Cuba shift to buoy maritime sector US President Barack Obama's landmark decision to begin normalising relations with Cuba has major implications for the cruise, ferry, cargo vessel and port sectors. In a special address on 17 December, Obama announced "historic steps to chart a new course" with Cuba, conceding that "decades of US
Royal IHC launch Easydredge 2700 Royal IHC has successfully launched Easydredge 2700, the first vessel in its range of competitively priced standard trailing suction hopper dredgers (TSHD), it was announced yesterday. The launch took place at IHC's partner, MTG Dolphin shipyard in Varna, Bulgaria where "The construction of the
Scorpio shuffles the deck The Scorpio Group has pared its exposure to dry bulk and upped its bet on product tankers via a related-party newbuild swap. NYSE-listed Scorpio Bulkers announced on 17 December that it has reached agreement with yards to convert six of its Capesize bulker newbuild contracts into six LR2 product
2015 SECA brings windfall to tank cleaners New Year's Day sees the MARPOL Tier III Sulphur Emmission Control Area with its new 0.1%S fuel content limit come into force, which has had shipowners and exporters complain of extra costs. The ship cleaning service sector is set to do well out of the introduction on 1 January of the MARPOL Tier
Wärtsilä agrees L-3 MSI purchase Wärtsilä Ship Power has agreed a price of €285M ($355.67M) to buy L-3 Marine Systems International from its American parent L-3 Communications Holdings, a NYSE-listed company that specialises in communications and electronics systems and products. The deal is expected to be finalised in the
ICS changes position on BWMC The International Chamber of Shipping (ICS) has modified its stance towards the ratification by governments of the IMO Ballast Water Management Convention (BWMC), it said in a press release today. The Convention has still not yet entered into force having been adopted more than 10 years ago. The
BigRoll orders two more module carriers Dutch heavy lift operator BigRoll Shipping has taken up an option for two additional vessels from China's COSCO Dalian Shipyard. The company told IHS Maritime that the two vessels, which are for delivery in mid-2016 and early 2017, would be identical to the two vessels it already has under
'Lack of evidence' frees piracy suspects in Seychelles The recent run of challenges to piracy prosecutions continued on Friday when Seychelles Court of Appeal acquitted three Somalis because of a lack of evidence proving they were pirates. The court overturned the Supreme Court's sentences of 21 years imprisonment for two of the men and 14 years for a
'Overloaded' ferry sinks on Lake Tanganyika At least 132 people are now feared to have died following the sinking of the ferry Mutambala on Lake Tanganyika. On Monday, the Waterways Authority (RVF) of the Democratic Republic of Congo (DRC) stated that 129 bodies had been recovered, but others may still be trapped in the sunken vessel. The
Suez collision death toll rises to 17 The death toll from last Sunday's collision in Egypt's Gulf of Suez between a container ship and a fishing boat rose to 17 today after rescue teams retrieved four more bodies from the sunken fishing vessel. Eleven fishermen remain unaccounted for, however, according to Eygptian website Ahram
ITF video highlights continuing Black Sea maritime abuse This week the International Trade Workers' Federation (ITF) released a documentary film on YouTube, "Black Sea - Dark side of the Black Sea - Seafaring in Substandard Vessels", claiming serious human rights abuses aboard regional ships. The issues have been ongoing for many years, spurring the ITF
Australian iron ore exports drop Iron ore exports out of Port Hedland in Australia's Pilbara, the world's biggest iron ore port, dropped 1.6Bn tonnes in November, according to government data. The fall followed prices tumbling to a five-year low as Chinese demand for the steel-making commodity slumped. Ship visits were down by 19
NYK joins study on exhaust cleaning system Nippon Yusen Kabushiki Kaisha (NYK), Japan's second biggest shipping company has joined compatriot Monohakobi Technology Institute (MTI), and ship classification society ClassNK in a joint research project on exhaust gas cleaning system (EGCS). They are partnering Singapore-based Nanyang
Analysts recommend DSME Although the offshore platform and merchant vessel markets are likely to remain depressed, LNG carriers are catalysing orders for Korean shipbuilders. Given this, South Korea's third-biggest shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) has been chosen as a top pick, said an analyst in
China's soya bean imports up 13.7% China imported a total of 56.8M tonnes of soya beans from January to October this year, up 13.7% from the 50M tonnes in 2013, said Italian broker Banchero Costa in its recent report. Soya bean imports surged in 1Q14, recording a 33.2% increase year on year, and returned to mile growth in the
K-Sure provides $125M loan to Seajacks The Korea Trade Insurance Corporation (K-Sure), an export-import financial institution, has provided a $125M loan to UK-based Seajacks for a wind turbine installation vessel worth $250M that it has ordered from Samsung Heavy Industries (SHI). The vessel will be delivered in September 2015. Through
Coastal Contracts incorporates subsidiary in Singapore Malaysia-listed offshore support vessels (OSV) maker, Coastal Contracts has on 15 December incorporated a wholly owned subsidiary in Singapore known as Coastal Drilling (CD) with issued and paid up capital of SGD50,000 ($38,000). The newly incorporated company is registered under the Companies Act
TIPC, SIPG ink MoU Taiwan International Ports (TIPC) and Shanghai International Port Group (SIPG) signed a memorandum of understanding (MoU) on cross-strait logistics and trade co-operation on 5 December. The MoU aims to promote cross-strait trade and enhance logistics services for Taiwan's agricultural products.
Vard clinches contract to build OSCV Singapore-listed shipbuilder Vard Holdings has secured a contract for the design and construction of one Offshore Subsea Construction Vessel (OSCV) for Farstad Shipping. "We appreciate the long-term relationship we have with Farstad, and this co-operation has once again resulted in a new and
Uncertainties over CSSC-SSE's disposal deal Shanghai-listed CSSC Steel Structure Engineering (CSSC-SSE) faces uncertainties over sale of its entire stake in a subsidiary, which is meant to help the company return to profits for 2014. As of 15 December, the company has yet to receive the authorities' approval on the transfer of land use right
NewLead eyes expansion after settling with Ironridge Greek operator adds modern bitumen tankers to owned fleet
Star Bulk commits three newcastlemaxes to five-year 'partnership' with leading miner Newbuilding trio will each perform 45 Australia-China round trips
Rotterdam dockers unite in automation row Dutch dockers rally to voice concerns over potential loss of jobs due to new automated Maasvlakte 2 terminals
Scorpio swaps six capesize newbuildings for LR2 product tankers Swap reflects differing fortunes of dry bulkers and tankers
ICS makes second U-turn on ballast water rules Chamber shifts back to original position urging ratification of ballast water convention to bring it into force
What price bunkers? Next year, the price of fuel may well be uppermost in shipowners' thoughts
Greek banks still back national shipping Hellenic Shipping Association honours Lunde
Habben Jansen: new orders are 'not unlikely' from second-half 2015 Fuel price is the X-factor when it comes to investing in ships, says Hapag-Lloyd chief
Harim's high bid for Pan Ocean ruffles investors' feathers Poultry group sees share-price plunge after bidding $968m for restructured dry bulk firm
Pick your winners in the 2015 Containerisation International awards Celebrating box excellence at a London ceremony in June
ECT president steps down Westerhoud leaves Rotterdam terminal operator after 10 years in charge
VLCC spot earnings rise $10,000 to $94,000 a day Six-figure daily earnings on the Middle East-Asia trade are ever more likely
Reality check as MOL sticks with VLCC streamlining strategy Japanese tanker owner ignores spot market spikes to pursue longer charter contracts and cut its fleet
LA-LB container volume slips on congestion, alleged job actions Terminal congestion and alleged job actions by the International Longshore and Warehouse Union pulled down Los Angeles-Long Beach container volume by 1 percent on a year-over-year basis in November, according to statistics released by the ports. At the same time, East Coast ports have been announcing strong growth, due in part...
Charleston's November volume rises 8 percent Throughput at the port of Charleston rose 8 percent year-over-year in November. Ful size chart Container volume through the Port of Charleston last month rose 8 percent from November 2013 as the South Carolina Port Authority recorded across-the-board increases in cargo volume. Last month's volume reached 144,218 twenty-foot-equivalent units. Volume since the July...
Amid discord, ILWU, PMA to restart direct talks Negotiators for the International Longshore and Warehouse Union and the Pacific Maritime Association will resume direct negotiations on Thursday, even as they disagree over the current state of the contract talks. The PMA stated today that rumors about the two sides being close to achieving a tentative agreement are untrue. "Even...
Alabama port posts record cargo, revenue Container volume handled by the Alabama State Port Authority rose 10 percent year-over-year in the fiscal year ended Sept. 30, helping the authority post record revenue. The Port of Mobile handled 237,266 twenty-foot-equivalent units during the 12-month period and anticipates further growth. The port authority recently acquired property and has been...
DP World Mundra terminal surpasses 1 million TEU mark DP World's Indian facility, Mundra International Container Terminal, said it broke the one-million-TEU mark for the first time in its fiscal year that ends Dec. 30. MICT, which began operations in 2003, has capacity of 1.1 million TEUs a year. The strong growth could be partly tied to diversions from Nhava Sheva driven...
Spot rates skyrocket with December GRIs Drewry's benchmark spot rate from Hong Kong to Los Angeles rose 39.5 percent this week. Full size chart Spot rates in the eastbound trans-Pacific responded to carrier rate increase attempts by jumping about 40 percent this week, Drewry Maritime Research said. Drewry's benchmark spot rate from Hong Kong to Los Angeles rose 39.5...
TSA makes Jan. 15 GRI, peak surcharge official Another set of historic rate increases are on tap for the trans-Pacific, as the 15 members of the Transpacific Stabilization Agreement announced hikes totaling $1,000 per FEU. The rate hikes come in the form of a combined general rate increase and peak season surcharge. The $600 per 40-foot container and $400...
Diversified US truckload operator Dart raises pay for drivers Truckload operator The Dart Network is raising pay for its company drivers and owner-operators, joining a growing legion of carriers boosting pay to attract truck drivers. The parent of Dart Transit Company and Dart Intermodal said it is raising driver pay by 2 cents to 10 cents per mile, with an...
Japan's trade surplus with US surges 20.4 percent Japan's trade surplus with the United States expanded by a whopping 20.4 percent in November on a year-on-year basis, as exports grew relatively strongly while imports fell, according to preliminary trade figures released by the Japanese Finance Ministry on Wednesday. Japan's exports to the U.S. rose for the third straight month...
World Shipping Council chief Koch to retire in spring World Shipping Council President and CEO Chris Koch in late July will hand over the reins of the trade group representing major container lines. John Butler, WSC senior vice president and general counsel, will take over the group - whose members control 90 percent of global container capacity - on July 31....
Alliances boosting capacity on Asia-Med trade, risking market share battle The launch of the 2M and 03 alliances in the New Year will boost capacity on the Far East-Mediterranean route by about 19 percent, triggering a battle for market share that could result in fresh rate reductions, according to Alphaliner. The seven alliance carriers will control 68 percent of total capacity...
FedEx profits rise ahead of rate hikes, dimensional pricing roll out Rising volumes propelled FedEx profit up 23 percent year-over-year to $616 million in its second quarter ended Nov. 30, the second-largest U.S. transport operator reported today. FedEx earnings and revenue, while higher than a year ago, fell short of analysts expectations, despite strong growth in FedEx Express, Freight and Ground domestic...
CSX opens $100 million intermodal terminal in Montreal area Montreal area shippers will now have improved access to the intermodal network of CSX Transportation after the railroad opened a $100 million terminal near Montreal at Salaberry-de-Valleyfield, Quebec. The 83-acre facility, the railroad's first intermodal terminal in Canada, will tap steadily growing cross-border trade between the North American Free Trade Agreement...
Maersk to combine India-US East Coast Services Maersk Line is merging its MECL1 and MECL2 services connecting the Middle East, India and the U.S. East Coast into a single weekly loop, beginning in mid-January 2015. In a customer advisory, the carrier said the merged service, rebranded the MECL, will include a new eastbound call at Salalah, Oman. The MECL...
New APMT Rotterdam terminal will have zero-emission footprint APM Terminals said one its nw Rotterdam terminals will be the first in the world to have a zero-emission footprint, thanks to a two-year contract to buy wind-generated electricity. The two-year, $6.2 million contract with NV Nuon Energy to power APMT's new Maasvlakte II terminal takes effect Jan. 1. Maasvlakte II...
India's ports left playing catch up as ship sizes grow HONG KONG - The largest container ship handled by an Indian port was the 14,000 TEU capacity vessel MSC Valeria at Mundra in 2013, a record that has little chance of being broken any time soon. India's infrastructure shortcomings are nothing new, but the snail's pace of investment in the nation's...
Kirby slashes guidance Kirby Corporation made waves on Wall Street Wednesday afternoon after taking a red pen to its fourth-quarter earnings forecast.
Dressed to impress Day rates for VLCCs trading in the spot market are closing in on a high that has not been seen in over five years.
SALT flunks taste test Shares of Scorpio Bulkers started to lose traction Wednesday after announcing plans to sell up to six newbuilding contracts to Scorpio Tankers.
Zim charts new course Zim is getting ready to embark on a campaign aimed at ensuring its longevity in the wake of a massive financial overhaul.
TEU takes off Greek containership owner Box Ships has emerged victorious in a race to shore up its balance sheet by overhauling a series of commercial loans with contentious covenants.
Veteran runs aground A cruise vessel ran aground in the Philippines as it was on its way to be scrapped last Friday.
Hitch for BSC Bangladesh's planning commission has knocked back a plan for state owner Bangladesh Shipping Corporation (BSC) to buy six ships.
Merger falling from menu? DNB Markets has dialled down expectations of a merger between John Fredriksen's Frontline and Frontline 2012.
Star Bulk charters trio Star Bulk Carriers has secured employment for three of its Newcastlemaxes under construction in China.
STNG fixes six Scorpio Tankers revealed details on Wednesday of charters for six newly delivered ships.
Scorpio switches from dry to wet The Scorpio group has converted six capesize newbuilding contracts into LR2 tankers, while selling three older ships.
Fredriksen gets two thirds John Fredriksen has taken his stake in Flex LNG past two thirds on a day that two major investors surrendered their stock in the LNG carrier owner.
Crewman injured A seafarer has been severely injured by a snapped line as a ro-pax broke its moorings in a storm.
Two held over collision A captain and first officer have been detained by Egyptian authorities after their containership collided with a fishing vessel, claiming the lives of at least 15 so far.
Ferry action halted A Scottish ferry strike has been suspended after mates and bosses agreed to enter arbitration talks.
Aratere out of action A problem-plagued New Zealand ro-pax has suffered a new fault just months after returning from extensive repairs in Singapore.
Settlement welcomed NewLead Holdings is feeling more comfortable after it reached a full and final settlement with US fund Ironridge in a share spat.
Unhappy new year for capes An acceleration in fleet growth will contribute to a 10% fall in capesize income in 2015, Credit-Suisse believes.
Crewman charged A crewman has been charged with theft while working on a Holland America cruiseship in the US.
Bank backs Navios Midstream Credit-Suisse has kicked off coverage of shipping's latest MLP, Navios Maritime Midstream Partners, with a positive view on the company.
Pan Ocean confirms sale South Korea's Pan Ocean has confirmed chicken processor Harim has been selected as the preferred bidder for its fleet.
Brazilian boost Glander International Bunkering is expanding its Brazilian business by recruiting ex-OW Bunker staff.
Subsea 7 wins Hess work Oslo-listed offshore vessel giant Subsea 7 has clinched a new contract with Hess for work in the US Gulf.
SBM renews funding SBM Offshore, the Dutch FPSO specialist, said Wednesday that it had secured a new $1bn revolving credit facility.
Jefferies suffers OW loss Jefferies, the US investment bank, has made provisions of $52m related to debts incurred by the now bankrupt OW Bunker.
Nordic seals Indo job Nordic Maritime has been awarded the contract to provide 2D seismic survey work in Indonesia by MultiClient Geophysical.
Farstad back at Vard Vard Holdings has secured a newbuilding contract from Farstad Shipping for an offshore subsea construction vessel (OSCV).
Moody's lifts US ports Moody's has changed its outlook for the US ports to stable from negative as container volumes continue to recover.
Mercuria hires 40 Mercuria, the Swiss energy and commodities group, has confirmed that it has hired more than 40 ex-OW Bunker staff.
Orient Overseas (International) Limited (OOIL), the subsidiary of the Chinese shipping group COSCO Shipping Holdings that operates containerized maritime transport services with ...
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