Star Bulk grows to mighty oak among US-listed owners With acquisition of Excel fleet, Greece-based owner may offer enhanced market play
Container industry faces several more years of oversupply, warns Maersk's Andersen Danish line unlikely to order more tonnage before 2017 and rules out acquisitions despite strong profits
Star Bulk takes over Excel fleet Deal funded through Oaktree and Angelo Gordon loan
Hanjin Shipping achieves nearly 80% of restructuring target But repayment pressure is still high for loss-making carrier
Navios Acquisition posts loss for second quarter Owner hails 32% leap in revenues as fleet expands
UPDATE: Maersk says 2M will not require approval in China or Europe Simpler vessel sharing agreement only needs US clearance, Nils Andersen confirms as line posts better-than-expected profits
Owners face tougher insurance stipulations for Arctic routes Lack of data complicates risk pricing, Marsh warns
APM Terminals sees double-digit profit growth New Maasvlakte terminal not expected to impact accounts
SCI denies planning to exit box business as profits slip India's largest shipping company says it would only consider quitting certain services
Boxship numbers shrink Tally of vessels afloat could fall for first time in 20 years as average size of newbuilds rises
StealthGas warns on second-quarter profit Analyst sees move to bigger LPG carriers as 'positive development'
TSA plans $600 hike from September Transpacific lines to push rates up again claiming that lines are struggling to return profits
Cosco International upbeat after strong first-half results Shipping services arm of Cosco Group supported by increased commission income
Bergen Group offloads shipbuilding division Noryards joint venture sold to Ukrainian business partner Calexco
Terminal and liner divisions drive up Maersk profits Boxline efficiency drive helps overcome freight rate challenges
Maersk Line cautiously optimistic Maersk Line has forecast that container volumes will continue to grow, but that it is unlikely to need new capacity until at least 2017. It has also warned that the industry cannot sustain any fall in freight rates. The company has so far taken delivery of 10 of the 18,400teu Triple-E ships it has
Bergen Group exists shipbuilding Bergen Group, the listed Norwegian offshore and maritime services group, has exited shipbuilding by selling its 30% share in NorYards for $4M. The buyer is the Ukrainian Zaliv group, to whom Bergen sold controlling interest in its former shipbuilding division in two tranches. In July 2013, Bergen
India moves to enact new admirality law India has started work on enacting a new admiralty law called the Admiralty (Jurisdiction and Settlement of Maritime Claims). This seeks to consolidate and amend the laws relating to the Admiralty Jurisdiction of Courts, legal proceedings in connection with vessels, their arrest, detention and sale.
DSME secures BoCom boxship pair Daewoo Shipbuilding & Marine Engineering (DSME) has secured an order for two more very large containerships from China's Bank of Communications Financial Leasing Co (BoCom). The two 19,000teu vessels are scheduled for delivery in 2016 and bring BoCom's total on order at the yard to five. The
Star Bulk emerges as sector giant NASDAQ-listed Star Bulk has announced the acquisition of 34 bulkers from Excel Maritime, making it by far the largest US-listed dry bulk company. The vessels - six Capes, 14 Kamsarmaxes, 12 Panamaxes and two Handymaxes - will be paid for with 29.917M Star Bulk shares and $288.39M in cash - equating
Jiangsu Hongqiang wins Navibulgar bulker sextet Chinese shipbuilder Jiangsu Hongqiang Marine Heavy Industry has won an order for up to six eco-friendly handysize bulkers from Bulgarian owner Navigation Maritime Bulgare (Navibulgar). The four firm 42,300dwt vessels will have an overall length of 185m, beam of 31m and will be Finnish designed by
North P&I Club issues Ebola information sheet The north of England P&I Association has published an information sheet to help its members cope with the Ebola virus outbreak in west Africa. The quick reference factsheet (Ebola Virus Disease Information Sheet) includes a summary of the advice from the World Health Organisation (WHO) and other
Honghua wins orders for ten vessels Chinese shipbuilder Honghua Offshore Oil & Gas Equipment has won an order for up to four semi-submersible drilling rigs from Orion Engineering and an order for six oil tankers from Korean company UDIN Engineering. Orion has ordered one European designed rig at a cost of about $320M and has options
Australia politician rails against China in port dispute The Australian government today distanced itself from comments made by mining magnate and politician Clive Palmer alleging unfair dealings on the part of Chinese state-owned company CITIC Pacific. Palmer has been embroiled in legal battles with CITIC over mining royalties and port control in the
Dae Sun secures two pairs of boxships Dae Sun Shipbuilding & Engineering has secured an order from an unknown Hong Kong based owner for two containerships and a second order for two from compatriot owner Nam Sung Shipping. All four will be 1,000teu eco-friendly vessels with optimised fuel consumption. An exact delivery schedule has not
Ningbo's shipping fund ambition frustrated Ningbo Ocean Industry Fund Management, a government-backed shipping fund manager, has been unable to achieve its multibillion yuan fund-raising ambition due to the persistent shipping recession. The Ningbo-based company, with a registered capital of CNY60M ($10M) and set up in November 2011,
Marco Polo Marine shares trade at discount Singapore-listed marine logistics company, Marco Polo Marine (MPM)'s shares are trading at 30% discount to book, according to Lee Yue Jer, offshore and marine analyst from DMG & Partners. He sets a target price of SGD0.65 ($0.52) per share, while the company's stocks currently traded around SGD0.35
DSME's slow improvement to continue Daewoo Shipbuilding & Marine Engineering (DSME) will show weaker-than-expected earnings improvement into 2015, said Daishin Securities' analyst Feynman Jeon in a research note. In 2Q14, South Korea's third-biggest shipbuilder's profits plunged by 85% year on year to KRW7.6Bn ($7.4M). DSME posted
Maersk Line raises 2014 forecast Maersk Line the container shipping unit in A.P. Moller-Maersk (APM) group of Copenhagen, has raised its full year profit forecast on strong 1H14. "Maersk Line revises its expected result from being above 2013 ($1.5Bn) to being significantly above the 2013 result following a strong financial
Icon Offshore, Zell form OSV JV Malaysia-listed offshore marine service provider Icon Offshore has formed a joint venture with Zell Transportation for the provision of offshore support vessels (OSV) to service contracts and operations in Brunei. The JV was signed by Icon Fleet, a wholly owned subsidiary of Icon Offshore, and will
KSS Line orders VLGC South Korean specialised LPG and chemical shipping company KSS Line today said that it has ordered a very large gas carrier. Company officials told IHS Maritime that the 84,000m3 VLGC was ordered at Hyundai Heavy Industries for a price of KRW79,380,600,000 ($77.9M). The ship would be delivered by 30
Unclear future for HHIC If South Korean shipbuilder Hanjin Heavy Industries & Construction (HHIC) is unable to overcome its weak operating profits and high interest costs, losses are likely to continue, said Samsung Securities in a research note. The mid-sized shipbuilder's 2Q14 loss grew to KRW88.8Bn ($86M) from a
COSCO International half-year profit up Hong Kong-listed COSCO International Holdings, a shipping service unit of Cosco Group, said today that its profits had gained 45% year on year to HKD$190M ($24.5M) in the first half of 2014 due to surge of finance income and ship trading commissions. Revenues also rose 6% y/y to HKD$4.7Bn, a stock
July container volumes up at Tacoma, down at Seattle Double-digit year-over-year changes for the Puget Sound ports: up for Tacoma, down for Seattle. Full-size chart Two ports on the Puget Sound, separated by less than 40 miles, saw very different results in container volumes in July. The ports of Tacoma and Seattle each reported July volume totals this week, and while Tacoma...
After tumultuous first half, US truck rates are poised to rise Supply chain disruptions caused by extreme winter weather set the stage for truck rate hikes that pushed transportation costs higher in the first half of 2014, and on through July. After the strongest first half for truck pricing since the end of the recession, shippers are poised for a costlier peak...
Anti-Israeli protest morphs into ILWU action at Oakland The SSA Marine terminal at the Port of Oakland remained closed Tuesday because longshoremen refused to report to their jobs, even though the anti-Israel demonstrators who had blocked entrance to the facility on Sunday were long gone. Meanwhile, three additional vessels have docked at the terminal, so the Zim Integrated Shipping...
Companies urged to reassess sourcing as manufacturing costs shift Ten years ago, some might not have believed Brazil could become one of the highest-cost countries for manufacturing, or that Mexico could be cheaper than China. But, according to a new report released today by The Boston Consulting Group, traditional views of where low-cost and high-cost manufacturing regions are located...
Canadian ports group head stresses need for infrastructure projects The Association of Canadian Port Authorities is warning Canadian policymakers that inadequate development of port infrastructure could hinder the country from taking full advantage of its growing international trade. Comments in a column written by ACPA President Wendy Zatylny, contributed to The Globe and Mail, touched on the country's recent expansion...
Port of Virginia reports $17 million loss in fiscal year The Port of Virginia's operating loss expanded to more than $17 million for the fiscal year that ended June 30. The port noted that although revenue for the 2013-14 fiscal year increased 12.6 percent to $396.8 million, its operating loss grew 9.4 percent to $17.1 million. The port reported a loss...
2M needs no approval from China, Maersk says Maersk Line and Mediterranean Shipping Co. do not require regulatory approval from China for their proposed "2M" vessel sharing agreement on the east-west trades, Maersk Line said today. Taking Stock of "2M" [Infographic]Since the agreement is only a vessel-sharing agreement and not a full-fledged alliance with its own joint vessel...
Shippers increasingly opening distribution centers near intermodal hubs Distribution centers and manufacturing plants are increasingly springing up around U.S. intermodal terminals, as shippers aim to reduce drayage costs and overall tightening truck capacity fuels intermodal volume growth. Estimates are now that as much as a third of all new U.S. distribution centers are located near an intermodal rail...
FMC to hold US East and West Coast port congestion forums WASHINGTON - The U.S. Federal Maritime Commission is moving forward in a fledgling effort to reduce long truck wait times at some ports in the U.S. by holding a forum in Southern California next month and another in Baltimore in the fall. FMC Chairman Mario Cordero will moderate the Sept. 15...
JOC Inland Distribution Conference Confirms Key Industry Speakers NEWARK, N.J., Aug. 18 - An expanded program for JOC Group Inc.'s 2014 JOC Inland Distribution Conference contains more shipper-focused case studies, interactive Q&A sessions with industry leaders and keynotes by influential decision-makers, such as YRC Worldwide CEO James Welch. Speakers will address strategic initiatives and such critical topics as...
Cargo moves to East Coast, crimping LA-Long Beach volumes Container volumes in Los Angeles-Long Beach were flat in July as uncertainty about the International Longshore and Warehouse Union contract negotiations resulted in cargo diversion to East Coast ports. The Port of Los Angeles reported a year-over-year increase of 0.25 percent in total containerized imports and exports. Imports declined 1.98 percent,...
PORT OF LONGVIEW C.E.O. NAMED TO STATE BOARD Longview, WA- Gov. Jay Inslee appointed Geir-Eilif Kalhagen, Chief Executive Officer of the Port of Longview, to the Washington State Freight Mobility Strategic Investment Board on July 11, 2014. Kalhagen, the Port of Longview's CEO since September 2012, will serve as FMSIB's Port Districts representative until June 30, 2018. He replaces FMSIB...
Forbes Ranks Agility No. 65 of Top 500 Companies in Arab World KUWAIT- August 13, 2014 - Agility, a leading global logistics provider, ranks No. 65 on Forbes' recently released 2014 Top 500 Companies in the Arab World and comes in at No. 2 in the magazine's 15-company Transport sector. "The Forbes ranking is further recognition of our achievements in providing an exceptionally high level of service and customer-specific...
LTL Outlook Brightens Better operating margins are finally on the horizon for the less-than-truckload industry. LTL profitability has been dismal for years, with most large carriers reporting operating ratios above 95. Such performance barely generates enough cash to pay for replacement trucks needed to stay in business, and during this period, carriers were criticized...
Carriers await outcome of Beijing probe into China-Japan trade The findings of a Chinese Ministry of Transport probe into rate filing by container lines and NVOCCs in the China-Japan market are expected to be released shortly. The case is being watched closely by foreign carriers to see whether China applies the same standard to its own carriers as it...
Time for a peak-season surcharge in US-Mexico trade? The imbalance in trade between the U.S. and Mexico, with significantly more northbound versus southbound freight between Mexico and the U.S., was intensified during the recent peak season and left shippers scrambling to find truck and rail capacity in order to move the increasing amount of northbound freight. As a...
DryShips bulker detained A bulker controlled by the jewel of George Economou's shipping empire appears to have landed in hot water with the US Coast Guard (USCG).
Molaris IPO under fire Product Shipping Limited is planning to pursue a US listing but not everyone is convinced that the campaign will bear fruit.
Sizing up Star Bulk Star Bulk has pushed itself onto the coat tails of Japan's big three in the dry cargo rankings after its second merger with an Oaktree-linked company this summer.
Ireland gets busier Irish shipping and port activity rose by 2% as four of the five principal freight segments grew in the second quarter of 2014.
Bumi's billion-dollar deal Malaysia-based Bumi Armada has received a letter of intent (LOI) for a floating production storage and offloading (FPSO) vessel worth $1.18bn.
LEG pioneers unveiled German shipowning group Hartmann and Ocean Yield have unveiled details of a trio of liquefied ethylene gas (LEG) carriers building in China to ship ethane from the US to Europe.
Star Bulk swallows Excel Star Bulk has swept up the 34 strong bulker fleet of fellow Oaktree-backed company Excel Maritime Carriers to expand its position as the largest US-listed owner in the dry cargo sector.
DSME nets 19,000-teu duo DSME has secured an order for two more mega containerships from China's Bank of Communications Financial Leasing Co (BCLC).
Box alliance bears fruit Participation in the CKYHE alliance since March has had an immediate positive effect on Evergreen Marine, as shown in its second quarter result.
Navibulgar splashes on eco-bulkers Bulgaria's Navibulgar has kicked off its fleet renewal with an investment in new super-sized eco-handysizes in China.
'Never say never' Maersk Line is hopeful its 2M project will not face the same regulatory fate as its scrapped P3 alliance.
Navios Acquisition loss rises Navios Maritime Acquisition has seen its second quarter loss increase.
Ezra merger okayed Singapore's Ezra Holdings has agreed to the consolidation of its offshore support services division, EMAS Marine, with its associated Oslo-listed EOC.
Sino-Global in takeover US shipping agency Sino-Global Shipping America has acquired Hong Kong-based Longhe Ship Management (LSM) in a deal to broaden its interests.
U-Ming stronger Taiwanese bulker owner U-Ming has pushed up earnings as revenue doubled in the second quarter.
Bulker runs aground A Greek bulker broke down in the middle of the Dardanelles while leaving Istanbul.
Weapons destroyed The US Marine Administration (MARAD) has succeeded in neutralising Syria's chemical weapons.
Triple spur for Maersk stock AP Moller-Maersk shares gained traction Tuesday as the world's largest shipowner posted strong second quarter earnings, raised its full year profit forecast and revealed a $1bn share buyback scheme.
Four feared dead One crewman has been killed and three more were missing after an explosion and fire ripped through an Indonesian tanker.
Oceanografia keeps contracts A legal ruling in Mexico will allow Oceanografia to keep its contracts with oil company Petroleos Mexicanos (Pemex) while in bankruptcy.
Ebola blocks bulkers Two bulker bookings have been cancelled due to the deadly ebola outbreak in West Africa.
Lorenzo into red Philippines feedership owner Lorenzo Shipping has posted a net loss as revenue fell in the second quarter.
Ferry capsizes Passengers and crew have been evacuated from a capsized ferry off Chile.
Yards to merge? Talks are reportedly taking place over a potential merger of Korea's restructuring shipbuilders STX Offshore and Sungdong.
AP Moller-Maersk hikes forecast AP Moller-Maersk has hiked its full year profit forecast after a stronger than anticipated second quarter performance.
Box boost for Dae Sun Korea's Dae Sun Shipbuilding has won new orders for containerships from two different owners.
Nam Cheong sells four Malaysian shipbuilder Nam Cheong has secured four newbuilding sales deals worth $90m in total.
Conflict cruising General Gregorio Pio Catapang, the newly installed chief of staff of the Armed Forces of the Philippines, wants the next ship in his military arsenal to be a luxury cruiseship.
Coal cargoes surge Industry forecasters are keeping a close eye on the panamax segment yet again this week on the heels of an encouraging rebound that caught some by surprise.
Arntzen lands appointment Industry veteran Morten Arntzen has secured a seat on the board of TBS Ocean Logistics.
NEWS FLASH: Protests in Oakland prevent ships from discharging cargo A ZIM vessel, as well as well as several others, waits container handling in the Port of Oakland. The Oakland International Container Terminal's manager hopes to resume movement of this cargo before day's end.
Maersk reports higher second-quarter profit A.P. Moller-Maersk Chief Executive Officer Nils Andersen said that during the second quarter, "we saw a relatively stable rate environment," but that rates are low, and at some time, customers will have to accept rate increases.
Williford to retire from Ryder next year At Ryder, Williford, head of Global Supply Chain Solutions, is credited for the successful acquisition of Transpacific Container Terminal Ltd. and CRSA Logistics in Canada, as well as CRSA's operations in Hong Kong and Shanghai.
CEVA opens new Los Angeles warehouse
UPS expands to Myanmar
Old Dominion starts next-day service to Toronto The company said the next-day, cross-border service to the Toronto metro area is provided at no additional cost to customers with shipments traveling from Ohio, Indiana and Michigan.
Flat growth at Port of Los Angeles in July Inbound containers were 363,394 TEU, down about 2 percent from July 2013; outbound containers were 163,295 TEU, up 4 percent; and empties were 190,719 TEU, up 2 percent.
APEC keeps trade facilitation at top of agenda
FMC to hold forums on port congestion Industry stakeholders, regulators and the general public are encouraged to take part in the forum, which will be held on Sept. 15 from 9:30 a.m. to 4 p.m. at the Port of Los Angeles Administration Building.
Washington Notebook: USTR Froman stumps for trade deals in four states
Soft sentiment in European bunker hubs Strong demand in Gibraltar.
Defendant in oil-spill lawsuit claims sunken vessel now rid of oil 2GO Group also claims to be cooperating in cleanup efforts in the Philippine town.
Mid-week prices mainly firm in Fujairah Markets were mainly soft in South Africa.
Navibulgar buys green ships Four-ship order from Chinese shipyard includes two options.
Cost keeps cruise liners away from port's grid CLIA: It's not for us to dictate to our members what the right thing to do is.
Fuel oil arbitrage volumes to rise in September Fears of a 'tight' Asian fuel oil market have begun to ease.
Spanish irritation with Gibraltar bunkering simmers on 'Spain reserves all the options that are at its disposal within the EU sphere' to avoid actions that could damage the marine environment.
Cruise terminal: 'If this was a factory it would be shut down' 'We must regulate cruise ships to use low sulphur fuel when in harbour,' says Australian legislator.
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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