DryShips' stock price plunges NASDAQ-listed shares of DryShips have fallen precipitously, sinking to a new all-time low despite the company's recent bond payback. In mid-day trading on 8 December, DryShips shares bottomed at $0.81, the lowest price in the company's history as a public entity. That price represented a 29% decline
Port of New York posts record volume Imports drove a record monthly container volume at New York box terminals in October. A total of 306,805 containers handled in the month beat the previous record of 306,051 in August 2013, the Port Authority of New York and New Jersey (PANYNJ) announced on 5 December. A 1% rise in import
MACS enters North Atlantic trade German multipurpose carrier MACS Maritime Carrier Shipping is diversifying into the North Atlantic trade with the launch of a monthly service between the US Gulf and Northwest Europe/UK. Operated with Amber Lagoon and Purple Beach - 34,000dwt open hatch/box shaped mpp units - the new transatlantic
CKYHE box carrier alliance gets US nod Chinese container carrier alliance CKYHE has won approval from the US Federal Maritime Commission (FMC). Guided by the Shipping Act of 1984, the FMC found that the vessel-sharing agreement is unlikely to bring an unreasonable decrease in service or an unreasonable rise in transportation costs.
ASL Marine OSV newbuildings fall through A wholly owned subsidiary of ASL Marine Holdings has reached an agreement with a customer on cancelling shipbuilding contracts for two offshore support vessels (OSVs). But the ASL board told the Singapore Exchange on 6 December that it is confident from its discussions with potential buyers and/or
Philippine shipping rides out Hagupit Alarm across Philippine ports and shipping over an approaching storm has eased with Hagupit's downgrade from a typhoon into a tropic storm on its way to Manila. The capital's port will now keep working today, said shippers. "The Manila International Container Terminal has cancelled their planned
Tanker crewman shot dead off Malaysia The International Maritime Bureau (IMB) is reporting to Interpol on Sunday's attack by pirates of a Vietnamese ship, which resulted in the death of a crew member who was shot, as it deems it a serious threat to the Southeast Asian region. The IMB believes the pirates were looking for gas or fuel
Indonesia to emerge as 'maritime axis' Indonesia is taking steps that could help it become a "maritime axis of the world", says Mark Yong, director of BMT Asia Pacific. At the Port Finance International Asia conference in Singapore today, Yong praised Indonesian government initiatives such as Pendulum Nusantara, aimed at cutting
CJ Korea Express in bid for APL Logistics CJ Korea Express, South Korea's largest transport and logistics company, has confirmed in a Korea Exchange filing that it has been shortlisted to take over APL Logistics. Singapore-based Neptune Orient Lines, the parent of liner operator APL, is selling the logistics business to raise cash in the
China Exim Bank loans $354M to shipbuilders China Exim Bank last Friday inked deals with 11 clients to provide CNY21.8Bn ($354M) in credit to finance 77 vessels. These vessels include jack-up rigs, 9,400teu container ships for export as well as 12 eco river and coastal vessels. As of this month, the bank has provided a total of CNY579.6Bn
Korean shipbuilder stocks drop Although ship orders and prices have rebounded, Korean shipbuilders' stocks have dropped. Longer term the slowdown in new ship orders and falling oil prices would affect their shares, said an analyst in a research note. Samsung Securities analyst Youngsoo Han said, "While industry indicators have
Chinese coal imports down 9.4% y/y China's coal imports declined 9.4% year on year to 264M tonnes in the first 11 months of 2014 due to competition from cheaper domestic coal and government restrictions on coal imports. The drop in coal imports accelerated in November, according to China's latest customs statistics. Import prices
Wind of change in coal shipping Coal shipping remains an open market, sources have told IHS Maritime. There is a consensus on what has caused the current impasse, but less on where it will go in the future. China shifting to domestic sources is a key part of this. "China is also trying to focus more on non-polluting sources of
Anti-piracy measures proliferate A number of technologies aimed at detecting and avoiding piracy attempts have been launched recently. Florida, US-based WatchStander a provider of anti-piracy technology for the shipping industry, has tripled the effective operating range of its unique and fully automated anti-piracy system to 6nm.
Generation bridge simulator launched Norway-based Kongsberg Maritime has launched a new generation of its ship's bridge simulator, K-Sim Navigation, for merchant, offshore, and naval vessels. Designed for the future of advanced and integrated simulation training, Kongsberg says K-Sim Navigation is based on a new cutting-edge
Merger and acquisition activity on cards for logistics sector in 2015 Consultant says talks between DSV and UTi an indicator of things to come
Globus sees soft market through New Year Net revenue was $5.4m during the third quarter, down from $6.9m
Greek Awards hail Pappas, Pappadakis and Marinakis Dorian and Empros scoop company awards in front of 1,150 guests
Port of New York New Jersey sets a monthly box record Import surge keeps the east coast hub on track for a record-breaking year
Nigeria reports 5% container growth National port authority has set up a task force to tackle congestion
Shipbreakers face a gloomy Christmas Traditional end of year pick-up undermined by downward pressure on rates
Italian senators oppose government-funded Venice terminal Protest co-authors backed by over 50 cross-party members in call to reject public funding for 'ambitious' offshore box facility
Retailers again urge Obama to intervene in dock talks Imports have begun to slow as bottlenecks remain at west coast ports
Seafarer dies after pirate attack off Malaysia Fatal shooting on Vietnam-flagged tanker highlights growing problem in South China Sea
Sovcomflot lands $319m credit facility for two LNG carriers South Korea-built vessels will be signed to long-term contracts with Shell
Bumi Armada chief executive resigns after share price falls Malaysia's largest offshore supply and support firm takes a hit from low oil prices
Seasonal greetings from Peru The ICS has offered a timely reminder of shipping's green achievements to chime with the Lima climate change conference
Russia taps Vladivostok as country's first 'free' port Russian has tapped Vladivostok as the country's first "free" port, in an attempt to boost the Russian economy besieged by lower oil prices and sanctions from Western countries. Starting in July, shippers will experience less onerous customs, port operators will be able to tap tax incentives and carriers will pay less...
As ships get bigger, so do the risks for shippers As the world's first 19,000 TEU ship sets sail on its maiden voyage on Monday, concerns are being raised that mega container ships pose a substantial risk to cargo and crew due to their sheer size and inability of supporting infrastructure to come to their aid in the event of...
Bunker prices drop an additional 10 percent to 5-year low Fuel prices in Rotterdam dropped 10 percent this week. Full size chart. Fuel prices out of Rotterdam, a leading global indicator of the broader fuel market, dropped over 10 percent last week, the latest in a downward spiral that began in July. High-sulfur bunker fuel slipped 10.8 percent to $373 per metric ton,...
CenterPoint shores up Pacific Northwest strategy with two-property purchase CenterPoint Properties plans to expand its Pacific Northwest footprint beyond the nearly $50 million it recently spent on two properties adjacent to the Port of Seattle. The industrial property giant acquired two properties, with 400,000-square feet of industrial space on 31 acres, last week. The two plots, located on Marginal Way,...
Pearl River Delta volume growth outpaced Yangtze, Bohai regions in November Foreign container throughput at Pearl River Delta ports grew 12.8 percent in November, the highest monthly growth in more than two years and putting, according to data reported by Citi Research on Monday. Shenzhen and Guangzhou in the unusual position of being the fastest growing large ports in China. In recent...
Descartes expands European reach with two acquisitions Descartes Systems Group has acquired two companies for about $11.8 million that will help the Waterloo, Ontario-based transportation technology provider expand its European reach. Descraters said today it acquired e-customs Inc., which provides electronic security and electronic document services to comply with U.K. customs filing requirements, for about $9 million. Another...
US Congress could reduce future longshore slowdown, lockout threats WASHINGTON - Congress could greatly reduce the threat of labor slowdowns and lockouts at the nation's ports by putting longshore worker labor agreements under the purview of the Railway Labor Act, an economist and former Congressional Budget Office director said. But passing legislation that would put ports under the same act...
MSC says Sohar congestion easing, lifts surcharge Mediterranean Shipping Co. has lifted its congestion surcharge of $100 per TEU imposed earlier on shipments moving from Europe to Sohar, saying congestion at Oman's largest port is easing. "In view of the improved situation at Sohar, the congestion surcharge applied since Sept. 1 has been suspended effective Dec. 8," the Geneva-based carrier...
Transplace expands in Canada as cross-border freight flows faster Logistics company Transplace is expanding operations in Canada as more freight flows across the U.S.-Canadian border. The Dallas-based third-party logistics provider opened offices in Calgary, Alberta in Western Canada and Brossard, Quebec, near Montreal. Those locations will complement offices in Richmond Hill, Ontario, Transplace President and Chief Commercial Officer George Abernathy...
Asia port congestion shortens feeder ship charters Congestion at Asia ports this is year is continuing to force intra-Asia carriers to charter feeder ships more frequently and for shorter time periods in order to maintain weekly schedules. Charter brokers in Hamburg last week said intra-Asia carriers are fixing 1,700-TEU ships for one to two weeks and for as...
GLP makes giant move into US logistics real estate HONG KONG - Singapore-based Global Logistic Properties took a break from its rapid China expansion to partner with GIC in acquiring one of the largest logistics real estate portfolios in the US for $8.1 billion. The transaction provides immediate scale in the U.S., growing GLP's fund management platform in the world's...
Impact of LA-LB congestion felt more acutely at next port of call HONG KONG - Stopping at the congested Los Angeles-Long Beach port complex in October made container ships an average of 3.4 days late at the next port of call, industry analysis has shown. The average number of days late after calling at the choked California ports rose to 1.7 days in...
Stifel smiles on GasLog Stifel upgraded shares of GasLog Ltd to "buy" as growth catalysts abound for the LNG carrier owner.
Scorpio sells Venice Scorpio Tankers is reported to have sold a 13-year-old post-panamax tanker for $12.8m.
E&P plunge predicted Cowen & Co analysts predicted a dramatic drop in active drilling rigs as they cut their oil price estimates and slashed expectations for offshore vessel stocks.
Nigeria LNG blocks arrests The shipowning affiliate of Nigeria LNG has secured a court order blocking arrest efforts against a ship caught up in the fallout from OW Bunker & Trading's collapse.
New ship for Niua A community-owned shipping service will be launched next year in northern Tonga.
Hegnar takes Hurtigruten Media mogul Trygve Hegnar has completed the takeover of Oslo-listed Hurtigruten.
Star can bridge gap Clarksons Capital Markets has cooled fears surrounding a funding gap at Petros Pappas-backed Star Bulk claiming the company's shortfall is "manageable".
Royal pair step up Richard Fain has reshuffled his management pack at Royal Caribbean Cruises by promoting a pair of company veterans.
Billion-dollar union A new joint venture between Japanese and French banks is targeting a $1bn raid on shipping bonds next year.
Monarch mops up SALT stock Hedge fund Monarch Capital has lifted its holding in New York-listed Scorpio Bulkers.
Trafigura profit cut Trading and shipping giant Trafigura has seen annual earnings slashed after selling a stake in its oil terminals business.
Alpha funds Navios cape Navios Maritime Holdings has named Alpha Bank as the lender supporting a $51.4m capesize purchase from Berge Bulk.
Piracy ruling "crazy" A shipping charity has branded a court decision to make France compensate Somali pirates "repugnant".
Manila mission Taiwan's Evergreen Line has teamed up with compatriot Cheng Lie Navigation (CNC) for a new service between China and the Philippines.
Bank on PNSC Investors are being advised to buy into Pakistan National Shipping Corp (PNSC) after it confirmed the acquisition of a modern aframax.
Bulker holed A 52,000-dwt bulker has been holed above the water line in a storm in the Philippines.
Atlantic offloads one Norway's Atlantic Offshore has sold one of its oldest rescue vessels to an undisclosed buyer.
Stena scoops Ridgebury ship Ridgebury Tankers has tied up period employment for one of its medium range products tankers with Stena, brokers say.
Beware crane carnage Canada has urged owners to check a certain type of Chinese-made crane after an accident on a bulker injured an operator this summer.
Vinalines swaps debt Vietnamese shipowner Vinalines' biggest lender is to take stakes in its ports companies in exchange for debt.
Fredriksen ups Seadrill stake John Fredriksen has paid $33m to boost his leading position in offshore driller Seadrill.
Deadly attack on tanker Pirates shot a crewman in the head during a brutal robbery of a Vietnamese tanker in the waters of Southeast Asia.
Bass Strait boost Australia is to upgrade two Bass Strait ferries and cut fares to lure more tourists to Tasmania.
Safeguarding the Arctic The US Coast Guard has proposed a new shipping channel in the Bering Strait to protect Arctic seas.
Vroon comes clean Vroon has confirmed that it is behind the recent order for a livestock carrier newbuilding at Chinese shipbuilder Cosco Corp.
Globus just in the black Globus Maritime, which operates a fleet of seven panamax and supramax bulkers, has squeezed out a small third quarter profit.
Statoil extends suspensions Statoil has extended the suspension periods for three chartered in deepwater drilling rigs due to the deteriorating market conditions.
Basma to stand down Bumi Armada is on the hunt for a new chief executive after the present incumbent, Hassan Basma, announced he was stepping down.
SCF secures new credit Sovcomflot has signed a new $319m credit facility with a consortium of European banks with ING acting as agent.
CME raises GFI bid CME Group has increased its offer to GFI Group shareholders in a bid to fend off a rival bid by BGC Partners.
Atlantic Gulf Bunkering introduces new 0.10% ECA fuel Product will be available by December 12, 2014, says firm.
Bomin Linde to supply fuel to Germany's first LNG-powered ferry The order is 'an important step to establish LNG as ship fuel in Germany'.
Oil spill threatens Philippines' east coast towns 'A spill of that magnitude is enough to trigger a national disaster.'
Crew member dies after pirates invade tanker Vessels in the South China Sea advised to remain vigilant.
Aegean rumoured to be taking over some OW operations Said to be about to expand its supply network by taking over parts of US operations, and a European unit.
Mediterranean LNG bunkering project wins award At Greek shipping event.
Slow-steaming 'unaffected by falling fuel prices' 'We designed the network on the basis of slow steaming,' says Maersk official.
Swedish firm takes over management of seven OW tankers Two vessels to continue bunkering operations in Montevideo and Klaipeda, not clear where remaining five will operate.
Rotterdam: 'We see LNG as the future for shipping' LNG: 'Clean, affordable and environmentally sustainable'.
WFS sells off North Dakota terminal Deal will produce $11 million quarterly gain.
Sizeable scrubber order goes to Norwegian tech firm Order goes to single shipowner.
Prices drop again in Singapore hub Crude oil markets could be struggling with oversupply well into 2015.
'No way around double payment' for some bunkers More shipowners turn to courts to clarify who should be paid for bunkers as fallout from OW bankruptcy continues.
IPO plan for oil terminal postponed Procedural delays blamed but observers say proposals may be in jeopardy.
Aegean buys OW's US fuel oil Auction completed late last week.
ABS publishes guide for LNG fuel ready ships The ABS Guide and notation are 'powerful tools that go beyond the basics', says spokesperson.
New product 'innovation' enhances vessel battery modules Item will allow an increase in power handling capability, says manufacturer.
Staal rejoins BMS United Bunkers Employee is 'well known in the business', says spokesman.
Integr8 Fuels starts operations at Hamburg Hires four former OW Bunker traders as part of expansion plan.
New range of coatings 'cuts fuel consumption by 3%' Hempel has launched a range of new antifouling products.
Roadmap for East Med LNG bunkering project ready by February If accepted, things should speed up after 2017.
FOBAS: Prepare for more FAME in 2015 Study suggest around 5% of marine distillates are contaminated with FAME; could increase due to new ECA sulphur limit.
Paris MoU bans entry of two ships from region Vessels banned from entry for three months.
Report: LSFO demand shifts to MGO in St. Petersburg Ahead of upcoming ECA rules.
Typhoon Hagupit disrupts shipping traffic in Philippines Ninety vessels left stranded, according to Coast Guard.
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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