More piracy suspects compensated for legal delays Days after the French government was told to pay compensation for legal delays to several Somalis accused of piracy, the Danish High Court on Monday awarded similar sums to nine more piracy suspects. The latest case relates to the attempted hijacking of 29,242gt Danish-flagged product tanker Torm
Norden issues profit warning and takes $230M provision DS Norden, the listed Danish dry bulk and product tanker shipping group, has booked a $230M charge against onerous time charter contracts in dry bulk and issued a profit warning as a result. "Following an updated market evaluation, Norden has concluded that it is no longer likely that certain time
DP World sidesteps ban to buy ZPMC cranes The decision of India's security agencies to bar Chinese crane maker ZPMC from supplying gear to Indian ports has been shown in poor light after DP World shipped and unloaded four ZPMC quay cranes for its terminal currently under construction at Jawaharlal Nehru (J N) port. DP World's bold gambit
IHS Maritime wins awards IHS Maritime & Trade has won two key awards at the international Seahorse Club Journalist Awards 2014 in London. Senior journalist Girija Shettar, a regulation & risk specialist, has won in the Social Media Journalist category for her outstanding output and engagement on social networks
New Korean Register head aims to restore confidence after Sewol The Korean Register of Shipping's new chairman and CEO Park Bum-Shik aims to restore the classification society's reputation following criticism concerning the Sewol disaster in April. Park, formerly the Korea P&I Club chief operating officer was inaugurated as KR's new chief in Busan on 9
SapuraKencana dazzles with nine-month record profit SapuraKencana Petroleum's record nine-month net profit which hit MYR1Bn for the first time, and a strong orderbook momentum have made the oil and gas (O&G) services company a hit stock among O&G big caps. Contributions from SapuraKencana Energy's (SKEI) oil fields and Seadrill's rigs shored up
Seafarer rights? There's an app for that Seafarers Rights International (SRI) has launched a new web-based app, opening up a direct channel offering users access to practical advice. SRI, the pan industry body that promotes seafarer's rights, commenced its work in 2010 and, according to Deidre Fitzpatrick, executive director,
Bumi Armada CEO quits Malaysia-listed offshore services provider Bumi Armada announced that Hassan Basma has resigned from his CEO post due to family reasons. Hassan has helmed Bumi Armada since 2005 and has over 31 years of experience in the oil and gas (O&G) industry, with 23 years spent in Asia in key areas of the
China loans Ivory Coast $875M for port construction State-owned China Exim Bank has approved a loan of XOF466Bn ($875M) to Ivory Coast for the construction of a second container terminal at Abidjan Port, port CEO Yacouba Hien Sie confirmed on 8 December. The project includes widening of the Vridi Channel and construction of container and ro-ro
Indonesia seeks $7Bn foreign funding to build ports The Indonesian government is seeking foreign investment of about $7Bn to build ports to realise its ambition of becoming a maritime nation. The state budget is not sufficient to meet investment needs. The funds required will be used to construct ports in Medan, Jakarta, Surabaya, Makassar and
Oslo-listed Pioneer Marine loses $5M in 3Q14 Singapore-headquartered dry bulk owner Pioneer Marine has its losses deepened to $5M in the third quarter ended 30 September 2014. The Oslo-listed company had previously reported a loss of $2.5M in the second quarter ended 30 June 2014. Revenue for 3Q14 went down by 8% to $11.1M from $12.1M year
Chinese, Brazilian ports sign friendship agreement Qingdao Port Group yesterday signed a friendship port agreement with Vale's Ponta da Madeira Terminal to increase the iron ore trades between these ports. The agreement, preliminarily intended to establish friendship port relationships between the ports, aims to enhance their co-operation to boost
China exports slow in November China's export growth slowed in November while imports dropped, raising pressure on policymakers to release more stimulus measures, said Xinhua News Agency in a report. The nation's exports rose 4.7% year-on-year to $211.66Bn in November, much slower than the 11.6% annual growth in October and the
CSOA opposes China opening cabotage to foreign fleet China Shipowners' Association (CSOA) opposes the proposal of opening China's cabotage trade to overseas fleet as the central government explores the possibilities of allowing foreign overseas carriers to use Chinese flag. The cabotage trade market involved China's sovereignty, national politics,
Tok Bali Port to become offshore O&G supply base Tok Bali Port looks set to become a supply base for the offshore oil and gas sector, Malaysia's International Trade and Industry Minister Mustapa Mohamed said. "We understand that Kemaman is fast developing and is very compact to the point of having no further room for expansion. Thus, we see Tok
New Priok project a major milestone The extension of Indonesia's busiest port Tanjung Priok is seen as a "major milestone" by David Adams, financial director of Indonesia Port Corporation (IPC). "The development of the new Priok project is a major achievement in Indonesia," said Adams today at the Port Finance International Asia
Have the Greeks spotted an LNG shipping boom ahead? Lower oil prices will lead to a glut of cheap LNG offering Europe an alternative to Russian pipeline gas, says Bank of America
Chandris poised to lead off new Greek LNG spree Owner has 25% stake in one gas carrier and is close to first order at Daewoo
Germany may axe planned insurance tax 'Broad political consensus' on key owner demand, says VDR
Greeks are busiest buyers of 2014 with $7bn in secondhand acquisitions VesselsValue.com data shows bulkers attracting most Greek investment
Maersk axes TP5 service on unprofitable transpacific trade The trade lane has lost money in nine of the last 10 years, says carrier
VLCC earnings soar $7,500 in a day as Asia builds stocks of cheaper crude Earnings for the big 2m barrel tankers are surpassing expectations for December so far
Hyundai Mipo Dockyard agrees pay deal with union But parent HHI is still mired in labour talks
Aegean confirms purchase of OW Bunker's west coast US assets Greek-based physical supplier agrees to buy 28,567 tonnes of bunkers and assume a storage contract with Vopak
Pioneer Marine posts a $5m third-quarter loss Khanna's handysize specialist aims to 'consolidate this fragmented sector' in 2015
US port congestion hitting shippers' wallets NEWARK, New Jersey - U.S. port congestion delays are starting to cost shippers money - and customers in some cases. In October 2013, it took seven days for an import container of Sharp consumer electronics to go from the Port of Los Angeles to Memphis by rail; it took twice that...
Is time ripe for new USMX-ILA bargaining model? The chief negotiator for U.S. East and Gulf Coast waterfront management challenged employers and the International Longshoremen's Association to consider changes to their bargaining process before their next contract expires in 2018. David Adam, chairman and CEO of United States Maritime Alliance, used the JOC's 2nd annual Port Performance-North America conference...
USA Truck expands non-asset brokerage business in Florida, Chicago Truckload carrier USA Truck is expanding its non-asset brokerage business, opening a Strategic Capacity Solutions office in Jacksonville, Florida, and moving its Chicago office to a larger location. The expansion follows a 24.2 percent year-over-year increase in base revenue at the SCS division in the third quarter to $39.9 million. In...
Maersk plans January increases totaling $1,000 per 40-foot container Maersk Line will implement general rate increase and peak season surcharge totaling $1,000 pe 40-foot container on cargo heading from Asia to the U.S. and Canada starting Jan. 15, the carrier announced today. Maersk Line GRI and PSS for Jan. 15 20-foot container $540 $320 $860 40-foot container $600 $400 $1,000 40-foot high cube $675 $450 $1,125 45-foot container $760 $510 $1,270 Source: Maersk Line Maersk says it will...
Shippers question carriers' planned jump in Thailand terminal charges Some ocean carriers are raising terminal-handling surcharges about 70 percent on Jan. 1 for calls at ports in Thailand, and shippers are bracing for other carriers to follow suit. U.S. containerized imports from Thailand totaled 264,294 TEUs year to date, 3.6 percent higher than last year. Full size chart. Evergreen Line, Yang Ming,...
Multiemployer pension proposal riles Teamsters, retiree advocates Teamsters General President James P. Hoffa. WASHINGTON - The "cromnibus" spending bill has produced something for practically everyone to hate, and at the top of the list for organized labor is a proposed amendment that could cut benefits for elderly retirees who draw their income from troubled multiemployer pension plans. But don't...
Project to help expand development at BNSF Kansas City A road improvement project will help make the industrial development around BNSF's relatively new intermodal rail terminal in the Kansas City area more attractive when work is completed in 2016. Improvements to nearly three miles of Waverly Road will create a corridor for heavy-haul loads heading to and from the Edgerton,...
Lufthansa Cargo boosts volume as rivals falter Lufthansa Cargo managed to increase traffic in November despite ongoing strikes by pilots, while its leading European rivals posted lower volumes as they prepare to downsize their freighter operations. The German all-cargo carrier transported 156,000 metric tons of freight last month, up 0.8 percent on November 2013 with 0.4 percent less...
Congress includes trucker HOS suspension in 'cromnibus' spending bill WASHINGTON - The likelihoodthat truck drivers will have different hours-of-service rules and more time on the road next year increased Tuesday when Congress included a rider that would suspend a portion of the 2013 HOS rules in its omnibus spending bill. The House is expected to vote on that $1.013 trillion...
Hapag, CSAV unveil new service loops for second quarter Hapag-Lloyd and CSAV will launch new joint services between March and June, the carriers said today after unveiling new-and-improved service loops. The merging of Hapag-Lloyd's 100 services with CSAV's nearly 40 service loops will save Hapag-Lloyd an estimated $300 million. The announcement of service loops comes only one week after the...
Rotterdam-Milan intermodal service to launch in January Starting in January, shippers can ship containerized goods by rail between Rotterdam and Milan via a dedicated Samskip intermodal service. The under 30-hour service - with five train departures per week - builds on the aggressive development by Rotterdam, the largest European container port, of rail transport to the hinterland. With...
Spot rates steady on trans-Pacific heading into mid-December GRI Spot rates on the trans-Pacific remained steady this week leading up to a massive general rate increase, a sign that carriers could have some success with the historical GRI, Drewry Maritime Research says. Drewry's benchmark spot rate from Hong Kong to Los Angeles remained at $1,725 per 40-foot container this week. Full...
Brazilian port Manaus to invest in automation after gaining private use status The Brazilian port of Manaus will invest R$97 million (US 37.4 million) in automation at one container terminal and at a general cargo facility and buy new equipment after receiving private use status, exempting it from certain labor rules. Superterminais, which handles containers, breakbulk and project cargo in the state of...
CEVA expands Singapore warehouse footprint HONG KONG - CEVA Logistics has become the latest global supply chain company to expand its warehouse presence in Singapore with the a new facility at Jalan Buroh near Jurong Port in the west of the city state. The 57,000-square-yard warehouse and office will be the company's largest facility in Singapore...
Solid year ahead as air freight market extends rally HONG KONG - Five straight quarters of continued growth and a supply-demand balance has led to a turnaround in the air freight business this year, with more solid growth still to come, believes Atlas Air's Michael Steen. The all-cargo carrier's executive vice president and chief commercial officer said the second half...
GPRT loses traction Shares of Greek operator Goldenport Holdings fell Wednesday amid growing concerns about the future of its core markets.
Prices poised to slide Activity in many corners of the newbuilding market is slowing, which is fuelling renewed speculation that prices could slide.
VLCC rates take flight Day rates for VLCCs trading in the spot market are gaining momentum at a pace that is catching some industry forecasters by surprise.
"Pirates" get Danish cash Denmark has become the second European country - after France - to pay compensation to alleged Somali pirates over human rights abuses.
IHB readies bonds Industrial Holding Bulgaria (IHB) is lining up a bond issue to raise as much as BGN 50m ($31.67m).
Stable outlook for DSF Moody's Investors Service has changed the outlook of shipping lender Danish Ship Finance (DSF) from negative to stable, thanks to a more optimistic guidance for the shipping sector in general.
Norden lowers dry sights Norden today shouldered a $230m provision on its dry cargo division after admitting the market is not recovering as it had previously hoped.
Diana cape sets new marker Diana Shipping's latest capesize resale acquisition has set a new low benchmark for physical sales but the purchase is still above the value highlighted by present stock prices, analysts say.
NLNG eyes $1.8bn yard Nigeria LNG (NLNG) is plotting a new $1.8bn shiprepair yard for LNG carriers and VLCCs.
Sealink offloads duo Malaysia's Sealink International has sold two vessels for $5m.
Timber output boosted The port of Gothenburg in Sweden has boosted its timber export capacity with the opening of a new terminal.
Stocks undershooting steel? RS Platou Markets has questioned the dramatic sell-off in dry cargo stocks amid bearish sentiment in the market.
NAT buys again Nordic American Tankers (NAT) has snapped up more shares in spin-off Nordic American Offshore (NAO).
Sundaisy E refloated A bulker that ran aground on Monday near the Trois-Rivieres port in Quebec has been refloated.
OW feast for Aegean Aegean Marine Petroleum Network has been tipped to hoover up more OW Bunker assets after its auction acquisition of a US facility.
KNOT drops down tanker KNOT Offshore Partners (KNOP) is buying another shuttle tanker from parent KNOT in a $103m deal.
TUI back in black German group TUI has revealed a return to profit for its cruiseship operations after it added a new vessel.
Investors probe OW A group of Danish institutional investors is carrying out its own probe into the collapse of ship fuel and tanker company OW Bunker.
Deep Sea extends trio Deep Sea Supply has secured a charter contract extension for three platform supply vessels working for Brazilian oil major Petrobras.
BW LPG boosts buyback Oslo-listed BW LPG is expanding its share buy-back programme by another $10m.
Concordia ups crude quota Concordia Maritime has boosted its crude tanker exposure via a joint charter agreement with Stena Bulk.
Azamara to pull out? Azamara Club Cruises is considering dropping Indian calls unless immigration and customs processes improve.
SapuraKencana surges Malaysia's SapuraKencana Petroleum has reported a strong third quarter performance with its net profit up over 40%
Chile to spend Chile is planning a big boost to its Antarctic operations with a new icebreaker and a major repair yard.
Rolls-Royce sets record Rolls-Royce's marine division has won its largest ever single contract for deck machinery with a deal from Maersk Supply Service.
Aegean buys OW assets Aegean Marine Petroleum Network has confirmed that it has snapped up assets of OW Bunker at an auction in the US.
South Stream halted Saipem has confirmed that it has received a notification to suspend marine activities on Gazprom's South Stream project.
BGC extends again BGC Partners has extended its offer to acquire GFI Group for a second time after its latest deadline expired.
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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