New Suez Canal lane plans unveiled Egypt plans to spend $4Bn to add an extra 45 mile (72km) lane to the Suez Canal. The announcement was made by president Abdel Fatah al-Sisi and confirmed by Suez Canal Authority chairman Mohab Mamish in a televised speech this week. Currently, the canal only provides for one-way traffic, with
Helsinki port enjoys July growth Finland's largest port has posted positive results for July. The Port of Helsinki saw 0.8M tonnes of cargo throughput, a 7% improvement on July 2013's figure, the Port said. Exports rose 10% for the corresponding period. Imports saw a 4% rise, and passenger throughput climbed 6% with 1.4M people
Marseilles €28M drydock renovation targets cruise ships Marseilles Fos Port Authority announced today [Subs Note - 06 Aug.2014] that it plans to complete a €28M ($37.5M) renovation of its giant Drydock 10 by mid-2015 to provide a strategically located base for cruise ship repair and maintenance. At 465m long and 85m wide - the third largest in the
DeltaLangh's scrubber receives class approval Tightened exhaust emissions regulations in ECAs after January 2015 are driving increased interest in exhaust gas cleaning systems (scrubbers) and class approvals. DeltaLangh's scrubber has recently received a final class approval from Germanischer Lloyd for the unit installed onboard Langh Ship's
Rhenus coal handling up 25% The German port of Wilhelmshaven's Rhenus Bulk Terminal (RBT) handled a record 557,319 tonnes of coal in July, 25% up on its best month in 2013 and the first time the terminal has handled over 500,000 tonnes. Freighter Lord Star was the last to unload coal at RBT in July, contributing to cargoes
Detained Turkish power ship released A Turkish electric power generation vessel which has been held in Pakistan for more than two years has been released. Turkey's Hurriyet Daily News said that the release of the 216MW Kaya Bey had been announced by the vessel's owner, Karadeniz Holding. The paper added, however, that three other power
Update: Kenyan expansion to impact Eastern region A contract signed for the construction of the first three berths at the proposed Lamu Port in Kenya, "reinforced the government's resolve to make infrastructure key, in social and economic development," President Uhuru Kenyatta said. The deal was sealed between the Kenya Ports Authority and the
Fugro wins second MH370 search contract Fugro Survey PL has won the contract to undertake the deep sea search for the missing Malaysia Airlines MH370. The Dutch-based company is already on contract to complete a bathymetric survey of the seabed in the search zone. A second vessel, the Fugro Discovery, is now on route to Perth to join the
Malaysia's MISC posts double-digit jump in earnings Malaysia-listed shipping conglomerate MISC Berhad (MISC) has posted a double-digit jump in its profit before tax for 1H14, which ended on 30 June. The company's profit before tax of MYR872.4 million (USD272.9 million) in 1H14 was 25.2% higher than MYR696.8 million profit in the corresponding period.
Korea Line Corporation continues profitable run Korea Line Corporation (KLC) posted its net incomes in the second quarter of 2014 (2Q14) with KRW40.7 billion (USD39 million) yesterday that turned to black. It was a reversal of a KRW5.9 billion loss for 2Q13. The 2Q14 sales figures raised 3.9% year on year (y/y) to KRW144.2 billion and operating
Pelindo II to raise fund for port expansion Indonesian state-owned terminal operator PT Pelabuhan Indonesia II (Pelindo II), also known as the Indonesia Port Corporation (IPC), plans to raise $1.25Bn in syndicated loans to help finance the expansion of its North Jakarta port. "Hopefully the government will grant permission this week," said
Wisdom Marine's profit down 7.03% Taipei-listed bulk carrier Wisdom Marine announced yesterday a record profit of TWD902 million (USD30 million) in the first seven months this year, down by 7.03% year-on-year. The carrier posted revenue of TWD5.08 billion during this period, an increase of 5.77% from the previous year. The decrease
China vessel exports down China's vessel exports decreased 11% year on year (y/y) in the first six months of 2014 to USD13 billion according to customs statistics. It is forecast that the exports will keep on the moderate upward trend to surpass USD13 billion in the second half in 2014. China exports the majority of the
MMHE earnings dip in 2Q14 Malaysia-listed marine and offshore services provider, Malaysia Marine and Heavy Engineering Holdings, suffered a drop of 20% in total income for 2Q14 to MYR38.46 million (USD12 million) from MYR48.6 million for the corresponding period last year. The decrease was due to lower profits from the
Philippines jails 12 Chinese fishermen 12 Chinese fishermen were sentenced to between six and 12 years in jail and fined $100,000 each for illegal fishing by a Philippine court on Tuesday, according to Xinhua News Agency (Xinhua). The fishermen were accused of running into and severely damaging Tubbataha Reef, a World Heritage-listed
Yangzijiang posts all-time high earnings in 2Q14 Singapore-listed shipbuilder, Yangzijiang Shipbuilding Holdings has posted an all-time high quarterly profit in the second quarter of 2014 (2Q14). The company's net profit hiked 52% year on year (y/y) to CNY 1.24 billion (USD200.8M) from CNY811.6M. The increase in profit was mainly contributed by a
Eagle Bulk files for Chapter 11 NASDAQ-listed Eagle Bulk has sought Chapter 11 bankruptcy protection to facilitate a pre-packaged debt restructuring plan. The beleaguered dry bulk company filed its petition in the New York Southern District Court on 6 August. The plan calls for all current Eagle Bulk equity to be extinguished and
First Nation group threatens to shut down CN line to Prince Rupert Canadian National Railway services connecting the Port of Prince Rupert, British Columbia, to the rest of its network are running normally even though a First Nation group told the railroad to end operations by Aug. 4.The threat comes as U.S. shippers are diverting cargo through the port amid still-unresolved U.S....
US paper exports slid in first half of 2014 U.S. containerized exports of scrap paper are falling, and the drop is partly responsible for slow U.S. export growth. Containerized exports from the U.S. in the first half of 2014 dropped 11.3 percent compared with the same period in 2013, according to data from PIERS, the data division of the JOC...
'Bob-tail bandits' plead quilty to federal cargo theft charges A trailer full of canned corn proved one stolen load too many for a gang of freight thieves that operated throughout the U.S. Midwest. In federal court in Missouri, two of the cargo thieves pleaded guilty to running a cargo theft ring that pulled off the corn heist in West...
DP World Vancouver to turn away US-bound rail cargo Starting Friday, DP World Vancouver will stop accepting U.S.-bound containers intended for direct transfer to rail, citing a lack of railcars to handle the surge of cargo headed across the border. The operator of the Centerm Terminal will continue to handle U.S.-bound cargo moving by truck either to the regional market...
Russia warns of stricter inspections of US chicken USDA Photos by Lance Cheung.[Editor's Note: Russian President Vladimir Putin announced Wednesday that Russia will enact bans or limits on a wide range of trade with the European Union and the United States. A full list of the banned agricultural products, raw material and food is expected to be available...
Japan to end punitive tariffs against US Japan has decided not to extend punitive tariffs imposed on some products imported from the United States in retaliation for a U.S. anti-dumping trade law known as the Byrd amendment. The current retaliatory tariffs are to expire on Aug. 31. Additional 17.4 percent tariffs are levied on 13 items, including some...
Drivewyze ByPass expansion benefits truckers, shippers "Smart mobility" technology aimed at helping truckers avoid lengthy weigh station delays promises cost-saving benefits that could extend up supply chains to shippers. Drivewyze, an Internet-based service that speeds supply chains by allowing truck drivers to bypass state weigh stations, is expanding, adding 13 sites into Georgia to its network. Truckers can...
Clean Energy expands CNG, LNG fueling networks, adds customers [caption]A Clean Energy Fuels facility.[/caption] Clean Energy Fuels is expanding its U.S. natural gas network, opening 27 fueling stations in the first half of 2014, including nine "truck friendly" stations along interstate highways. The scarcity of fueling stations is a roadblock to expanding the use of liquid or compressed natural gas as...
Bigger ships to increase risks in Panama Canal, insurer says Increased cargo capacity in larger ships transiting the expanded Panama Canal will raise risks for the maritime industry, Allianz Group said in a new report. The Allianz report, Panama Canal 100: Shipping Safety and Future Risk, said the cost of insured goods transiting the canal may increase by more than $1...
Trans-Pacific benchmark rate hits 13-month high Drewry's benchmark rate for container traffic heading from Hong Kong to Los Angeles rose 20.8 percent this week. Full-size chart An Aug. 1 general rate increase and high peak-season volumes heading to the U.S. pushed spot rates from Asia to the U.S. to their highest levels this year. Drewry's benchmark rate for container traffic...
Online grocery sales whet appetites; high costs curb growth When the dot.com bubble burst in April 2000, there was no shortage of spectacular failures, but one of the most storied was the collapse of online grocer webvan.com. Webvan went public in 1999 with a $375 million initial public offering (before reaching a peak stock market value of $1.2 billion), and...
Idle container ship fleet shrinks to three-year low The idle container ship fleet has fallen to a three-year low but likely will start to grow again at the beginning of the fourth quarter as the peak shipping season draws to a close, according to Alphaliner. There were 119 vessels of more than 500 20-foot-equivalent-unit capacity - a combined capacity...
US gives green light to Hapag-Lloyd, CSAV merger The U.S. Department of Justice and the Federal Trade Commission cleared the planned merger between Hapag-Lloyd and Compania Sud Americana de Vapores, which will create the world's fourth-largest ocean container line. "This is part of the consultation process to regulatory authorities that both companies are carrying out in order to merge...
Deutsche Post DHL container volume trails rivals' growth Deutsche Post DHL booked a market-beating 5.6 percent increase in ocean container traffic in the second quarter, but it trailed growth rates of other top global freight forwarders. The German mail and logistics giant increased volume to 749,000 20-foot equivalent units in the three months through June from 709,000 TEUs in...
Trans-Atlantic ocean trade growth on an even keel Bremerhaven/Bremen was the top European load port for U.S. imports via East Coast ports in the 12 months ending March 2014.The U.S. ocean container trade via European ports, including transshipments, increased 3.8 percent year-over-year to 4.6 million laden 20-foot-equivalent units in the 12 months ending March 2014, according to PIERS,...
Infrastructure program could heat up India's cold chain growth More than $15 billion will be spent on expansion of India's cold chain during the next five years, according to a study by the Institution of Mechanical Engineers. The report, released in July in New Delhi by the British engineering think tank also known as IMechE went beyond the dramatic forecast...
Strong growth for US West Coast ports in June Although the July 1 deadline for contract negotiations between the International Longshore and Warehouse Union and the Pacific Maritime Association certainly resulted in some diversion of cargo to ports on the U.S. East Coast and in Canada, West Coast container volumes are still up noticeably compared to last year. Containerized imports...
Delivery myth debunked Newbuilding orders have soared in recent months but shipyards may be sitting on a bigger backlog of premium slots than some would have you believe, a leading brokerage told clients today.
Analyst abandons EGLE A leading Wall Street equity analyst has suspended research coverage of Eagle Bulk Shipping (Eagle Bulk) on the back of the US bulker owner's Chapter 11 bankruptcy filing.
EGLE takes flight Investors were racing to accumulate shares of Eagle Bulk Shipping Wednesday on the back of an announcement in which the operator outlined plans to pursue a Chapter 11 restructuring.
UBS downs NCL UBS downgraded shares of the third largest cruise line Wednesday based on a bet that turbulence in the operator's core market will continue in the months ahead.
DryShips in VTL boost DryShips has seen its fleetwide value-to-loan (VTL) ratio surge to 171% from 105% in December 2012, the company's finance chief said.
AO picks Wallem Hong Kong manager Wallem has said it will manage two ultramaxes on order for Germany's AO Schiffahrt.
Dynagas Partners dips Nasdaq-listed Dynagas LNG Partners has posted a slight fall in earnings for the second quarter as costs rose.
Eagle Bulk set for Chapter 11 Eagle Bulk is set to file Chapter 11 papers after striking a prepackaged restructuring deal with lenders.
NAO stronger Nasdaq-listed Nordic American Offshore (NAO) has increased earnings in the second quarter as revenue rose.
OSG's next step? The ink is barely dry on OSG's Chapter 11 exit papers but speculation has already started as to how the company will develop following its restructuring.
Rickmers sheds loan Singapore-listed boxship owner Rickmers Maritime has been boosted in the second quarter by settling a loan at a 20% discount.
Star puts $1bn on shelf Star Bulk Carriers has filed a $1bn shelf registration that could set the scene for further expansion for Wall Street's biggest bulker owner.
US clears merger The US has approved the imminent merger between Chile's CSAV and Germany's Hapag-Lloyd.
Cat to bite Wilhelmsen? A depression in the high and heavy market will lead to a reduced profit at Norwegian owner Wilh Wilhelmsen in the second quarter, analysts say.
One dead in smash A fisherman has died and four more were reported missing after their boat was in collision with a Japanese bulker off China.
Crewman gassed A Bulgarian crewman has died after being asphyxiated on a bulker in France.
Sinopacific firms PSVs China's Sinopacific Shipbuilding Group has confirmed a first offshore order from Mexico.
Edem ship hit in Libya A Greek-controlled supramax bulker came under fire at the Libyan port of Derna this week.
Paragon sights $25m Paragon Shipping has set its sights on $25m from a notes offering
Tidewater misses in Q1 Tidewater has recorded an improved first quarter profit but its bottom line has fallen short of Wall Street expectations.
Deep Sea does better John Fredriksen-controlled offshore shipowner Deep Sea Supply is reintroducing dividends after posting a better profit in the second quarter.
Yangzijiang profit spikes Yangzijiang Shipbuilding has reported a record profit for the second quarter thanks to a tax refund and income on a cash investment.
Inui loss grows Japanese bulker owner Inui Steamship has posted a bigger deficit in the first quarter despite a growth in revenue.
Tax lowers MISC profit A bigger bill from the taxman has hit MISC's earnings in the second quarter.
Chinese in Kenyan port deal State-owned China Communication Construction Company was won a $479m contract to build a new deep-water port in Lamu in Northern Kenya that is being built to open a corridor into resource-rich East Africa.
Stealthgas prices offering Nasdaq-listed StealthGas plains to raise a further $35m by selling off more common stock in an underwritten registered offering.
MHB takes profit hit Pre-tax profits for Malaysian Marine and Heavy Engineering Holdings Berhad (MHB) for the first half of its 2014 financial year fell by nearly half compared to its results in the first half of 2013.
United Grain slams USDA denial of grain inspection A USDA official said the situation at the Port of Vancouver doesn't "ensure safe access to the UGC facility for the GIPSA, and therefore [USDA] is conditionally withholding official grain weighing and inspection services."
Expeditors to refine strategic assessment during 2014's second half Expeditors International turned in net earnings of $91.3 million during the second quarter, a year-over-year decrease of 1 percent, while net revenues ticked up 3 percent to $484.7 million.
Senator pushes Buy America transportation bill
Suez Canal plans bypass to increase capacity
Project will test powering dray trucks with electricity The demise of the network of electric trolley cars that once crisscrossed Los Angeles is an important and controversial chapter in the history of public transportation.
Ships slow to benefit California whales, air The program was developed and implemented by the Santa Barbara County Air Pollution Control District, Channel Islands National Marine Sanctuary and the Environmental Defense Center.
Ex-Im Bank supports $1.7 billion to finance Africa-bound exports The bank also announced that it will pledge $3 billion in financing to support U.S exports to Sub-Saharan Africa over the next two fiscal years.
Aegean strengthens presence in Mediterranean port Second bunker barge brought into operation in Barcelona.
Tight avails in Rotterdam Istanbul: Low demand and ample supplies.
Prices for key IFO grade softening in Mideast hub Tight avails in Fujairah.
Compulsory Mass Flow Meters 'a good initiative' Dan-Bunkering's new head of operations in Asia has welcomed Singapore's decision to make MFMs mandatory.
GAC settles potential claim over alleged sanctions breach GAC Shipping (USA) agreed to pay $157,500 on behalf of Houston-based GAC Bunker Fuels.
Asian bunker rates southbound Busan bracing for typhoon.
Greek ferry to employ renewable energy technology Technology to be provided by a Japanese equipment supplier.
P&I Club: Increase in 'low quality' bunker claims Club underlines importance of engaging 'reputable' suppliers.
Maersk Line completes AMP upgrade for vessels Project has equipped 16 vessels to use alternative marine power at US ports.
Drybulk shipping firm brings down bunker consumption Company sees impact of fuel efficiency technologies.
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