Teekay Tankers posts spot earnings high for suezmaxes and aframaxes Average spot rates will continue to firm in 2014, says Chan
IEA report inflames debate about risks attached to US crude exports 'You can always count on Americans to do the right thing after they've tried everything else'
Essar Ports posts a 16% hike in annual net profit Indian port giant is going for growth
Why things are looking up for a lender from down under European banks' withdrawal from shipping opens door for Commonwealth Bank of Australia
Rickmers Trust Management issues $80m Singapore notes Early repayment of Polaris Shipmanagement loan planned
Wan Hai profit jumps over four-fold in first quarter Intra-Asia specialist posts strong quarterly results
Ocean Yield debuts as a gas shipper ordering three ethylene vessels Total investment in liquefied gas carriers hits $243m
HHLA throughput rises to 1.8m teu Hamburg terminal operator's first-quarter revenues rise 7% to $401m
Yang Ming cuts its first-quarter losses Taiwanese box carrier registers a better operating performance
Larger vessels help Hanjin Shipping to cut operating losses South Korean carrier achieves better containership fuel performance
Tanker Investments will keep buying and selling ships despite loss New Teekay vehicle prefers asset play to freight markets
HMM cuts its first-quarter losses South Korean carrier remains in the red despite a stronger operating performance
Denholm returns to direct shipowning Historic Scottish company will order a bulk carrier with an option for a second
Inactive boxship fleet slides again The number of containerships out of action reaches the lowest level since October
Denholm posts $37m full-year profit But the strength of sterling will work against result for 2014, group warns
Long-term contracts shield Teekay LNG from spot market wobbles Firm remains focused on fixed-term contracts with an average length of 12 years
Evergreen Marine posts $56m first-quarter net loss But Taiwanese box carrier improves its operating performance
Sewol master and three crew members could face the death penalty South Korean prosecutors bring indictments of homicide through gross negligence
Nobu Su bounces back with a plan for TMT ships lost in Chapter 11 case Beleaguered tycoon wants to buy vessels he once owned for conversion in FLNG play
Ultra-large ships see values increasing VesselsValue head of valuation analysis Toby Mumford takes a look at the divergence in the value of containerships depending on their sizes
Data Hub: Trade Route Intelligence New alliances on the transatlantic trade lane are set to dominate the market in capacity terms
Tyne investments pay off The UK north-east port handled its largest ever container ship this week, Seago Line's Calisto, and celebrated the beginning of a new service linking Russia's Port of St Petersburg. Calisto might not be an 18,000teu behemoth, but at 168m long with a 1,578teu capacity, it is almost 60% longer than
Van Oord wins €1.3Bn offshore wind contract The Gemini wind farm will be the Netherlands' biggest, one of the world's largest, will cost about '2.8Bn ($3.83Bn) overall to construct, and will supply energy to 785,000 homes from 2017. It will be built 55km north of the Dutch island of Schiermonnikoog and consist of 150 4MW Siemens wind
Tanker Investments seeks further growth after minor 1Q14 loss Tanker Investments, the Teekay group offshoot that invests in secondhand vessels and was listed in Oslo in the winter, says it is planning further growth following an expansion of its fleet from five to 13 ships in the past few months. The group made a net loss of $0.2M on revenues of $2.2M in the
DNV GL upgrades port clearance software DNV GL has released an updated version of its port clearance software called Navigator Port 2, which has an enhanced interface and better ease of use, thereby enabling vessels to be better with navigation around ports and reduce delays and possible penalties in connection with port calls. The
Visakhapatnam invests In his first press conference since his appointment as Port of Visakhapatnam's new chairman on Monday, M T Krishna Babu confirmed projects worth Rs 2,500-3,000 crore ($505M) that will increase capacity from the current 80M tonnes to 120M tonnes. Plans include a major inner harbour dredging campaign
Japan to build Lauritzen handysize bulkers Danish owner J Lauritzen has increased its newbuildings orderbook to ten with six handysize bulk carriers to be built in Japan. These latest six newbuildings will be spilt with four for Teekay and two in a joint venture with Sincere Industrial Corporation but the actual shipbuilders have not been
SHI secures Ocean Rig drillship duo South Korean shipbuilder Samsung Heavy Industries (SHI) has secured an order for two ultra-deepwater drillships from returning Norwegian owner Ocean Rig. These latest two newbuildings will be 230m long, 42m wide and scheduled for delivery in February and June 2017. It brings the total on order at
China to unveil tech for Titanic II China will showcase its technologies and products through the proposed Titanic II cruise vessel that will be built at the CSC Jinling shipyard. This follows the signing of a memorandum of understanding appointing AVIC Kaixin (Beijing) Ship Industry Co as the promoter of the project in China. Blue
HMM cuts 1Q loss to $80.6M Hyundai Merchant Marine said today that it had a KRW82.8Bn ($80.6M) loss for the first quarter of 2014, down from a KRW131.3Bn loss in the same period last year. In a press statement written in Korean, HMM said: "The first quarter is always a low season for the shipping industry. But through an
RCL cuts 1Q loss Thai intra-Asia container carrier Regional Container Lines (RCL) saw lower losses year-on-year (y/y) in the first quarter of 2014. For the period, RCL had a THB158M ($4.9M) loss, compared with a THB358M loss for first-quarter 2013. Despite turnover for the quarter rising 16% y/y to THB3.49Bn, costs
Courage Marine Group losses deepen in 1Q14 Singapore-listed Taiwanese drybulk carrier Courage Marine Group posted a gross loss for the first quarter of 2014 of $56,000, compared with gross profits of $188,000 in the same period last year. The loss was mainly due to higher crew fees and depreciation expenses arising from the operation of more
Nam Cheong profits rise 99% y/y Malaysian offshore builder Nam Cheong recorded net profits of MYR71.3M ($22.1M) in the first quarter of 2014, a 99% year-on-year (y/y) increase. The leading global offshore marine player generated MYR86.2M of gross profit in the quarter, up 97% y/y. "We are delighted to have achieved a solid set of
NOL suffers net loss for 1Q14 Singapore-based container shipping and logistic company Neptune Orient Line Group (NOL) posted a net loss of $98M in the first quarter of 2014, in sharp contrast with the $76M profit in the same period last year. The profit in 2013 was largely attributed to the sales of NOL headquarters in
Ministry revokes Chonghaejin Marine's license Chonghaejin Marine, which owned and operated the ill-fated Sewol ferry, has had its license revoked by South Korea's Ministry of Oceans and Fisheries. The ministry announced on Monday that it had cancelled Chonghaejin Marine's license of passenger transport service to sail the Incheon-Jeju route. It
China Ocean Shipbuilding Industry to sell bonds Hong Kong-listed China Ocean Shipbuilding Industry plans to raise as much as HKD1Bn ($130M) by selling convertible bonds to acquire or build new shipyards and replenish its working capital. The convertible bonds, carrying a coupon of 7.5% per year, will be subscribed by Kingwin Victory Investment, a
China's record high steel output no help to drybulk market China's crude steel output stood at 68.84M tonnes in April, following the record high of 70.25M tonnes in March, but the drybulk market is still currently weak, BIMCO told IHS Maritime. China's average daily crude steel output hit a record 2.29M tonnes in April, according to China's National Bureau
Welder dies in blast at shipyard A welder died on Tuesday during a blast at the shipyard of Guangdong Yuexin Ocean Engineering, an OSV builder in China, according to local police. The blast took place at about 1530 hrs local time in a cabin of a ship under construction at the yard, where the victim was working alone. "He was
Sewol captain and three crew charged with manslaughter South Korean prosecutors have today charged the captain, second mate, and the chief engineer of Sewol with manslaughter. Eleven other crew members were charged for causing death by abandonment and violation of Rescue and Aid at Sea and in the River Act. The four crew members were charged with
Australia faces maritime skills shortage A decision to axe a $5M funding for Australian maritime skills scheme has renewed concerns that Australia could face a skills shortage. This week, the federal government announced it was dropping the Sustaining Australia's Maritime Skills initiative announced under the previous government. Paddy
Pacific Radiance 1Q14 profit rockets 110% Singapore-based offshore vessel owner and lessor Pacific Radiance's 1Q14 profit grew 110% year on year to $17.3M. The company, founded by the same owner behind Jaya Holdings, was listed on the Singapore Exchange at the end of 2013. Executive chairman Pang Yoke Min said the increase was mainly
Container rates better in 2014 A moderate recovery in container and drybulk rates is expected this year, but do not expect a major upcycle, an analyst has cautioned. UOB Kay Hian Securities analyst Lawrence Li noted that Asia-Europe container rates have shown substantial improvement year to date, rising $96 to $1,401/teu in the
Eimskip Expects Export Growth After Swinging to Black Eimskip's DettifossEimskip, the Icelandic container shipping and refrigerated logistics group, doesn't expect import volume to increase much this year, but it is planning on export traffic to expand, largely because of demand for fish shipments. The positive forecast comes after the Reykjavik-based company saw its fourth quarter profit swing to the...
Long Beach Recognizes Carriers for Environmental Achievement The Port of Long Beach yesterday presented environmental achievement awards to 22 shipping lines that participated this past year in programs that reduce vessel emissions. Last year 98.9 percent of all vessels calling in Long Beach were operated at the reduced speed of 12 knots within 20 nautical miles of the...
Chiquita to Leave Gulfport for New Orleans Chiquita in Gulfport, Mississippi.Chiquita Brands International will shift its Gulfport, Mississippi, calls, and an estimated 60,000 to 78,000 20-foot-equivalent units annually, to New Orleans next year. The transfer, aided by financial incentives from the state of Louisiana and the Port of New Orleans, is a blow to Gulfport, which is engaged...
Truckload Spot Market Volume Eased in April The hectic truckload spot market calmed in April, as rising temperatures and more fluid transportation networks reduced some pressure on shippers seeking truck capacity. The DAT North American Freight Index dropped last month for the first time since November, when winter storms and severe cold began to wreak havoc on U.S....
Dachser Seeks Growth Among Smaller U.S. Shippers The unaccustomed buoyancy of recent freight rate increases on U.S. trade lanes is giving third party logistics providers a sense that the worst may be over. But it's too soon to call the coast clear, because they are still reeling from the impact of bad winter weather that caused delays...
TPM 2014 Sponsored Video: Mallory Alexander Logistics Neely Mallory, president of Mallory Alexander Logistics, and chairman of the Greater Memphis Chamber's Regional Logistics Council, details relocation incentives for Memphis, Tenn., as well as investments in its "four R" attributes - river, rail, runway and road....
Double Paying? Consider All Factors Q: We've recently discovered that one of the brokers we've been using is factoring its receivables. Our accounts payables people have been given instructions to pay the factor, and not the broker. That doesn't cause us a problem by itself, because it's merely a matter of redirecting our payments. But since...
Aggressive Marketing Puts Latin Foods on Asian Tables The world's economic focus during the 1980s and 1990s was trained on the Asian Tigers of Hong Kong, Singapore, South Korea and Taiwan. Now Argentina's top agricultural official says the focus is about to shift south. "Latin American foods will be the stars of this century," Carlos Casamiquela, Argentina's minister of...
Zim Teams With Hapag-Lloyd to Upgrade US-Med Services Zim is teaming up with Hapag-Lloyd on the U.S.-Mediterranean route to increase port coverage and reduce transit times, in the Israeli ocean carrier's second cooperative agreement in the past week. The enhanced service connecting the Mediterranean with the U.S. East, Gulf and West coasts is scheduled to launch in the third...
Far East-Europe Traffic Rebound Boosts HHLA Resurgent cargo flows on the Far East-Europe trade boosted HHLA's first quarter earnings, but the rise of ocean carrier alliances is among the "fundamental uncertainties" clouding the rest of the year, Hamburg's biggest container handler cautioned. The crisis in Ukraine, where HHLA has a terminal, and general economic risks also could...
ICTSI Keeps Growing Despite Manila Congestion Heavy congestion at the Manila flagship of International Container Terminal Services, Inc. (ICTSI), had no obvious impact on its first quarter results, with the Philippines-based port operator's net income growing by 29 percent to $52.4 million. A daytime ban on heavy trucks in Manila was imposed by Manila mayor Joseph Estrada...
Upgrade swells Tallink loss The upgrade of a cruise ferry helped pushed Tallink into a wider first-quarter loss.
Utilisation hits Otto Otto Marine saw its results plunge into the red in the first quarter as declining utilisation sapped away revenue.
Bank eager for trial Bank Saint Petersburg is eager for a trial to take place soon against Russian shipping entrepreneur Vitaly Arkhangelsky after an appellate court weighed in on the case this week, a lawyer said.
A little more SALT Less than a week after splashing out some $1m on shares of his Scorpio Bulkers (SALT), president Robert Bugbee has taken a further $100,000 helping.
China ore fixtures jump Chinese iron ore import demand pushed fixtures to a multi-month high last week, a US analyst said.
Teekay Corp defies bets Teekay Corp defied analyst expectations that it would deliver an adjusted loss in the first quarter, as the tanker owner's consolidated family of companies also reported an improvement in the bottom line.
FSL stays red First Ship Lease remained in the red in the first quarter but the owner believes it is set for better times after a difficult year in which it experienced a string of charter defaults and a change in management.
Hanjin loss widens Korea's Hanjin Shipping has posted an increased loss of KRW 224.5bn ($218.8m) in the first quarter as it took a big hit from the disposal of elderly vessels.
Rongsheng case dismissed China's Rongsheng Heavy Industries has won another legal battle related to the aborted takeover of an engine maker two years ago.
Dynagas tops Street George Procopiou's Dynagas Partners has reported a slightly stronger than expected first quarter performance.
Klaveness fined Norway's Torvald Klaveness is paying $5m in penalties for corruption linked to payments to a broker 10 years ago.
Lauritzen swells orderbook J Lauritzen has continued its dry cargo expansion drive and has now amassed an orderbook of 10 newbuildings.
Bonheur profit falls Norway's Bonheur has enjoyed stronger profit from shipping and cruise operations, but net earnings were reduced by higher finance costs.
Teekay confirms Yamal six Teekay has confirmed market expectations about its involvement in the Yamal project with an order for six LNG newbuildings.
NewLead splits stock Greek tanker and bulker company NewLead Holdings is carrying out a stock split on Thursday to maintain compliance with Nasdaq listing rules.
Viking PSV sale fails Norway-based Viking Supply Ships has so far failed in its attempt to sell off its platform supply vessel (PSV) fleet.
Denholm eyes comeback J & J Denholm is looking for a swift return to shipowning after finding itself without a vessel for the first time in over 140 years.
RABT "unsatisfactory" Sweden's Rederi AB TransAtlantic (RABT) has reduced its loss in the first quarter, but still viewed the performance as "unsatisfactory."
Strike Club plans move The Strike Club is planning to move the mutual that insures its European members from Luxembourg to the UK.
Solvang rides VLGC wave Norwegian owner Solvang has boosted operating earnings as VLGC rates hit record levels in the first quarter.
Dof makes strong start Dof has cruised past market expectations in the first quarter.
TIL starts with loss New Teekay spin-off Tanker Investments Ltd (TIL) has posted a slim loss in its first ever quarterly report.
Spot spur for Teekay Tankers Teekay Tankers' best crude tanker spot market showing in four years has lifted the owner to a stronger than expected first quarter performance.
TOO profit chopped Teekay Offshore (TOO) has seen earnings hit in the first quarter by derivatives losses.
TOO eyes floatel sector Teekay Offshore Partners (TOO) looks to be moving into the offshore accommodation vessel segment following its latest deal.
Sewol four charged The captain and three officers from the sunken Korean ferry Sewol have been charged with manslaughter.
Schulte adds quartet Germany's Schulte group has declared four more options for containerships at China's Yangfan shipyard.
PDZ tries again Malaysian container line PDZ Holdings is trying again to buy into domestic offshore group Efogen.
ULTR sees less red Argentine-based shipowner Ultrapetrol has seen an improvement in its financial performance despite remaining in the red.
Pacific in flying start Pacific Radiance has seen first quarter net profit more than double according to figures just released.
Losses grow at Courage Courage Marine has seen its financial performance deteriorate with the company reporting a first quarter loss of just over $1m.
Sing faces dry shortfall The supply of experienced dry cargo operations staff in Singapore is said to be drying up fast, according to a recruitment consultancy.
Angeliki eyes VLCCs Navios Maritime Acquisition Corp of Greece is looking to further expand its fleet of tankers, management told investors Wednesday.
NCL profit doubles Nam Cheong Ltd (NCL) has made a very strong start to 2014 reporting a doubling in net profit compared to a year ago.
Minority report Industry forecasters tuned in to Diana Shipping's first-quarter conference call Wednesday morning for a fresh perspective about the future of the dry-bulk market.
There will be blood Diana Shipping will continue to expand its fleet of bulkers in the months ahead despite lingering concerns about freight rates and the underlying health of the market, management told investors Wednesday.
JaxPort breaks ground on on-dock rail terminal The facility, which will be served by eastern railroad CSX Transportation, will be located at the Dames Point Marine Terminal and will eliminate the need for shuttle trucks to travel 16 miles to the current CSX terminal.
Reporting loss, Hanjin expects better results in Q2 Hanjin Shipping said it had a net loss of 224.5 billion South Korean won ($219 million) in the first quarter of 2014, compared to a net loss of 34.7 billion won in the same 2013 period.
Carriers petition for agriculture filing exemption
Echo buys Northern California-based freight broker Steve Brown, a 15-year veteran of One Stop Logistics, will be Echo Global's newest regional vice president, leading all operations of the newly acquired entity. All existing management and employees will remain with Echo.
C.H. Robinson rebrands its perishables units
Vietnam protesters loot foreign factories to protest China territorial claim
Obama plugs infrastructure plan in New York
Chiquita returns to New Orleans port Chiquita plans to ship 60,000 TEUs to 70,000 TEUs of cargo per year via New Orleans, generating a 15-percent increase in container volumes at the Louisiana port. Chiquita's ships called the port about 40 years ago.
Two different scrubber systems for Finnlines Orders confirmed for hybrid systems on four ships, open loop on six.
Prices lack direction in Fujairah No clear trend in evidence in Fujairah.
European bunker prices on upward path Low demand seen in Gibraltar bunker market.
New group executive director for Gulf Petrochem 'Thangapandian responsible for uniting the six Gulf Petrochem divisions.'
Petrobras launches bunker barge in Rio New service will improve delivery at port, company says.
Fuel oil stocks at seven-week low Decline continues, but at a slower rate.
Liner company CEO: LNG as marine fuel 'some way off' LNG tanks onboard ship 'too heavy and take up too much space', says Seaspan boss.
UK heading toward IMO sulphur verification guidelines Draft regulation reflects EU Directive's move away from commercially used ISO standard for precision.
'Teapot' refiners demand less fuel oil Switch to cheaper domestic crude detected.
Bunker call sees Spain charged with 'hypocrisy' UK legislator says Ceuta replenishment call by Russian navy undermines NATO.
Bunker price movement largely up in Asia Supplies of bunker fuels were fine at key Asian ports on Thursday.
South China fuel oil imports climbing Among imports is a 100,000 mt shipment by Brightoil to Shenzhen.
Traders promoted at Dan-Bunkering's Singapore branch Thieu-vi Phung and Koh Kuan Hua promoted to Senior Traders.
Boost to LNG bunkering at Zeebrugge LNG bunkering infrastructure takes shape at Belgian port.
US shipping firm increases bunker surcharge Move a response to North American ECA pushing up costs.
Evergreen receives modern tonnage from Taiwan yard Ever Lissome is fifth of L-type vessels built by CSBC Corporation.
The Suez Canal Authority has announced that it will introduce surcharges on transit tariffs through the Egyptian canal for most major cargo vessels, effective July 15.
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