Chinese market will underpin Dubai's new cruise terminal With the formal opening last week of DP World's third cruise terminal at Mina Rashid, Dubai has made clear its determination to replicate in the cruise market the kind of dominance it has already achieved in container transhipment and passenger aviation. Sheikh Hamdan Bin Mohammed bin Rashid Al
IEA pares crude demand outlook A new report by the International Energy Agency (IEA) has undercut the tanker industry's claim that lower crude pricing equates to higher demand and thus improved freight rates. On 12 December, the IEA lowered its 2015 demand forecast by 230,000 barrels/day (bpd), to 93.3M bpd. The demand estimate
Tanker explosion off Malaysia leaves two dead A Panama-flagged LPG tanker with 23 crew exploded off Malaysia, killing two and injuring two others. The 50,743dwt DL Calla was carrying LPG from Al Ruwais, United Arab Emirates, en route to Sri Racha, Thailand, as indicated by AISLive vessel tracking. The 1990-bulit vessel suffered a gas leakage
IHS Maritime wins awards IHS Maritime & Trade has won two key awards at the international Seahorse Club Journalist Awards 2014 in London. Senior journalist Girija Shettar, a regulation & risk specialist, has won in the Social Media Journalist category for her outstanding output and engagement on social networks
Thai trade body against terminal fee increase The Thai National Shippers' Council is to spearhead a campaign opposing increases in terminal handling charges (THC). "It's a bad move for exporters", an official with the Council told IHS Maritime. The increase will be to THB4,400 ($134) from THB2,600 for 1teu and to THB6,800 from THB3,900 for
Three dead in cruise ship blaze An engine-room fire aboard Oceania Cruises' Insignia has killed three workers, the shipowner has confirmed to IHS Maritime. The fire broke out aboard the 684-passenger, 30,277gt cruise vessel at around 0830 on 11 December when the Insignia was docked in St. Lucia. "The fire was contained to the
No general increase for Korea P&I members in 2015 Korea P&I Club has announced that it would not charge a general increase in 2015 for its members. Through a press statement, Korea P&I Club said, "Our board of directors agreed that there would be no general increase in 2015 for our members, even if general increase is needed due to re-insurance
BW orders four newbuildings from STX BW Pacific, a joint venture between the BW Group and fund managers PAG, has signed up for four new long range product tankers with STX Offshore and Shipbuilding (STX). The agreement with STX includes options for additional vessels. The four newbuildings are part of a fleet renewal programme for the
Taiwanese carriers' revenue up in November Taiwan's top three container carriers recorded a revenue increase in November, with Wan Hai Lines leading with a 19.7% year-on-year (y/y) growth. Wan Hai Lines posted a record high revenue of TWD$5.99Bn ($191M) in November this year, TWD$0.99 more than its revenue for the same period last year,
Antwerp opens container rail link The port of Antwerp has officially opened a new rail tunnel linking the left and right banks of the River Scheldt. The new link will accelerate the rail distribution of containers from deepsea container operations on the left bank, which are expected to increase dramatically after MSC moves its
Bumi Armada signs $1.1Bn FPSO contract Malaysia-listed offshore services provider Bumi Armada has inked a $1.1Bn contract for the supply of one floating production, storage and offloading vessel (FPSO) with the Jakarta-based Husky-CNOOC Madura Limited (HCML). The contract is for a firm charter period of 10 years with options of five
Three dead, six missing after collision Three crew members were found dead and another six missing after a vessel collision off Fujian, China, local authorities said today. The accident took place around 03.00 local time yesterday, when two cargo vessels of Zhong Xing 7 and c collided about 4 nm southeast of Nanri Island of Fujian.
IMO wades into 'boat people' crisis As the situation relating to rescues in the Mediterranean is described as "becoming unmanageable" by IMO secretary-general Koji Sekimizu, his organisation expects to begin work with fellow UN agencies on the "practicalities" of reducing lives lost at sea. Following a statement by the IMO and four
Pacific Basin to exit harbour towage business Hong Kong-listed Pacific Basin Shipping will sell its entire stake in its harbour towage business in Australia for AUD74.0M ($61.3M) in a move to focus on its dry bulk business. The sale of PB Towage (Australia) Holdings, a wholly owned subsidiary of the company, will include 17 harbour tugs and a
Obama under pressure to step in on port negotiations Members of congress call on US president to take action as negotiations drag on
Aden replaces Klein at ER Schiffahrt German ship operator announces a management shake-up
Indonesia expands its shipping in partnership with China Kadin vice-chairman outlines a $5.5bn plan to add 500 vessels over five years
Big, bigger, biggest for boxships The average size of vessel delivered exceeds 7,000 teu for the first time
Capital Product fixes higher tanker rates Sponsor Capital Maritime remains the listed company's largest tanker charterer
Tsavliris launches joint venture with China's Kamji Marine New agreement extends the Greek salvor's pollution-response coverage
The Week on Wall Street | December 12 Outlook for VLCC rates hailed as good news for Navios Maritime Midstream Partners and Teekay Tankers
New boxship strength standards agreed for mid-2016 entry IACS members will adopt new unified requirements for containerships to avoid repeat of MSC Napoli and MOL Comfort catastrophes
Asia-Europe and transpacific prices leap as trades enter price peak season Carriers have managed to implement general rate increases on Asia-Europe and transpacific trades
Kuang Ming sells two panamax bulkers in leaseback deal Yang Ming dry bulk arm sells the ships for up to $20.8m apiece
Capesize rates plunge to global financial crisis low Demand for large vessel classes falls to levels last seen when the big banks went belly-up
The 100 most influential people in shipping revealed Lloyd's List's annual Top 100 ranking of power and influence explains why 2014 has been a year of big dreams and chutzpah for shipping
JOC Group's Joseph Bonney Honored with Lifetime Achievement Award from Containerization & Intermodal Institute NEWARK, N.J. - The Containerization and Intermodal Institute (CII) has presented its lifetime achievement award to Joseph Bonney, senior editor for JOC Group Inc., now part of IHS Inc. (NYSE: IHS), a leading global source of critical information and insight. Bonney was honored December 9 at the organization's annual East Coast Connie...
Trucking executives see more freight, rate hikes ahead, TCP says Trucking executives, encouraged by steadier, stronger economic growth in the U.S., are increasingly optimistic about their outlook for 2015, both in terms of freight demand and their ability to raise rates, Transport Capital Partners said. Truckload carriers surveyed by TCP have expected volumes to grow for eight straight quarters, and that...
Weekly wrap-up: Effects of West Coast congestion dominate top stories For the sixth week in a row, JOC.com's top stories center around continuing congestion at U.S. West Coast ports. But while eight of the top 10 stories centered on labor strife and delays, two other stories garnered attention: the massive, $1.1 trillion cromnibus spending bill in the U.S., and the...
LTL regional trucker Holland commits to hire 500 veterans Holland, the largest U.S. regional less-than truckload carrier, says it will hire 500 U.S. military veterans as the number of military personnel returning to civilian life increases. "America is at a turning point with an estimated one million veterans returning home in the next five years," said Scott Ware, president of...
Ocean carrier rate revision roundup for Dec. 12 Carriers announced GRIs this week for several major trade lanes, all effective on Jan. 15. Spot rates on Drewry Maritime Research's World Container Index composite index, which measures 11 East-to-West trade lanes, have dropped 23.5 percent in the five weeks since Nov. 6. Trans-Pacific Maersk Line intends to increase rates on all...
Hapag-Lloyd looks for stability before launching IPO Although Hapag-Lloyd announced the completion of its merger with Chilean carrier CSAV on Dec. 2, it must still navigate the rocky shoals created by the two carriers' combined losses and heavy debt load. The merger will be deemed a success by the financial community when the German carrier realizes the $300...
US House sends $1 trillion cromnibus spending bill to Senate WASHINGTON -- The U.S. House of Representatives passed the cromnibus spending bill, including a measure that would in effect change truck driver hours of service rules, less than three hours before the 12:01 a.m. Dec. 12 deadline for avoiding a government shutdown. The bill passed 219 to 206 with the support...
Everglades growth continued in October, statistics show Throughput at Port Everglades jumped 12.5 percent in October, newly released port statistics show. Throughput at Port Everglades jumped 12.5 percent in October, Full size chart. Imports at the port were up 20 percent year-over-year in October to 44,927 TEUs, the second-highest monthly volume total this year. Exports hit 41,747 TEUs in October,...
Idle box ship fleet creeps up but stays at record low The idle container ship fleet crept up slightly over the past two weeks but remains at a record low, according to Alphaliner. There were 108 ships of more than 500 TEUs with a combined capacity 231,000 TEUs idle on Dec. 1, equivalent to 1.3 percent of the total cellular fleet, compared...
No relief for shippers at JNPT as crane installation is delayed Shippers and ocean carriers, left reeling from months-long congestion and berthing delays at India's largest container port complex, Nhava Sheva (Jawaharlal Nehru Port Trust), are unlikely to get a break in the near future, as the port authority has been forced to push back an equipment modernization program by a...
As cromnibus advances, trucking prepares for regulatory restart WASHINGTON -- Trucking companies hope for an immediate injection of producitivity when President Obama signs the $1 trillion "cromnibus" spending bill, which includes language that will suspend certain hours of service rules for truck drivers for one year. Drivers will no longer need to spend two consecutive 1 a.m. to 5...
China helps fill Africa port infrastructure vacuum It's been called the final frontier for trade growth - the only place in the world where exponential economic and cargo growth is still possible and major trade is still evolving. Rising African container volumes are increasingly showing the limits of freight infrastructure on both the East and West African...
Double-digit growth at large European inland port The German inland port of Duisburg is projecting to handle a record 3.4 million TEUs this year via water, rail and truck, a 13 percent increase over 2013. "In the container sector, we are registering double-digit growth with all traffic carriers," said Erich Staake, chief executive of Duisburger Hafen AG. Key...
NVO house bills to be included in China advanced manifest rules NVOCCs and forwarders will be required to submit house bills of lading to China customs when the country's advanced manifest system is implemented in March. China customs "intends to include house bill submission rules in these regulations," Maersk Line said in an advisory issued yesterday." Customs officials have recently consulted the...
Buyer beware If you're ever approached with an offer to acquire a panamax tanker that isn't equipped to trade refined products it would be wise to proceed with caution.
Costa, Duque charged Two former ranking Petrobras executives are among 35 people arrested Thursday in the widening Brazilian corruption scandal known as Operation Car Wash.
Geden boss denies sale A leading Turkish operator is pouring cold water on speculation that it has offloaded a pair of suezmax tankers.
Platou's Christmas stocking RS Platou Markets is suggesting shipping investors take a twist on a traditional festive favourite.
Clean-up begins Bangladeshi villagers have been using pots, pans and sponges to help clear about 240 tonnes of oil spilled by a tanker in the Sundarbans nature reserve.
Klein leaving ER Hermann Klein is leaving ER Schiffahrt in February, with Nils Aden stepping up as the new CEO.
New rules for boxships Containerships ordered after July next year will have to be built to new improved minimum standards as classification societies respond to the catastrophic structural failure of the MOL Comfort last year.
Bond bounce for Frontline Frontline shares continued their upward march today as a red hot VLCC market helps plug its convertible bond shortfall.
New trio for Caspar Azerbaijan's Caspian Sea Shipping Company (Caspar) has ordered three new passengerships at a cost of around $33m.
Economou pulls VL sale George Economou has had a change of heart and pulled two VLCCs from the sales block, TradeWinds is told.
Otto yard chief charged Otto Marine's shipyard chief has been charged with corruption in Singapore over transactions he was involved with while working for ST Marine.
'Baby with the bath water' Herbjorn Hansson believes an oil price fuelled sell-off of energy stocks is a mistake.
Farstad a wizard in Oz Farstad Shipping has secured charters worth almost $50m for a string of offshore support vessels.
HSH cuts loan loss German lender HSH Nordbank has reduced loan loss provisions in the first nine months, but its shipping portfolio still logged a loss.
MISC rings the changes MISC president and CEO Nasarudin Idris is stepping down at the end of the year, to be replaced by chief operating officer (COO) Yee Yang Chien.
Domestic issue hits Horn RS Platou chairman Ragnar Horn has pulled away from the board of Clarksons even before a merger between the shipbroking heavyweights has been completed.
New ship for Fiji Fiji's government has set aside $3m for the construction of another vessel to boost the islands' capacity.
Three die in fire A crew member and two contractors have been killed in an engine room fire on an Oceania Cruises vessel in St Lucia.
Nordic needle We take a look at what was said in the market over the past week.
Two killed in LPG carrier blast An explosion on an LPG carrier has killed two seafarers off Malaysia.
OW eight team up Denmark's Bunker Holding has become the latest ship fuel company to snap up staff from the collapsed OW Bunker group.
CH Offshore in play Falcon Energy Group (FEG) has launched a bid to takeover Singapore-listed offshore vessel operator CH Offshore.
Madura FPSO confirmed Bumi Armada has finally confirmed a deal for the supply of an FPSO for deployment of Indonesia after several months of delays.
PB offloads tug arm Pacific Basin Shipping has agreed to sell PB Towage Australia (PBTA) to Smit Lamnalco for around $60m.
Traf upbeat on China China remains a boon for raw materials despite the country's recent weak data, according to Trafigura chairman Claude Dauphin.
Agents of change All eyes were on Washington this week where US lawmakers hosted a hearing about the nation's ban on crude oil exports, a prohibition that has been in place for nearly 40 years.
Weekly Global Market Report A weekly price roundup from bunkering hubs around the world.
Terpel suspends IFO supply in the northern ports of Colombia Will resume when its analysis of the market concludes, says company.
Mathematicians claim bunker algorithm breakthrough Statistical techniques applied to distribution problem.
Crude oil prices plunge on IEA forecast Agency speaks of 'price rout'.
Credit terms continue to ease Singapore traders say market returning to normal.
Singapore: Bearish outlook for fuel oil Market very competitive, say sources.
Technology finds new use in fuel-tank conversions as new ECA rules loom 'SPS Overlay is a first class solution for what is a pressing issue for operators.'
Finland funds startup of new LNG terminal at HaminaKotka port Government's aim is to build a network of terminals along the Finnish coast.
OW: Views from the inside Why did it go wrong, and could the collapse have been avoided if deal with a large commodity trader had gone through?
Bunker industry would benefit if owners didn't 'buy cheap' IBIA chairman calls for more industry regulation.
Benefits of energy efficiency investment The Owner will have the 'more preferred' ship, but will not otherwise be able to recoup his investment.
Survey: Shipping confidence at two-year low Cost of meeting regulatory obligations high on list of concerns.
Owners seek to dispose over 40 'eco' ultramax vessels Fuel saving advantage of modern vessels 'eroded' by fall in bunker prices, says source.
Shipyard licences LNG containment technology to builder Containment system able to store LNG in multiple configurations including bunker fuel tanks.
Vanguard in $4.1 million claim against former Malaysian partner Investigation points out 'possible fictitious ship management agreements'.
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