Genco equity holders plan appeal Group hires attorney familiar with judge
Zim locks workers out of head office as workers take control of ship Tensions between the shipping line and workers mount as restructuring deal continues to move forward
Vessel delivery signals a geopolitical milestone for LNG Aptly named FSRU Independence allows Lithuania to rely less on Russian piped gas
US associations urge early conclusion to dockers' contract negotiations Group of 67 trade bodies warns port and union bosses of strike action consequences
Carriers set for June Asia-Europe GRI as rates increase again Brokers say Maersk plans an early June increase and Hapag-Lloyd confirms $750 rise
Höegh FSRU to enable Egypt to import liquefied natural gas this year Letter of intent sets up a new LNG trade lane
Hamburg CSAV staff fear for jobs Works council asks regional government for assurance about post-merger employment
Ports in disputed Crimea could lose cargo to their Kiev-loyal rivals Yugoslavia precedent suggests peninsula may struggle to regain lost volumes, says lawyer
American Shipping hires new numbers boss to target change Magnussen will drive the company to a master limited partnership and possible US listing
United Arab Chemical Carriers lands $300m loan Credit will finance Dubai owner's five newbuildings and general growth
Hyundai Glovis orders four vehicle carriers Seoul-listed logistics company places $298m orders at an unnamed yard
Samsung Heavy Industries wins $409m order for two LNG carriers GasLog last week placed a similar order with options with the South Korea-based yard
Mediterranean ports continue on growth trajectory Box volumes at leading terminals jumped by more than 4% last year, buoyed by economic recovery and transhipment
Data Hub: Load Factors - Asia Asia to West Africa utilisation levels to be boosted by strong volume growth
Nordic American returns to black Nordic American Tanker Shipping (NATS) has reported its first quarterly net profit in four years, crediting the performance to a "strong winter market". The NYSE-listed Suezmax spot market specialist said the market has weakened again in the second quarter, but "there are indications that after the
Gothenburg approves LNG port project The City of Gothenburg council has approved the plans for the city-owned port to go ahead with construction of its LNG terminal. The construction phase will begin with the demolition of buildings on the Skarvik site. In addition, a new company has been established by Swedegas and Vopak that will
MHI sees lower ship sales Mitsubishi Heavy Industries (MHI) saw lower operating profit for its shipbuilding business for FY13, even as its other business units pulled up overall profit. Japan's second biggest shipbuilder said its shipbuilding unit posted operating income of JPY5.5Bn ($54M) for FY13, down 17% year on year.
Baltiyskiy in line for icebreaker pair Russian shipbuilder Baltiyskiy Zavod, which is part of United Shipbuilding Corp, is in line to win an order for two more multipurpose nuclear-powered icebreakers at a cost of RUB84.4Bn ($2.4Bn). These latest two newbuildings will have an overall length of 173.3m, beam 34m, and are part of Project
DSME's 1Q profit "disappoints" Daewoo Shipbuilding & Marine Engineering (DSME) posted 1Q14 earnings that were better year on year, but disappointing by market expectations. South Korea's third biggest shipbuilder posted 1Q14 earnings of KRW63Bn ($61.4M), which missed market consensus by 26% but was 29% higher year on year. As a
First foreign shipmanager registers in Shanghai FTZ The first wholly foreign-owned shipmanagement company has been officially registered in Shanghai's free trade zone, ramping up Shanghai's efforts to become an international maritime centre. The Shanghai Run Yuan Shipping Management, a subsidiary of Singapore-based Yangzijiang Shipping, has completed
Chonghaejin Marine family defy court summons Prosecutors in South Korea could issue warrants of arrest for members of the family behind Chonghaejin Marine, the company that operated the Sewol ferry. Yoo Dae-Kyun, eldest son of Yoo Byung-Un, who is the owner of Chonghaejin Marine and also a chairman of Semo Group, failed to respond to the
Bad weather interrupts Sewol search The search for the missing passengers of the Sewol ferry disaster has been suspended since 8 May due to bad weather. This week marks a month since the vessel capsized on 16 April and so far 275 bodies have been recovered with 29 still missing. Of the 476 passengers and crew, 172 were rescued. Of
Uncertain outlook for MISC's LNG business With Petronas' decision to own and operate ships for its LNG business, Malaysian shipping company, Malaysian International Shipping Corporation, can no longer count on its parent for LNG-related revenue. MISC had been owning and chartering LNG carriers to Petronas until the Malaysian oil and gas
UMW-OG goes on aggressive fleet expansion mode Malaysian offshore oilfield service provider, UMW Oil & Gas Corp, went on an aggressive expansion mode, according to the analyst from CIMB Bank, Norziana Mohd Inon. The firm thrived on high demand for jack-ups in Southeast Asia, as well as taking advantage of the shortage of Malaysian-flagged
Indian elections heat up ship recycling Cash buyers continue to offer high prices for vessels to be recycled in India, buoyed by expectations of opposition challenger Narendra Modi's victory and a strengthening of the rupee against the US dollar. Prices average $460/lt ldt for bulkers and $490/lt ldt for tankers, while Pakistan and
Courage Marine profits from scrapping Capesize Singapore-listed drybulk carrier operator Courage Marine has booked a profit from scrapping a 1995-built Capesize bulker. The company, part of Taiwanese shipping veteran Hsu Chih Chien's businesses, sold Cape Warrior for $8.70M. After deducting related expenses, the net proceeds are about $8.4M. IHS
Finnlines reports modest Q1 profit Finnish passenger ship operator Finnlines has reported a net profit of €300,000 for the first quarter of this year. This is despite revenue dipping 5.3% to '1.26M. EPS (earnings per share) for the Helsinki Stock Exchange-listed company improved from minus '0.23 to '0.01 as last
Nam Cheong sets for high growth Malaysian investment holding company, Nam Cheong Limited, is set for high growth, according to Lee Yue Jer, offshore and marine analyst from DMG & Partners Securities. Lee forecasted that the firm's 1Q14 shipbuilding revenue would hit around MYR405M ($125.2M), with assumption of 19% gross
Pilot ladder fatality findings released Australian Transport Safety Authority on Friday released its findings into a fatality off Wyalla in Spencer Gulf, South Australia, last July. The report said that pilot ladders are for pilots, with a strict safety code required for others accessing ships by ladder. A company representative fell to
New AA Cargo Facility Highlights Rising Demand in Pharma Sector It occupies only 300 square feet in the world's biggest international airport, but American Airlines Cargo's first European temperature-controlled facility, which opened in London Heathrow last week, underscores the rise of health care as a key driver of global transport demand. While the air freight market is flat-lining, pharma shipments, from...
Port Congestion Prompts Suspension of Manila Daytime Truck Ban Manila mayor Joseph Estrada on May 12 suspended the Philippine capital's deeply unpopular daytime truck ban for the next eight days in a bid to clear containers choking the port before a World Economic Forum summit begins on May 21. In an executive order, Estrada announced, "The national government needs around...
TPM 2014 Sponsored Video: CSX Bill Clement, CSX Transportation vice president, on misconceptions about intermodal's ability to reach smaller- and mid-tier markets, the ease of highway-to-rail cargo conversion and CSX expansions this year....
Huge Funding Increase Coming for US Ports WASHINGTON - The U.S. government will likely be required to send back to the ports all proceeds from the Harbor Maintenance Tax under soon-to-be-enacted legislation, eventually resulting in hundreds of millions of dollars per year in federal money flowing back to seaports. An agreed-upon compromise for a new Water Resources Reform...
TPM 2014 Sponsored Video: FedEx Trade Networks FedEx Trade Networks President/CEO Jack Muhs on the key components to getting your customers' product in the right network at the right price...
Truck Drivers: By the Numbers, 2013 [Infographic] Five years into the U.S. economic recovery, trucking companies say finding and hiring drivers is harder than ever. This driver shortage is a roadblock to expansion, limiting incremental growth in truck capacity, and a prime reason truck rates are set to increase at a faster pace in 2014. How big the...
Many Carriers Fail to Respond to Shipper CO2 Inquiries If you are a shipper and ask container lines what they are doing about CO2 emissions, expect several to disappoint you. But some may pleasantly surprise you. That is the finding of a recent investigative project by SeaIntel in which it posed as a shipper and emailed the head offices of...
Intermodal Growth Depends on Rail Service Improvements How fast U.S. and Canadian railroads can improve their intermodal services over the next several weeks after a devastating winter will determine how much domestic volume growth they will see this year. The railroads are at a "critical crossroads" in which they will have the generally slower month of May to...
What Price Service? I've read several good articles recently about the level of service ocean carriers provide. A lot of what I read is accurate, to a point. I took particular note of a quote from a shipper in the JOC's April 14 Cover Story: "For a carrier that provides better service, I...
Horizon Expects Volume Growth, Weaker Pricing in 2014 Horizon Lines expects moderate container traffic growth between the U.S. mainland and Puerto Rico, Hawaii and Alaska this year but anticipates weaker container pricing than in 2013. Horizon's volume rose 7.6 percent year-over-year to 55,223 loads in the first quarter, largely because of traffic increases in its Puerto Rico and Hawaii...
Weekly Container Service Links Moscow, Far East A new fixed-day, weekly container rail service links Moscow to the Far East of Russia, and Ruscon, the operator, plans to dispatch more container trains between central and eastern Russia in the "near future." The subsidiary of intermodal company Global Container Service said a 154-TEU-capacity train will depart from southwest of...
TEU hatches buyback Box Ships of Greece turned heads on Wall Street Monday after announcing plans to repurchase up to $5m worth of its own shares.
Place your bets Diana Shipping will likely turn in a deficit when it reports first-quarter earnings later this week, a leading analyst told investors Monday.
More capes canned The sale-and-purchase market is rife with reports that another capesize bulker has been sold for recycling.
No no Nobu Shipowner Nobu Su's dream of reorganising his Today Makes Tomorrow (TMT) died in a Texas courtroom this afternoon, as a bankruptcy judge found his plans to be unrealistic based on available funds and time.
Shanghai showdown Carnival Corporation of the US appears to be making progress in a campaign aimed at expanding its presence in the world's fastest growing cruise market.
Panning ups Baltic ante New York hedge fund Panning Capital has emerged as a dominant shareholder in Baltic Trading.
India's coastal cash India's shipping ministry is trying to win cash from the World Bank to promote coastal operations.
Licence revoked South Korea has stopped the owner of the Sewol from operating, citing gross violations of safety rules.
Diana newbuild fixed Diana Shipping has secured a period contract with Glencore for a newly-delivered panamax bulker.
No cover-up New Zealand's KiwiRail has denied covering up "serious incidents" involving their troubled ferries in the past week.
Global shuns DVB talk Indian owner Global Offshore has shredded reports DVB Bank is in talks to buy an additional 29% stake in the company.
Shreyas replaces veteran India's Shreyas Shipping has offloaded an elderly feedership and replaced it with a bigger version.
Strike three for Hoegh Hoegh LNG has secured a contract for the third of its four FSRU newbuildings at Hyundai Heavy Industries.
Hyoki turns to red Coastal cargoship operator Hyoki Kaiun Kaisha has fallen to a loss in the year to 31 March.
Messina launches new run Italy's Ignazio Messina is launching a new con-ro feeder run to link the Med to its African lines.
Danske boosts GOGL Expectation surrounding a strengthening of the dry cargo market has led Danske Bank to boost its rating on John Fredriksen's Golden Ocean.
Navig8's pool party Fast-growing Navig8 has added five more ships to its chemical carrier and LR2 pools in deals with UACC and Latsis.
NAT snaps red run Nordic American Tankers has broken a four-year losing streak to return to profit in the first quarter.
Aground in Galapagos An Ecuadorian reefer has suffered water ingress after hitting rocks off the environmentally sensitive Galapagos Islands.
Toei improves profit Japan's Toei Reefer Line has posted better earnings in the year to 31 March.
Intermarine adds 15 US operator Intermarine is bringing in 15 new ships through long-term charters.
Fredriksen climbing fast John Fredriksen has leapfrogged Roman Abramovich in the London billionaire's league with the shipowner boasting one of the fastest growing fortunes in the city.
Inui in black for now Japan's Inui Steamship has returned to the black in 2013.
Krey adds MPP duo Germany's Krey Schiffahrts has declared options for two more MPP/heavy-lift ships at Nantong Hongqiang in China.
Rongsheng goes again Rongsheng Heavy Industries has brought in online gaming tycoon Shi Yuzhu as an investor with its second big bond issue in a week.
DESSC looks ripe in Q1 Deep Sea Supply has seen its first quarter income improve when adjustments are made for the sale of its Brazilian business to a joint venture with BTG Pactual.
New CFO at AMSC Pal Lothe Magnussen has been named as the new chief financial officer at American Shipping Company (AMSC) effective 1 June 2014.
Avic Maritime in weak start Avic Maritime has seen a change in fortunes in the first quarter of 2014 with the company reporting a net loss.
Otto Marine predicts loss Otto Marine warned shareholders on Monday that it expects to post a loss for the first quarter of 2014.
Bugbee's big buy Scorpio Bulkers (SALT) president Robert Bugbee has bought 125,000 shares in his company in the open market at a cost of roughly $1m.
CCNI looks at 'deepening cooperation' with other lines "The company does not rule out the possibility of deepening cooperation agreements with other players in order to achieve greater stability, both in fleet and in service coverage," CCNI's chairman, Beltran Felipe Urenda Salamanca, said.
China Airlines to pay $90 millon in price-fixing lawsuit The class-action suit has so far generated more than $848 million from 21 airlines including Lufthansa, Air France and American Airlines. Polar Air Cargo, Air New Zealand and Asiana Airlines are among the eight remaining defendants.
Amazon, USPS expand Sunday shipping
Senate panel set to produce transport bill The Senate Environment and Public Works Committee on Monday will release the preliminary text for a six-year surface transportation reauthorization bill. The committee will mark up the bill on May 15.
U.S. steel exports up significantly in March
ITC votes to continue Mexico sugar import investigation
U.S. steps up WTO dispute against Indonesia's ag import restrictions
April Great Lakes iron shipments jammed by ice "Lake Superior's ice was so challenging that the U.S. and Canadian Coast Guards had to convoy freighters the entire month," the Lake Carriers' Association said, noting that vessels couldn't cross Lake Superior unescorted until May 2.
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