MISC net profits rise 62% to $150.6m in first quarter Tanker recovery lifts Malaysian player
Clarksons hails the shipping upturn Major broker and trader expects 2014 results to be significantly up on last year
Plotting Fredriksen's next move Will the enigmatic Norwegian spin off his product tankers into a US-listed entity?
DSME posts stronger first-quarter profit South Korean shipbuilding giant continues earnings momentum
Major Japanese yards post weaker yearly results Fewer vessel deliveries and weaker margins hurt shipbuilding divisions of KHI and others
Seoul charges former STX executives with embezzlement and malpractice Founder Kang could face $2.5bn criminal case, district prosecutors claim
Asia to Europe box volumes show double-digit growth in March Trade lane sees 13.7% surge to 1.24m teu, says Container Trades Statistics
GasLog orders two more LNG carriers at Samsung Owner confirms it has priced options for two additional newbuilds
Horizon Lines' losses deepen Jones Act carrier sees first-quarter net loss slip to over $26m from $20m a year earlier
Knightsbridge's transformation into capesize owner gets off to solid start Company believes it is well positioned to capitalise on expected dry bulk recovery
Finland, STX and Meyer Werft discuss sale of Turku Shipyard Seoul tight-lipped as Helsinki and German builder confirm preliminary talks
Odfjell reviews its business model after a weak first quarter Chemical tanker company bemoans 'slow and disappointing' pace of growth
Teekay Tankers sells two VLCCs Sale emphasises focus on smaller vessels
Week on Wall Street | May 9 Free to read: Shipping's letter from America
Data Hub: Trade Statistics - Asia Asia-Europe trade remains dominant, with increase in demand and fall in capacity
Evergreen embarks on new growth path Former number one box line orders new ships and joins a major alliance
Singapore seafaring union opens training centre The Singapore Maritime Officers Union (SMOU) opened a training centre today, taking another step towards promoting seafaring as a career in the city-state. The SGD4M ($3.2M) Wavelink Maritime Simulation Centre has a 240° full mission bridge simulator, engine room simulator, electronic chart display
EU launches Blue Economy innovation action plan The European Commission today launched a 'Blue Economy' innovation action plan aimed at producing a digital map of the seabed throughout EU waters by 2020. Presented by maritime affairs and fisheries commissioner Maria Damanaki and research and innovation commissioner Maire Geoghegan-Quinn, the plan
DNV GL to expand software offering Classification society DNV GL has purchased Marine Cybernetics, a Norwegian company specialised in the testing of computer control systems to ensure safe and stable operations. The deal will enable the class society to broaden its range of services in the offshore and maritime industries. "The
Chile's ports need upgrading to handle Asian trade Chilean president Michelle Bachelet has said Chile needs to improve its ports in order to build its relationship with the Asia-Pacific Economic Cooperation (APEC) bloc. "Chile is a port and a bridge between Latin America and the Asia-Pacific," she said. "This implies improving connectivity, strongly
Turku shipyard in joint buy The Finnish government and Joseph L Meyer Werft, the privately-owned German shipbuilder, may be about to jointly acquire the Turku shipyard, currently owned by STX Finland, part of South Korean STX Offshore & Shipbuilding group's STX Europe unit. "The ministry of employment and the economy has
Fall in car volumes, weak logistics and bad weather dent Wilhelmsen Wilh Wilhelmsen ASA, the listed car carrier and logistics company in the Norwegian Wilh Wilhelmsen Holding group, said its first-quarter 2014 performance was hit by a fall in car volumes, lower returns from its logistics business, and bad weather. Net profit fell to $31M from $54M in first-quarter
RCCL to build fourth Oasis vessel at STX France Royal Caribbean Cruises announced today that it planned to build a fourth Oasis-class cruise ship at the STX France shipyard, contributing to a remarkable revival in the French yard's fortunes in recent weeks. The announcement was made by RCCL chairman and chief executive Richard Fain at the
SHI wins GasLog LNGs Samsung Heavy Industries (SHI) has won an order for up to six LNG carriers from the returning Monaco based shipowner GasLog. There are two firm 174,000m³ vessels with options for two more and should the first pair of options be taken up, two further options. Delivery of the two firm orders is
Kitanihon wins tanker trio Japanese yard Kitanihon Shipbuilding has won orders for three chemical/product tankers from Singapore-based MOL subsidiary Tokyo Marine Asia and Belgian shipowner CMB. An order of two 35,000dwt vessels for Tokyo Marine is scheduled for delivery in February and June 2017, with one optional order for
Jiangsu Hongqiang secures Krey multipurpose pair Chinese shipbuilder Jiangsu Hongqiang Marine Heavy Industry has secured an optional order for two multipurpose heavy-lift ships from German shipowner Krey Schiffahrts. The two 'eco' trader 12,550dwt newbuildings will have an overall length of 144.7m, beam 22.8m and depth 11.3m, and the deliveries
ABS forms offshore advisory group Classification society ABS will focus on improving offshore safety equipment through its newly formed Offshore Equipment Advisory Committee to ensure that the society's rules meet current offshore environmental challenges. The committee will meet semi-annually to discuss the technical agenda and its
Greece prioritises maritime tech Greece, which is holding the rotating presidency of the European Union, has pledged to make European maritime technology and innovation one of the priorities of maritime transport policy over the 2014-18 period. The commitment forms part of the Athens Declaration that was adopted at an informal
Killings and failed states threaten to prolong piracy Delegates who met in London yesterday to discuss the latest report from Oceans Beyond Piracy (OBP) were told that capacity building is under threat in Somalia. Responding to IHS Maritime on what the killing, in April, of UNODC crime experts Simon Davis and Clement Gorrissen at Somalia's Galkayo
Re-launch of Maritime by Holland Damen Shipyards hosted an unofficial re-launch yesterday (8 May) of Maritime by Holland - now known as Netherlands Maritime Technology. The official re-launch will take place in September at SMM in Hamburg. "Netherlands Maritime Technology replaces the following brands: Scheepsbouw Nederland,
Sinwa thrives in core offshore business Singapore-based offshore and marine logistics company Sinwa Limited saw organic growth in its core business, thanks to the strong demand for offshore supply and logistics. The firm's revenue continued to grow steadily at 6.5% year on year to SGD36M ($28M) for 1Q14, while its gross profit increased
VLGC time charter rates may defy spot market The time charter or period hire rates for very large gas carriers may not be in tandem with spot rates that have breached the $100/tonne level in recent weeks, said Norwegian gas broker Joachim Grieg & Co in its monthly report. Joachim Grieg analyst Steve Engelen wrote: "In academic terms, it is
Sewol victims were wearing life jackets A pathologist's report has indicated that a number of passengers on the Sewol ferry died despite wearing life jackets. The report, released by the Ministry of Oceans and Fisheries last night, described the condition of 269 of the 273 bodies that were recovered. According to the pathologist's report,
US box imports on the rise Container imports at US box terminals are expected to increase 3.5% year-on-year in May to 1.44M teu, a major retail import group has predicted. The National Retail Federation's latest monthly forecast, released on 7 May, predicts that June container imports will increase 5.6% year-on-year to 1.43M
No US West Coast Work Stoppages, Broad Coalition Urges PMA, ILWU On the eve of U.S. West Coast longshore labor negotiations, a coalition of 67 organizations representing manufacturers, farmers, wholesalers, retailers, distributors, transportation and logistics providers is urging negotiators to agree on a new waterfront contract without any work stoppages. "It is critical that a new agreement be reached without disruptions to...
Contingency Planning in High Gear as ILWU Talks Begin As U.S. West Coast waterfront employers launch contract negotiations on May 12 with the International Longshore and Warehouse Union, many beneficial cargo owners are planning to ship their freight through alternative gateways in the event of disruptions or a work stoppage. Prudent BCOs, however, have already put contingency plans into action,...
SCFI: Asia-Europe Rates Up for Third Straight Week Spot container freight rates as measured by the Shanghai Containerized Freight Index continued to climb on the Asia-Europe lane this week, but Asia-U.S. rates slipped. The SCFI for North Europe rose 7.4 percent in the week of May 9. Full-size image Asia-Europe rates increased for a third straight week in the week ending...
House-Senate Deal Would Speed Up Projects to Deepen US Ports WASHINGTON - Long-delayed legislation agreed to by House and Senate leaders yesterday will allow U.S. ports to take on deepening projects without congressional approval and obtain federal reimbursement later. Currently, ports that obtained a sign-off on feasibility from the Army Corps of Engineers have to wait - sometimes for years -...
Ocean Carrier Rate Revision Roundup for May 9 Multiple carriers have planned general rate increases in various trade lanes in May and June, although any gains achieved could be fleeting as overcapacity and sluggish global demand continue. Shipping lines in their global operations have lost billions of dollars in four of the past five years because of overcapacity fostered...
CEVA Sees Contract Logistics Outperforming Ocean, Air Freight CEVA Holdings hailed contract logistics as a successful counterweight to flat ocean and air freight markets that drove a 7.5 percent increase in first-quarter earnings even as revenue shrunk. The Netherlands-based supply chain management company, the fifth-largest 3PL by revenue in 2013, posted adjusted earnings of $43 million before interest, tax,...
US Ports Take Lead in North America Growth JOC Top 25 North American Ports in 2013: Imports Full rankings What a difference a year makes. In 2012, Lazaro Cardenas, Mexico, and Prince Rupert, British Columbia, dominated other JOC Top 25 North American container ports, with double-digit growth in exports, imports and total trade. Lazaro Cardenas registered the fastest year-over-year growth...
Zim Upgrades Cooperation With G6 Alliance on Asia-PNW Route Zim yesterday announced the imminent launch of an enhanced service structure between Asia and the West Coast of North America after it agreed to expand its cooperation with the G6 Alliance. The Israeli ocean carrier said the new service, comprising three weekly loops offering improved transit times, increased frequencies and extended...
China E-Commerce Boom Leads to Shortage in Warehouse Supply The rapid growth in China's e-commerce market, reflected in the hype surrounding the forthcoming U.S. IPO of Alibaba, is exposing an acute shortage of quality warehouse and distribution center space that developers and governments are rushing to address. Existing international quality logistics stock, including that in Tier 1 cities such as...
Time for Automated Trucks The driving public may not know it yet, but its sustained desire to eliminate the risk of fatal truck accidents is leading inexorably to a future of automated trucks on U.S. highways. Jarring as that may seem, it's not a bad thing at all. Everyone will be safer, and the...
2014 Trans-Pac Negotiations: Lower Rates, More Port-to-Port Moves The results of the 2014-15 service contracting season in the eastbound Pacific are in, and from the perspective of ocean carriers, they're not pretty. Unless carriers can score impressive gains on the spot market and with peak-season surcharges, neither of which are guaranteed, it looks like they will lose money again...
Shippers See Benefits in Mega-Ships The MSC Bruxelles is among the large ships calling along the U.S. East Coast. Photo courtesy Port of Virginia.Some shippers welcome larger container ships and carrier alliances as a way to add capacity and restore carriers' health, but they warn that ports will have to adjust to avoid bottlenecks and...
Cal Dive re-jigs loans Cal Dive International has entered a debt refinancing that will bring it additional financial flexibility to help it carry out contracts in Mexico.
Sale cuts LSC's loss Lithuanian Shipping Company (LSC) has reduced red ink in the first quarter thanks to a ship sale.
Rio deal for Diana Diana Shipping has secured a fresh period contract for one of its panamax bulkers, brokers say.
Salvage duo unite James Fisher Marine and Mammoet Salvage team up for quicker response to casualties.
Four more for Glovis South Korea's Hyundai Glovis is spending $297m on another four car carriers as part of its annual fleet renewal.
Teekay targets 25 LNG ships Shipowner Teekay plans to bump up its LNG fleet by a further 25 vessels in the period to 2020.
No way to treat a banker We take a look at what was said in the market over the past week.
Clarksons significantly better Clarksons has made a stronger start to 2014 following an improvement in both its finance and shipbroking divisions.
Italy scraps 'cartel' fines An Italian court has cancelled fines imposed on four ro-ro companies for alleged price-fixing activities.
RCL adds fourth Oasis ship Royal Caribbean Cruises has added a fourth newbuilding to its Oasis-class.
Syrians jump ship Two Syrians jumped overboard from a livestock carrier off the US, but were captured by authorities.
Baltiysky adds duo Russia's Baltiysky Zavod yard has clinched an order to build two nuclear-powered icebreakers.
Danske downs WW ASA Danske Bank has placed a sell rating on Wilh Wilhelmsen ASA after the shipowner missed first quarter forecasts.
Grindrod ups offering South African shipowner Grindrod has raised ZAR 2.4bn ($232m) in an expanded share sale.
Anchor away An accident report has revealed a Stena ro-pax grounded on rocks off Sweden as the master risked anchoring in winds that were likely to be at the vessel's maximum tolerance.
GasLog signs SHI deal Peter Livanos-led GasLog has returned to Samsung Heavy Industries with an order which could extend to six additional vessels.
Namura earnings jump Japan's Namura Shipbuilding has pushed up profit in the year to 31 March as revenue grew.
Ocean Yield lifts payout A flurry of acquisition activity from Ocean Yield has been followed by a hike in its quarterly dividend.
Sasebo falls behind Japan's Sasebo Heavy Industries has posted a lower than expected loss in the year to 31 March.
DSME continues Q1 trend DSME is the latest South Korean shipbuilder to disappoint the market with its first quarter performance.
Rates drive MISC results MISC has reported a 52% year-on-year increase in net profit on the back of stronger tanker freight rates.
Wallem snares Hoegh nine Wallem Ship Management is taking over the nine-ship pure car truck carrier (PCTC) fleet of Hoegh Autoliners.
DFDS swaps ships Denmark's DFDS is ringing the changes in the Baltic to cope with shifts in demand.
MHI slumps to loss Mitsubishi Heavy Industries' (MHI) shipbuilding operation has slipped to a full-year operating loss, figures released Friday show.
Owners' LNG boxship bid A group led by Finland's Containerships has ordered up to four new dual-fuel boxships for European short-sea trades.
GSL fixes panamax Global Ship Lease (GSL) has secured employment for one of its older panamax containerships as it looks to diversify its client base.
Ezion in strong start Ezion Holdings has made a strong start to the new financial year thanks to its expanding fleet.
AA upgrades U.S.-Europe services American Airlines Cargo is now offering seasonal service between JFK Airport and Rome, and Chicago O'Hare Airport and Dublin through October 25.
WRRDA bill advances to final vote
Ex-transport official to lead hospital industry group
Va. governor to boost state's ag, forest products exports Virginia Gov. Terry McAuliffe vowed to shipping representatives of the Hampton Roads port area that he will raise the state's East Coast ranking in agriculture and forest products exports from fourth to first place by the end of his term.
Drewry product allows shippers to benchmark contract rates London-based Drewry has created a product that it says will allow shippers to share information about trends in contract shipping costs.
U.S. shippers foresee 'chassis crisis'
Shippers brace for big-ship trickle down While liner carriers laud the benefits of increasingly larger container ships for their operational efficiency and bottom lines, shippers are worried about the impacts these behemoth vessels will have on their supply chains.
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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