Don't be despondent, owners: product tanker earnings are set to rise Oil demand growth ahead of winter should have a knock-on effect on oil products
Western Bulk sees glimmer of hope in supramax sector Recent indications suggest some improvements, but no bonanza, says chief executive
Scorpio sets sights on 20,000 teu titans Industry opinion divided on whether new player is to enter boxship market
Diana Containerships acquires post-panamax pair Purchase of sisterships, currently employed by Yang Ming, follows equity injection by investors
Höegh LNG Partners prices IPO Offering priced at $20 per unit; trading starts today, IPO to close around August 12
Top Ships ekes small profit for second quarter Result reflects delivery of first tanker since fleet clean-out last year
Teekay Tankers narrows losses Rise in spot rates leads to improvement
Revenues up but profits down for box lessors Textainer and CAI both report increases in profits during the second quarter
Fortress agrees to buy $100m of Attica Group bonds Investment group's support comes as Greek ferry owner seals comprehensive deal with banks
India to reform state port tariffs Partial deregulation seen as step in right direction
Rotterdam forced to take action as cargo disruption escalates Port authority adopts three measures to alleviate congestion
NOL sees $54m second-quarter loss Half-year shortfall reaches $152m as Singapore-listed company is hit by bad rates environment, but makes gains in costs savings
Asia-Europe volumes continue to climb in June Volumes on the trade lane up 9.8% compared with a year ago
P3's Lars Mikael Jensen takes new Maersk role The man tasked with running the P3 joint fleet centre finds new home in Asia Pacific region
Investment in Kenyan port offers South Sudan alternative oil export route Could this be the start of an end to feud between South Sudan and Sudan?
US Cameron decision to spur orders for 18 LNG tankers Mitsubishi and Mitsui ready to book vessels for US-Japan shipping requirement
Behind Pacific Basin's muted half year The Hong Kong-listed handysize specialist was hit by a big one-time loss, but underlying dry bulk earnings were weak
Teekay LNG Partners highlights strategic relationship with China US-listed gas shipping company looks east
Western Bulk sees gains in weak dry bulk market Profit includes $13m gain from sale of claim against Pan Ocean
Rio Tinto ships record volume of iron ore in first half Australian miner remains confident on China demand
ICTSI sees 9% growth in core profits in second quarter Philippines port operator's first half given a lift in volumes by new terminals in Mexico and Honduras
Tanker Investments stays focused on brighter prospects despite loss Greater volatility in spot tanker rates has been key difference from past few years, says TI boss William Hung
Restructuring costs knock Wilh. Wilhelmsen Slight increase in shipping activity likely to continue
Genco decision sets table for Eagle Bulk case Hedge fund creditors likely to gain upper hand in restructuring
The company results round-up Second-quarter figures from NOL, Top Ships, Teekay and others
Höegh LNG Partners shares soar on debut Höegh LNG Partners debuted as a listed company on the NYSE today, after completing a $192M initial public offering (IPO) priced at $20 a share, the mid-point of the $19-21 intended range. The stock, trading under ticker symbol 'HMLP', elicited a buoyant and hectic initial market response. It was
Ships advised on how to deal with Ebola risk The International Chamber of Shipping (ICS) has provided a protocol for commercials ships encountering boatloads of migrants from parts of Africa affected by the Ebola virus. Depending on the area, preventive measures might differ, however "in places like Liberia, which have recently identified a
Top Ships posts profit Top Ships has begun the second phase of its life as a public company with a modest profit, reporting a 2Q14 bottom line of $0.21M to add to the delivery of its first eco-design MR tanker in late June. The Evangelos Pistiolis-led company eliminated its original fleet between 2011 and 2013, with the
Navigator unveils Borealis ethane transport deal Navigator Holdings has unveiled a 10-year timecharter with chemical and fertiliser major Borealis for one of its four 35,000m³ ethylene/ethane-capable semi-refrigerated liquefied gas carriers under construction at Jiangnan Shipyard in China. The deal underscores the potential of low-cost US ethane
Malta makes record cigarette haul Maltese customs officials have seized a record 64M cigarettes at the Marsaxlokk Freeport. The cigarettes were hidden in nine 12m-long containers that had been declared as carrying furniture and toys. They arrived from Asia and were bound for the EU. Customs officials scanned the containers after
Teekay group optimistic on tanker market prospects An accounting gain on the sale of two very large crude carriers (VLCCs) propelled NYSE-listed Teekay Tankers to a second-quarter profit. However, its Oslo-listed stablemate from the Teekay group, Tanker Investments Limited, remained in the red. The developments came as the companies' progenitor,
New Times wins Cargill Capesize pair Chinese shipyard New Times Shipbuilding has won an order for two Capesize bulkers from US-based commodity trader Cargill. The two 180,000dwt vessels will have an overall length of 291.90m, beam 45m, and depth 24.75m. They are scheduled for delivery in February and July 2016. The vessels will be
Tersan secures Tidewater MPSV Turkish yard Tersan has secured an order for a multi-purpose platform supply vessel (MPSV) from Houston-based offshore service provider Tidewater. The newbuilding will be designed by Wärtsilä and equipped to operate in Arctic conditions. It is scheduled for delivery in 2016 and there are options for
NOL posts 2Q14 loss, cost management improves Singapore-listed shipping container and shipping company Neptune Orient Lines Limited (NOL) posted a net loss of $54M in 2Q14, compared with a loss of $35M in the corresponding period last year. The company's revenue saw a slight dip of 1% to $2.05Bn in 2Q14, from $2.06Bn in 2Q13. NOL did improve
Port of Rotterdam acts on congestion Top European container port Rotterdam has moved to tackle concerns about increasing congestion that have led shipping companies to divert calls to other ports and others imposing surcharges. The port has announced three measures aimed at eliminating congestion at the ECT Delta and Euromax terminals.
ICTSI income climbs 23% to $101.7M Philippines-based International Container Terminal Services Inc (ICTSI) today announced that its 1H14 net income rose by 23% year-on-year to $101.7M. Overall port operations revenues also increased by 23%, from $413.7M in the first six months of 2013 to $510.3M in 1H14. Earnings before interest,
Rio Tinto 1H14 earnings up 21% Rio Tinto today reported its first-half underlying earnings rose by 21% year-on-year to $5.1Bn. Net earnings were up by 156%, to $4.4Bn. Debt had dropped to $16.1Bn on 30 June 2014, from $22.1Bn on 30 June 2013. Iron ore and thermal coal shipments were at record volumes because of increased capacity
Turkish companies to take over UN Ro-Ro US private equity firm KKR has agreed to sell Turkish ro-ro operator UN Ro-Ro to Turkish investment companies Esas Holding and Actera Partners. The terms of the sale, which has still to be approved by the Turkish competition authority, have not been disclosed but Bloomberg reported a source as
Sainty Marine to raise CNY1.6Bn for newbuild projects Shenzhen-listed Sainty Marine announced yesterday that it plans to issue 187M shares to specific investors at CNY8.48 ($1.38) per share to raise CNY1.6Bn for newbuilding projects. The company has continued winning new orders this year, amounting to a total of $1.5Bn. To maximise its profit, it plans
Vard receives $31.8M Brazilian tax claim Singapore-listed offshore shipbuilder Vard Holdings, has received a tax claim for FY2010 from tax authorities in Brazil, and is looking at the need to make provisions for additional tax costs. Vard has been notified that the Brazilian authorities have concluded a tax assessment resulting in an
Adani Port quarterly net profit grows 36% Adani Ports and Special Economic Zone (APSEZ), owned by Indian billionaire Gautam Adani, has reported a 36% year-on-year rise in quarterly net profit during April-June to INR5.68Bn ($94.6M). India's largest port developer's consolidated total income from port-related operations stood at INR1.43Bn,
'Buy on dips' for Nam Cheong shares Singapore-listed offshore service provider Nam Cheong's shares were given 'buy on dips' recommendation. Lee Yue Jer, offshore and marine analyst from DMG & Partners expects Nam Cheong to continue to deliver sturdy quarterly earnings of around MYR55M ($17.1M) and forecast the company to perform
China Ocean in JV with Zhoushan partners In order to tap into the shipbuilding industry Hong Kong-listed China Ocean Shipbuilding Industry has teamed up with a Chinese fund in Zhoushan, China. The company will invest CNY400M ($64.91M) in a joint venture under the name Zhoushan China Ocean Investment Fund, with the other two local partners
JLI to invest in US LNG project Japan LNG Investment (JLI), a joint venture between Nippon Yusen Kabushiki Kaisha (NYK) and Mitsubishi Corporation (MC), announced on Tuesday that it will invest in Cameron LNG (CLNG), a natural gas liquefaction and export business in Louisiana, the US. The total expense of the project is expected
Vallianz records strong earnings for 2Q14 Singapore-listed vessel and equipment owning company, Vallianz Holdings (Vallianz), saw a stellar rise in its profit for 2Q14 due to strong contributions from vessel chartering. The company's profit for 2Q14 surged 107% year-on-year to $6.8M from $2.8M from the corresponding period last year.
GAIL loyal to Indian yards A tender floated by GAIL (India) Ltd for timechartering nine new liquefied natural gas (LNG) ships has stipulated that three must be constructed in Indian shipyards. India's state-run natural gas firm floated the tender to shipowners/operators for their vessels to haul gas from the United States for
40-foot container capacity tight across US in first half Inland 40-foot container capacity was at a premium in the United States in the first half of 2014, although space is becoming more available as the second half advances. In the first 26 weeks of 2014, demand outweighed availability at three of five inland points covered by the U.S. Department of...
Vancouver's TSI says it will keep US-bound cargo commitments REVISED: TSI Terminal Systems, the largest operator of container terminals at Port Metro Vancouver, says it will continue to accept U.S.-bound rail cargo at the Canadian port despite another terminal operator's announcement that it will turn down U.S.-inbound rail shipments. Today's statement by TSI follows an announcement on Wednesday by DP...
Cold Train ends intermodal service, citing poor BNSF performance Cold Train, a provider of refrigerated intermodal transport from Washington state throughout the rest of the country, has ended service, citing poor BNSF Railway performance. Cold Train said it was forced to suspend its service from Quincy to 24 U.S. states and Ontario because of BNSF's decreased on-time reliability, reduction in...
Maersk levies surcharges on US inland shipments Intermodal volumes have been on the rise for more than a year, and additional stressors and peak-season volume surges have pushed Maersk Line to announce new tariffs on U.S. inland import and export shipments. Maersk Line announced the tariffs Aug. 7 in a letter to customers. Although the increases in charges...
'Optimistic' truckers want to add capacity, GE Capital says Growing optimism about the strength of the U.S. economy, freight demand and their ability to raise rates has more trucking companies thinking expansion. But tight profit margins, rising operating costs and a shortage of truck drivers are likely to check potential growth. In the second quarter, 45 percent of trucking companies...
Rickmers Maritime's profit more than doubles Rickmers Maritime's profit more than doubled in the second quarter as the Singapore-based container shipowner got a 20 percent discount on an early loan repayment. Net profit grew to $16 million in the three months through June from $7.7 million in the same period in 2013, for a first-half total of...
Zeebrugge container traffic growth outpaces larger rivals Zeebrugge's container volume rose 9.9 percent year-over-year in the first half of 2014 from 2013's 961,000 TEUs. Full-size chart The port of Zeebrugge boosted container volume by 9.9 percent in the first half of the year, easily outpacing growth at larger rivals in the Le Havre-Hamburg range. Container traffic reached 1.06 million 20-foot...
Russia bans agriculture exports from EU, US, others Russia is banning nearly all agricultural imports from countries supporting trade sanctions on Russia. President Vladimir Putin announced the sanctions Wednesday, but a full list of imports, including 11 products from Australia, Canada, the U.S., the European Union and Norway, was released today. The list of imports now barred from entry includes...
Thousands of empty containers still clogging Manila port Manila's container congestion saga is defying all efforts to resolve it. The Philippines Bureau of Customs estimates that 75,000 mostly empty 20-foot containers are waiting to be collected in the choked port. A target of clearing the boxes by Aug. 15 looks impossible, despite the urgency to free up the port...
Rotterdam moves to ease congestion The port of Rotterdam today announced a series of measures to eliminate congestion at two large container terminals and free up quay and labor capacity for oceangoing vessels. Inland waterway barges and feeder ships transporting export and import containers will be diverted from the congested ECT Delta and Euromax terminals to...
APL volume falls as carrier struggles to find profitability APL Gwangyang in Singapore.NOL Group today posted a second-quarter net loss of $54 million as container volume carried by its liner shipping division APL fell 6 percent, mainly due to the lower-yield backhaul and Asia-Middle East trades. The shipping and logistics group reported a first-half net loss of $152 million, but...
One-off gains drive up ICTSI's first-half results International Container Terminal Services saw profit, revenue and volumes increase at double-digit rates in the first half of 2014, but most of the gains were a result of non-recurring items or contributions from new terminals in Mexico and Honduras. The Manila-based port operator reported a net profit of $101.7 million in...
India's largest port developer boosts profit on higher cargo volumes, lower costs Adani Ports and Special Economic Zone, India's largest port infrastructure developer, reported a 36 percent jump in first-quarter net income, driven by higher throughput volumes and operational efficiency that helped cut costs. The company booked consolidated net income of Rs. 568 crore (about $92.6 million) for the three months to the...
Recycler plots expansion Yangzijiang Shipbuilding of China is planning to triple the capacity of its recycling facility in Jiangsu Province.
Yangzijiang's evolution A crusade to expand Yangzijiang Shipbuilding's product line has ignited questions about the future of divisions that don't support its core business.
Yard targets new markets One of China's largest shipbuilding conglomerates appears to be mounting a crusade aimed at breaking into segments dominated by rival clans in South Korea.
YZJ clinches upgrade Forecasters at a leading Malaysian investment bank are urging clients to accumulate shares of Yangzijiang Shipbuilding on the back of its improved performance in the second quarter.
Aker hatches buy-back Aker Philadelphia Shipyard of the US is moving forward with a campaign aimed at repurchasing up to 10% of it's owns shares.
DCIX expands its fleet Diana Containerships has agreed to the purchase of two post-panamax container vessels from Japanese owner Shoei Kisen Kaisha, at the price of $22.2m each.
Japan's eco lead Japanese eco bulkers are out performing vessels built in other nations by up to five tons of fuel per day, Western Bulk says.
Hoegh MLP in $192m IPO Hoegh LNG Partners could rake in up to $220.4m from its listing on the New York Stock Exchange.
Navigator newbuild fixed Wilbur Ross backed Navigator Holdings has secured a long term contract for one of its four ethylene/ethane carriers amid suggestions orders for very large ethane carriers (VLECs) could follow.
NOL records Q2 loss Neptune Orient Line (NOL)'s net loss for the second quarter of 2014 climbed 55% to $54m from the same period of 2013, when the net loss was $35m.
YZJ's stellar quarter Yangzijiang Shipbuilding has impressed the market with a "stellar" second quarter performance.
Western Bulk better A gain on the sale of its charter claims against Pan Ocean has helped Western Bulk to an improved second quarter performance.
TNK back in black US-listed Teekay Tankers (TNK) has returned to profit in the second quarter as it cut costs.
Viking aids Transatlantic An improved performance from its offshore division Viking Supply Ships has helped lift Rederi AB Transatlantic into the black in the second quarter.
Loan losses slashed German lender Commerzbank has cut back loan-loss provisions in the second quarter as it grew profit.
Tidewater orders MPSV US-based Tidewater has placed a new order for a multi-purpose platform supply vessel (MPSV), which will be built by Tersan Shipyard in Turkey.
Temporary cash flow dip Tanker sales, dry dockings and the end of shuttle tanker contracts have led to a dip in second quarter cash flow at Teekay Offshore.
Teekay LNG locks in $11bn New York-listed Teekay LNG Partners has bumped up its contracted forward revenue to $11bn with recent ship orders, it has revealed.
Teekay Corp a cent ahead Teekay Corp has reported a marginally smaller than projected second quarter loss and guided that a key FPSO project is on track.
d'Amico's double deal Italian owner d'Amico appears to have secured a firm price for two of its oldest bulkers - the Shanghai Shipyard Co-built, 37,000-dwt Cielo di Monfalcone and Cielo di Vancouver (both built 2002) - which are said to have fetched $12m each.
Nokta clocks on Star equity analyst Omar Nokta has officially opened the next stage of his career in the US offices of Clarkson Capital Markets (CCM).
TIL in the red Olso-listed Tanker Investments Ltd (TIL) has continued to rack up losses in 2014 despite a boom in rates.
Wilhelmsen falls short Wilh Wilhelmsen ASA has reported a weaker than expected second quarter profit.
Hedland strike averted The Australian Institute of Marine & Power Engineers (AIMPE) has called off a tugboat strike that could have severely disrupted shipping movements at Australia's largest iron-ore loading terminal.
Attica strikes debt deal Greek ferry group Attica Holdings has sealed an agreement with lenders to refinance its loans over the long-term.
Navigator in profit windfall US-listed gas player Navigator Holdings raked in the cash during the second quarter of its current financial year.
Tallship drug bust What was supposed to have been a triumphant return from a six-month voyage to the New World has ended in an embarrassing finish for the Spanish navy and its sail training ship Juan Sebastian Elcano.
Hedland strike looms Delays are expected at Australia's Port Hedland iron-ore export terminal as crews on board tugboats that service the port threaten industrial action.
Seaboard Marine already benefits from PortMiami Tunnel The company issued a statement on Sunday, the tunnel's first day open to traffic, saying that the first dozen containers to move on trucks on the dedicated roadway were from Seaboard.
U.S. exports reach record $195.9 billion in June
NOL reports $54 million loss for second quarter APL attributed a 3-percent increase in costs of sales per FEU "largely to a nation-wide trucking shortage in the U.S., port congestion issues in Southern California, as well as empty equipment repositioning costs."
July boost in limestone cargo for Great Lakes carriers
DOT releases $333.9 million for emergency road repairs "We are making good on our promise to help residents in states affected by natural disasters and other emergencies," said Transportation Secretary Anthony Foxx in a statement.
U.S., Kenya ink customs mutual assistance agreement
Sunland, Artisan Logistics partner
MSU and PSU top Gartner undergrad supply chain program rankings The report suggested supply chain companies targeting new talent aim to recruit in the fall, not the spring, "or risk the near 100-percent placement rates shutting you out of that year's candidate pool."
FMC reviews 11 OTI license applications
Record container volumes in Port of New York/New Jersey
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