Genco seeks to disband equity group Chapter 11 case heats up
Diana Shipping losses surge 87% to $6m Dry bulk operator's chief Palios warns of 'soft market' ahead
Is Kenya moving to create a new tanker trade? East African nation opens up to oil explorers after first commercial oil discovery
Gas shipping's quiet revolution Evergas carries the maiden shipment of US ethane to Europe
Navios Acquisition buys another very large crude carrier New York-listed outfit posts first-quarter loss after impairment charge on older tanker
NOL reports $98m first-quarter loss Group strives to control costs but takes a hit from weaker box rates
UK P&I boosts surplus and cuts combined ratio Standard & Poor's restores rating to A (stable)
New debt owners could benefit Torm as it works on new restructuring plan First quarter hit by $195m impairment following recent vessel sale
Menis Karageorgis, former Greek shipowners' president, dies aged 81 Career spanned about 200 different ships, many of them newbuildings
OOCL goes on trial over Courtenay Allan death Hong Kong line faces manslaughter case in Le Havre after sons' decade-long campaign
ICTSI reports 29% higher first-quarter net profits Philippines port giant supported by asset sale and higher volume
Zim head office reopens after lockout Unions release boxship seized as tensions mount over company's restructuring plans
NSB to axe 50 shore jobs German shipmanager cites shipping downturn as reason for redundancies
Thoresen Shipping goes back to the black for January-March Fleet expansion and rate improvement support dry bulk player
Ardmore's new tankers boost time charter revenue Newly listed chemical and product tanker owner beats analysts' expectations
P3 lines will agree individual terminal deals Maersk, MSC and CMA CGM nominate a 'lead line' but will hold separate rates talks
Firmer VLCC and LPG rates should return tankers to profit, says MOL Japanese carrier forecasts market recovery this fiscal year
View from the Bridge: Toshiya K Konishi MOL's liner president and chief executive explains why he believes the worst is over for the box trades and talks about the fall-out from the MOL Comfort incident
Damen dredger starts work in China A Damen-built cutter suction dredger has been pressed into service by Chinese customer CCCC Tianjin Dredging. Qing Jiang was commissioned by Dutch-based Damen Dredging Equipment and was deployed on a maintenance project in the Mao Wei Sea, an inland lake in the south of the country. Damen delivered
New UK maritime strategy revealed The UK's new National Strategy for Maritime Security was launched and presented at the UK Chamber of Shipping on 13 May. The document outlines the governance structure, which delegates were told should connect across key government departments, to strengthen security in the maritime domain. Stephen
GasLog warns of near-term LNG slowdown Expansive liquefied natural gas carrier operator GasLog expects short-term LNG ship charter rates to soften further in the second quarter, as newbuilding deliveries outpace available cargoes. This would follow a decline in short-term rates in 1Q14. However, the NYSE-listed company asserted: "We
Intellian expands innovation centre in Seoul Intellian will increase its production of antenna from Seoul, following the expansion of its facilities by 6,596 m², which will also allow it to carry out research & development of maritime satellite communication and entertainment systems. The newly opened centre has an additional two floors to
Diana Containerships slashes dividend Diana Containerships has slashed its quarterly dividend by two-thirds, but hinted that it would use the money saved to pursue ship acquisitions. The announcement came as the NASDAQ-listed company posted better-than-expected first quarter results with a net profit of $302,000, or $0.01 per share,
DS Torm deep in the red Listed Danish product tanker and dry bulk shipping company DS Torm has reported worsening losses following a $195M impairment charge from the sale of 13 ships that was close to the $200M ceiling it expected. Group net loss amounted to $222.6M in 1Q14, compared with a loss of $16.3M in the same
TTA's 2Q profit rockets 183% Thoresen Thai Agencies' net profit for 2Q14, rocketed 183% year-on-year to THB183M ($5.6M). Revenues rose a rose to THB4,902M. These are the best second quarter figures since 2008, the company said in a statement today. Strong performance has been driven by continued profitability in three out of
Ship pollution levy cut Shipping Australia has welcomed the government's announcement that it is abolishing a top up to the Protection of the Sea Levy as part of the 2014 federal budget announced on 13 May. The levy will drop from AUD0.14 ($0.13) per net registered tonne to AUD0.11 from July 1. Following the massive excess
Prosecution summons Chonghaejin owner Yoo Byung-eun, owner of Chonghaejin Marine, operator of the ill-fated Sewol ferry has been summoned by South Korean prosecutors. Incheon District Prosecutors' Office announced in a statement on 13 May that it told Yoo Byung-eun to show up at the Prosecutors' Office by 10.00 South Korea time on 16
ICTSI 1Q profit up 29% Philippine port operator International Container Terminal Services, Inc. (ICTSI) said today that 1Q14 profit rose 29% year-on-year to $52.4M. The higher net income was mainly due to a one-time gain on the sale of a non-core asset. In January, ICTSI sold Cebu International Container Terminal, Inc., a
Sewol search interrupted this morning The search for the still-missing victims of the capsized ferry Sewol was interrupted this morning. Following the discovery of two bodies this morning, the tidal currents became too strong for rescue workers to continue searching, said South Korea's Ministry of Oceans and Fisheries. South Korean
JOSCO expands bulk carrier fleet Jiangsu Ocean Shipping is expanding its dry bulker fleet at prudent pace with recent newbuilding order for two 61,500dwt bulk carriers. The pair will be built at Nantong COSCO KHI Ship Engineering or NACKS, said JOSCO deputy general manager Sheng Chen today at the Asia Shipping Fortune forum in
South Korea's Big Three make progress on targets South Korea's Big Three shipbuilders are progressing well towards reaching their targets of order wins, based on their 1Q14 figures, according to financial investment company Samsung Securities. Analyst Han Young Soo based his Samsung Securities review on visits to Hyundai Heavy Industries (HHI),
Weak Atlantic business puts pressure on Supramax rates South America's grain season has not boosted the Supramax market because Chinese buyers are defaulting on cargoes, brokers and chartering managers told IHS Maritime today. The Baltic Exchange assessed the West Africa via EC South America to Singapore-Japan rate at $11,783/day yesterday, down by $167
Vietnam condemns China oil exploration in disputed waters Vietnam has accused Chinese ships of ramming its patrol vessels and using water cannon in a dispute over oil exploration. The China Maritime Safety Administration has approved oil exploration in the South China Sea, around 16nm south of Triton Island, the most southwesterly of the disputed Paracel
VLGC freight rates continue to slide LPG freight rates for very large gas carriers have continued to slide. The Baltic Exchange yesterday assessed the rate on the benchmark Arabian Gulf-Asia Pacific route at $85.375/tonne, equating to $68,097/day at current bunker prices in Fujairah. Norwegian broker Lorentzen & Stemoco said in its
RMB FFA transactions reach $81M in March The Chinese yuan denominated freight forward agreement (RMB FFA) has recorded transactions of a total of 7,416 lots with a value of CNY499M ($81M) as of 31 March, 2014, since its launch in December 2012. The financial derivatives based on Baltic Exchange's indices are the first shipping financial
Kim Heng benefits from strong offshore demand Singapore offshore services provider, Kim Heng Offshore & Marine Holdings, has secured forward commitments with estimated value of over S$40M ($31.9M) for FY2014, buoyed by the robust outlook for the offshore oil and gas industry. The firm's 1Q14 result revealed more telling signs as revenue grew by
Indonesia tweaks limits on foreign investment The Indonesian government has changed the composition of foreign investment in the country's transportation and energy sectors. The government has issued Presidential Decree No. 39 of 2014 to raise foreign and domestic capital investment activities in Indonesia within the framework of implementing
JOC Survey Suggests Widespread Diversions Due to ILWU Talks JOC Survey Results Full-size image Two-thirds of shippers who participated in a JOC survey this week plan to divert at least some cargo away from U.S. West Coast ports to avoid disruption that could emerge from contract negotiations between the International Longshore and Warehouse Union and West Coast employers. Negotiations began on May...
A Glimmer of Good News in DC Highway Funding Debacle WASHINGTON - There's plenty of bad news coming from Washington when it comes to long-term highway funding. With the federal Highway Trust Fund, the main engine of highway construction, set to dry up as soon as late August, states are already shelving long-term projects. In other words, trucking companies shouldn't...
Early Progress in Efforts to End Vancouver Port Congestion Port Metro Vancouver is capitalizing on a lull in cargo activity before the peak-shipping season begins this summer to implement key aspects of the most ambitious effort in North America to improve truck turn times. Canada's largest port has returned to normal now that striking truckers are working again and spring...
Truck Driver Coercion Rule Puts Spotlight on Shippers, Supply Chains For years, truck drivers have complained about being pushed by dispatchers and others to violate federal regulations to meet unrealistic delivery deadlines. Soon, truckers may have a way to push back. A proposal published in the May 13 Federal Register targets "coercion" against truckers and would hit offenders - including motor...
US-Mexico Truck Pilot Just One Obstacle to NAFTA 2.0 WASHINGTON - A key report from the Federal Motor Carrier Safety Administration this fall will go a long way toward determining how committed politicians and business leaders are to taking the North American Free Trade Agreement to the next level. The FMCSA, the Department of Transportation agency responsible for regulating safety...
Drewry: Asia-US Rates Stagnant The Drewry benchmark rate for shipping from Hong Kong to Los Angeles was flat again in the week of May 14. Full-size chart The Drewry benchmark rate for shipping from Hong Kong to Los Angeles was flat again in the week of May 14, but the analyst expects a brief uptick following...
TPM 2014 Sponsored Video: FedEx Trade Networks 2 FedEx Trade Networks' Janice Prezzato, managing director, marketing and customer experience, discusses customer expectations for international freight forwarders and the value of measurements and transparency....
Put Down the Duckie! Satish JindelPeople familiar with the children's show Sesame Street may remember the song, "Put down the duckie if you want to play the saxophone." The same advice applies to many less-than-truckload carriers that are still pulling 53-foot trailers, thinking "bigger is better" and wondering why profit margins aren't growing. To improve...
Reefers on Barges? You Bet, in California Meat and produce exporters looking to bypass California's 22-metric-ton weight limit on over-the-road shipments soon may be able to ship overweight containers to the Port of Oakland by barge. A businessman who owns a cold storage facility at the Port of Stockton says he's prepared to pay for reefer plugs on...
US Containerized Exports Continue to Slide U.S. containerized exports slipped 0.5 percent year-over-year in March. Full-size chart U.S. containerized exports edged down 0.5 percent year-over-year in March to 1,075,428 TEUs, the second consecutive month of declines, according to preliminary figures from PIERS, the Data Division of JOC Group. The first quarter of 2014 saw a 2.8 percent decline in...
Doubts Expressed on LNG As a Container Ship Fuel The widespread use of liquid natural gas (LNG) to power the main engines of container ships is a long way off, believes Seaspan co-founder and CEO Gerry Wang. That is in contrast with a growing view that due to its environmental benefits and at least currently lower costs versus fuel...
US Ports Take Market Share From West Coast Competitors Port of Los AngelesIn a down market, U.S. ports outpaced their Canadian and Mexican rivals during the first quarter, with solid growth at Los Angeles offsetting a drop at neighboring Long Beach and lifting the Southern California port complex further above its competition. The volume of all containers handled by North...
Barcelona's Auto Trade on a Roll Three trains a day travel between the SEAT plant and the Port of Barcelona.BARCELONA, Spain - In the middle of the rolling coastal mountains near this Mediterranean seaport a huge auto plant sprawls across an area equivalent to 400 fields for soccer, or "football," as it is called here. The...
MSC Moves to Bigger Antwerp Terminal to Handle Extra P3 Traffic Mediterranean Shipping Co. is consolidating all its activities in Antwerp in a single terminal and quitting its current facility more than 15 years before its concession expires to handle an expected increase in traffic when it launches joint services with Maersk and CMA CGM in the P3 Network. The Antwerp Port...
DCIX downgraded A leading Wall Street equity analyst has downgraded shares of Greek operator Diana Containerships (Diana).
Diana remains red Diana Shipping remained in the red for the first quarter but its performance edged ahead of expectations.
Navios nets VL Angeliki Frangou's Navios Maritime Acquisition has confirmed its second VLCC purchase in as many months.
Nobu Su dreams on Asian shipowner Nobu Su is pressing ahead with plans to convert tankers into FPSOs and FLNGs, despite a US bankruptcy judge ruling against the move.
NNA a penny short A writedown on the scrapping of a VLCC contributed to a first quarter loss at Navios Maritime Acquisition.
RCL loses less Thailand's Regional Container Line (RCL) has reduced its deficit in the first quarter as revenue grew.
Finance curtails Farstad Financial costs have kept a lid on profit at Norway's Farstad Shipping, despite revenue reaching NOK 1bn.
GasLog falls short GasLog has fallen short of Wall Street expectations in the first quarter.
KNOT Offshore prospers New York-listed KNOT Offshore Partners has turned loss to profit in the first quarter as revenue grew.
Greeks mourn Karageorgis Aristomenis (Menis) Karageorgis, former head of Karageorgis Lines and president of the Union of Greek Shipowners (UGS) from 1981 to 1984, has died at the age of 81.
GSI to swallow yards China State Shipbuilding Corporation (CSSC) is planning to transfer yard assets to Guangzhou Shipyard International (GSI) as part of its reorganisation.
NOL reduces loss Singapore's Neptune Orient Lines (NOL) has cut its loss in the first quarter as it continues to focus on costs.
HHLA volumes rise German terminals group Hamburger Hafen und Logistik (HHLA) has revealed a rise in container throughput in the first quarter.
Kuribayashi falls Japan's Kuribayashi Steamship has logged a lower profit in the year to 31 March, despite rising revenue.
Azuma on the up Japanese owner Azuma Shipping has pushed up annual earnings as revenue increased.
Torm hunts waiver Torm has expressed confidence at achieving a waiver on debt of over $1.6bn from its traditional bank and hedge fund lenders.
Ceyhan exports rise Azerbaijan's state oil company Socar said it has shipped 9.7% more crude from the Turkish port of Ceyhan in April.
Four more for Split A Norwegian consortium has ordered four new heavy-cargo barges at Croatia's Brodosplit shipyard.
Turku talks speed up Finland's economy minister Jan Vapaavuori has said the country's efforts to buy the Turku yard from STX should move into the "next phase" within a matter of weeks.
Thoresen keeps improving Thoresen Shipping has built on its impressive start to the year with a strong second quarter, figures released Wednesday show.
Boxship demo surge The embattled liner sector is set to see a record amount of containerships scrapped this year, according to Alphaliner.
ODC and DSME eye LNG Oman Drydock Company is teaming up with DSME in an effort to secure more LNG vessel repair work.
Triple Bintan attack Three vessels were attacked within the space of a week off the Indonesian island of Bintan, according to security consultants.
WRRDA to direct more money for dredging The bill provides appropriators and the U.S. Army Corps of Engineers with spending guidance for improving harbor channels and inland waterways for commercial traffic, as well as flood-control and environmental mitigation.
UTi expands work with oil and gas sector in Houston
Zim announces changes in U.S.-Mediterranean services
Brewer out as CEO at JDA Baljit Dal will replace Hamish Brewer as JDA's interim chief executive officer. No reason was given for Brewer's departure. He's spent the past 20 years with JDA, including more than a decade as its CEO.
NOL reports Q1 loss on weak freight rates
Commerce unveils next phase of National Export Initiative Secretary of Commerce Penny Pritzker announced the next phase of the government's National Export Initiative, a data-based, customer service-oriented initiative to help businesses capitalize on demand from foreign markets.
Sea Star to use Tideworks operating systems in Jacksonville, San Juan
Canada introduces new tanker-safety measures Canada's transport minister announced the new proposals, offered up by the Tanker Safety Expert Panel, one year after the Canadian government first issued proposals to beef up its tanker security.
U.S. satellite exports move to Commerce Control List
New Broad Street service aimed at helping small companies double exports
Ultra-steam turbine propulsion systems '15% more efficient' ABS awarded contract to classify two 'innovative' LNG carriers.
Mid-week bunker prices firming Prices made gains in the major European ports.
Prices firm in Fujairah Avails 'fair' in Middle East hub.
'Incredible' savings possible from fuel efficiency Top executive believes industry will follow Maersk's lead on cost control.
Singapore bunker sales at their highest level for two years Volumes up 20% month-on-month.
Class society explores saftey risks of 'methanol-fuelled tankers' 'We're working with all parties to make improvements and safety recommendations early in the design phase.'
NOL books quarterly loss But says its making progress on controlling costs, including bunkers.
Cruise vessels will meet 'strict environmental regulations' Ships will use engines hybrid engines and be equipped 'to minimise exhaust pollution'.
Marseilles: Annual bunker sales down Marginal fall seen but sales hold steady at over 1 million mt.
Midweek bunker prices spot upward trend in Asia Supplies of marine fuels fine at key Asian ports.
Sulphur compliance alliance meeting announced Trident Alliance initiative aims to bring about robust enforcement of sulphur regulation.
Yarmouth harbour completes bunker spill exercise Scenario revolves a vessel spilling 1,500 litres of fuel oil.
US Navy vessel receives bunkers in Georgia Vessel has received fuel from local supplier through a US-based contractor.
Heavylift firm adds modern newbuilds to fleet Orders 15 fuel-efficient vessels from Chinese yards.
LNG bunkering: Alternative to bunker barge mooted Solution would suit ports with low and infrequent demand for LNG.
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