half earnings slip but it remains optimistic for the full year results.
Namura makes more Namura Shipbuilding has pushed up its profit for the first half of the year as revenue marginally grew.
MHI lowers sights Shipbuilder takes down full year forecast despite improved figures at half way.
UK repairer eyes Norway The UK's Cammell Laird has signed a new agency agreement aimed at ramping up the company's profile in Scandinavia.
Efficiencies aid K Line K Line has been able to exceed its interim profit forecasts from the summer and last year's results by a substantial manner.
MOL profit down 45% Mitsui OSK Lines (MOL) has performed the worst out of Japan's top three shipowners, figures released Friday show.
Better than expected NYK has reported an interim profit largely unchanged from a year ago, but much improved on its forecasts made in the summer.
CHO makes weak start CH Offshore has reported a near 25% decline in its first quarter net profit, figures released by the shipowner show.
Asia growth lifts Jaxport The US port of Jacksonville (Jaxport) has reported a 20% year-on-year growth in container volumes from Asia.
Exmar believes in VLGCs Forecasters at DNB Markets may have been rattled by turbulence in the very large gas carrier (VLGC) space but it appears that owners don't share the same fears about the future.
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