Hans Jakob Kruse dies at 84 Former Hapag-Lloyd chairman and Box Club founder helped shape container shipping in its formative years
Clubs urged to concentrate on core mutual business View that diversification threatens traditional P&I values is a winning one
Row scuppers KG rescue deal Both parties in class action against NordLB blame other side for failure to save ships
Navios Acquisition agrees one-year charters for three new VLCCs Trio hired out to unidentified 'high quality' charterers
Single club touted as 'better' than handful of warring mega-clubs P&I conference hears pleas for owners to be more proactive
GMI seeks private equity partners Investment manager pins its hopes on upturn in vessel values
Eurogate network's box volumes surge 7.3% But flagship Bremerhaven lags behind as 14m teu mark is passed for first time since 2008
Banks could be forced to take over distressed LNG assets Worrying times ahead on near-term forecast of distressed gas ships
Trade Route Intelligence: Battle of alliances The Asia-Mediterranean route sees carriers vying for tie-ups to counteract the impending dominance of the P3 Network
Weaker offshore earnings hurt Great Eastern's fourth-quarter results But Indian carrier's merchant ships division holds firm
Stena seeks to cut Irish Sea salary bill by $16m Ferry operator considers hiring lower paid non-EU crew
Problems with refrigerated containers? Perish the thought TT Club's claims executive, Mike Yarwood, outlines the key elements in managing risk and minimising claims
South Korea exchange suspends STX O&S trading amid puzzling rumour Regulators seek to clarify talk of negative equity but capital was wiped out months ago
Listed Japanese yards reveal mixed April-December results Operating income squeezed by weak margins although some increase their orders
HHLA full-year revenues increase 2.3% Terminal group reports 'significant volume growth in container throughput'
DSV expects 2014 sea freight growth of up to 5% Freight forwarder says volumes rose in 2013 but gross profit per teu was undermined
Ports America and HTC Holdings complete $475m debt refinancing Canadian pension fund CPPIB Credit Investments takes 10% equity participation
Navios Acquisition shuffles VLCC pack Newly delivered Nave Galactic replaces outgoing Shinyo Navigator in bond package
Pressure on shipyard space could drive up LNG newbuilding prices Orders become more expensive as owners across all segments compete for berths
Evercore pumps up tanker forecast The tanker rate trough has passed and a choppy upswing is now in progress, according to a new sector outlook by Evercore analyst Jon Chappell
SBM Offshore returns to profit Dutch floating production vessel specialist SBM Offshore returned to profit last year, registering a net profit of $111M after its $79M losses the previous year
Nordea's lending to shipping reduced in 2013 Nordea Norge, part of the Scandinavian banking group Nordea, said its loans to shipping and offshore reduced last year, while these sectors were among the principal sources of impairment charges that increased last year compared with 2012
Italian rail to sell off BluFerries Italian state railway Ferrovie dello Stato (FS) has announced its intention to sell its subsidiary BluFerries, which connects Sicilian rail services to the mainland
Great Eastern profit down 47% Great Eastern Shipping Company (GE Shipping), India's largest private ship owner, today announced that its consolidated net profit during October-December quarter fell 47% to Rs 1
Floating production investment faces challenges While there is potential for $130Bn to be invested in floating production systems over the next five years, the segment faces some hurdles
Crew rescued from sinking ship All 12 crew members of 'Haji Ali', a Bangladeshi cargo ship, were rescued yesterday in West Bengal as the ship began sinking after developing an engine trouble
MHI collaborates with Danish ship designer Japanese shipbuilder Mitsubishi Heavy Industries will collaborate with Danish ship designer Odense Maritime Technology in the ship engineering business
MHI profit up 28% Japanese shipbuilder Mitsubishi Heavy Industries said today that net profit for the third quarter of FY2013 rose 28% year-on-year to ¥78
STX O&S stock suspended on debt concerns Trading of cash-strapped STX Offshore & Shipbuilding's stocks were suspended from this morning on concerns of the shipbuilder's financial stability
Roadrunner Transportation Posts Double-Digit Profit Gain Roadrunner Transportation Services extended its streak of rapid profit growth for the 14th consecutive quarter in the fourth quarter of 2013. Cudahy, Wis.-based asset-light transportation and logistics service provider reported its net income available to common stockholders in the fourth quarter of 2013 was $11.2 million, increasing 17.7 percent year-over-year from...
Hell on Wheels The next big crisis affecting U.S. ports and shippers is rapidly taking shape. It's clear that ports aren't prepared to handle the mega-sized container ships arriving with increasing regularity. What should be at most a one-hour process for a truck to pick up a container from a terminal can at...
DSV's Ocean Container Traffic Climbs DSV's ocean container traffic grew by a market-beating 6 percent in 2013, and the global freight forwarder is targeting an increase of up to 5 percent in the current year. The Danish group, which estimates the global ocean freight market grew by just 2 to 3 percent, handled 772,142 TEUs, with...
US House Bill Aims to Reform FMC, Create Maritime Strategy WASHINGTON - A bipartisan trio of Congressmen today introduced a bill that backers said would reform the Federal Maritime Commission and require the Maritime Administration to create a National Maritime Strategy. The Coast Guard and Maritime Transportation Act of 2014, H.R. 4005, would prevent FMC commissioners from serving more than one...
Containership Reliability Set to Worsen Mediterranean Shipping Co. dropped to the bottom of the on-time performance list in the fourth quarter of 2013.Shippers should expect declining container ship reliability over the near term. Asia-West Coast of North America: voyage cancellations and on-time performance in 2013 Full-size chart Carriers' schedule reliability worsened in every quarter of 2013 and is...
MOL Files MOL Comfort Lawsuit Against Shipbuilder Source: gCaptain's "A Look Back: MOL Comfort Incident Photos [25 Photos]" Mitsui O.S.K. Lines has confirmed to the JOC that it has filed a lawsuit in Tokyo against Mitsubishi Heavy Industries for damages related to the MOL Comfort incident. MOL said the case is being processed in Tokyo District Court, but declined...
International Shipholding to Move Back to New Orleans International Shipholding Corp. plans to relocate its corporate headquarters next year from Mobile, Ala., to New Orleans, where the company was based from its founding in 1947 until 2006. The company said the relocation is expected to be completed by the fourth quarter of 2015. The move will apply only to the...
Seafarers & International House to Hold 14th Annual Setting the Course Awards Banquet Seafarers & International House will hold its 14th annual Setting the Course awards banquet on Tuesday evening,April 22, 2014 at the New York Athletic Club to honor Donald J. Marcus, Edward R. Morgan and Captain Richard P. Phillips as the 2014 Outstanding Friends of Seafarers. Don Marcus is the President of...
Eurogate Container Traffic Rebounds to Pre-Recession Level Eurogate, Europe's largest container stevedore, last year handled more than 14 million standard containers for the first time since the global recession in 2008, as a strong performance by its Mediterranean terminals outweighed a decline in its domestic German market. The Bremen-based company posted a 7.3 percent increase in traffic to...
HHLA Boosts Market Share as Hinterland Traffic Soars HHLA boosted its share of ocean container traffic in the Hamburg-Le Havre range in 2013 and posted a significant growth in rail and road traffic to the European hinterland. The biggest stevedore in the port of Hamburg bucked the industry-wide trend of flat traffic with a 4.4 percent rise in containers...
Duisburg Targets 5 Million TEU Capacity by 2015 Duisport's D3T terminal at logport 1Duisburg, the world's largest inland port, said its annual container capacity will reach 5 million TEUs by the end of the year. The German port will add four gantry cranes to the current six at its combined transport terminals, logport 1 and logport 11 on the...
Terminal Operators Pressed as Investors Wheel and Deal TraPac terminal in Jacksonville.After more than five years of inertia in the marine terminal business, the industry is beginning to churn. Some investors who spent billions of dollars in the mid-2000s to buy into container terminals want out, while others see this as a good time to invest in the...
North American Railroads: Ripe for Consolidation? Canadian Pacific Railway CEO and Director E. Hunter Harrison told investors last week that he expects rail consolidation among the largest North American railroads within six years, but the scenario he laid out was far bolder than what's been swirling around the industry for years. The conventional wisdom around consolidation is...
CN Strike Threat Averted Canadian National Railway and a union representing about 3,000 conductors, train and railyard workers at the railroad reached a new tentative labor agreement last night, averting a strike threatened to begin Feb. 8. CN said today it reached a tentative agreement with the Teamsters Canada Rail Conference - Conductors, Trainpersons and...
Wounded Warrior Project Actively Transitioning Returning Veterans Foremost Into All Areas of Transport & Logistics Sector Indianapolis, Ind. - February 5, 2014 - Last month marked a milestone forWounded Warrior Project® (WWP) and the cold chain logistics industry. In partnership with Flagship Logistics Group, WWP helped staff one of the first of hopefully many ADA exceeding facilities built by a Top 100 Third Party Logistics provider.Alongside WWP were...
Don't jump the gun Some equity analysts are encouraging clients to exploit the recent weakness in the dry-bulk market by picking up shares of well-capitalised bulker owners but others are warning investors to proceed with caution.
Seaspan gains steam Investors don't appear to be too concerned about Seaspan's latest Wall Street fundraiser.
TOTE seals LNG deal TOTE has lined up a fuel provider for a pair of LNG-powered containerships that are due for delivery in late 2015 and early 2016.
Period preference Panamax bulkers may be losing traction in the spot market due to the seasonal lull but day rates for tonnage tied to period deals appear to be holding steady.
Charges in Limburg blast The US has filed criminal charges against a Guantanamo detainee for allegedly helping to plan the Al-Qaeda suicide bombing of a VLCC off Yemen.
Exmar firms order A joint venture between Exmar and Pacific Rubiales Energy Corp (PRE) of Colombia have firmed up an order for a barge-based floating LNG regasification unit.
Exmar emerges victorious Exmar has lined up time charters for two midsized LPG carriers that are under construction in the Philippines.
One year hires for Navios Navios Maritime Acquisition Corporation says it has secured one year charters with "quality counterparties" for the three secondhand VLCCs it purchased in November for $163m.
Danske boosts WW ASA Danske Bank has lifted its rating on Norwegian shipowner Wilh Wilhelmsen amid anticipation of a steady improvement in earnings.
Zim taking charter hit Israeli container line Zim is to write off $72m in its 2013 accounts.
UGS attacks triple taxation A legislative move to impose triple taxation on ships managed out of Greece has come under fire from Theodore Veniamis, president of the Union of Greek Shipowners (UGS).
Astrup in offshore sale Olso-based oil industry private equity group HitecVision has acquired a portfolio of offshore shipping projects and 49% of management company Scantank from shipowner Eivind Astrup's holding company Bjorgvin.
Splosna sheds bulker Slovenia's Splosna Plovba continues to clear out 1990s-built bulkers and has now reportedly sold the Oshima-built 46,000-dwt Slavnik (built 1998).
DNB eases the pain Norwegian lender DNB has revealed a drop in impairment losses as shipping markets improved.
More VLCCs scrapped Two more VLCCs appear to be heading for recycling yards.
School's out Floating university is to go into drydock for a bit of revision work
Aigaion has to follow Lloyd's Greek underwriter, Aigaion Insurance, has to follow the settlement terms agreed by the Lloyd's market for hull damage to an elderly general cargoship.
Luno in three pieces The smashed Spanish cargoship Luno has broken into three pieces off France as its owner tries to work out how to salvage it.
PSV heads down under Singapore's Otto Marine has won an $8m charter for one of its platform supply ships (PSVs) in Australia.
Inui losses lower Inui Steamship has continued to cut its net losses at the nine month mark to JPY 471m ($4.6m) on the way to its target of a JPY 200m net profit by the end of the year. At the same point last year its losses were JPY 846m.
Jasa Merin sells again Malaysian owner Jasa Merin has announced the departure of a second offshore vessel in a week.
GE slips back India's Great Eastern Shipping (GE Shipping) has reported a drop in third quarter earnings.
Stena confirms $100m deal Stena Bulk confirms that the joint venture company Golden Stena Weco is the buyer of six modern small chemical tankers.
Mipo loss worsens Korean shipbuilder Hyundai Mipo has suffered a greater than expected loss in the fourth quarter.
Hyundai Heavy hurting Korean shipbuilding giant Hyundai Heavy Industries (HHI) has blamed lower vessel prices for a loss in the fourth quarter.
HMM linked to LNG sale Hyundai Merchant Marine (HMM) is considering a sale of its LNG carrier fleet, according to a Korean report.
Better again for KLC Reborn Korea Line Corp (KLC) has posted a strong profit for 2013 after emerging from receivership.
Electrics at fault? An electrical power loss has been blamed for the catastrophic breaking up of a Spanish cargoship off France.
Crystal avoids Thailand Crystal Cruises is to avoid calling at ports in Thailand due to the recent political and social unrest in the greater Bangkok area.
Three for Five Star State-owned Myanmar Five Star Line is on the hunt for tonnage to expand its fleet.
MHI set for good year Mitsubishi Heavy Industries looks set to record a good financial performance for the year after reporting strong third quarter figures.
Baltic recruits Asia vet Asia shipbroking veteran Chris Jones has been named as the new director for Asia Pacific at The Baltic Exchange.
NTSB blames BAE The National Transportation Safety Board (NTSB) has determined that substandard mooring bollards are to blame for a fatal accident involving a Carnival Corp cruiseship at a shipyard in Mobile, Alabama.
CHO Q2 profit slides CH Offshore has continued its weak start to the year with a near 33% year-on-year decline in second quarter profit.
Trafigura travels south Trafigura is moving forward with a campaign aimed at beefing up its presence on the East Coast of South America.
Big Easy boomerang International Shipholding Corp is getting ready to relocate its corporate headquarters from Mobile, Alabama to New Orleans, Louisiana.
GUPC stops work on Canal expansion The agency in charge of managing and operating the Panama Canal on Wednesday demanded that the consortium building a third set of locks resume work on the project after negotiations to resolve cost overruns ended.
Drewry measures decline in container line schedule reliability "Liner shipping is becoming less and less reliable as operators ignore service standards in the rush to cut costs. The bad news for shippers is that the situation is only going to get worse," Drewry said.
Port official: Panama Canal will regain market share Once the Panama Canal expansion is complete, the larger route will quickly regain market share that had been ceded to the Suez Canal, according to Curtis Foltz, executive director of the Georgia Ports Authority.
Teamsters call off strike after reaching deal with CN Canadian National has reached a tentative agreement with the Teamsters Canada Rail Conference, the company announced, which eliminates the union's threat of a strike.
Ports America refinances
UPS, pilots' union go to mediation
IATA: 2013 a 'tough year' for air cargo Air cargo markets were slow to progress in the first half of 2013, the International Air Transport Association said, and though improvement came in the second half, the industry is forced to face the facts of "changing" industry dynamics.
Income up at Old Dominion in 2013 In 2013, Old Dominion saw a net income of $206.1 million, a 21.6-percent increase compared to 2012, a result supported by a 19.4-percent increase in fourth-quarter income.
International Shipholding returning to New Orleans
With end of amendment, Southwest expands Dallas service
Cathay Pacific adds options in Latin America
DHL announces fashion program
Mid-May start to West Coast Longshore talks expected
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