BIMCO urges caution on bulker speeds despite bunker price fall Operators of dry bulk carriers should think carefully before increasing the speed of their ship despite cheaper bunkers, a leading shipping analyst has said. As bunker fuel costs have come down from $600/tonne to $330/tonne in the past six months, much talk about increased ship speeds has surfaced.
Teekay buying spree continues NYSE-listed Teekay Tankers has acquired five Aframaxes just three days after its Oslo-listed sibling Tanker Investments Ltd bought six Suezmaxes. Teekay Tankers announced today that it will pay approximately $230M in aggregate for the quintet, four of which are coated. The vessels were built in
Jack-up unit delivered to NDC Shuwehat, a Super 116E jack-up drilling unit, has been delivered safely and on schedule to Abu Dhabi's National Drilling Company (NDC), the rig's builder Lamprell announced today. The naming ceremony was held at Lamprell's Hamriyah facility in the United Arab Emirates earlier today and the rig is
India set for new goods and services tax On Wednesday, the Indian cabinet approved the Constitutional Amendment Bill that will allow for the proposed implementation of a new goods and services tax (GST). Introduction of this tax is aimed at unifying India into a common market by replacing a range of levies that are currently collected by
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
CMB not to make container line comeback Belgium's CMB group told IHS Maritime today (18 December) that it had no intention of returning to regular container line operations. This follows its acquisition of the fleet of containerships operated by Delphis, a company owned by the Savery family-controlled holding company, Saverco, which is
CMA CGM assets under threat in Syria Assets held in Syria by the French container line operator CMA CGM could be under threat following a recent ruling by the appeal court in Damascus. The judgement, ordering chairman Jacques Saadé to pay his brother, Johnny, more than €500M, is the latest development in their long-running legal
Remote control cranes lift Dammam's capacity With the arrival last week of three automated quay cranes, Dammam Container Port (DCP), Saudi Arabia, is on course to accommodate container ships of up to 14,000teu capacity. DCP is part of King Abdul Aziz Port and is operated by Hutchison Port Holdings subsidiary International Ports Services (IPS).
Lower orders for South Korean shipbuilders predicted in 2015 Factors such as the sluggish shipping market and falling oil prices will mean lower order levels for South Korean shipbuilders in 2015, predicts Yang Jong-Seo, a senior research fellow at South Korea's EXIM Bank's Overseas Economic Research Institute. Commenting, Mr Jong-Seo, said, "Global
Shanghai Bestway, Shanghai Shipping to set up financial leasing company Shanghai Bestway Marine Engineering Design and the Shanghai Shipping Exchange have announced plans to team up with six other Chinese companies to set up a financial leasing company with registered capital of CNY1Bn ($163M). Shanghai Bestway will use its own funds to invest CNY60M in the new
Petra Energy to sell 51% stake in Bumi Subsea Malaysia-listed integrated brownfield services provider Petra Energy has proposed the sale of its entire 51% equity interest in Bumi Subsea for MYR430,912 ($123,900). The proposed shares sales agreement comprises 312,245 ordinary shares of MYR1 each in the offshore engineering services provider
MH370 search could be completed by May 2015 Australian authorities have announced that the search for missing Malaysian passenger aircraft MH370 will continue throughout Christmas and New Year, with the aim of completing the priority area by May 2015. However, search operations have again been hampered by technical problems, with two of the
U-Ming revenue up 26.47% Taiwan-based bulk carrier U-Ming Marine posted revenue of TWD$8.36Bn ($267M) for the period from January to November this year, up 26.47% from TWD$6.61Bn in 2013. The company recorded revenue of TWD$779M in November, 1.66% lower than the previous year, but still 1.43% higher than this October.
DFII raises $159M in US market Dong Fang International Investment (DFII), a container trading subsidiary of China Shipping Group, has raised a total of $159M in the US market. "Leveraging from the first issuance of asset based securities in September 2013, DFII has successfully issued a secured container asset based notes (ABS)
HHI workers hold third strike The labour union of Hyundai HI (HHI) went on a third strike yesterday at HHI's shipyard in Ulsan as they failed to reach an agreement with the management for collective wage negotiations. According to the world largest shipbuilder, the number of workers that staged the partial strike for seven
Nordic Maritime secures Indonesian survey job Singapore-headquartered offshore services operator Nordic Maritime has secured a contract to provide 2D seismic survey work in Indonesia for MultiClient Geophysical (MCG). "We are delighted to announce this new contract from MCG just before the end of the 2014 for our vessel, S/V Nordic Bahari.
Costa Rica approves APM Terminals construction at Limón Port operator secures an environmental permit to build $1bn box hub
So near, and yet so far: VLCC earnings just miss $100,000 a day Middle East-Asia trade settles at $93,865 per day
Cheniere strikes a deal to sell LNG from Corpus Christi to Portugal Deal over 20 years has 10-year extension option
Marinakis steps aside for Lazaridis at Capital Product Shipowner will continue to support growing Nasdaq-listed partnership
Dynagas to hop from Nasdaq to NYSE Partnership seeks better 'investor access'
US east coast ports grow faster than their west coast rivals Monthly container volumes continue to surge in Virginia and Charleston
Chinese recycling yards seek European approval Application comes before Brussels' new scrapping regulations take effect
Zim unveils a more streamlined approach Shipping line creates eight global functions to standardise its processes
Shipping bodies urge the international community to stop boat migrants ICS and IMO condemn human trafficking as crew are forced to rescue refugees in open sea
GasLog secures maiden employment for Saratoga New LNG carrier will perform a voyage for an unnamed charterer
Box Ships predicts an improving market for containers US-listed owner of nine ships successfully completes loan amendments
Product tankers end the year on a high Medium range tankers earn around $30,000s per day and long range tonnage is steady
Daily VLCC spot market earnings hit $97,500 As four more vessels become unavailable, will this week 's charter rate hit $100,000 a day?
WSC's Koch to step down next summer Chris Koch to be replaced by current by current senior president and general counsel John Butler
Why Obama hasn't rushed to rescue US West Coast ports As retailers sweat their post-holiday restocking and watch their profit margins shrink amid rising costs of U.S. West Coast port congestion, a common refrain is heard: Why isn't President Obama stepping in? Shippers, ports and members of Congress have bombarded the White House with letters pleading for the president to send...
Viskhapatnam container terminal to double capacity Capacity at a container terminal at Viskhapatnam Port, a major state-owned cargo hub on India's southeastern coast, is set to double to 1 million TEUs annually after a consortium signed a Rs. 633.11 crore (US $102 million) construction contract. The consortium - comprising DP World and Mumbai-based J.M. Baxi Group -...
US ports see opportunities for Cuba trade U.S. Gulf and South Atlantic ports see the thawing of Cold War restrictions on United States trade with Cuba trade as a potential new market - or a revival of an old one. 'It's a big step in the right direction," said James K. Lyons, CEO at the Alabama State Port...
Optimism, and questions, about US-Cuba shipping WASHINGTON - When shipping executive Jay Brickman headed to Miami International Airport early Wednesday for his 50-minute charter flight to Havana, he had no idea President Obama was about to publicly end half a century of U.S. hostility toward Cuba. By the time Brickman had boarded his plane, the whole...
Cass truckload pricing index rose 6.7 percent in November Strong industrial production and unprecedented levels of port congestion translated to higher truckload linehaul rates in November, pushing the Cass Truckload Linehaul Index up 6.7 percent year-over-year. The Cass Intermodal Price Index rose 3.1 percent year-over-year. The increase in the pricing indices for November follows a 4.2 percent year-over-year increase in...
Fatigue and hours: A driver's perspective Amid all the hysteria about the amendment to the U.S. spending bill that will change the 34-hour restart provision in the U.S. truck driver hours of service rules, a few critical facts have not been widely discussed or made available to the general public. They are: 1. A 34-hour restart...
Global carrier reliability improves, trans-Pacific reliability worsens, SeaIntel says Although carrier reliability globally in November was the best so far this year, carriers operating on the trans-Pacific eastbound lane saw reliability worsen, as timeliness sank to 53.6 percent for the month, new data from SeaIntel shows. Carrier reliability globally jumped to 76 percent in November, up from October's global percentage...
US maritime regulator affirms ruling against Maher in NY-NJ case The U.S. Federal Maritime Commission has rejected Maher Terminals' claim that Port Authority of New York and New Jersey acted illegally in granting a more favorable lease to adjacent APM Terminals. The commission upheld a decision by a FMC administrative law judge who ruled that the port authority did not violate...
African inland infrastructure woes cost shippers dearly Railworkers built rail line in Mozambique. Photo courtesy of the African Development Bank.Africa's inland freight network is so troubled that it costs roughly seven times more to ship a container from Mombasa, Kenya, to Burundi, in central Africa, than to ship a container from Shanghai to the major Kenyan gateway,...
Port congestion's latest victims: Asia-bound Christmas trees Holiday shoppers in Asia will have to deal with a little less Christmas cheer this year, as trans-Pacific shipments of Christmas trees from the U.S. Pacific Northwest are the latest casualty of West Coast port congestion. Because of port delays at origin, containers carrying Christmas trees from Washington state and Oregon...
DP World shareholders back London de-listing, purchase of Jebel Ali complex DP World's shareholders today backed the Dubai-based global terminal operator's plan to delist its shares on the London stock exchange on the basis that they are too thinly traded there. Shareholders also supported the $2.6 billion acquisition of Economic Zone World, a logistics and industrial complex adjoining DP World's flagship Jebel...
Solid trade drives up China Merchants 2014 volumes HONG KONG - China Merchants (Holdings) International (CMHI) reported double-digit growth in throughput from January through November, continuing the strong increase in international trade that also drove up volumes at rival port operator Cosco Pacific. Since Jan. 1, more than 73 million 20-foot containers have crossed CMHI's busy wharves that stretch...
Maersk to focus on robust Southeast Asia trade, new regional head says HONG KONG - Strong growth in the Southeast Asia container trades will be a key focus for Maersk Line's new Asia-Pacific chief executive Lars Mikael Jensen, who was appointed regional head in September. "Globally, we expect 3 to 5 percent growth in trade - still stable, but a far cry from...
Concern growing over Manila holiday congestion HONG KONG - Manila's efforts to clear the backlog of containers congesting the port are being threatened by the Christmas and New Year holidays that the Philippine Ports Authority fears could bring the yard utilisation back to congestion levels. The PPA said the 10-day holiday from Dec. 24-28 and from...
US West Coast port congestion costs FedEx business FedEx was forced to turn away freight because of slowdowns at West Coast ports, a reminder of how port congestion is hurting the bottom lines of not just shippers but also the inland transportation providers they depend on. "The slowdown in the West Coast ports has been a much bigger deal...
Court rules ILWU engaged in unlawful work slowdowns in 2012-13 A U.S. District Court in Oregon ruled that the International Longshore and Warehouse in 2012-13 engaged in unlawful work slowdowns and stoppages at Terminal 6 at the Port of Portland. The ruling, if upheld, is significant because it could expose the ILWU international in San Francisco and its locals in Oregon...
TNK hatches fundraiser Teekay Tankers (Teekay) has turned to the capital markets for cash to finance the freshly-minted acquisition of five aframaxes.
Navios seeks period deals Navios Maritime Acquisition Corp has lined up period deals for two of its youngest medium-range product tankers.
Trafigura locks in LR1 Nordic Shipholding of Denmark has lined up what appears to be a lucrative fixture for its lone long-range-one (LR1) product tanker.
How low can you go? Freight rates for capesize bulkers continued to slide Thursday but some believe levels are about to bottom out since owners are growing increasingly reluctant to seal spot fixtures.
Pasha pulls loan app It appears that another Jones Act operator has withdrawn an application for loan guarantees linked to the US government's Title XI programme.
Iran exports more Easing of Western sanctions has seen Iran export 38% more oil to India in the first 11 months of 2014.
UDSC in the black Ukrainian Danube Shipping Company (UDSC) has posted a profit in the third quarter as revenue improved.
Cecon fixes funds Norwegian offshore owner Cecon has found new funding for its third newbuilding after filing for protection from creditors.
Teekay Tankers snaps up five Quoted tanker owner acquires modern aframaxe fleet in a move worth over $200m.
Marinakis makes way Evangelos Marinakis has stepped down as chairman of Capital Product Partners in a move which sees former chief executive Ioannis Lazaridis return to the company.
Havyard wins order Havyard Ship Technology has secured a contract to construct a new vessel at its Leirvik shipyard, it was revealed today.
Slow steaming should stay Crashing bunker bills have not eliminated the merits of slow steaming in a dry cargo market suffering from 25% oversupply, BIMCO says.
Swedish Club set for profit The Swedish Club has added an AM Best rating of 'A-' to its underwriting armoury as the marine insurance renewal season gets underway.
Worker dies on cape A Spanish docker has died in the cargo hold of a bulker in Spain.
Roast not too dry Dry cargo brokers at EA Gibson have cooked up a storm in a Christmas fund-riasing effort for disadvantaged children.
Danske picks out Avance Avance Gas is the sole shipping company picked out by Danske Bank among its top five stock selections for 2015.
Fredriksen gets more Kawasaki Kisen Kaisha (K Line) has become the latest shareholder to cash out from Flex LNG, giving John Fredriksen a bigger stake in the company.
Volga profit rises Russian owner Volga Shipping has posted improved nine-month profit as revenue grew.
Piraeus Bank buys in Piraeus Bank has boosted its stake in Greece's Anek Lines after taking over Sea Star Capital's holding in the company.
Room for improvement The London Steam-Ship Owners' Mutual Insurance Association has received a 'BBB' rating and a mixed report in a first interactive assessment by Standard & Poor's (S&P).
IHB selling cargoship Industrial Holding Bulgaria (IHB) is offloading a modern multipurpose vessel built at its own Varna shipyard.
Bestway into finance Shanghai Bestway Marine Engineering Design is entering the finance arena in a CNY 1bn ($161m) deal.
Widow escapes jail The widow of the owner of the South Korean ferry Sewol has received an 18-month suspended jail term for embezzlement.
Ocean Yield sells veteran Norway's Ocean Yield has sold its sole seismic vessel for $8.2m, marking the company's exit from survey operations.
Fredriksen buys again John Fredriksen's private Geveran Trading has snapped up more Golden Ocean bonds in a $10.2m deal.
Nordic Yards targets Brazil Russian-owned Nordic Yards is planning a new shipyard in Brazil.
Kalborg joins Dorian US-listed Dorian LPG has picked Tufton Oceanic Group founder Ted Kalborg to join its board of directors.
Kuok adds bulker Robert Kuok's Pacific Carriers has reportedly ordered a second handysize at Shimanami Shipbuilding in Japan.
Titan salvages Smart bow Titan Salvage has refloated and scuttled the largest section of a capesize bulker that went aground off South Africa over a year ago.
TOO seals Brazil contract Teekay Offshore Partners (TOO) has secured a contract to supply an FPSO for work in waters off Brazil.
Fafalios faces jail time The chief engineer of a Greek bulker has been found guilty of oil pollution related offences by a federal jury in New Orleans.
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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