Discussion group merger delayed The US Federal Maritime Commission (FMC) has voted to delay the permanent integration of the two major transpacific discussion agreements. The Transpacific Stabilisation Agreement (TSA), which covers eastbound trade, filed a request in late 2012 to absorb the Westbound Stabilisation Agreement
Upside seen from crude slump Shipping executives and analysts contend that the sharp drop in crude pricing will improve prospects for tankers and other vessel classes. Morgan Stanley analyst Fotis Giannakoulis noted on 19 November that public tanker stock pricing is lower despite an increase in charter rates. "It seems that
Shell launches Naturelle range of EALs Shell Marine Products has launched its new range of environmentally acceptable lubricants (EALs), which includes Shell Naturelle S4 Stern Tube Fluid 100. Shell's range of EAL products enables ships entering US waters to comply with the regulations revised in 2013 for a Vessel General Permit (VGP).
Locals trained to tackle Nigeria waterway deaths A lack of investment in river and marine transport infrastructure was responsible for the loss of 296 lives on Nigeria's waterways last year, the Nigerian Inland Waterway Authority (NIWA) said last weekend. Bad visibility and poor communication were also to blame for numerous fatal boat accidents,
Oil thieves' vessels seized, refineries burned The Nigerian Navy destroyed two illegal oil refineries at Opobo Creek in Rivers State and also set two boats laden with stolen crude oil on fire. The refineries were said to have been able to produce N8M ($46,000) per day of automotive gas oil (AGO) and kerosene when they were raided on 13 November.
Terminal plans change at Richards Bay South African freight operator Transnet Freight Rail (TFR) has abandoned plans to build its own coal terminal at Richards Bay. The plan was announced two years ago but has been overtaken by expansion of Grindrod's Navitrade coal terminal. Navitrade's capacity of 3.5M tonnes is being expanded in
BW LPG profit soars but falls short of expectations BW LPG, the Singapore based gas carrier company that is listed in Oslo, has posted a sharp increase in 3Q14 and nine month profits, but the latest quarter fell short of analyst expectations. Group net profit in 3Q14 rose to $87.5M from $68.9M in the same period last year, while revenues increased
SLPA orders dredger from IHC Sri Lanka Ports Authority (SLPA) has ordered a 4,000 cubic metre capacity Trailing Suction Hopper Dredger from IHC Holland BV, its third from the Dutch builder. An SLPA statement said the new dredger will belong to the latest series of IHC hopper dredger 'Beagle 4' family with a diesel electric
Costa Concordia damage claims dismissed as 'unrealistic' Costa Crociere has been labelled as "imaginary and unrealistic" due to compensation claims totalling €220M lodged by the island of Giglio and the region of Tuscany for damage to their image caused by the Costa Concordia disaster in January 2012. The wreck of the Costa Concordia was moved from
Kim Heng to benefit from incoming rigs More incoming rigs to Singapore to be warm or cold stacked may present more business opportunities for rig builders such as Kim Heng Offshore & Marine, which is feeling the heat of the industry slowdown and slow workflow. "Currently, there are some 20 idle rigs in or nearby Singapore and about 15
Vard needs to lift profitability A slowing new order momentum could delay Vard Holdings' (Vard's) return to healthy profitability that would be necessary for the Singapore-listed, offshore vessels builder's stock to recover. Vard management has guided for "below average new order intake expected in the near-to-medium term", saying
Suria profit falls 19% Malaysia-listed port services operator, Suria Capital Holdings (Suria), reported 3Q14 profit down by 19% to MYR14.6M ($4.33M). Revenue dropped 8% year on year to MYR62.3M as of 30 September 2014 from MYR68M. The decrease in revenue resulted from lower contribution from all business segments
Malaysian container liner PDZ posts loss Malaysia-listed container liner PDZ Holdings (PDZ) posted a loss of MYR1.38M ($0.41M) for the first quarter ended 30 September 2014, as compared to a profit of MYR1.11M in the corresponding period last year. Revenue went down 13% to MYR37.8M from MYR43.6M. The decrease in earnings was due to lower
Navis launches cloud-based vessel-stowage platform XVELA will build on PowerStow to allow carriers and terminal operators to exchange real-time data
Gast rules out merger between Hapag-Lloyd and Hamburg Süd Deal would mean 'too many compromises', says shipping boss
Zim narrows its third-quarter loss Israeli shipping line begins to feel the benefit of recent restructuring
Tsakos pledges to bring balance to Intertanko New chairman pledges to address commercial sustainability as well as technical and regulatory issues
Navios Acquisition sees deliveries boost third-quarter revenue Some 16 vessels have been added to company's fleet
Incentives and fines will improve port performance, says analyst Rewards and penalties will tackle the challenges both sides face, says Ocean Shipping chief
Medium range product tanker earnings hit an 18-month high Plentiful cargo inquiries and a lack of prompt ships boost owners' prospects
OW Bunker board 'shocked and amazed' that losses were possible UPDATED: Board did not authorise a $125m credit line now at the centre of fraud investigation
European shippers hit out at CKYHE US trades agreement Alliance filing includes the ability to jointly negotiate with ports and use ships of up to 18,000 teu
Mexico approves CSAV and Hapag-Lloyd merger Shipping lines are only waiting for approval from two more regulatory authorities
Creditreform downgrades Rickmers Holding to 'substantial risk' CCC German owner continues its refinancing talks
BW LPG responds to critics over 'sub-par' performance Firm wants stable earnings and high vessel employment, not a grab for spot market peaks, says Gleeson
October brings a tale of two coasts for US box ports Los Angeles and Long Beach slow but Virginia and Savannah maintain growth
GasLog posts higher profits as fleet grows Charter extension comes as spot market gets a boost
Standard announces a 5% premium hike The decision puts the club at the upper end of rate increases
BW LPG sees profits rise but below analysts' expectations Analysts concerned over company reducing spot market exposure
Coal fixtures bail out embattled dry bulk sector Resource projects may boost smaller vessels in the long term
Update: FMC puts brakes on merger of transpacific discussion agreements Commissioners want more information, but Brian Conrad says WTSA market share is too small to have much effect
CMA CGM launches reefer service for eastern Med French line hopes to take business away from road transport
US intermodal volume slows as peak season winds down U.S. intermodal volume growth appears to be slowing, reflecting the winding down of the peak season and potential delays caused by U.S. West Coast port congestion. On a year-over-year basis, U.S. intermodal volume rose 2.6 percent in the week ending Nov. 15 and 2.2 percent in the prior week, according...
MSC does about-face on US West Coast congestion surcharge Just days after postponing a surcharge on cargo heading from Asia to U.S. West Coast ports, Mediterranean Shipping Co. today told customers it would impose a surcharge next week to mitigate losses from terminal congestion. Starting Nov. 26, MSC will charge a congestion surcharge of $800 per TEU, $1,000 per FEU...
Diversion traffic helps push import growth at Oakland Laden container import cargoes at the Port of Oakland jumped more than 9 percent in October, a result of marketing efforts and the rerouting of cargo to avoid unprecedented congestion in Southern California. The Port of Oakland's throughput volume was up 3.8 percent year-over-year in October. Full size chart. Oakland's import volumes...
Teamsters win election at FedEx Freight terminal, but cancel 3 others A Teamsters union election for drivers at a FedEx Freight terminal in Richmond, Virginia, has been canceled, the third election withdrawal in three weeks. The International Brotherhood of Teamsters also withdrew petitions to the National Labor Relations Board for representation elections at FedEx Freight terminals in South Newark, New Jersey, and...
Zim cuts loss but volume slides on Asia-Europe exit Zim Integrated Shipping Services' net loss narrowed in the third quarter as the Israeli ocean carrier started to benefit from a $3.4 billion debt restructuring. The net loss on a non-GAAP basis shrank to $20 million in the three months through September, a $56 million improvement on the same period in...
Port of Oakland closes after death of dockworker The Port of Oakland is closed today following the death Wednesday night of a longshoreman in Benicia, a breakbulk and bulk port on the San Francisco Bay. The longshoreman died from natural causes, according to the Solano County Coroner, who was quoted in Thursday's Oakland Tribune. International Longshore and Warehouse Union...
Rail lifts exceed expectations at South Carolina's inland port The South Carolina Ports Authority's inland port of Greer continues to exceed performance expectations with rail lifts at the facility up 1.5 times over plan, with 17,714 moves since July. The SCPA reported Wednesday that the Greer inland port handled 4,678 rail lifts in October. The port authority opened the 40-acre...
UASC official compares North American ports to Third World LONDON - North America has "Third World" ports that charge carriers "very high costs for very low efficiency," a senior executive of United Arab Shipping Co. says. "To be brutally honest, North America is not up to form" despite efforts to improve performance, Franck Kayser, the pan-Arab carrier's vice president, network...
BNSF plans record capital expenditure for 2015 BNSF Railway plans to spend a record $6 billion on capital projects next year and will invest $500 million more this year than it originally planned, it said today. While $2.9 billion will be spent next year on replacing and upgrading the railroad's existing network, there will be still be $1.5...
Court refuses to block NY-NJ bridge toll increase A federal judge has refused to block the next phase of a multiyear increase in tolls for bridges used by trucks and cars crossing waterways between New York and New Jersey. U.S. District Judge Richard K. Eaton refused to grant the injunction sought by the American Automobile Association's chapters in New...
Hamburg works to better coordinate mega-vessel handling In an effort to reduce congestion caused by mega-vessels, the Port of Hamburg has launched an initiative to better coordinate the handling of the vessels - even before they make their way up the estuary of the Elbe river. The Nautical Terminal Coordination, launched last month, monitors ships calling at northern...
NY-NJ sets plan for gray chassis pool Industry officials in the Port of New York and New Jersey have agreed on a plan to create a "gray" chassis pool that would allow truckers to freely interchange chassis throughout the port as soon as early 2015. The decision is a major step toward clearing one of the chief impediments...
Ocean shipping group seeks to fine-tune electronic invoicing When the Ocean Freight Industry EIPP Standards Advisory Board in July announced the creation of guidelines for emerging standards used in Electronic Invoice Presentment and Payment, it promised a system that "will drive greater efficiency, reduce costs and simplify processes." For beneficial cargo owners that face almost continuous ocean freight rate...
Japan's trade surplus with US widened in October Japan's trade surplus with the United States expanded for the second consecutive month in October on a year-over-year basis despite a double-digit rise in imports, as exports also posted robust growth, according to preliminary trade figures released by the Japanese Finance Ministry on Thursday. Japan's imports from the U.S. grew for...
Incoterms: Lost in translation? Q: It was disappointing to read your answer in an October commentary to the person who asked about obligations of the seller and buyer under the FCA Incoterm ("Trade Compliance: Assume the Worst"). FCA - or Free Carrier - is a way to ensure the goods are properly "cleared for...
Perhaps, perhaps, perhaps A 2014 launch of its pending IPO remains a possibility for Belgian tanker giant Euronav, its chief executive said today.
Jones Act-qualified oceangoing ATBs and ITBs A listing of the fleet of bluewater integrated tug-barges (ITBs) and articulated tug-barges (ATBs) protected by US cabotage law, according to records by the US Maritime Administration (Marad) as of October 2014:
Jones Act-qualified newbuildings A listing of cargoship and articulated tug-barge (ATB) newbuildings on order at US yards:
Bosporus bonus Suezmax rates are racing ahead in a week that has seen the market record the largest daily climb of the year.
Rand seeks flexibility Bulker owner Rand Logistics plans to register to sell up to $75m of securities.
Navios confirms VL deal Navios Maritime Acquisition has confirmed the purchase of a VLCC from a Japanese owner.
WSG wins ferry deal UK security and defence company Westminster Group (WSG) has won a 21-year contract to operate a new ferry service and terminals in West Africa.
Bumi Armada profit dips A more than 15% increase in revenue was not enough to prevent Bumi Armada from posting a drop in third quarter profit.
NAT toasts cheaper oil Herbjorn Hansson today celebrated the joys of a lower oil price for suezmax specialist Nordic American Tankers.
G6 cuts Europe calls The G6 Alliance of container lines has temporarily halted European calls on its Pacific Atlantic 2 (PA2) service.
Monjasa: "slight" upturn Danish fuel and tanker group Monjasa says it only has "limited" exposure to collapsed rival OW Bunker.
BW LPG under fire, shares crash BW LPG shares crashed today on the back of a disappointing third quarter performance.
Attica boosts profit Greece's Attica Holdings has pushed up its profit during the third quarter on increased revenue.
FMC stops the clock The US has halted plans to combine two transpacific containership discussion groups.
GasLog profit jumps New York-listed LNG carrier owner GasLog has added $22m to its net earnings in the third quarter as revenue soared.
CSG goes short again China Shipping Group (CSG) is selling more short-term debt to boost working cash.
Sewol boss jailed The head of the company that owned the Sewol ferry has been jailed for 10 years in South Korea.
BW LPG profit rises Improved freight rates and an expanding fleet have helped BW LPG post a 27% jump in third quarter net profit.
Nimrod buys PSV stakes Nimrod Sea Assets Limited has acquired majority stakes in two PSV newbuildings on the back of long-term charters.
Port Hedland strike off Teekay has reached a deal with Australian tug engineers to avert a strike at Port Hedland scheduled for Saturday.
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