Profit warning from Lauritzen, sees tough trading continue J. Lauritzen, the Danish dry bulker and liquefied petroleum gas (LPG) carrier owner, warns that its 2014 results will be weaker than earlier forecast due to continued challenging trading conditions that will extend to 2015. The privately owned company whose bonds are listed on the Oslo stock
Fall in coal price adds uncertainty to 2015 dry bulk recovery The price of coal has fallen to its lowest level for years, mainly due to weak demand from China, which adds concerns about the recovery of dry bulk markets in 2015, shipping analysts at DNB Markets in Oslo said. "A lack of Chinese demand has pushed coal prices to a multiyear low, adding an element
DNV GL innovating to improve safety and efficiency in high risk operations Dynamic positioning (DP) in the offshore industry takes a lot of power and therefore fuel. It is one reason why operators, seeking alternatives to high fuel bills, have seriously considered dual fuel vessels able to run either LNG or liquid fuel as required. The trend towards diesel electric
East African orders cheer ferry-builders A "huge surge in passenger numbers" is behind Kenya Ferry Services' quest for two new vessels. KFS has been struggling to meet demand after the government decommissioned two elderly ferries, Mvita and Pwani, in 2012. Passenger numbers have doubled over the past five years and KFS's five ferries now
SCI records Q2 net profit of INR185.9M SCI records Q2 net profit at INR185.9M India's state-run Shipping Corporation of India (SCI) posted a net profit of INR185.9M ($3M) in the quarter ended September, from a loss of INR1.2M a year earlier. India's biggest ocean carrier has slowly returned to profitability on the back of cost cuts and service restructurings initiated from
Odfjell cautiously optimistic amid challenges Norwegian tankers-to-terminals business Odfjell has reported further losses but is constantly optimistic about the future. The Bergen-based listed chemical and gas carrier plus tank terminals group noted challenging trading conditions, when reportedly a net loss of $9M in 3Q14. This was smaller
Regulatory costs hit DVB Shipping and transportation lender DVB suffered an almost 25% drop in its pre-tax profit to €72.6M ($90.4M) in the first nine months of the year. New business activity in shipping and other transport sectors so far this year was ramped up by about 50% to '4Bn in loan volumes while net
COSCOL to invest in TOTAL Lubricant China Shanghai-listed COSCO Shipping (COSCOL), the special carrier unit of Cosco Group, will take a 20% stake in TOTAL Lubricant China through a subsidiary. Guangzhou Ocean Shipping, a wholly-owned subsidiary of COSCOL, will make the investment in TOTAL Lubricant China in two separate phases, a stock
Colombo port gives access to development site Sri Lanka Ports Authority said it will open Colombo Port's internal roads to transport five million cubic metres of rock, to avoid traffic congestion in the city, when reclaiming land next to the harbour for the $1.3Bn Chinese-funded 'port city' project. All supplies for the project, just named
Indonesia to develop 24 ports in next five years Indonesia plans to develop 24 seaports in the next five years, President Joko Widodo said. The President, usually referred to as Jokowi, made his remarks during a visit to Tianjin in China, which is seemingly a template for Indonesian plans. "Yes, we plan to develop 24 seaports in the next five
ReCAAP piracy incidents report in October 2014 The Regional Cooperation Agreement on Combating Piracy and Armed Robbery against Ships in Asia (ReCAAP) reported two cases of siphoning of ship fuel/oil in October 2014, bringing the total number of such incidents to 11 so far this year. ReCAAP's Information Sharing Centre said that it is concerned
Swiber profits down $22.9M in 3Q14 Singapore-listed offshore services provider Swiber Holdings (Swiber) posted a loss of $22.9M in 3Q14 against a profit of $14.5M in the corresponding period last year. Revenue dropped 60.9% to $107.3M at 30 September 2014 from $235M at 30 September 2013. The loss was mainly attributed to the 60.9%
KOGAS welcomes US shale gas boom The shale gas boom that began in the United States will benefit Korea Gas Corporation (KOGAS), the world's largest LNG importer, according to a panelist at Offshore Korea Technical Conference in Busan, South Korea, today. Si-Ho Ryu, senior researcher at KOGAS said low price and reliability of the
China VLCC to take over Nanjing Tanker vessels China VLCC, a joint venture between China Merchants Energy Shipping (CMES) and Sinotrans & CSC, will take over four VLCCs operated by Nanjing Tanker. The four VLCCs are identified as 2008-built Yangtze Pearl, 2009-built Yangtze Spring, 2011-built Yangtze Star and 2011-built Yangtze Crown, a stock
Swissco profits up 78% Singapore-listed integrated marine services provider Swissco Holdings (Swissco) reported 3Q14 net profit year on year increase of 78% to SGD10.4M ($8.08M). "The group has benefited from the acquisition of the rig business of Scott and English Energy, which greatly boosted our financial
Potable water rules tighten for ships Misunderstood or overlooked requirements are driving up violations of drinking water regulations on ships, according to providers of sanitation systems. Last year's introduction of the Marine Labour Convention's standards for Food and Catering lays down regular documented inspections of drinking
Navios Maritime Midstream prices its IPO Master Limited Partnership offering of 8.1m units will raise $121.5m
Concordia Maritime slides to third-quarter loss Hopes remain for full-year profit as product tanker market rates improve
Box overcapacity to ease from 2016 Demand growth and a slowdown in deliveries set to ease oversupply
China to double LNG import terminals, boosting shipments Significant import requirements as domestic gas production slows
Southampton completes $63m dredging project Widening and deepening of approach channel allows UK port to welcome world's largest boxships
Decline in passengers dents Tallink's third quarter Estonian cruise ferry operator posts lower revenues and higher expenses
Supreme Court refuses Sovcomflot appeal in Novoship case Decision marks end to long-running legal battle
HHLA Hamburg volumes suffer from decline in feeder traffic But overall revenues and profits increase as higher margin deepsea volumes increase
G6 enhances US east coast-north Europe loop Charleston call and fifth vessel added to AX1 service
Halifax: Small port with big ambitions President and chief executive Karen Oldfield talks about ensuring Nova Scotia port stays in the game without a large city on its doorstep to guarantee inclusion in global operators' schedules
HSH Nordbank to axe 500 jobs One in five positions to go at world number two shipping lender
Signs of life on supramax routes But don't get too excited, it is unlikely to last, say experts
Odfjell upbeat as chemical tanker market improves Market improvements, lower bunker costs and cost cutting put positive colour on final quarter
DP World plans $2.6bn purchase of Jebel Ali FEZ assets Dubai-based port firm seeks to expand and improve profitability
CSAV posts third-quarter loss of $35.4m Chilean line joins merger partner Hapag-Lloyd in the red
Maersk Line says more Triple-E vessel orders likely on the way Maersk Line CEO Soren Skou said today the world's largest container line will likely order more Triple-E ships over the next six months. Maersk is planning over the next three years to deploy more mega-ships, namely 18,000 TEU Triple-E vessels, Skou told the Wall Street Journal. The carrier already took delivery...
Class I rails draw line on reporting more metrics to US regulators WASHINGTON - The seven U.S.- and Canada-based Class I railroads told U.S. regulators they shouldn't have to provide any more data on their operations than they are already sending unless the Surface Transportation Board begins a rule-making process. On behalf of its Class I members, the Association of American Railroads told the...
Hanjin slaps $1,000 per container surcharge on West Coast shipments Hanjin Shipping levied a hefty port congestion surcharge on shipments to the West Coast of North America to help combat rising costs due to congestion, one of a handful of upcoming surcharges tied to the gridlock that has affected Southern California since September and which has now spread up the...
APL suspends shipments from India to Manila as congestion mounts Singapore-based ocean carrier APL has temporarily suspended acceptance of shipments from India to Manila, as congestion at the Philippines port shows no sign of wavering. The move follows months-long port clogging problems at Manila, leading to increased vessel turn times and higher operating costs for shipping lines. "Opening up for fresh...
Containers help boost profit at Shipping Corp. of India A significant turnaround in the liner segment coupled with tight cost controls helped state-owned Shipping Corporation of India report a modest net profit of Rs. 18.59 crore (about $3 million) in its second fiscal quarter, reversing a $20.13 million loss a year earlier. Total revenue from July through September was $178.2...
New service to bring more post-Panamax ships to Charleston The G6 Alliance carriers have added a call at the port of Charleston on one of its U.S. East Coast-North Europe services, increasing the frequency of weekly post-Panamax vessel calls to the South Carolina port. Beginning in late November, Charleston will be the final East Coast port of call for ships on...
LA-LB drayage drivers picketing terminals, drayage offices Southern California port truck drivers are picketing six Los Angeles-Long Beach marine terminals and the offices of two drayage companies this morning, but the ports report that cargo-handling is not being affected. The drivers at two harbor trucking companies are protesting what they say is the failure of Los Angeles Mayor...
Spot US truckload volume rises year-over-year, rates stable, DAT says A 15-month streak of record demand for spot market trucks carried into October, when spot market truckload volumes jumped 25 percent year-over-year, DAT Solutions said. On an annualized basis, spot freight volumes rose for all three equipment categories tracked by the U.S. load-matching service, with load availability for dry vans increasing...
HHLA traffic growth stalls on Russia sanctions, but profit, revenue rise HHLA's container traffic stalled in the first nine months of the year as Western sanctions against Moscow sharply pulled down feeder traffic from its Hamburg terminals to its key Russian market. But Hamburg's biggest container stevedore saw revenue rise six percent to 906.7 million euros [US $1.1 billion] and operating profit...
Hapag-Lloyd sinks into the red on eve of CSAV merger Hapag-Lloyd sank into the red in the third quarter on the eve of sealing a merger with CSAV that will create the world's fourth largest ocean container carrier. The German carrier's net loss of 50.7 million euros [$63.4million] in the three months through September contrasted with a 16.6 million euros profit...
Truck driver shortages challenge UK, European transport operators The British economy is expanding more quickly in 2014, putting more freight on motorways. Trucking or road transport operators in the United Kingdom, however, claim they aren't seeing the profit margins they need to reinvest in their businesses and hire truck or lorry drivers. "It is clear that this increase in...
DP World to buy operator of logistics complex adjoining its Jebel Ali Port DP World has agreed to buy Economic Zone World [EZW], a company that operates a logistics and industrial complex next to the global terminal operator's flagship Jebel Ali port, for $2.6 billion. Both companies are owned by Dubai World, the Gulf emirate's state-owned holding company that has been reshuffling its assets...
Shippers drive up Asia-US air cargo prices as port congestion worsens Port congestion on the West Coast has seen higher volumes of ocean freight shifting to air cargo, DHL says.HONG KONG - Shippers of trans-Pacific ocean freight trying to avoid crippling West Coast port congestion are turning to air cargo in such numbers that forwarders report space shortages and prices going...
CSAV reports reduced losses ahead of Hapag merger CSAV, nearing its merger with Hapag-Lloyd, cut its third quarter operating losses by 24 percent year-over-year but still ended the third quarter in the red, the Chilean carrier announced Wednesday. Compañía Sudamericana de Vapores reported a net profit loss of $35.4 million, 24.2 percent lower than the third quarter of 2013's...
LNG on the Yangtze China Ocean Shipbuilding Industry Group has joined an initiative aimed at capitalising on rising demand for LNG fuel.
ING says 'pay us' ING Bank, a major secured lender for OW Bunker & Trading, is urging the collapsed fuel supplier's customers to pay their bills into accounts at the bank.
Mixed signals The shaky performance of a new master limited partnership IPO from the Navios group is likely to send mixed signals to others hoping to bring MLPs outside of traditional energy sectors.
Viking profit down Viking Line saw its bottom line slide during the third quarter despite lower bunker prices, which were not enough to prevent operating expenses from rising.
Navios MLP seals listing Navios Maritime Midstream Partners has emerged victorious in its crusade to raise cash by way of an initial public offering (IPO) in New York.
New Chinese alliance State giants China Shipping Group (CSG) and China Merchants Group have signed a new cooperation deal to boost their competitiveness.
Losses grow at Courage Courage Marine has been hit by low fleet utilisation and low demand in the dry bulk market during the third quarter.
SCI profitable again Shipping Corporation of India (SCI) has returned to profit for the second quarter after a loss-making corresponding period in 2013.
Lauritzen loss grows Danish shipping group J Lauritzen has posted a bigger loss for the third quarter as revenue fell.
Misuga appoints CCO Captain Herbert Soanes has been appointed as the new chief commercial officer for Europe and the Americas by the Misuga group.
HSH Nordbank axing 500 German shipping lender HSH Nordbank is to axe 500 workers as part of a cost-cutting drive.
DP World splashing cash Dubai's DP World has started the process of acquiring a huge logistics park next to the company's flagship Jebel Ali port for $2.6bn - and also said it plans to delist in London.
Rem reaps rewards Norway's Rem Offshore has pushed up third quarter earnings as revenue jumped.
Tallink profit slips Several route changes have seen Tallink book a smaller profit for the third quarter as revenue dropped.
Fisher tankers busier The products tanker fleet of UK owner James Fisher and Sons has enjoyed better utilisation in the latter part of 2014.
TTA filling bulker pool Singapore-based Thoresen Shipping is inviting supramax and ultramax owners to join a new pool aimed at increasing utilisation and earnings in a bid to push through sector consolidation.
Sewol crew appeal An appeal has been filed by eight of the 15 surviving crew members convicted of negligence over the sinking of the Sewol ferry in April.
Odfjell reports loss Norway's Odfjell has posted a loss even though revenue rose during a quarter which saw the formation of a new gas carrier joint venture.
Genco heads for big profit Resurrected Genco Shipping & Trading is expecting to post earnings of $870.7m for the third quarter thanks to its emergence from a $1.2bn Chapter 11 restructuring in July.
DVB cuts credit loss German lender says market remains "difficult" in some shipping sectors, but nine-month loan provisions fall.
Hapag-Lloyd back to red German container line Hapag-Lloyd has returned to the red in the third quarter as interest costs rose.
Cargoship abandoned All six crew have left an Erik Thun cargoship that was holed in a grounding off Sweden.
Koreans mull OW action South Korean refining heavyweights SK Energy and GS Caltex are considering legal action against bankrupt OW Bunker.
SBM plans MLP venture SBM Offshore, the Dutch FPSO specialist, has announced plans to pursue a master limited partnership (MLP).
LNG-fuelled LEG ships debut Two groundbreaking liquefied ethylene gas carriers designed to use LNG as a fuel will be named in the UK today.
ULTR dives into the red Ultrapetrol has seen a major deterioration in its financial performance posting a significant loss for the third quarter.
CSAV trims Q3 losses Compania Sudamericana de Vapores (CSAV) has reported a third quarter loss of $35.4m, in figures released late Thursday.
Pac Radiance jumps in Q3 Pacific Radiance is on track to post strong earnings for the financial year, after delivering robust third quarter results.
Hedland strike postponed Industrial action by marine engineers operating tugs in Port Hedland set for Wednesday failed to materialise.
US subsidiaries of OW Bunker file for bankruptcy Three OW Bunker units have filed Chapter 11 petitions in Connecticut.
Crude drops as Cushing stocks build Supplies climbed 1.7 million barrels to 22.5 million last week.
Report: Brightoil reshuffles Singapore trading ops Due to the alleged departure of two senior trading heads.
Claims from OW Bunker creditors could top $300 million Reports say over 100 firms have claims against defunct bunker player.
Tech firm in low sulphur fuel hard sell Company claiming to have low-cost desulphurising solution keen on finding bunker industry partners.
OW Bunker's impact on prices 'temporary' Prices for 380 cSt material in Singapore stopped climbing on Thursday.
Denmark's bunkering industry 'can get over image loss' Other Danish firms could keep part of market share left by OW Bunker, not just locally, says company head.
Maersk to pass on bunker savings, says CEO But ECA surcharge will have to be met.
New bunker contract given green light BIMCO's standard bunker terms to be published by year-end.
Singapore bunker sales drop 5% year-on-year But October sales have climbed month-on-month.
Ship released after seven months in detention The vessel has a new owner and new name.
Ex-OW staff take up free subscription offer Employees can get free access to Bunkerworld's information services.
Fuel oil: 'The whole market is on a credit lockdown' Fuel oil trading has slowed sharply in Singapore following OW Bunker's collapse.
Chinese LNG bunkering project wins state support Company to add a 'movable LNG refuelling system' along the Yangtze River.
South Korean refiners exploring legal action against OW Players seek to recoup losses.
Russian player sees market share grow Stronger bunker sales boosts Gazprom Neft's Q3 results.
Malaysian bunker supplier facing smuggling charges Company directors are bailed but ship's master confined to vessel.
LNG-fuelled 'low emission' gas carriers to reduce 'eco' footprint Will cut NOx emissions by over 85%, CO2 emissions by 20% and SOx emissions and soot particles by nearly 100%, says firm.
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