China P3 veto is a setback for industry efficiency, say Maersk and MSC Other forms of co-operation still offer opportunities for cost-savings
Hamburg Süd performance is 'unsatisfactory', says Oetker Group Carrier must cut costs after poor performance in Mediterranean and Southeast Asia
A less than sizzling summer for the largest crude tankers Earnings forecast in the $10,000-$20,000 range for VLCCs, suezmaxes and aframaxes
China's Ministry of Commerce kills P3 UPDATE: Beijing offers carriers no right to appeal after 'forbidding' operational network
ESC says it had concerns about the P3 alliance European Shippers' Council welcomes Beijing's decision to block P3
Eight register interest in Thessaloniki stake Five bidders proceed to due diligence in Piraeus Port Authority sell-off
Lidinsky welcomes China P3 veto FMC commissioner is pleased that Beijing shares his concerns about the alliance
Aronnax: Business and science can work hand in hand in the Arctic Newcomers to the region must listen to the experts to gain first-mover advantage
Beijing takes tough stance to outlaw P3 Authorities say carriers' application lacks corresponding legal grounds and convincing supporting evidence
Hamburg Süd expected to announce fall in turnover Figure of $7.2bn predicted ahead of results
Star Bulk spells out its consolidation aims after merger with Oceanbulk Newbuilding programme has gained $300m in market value since orders, says executive
IEA pledges to monitor the crisis in Iraq Energy watchdog notes conflict's downside risks as world tanker trades change shape
New sulphur requirements offer UK west coast ports short-term gains Liverpool: The Debate finds that extra costs may drive services from east to west
Asian energy-shipping icon Sohmen-Pao resigns as BW Group boss Norden chief executive Mortensen takes the helm as his predecessor joins the board
France stays top of Paris MOU white list of port state control inspections Germany and Greece fall in the rankings and Tanzania is named a high risk
Nordea offloads problem credits The bank saw an opportunity to exit Torm and Eitzen, says Kjelsrud
Global Gateways: Latin America and the Caribbean Containerisation International looks at what's in store for ports in the Latin American and Caribbean region
Coal gaining edge over gas In power sector battle, gas loses ground
Kinder Morgan Energy Partners orders fifth Jones Act product tanker There is increasing demand for waterborne transportation to move petroleum products, says Kurz
Pay first and argue later on general average, lawyer warns St Maximus vs Maersk case has implications for charterers
DS Norden's CEO leaves for BW Group Carsten Mortensen, CEO of the listed Copenhagen-based bulk shipping company DS Norden, has decided to leave the company. He will be taking up the position of CEO at BW Group, the privately owned Singapore-based tanker and offshore group. Mortensen, a Danish national, has worked for DS Norden for 17
NASSCO secures fifth APT tanker San Diego based NASSCO, a subsidiary of General Dynamics has secured a fifth medium range (MR) product tanker, which is the first of four options available for American Petroleum Tankers (APT). The 53,700dwt LNG-conversion-ready product tankers will have an overall length of 186m, beam 32.20m and is
BIMCO containership demolition sale forecast doubles BIMCO has almost doubled its forecast for demolition sales of container vessels to 500,000teu for this year from an earlier forecast of 290,000teu. This has resulted from sales significantly exceeding forecast so far this year, chief shipping economist Peter Sand said in a review of the shipping
APM shares fall 6% after P3 Network rejected AP Moller-Maersk (APM) shares traded 6% lower at DK13,200 ($2,400) on the Copenhagen stock market after China rejected the planned P3 Network in East-West container trades. However, APM, parent company of the container shipping line Maersk Line, said in a statement in which it unveiled the decision
China rejects planned P3 Network Competition authorities in China have rejected the planned P3 Network alliance in East-West container trades, AP Moller Maersk (APM) said in a statement. The alliance is between Maersk Line of APM in Denmark, CMA-CGM in France, and Mediterranean Shipping Company (MSC) in Switzerland. "Today, the
Sewol's first engineer pleads guilty The first engineer of capsized ferry MV Sewol pled guilty to charges of criminal abandonment when the trial for him and 14 other crew members resumed today. The man, identified only as 'Sohn', "will not be making excuses", his lawyer said today. However, the trial for the other 14 crew members will
Report highlights series of errors in cargo ship death A seafarer was crushed on board the cargo ship Toucan Arrow in Portland, Australia, last October, while replacing the broken warning light on the ship's gantry, and died after sustaining injuries. In its report into the fatality released yesterday, the Australian Transport Safety Bureau reported the
ICON Offshore holds Malaysia's biggest IPO Malaysian offshore oilfield service provider ICON Offshore has raised MYR944.9M ($293M) in what is Malaysia's biggest initial public offering so far this year. ICON's shares will be listed on the Bursa Malaysia from 25 June. ICON is selling 510.77M shares via the listing, of which 460.15M shares are
Damco provides no-delay service Logistics provider Damco has been providing global logistics service to Esquel Group, producer and exporter of cotton shirts, with no delay in the past two years. Damco's intermodal solution, compared with traditional trucking, ensures the time efficiency that Esquel pursues. Imported cotton raw
Skuld cautions on Iraqi oil cargoes Skuld P&I Club has issued an advisory with regards to the loading of crude oil cargoes from the autonomous region of Iraqi Kurdistan, amid the current insurgency in the country. Iraq's federal government has said that all of the country's crude oil exports fall under its authority, while Kurdistan's
China COSCO orders bulkers China COSCO has ordered six drybulk carriers with two shipyards. In a Hong Kong Exchanges & Clearing filing, the company said it has ordered four 64,000dwt bulkers with CSSC Huangpu Wenchong. The total price of these four ships is $113.12M. China COSCO has also ordered two 78,000dwt bulkers from
VLGC rates rise on tight tonnage supply Rates to haul LPG on very large gas carriers are still rising even though last week's IHS Asia LPG Seminar took many traders away from their desk. As of yesterday, the Baltic Exchange assessed rates on the benchmark Arabian Gulf-Far East route at $117.75/tonne or $105,542/day, based on current
Evergreen expects better profit for 2014 Taiwanese carrier Evergreen Marine expects its profitability to improve this year, thanks to better freight rates for Far East-Europe routes and cost controls. Evergreen's vice chairman Bronson Hsieh said he expects the container shipping to be strengthened in the third quarter, driving up sales and
Shipping Australia critical of port fee hike Port privatisation has led to an increase in Sydney's port and pilotage charges, according to Shipping Australia. "We've had the privatisation of ports. Now we are seeing the spinoff," Rod Nairn, SAL CEO told IHS Maritime. Nairn said he was not completely opposed to port privatisation - it provided
DNB Bank optimistic on drybulk shipping DNB Bank has maintained its optimistic stance on drybulk shipping despite the current lull in the Baltic Dry Index. It said in a daily note that drybulk shipping is set for an interesting 2H14, even as a lack of cargoes has dragged down present freight rates. The bank said: "We reiterate our
Vallianz issues shares to expand fleet Singapore-listed offshore marine solutions provider Vallianz has issued a set of subscription and placement shares to a group of investors to raise funds for fleet expansion. In a Singapore Exchange filing today, Vallianz said it would issue a total of 400M shares worth SGD52.2M ($41.7M) to Legend
Epic Gas loses $2.4M in Q1, buys ships Singapore-based Epic Gas, which owns and operates small LPG carriers, has announced a $2.4M loss for 1Q14, compared to a $3.6M loss for 1Q13. Revenues for the three months ended 31 March 2014 amounted to $23.3M, compared to $18.8M in the same period last year. The 1Q14 revenues include $500,000 from
Indonesia plans safe anchorages Indonesian authorities are seeking to tackle the issue of security in their national waters, according to Intercargo. Authorities are also taking further steps, including moves by the Indonesian Marine Police, in having designated safe anchorages within some ports, which will be monitored and
Hotline targets drayage driver underpayment in Vancouver Truck drivers in Vancouver who suspect that they are being paid less than the minimum rate established by the government can now voice their complaints via a hotline established by the port authority and the British Columbia transportation ministry. Today's announcement of Drayage ConfidenceLine is the latest attempt by port and...
End of P3 seen boosting Panama traffic The decision today by the world's three biggest container lines to scrap plans to implement the P3 Network this fall is likely to boost container traffic through the Panama Canal. Maersk Line said it had agreed with its partners, Mediterranean Shipping Co. and CMA CGM, to stop preparatory work on the...
Port of LA outperforms LB on vessel arrivals, berth times As larger ships bring bigger volumes to southern California, the Port of Los Angeles is outperforming Long Beach in terms of vessel arrivals and berth times, according to a recent CargoSmart newsletter. The LA-LB port complex has been increasing its share of container trade on the Pacific Coast of North America,...
Don't restart HOS debate without facts The timing could have hardly been worse. Two days after the U.S. trucking industry scored a rare Senate victory against last year's revision to truck driver hours of service rules, a tractor-trailer slammed into a limousine van on the New Jersey Turnpike, killing comic James McNair and badly injuring his...
UPS joins FedEx in shift to density pricing for ground packages The shift toward greater use of dimensional pricing in U.S. transportation is gaining momentum. UPS plans to start using dimensional weight to price ground shipments starting Dec. 29, a few days before FedEx Ground makes the shift Jan. 1. The shift toward dimensional pricing comes as e-commerce shipping volumes ramp up,...
Erstwhile P3 partners to keep pushing for efficiency The three carriers of the now-defunct P3 Network said today that they will continue to push for improvements in container shipping efficiency and quality of service despite the shocking news this morning that their proposed mega-alliance was rejected by Chinese antitrust authorities. China's Ministry of Commerce gave no reason for its...
P3 rejection a lifeline for smaller Asian carriers The rejection of the P3 shows how dominant the world's largest carriers were set to become if their proposed mega-alliance took effect. The reality was that P3 was going to make the three largest carriers very difficult to compete with. Their joint control of the largest ships would have put them...
European Shippers Council welcomes China's rejection of P3 alliance The European Shippers Council signaled its broad support for China's rejection of an application by Maersk Line, Mediterranean Shipping Co. and CMA CGM to join forces in the P3 Network. The ESC said it "understands" the decision of Chinese Ministry of Commerce as it "has already expressed its concern about the...
Tight capacity still driving U.S., Canadian trucking industry Spot market freight volumes, as measured by the DAT North American Freight Index, have started to normalize after a harsh winter that drove the index to new heights. The DAT North American Freight Index stood at 2,194 in May, 2.1 percent lower than it was in April. Even as freight declined...
Authorities seek to ease growing drayage tension at Vancouver Harbor trucking interests at Port Metro Vancouver are working with port and government transport officials to prevent driver unrest from escalating into another damaging strike at Canada's largest port. Tensions are increasing in the harbor drayage community because some trucking companies are not paying the wage hikes that were announced by...
Spain's Algeciras fastest-growing top 30 port in Q1 Algeciras posted the biggest increase in traffic among the world's top 30 container ports in the first quarter of the year, growing almost four times faster than China's 10 largest ports. The southern Spanish transshipment hub handled 1.15 million 20-foot-equivalent units in the first three months of 2014, an increase of...
P3 rejection sends European carriers, ports scrambling LONDON - Europe's major ocean carriers, ports and shippers are urgently rethinking their business strategies following the shocking news this morning that Chinese antitrust authorities had rejected an application by Maersk Line, Mediterranean Shipping Co. and CMA CGM to join forces in the P3 Network. Maersk reacted calmly to the unexpected...
Analysts: P3's rejection hurts Maersk China's rejection of the P3 Network is a blow to Maersk Line, which had expected the global container ship alliance to produce large savings, analysts say. Maersk Group's stock price fell about 7 percent after the announcement that China's Ministry of Commerce had rejected the P3 network of Maersk, Mediterranean Shipping...
P3 Network scrapped as China rejects application Maersk LineHONG KONG - In a stunning move that shook the container shipping industry today, Maersk Line, CMA CGM and Mediterranean Shipping Co. scrapped their proposed P3 Network after China's Ministry of Commerce rejected the vessel-sharing agreement. "The decision does come as a surprise to us, of course, as the partners...
German banks to unpack German banks are aiming to break apart syndicates that have financed multiple vessels as they seek flexibility in dealing with troubled loans, a leading restructuring lawyer said today.
LNG in the spotlight Wall Street forecasters are keeping a close eye on LNG stocks this week in the wake of reports that Russia will no longer allow its cash-strapped neighbour to purchase natural gas on credit.
JPM endorses DLPG An equity analyst at JP Morgan has initiated research coverage of Dorian LPG, a Connecticut-based owner of nearly two dozen very large gas carriers (VLGCs).
Capes slide further Capesize rates added a fifth successive day of declines and are now 17% down over the past week.
Shippers happy The organisation representing European cargo owners has backed China's blocking of the P3 boxship alliance.
Enough for now Croatian owner Atlantska Plovidba wants to extend an option for another ultramax in China.
"Lack of evidence" China has revealed members of the prospective P3 boxship alliance were still trying to win over its competition watchdog as late as 9 June.
Counting the cost Denmark's Sydbank believes Maersk Line will miss out on cost savings of $1bn after it abandoned its P3 Network plan.
Nordcap extends offering Oslo Axess listing hopeful Nordcap Offshore has delayed the closing of its IPO book.
Maersk "surprised" Maersk Line executives have expressed shock and disappointment after China blocked its P3 Network tie-up with MSC and CMA CGM.
Mortensen quits Norden Carsten Mortensen has quit as chief executive of Norden to take up the same post at BW Group.
P3 alliance abandoned Maersk, CMA CGM and MSC have dropped plans for their potentially game-changing P3 Network after China refused competition clearance.
Havila fixes for a year Norway's Havila Shipping has clinched a term deal for a platform supply vessel (PSV) with Maersk Oil.
Pappas charts Star's rise Petros Pappas has vowed to pursue further consolidation in the dry cargo market after creating the largest US listed bulker owner via the merger of Star Bulk and Oceanbulk.
Tanker crewman lost A crewman has been lost overboard and two more injured as heavy seas battered an aframax off South Africa.
Viking's Asian riches Viking Supply Ships has won a lucrative new deal in Asia for an anchor-handler.
New Gulf line mooted Abu Dhabi Ports Company (ADPC) wants to start a ferry service to major Gulf cities.
Sewol officer's sorrow The first mate of the sunken Sewol ferry has told a South Korean court that he left the ship because he thought the coast guard would rescue its passengers.
Jiangsu Rainbow inks five China's Jiangsu Rainbow Heavy Industries has sealed an order for up to five bulkers.
Hafnia books strong Q1 Hafnia Tankers has booked a 26% jump in net profit for the first three months of 2014 in its first full quarter as a public company.
Vallianz in new fundraiser Vallianz Holding is set to raise around SGD 52m ($42m) from the sale of 400m new shares, the company announced Tuesday.
Group launches campaign championing Highway Trust Fund The website and campaign, dubbed Transportation Makes America Work, is aimed at members of Congress, and will include infographics and sound bites about transportation's importance.
UPS to charge dimensional weight, follows FedEx In an anticipated move, UPS announced Tuesday it will shift to a dimensional-weight calculation on ground services Dec. 29, bringing UPS Ground in line with pricing for air services and ground shipments measuring more than three cubic feet.
Port of Philadelphia sees steady cargo rise In the first five months of the year, containers increased nearly 30 percent; breakbulk cargoes nearly 16 percent; ro/ro cargoes nearly 7 percent; and liquid bulk cargoes more than 5 percent, the port reported.
China decision sinks P3 The Chinese Ministry of Commerce will not approve the proposed P3 Network between Maersk Line, Mediterranean Shipping Co. and CMA CGM, scuttling the effort by the three carriers to move the vessel-sharing agreement forward.
May container volumes higher in Los Angeles, Long Beach Cargo container numbers edged up 2.7 percent last month at the Port of Long Beach, making for the Southern California seaport's busiest May since 2007. Los Angeles handled 689,141 TEU, an 8.2-percent increase over May 2013.
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