Zim turns its attention to alliances after restructuring Israeli carrier admits it will also needed to add new-panamax vessels in time for Panama Canal expansion
Natixis concludes 'refinancing' of Anek ferry duo Sale and lease-back only possible after agreement with pool of Greek banks
Aiyetoro emerges as Nigeria piracy capital Town appears to be base for hijack gangs
Knightsbridge Tankers disappointed by dry bulk market Recovery was expected by now, says company
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A week can be a long time in VLCC spot market Interesting developments can take place in the blink of an eye
Tankers to benefit as China mulls doubling import quota for small refineries China's oil thirst is one of the saviours of the crude tanker industry
Rotterdam congestion hangover for Heineken Beer exports slowed by problems at port
APM Terminals orders ZPMC cranes for new Turkish terminal First phase of APM Terminals Izmir facility scheduled to open in summer 2015
Black and Baltic Seas linked to uptick in handysize rates Rates in the Pacific still remain flat
Cosco Corp wins $56m bulker order Shipbuilding arm of Cosco Group to build two 64,000 dwt vessels
Reefer boxship capacity set for continued growth Specialised reefer vessels to lose market share as boxship fleet expands
Navig8's unstoppable rise in tankers One of shipping's most aggressive vessel orderers is, thus far, sticking to tankers
Weak markets surprise Norden No more newbuildings but company looking afresh at S&P markets
American Shipping Co continues to enjoy robust Jones Act product tanker market Positive trend expected to continue
STX yard confirms chemtanker order from Navig8-Oaktree venture Navig8 Chemical Tanker books four 49,000 dwt ships for $41m each
AP Moller-Maersk offshore unit pays $470m for four ships plus two options
Capital Product appoints Christodoulou as chief executive Ex-National Bank of Greece man will replace Lazaridis at tanker and boxship company
Knightsbridge returns to profit Knightsbridge Tankers, the counter-intuitively named drybulk company from John Fredriksen's portfolio, reported a 2Q14 net profit of $6.29M, a sizeable swing from the $0.98M net loss for the same period a year ago. The Capesize specialist, which this year has undergone a metamorphosis in terms of
Swiber net profit up 68.3% Singapore-listed offshore services provider, Swiber today reported 1H14 net profit up by 68.3% to $63M. The positive figure was buoyed by higher operating income, which increased significantly by $97.5M to $112.4M in 1H14. EBITDA hiked up by 45.4% to $115.7M at 30 June 2014 from $79.6M at 30 June
Cunard seafarers lose US appeal A US appeals court has upheld a district court decision in Miami that earlier threw out a seafarer 'maintenance and cure' claim against Carnival brought by three aggrieved Cunard Line employees. The ruling from the US Court of Appeals for the Eleventh Circuit said that a "dual-listed company" (DLC)
Cosco Zhoushan to build another ultramax pair Singapore listed Cosco Corp has announced an order for two ultramax bulkers, which will again be built at its Cosco Zhoushan yard. The two 64,000dwt vessels are for an unknown Asian owner with delivery scheduled for 4Q16 and 1Q17. These latest newbuildings have a total cost of over $56M. This latest
Kalmar wins 'breakthrough order' from Transnet Cargotec subsidiary Kalmar is to supply ten ESC 450W straddle carriers to Transnet Port Terminals' (TPT) Durban Pier 2, a dedicated straddle carrier operation in South Africa currently handling a throughput of 2.4M teu. "Kalmar won this order in the face of considerable competition," a spokeswoman
Sewol trial: coastguard 'lacked training' A member of the South Korea Coast Guard involved in the Sewol incident has told a court his service did not have the correct training and equipment to rescue the passengers. Sergeant Kim was on Mokpo Coast Guard patrol boat 123, one of the first to arrive at the disaster scene. He was giving
Boskalis JV wins €90M cable-laying contract VSMC, Boskalis' joint venture with VolkerWessels, today announced that it has been awarded a €90M ($120M) cable-laying contract for the Sandbank offshore wind farm. A joint venture between energy companies Vattenfall and Stadtwerke München, which are investing about €1.2Bn to develop it,
COSCO wins $470M shipbuilding contracts Singapore-listed shipbuilder COSCO today announced securing contracts worth $470M to build four subsea supply vessels for Maersk Supply Service (MSS). The contracts were awarded to COSCO (Dalian) Shipyard for the construction of four 8,000dwt vessels with an overall length of 137m, beam 27m and
DS Norden issues profit warning as 1H14 losses mount Weaker than forecast 1H14 has forced DS Norden to issue second profit warning in three months. The company now expects operating 'break even' at best, it said. The listed Danish dry bulk and product tanker company, reported a 1H14 net loss of $68.1M compared to a loss of $33.5M in the same period
Courage Marine posts higher net loss Singapore-listed bulk carrier operator, Courage Marine Group (Courage Marine) recorded a higher net loss of approx $1.7M in 1H14 compared with $1.6M in 1H13. The loss was due to higher cost of sales and impairment loss due to the deposit paid and discount effect of a long-term loan. Meanwhile, loss
Guangzhou Shipyard International subcontracts newbuilds Guangzhou Shipyard International (GSI) has subcontracted the buildings of two very large ore carriers (VLOCs) to compatriot privately run Zhoushan Changhong International Shipyard. The building of the first of the two newbuilds kicked off in late July at the Zhoushan shipyard under the management of
CNY15.8Bn investment for three Chinese ports China's National Development and Reform Commission have approved projects worth CNY15.8Bn ($2.6Bn) for Huanghua, Guangzhou and Qingdao ports. Located in Cangzhou, Hebei Province, the Phase VI of Huanghua Port includes one 100,000 tonne and two 70,000 tonne berths, and one 35,000 tonne and one 50,000
Bunker tax cut will boost trade in Indian ports Indian oil companies have requested the country's provincial government for tax cut on marine fuel to attract more marine traffic to India's coastal ports. The reduction of bunker tax will draw more ships for refuelling operations along the Andhra Pradesh coastline, including big ports like
Collision strands bulker in New Orleans Coast Guard officials have ordered one-way traffic on the Mississippi River near the Port of New Orleans in the aftermath of a collision involving three vessels. Watchstanders received a report late on 12 August that the Golden Union Shipping-owned, 56,526dwt bulker Flag Gangos lost power and
Avic Maritime rebounds to profit Singapore-listed marine and offshore solution provider, Avic Maritime, rebounded to profits of CNY6.2M ($1M) in 2Q14, reversing from a loss of CNY9.3M ($1.5M) in 2Q13. "We are happy to see our profit back in the black for this quarter and we believe that this sets a solid foundation for us to build
Chairman of China's CMES steps down China Merchants Energy Shipping (CMES), a subsidiary of China Merchants Group, announced yesterday that Li Jianhong has relinquished his chairman and director of strategic development posts of CMES with effect from August 9. He is also no longer a board member. Li took the place of Fu Yuning as
Asian trade body calls for safer ports Regional trade body Asia-Pacific Economic Cooperation (APEC) aims to improve port and shipping safety, especially where container transportation is concerned. APEC said this during its Secure Trade in APEC Region Conference in Beijing, China, on Monday. "Huge traffic volume, sophisticated
Savannah's container traffic hits all-time high Port of SavannahThe Georgia Ports Authority reached an all-time high in container trade in July, surpassing even pre-recession levels. The Port of Savannah's container volume jumped 19.2 percent year-over-year in July. Full-size chart The Port of Savannah's container volume totaled 293,889 TEUs for the month, representing a jump of 19.2 percent or 47,237...
U.S. Xpress jolts truckload market with driver pay hike The hottest commodity in trucking this summer isn't in the trailer, but the driver's seat. After years of talking about the need to increase chronically low pay to attract and keep more truck drivers, trucking companies are beginning to put money on the table. On Aug. 25, U.S. Xpress Enterprises will raise...
Drewry HK-LA benchmark rate slips after early August gain Drewry's benchmark spot rate from Hong Kong to Los Angeles dropped 4.6 percent week-to-week to $2,075 per 40-foot container. Full-size chart Big gains in the spot rates from Hong Kong to Los Angeles began to erode this week, as a benchmark of the rate to the U.S. West Coast dropped $100 per...
Shanghai Pilot Free Trade Zone Reform Analysis Many businesses that were previously unable to invest in China are now gaining access to the booming economy thanks to the eased market restrictions provided by the Shanghai Pilot Free Trade Zone (PFTZ). Microsoft recently set up PFTZ operations in order to access a $13.4 billion video game market, making them...
Native group pauses plans to shut down CN line to Prince Rupert A First Nation group has suspended its plan to stop Canadian National Railway from operating a line connecting the Port of Prince Rupert to the rest of the railroad's network until Aug. 25. That's a relief for shippers who normally move U.S.-bound cargo through the Canadian port and those who are...
Air cargo strong through first half Air freight rates are steadily climbing as demand creeps upward, leaving airline heads optimistic about the second half of 2014. Volume has risen more sharply than capacity in the world-wide air market. Data from the International Air Transport Association showed air cargo grew by 4.1 percent, as capacity rose by 3.6...
Some US-bound cargo diverted from DP World's Vancouver terminal Following up on an announcement last week by DP World that it is not accepting U.S.-bound rail cargo at its Vancouver, British Columbia, terminal, Hapag-Lloyd advised customers that two voyages this week will discharge containers at U.S. West Coast ports. Cargo interests this summer began diverting some of their U.S. freight...
Shipping reseller Unishippers launches logistics subsidiary Unishippers, the package and freight shipping reseller, has established a logistics subsidiary to help its franchise owners expand as it takes aim at a $1 billion revenue target. As a reseller, Unishipper partners with companies such as UPS, YRC Freight, Estes and more than 25 other carriers to offer smaller shippers...
APMT orders mega-ship-capable cranes for new Turkey facility Construction underway at APT Terminals Izmir.APM Terminals Izmir has ordered three ship-to-shore quay cranes and 10 rubber-tire gantry cranes from ZPMC for its new container terminal at Turkey's port of Petkim. The cranes are currently being manufactured in Shanghai and are slated to be delivered for the first phase of the...
Intermodal delays draw congestion fee at Indian ports Intermodal rail delays at the ports of Jawaharlal Nehru (Nhava Sheva) and Pipavav, two major container gateways on India's west coast, have prompted Hapag-Lloyd to announce an "on-carriage congestion surcharge" on inbound shipments destined for the northern Tughlakabad inland terminal. The surcharge, which will go into effect on Sept. 8, will...
US refrigerated rail operators confident despite Cold Train's death by rail delays The demise of Cold Train, a provider of rail refrigerated transport, serves as a stark warning of how dependent the growth in chilled and frozen goods shifting from truck to rail is on rail performance. Cold Train said it was forced to end intermodal transport from Washington state throughout the rest...
Scorpio Group enters container ship market with a bang Bulk and tanker shipowner Scorpio Group said today that it will enter the container ship market by helping to build the largest-ever container ships, for Mediterranean Shipping Co. Industry sources familiar with the project said the Monaco-based company has booked shipyard slots to build three 19,200-TEU ships with Samsung Heavy Industries,...
Prosperity persists The Jones Act product tanker market remained strong in the first-half of 2014 and many industry insiders are optimistic that the segment will continue to prosper in the coming years.
Aker Philly seeks $100m A leading US shipbuilder is mounting a campaign aimed at securing new sources of cash under a broader bid to shore up its balance sheet.
Pirates target tanker An aggressive attack on a products tanker off Togo has seen West African pirates set a new record in the Gulf of Guinea.
Scrap cash for Yangzijiang Yangzijiang Shipbuilding has continued to raise cash from non-core asset sales by selling half of its stake in a shipbreaking yard.
Knightsbridge awaits upturn Wall Street's largest capesize owner expressed surprise at the delayed arrival of a market recovery as it reported a second quarter profit today.
Deep Sea PSV fixed Deep Sea Supply has sealed a period contract for one of its new platform supply vessels (PSVs).
Profit down for AMSC American Shipping Company (AMSC) saw its profit slip during the second quarter of 2014.
Fourth quarter shortfall A fourth quarter spike in dry cargo spot rates will fall short of the level seen a year ago, Norden believes.
Strike two for Cosco Cosco Corp (Singapore) has secured its second newbuilding deal of the day.
Universal eyes $800 IPO Universal Tankers is reported to be looking to launch an initial public offering (IPO) in Singapore worth $800m.
Swiber's profit shrinks Swiber Holdings has seen a deterioration in its latest financial results with its net profit down 14% on a year ago.
Norden lowers sights Struggles in both the dry cargo and products tanker markets have led Danish owner Norden to slice its full year profit forecast.
Reefers under pressure Reefer capacity on the containership fleet is expected to increase by 22% over the next five years, according to Drewry.
Maersk opts for Cosco Maersk Supply Service has ordered up to six subsea supply vessels in China in a deal worth at least $470m.
Reefer containers grow at expense of breakbulk ships Reefer container volumes are forecast by Drewry to rise by 20.5 million tons by 2018 - 16.5 million tons by organic growth and 4 million tons at the expense of the shrinking specialized reefer industry.
Ag groups seek better service from CP
Hapag-Lloyd reports loss for first half of year The company moved about 2.9 million TEU of container cargo in the first half of 2014 - 5.8-percent more than in the first six months of 2013 - but said "the market environment remains difficult."
New facility being built at Port Tampa Bay
Livingston acquires U.S. customs broker Livingston, which employs about 3,200 staff at more than 125 ports of entry around the world, said FPA's co-owners Stan Wawrzonek and Norman Marchetti will stay with Livingston to help with the transition and future activities.
Former PM skeptical of Malaysia Airlines buyout "We are going to see a lot of new people who will receive huge salaries, allowances and bonuses, and not much else," he wrote on his blog. "That, I believe, is how Khazanah operates."
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