Finnlines downsizes, but bids for Polferries The Grimaldi Group's Baltic subsidiary Finnlines has sold two of its ro-pax vessels for a combined €62.5M ($78M), while expressing its intention to take part in the privatisation process of Polferries. MS Finnhansa has been bought for €30M by the Grimaldi Group while MS Finnarrow has
Estonian order for four local LNG ferries State-owned Port of Tallinn (PoT) has placed orders for four local ferries with yards in Poland and Turkey, which will deliver two each in August/September 2016, PoT has informed IHS Maritime. The Estonian port did not reveal the cost of the vessels. The four ferries will operate between the
Blue Mountain ups shipping bet Private equity group Blue Mountain Capital is becoming an increasingly large presence in shipping and has now disclosed a major investment in DryShips. According to a new securities filing, Manhattan-based Blue Mountain and affiliated entities have purchased 71,428,000 NASDAQ-listed DryShips
Work on Adani's new container terminal begins Adani Ports and SEZ Ltd (APSEZ), India's biggest private port operator, have started work on building a new container terminal at Kamarajar port at Ennore on India's eastern coast. The terminal will be constructed in two phases, with the first phase expected to be commissioned in March 2016, a
SNCM to go into administration French Mediterranean ferry company SNCM is to go into administration following a decision by its principal shareholders to call in debts totaling €117M ($146M). The company's decision, which was announced to personnel representatives yesterday, had been expected following last Friday's
Dry bulk rate forecast pared Morgan Stanley analyst Fotis Giannakoulis has predicted a modest improvement in dry bulk markets in 2015 after the rate recovery failed to materialise this year. In a new research report, the analyst forecast a 5.1% increase in dry demand next year, versus demand growth of 3.8% this year. Bulker
Jinhui issues profit warning Jinhui Shipping & Transportation warns that it will make a loss both in 3Q14 and the first nine months of the year, and says that the majority of claims over two legal disputes have not yet been paid to the company. "Jinhui Shipping expected to record considerable consolidated net loss for the
Chinese billets bring shipbreaking markets down Prices in South Asian ship recycling markets dived last week as the flood of cheaper Chinese billets dampened demand for scrap steel. In India, prices of bulkers fell to $440/lt ldt, compared to $450/lt ldt two weeks ago, while tanker prices fell from $480/lt ldt to $470/lt ldt over the same
Rickmers Maritime Trust sinks to loss Singapore-listed Rickmers Maritime Trust today announced a $53.02M loss for 3Q14, reversing a $13.09M profit for 3Q13. The trust, led by Thomas Preben Hansen, said revenue fell 10% y/y to $33M due to lower charter rates on two ships, Henry Rickmers and Richard Rickmers, which had their charters
Container spot rates in sharp October fall Spot rates in container trades fell by 8% in October on the previous month. The short-term outlook remains volatile, while cyclical recovery could be two years in the future, analysts say. The rates fell mostly on Asia-Europe trades where, at the end of the month, rates reached their lowest level
Navigator Holdings ordered LPG carriers at HMD New York-listed, UK-based LPG carrier owner Navigator Holdings has confirmed that it is behind the order of two 22,000m³ LPG carriers at South Korean shipbuilder Hyundai Mipo Dockyard (HMD). The two ships are priced at $51M each. Through a press statement, Navigator Holdings, the world's biggest
US dockworker talks risk meltdown Accusations over who is to blame for congestion at US West Coast ports threaten to further delay a new labour contract between dockworkers and their employers. The Pacific Maritime Association (PMA), which represents US West Coast container terminals, claimed on 3 November that the International
Port of Ulsan explores LNG bunkering The South Korean Port of Ulsan is exploring the possibility of constructing a LNG bunkering station from January to October 2015. When the storage and bunkering station is set up, LNG-powered ships can be fuelled at sea without being anchored. As the demand for LNG bunkers is increasing due to
COSCO Corp 3Q profits up 69% COSCO Corporation, the Singapore-listed shipyard and dry bulk unit of the China COSCO group, has seen its 3Q14 profits rising 69% year on year to SGD7.147M ($5.546M). Turnover from shipyard operations increased 17.2% y/y to SGD1.1Bn in 3Q14 mainly due to growth in revenue from marine engineering
European shipowners seek link to Chinese ports European shipowners attending the 11th Implementation Meeting of the China-EU Maritime Transport Agreement have called for consent to transport international cargoes between Chinese ports. At present, only vessels owned by Chinese companies are permitted to transport international cargoes between
Sinotrans Shipping loans $10M to CSC Hong Kong-listed Sinotrans Shipping, a subsidiary of Sinotrans & CSC, has agreed to lend $10M to sibling company China Changjiang National Shipping (Group) (CSC) at an interest rate of 1.2% a year. The loan will mature by the end of 2014, a stock filing of Sinotrans Shipping said today. CSC will
New Navios tanker MLP launches IPO Angeliki Frangou-led partnership will use proceeds to acquire four initial VLCCs
Seaspan signals 18,000 teu orders within months Chief executive Gerry Wang says port congestion a positive for tonnage providers as delays boost demand for ships
Aronnax: Arctic vessels of opportunity As long as they are seen as special projects, Arctic transits wil not catch on
Baffin Island project to boost Arctic shipping The world's most northerly iron ore mine is set to start regular export
Brazilian regulator approves CSAV tie-up with Hapag-Lloyd Council for Economic Defence follows Chilean Antitrust Agency in waving though merger of box businesses
Aframax crude tanker earnings hit a high Lower oil prices and weather delays benefit aframax spot market
Carrier reliability improves as port congestion eases Shipping lines recorded improved performance in September as port congestion in Europe and the US was reduced
Ardmore sees product tanker improvement Earnings rising as market moves deeper into fourth quarter
Major progress made in Los Angeles air emission goals Californian port on course to reach clean-air targets ahead of schedule
Busan to escape unharmed from alliance shake-up World's fifth-busiest port is not expecting to lose or gain any services as a result of the creation of the 2M and Ocean Three alliances
Evergas orders two more multigas ships Latest deal takes shipowner's multigas newbuildings to eight
Rickmers Maritime posts $53m loss after vessel and goodwill impairments Minus the writedowns, net income would have been $10m
Bugbee steps down from Dorian LPG's board Dorian remains attractive investment, say analysts
Navigator doubles its net income in third quarter Rise is due to the introduction of more ships into fleet
The ILWU accuses PMA of 'smear' tactics Union denies that it had agreed to no industrial action while talks continued
Seaspan net profits rise 36% in third quarter Maersk revealed as company behind five-year charters for four 10,000 teu newbuildings
TSA raises low-sulphur charge for westbound trade from January Member lines say hikes to reflect new ECA rules
Fueled by e-commerce, China's S.F. Express eyes global expansion S.F. Express, one of China's largest express logistics companies, plans further overseas expansion, and is targeting Europe, a company official said. The company also is partnering with U.S.-based online retailers to bring more U.S. goods to Chinese consumers. "We are in the process of formulating the service launch plan for new and...
Facing record harvest, Washington apple shippers regain access to China China has lifted its suspension on Red and Golden Delicious apple imports from Washington state, giving apple shippers an opening to move their record crop to a new market as domestic transport capacity tightens. After two years without direct access to the Chinese market, Washington Red and Golden Delicious apples can now...
US domestic intermodal rates tick down, LA-Chicago rates still high Domestic intermodal pricing dipped 0.6 percent, or $12, week-to-week to $2,259 per unitU.S. domestic intermodal spot rate growth is beginning to slow, new data from third-party logistics provider IDS shows. Domestic intermodal pricing dipped 0.6 percent, or $12, week-to-week to $2,259 per unit for the week ending on Nov. 3, according...
LTL carrier ABF Freight profits from tight capacity in other modes Tight truckload capacity and intermodal service problems are benefiting less-than-truckload carrier ABF Freight System. The company, like many LTL competitors, says it is gaining shipments from other modes as freight activity surges. Strong increases in freight volume drove revenue at ABF Freight System up 11 percent in the third quarter to...
Brazil gives Hapag-Lloyd, CSAV merger green light Hapag-Lloyd is a step closer to merging with CSAV after Brazilian regulators gave the go-ahead for the duo to create the fourth-largest container line in the world. U.S., European and Chilean regulators have already green lit the tie-up of the German carrier and Compañía Sudamericana de Vapores. Hagag-Lloyd expects to complete...
Port congestion worse at LB than LA, CargoSmart says Congestion at the port of Los Angeles hasn't been as bad as congestion at Long Beach in the past six months, according to a Hong Kong-based logistics software provider. Backups at both of the Southern California ports have become increasingly severe, with vessel arrival delays and berth times reaching record levels...
With $500 million Contrans deal pending, TransForce builds trucking revenue Canada's largest trucking operator got larger in the third quarter, increasing revenue 27 percent in the third quarter thanks to the cumulative effect of multiple acquisitions. What could be the company's largest acquisition - the nearly $500 million purchase of Contrans, a $573.2 million Canadian company - is still waiting on approval...
Shippers pressure Obama administration to send ILWU-PMA mediator WASHINGTON - Shippers are pressuring the Obama administration send in a federal mediator to help the International Longshore and Warehouse Union and U.S. West Coast employers reach a contract, as talks appear to be deteriorating and Los Angeles-Long Beach congestion persists. The National Retail Federation has been keeping the U.S. Federal...
Forward Air subsidiary acquires intermodal drayage business Expedited airport-to-airport carrier Forward Air acquired Multi-Modal Trucking and Multi-Modal Services of Indianapolis, expanding its intermodal drayage and transloading services. The $5.75 million acquisition is a bolt-on to another Forward Air subsidiary, Central States Trucking, a Midwestern intermodal drayage company Forward Air acquired in January.In September, Forward Air and Central States...
Clearing Up the Misinformation: The Move to Density-based Pricing Over the past year, a handful of less-than-truckload carriers have announced programs to introduce density-based pricing in response to a large contingent of shippers who have long demonstrated an interest. The density-based model takes a simple approach, where rates are set depending on tiers of a shipment's density. While the...
Japanese, Chinese companies team up to provide cold chain logistics in Asia In an effort to tap growing Asian perishable demand, a Japanese logistics firm and a Chinese fishing company today joined to create a cold chain logistics provider that will serve China and then eventually Southeast Asia. Japanese firm Itochu Logistics and Dalian Marine Fisheries Group will launch the joint venture in...
12 reasons for LA-LB port congestion [Slideshow] The busiest U.S. port complex, Los Angeles-Long Beach, which handles more than 14 million 20-foot container units of cargo each year, is experiencing its worst congestion in 10 years. Although every port stakeholder seems to have its own idea as to the root cause of the gridlock, the truth is...
One step forward, two steps back Is there anything good to report, or is the congestion on the U.S. West Coast and at some European ports so dominant that nothing else really matters? The situation in Los Angeles-Long Beach is as well-covered a story as I've seen. A mess in the making for months, relief only will...
Shippers sound off on LA-LB congestion woes, diversion plans A recent JOC.com survey revealed mounting shipper frustration with delays in getting shipments through the Los Angeles-Long Beach port complex. While the survey of slightly more than 100 shippers revealed how many shippers are being hurt by the congestion (97 percent) and how many expect the situation to get worse...
Ships still anchored off LA-LB in sign of ongoing gridlock Six container ships were anchored in the waters off the ports of Los Angeles and Long Beach this morning, down from nine yesterday afternoon, but that's not necessarily a sign that gridlock at the largest port complex in the Americas is improving. The number of container ships at anchor in San...
Global order book ratio lowest since 2000, Alphaliner says The global order book-to-fleet ratio is the lowest it's been in 15 years, Alphaliner said today, though it could soon rise as carriers are expected to place orders for larger ships later this year. Carriers have ordered 145 container ships with a capacity of over 1 million TEUs through October. The...
Explaining the LA-Long Beach gridlock With Los Angeles-Long Beach, which handles some 40 percent of U.S. import container cargo, experiencing its worst bout of congestion in years with no end in sight, shippers are evaluating their options for 2015. Veteran JOC West Coast Editor Bill Mongelluzzo, who has been closely following developments, describes the situation...
Nippon Express more than doubles net profit in fiscal first half TOKYO - Nippon Express Co. more than doubled its group net profit in the first half of fiscal 2014, which ended Sept. 31, compared to the same period in 2013, as strong international freight forwarding offset U.S. antitrust lawsuit costs, and weak Japanese imports and construction-related cargo. Japan's biggest international freight forwarder...
Forwarders want transparency in liner surcharges HONG KONG - The international trade association that represents the world's freight forwarders and logistics service providers, FIATA, has called on container shipping lines to provide greater clarity on the ever increasing variety of surcharges that they apply. Robert Keen, chairman of FIATA's Multimodal Transport Institute, said in a statement that...
Exxon sheds suezmax ExxonMobil's Jones Act shipping division appears to have lined up a buyer for one of its suezmax tankers.
Morgan downs NMM An equity analyst at Morgan Stanley has downgraded shares of diversified Greek operator Navios Maritime Partners.
Skaugen sees red IM Skaugen failed to erase the red ink from its balance sheet in the third quarter despite the improved performance of its core business unit, Norgas Carriers.
Alpha keeps funding Greece's Alpha Bank has kept its shipping loans balance steady during the first nine months of 2014, results announced today show.
Navios MLP sets IPO sights Navios Maritime Midstream Partners could raise $195.62m from its listing in New York.
VCB sells loan Vietnam's Vietcombank (VCB) has sold nearly $19m of debt in shipowner Vinalines to the state.
BlueMountain takes DRYS stake Andrew Feldstein's BlueMountain Capital has added a major stake in DryShips to its growing shipping portfolio.
Antwerp steps on the gas Belgium's Antwerp port is seeking an operator for its new LNG bunkering facility.
Ardmore launches $20m buyback Ardmore Shipping has unveiled a share buyback plan having secured financing for both its second hand and newbuilding acquisitions.
Five in for Pan Ocean Five potential bidders have lined up to take part in an auction to buy restructured Korean shipowner Pan Ocean.
Will exit spur stock sale? Robert Bugbee's exit from the board of Dorian LPG has led to some speculation Scorpio Tankers could sell its holding in the New York-listed VLGC owner.
Jinhui chasing $70m Around $70m is at stake for Jinhui Shipping following protracted commercial disputes with Grand China Logistics (GCL) and Parakou Shipping.
Two more for Evergas Jacques de Chateauvieux's Evergas has added another two LNG-ethane multigas carriers at China's Sinopacific Offshore & Engineering.
Jinhui to see red Supramax owner Jinhui Shipping has projected a loss-making third quarter due to reduced hire and freight revenue.
SNCM to file Troubled French ro-pax group SNCM has said it will file for bankruptcy protection, but will continue to operate while a buyer is sought.
Hanjin clinches capes Korean shipbuilder Hanjin Heavy Industries has reportedly sealed new orders worth $200m, including two capesize bulkers.
Rickmers Maritime loses $53.02m Over $60m in writedowns sent Rickmers Maritime deep into the red in the third quarter.
Mixed bag for DSME South Korean shipbuilder DSME has posted a big dip in net earnings in the third quarter, but the operating result is up.
Seaspan a penny short Seaspan has seen its third quarter profit fall a fraction short of Wall Street expectations.
KFS eyes new ships Kenya Ferry Services (KFS) is studying submissions from shipyards that were asked to tender to build two new ferries for coastal operations.
CMV takes Costa ship UK-based Cruise & Maritime Voyages (CMV) is boosting its fleet by chartering a cruiseship from the Carnival group.
China sets out its plan China has revealed more details of its plans to boost the domestic shipping industry as owners seek to recover from the slump.
TDW posts better numbers Tidewater has reported a 12% year-on-year increase in its second-quarter profit, reflecting improved revenues.
RCL agrees share buyback Royal Caribbean Cruises Ltd (RCL) has agreed to repurchase 3.5m of its shares held by one of its co-founders Awilhelmsen AS.
Wintermar suffers in Q3 Wintermar Offshore Marine, the Indonesian OSV operator, has reported a 30% decline in third quarter net profit.
Fleet growth lifts NVGS Navigator Holdings has seen net income more than double compared to a year ago on the back of its expanding fleet.
Navios tied to tanker buy An affiliate of the Navios group of companies has been tipped as the buyer of a VLCC controlled by a leading Japanese operator.
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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