TOP Ships boosts board with two new directors Haukenes and Javarone join five existing members
Dorian LPG living the American dream US exports boost ambitious owner
DryShips reaches cancellation deal for Rongsheng panamaxes Slashing of quartet was expected but sooner than predicted
Moore Stephens welcomes tonnage tax ratings training changes Scheme will encourage greater flexibility, says Sue Bill
LR veteran Stamatellos to head up Greece and East Mediterranean Class man Apostolos Poulovassilis departs after 24 years for a senior job at Eletson
VLCC forward contracts trading at $30,000 per day Faith in winter earnings rise as the present fails to inspire
Global container ports could handle 840m teu a year by 2018 Faster traffic growth and strong profits attract aggressive market entrants, says Drewry
Bureau Veritas buys offshore specialist loss adjuster MatthewsDaniel goes to French classification society for undisclosed consideration
Capital Product launches new fundraiser Proceeds will go towards purchase of five vessels and buying back units from sponsor
Tokyo plans final report on MOL Comfort based on ClassNK findings Ministry will hold new committee meetings to promote boxship safety
Fans of box derivatives welcome Skou's comments Proponents of hedging tools see Maersk boss' lack of interest as a step forward
Lest we forget Today's Merchant Navy Day honours past courage, but also reminds us of shipping's future
MOL forms joint venture with Viken Joint company will buy five of the Norwegian firm's shuttle tankers and invest in more
Offshore slowdown drains Bourbon's net income But revenues grow as French supply vessel specialist takes delivery of new tonnage
Will political crises stifle a third-quarter dry bulk rally? Owners and analysts disagree over the likely impact of conflict in Ukraine and Indonesia's export ban
India's coal imports set to surge Coal imports into India could surge as the country's top court considers scrapping 218 coal mines on 9 September after declaring their allocations - some awarded as far back as 1993 - as unlawful on 25 August. The award of these 218 coal mining rights to steel, cement and power companies has been at
Capital Product Partners prices offering NASDAQ-listed Capital Product Partners (CPP) has priced its sale of 15M common units to fund the purchase of five vessels. CPP priced the public follow-on offering at USD10.53/unit on 3 September, a 4% discount versus the previous closing price. Underwriters have the option to purchase an additional
Bodouroglou's public companies wane Paragon Shipping and Box Ships, both controlled by Greece's Michael Bodouroglou, have reported weaker second-quarter earnings. NASDAQ-listed dry bulk company Paragon reported a net loss of USD9.7M for 2Q14 having had a net income of USD17,000 in 2Q13. The company's adjusted loss was USD5.6M in the
ZMPC wins offshore trio Chinese shipbuilder Shanghai Zhenhua Heavy Industries (ZMPC) has won orders for a diving support construction vessel (DSCV) and two platform supply vessels (PSVs). The 8,000dwt DSCV has been ordered by Singapore-based Ultra Deep Solutions and will have an overall length of 142.9m, beam of 27m, and
Onomichi wins three orders Japan's Onomichi Dockyard has won three orders, which includes a medium range product tanker and two ultramax fuel-efficient bulkers for two shipowners. A 29,500dwt tanker is for Greek owner Samos Steamship and will have an overall length of 182.5m, beam of 32.2m, depth of 18.4m and is scheduled for
Winds shut down Newcastle and Port Kembla coal ports High winds closed the Australian coal ports of Newcastle and Port Kembla today. Port Kembla Harbour Master Kell Dillon told IHS Maritime the wind had caused the port to close yesterday afternoon, with six coal ships unable to sail out of the harbour today. The Australian Bureau of Meteorology issued
BV takes over MatthewsDaniel French classification society Bureau Veritas (BV) has taken over leading offshore loss adjustment and risk assessment specialist MatthewsDaniel. Set up in Houston in 1962, MatthewsDaniel, which mainly provides services for the insurance market, is headquartered in London. It is active in Europe, the
CIMB sceptical on SHI-SEG union The Samsung HI (SHI)-Samsung Engineering (SEG) merger looks to be largely a part of Samsung Group's restructuring agenda to simplify their non-core businesses, said CIMB securities. CIMB Securities analysts KJ Hwang and John PK Park commented, "This merger seems largely as part of Samsung Group
Bourbon first half profits hit by market slowdown French offshore vessel operator Bourbon saw first half net income drop from last year's EUR30.9M (USD40M) to EUR10.6M this year as the group felt the impact of a slowdown in activity in offshore oil and gas markets. Revenues rose 1.5% year on year to EUR657.7M and 8.9% at constant exchange rates but
Boxship rescues hundreds of migrants in the Mediterranean Sea Containership NYK Orion conducted a rescue operation in the Mediterranean Sea after receiving an emergency call for help from the Maritime Rescue Coordination Center (MRCC) in Malta. Initially, NYK Orion was sailing from Valencia, Spain, en route to Port Said, Egypt, before it was informed by the
Wärtsilä and Yuchai JV inaugurate new engine factory Wärtsilä Yuchai Engine Co, a joint venture (JV) between Wärtsilä and Yuchai Marine Power, has inaugurated a new 266,700m² marine engine factory in Zhuhai City, Guangdong Province, China. It will assemble and test Wärtsilä 20, 26 and 32 medium-speed engines - assembly lines and testbeds are already
MOL in shuttle tanker JV with Viken Shipping Japan's biggest shipping company Mitsui OSK Lines said today it would establish a shuttle tanker joint-venture company with Norway's Viken Shipping. The JV, to be called Viken MOL, will be managed from the Norwegian company's Bergen office. MOL is led by Koichi Muto while Tom Steckmest is Viken's
Petrol One Resources return to black Malaysia-listed bunkering and floating storage offloading services provider, Petrol One Resources, rebounded to profit of MYR17,000 ($5,300) for the fourth quarter ended 30 June 2014 from a loss of MYR34M in the corresponding period last year. Revenue for 4Q14 stood at MYR3.29M as compared to nil
Tanker owners, charterers, disagree on Ebola liability The outbreak of the Ebola virus in West Africa has yet to impact on oil tanker rates as owners and charterers are disagreeing on the liability extent. A Singapore-based broker told IHS Maritime, "So far, the freight rates for West Africa-China have not seen any meaningful changes, although there's
CSCL may make a small profit in 2H14 Hong Kong-listed China Shipping Container Lines (CSCL) may do better on its spot transpacific trade in the second half of 2014, but could face more challenges in 2015, projected Malaysian investment bank CIMB in a report last Friday. The strong ongoing shipping demand on the European and
OW bunker advocates Coriolis Flow Meter Global marine fuel company, OW bunker, advocates the use of Maritime and Port Authority of Singapore (MPA)-approved Coriolis Flow Meter for bunkering efficiency in Singapore. The time to supply bunkers, which normally takes between seven and eight hours has been reduced by 50% via the Coriolis Flow
Evergreen to upgrade Intra-Asia service Taiwanese carrier Evergreen Line announced that it will partner with Mariana Express to launch a joint South China-East Malaysia (SEM) Service on 10 September. The SEM service will employ two ships with around 1,000teu each. Sailings will be weekly with the port rotation from Shekou, China; Hong
MES to modify engines for Taiwanese carrier Japanese shipbuilder Mitsui Engineering & Shipbuilding said yesterday that a Taiwanese owner has asked the company to modify the engines of three ultra-large container ships to improve the fuel efficiency. MES would not identify the customer but IHS Maritime's Sea-web.com data shows that Taiwanese
Sewol crew member points finger at captain The first engineer from the capsized South Korean ferry Sewol has pointed fingers at the ferry captain, saying the latter's dereliction of duty resulted in many deaths. The engineer, identified only by his surname Sohn was testifying at the crew members' ongoing trial in a Gwangju courtroom
V Group acquires Core-IRM Singapore-headquartered offshore inspection repair and maintenance (IRM) services provider firm, Core-IRM has been acquired by V Group. "This acquisition will further expand the range of services that V Group offers to its clients in the offshore and marine services market," said Clive Richardson,
Expansion plans yield positive outlook for Jacksonville JACKSONVILLE, Fla. - It's been a good year for the Port of Jacksonville - even if the Northeast Florida port's total container volume growth has been lackluster. Container volume through the three terminals overseen by the Jacksonville Port Authority in the 12 months ending July 31 fell 0.2 percent year-over-year to...
EPA orders Costco to upgrade warehouse refrigeration systems In a deal that could have implications for refrigerated shippers and warehouse operators across the U.S., Costco agreed to pay $335,000 in penalties and spend as much as $2 million over the next few years to cut greenhouse gas emissions from its warehouse stores. In a settlement with the Environmental Protection...
US intermodal spot rates turn upward The 36-lane index of U.S. spot intermodal rates was up for a second week this week. Intermodal spot rates are higher than they were a year ago, and busy-season pricing is beginning to take the spot rates even higher. An index of 36 major U.S. intermodal lanes rose for the second...
Strong manufacturing, market share gains boost tonnage at ODFL As U.S. manufacturing gains steam, Old Dominion Freight Line is gaining freight. The Thomasville, North Carolina, carrier increased its tonnage forecast for the third quarter, based on double-digit growth in less-than-truckload freight over the summer. LTL tons per day at ODFL increased 18.8 percent year-over-year in July and 19 percent in...
Central Freight Lines buys LTL business to improve Georgia-Texas lanes Central Freight Lines reached out toward the East Coast last month by acquiring the less-than-truckload assets and business of Drug Transport, a Georgia-based company that in August filed for Chapter 11 protection from creditors in bankruptcy court in Atlanta. The acquisition gave Texas-based Central Freight Lines a bigger footprint in an...
Trucker turn times measurement is flawed, consultant says Truckers in Los Angeles-Long Beach have complained for years that turn times are lousy - oftentimes two hours or longer. Marine terminal operators are adamant that the average turn time is less than one hour. Transportation consultant Val Noronha says both claims are accurate; it's the measurement that's flawed. "There's a...
European shippers, carriers slow to embrace 45-foot boxes European carriers and shippers are struggling to embrace the 45-foot container mostly because of pricing and space issues, a new report says. A new report, released by the Port of Hamburg in conjunction with Germany's Institute of Shipping Economics and Logistics, delves into the usage of 45-foot containers in Europe, especially...
China unveils plan to develop shipping industry A new five-year plan aimed at developing China's shipping industry could help Chinese container lines and ports become more competitive. Reuters reported that the plan includes tax and regulatory reforms while encouraging shipping companies to upgrade and modernize their fleets. The plan, which runs through 2020, was released today by China's...
Virgin Atlantic to boost trans-Atlantic route network, pull back elsewhere Virgin Atlantic today unveiled plans to boost its core trans-Atlantic passenger and cargo route network and axe flights to Tokyo, Mumbai, Cape Town and Vancouver in a bid to achieve "record levels of sustained profitability" by 2018. Virgin said the network shakeup is aimed at maximizing the benefits from its joint...
So long to the Bandit Older readers of The Journal of Commerce no doubt recall the 1977 film "Smoky and the Bandit," in which handsome, charismatic Burt Reynolds played "legendary truck driver Bo "Bandit" Darville" (thanks, Wikipedia!), involved in a high-speed run over five states while hauling a load of Coors Beer to Georgia. Shippers...
Guatemalan port prepares for post-Panamax ships Grup TCB has broken ground on a container terminal yard extension at Guatemala's port of Quetzal that will help the terminal operator get ready for the extra traffic that is expected from the opening of the expanded Panama Canal. The improvements at Puerto Quetzal will allow the single-terminal port, which is...
Drewry rate to US West Coast jumps after Sept. 1 rate hikes Drewry's benchmark spot rate from Hong Kong to Los Angeles jumped 14.5 percent, or $300 per FEU this week. After weeks of stagnation, Drewry's benchmark spot rate from Hong Kong to Los Angeles jumped this week on the back of Sept. 1 trans-Pacific general rate increases.
Europe-Asia containerized rail route gains momentum Skeptics of the potential for containerized rail between China and Europe often point out that there's plenty of goods being shipped west but little hauled the opposite direction. That appears to be changing as DB Schenker recently launched a service from Hamburg hauling 41 containers - some of which were filled...
MSC levies congestion fee on Europe shipments to Sohar Mediterranean Shipping Co. has followed Maersk Line and CMA CGM in imposing an emergency congestion surcharge on all European cargo destined for Sohar, Oman. The surcharge, effective Sept. 1, was prompted by what the Geneva-based carrier calls "heavy and persisting congestion" that is causing a serious adverse impact on ship berthing...
Wide gap in profitability between best and worst-performing ocean carriers Ocean carriers' operating margins in the first half of the year veered widely from top-ranked Maersk Line's positive 7.3 percent to a negative 7.8 percent at Chile's CSAV, according to industry analyst Alphaliner. Only six of the 17 carriers who publish results booked operating profits during the period but the group's...
Lufthansa Cargo, ANA to launch joint Europe-Japan services after getting antitrust approval Lufthansa Cargo MD-11 freighterLONDON - Lufthansa Cargo and All Nippon Airways today announced they will soon launch joint freight services between Europe and Japan after obtaining antitrust approval in Japan. The joint venture, which had already been cleared by European competition regulators, plans to start services from Japan to Europe in...
Port congestion hits Asia, disrupting schedules Congestion at ports across Asia is creating havoc with shipping schedules, forcing a major intra-Asia specialist to cancel rotations as it battles lengthy delays. Robert Sallons, managing director of Cheng Lie Navigation Co. (CNC Line), told JOC.com the congestion was affecting the ports of Incheon in Korea, Qingdao and Shanghai in...
GLDD lands $30m deal Great Lakes Dredge & Dock of the US has secured a contract to widen the Freeport Harbor Ship Channel in Texas.
Cash dash underway Pioneer Marine appears to be closing in on the cash it needs to finance a series of bulkers that are under construction in China.
Khanna charts coup Pioneer Marine of Singapore plans to pursue a US listing at some point in the near future but its chief executive doesn't intend to pull the trigger until freight rates rally.
Giorgi takes the mound Industry veteran Roberto Giorgi has emerged as the new leader of a campaign to expand Fraser Yachts, a Monaco-based yacht manager and brokerage backed by V Ships an Azimut Benetti.
Paragon makes debt strides Paragon Shipping is in talks with lenders to reduce further payments and covenants after financing deals cut the company's cash flow break-even levels, an executive said today.
CPP prices fundraiser Capital Product Partners of Greece is moving forward with a campaign to raise cash that will be used to fund the acquisition of five ships from its sponsor.
New ships, new deals Greece's Stealthgas has won charters for three new ships due from Asian yards this year and in 2015.
DryShips torches order George Economou-led DryShips has finally pulled the plug on four newbuildings under construction at debt-ridden Rongsheng Heavy Industries (RSHI), saving $124m.
Tanker robbed in Africa A tanker has been robbed near the port of Abidjan in Ivory Coast, an incident which adds to the increasing mobility of Nigeria-based gangs, the International Maritime Bureau (IMB) said.
BW adds $50m Strong demand from investors has allowed BW LPG to sell an extra $50m of its bonds.
Two more for GASS Greek owner StealthGas (GASS) has added two more LPG carrier newbuildings in Korea, bringing its orderbook to 19 vessels.
Dorian starts with profit Greek VLGC owner Dorian LPG has posted a profit in its first quarter, a period which included its New York IPO in May.
Boa makes less Higher operating costs for ships have seen Oslo-listed Boa Offshore book smaller profit for the second quarter.
India helps shipyards India's shipping ministry has begun negotiations with financial institutions in order to establish a fund of up to INR 150bn ($2.48bn) to extend low-cost loans to shipbuilders.
BV buys loss adjuster French class society Bureau Veritas (BV) has expanded into the offshore loss adjusting and risk assessment sector with its latest takeover.
Changes for Greek LR Theodosis Stamatellos has been promoted to the role of Lloyd's Register (LR) marine area manager for Greece, East Mediterranean and Adriatic (GEMA).
EOC kicks off sale Oslo-listed offshore group EOC has launched its secondary listing in Singapore with a share sale worth up to $203m.
Apollo linked to swoop US private equity fund Apollo Global is reportedly buying 14 tankers and bulkers from German funds hit by the shipping downturn.
Wartsila widens reach China-based Jiangsu Antai Power Machinery (JAD) has struck a deal to make and sell Wartsila's two-stroke engines.
Century off to China US operator Royal Caribbean Cruises is selling a 1995-built cruiseship to Chinese rival Ctrp International.
Bourbon profit slips France's Bourbon Offshore has revealed a drop in its profit for the first half of the year despite an expanded fleet.
BW launches bonds Singapore-based BW Group has announced a $200m bond sale secured against stock in Oslo-listed gas carrier arm BW LPG.
KDM in reverse Ukraine's KDM Shipping has fallen to a loss in the first half as revenue dropped.
Finnlines axes 10 Finland's Finnlines is making 10 crew redundant as it sells a loss-making ro-ro.
MOL teams with Viken Mitsui OSK Lines (MOL) and Viken Shipping have teamed up in a shuttle tanker joint venture, it was announced Wednesday.
TEU squeezes out profit Box Ships has managed to report a small profit in the second quarter despite a significant fall in revenue.
Portland eyes LPG exports The Port of Portland has agreed a deal to build a terminal to house propane gas imported from Canada for export to Asia.
AGL Resources completes sale of Tropical Shipping to Saltchuk The Atlanta-based natural gas utility said Tuesday it completed the sale of Tropical Shipping and its Seven Seas Insurance businesses to a subsidiary of Seattle-based Saltchuk Resources. The company acquired Tropical from NICOR in 2011.
Grup TCB building new container terminal in Guatemala Barcelona, Spain-based firm said the first phase will be completed by the end of 2015. TCB will operate the new port terminal, 110 kilometers south of Guatemala City, under a lease arrangement for 25 years.
enVista to cover Europe, Mideast, Africa from new U.K. office This expansion, together with its India office, allows enVista to better respond to carrier invoice audit and payment services globally and provides its clients with support at the local and regional levels within the region, the company said.
Cargolux adds frequency to Chinese city The all-cargo airline said it has begun operating a third scheduled flight between its hub in Luxembourg and Zhengzhou, China, following the introduction of two flights in June, and plans to double its weekly flights to six by the end of 2014.
Commerce links exports to increased jobs
Evergreen, Mariana Express plan China-Malaysia service
Triton Global keeps eye on expansion
Egoscue named to Port of Long Beach Harbor Commission
ECA rules will see European LSFO imports fall Ship operators who ignore ECA regulations will probably burn HSFO product, consultancy predicts.
Bunker prices soften in European markets Product avails remain tight with most suppliers in Rotterdam.
Pirates target tanker Third incident in a week off West African coast.
Mid-week prices mainly firm in Fujairah IFO prices firming in Suez.
Stealthgas orders more 'eco' tonnage LPG operator building modern carrier fleet.
LNG society to formally launch at SIBCON Society for Gas as a Marine Fuel: 'This is an exciting time for us.'
Asian bunker market weakening Prices across all fuel grades have softened.
'Nanotechnology' opens the door to emulsion fuels 'We are targeting the most environmentally damaging industries like shipping,' says UK firm.
FUJCON 2015 dates released Key regional bunkering event enters its ninth year.
Buckeye acquires assets at Corpus Christi Deal for marine terminal and more worth a total of $860 million.
Call for candidates for IBIA board Deadline for nominations is October 27.
Call for IMO to revise sulphur verification procedures Review points to difficulties created by differences in IMO guidelines versus commercial practice.
Bunker spill from state-run ferry Incident occurred during a refuelling operation in Kingston.
Cyprus-based offshore firm receives newbuilt PSV Vessel features the X-bow design which 'significantly reduces' fuel consumption.
OW claims big savings with MFM technology Equipment proves to halve time required for bunkering.
Taiwan shipowner 'derating' engine of vessels Payback period for modification work between one to two years.
San Francisco fuel prices rise Good avails reported at the US West Coast port.
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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