Euronav restarts IPO push Tanker major Euronav has re-started its plan to float in the US and drop its Brussels listing in favour of the New York Stock Exchange (NYSE). Euronav filed its first public registration with US securities regulators on 8 September, after filing a confidential registration in late April. On 15
Westports stellar results trigger expansion Port Klang terminal operator Westports today released 3Q/2014 and nine months to September 2014 figures revealing profits have soared along with double-digit growth in operational revenue for both periods. "Coupled with a lower effective tax rate and termination of a management service agreement,
Critical interim period for ship recycling Progress in the fight to regulate ship recycling practices could be drawn out if operators do not see the financial benefits in doing so. "We have a classic chicken and egg situation if there is no financial motivation for the yards," said Nikos Mikelis, non-executive director of GMS, speaking at
China Ocean to acquire 20% of leasing company Hong Kong-listed China Ocean Shipbuilding Industry will acquire 20% of Zhejiang Ocean Leasing, a sino-foreign joint equity company, for CNY45M ($7.3M). Zhejiang Ocean Leasing posted profits of CNY12.3M in 2013 and profits of CNY20.3M in the first nine months in 2014, a stock filing of China Ocean
German-Danish MPP alliance shaken up Danish heavy lift operator Poulsen Shipping and its German joint venture partner Harren & Partner have realigned their project carrier operations. Their joint MPP operating outfit Combi Lift has been fully concentrated at the Harren & Partner head office in Bremen, superseding the old set-up with a
German owners call for scrubber harmonisation Owners are in danger of being penalised in Europe for discharging scrubber treated water due to a clash between two contradictory European regulations. The international sulphur regulation as transposed into European law, versus the EU Water Framework Directive. German ship owners today called on
ICC will not prosecute Israel over Gaza aid ship deaths The International Criminal Court has today decided against prosecuting the state of Israel for the deaths caused when the Gaza aid ship Mavi Marmara was intercepted in May 2010. The deaths of nine Turkish activists followed when Israeli commandos stormed the 4,142gt ferry Mavi Marmara, which was
IHS recognition at Maritime Media Awards IHS Maritime and Trade is celebrating after receiving a Certificate of Merit in the First Sea Lord's Digital Media Award category at last night's Maritime Media Awards in London. The recognition, decided by a panel of judges on behalf of the Maritime Foundation, was for the IHS Maritime 360
Thailand transport sector cool to government's planned overseas investments Thailand's interest in developing ports and rail infrastructure overseas has met with a cool reception from the transportation industry. "The government has formed a subcommittee under the Board of Investment of Thailand to particularly provide support for Thai investors engaged in the development
Seafaring safety 'should come first' Safety should be inherent to seafaring and more credit should be given to seafarers according to Gerry Docherty, director of technical services at Ardmore Shipping Services. Speaking at the 4th annual shipping and offshore CSR forum in London this week he said: "The shipping industry has a very
DS Torm upgrades full year forecast as 3Q14 losses narrow DS Torm, the listed Danish product tanker company that is undergoing restructuring, expects higher operating profit and narrower net loss for the full year than forecast earlier on smaller 3Q14 loss. Group net loss narrowed to $20.6M in 3Q14 compared with $40.2M in the same period last year, while
Koper recycling project wins ESPO award The Slovenian port of Koper has won this year's European Sea Ports Organisation award for its "No Waste, Just Resources" project for the recycling of port waste into environmentally friendly materials. The wide-ranging project involves innovations including the re-use of marine silt for
Jones Act consolidation begins Kinder Morgan has purchased two Jones Act product tankers from Crowley in what may be the beginning of a broader consolidation. NYSE-listed Kinder Morgan Energy Partners is paying $270M for the 45,760dwt Pennsylvania and Florida, built by Aker Philadelphia in 2012 and 2013 respectively. In
OW Bunker forced to seek in-court restructuring A large scale fraud at its Singapore subsidiary, and high risk management loss have forced OW Bunker to seek court restructuring. Events started to unfold on Wednesday (05 November), when OW Bunker, whose shares are listed in Copenhagen, said that the group's senior management had been informed
MODEC trims 2014 profit forecast Japanese floating production systems specialist MODEC said today that its 2014 profit is expected to be lower than previously predicted. The company explained this down to malfunctions in its FPSOs operating in Brazil. MODEC now expects its 2014 profit to be JPY5Bn ($43.7M), compared to JPY6.5Bn
LR reinstating offshore licence in China London-based Lloyd's Register (LR) expects to achieve an early reinstatement of its licence to carry out offshore certification for offshore oil production facilities in China. On 4 November, the State Administration of Work Safety of China ordered the China unit of LR and American Bureau of
VLCC demand up as spot rates head north Several VLCCs have been booked for up to two years as spot rates continue to head north ahead of winter. As of yesterday, the Baltic Exchange assessed the rate for the benchmark Arabian Gulf-East Asia route at Worldscale 56.18 or $45,902/day. Brokers told IHS Maritime that in recent weeks, Hyundai
CCS to release new LNG rules in 2015 The Rules for LNG Bunkering Shipping is expected to be enforced in 2015, stated China Classification Society (CCS) at the World Shipping (China) Summit 2014. At present, CCS is dedicated to promote the application of LNG in the shipping sector by developing technical standards and providing
Oil is not going away any time soon, but non-Opec supply is shrouded in uncertainty Tankers can expect oil cargoes for at least the next 25 years as oil remains important part of global energy mix
Extraordinary LR2 spot rates start to level off Earnings climb down slightly from all-time high of $35,000 per day earlier this week
MOL confirms 18,000 teu talks Seaspan and Japanese lessors are possible charter parties in deal to be done by year-end
UK showcases country's world-beating maritime skills Government extends tonnage tax to cover ratings as part of new campaign to promote shipping expertise and training
KG rot 'set in with globalisation' System worked well from 1970s to 2000s, insists Lloyd Fonds boss
Haji-Ioannou wins FFA case against Su Taiwanese owner and TMT found liable in $36m claim
Gothenburg box traffic continues to fall Year-to-date volumes down 5%, despite third-quarter hike
Torm in talks with remaining debt holders to agree to restructuring plan Group seeks consensus on Oaktree taking majority stake
Dorian LPG bolsters balance sheet as US exports drive LPG shipping growth Global LPG exports to rise 50% on last year
Global macroeconomic factors pressure shipping for long term, says Cosco's Ma Zehua Co-operation, consolidation and innovation would be keys to pursue ultra-low costs
Services suspended to Libyan port Shipping lines suspend Benghazi services as fighting in the area escalates
Westports revenues fall despite rise in container throughput Gateway container traffic and transhipment up 12%
New companies will turn to Oslo OTC, Pareto predicts Norway wins on speed and pricing, insists Høiby
CMA CGM announces low-sulphur surcharges French carrier informs customers of additional fees for 2015 in response to stricter emissions legislation
Ship queue lengthens outside Los Angeles and Long Beach Bulkers join boxships waiting to berth
Euronav goes for second bite of IPO cherry European tanker owner determined to succeed with US IPO this time
Teekay LNG Partners sticks to long-term contracts to fulfil growth plans Longer-term charter deals protect against exposure to market volatility
Tanker Investments relying on winter market boost as it posts third-quarter loss Teekay vehicle looking to generate 'significant' cashflow in coming months
Höegh LNG orders fifth FSRU newbuilding Vessel to be delivered from South Korean yard in 2017
Evergreen considering 18,000 teu ships CKYHE alliance may need to upsize ships to compete with other alliances
Torm posts $26m loss as it seeks to finalise restructuring plan Struggling Danish operator takes chance to slightly improve full-year forecast as it seeks to finalise Oaktree deal
OW Bunker applies for court restructuring Company discloses losses of $125m due to fraud in Singapore subsidiary and up to $150m in risk management losses
Kinder Morgan grows Jones Act fleet Pipeline company snatches two tankers from Crowley
Box Ships looks for needed covenant relief Containership operator continues to work with banks
Safe Bulkers sees profits dive as charter rates sink Greek bulker owner declares dividend of $0.04 per share
Paragon books net loss of $6m from weak freight rates But dry bulk company expects rates to improve to year-end and into 2015
Baltic Trading sees net loss of $5.5m Dry bulk operator attributes loss to 'challenging' environment
Ocean Rig reports record earnings Economou says company is insulated from market softness as backlog grows
DryShips returns to profit George Economou lifts stake to 16.9% after fundraiser that enables owner to cover bond dues
US West Coast waterfront employers accuse ILWU of withholding LA-LB labor LONG BEACH, California - Fearing that gridlock at the largest U.S. port complex is imminent, the Pacific Maritime Association today blasted the International Longshore and Warehouse Union for withholding skilled labor at Los Angeles-Long Beach. While at least a dozen factors contribute to port congestion in Southern California, "it is the ILWU...
Transplace buys chemical logistics company LMS Third-party logistics company Transplace is building up its chemical business by acquiring Logistics Management Solutions, a non-asset 3PL with a strong chemicals and industrial customer base. Terms of the transaction were not disclosed. The acquisition expands the $1.4 billion company's service portfolio and expands its presence in key verticals, including chemicals,...
Canada gives TransForce approval to buy trucking rival Contrans Canadian competition authorities gave a green light Wednesday to a deal that makes the biggest trucking operator in Canada - $2.9 billion TransForce - substantially bigger. The Competition Bureau issued a letter that clears the way for TransForce to complete its nearly $500 million acquisition of Contrans, a major Canadian truckload operator. The...
LA-LB harbor drivers seek HOS waiver for congestion relief Harbor truckers in Southern California struggling with congestion at the largest U.S. port complex are asking federal regulators for temporary relief from some national truck driver hours of service regulations. If the Los Angeles-Long Beach effort gains traction with the Federal Motor Carrier Safety Administration, the American Trucking Associations said it...
US shippers appear to be diverting more cargo through Canada U.S. shippers appear to be diverting a second wave of intermodal cargo through Canadian ports, as congestion at the ports of Los Angeles and Long Beach mounts. For the week ending Nov. 1, Canadian intermodal volume was up 10.0 percent year-over-year, marking the second week in a row of double-digit increases, according...
US election could spell new - but short - opportunity for highway bill WASHINGTON - The Republican takeover of the U.S. Senate could unblock the gridlock delaying a long-term highway bill, but the window for legislative action may be short. The Republicans "probably have only a one-year window to make some hay," C. Randal Mullett, vice president of government relations and public affairs for...
Canada aims to allow shippers to self-screen air cargo Transport Canada is proposing to allow shippers to screen their cargo before it reaches an airport, rather than solely relying on carriers to do so, in order to bridge security gaps and prevent terrorist attacks. The Canadian government said relying on carriers to screen all cargo for explosive devices would be...
US Customs working to curb LA-LB congestion To help reduce congestion at the ports of Los Angeles and Long Beach, U.S. Customs Border and Protection is offering extended gate hours to shippers and allowing them to schedule non-intrusive inspection appointments on nights and weekends. The agency has also hosted meetings with container lines and marine terminal operators, and...
Concor's profit slumped 21 percent in fiscal second quarter Rising operating costs coupled with the slowdown in international freight hauling hurt profit growth at Container Corporation of India, the country's largest intermodal logistics provider. Concor, an offshoot of Indian Railways, booked a net income of Rs. 191.88 crore (about $31.5 million) in the second quarter of its fiscal year, which...
Sales tax hike to benefit Port of Oakland infrastructure Roads and highways connecting to the Port of Oakland are on track for upgrades after Alameda County voters this week approved a sales tax hike that will fund $7.8 billion worth of transportation infrastructure improvements. Revenue gained through the half-cent sales hike to 1 cent will enable the county to...
Maersk joins group monitoring ship emission compliance Maersk Line has joined 10 other container lines and shipowners in a group known as the Trident Alliance to test enforcement of the new low-sulfur fuel regulations that go into effect on Jan. 1, 2015, in so-called emission control areas in North Europe and North America. The alliance will work together...
WCI: Asia-Europe spot rates double while trans-Atlantic rates reach new lows Rates from Asia to Northern Europe nearly doubled this week while trans-Atlantic rates dipped to new lows, according to the latest readings from the World Container Index. Full-size imageAll WCI trade lanes involving Shanghai jumped this week, but none more than Shanghai to Rotterdam spot rates, which jumped 89.3 percent after...
Maersk Line Ltd. settles US military claim that it forged receipts Maersk Line Ltd., the U.S.-flag unit of Maersk Group, has paid $8.7 million to the U.S. government in a civil settlement of claims that the carrier submitted forged receipts for military shipments to Afghanistan. The settlement was announced by Stephen R. Wigginton, U.S. attorney for the Southern District of Illinois, where...
Contamination cited as top cause of tank-cargo claims Nearly half of insurance claims filed with the TT Club for tank containers during the last nine of years have been caused by contamination, an official at the freight transportation insurer said. The most frequent cause of contamination is incompatibility of the tank with the cargo in it, Phillip Emmanuel, the...
FMC chairman says agency is closely watching PierPass U.S. Federal Maritime Commission Chairman Mario Cordero expects congestion at the ports of Los Angeles and Long Beach to ease in the next couple weeks, but, in the meantime, he said the agency is scrutinizing the PierPass program. Cordero, who spent most of Tuesday in Southern California talking to drayage drivers...
NY-NJ panel expects chassis pool decision by year-end A committee of the Port of New York and New Jersey's industrywide Council on Port Performance expects by year-end to decide between two competing chassis-pool models for "gray" chassis in the port. The council's equipment implementation team has narrowed its discussions to two options - a cooperative "market pool" managed by...
Boom and bust in LA-Long Beach Kansas City Southern Railway's Pat Ottensmeyer doesn't have a solution to the debilitating congestion plaguing the ports of Los Angeles and Long Beach, but he is making a pitch that could alleviate the pain some importers are feeling at the nation's largest port complex. Ottensmeyer, KCS's executive vice president and chief...
Righting a NAFTA wrong on trucking Nelson BalidoDemocratic politics in the early 1990s looked a lot different than they do today. The idea that a governor from Arkansas, one of a dwindling number of southern Democrats, could run a credible campaign - much less win the White House - seemed a pipe dream, especially in a party...
Vibrant Hawaii lifts Matson Matson has reported a better-than-expected quarterly profit after Hawaii's economy boosted freight movement.
ISC in handy pullback International Shipholding Corp (ISC) has cancelled one handysize bulker on order and is proposing to sell its three in operations.
Oceanteam doubles up Oceanteam Shipping has seen its profit double during the third quarter on increased revenue thanks to long-term charters and operations in Mexico.
US owners boost spending US shipowners have boosted their secondhand purchasing activity this year with their spending in the tanker, bulker and boxship markets on the rise.
Carnival expands fleet USA's Carnival Corporation is expecting its fleet capacity to rise by nearly 10% as four new ships join its fleet in the next 18 months.
Hurtigruten profit up Norwegian cruise and ferry group Hurtigruten has pushed up earnings in the third quarter as revenue improved.
Rieber stays strong Norway's GC Rieber Shipping has seen its third quarter profit jump thanks to high fleet utilisation.
Poulsen teams with HBC Danish owner J Poulsen Shipping has formed an alliance with Germany's HBC Hamburg Bulk Carriers in a pact that could set the scene for a full merger.
Steady as she goes The sale of three suezmax tankers slightly depressed the third quarter distributable cash flow of Teekay LNG Partners.
Tokyo Kisen lowers sights Tokyo Kisen has lowered its profit forecast for both the half and the full year.
Lender's loan losses fall German lender Commerzbank has revealed a big drop in loan-loss provisions in the third quarter.
Dorian slips below Street Dorian LPG has reported a smaller than projected second quarter profit in a period which saw a significant contribution from its spot trading ships.
MES to stay profitable Mitsui Engineering and Shipbuilding (MES) has forecast continuing but lower profit in the financial year ending 31 March 2015.
Good and bad news at TNK Stronger spot market rates have led to a return to profit for New York listed Teekay Tanker but the result was nevertheless below expectations.
TIL positive after loss Teekay spin-off Tanker Investments Ltd presented a positive read on the crude tanker markets as it reported a modest loss today.
Wilson increases profit A weaker summer and higher operating costs failed to prevent Norway's Wilson from posting a marginal profit increase during the third quarter.
Deep Sea hires out duo Deep Sea Supply has agreed on bareboat contracts for two of its newly-built platform supply vessels (PSVs).
Hoegh declares FSRU option Norway's Hoegh LNG has declared its option for a fifth FSRU at Hyundai Heavy Industries (HHI) in South Korea.
Overseas banks pulled plug Insolvent Danish fuel and tanker group OW Bunker was forced into a filing for court restructuring after overseas lenders withdrew their support.
Teekay Corp misses Q3 forecasts Teekay Corp missed analysts' projections in the third quarter due in part to lower output from one of its FPSOs.
Torm to take in Oaktree fleet Oaktree is likely to place a large slice of its products tanker fleet into Torm as part of a plan that may see the private equity firm take a controlling stake in the company, Jacob Meldgaard says.
Aegean in the clear? The potential collapse of Danish fuel and tanker group OW Bunker could provide opportunities for its main rival to boost margins and increase consolidation, according to US investment bank Stifel.
Euronav restarts US IPO Euronav has wasted no time in resurrecting its US initial public offering which was delayed due to market turbulence last month.
CSC carries crude again Ceylon Shipping Corp (CSC) has transported its first crude cargo for nearly 20 years.
Hapag halts Libyan call Germany's Hapag-Lloyd has halted a call in Libya due to fighting in the east of the country.
Safe's net profit falls 87% Safe Bulkers has just managed to remain in profit despite a difficult operating environment latest results show.
DryShips back in black DryShips has returned to profit in the third quarter helped by a large jump in revenues at its offshore drilling arm.
Vietnam tanker arrested Singapore's admiralty sheriff has detained a Vietnamese-owned chemical tanker, court documents seen by TradeWinds show.
Paragon trims losses Paragon Shipping has managed to cut its losses in the third quarter despite 23% decline in net revenues.
OW files after $125m fraud Danish fuel and tanker company OW Bunker, already battered by falling bunker prices, has filed for court restructuring after claiming it has been subjected to a multi-million dollar fraud.
Shockwaves in the market as OW halts payments Companies that are owed money fear they may never be paid.
Bunker regulations: Enforcement 'completely inadequate' Shipping industry facing a 'tidal wave' of environmental rules with sulphur controls at the leading edge.
OW Bunker gains time Court sets December 1 for restructuring plan.
MPA backs IBIA's mass flow meter course Next course in Singapore in mid-November.
OW Bunker: More details emerge on fraud allegations Chairman: 'Police investigations are ongoing.'
Singapore: Short-term supply disruption possible Fall out from events surrounding OW Bunker may hit market, says analyst.
Shipping firm benefits from weaker bunker prices Company expecting a 'healthier' shipping market to come.
OW Bunker to undergo restructuring procedure OW Bunker & Trading and OW Supply & Trading 'expected to be insolvent'.
Glander International Bunkering expands Dubai ops Adds Bunker and Lubricant Trader to its Dubai office.
Russian bunker terminal closer to start of upgrading works Government adds project to national scheme.
Shipowners to track low sulphur bunker uptake Survey launched to access developments towards ECA compliance.
OW Bunker: Fraudulent activity, losses at Dynamic Oil Preliminary findings suggest a potential loss of around $125 million at Singapore-based Dynamic Oil.
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