Indian economic reform could boost supra and handy owners Modi's budget due on Thursday sparks hope of higher coal imports for power generation
EU sanctions on National Iranian Tanker Co annulled Not the 'slightest evidence' NITC funds Tehran government, court rules
DSME seals Yamal LNG carriers amid absence of Sovcomflot South Korean yard finalises deals with Teekay-CLNG and MOL-CSD ventures
Maersk, MSC and CMA CGM withdraws P3 application from South Korea World's three largest carriers make expected move after following China's rejection of alliance
Euronav raises $125m Funds will part-finance four secondhand VLCCs bought yesterday
Nigeria must raise its game on piracy, UK Chamber of Shipping demands Oil exporter lagging behind regional neighbours, Platten warns
Is P3 'version two' imminent? Talk in industry circles of new alliance about to be unveiled
Why did the Chinese regulator torpedo P3 alliance? View that P3 Network would involve much tighter co-operation than traditional alliances was just one of the factors that influenced MofCom's decision
It's slow steam ahead for P3 carriers Analysts anticipate rise in use of lower speeds on Asia-Europe trade to alleviate costs
Maersk Line warns low-sulphur rules could add $150 per 40 ft box Danish line and Hapag-Lloyd outline emission control areas' cost impact from 2015
Vintage VLGCs enjoy new lease of life in red-hot spot market 'Old lady' gas carriers are worth more working than being scrapped
Inactive box fleet falls to historic low Out-of-action containerships now represent just 1.2% of overall fleet
Euronav VLCCs ready for winter earnings bonanza Fleet expands in time for high demand expected in fourth quarter
Lyras demands action on ports of refuge Issue still unresolved 12 years after Prestige, says London Club chairman
Thoresen boosts bulker fleet Japanese-built supramax is the latest addition to the operator's vessel upgrade programme
PIL's first bond issue takes off in Singapore Offering raises $240m as part of ongoing S$1bn medium-term note programme
Maersk and MSC sign new vessel-sharing agreement - 2M CMA CGM not part of agreement - new partnership aims for early 2015 start-up
Study warns Tampa cruise growth at risk Tampa will likely need to either relocate its cruise terminals or raise a bridge to avoid losing out on up to 2.8M future cruise passengers, a new study has revealed. The Florida Department of Transportation's "Tampa Bay Cruise Study Pre-Feasibility" report, released on 8 July, shows that Tampa
SNCM officers sacked over strike The Corsican headquarters of French ferry company SNCM came under attack this afternoon as local residents protested against the 16-day-old strike by the company's seafarers, which is affecting the island's economy. Demonstrators marched on the company's premises in the city of Bastia, forcing their
Huanghai secures multipurpose option Chinese yard Huanghai Shipbuilding has secured an option for a multipurpose vessel from German owner Nordic Hamburg Shipping. The 12,000dwt vessel will have an overall length of 144.7m, beam 22.8m, depth 11.55m, and capacity of 843teu. Delivery is scheduled for October 2016. The original order for
Typhoon threatens east Asian shipping Ships operating in the East China Sea have been advised to take shelter as 'super typhoon' Neoguri bears down on the region. China's National Marine Environmental Forecasting Center (NMEFC) alerted ships on 8 July to change their course and keep a close eye on high waves, which could reach 12m.
Euronav goes from strength to strength Antwerp-based tanker operator Euronav has agreed to pay $342M to acquire four recently built Japanese VLCCs as it seeks to strengthen its position as the leading "consolidator" in the crude oil shipping market. The four vessels, which are expected to be delivered over the next 12 months, have an
ECSA warns of EU port reporting 'chaos' European shipowners' body ECSA has warned that attempts to create a "single window" reporting system for ships coming into EU ports risk resulting instead in a chaotic "medley of national single windows". ECSA said that EU plans to introduce the new single window by June next year were behind
Laem Chabang plans upgrade Thailand's gateway port Laem Chabang is planning to upgrade, the port's assistant managing director, Arporn Tantivejakul, told IHS Maritime. The plans include dredging a draught of 18m, which will enable the port to handle big ships, Tantivejakul said. The port is also considering inland waterway
Prosecution: Sewol crew liable for deaths Fifteen surviving crew members of the capsized ferry Sewol should be held liable for the deaths and disappearance of more than 300 passengers, the prosecution said yesterday. The 15 crew members, including captain Lee Joon-seok, are on trial over the 16 April disaster. The Sewol, carrying 476
Strong OSV demand upholds market shares Shares of offshore support vessel (OSV) market remain sanguine, according to Yeo Kee Yan, analyst from DBS Vickers Securities Research. Yeo recommended Nam Cheong as top pick with target price of SGD 0.52 ($0.41) per share. The stock currently traded at SGD 0.45 or $0.36 per share. Demand of OSV is
Taiwan's exports rose for fourth month in June Taiwan's exports totalled $26.8Bn in June, increasing for the fourth consecutive month, said its Ministry of Finance. The 1.2% year-on-year growth in June indicated a recovery of shipments from April to June, which amounted to $80.07Bn, up by 2.9% from a year earlier, and the highest level since the
PIL raises $241M from bonds Singapore-based Pacific International Lines (PIL) has raised $241M from selling bonds. The company, led by Teo Siong Seng, offered the bonds that have a three-year maturity period with a yield of 5.9%. It is the first time PIL has turned to Singapore's capital markets to raise funds. The bonds were
EOC posts lower 3Q14 earnings Singapore-headquartered offshore services provider, EOC saw a 59% year-on-year drop in gross profit to $2.6M in 3Q14 as compared to 3Q13. The company's 3Q14 revenue also suffered a 12% dip to $10.8M on quarter-to-quarter basis, while the profit before tax climbed 24% q/q to $4.2M. The decrease in
Daehan Shipbuilding in receivership South Korean mid-sized shipbuilder Daehan Shipbuilding was granted receivership from Seoul's courts on Monday. Accumulated losses resulting from low-priced orders precluded Daehan from reducing its debt and it began exploring court protection. The shipbuilder made the application to Seoul Central
SBI Offshore, Axon form joint venture company Singapore-listed offshore service provider, SBI Offshore, together with United States' Axon Energy Products, have agreed to form a Singapore-based joint venture company, Axon Rig Concept and Design Asia (ARCDA). The joint venture will engage in marketing activities, installation, commissioning and
Audit report: Lax regulation, corruption led to Sewol disaster South Korea's Board of Audit and Inspection yesterday released an interim report saying that lax government regulation, disaster control failure and corruption by some government officials contributed to the accident. The Sewol, which was more than three times overloaded with cargo, began listing
India pushes for more coal exports India's Ministry of Coal is urging the country's utilities to import more steam coal as it anticipates a shortage of 84M tonnes of the fuel. It said yesterday that India needs 551.6M tonnes of coal for the 2014/15 financial year but the availability in the country stands at 466.89M tonnes. As of
DSME wins another nine LNG ships for Yamal project Daewoo Shipbuilding and Marine Engineering (DSME) said today that it has clinched an order to build another nine ice-breaking LNG carriers for the Yamal LNG project. The nine Arc7 ice-class ships are priced at a total of KRW2,864,300,000,000 ($2,830,500,000), working out to $314.5M per ship. The
Correction: Teamsters initiate labor action at LA-Long Beach in midst of longshore talks In the article titled "Teamsters initiate labor action at LA-Long Beach in midst of longshore talks," published on July 6, a quote drawn from a tweet was misattributed to a longshoreman. The tweet was from the account of Jim Tessier, who is not a longshoreman, but rather a former Pacific...
CN imposes cargo allocations at Vancouver, Prince Rupert Canadian National Railway will issue equipment allocations to ocean carrier customers shipping through Port Metro Vancouver and the Port of Prince Rupert as it struggles to cope with what it called an unexpected surge in U.S.-bound cargo linked to the July 1 expiration of the U.S. West Coast longshore contract. Carriers...
CSX tunnel battle just part of broader freight pushback WASHINGTON - Less than five miles from the U.S. Capitol, southwest Washington, D.C., residents are waging a fierce fight against CSX Transportation's plans to rebuild and expand a tunnel to allow the double stacking of containers. Although the location might be unique, there are signs that local pushback against freight projects...
Drewry: Northern Europe-North America lanes evolving Trade between northern Europe and North America fell in May, but carriers are making moves to keep their utilization rates over 90 percent on both eastbound and westbound routes, Drewry says. Drewry's latest edition of Container Insight Weekly says that, North American imports from Europe fell to 238,000 20-foot-equivalent units in...
Why the P3 got busted Maybe you've heard about China's rejection of the P3 Network. In all seriousness, I'm hesitant to cover an issue such as this because of the overwhelming analysis and observation that has come before me. But I have strong feelings about why China refused to allow it and a lot of...
Picking up the P3 pieces In the end, does the "why" really matter? After 12 months of planning and countless millions of dollars, isn't it enough that China said no to the largest vessel-sharing alliance ever proposed? Well, yes, the reasons behind the failed partnership of Maersk Line, CMA CGM and Mediterranean Shipping Co. do indeed...
P3's demise shrouds the future of mega-alliances in doubt It ended so fast. With one statement, the countless hours and money spent over the last year to prepare for one of the biggest - if not the biggest - game-changers in global container shipping went up in smoke. When China's Ministry of Commerce rejected the P3 Network on June 17,...
Maersk warns of higher charges tied to low-sulfur limits Maersk Line said its customers face an additional charge of between $50 and $150 per 40-foot container on North American and North European routes that will be affected by new low-sulfur fuel limits that come into force in January. The carrier said its fuel bill will increase by around $250 million...
Allcargo inaugurates Project LEAP under its comprehensive CSR initiative 'Leprosy Elimination Action Project (LEAP) has begun operations in seven primary healthcare centers across Raigad district.' Mumbai, July 09, 2014: Allcargo Logistics, through its NGO Avvashya Foundation inaugurated the Leprosy Elimination Action Project (LEAP) on 30thJune 2014 at Koproli Primary Health Centre (PHC). The project was launched with a vision to...
WWL opens new office in Yangon, Myanmar July 09, 2014, Tokyo, Japan - Wallenius Wilhelmsen Logistics (WWL) has entered into a joint venture with Myanmar-based Carrier King Logistics that makes it the first independent company in the country to provide modern automobile distribution from port to consumer. With the rapid and on-going democratisation of Myanmar, a new consumer...
Unified Grocers, Inc. Names New VP of Logistics LOS ANGELES, July 8, 2014 (GLOBE NEWSWIRE) -- Unified Grocers, Inc. ("Unified" or the "Company") today announced that Vic Versino hasjoined Unified in the position of Vice President, Logistics. He joinsthe Company from DVD rental kiosk company Redbox, where he was VicePresident of Logistics and Inventory, responsible for streamlining andautomating distribution...
Hyundai Merchant Marine takes in 3rd of five 13,100-TEUers for A/E Hyundai Merchant Marine (HMM) has received the third of five same size ships with the arrival of the 13,100- TEU Hyundai Drive from Daewoo Shipbuilding & Marine Engineering (DSME) for US$129 million per vessel. The Hyundai Drive has joined the G6 Asia-Europe Loop 6 following the delivery of its sister ship, Hyundai...
Panama Canal Authority: Nicaraguan canal not a competitive threat The Panama Canal Authority, which earlier this year dismissed the possibility of an alternate canal through Nicaragua, had a more cautious reaction this week following the Nicaraguan government's approval of plans by a Hong Kong-based company for the proposed $40 billion canal. The canal authority said today it is evaluating the...
The ZIM HAMBURG reinforces Israel Express via Hamburg The North Europe Service 1 (NE-1) run by shipowners ZIM Integrated Shipping Services and MSC Mediterranean Shipping Company is the most important liner service linking Hamburg weekly with Israel via the Mediterranean. Transport volumes have grown continuously since 2007, in all by around 21 percent. In 2013 around 62,000 TEU...
New Chairman and Board Members appointed to the world's largest Trade Association dedicated to Maritime Industrial Relations. The International Maritime Employers' Council held its Annual General Meeting in London on Thursday 3rd July, following a meeting of the Board of Directors on 2nd July. During the meeting Members were asked to support the nominations of new Members of the Board of Directors, which included the appointment of Captain Rajesh Tandon, Operations Director...
Drewry trans-Pacific rate falls in between peak surcharges Drewry's benchmark spot rate from Hong Kong to Los Angeles stood at $1,800 per 40-foot container this week. Full-size chart Spot rates from Hong Kong to Los Angeles slid slightly this week, giving up some of the gain seen around the first of two peak-season surcharges for trans-Pacific carriers. Drewry's benchmark spot rate...
Yusen Logistics Innovates with Vibration-Control Pallets as an Alternative Technology to Air-Suspension Trucks in China and SE Asia Yusen Logistics has developed an innovative land transportation solution which offers an alternative to air-suspension trucks. Utilizing vibration-control pallets which protect freight from vibrations and sudden impacts during transportation, this new solution facilitates secure, reliable freight transportation, regardless of local road conditions. In the past, when transporting sensitive freight such as precision...
VOLGA-DNEPR DELIVERS 80 TONS OF OIL AND GAS EQUIPMENT TO CAPE TOWN An-124-100 and IL-76TD-90VD freighters from Volga-Dnepr Airlines' fleet were called into action to deliver more than 80 tons of oil and gas equipment to Cape Town in South Africa. The An-124 flight carried five 13-metre pipes from Singapore weighing 60 tons. The pipes were shipped to Singapore's Changi Airport by truck...
Fast consignment information: EUROGATE Intermodal optimises IT structure Hamburg, 3 July 2014 +++ Rail transport service provider EUROGATE Intermodal (EGIM), headquartered in Hamburg, has been using dedicated IT solutions ever since its beginnings in 1993. The company's latest system "TRail" is a response to customers' wishes for quickly accessible consignment information.EGIM began development of "TRail" - derived from...
Crude awakening An equity analyst at Canaccord Genuity has initiated research coverage of six US-listed crude and product tanker operators.
Strike paralyses ports A labour dispute has crippled nearly a dozen Chilean ports, a leading logistics outfit told clients Wednesday.
Tanker tonic The reactivation of Libyan oilfields that have been offline since late last year will likely lend support to the tanker market in the months ahead, a leading forecaster told investors Wednesday.
Zhonggu fixes finance Shanghai Zhonggu Shipping has clinched financing for two of its 10 boxship newbuildings on order in China.
Euronav ups offering Strong demand from investors has prompted Euronav to increase its stock offering by $25m to help pay for four new VLCC acquisitions.
HSH chiefs cleared Six former directors of German shipping lender HSH Nordbank have been acquitted of accounting fraud.
Ports under scrutiny The European Commission has opened an "in-depth investigation" into whether Dutch terminal operators should be exempt from corporate tax.
Navios (almost) sells out Navios Maritime Holdings has raised a net $115.84m after nearly selling out its latest stock offering.
Atlantska wins more time Croatia's Atlantska Plovidba has agreed an extension to its option agreement for another ultramax bulker at Qingshan Shipyard.
Lyras in refuge plea London P&I Club chairman John Lyras has added his voice to the chorus calling for concerted international action on places of refuge.
Coscol turns it round Shanghai-listed Cosco Shipping Co (Coscol) has returned to profit in the first half of 2014, despite a slight fall in revenue.
GE back to gas India's Great Eastern Shipping has re-entered the LPG sector a week after selling its last gas carrier.
Eimskip sells Icelandic container line Eimskip has signed up for a new cold storage joint venture in China.
Hongqiang scoops six China's Jiangsu Hongqiang shipyard has announced a deal for up to six new ultramaxes.
Another six for DSME South Korea's DSME has scooped six more LNG carrier contracts for the Yamal project in Russia, making it nine ships worth $2.8bn in two days.
Macquarie buys up IMTT Macquarie Infrastructure Company (MIC) has agreed to buy the 50% of International-Matex Tank Terminals (IMTT) it doesn't already own.
Seadrill pulls $1bn bond Seadrill has pulled a potential $1bn bond issue at the last moment blaming a sudden fall in its share price overnight.
PIL taps bond market Pacific International Lines (PIL) has made its debut in the bond market in a move that raised SGD 300m ($241m).
ILWU leaders turn attention to PNW grain negotiations Robert McEllrath, president of the ILWU, said that ILWU members have been locked out of the Mitsui-United Grain Corp. elevator since February 2013 and the Marubeni-Columbia Grain elevator since May 2013.
Air cargo is mixed bag in June Airlines in Europe and the United States experienced varied cargo numbers in June, but officials all agreed that the current cargo market is difficult.
LLamasoft adds office in Japan
Hactl reports strong growth despite loss of Cathay
MOL, China Shipping JV build LNG transport ships
Euronav raises $125 million
Proposed Route for Nicaragua Canal revealed
Revenue ideas surface for highway, freight funds Proposals popped up Tuesday to address the shortfall in surface transportation funding and spur investment in freight-related projects as the Highway Trust Fund continues on its path toward a zero balance by the second half of August.
WWL expands in Myanmar
Marseilles Fos to see boost in rail service
Environmental goods trade liberalization talks begin In addition to the U.S., the other trading partners involved in the negotiations are Australia, Canada, China, Costa Rica, the European Union, Hong Kong, Japan, South Korea, New Zealand, Norway, Singapore, Switzerland and Taiwan.
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