Stalwart fails on second equity raise UPDATED: Postponed US public listing follows aborted attempt at a private deal for Greek chem tanker outfit
Idan Ofer pulls Quantum Crude Tankers over-the-counter equity drive Investors push back on pricing amid a slew of deals but firm still plans a US listing
US crude reserves hit their highest level since 1976 Good news for owners as 15% increase to 33bn barrels strengthens the case to lift export ban
Rongsheng resists cancellations as questions emerge about accounting practices Embattled shipyard fights to hold on to orderbook following a report of negative revenue for the second half
The changing face of liability risk for freight forwarders TT Club outlines the additional liabilities being undertaken as a result of value-added services offered to shippers
Future freight rates: the container lines' biggest gamble Cutting costs is only half the battle for profitability
Data Hub: Freight Rate Indicators More of the same for 2014 as global spot rates on major trade lanes from Asia are in line with last year's levels
West African crude is saving the VLCC market Boost to tonne-mile earnings for tanker owners
Navios buys 11th VLCC for $43.5m Unnamed vessel appears to be 2003-built Venture Spirit from Wah Kwong
Shipping faces $120 per teu hike in Asia-Europe bunker charges in 2014 Brussels' stricter sulphur rules will drive carriers to pass higher costs on to customers
The risks of easy money Does private equity filling bank funding gaps raise the spectre of future overcapacity?
Wrist boosts its ship supply operation in thriving US Gulf Purchase of New Orleans warehouse allows company to source goods further afield
Principal Maritime looks for $100m in IPO Free to read: Tankers outfit will use proceeds to pay down existing debt
Capacity hits a plateau as owners stop at 19,000 teu boxships Container vessels will break the 400 m length limit in the long term, say experts
P3 could force break-up of existing alliances P3 to push overcapacity problems to other carriers, who could reform stronger rival groupings, says SeaIntel
Pilotage charges: Demonstrating reason in the face of unreason Harbour authorities face legal curbs in raising cash to cover pilots' pension fund deficit
HSH Nordbank hikes shipping provision after $780m loss Free to read: Pessimistic German bank says it expects no recovery until 2015
Fire breaks out on first Avance Gas newbuilding VLGC October delivery may be delayed as Shanghai shipyard assesses the damage
ICTSI wins Iraq port concession Philippines port operator secures management of existing and proposed box terminals
China Merchants Energy Shipping posts $30m first-quarter recurring profit Results are in line with earlier projection
Seabury predicts recovery for GDP multiplier for box volumes Container shipping firms should benefit as protectionism eases
Box Ships shares plunge The stock price of NYSE-listed Box Ships slumped over 20% after the company announced an offering of 5M common shares and warrants
US urges ferry safety upgrades Passenger vessels should enhance safety systems to avert accidents like last year's ferry collision in New York City, a US safety agency recommends
Crane accident kills Maldives port workers Two stevedores in the port of Male, Maldives, were killed on Monday night when a crane cable snapped while lifting a container, local sources have reported
Hope seen beyond depressed freight rates Spot freight rates for dry bulk carriers remain under pressure due to weak demand, but the market fundamentals are encouraging for the whole of the current year, analysts say
Transas Marine builds advanced simulator suite Transas Marine is to construct the UK's "most technically advanced maritime simulation complex" for the City of Glasgow College by autumn 2015
Port Hedland forecasts record ore exports Iron ore exports out of Port Hedland in Australia' Pilbara are forecast to top 340M tonnes this financial year, up from 280.2M tonnes for FY13
Anger as UN crime experts killed in Puntland The UN Office of Drugs and Crime (UNODC) has reacted angrily to the fatal shooting of two of its personnel, experts in tracking illegal flows of money from piracy, at Puntland's Galkayo airport in Somalia on 7 April
NorYards signs AHTS fitting out deal NorYard, the Norwegian shipbuilder controlled by Zaliv group of Ukraine, is to outfit and commission an anchor handling tug supply vessel (AHTS) currently building in China for Norwegian owner NFDS 2 Offshore
Koper completes dredging phase The port of Koper in Solvenia completes the latest phase of its dredging programme next month, as part of a plan to accommodate larger container ships by 2018
European maritime tech calls for help Trade association Sea Europe, which represents ship and maritime equipment businesses, has called on Europe to assist the growth of its maritime technology industry
Indonesian FSRU wins novel financing deal Standard Chartered Bank has closed a $309M export credit agency (ECA)-backed financing deal for a floating storage and regasification unit (FSRU) with PT Hoegh LNG Lampung
China's exports suffer surprise fall Chinese exports unexpectedly fell in March, according to customs figures released today
Scanship raises NOK83.2M in IPO Scanship Holding has raised NOK83.2M ($13.8M) in an IPO in Oslo that was priced at the bottom of its indicated range, the company said in a statement
Shippers Take Rail Service Complaints to STB Bulk rail shippers ranging from agriculture to coal producers told the U.S. Surface Transportation Board today that poor rail service must be solved before their business suffers even more. Shippers told the rail regulatory agency that the deteriorating service goes beyond weather-related delays, and at times smacks of railroads' preference of...
Shippers Press Case in DC to Prevent West Coast Disruption U.S. shippers in the coming weeks will engage in a full-court press on Capitol Hill and at the White House to voice the importance of preventing labor disruption at West Coast ports as the expiration of the current coastwise longshore agreement approaches. The stepped-up effort comes in the wake of a...
Port Questions Hapag Low Water Surcharge at Montreal Hapag-Lloyd plans to implement two low-water surcharges at the Port of Montreal, although port officials are questioning why, as they expect the spring thaw to begin soon. Effective April 30, Hapag-Lloyd says it will implement a low-water surcharge on shipments between the Port of Montreal and North Europe, the Mediterranean and Africa....
Lufthansa Cargo: 'Mild' Signs of Air Freight Recovery Lufthansa Cargo carried 2.6 percent less freight in March compared with a year ago, but it said the global market shows some signs of recovery as it posted higher revenue and an improved load factor. The German air cargo carrier transported 154,000 metric tons of freight last month, taking the total...
Loss Tops $1 Billion for Ship Financier HSH Nordbank HSH Nordbank, the world's largest ship financier, today announced its net loss soared to €814 million ($1.1 billion) in 2013 from €124 million ($172.4 million) in 2012, and said it doesn't expect the global shipping market to recover before 2015 at the earliest. Provisions for bad loans - mostly to the...
TPM 2014 Sponsored Video: CargoSphere Neil Barni, president and founder of CargoSphere, discusses technological solutions to freight rate and contracting challenges in the logistics industry....
Miller Joins STB at Crucial Time The Senate yesterday confirmed President Obama's nomination to the Surface Transportation Board, thrusting Debra Miller into the rail regulatory agency as it grapples with a myriad of issues. The STB, for example, will hold a hearing today on concerns about deteriorating rail service. BNSF Railway and Canadian Pacific Railway appear to...
Caribbean Shipowners Association U.S. Security Increase The Members of the Caribbean Shipowners Association have adopted a voluntary guideline calling for an increase in the U.S. Security Charges due to security measures implemented throughout the Caribbean over the last several years. This increase will be effective Sunday, May 4, 2014 and will be in addition to the members'...
Slow Start for Shanghai FTZ It has been several months since China's first Pilot Free Trade Zone (Shanghai FTZ) launched in Shanghai, but the shipping and logistics industry is still waiting for more policies to be clarified. "We were very nervous when Shanghai launched the free trade zone; however, we are less concerned now, as companies...
Declining Market Share Prompts LA-LB Merger Proposal The Los Angeles 2020 Commission today urged the rival, adjacent ports of Los Angeles and Long Beach to merge, citing a drop in market share by the busiest port complex in the U.S. The ports of Los Angeles and Long Beach together had a U.S. market share of 42.0 percent in...
GasLog doubles down GasLog has firmed up a $468m contract to acquire three more LNG carriers from an affiliate of BG Group.
Timing is everything An equity analyst at JP Morgan is urging investors to accumulate shares of Navios Maritime Holdings (Navios Holdings).
Mulherin takes the mound Deutsche Bank may have lost its top shipping analyst but it does not appear to have ended research coverage of the industry.
Cargill denies buy Cargill has poured cold water on rumours that it has acquired a capesize bulker controlled by a joint venture between Daiichi Chuo Kisen of Japan and China's Shagang Shipping.
Dark days for dry bulk Falls in the capesize market this week have dragged the Baltic Dry Index close to the 1,000 point mark.
Ofer pulls Quantum float Idan Ofer has pulled plans to take a crude tanker company public on Oslo's over the counter (OTC) market given the intense competition among shipowners looking to tap the capital markets today.
Solstad seals CSV buyout Solstad Offshore is taking full control of a subsea construction newbuilding ordered jointly with HitecVision-controlled Ocean Installer.
Vietnamese mergers urged State-owned Vinalines' deputy general director Bui Viet Hoai said domestic companies are facing tough competition from foreign players, state media reported.
Tanker saves 300 A Norden products tanker has aided in the rescue of 300 migrants in the Mediterranean after their craft ran into distress.
MSC buying Bonaparte Switzerland-based MSC is taking a EUR 7m ($9.7m) punt on an SNCM ro-pax damaged in an accident in France in 2012.
TEU dives on opening Michael Bodouroglou-led Box Ships plunged in value today after the company revealed details of its latest fundraiser.
Navios bags $43.5m VL Navios Maritime Acquisition has added to its VLCC fleet indicating it remains a buyers' market despite rising prices.
Stalwart pulls NY IPO Stalwart Tankers has pulled its troubled IPO in New York after confronting the choice of pricing well below its target range.
Sinotrans cape grounds A Sinotrans bulker has run aground off the Dominican Republic.
Jinhui opens vault Jinhui Shipping and Transportation has set some of its dry powder to work with the purchase of a supramax newbuilding.
Crewman fined over clash A Chinese crewman already serving a jail term for the Eifuku Maru No 18 tragedy has been ordered to pay damages in Japan.
Concordia witness found Interpol has tracked down the helmsman of the Costa Concordia in Indonesia.
Triyards on the up Triyards Holdings boosted it earnings in the second quarter as it began to branch out of its core niche market.
Western Bulk rebounds Recovering margins have breathed fresh life into the share price of Western Bulk today.
CMES back in profit China Merchants Energy Shipping (CMES) appears to have turned a corner and returned to the black in the first quarter of the year.
Coscol cuts loss Shanghai-listed Cosco Shipping Co (Coscol) has reduced its loss for the first quarter despite a fall in revenue.
Sovcomflot splits agencies Two of the world's leading credit agencies are taking differing views on the health of Russian shipping heavyweight SCF Group (Sovcomflot).
Master's misjudgement A UK accident report has found a Greek tug was holed by the vessel it was towing after the captain discounted tidal conditions.
HSH loan losses hit $1.2bn Germany's HSH Nordbank increased its loan-loss provisions to EUR 882m ($1.22bn) in 2013 as it forecast a slower than expected recovery in shipping markets.
Pure Principal exploits niche Principal Maritime's attempts to take a suezmax tanker fleet to Wall Street has received a positive welcome but analysts say the Apollo backed venture and other IPO aspirants face a tougher task today.
Hanged master "feared storms" A UK inquest has heard a Russian master may have hanged himself on board his ship because he feared a return journey in "horrendous" Atlantic storms.
MOL bond hits stock Mitsui OSK Lines (MOL)'s planned $500m convertible bond issue announced this week hit the Tokyo-listed company's equity even though the cash is intended to fund the next stage of its ambitious growth plans.
IHC Merwede on the rise Dutch shipbuilder IHC Merwede has improved 2013 profit on the back of a growing orderbook.
Hoegh FSRU seals funds Standard Chartered Bank has closed a $309m export credit agency (ECA) backed financing deal for Hoegh LNG's second FSRU.
Sinokor behind Mipo 10 Hyundai Mipo's announcement this week of a 10-ship MR order worth KRW 348.3bn ($333m) is confirmation of part of its huge Project Silver deal with Sinokor and Shell, brokers said.
NorYards to finish AHTS Norway's NorYards has won outfitting work on a Chinese-built anchor-handler hull.
More Aratere woes Problems with a New Zealand interisland ferry have increased after cracks were found in rudder shafts as it was being repaired.
Oz ports braced for Ita Australian iron ore and coal exports look set for disruption as a major cyclone heads the Queensland coast.
Energy secures loan Energy Drilling has secured a $175.5m senior secured term loan facility to go towards funding rig newbuilding in China.
US volumes set to grow Major US container terminals are expected to see another month of positive growth in April a trade body has forecast.
Stalwart struggles Stalwart Tankers' chemical-carrier IPO in New York will have to settle for pricing below its target range if it is to complete the flotation, finance sources said Wednesday evening.
Principal plots IPO A tanker operator backed by private equity giant Apollo Global Management has joined the growing list of shipowners that are turning to Wall Street for cash.
TEU seeks cash Box Ships of Greece appears to be gearing up for a campaign to cut debt and expand its fleet of containerships.
Commission: LA-Long Beach port merger a 'no-brainer' The nation's two largest ports, Los Angeles and Long Beach, should collaborate by combining into a single entity, according to a report issued by an independent private commission studying fiscal stability and job growth in Los Angeles.
EU unveils transportation scoreboard The Netherlands, Germany, Sweden and Denmark top the European Commission's EU Transport Scoreboard, which compares each member state in 22 categories across all modes.
Ice chokes Great Lakes vessel moves U.S.-flag vessels on the Great Lakes were bogged down by ice formations in March, "the likes of which have not been seen in decades," according to the Lake Carriers' Association.
First vessel of Cleveland container service to arrive April 17 The Port of Cleveland is expected to receive the first vessel of its newfound container service on April 17. The vessel, Fortunagracht, departed Antwerp last weekend with a load of breakbulk and containerized cargoes.
WLS: Transpacific capacity continues free fall in Q1 2014
Prices mixed in Europe Tight avails reported in Rotterdam.
Product avails tight in Fujairah No avails for IFO product in Durban.
Shell might resume LNG production for ships Company sees more opportunities in marine sector.
Software cuts bunker consumption 'by 3.9%' 'Potential savings across a fleet are significant.'
Falmouth to welcome trans-Atlantic, engine-less cargo vessel First vessel of the Fairtransport Shipping fleet brings rum and other goods from the Caribbean to Europe.
Busan bunker market to get volumes boost Oil terminal officially opens in Ulsan.
Market sees dearth of Russian product Refinery maintenance behind lacklustre Chinese demand.
Turkish supplier backs coriolis mass flow meters 'We aim to bring quality and quantity to the heart of competition.'
Asian bunker prices on upward path Mixed demand seen in Singapore.
Singuel ups stake in Chemoil Shares bought at exit price of 40 cents.
Singapore 'unlikely' to top LNG bunker market But future supplies of the gas as a marine fuel not an issue.
Keppel to manage Titan Petrochemicals shipyard Keppel keen to tap potential of China's offshore and marine sector.
US East Coast player buys bunker barge To aid expansion plans in the US Atlantic.
Fewer bunker claims with mass flow meters, says Singapore player MFM are 'a straight forward progression for the bunkering industry', says Sinanju Tankers manager.
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