Governments are still not in step on low-sulphur controls, warns ICS Uniform approach to inspections is lacking with only six months to go until new regime starts
INTTRA appoints John Fay as chief executive Former Newedge Group man replaces Ken Bloom as head of world's largest e-shipping platform
US west coast labour talks heading into August ILWU and PMA promise no disruption to cargo operations
PSA enters into $2m accord to spur new generation of port specialists MOU signed with Singapore's Institute of Technical Education to create opportunities
MSC Flaminia returns to service two years after mid-Atlantic catastrophe Repair and retrofit includes bulbous bow to improve fuel efficiency
Teekay suezmax sale points to firm values for segment Freight market promise supports secondhand suezmax values
Eastern Pacific buys fleet of six aframaxes from Blenheim for $210m Investment comes amid brighter prospects for aframax crude tankers
Milaha sees net profit dip Qatar's second-best known shipping company sees earnings slowdown
CSCL borrows $430m to improve liquidity State carrier in loan deals with parent and ANZ
Three dead as barge sinks near Batam PACC Offshore Services Holding semi-submersible was engaged in tests
ZIM restructure is complete Following 18 months of intensive negotiations with creditors, ZIM has announced the completion of its complex debt restructuring. The restructure saw the Israel Corporation invest $200 million of new equity into the company. Nissim Yochai, VP of corporate customer relations at ZIM, told IHS
Goldman Sachs buys into Turkey's Petlim port US investment banker Goldman Sachs has agreed to pay $250M for a 30% stake in leading Turkish port Petkim Limancilik (Petlim) in the Aegean province of Izmir. Petrochemicals group Petkim, which operates what is billed as being Turkey's biggest integrated port, said that it had reached preliminary
Southampton buys more Trelleborg fenders Associated British Ports has awarded a contract to Trelleborg Marine Systems for 74 UE1000 unit element fender systems for the DP World Southampton Container Terminal (SCT). The new fenders will take the total supplied to SCT by Trelleborg to over 110 and will allow it to berth the latest
Flaminia resumes MSC charter German post-panamax containership MSC Flaminia will rejoin its charterer Mediterranean Shipping Company this week after a two-year ordeal of salvage, repairs, and retrofitting. The ship, which was ravaged by a blaze on a transatlantic crossing in July 2012, will be delivered to its charterer on 23
French minister to observe passage of Costa Concordia French environment minister Ségoléne Royal said today that she intended to be aboard a French naval vessel that would be monitoring the passage of the wreck of Costa Concordia along the coast of the French island of Corsica this week. As salvors debated whether to give the order for the departure of
Wärtsilä and China State Shipbuilding joint venture Finnish power supplier Wärtsilä and China State Shipbuilding Corporation (CSSC) have signed an agreement to establish a joint venture that will take over Wärtsilä's two-stroke engine business. The joint venture's HQ will be in Switzerland, and the head office will remain at the present two-stroke
Court renews arrest warrant for Sewol owner South Korea's courts today renewed an arrest warrant for the fugitive owner of the capsized Sewol ferry. At prosecutors' request, the warrant for the arrest of Yoo Byung Eun, the boss of Chonghaejin Marine, is valid for six months. The Incheon District Prosecutors' Office has been investigating the
Tanker detained for sailing Reef without charts A tribunal has upheld a decision by the Australian Maritime Safety Authority (AMSA) to detain a tanker found to have sailed the Great Barrier Reef without appropriate navigational charts. The Liberian-flagged oil tanker, SCF Yenisei, was held for a day on 4 October 2013, in Mackay, Queensland, after
Sembawang clinches FPSO conversion contracts Singapore-based shipbuilder Sembawang Shipyard, has clinched a contract worth SGD600M ($483M) from French floating production systems specialist Saipem SA for the conversion of two floating production storage and offloading vesels (FPSOs) for the Kaombo Project in offshore Angola. "The award is a
Strong won and restructuring hurt Hanjin's and HMM's sales Sales of South Korea's two biggest shipping firms, Hanjin Shipping and Hyundai Merchant Marine, look set to fall in 2Q14, said an analyst today. Samsung Securities' analyst Eun-kyung Park said in a research note that both companies are expected to see combined sales down 11% year on year in 2Q14,
Floatel International gets repurchase approval Floatel International, the Sweden-headquartered operator of semi-submersible accommodation and construction support vessels that is listed in Oslo, says it has received an 81% approval for a bond repurchase offer. On 9 July, the company offered to repurchase the bonds that carry an 8.00% coupon with
Three dead in POSH barge sinking Three died and six were rescued after a barge belonging to PACC Offshore Holdings (POSH) Semco capsized off Batam on 18 July. A statement from the Maritime and Port Authority (MPA) of Singapore said the Singapore-flagged barge POSH Mogami sank 2nm northeast of Sekupang, Batam that night. There were
PSA inked MoU with ITE worth $2M Singapore-headquartered port operator, PSA International has pledged SGD2.5M ($2M) over the next five years to equip Institute of Technical Education (ITE) students with understanding of port operation and technology. This was done through a Memorandum of Understanding signed by PSA and ITE today.
More exports from Thai SMEs Thailand's exports from small and medium enterprises rose 7.5% between January and May this year compared to 2013, the country's Office of Small and Medium Enterprises Promotion (OSMEP) has said. "During January-May this year, exports by SMEs were worth THB757.52Bn ($23.67Bn), up 7.5% year on year.
Evergreen aims to return to black in 3Q Taiwanese carrier Evergreen Marine Corp said last Friday that it aimed to return to profit this quarter, as the freight rates between East Asia and Europe continue rising. The container carrier said the rates for Asia-Europe service have been high enough for it to make profit, according to local
Indonesian election bodes well for offshore sector The new Indonesian government should be positive for the oil and gas sector, said DBS Vickers Securities. DBS Vickers said: "We believe both presidential candidates, Jokowi and Prabowo, intend to increase domestic oil and gas production to meet domestic demand." Results of the polls will only be
ICBC Leasing strikes $1.1Bn rig deal with Schahin China's ICBC Leasing has struck a deal worth $1.1Bn with Brazil's Schahin Engenharia SA to lease two semi-submersible drilling rigs. The two semi-submersible drilling rigs, the SS Pantanal and SS Amazonia, are operated by Petrobras, according to a statement of the Yantai CIMC Raffles Offshore
LNG freight rates weaken amid growing fleet LNG shipping rates have dropped below $50,000 per day amid a growing fleet and the summer lull. The data show the active LNG shipping fleet now totals 392 ships with six deliveries in the past two months. The short-term charter market remains well supplied, with rates for a 138,000-145,000m³ steam
Damen builds smallest ever nozzle Damen Marine Components (DMC) has smashed its propeller nozzle world record by 33% downwards, building two nozzles each with an inside diameter of only 665mm. "They definitely offered a fine engineering and precision manufacturing challenge to our teams," commented DMC sales manager Aart Vogelaar.
Marseilles intermodal project green light Led by Marseilles Fos Port Authority, six partners have formed the Mourepiane Transport Terminal Company (MTTC) to finance and manage construction of the port's €60.5M ($82M) long-planned intermodal upgrade in the harbour area. Launched on 15 July, MTTC stems from the port authority's call for
CSSC forms engine JV with Wärtsilä China State Shipbuilding Corporation (CSSC) and Finland's Wärtsilä Corporation inked an agreement last Friday on the establishment of a joint venture (JV). The JV, to be located in Lingang, Shanghai, will focus on manufacturing medium- and large-bore medium-speed diesel and dual-fuel engines, and is
Harbor truckers seek fix to broken drayage model When ports are hit with severe winter weather, chassis shortages, intermodal rail delays or an unexpected spike in container volume, life can be difficult for harbor truckers. When all of those factors converge at the same time, as they did this year, life is downright miserable in the drayage industry. Truckers...
Nhava Sheva special economic zone approved in India Jawaharlal Nehru Port Trust has won approval from the Union Ministry of Commerce and Industry for Phase I of its long-planned port-based special economic zone project, paving the way for increased export volumes at India's largest container gateway. Officials said the project, a first-of-its-kind at a major port complex in the country,...
New Panama Canal lock gates moved to chambers Source: Panama Canal Authority.The first gates of the Panama Canal expansion program have been moved to the new locks complex on the Atlantic side, marking another milestone in the $5.25 billion project. "This is a very important operation because it involved the first movement of the gates from the special dock...
FedEx drug lawsuit threatens higher costs, analyst says The U.S. government "could add meaningful costs and delays to an already overburdened U.S. transportation network" if FedEx and other carriers are forced to stringently examine or refuse packages on the grounds they may may contain illegal goods, a Wall Street analyst warns. "Without sharper regulatory guidelines, imputing liability for failing...
Charleston's container volume beats fiscal forecast Container volume at the Port of Charleston increased 8 percent in the South Carolina Ports Authority's just-ended fiscal year. The port authority had projected a 6 percent increase. During the fiscal year ended June 30, container volume totaled 1,684,907 20-foot-equivalent units. Port facilities handled 149,183 TEUs in June, a 19 percent...
2M just the first step? Drewry predicts more alliances China's rejection of the P3 alliance dealt a blow to the idea of a mega-alliance, but the aftermath has paved the way for a variety of smaller vessel-sharing agreements to enter the market. Drewry researchers touched on the topic in this week's Container Insight Weekly, noting that the 2M alliance between...
Alliances to improve service levels of carriers, Agility says Service reliability in the container shipping business is set to improve as carriers with lower standards joining the big alliances will be forced to raise their game. That's the belief of Chris Price, Agility CEO for Asia-Pacific, who told JOC.com in an exclusive interview that the homogenous product offering would compel...
Crowley reportedly in talks to acquire Horizon's Puerto Rico assets Crowley Maritime Corp. is in talks to acquire the Puerto Rico ships, routes and San Juan port facilities of competitor Horizon Lines for about $80 million, according to a report in Caribbean Business. Caribbean Business said the carrier acquisition talks led by Goldman Sachs began three to four months ago, broke down,...
MSC Flaminia returns to sea, two years after fire The post-Panamax container ship MSC Flaminia will rejoin Mediterranean Shipping Co.'s fleet this week, two years after being heavily damaged in a mid-Atlantic fire that killed three crewmembers. Owner Reederi NSB said the vessel will re-enter MSC's service on July 23 in La Spezia, Italy. The ship, which has capacity of...
Port of Rotterdam risks profit decline as EU probes tax breaks The Netherlands' Port of Rotterdam Authority announced increased profit and revenue for the first half of the year, but risks a sharp decline in future earnings as the European Union investigates whether tax breaks for Dutch ports breach its state aid rules. Europe's largest port made a profit of €119.4 million...
Warehousing's Reach The Great Recession pressured corporations to increase initiatives on supply chain and warehouse operations efficiencies to reduce costs while maintaining competitive customer service levels. More recently, the pressures on supply chain and warehouse operations have grown more critical as e-commerce market dynamics have evolved, led by Amazon and Wal-Mart. Let's look...
Three largest US ports seek ways to resolve chassis crisis The busiest container gateways on the U.S. East and West coasts are trying to bring order to the chaos of intermodal chassis. It won't be quick or easy. Chassis have emerged as a top obstacle to improved productivity at the ports of Los Angeles and Long Beach, and New York-New Jersey....
A Dark Outlook Gets Darker I've been arguing since early this year that international transportation is headed for trouble because of a variety of transportation-specific problems exacerbated by an improving economy that's driving faster volume growth and pushing capacity to the limit. With half the year over and the peak shipping season about to begin,...
CSCL gets $300 million loan from parent China Shipping has injected $300 million into its wholly owned subsidiary China Shipping Container Lines (CSCL) to improve the troubled carrier's financial position. In a filing to the Hong Kong Exchange, CSCL announced that the funds were provided in the form of an entrusted loan via the group's CS Finance Company...
Something shaking New York-listed Scorpio Bulkers (SALT) is set to announce major progress in financing the remainder of its massive orderbook of newbuildings, finance sources said today.
Teekay outlook upgraded Moody's has upgraded Teekay Corp's outlook on expectations that the US-listed tanker giant will make progress on cutting its $1.2bn debt load.
LR2s in two-month high Clean long-range-2 (LR2) products tankers are experiencing a firm spot market as eastern routes have seen rates rise to a two-month high.
Apollo unveils Genco slice Apollo Global Management owns just over 10% of Genco Shipping & Trading, the private equity powerhouse has revealed.
ICS seeks ECA harmony The International Chamber of Shipping (ICS) has urged the Paris Memorandum of Understanding (MOU) to ensure a harmonised approach to port state control enforcement of looming emissions regulations.
Shipping pays for Greece Better results from Greek shipowners have helped cut the country's current account deficit, according to Bank of Greece data.
Kexim's $1bn boost South Korea has hatched a plan to buy eco-ships to make it easier for domestic owners to operate efficient tonnage.
Martinac fetches $6m A US buyer has won the auction for indebted Tacoma yard JM Martinac Shipbuilding.
MSC Flaminia's eco rebirth The NSB boxship MSC Flaminia is now a fully repaired and upgraded eco vessel two years after the serious fire and explosions that killed three crew.
Vale bags China funds Vale is the latest company to sign a funding deal with Chinese lenders during a state visit.
Four hurt on ferry Four people were injured when a car deck collapsed on a UK ferry.
Polsteam sheds panamax Polish Steamship (Polsteam) has scrapped its third vessel in quick succession with the disposal of a panamax bulk carrier.
Two crew airlifted Two injured seafarers have been taken from an Ocean Tankers ship off India.
Spur for Seaspan Fleet expansion and a rising dividend have led Wells Fargo to upgrade shares in Seaspan.
Stanford fixes PSV Dubai's Stanford Marine has won a three-year charter for a platform supply vessel (PSV) in Mexico.
Crude tanker tonic Suezmax and aframax spot rates have shot to a six-month high after sharp climbs over the past week.
Cargoes flow again Indonesia has re-started ore concentrate exports, ending a six-month halt as it tries to improve margins.
Milaha profit slips Qatar Navigation (Milaha) has seen its first half profit cut by a tenth.
Luis Lesmes dies Luis Lesmes, who headed Glencore's LNG operations, has died.
Gadsby gets away Chris Gadsby has quit as group financial director at UK owner All Leisure Group.
Ib Kruse dies One of the key driving forces behind the growth of Maersk Line has died at 82.
Lines returning Four overseas container lines are due to resume services from Iran in the near future.
MacGregor IPO pulled Cargotec, the Finnish cargo handling company, has decided to reverse the listing of its marine business MacGregor.
SMM seals Saipem double Sembcorp Marine has won a contract worth SGD 600m ($482m) to convert two VLCCs into FPSOs for French contractor Saipem.
POSH barge sinks - three dead A PACC Offshore Services Holdings (POSH) barge has sunk off Indonesia claiming the lives of three crew members.
ANL snaps up Perkins ANL Container Lines has agreed to acquire Toll Group's Perkins International Service effective early August 2014.
Confirmation for U.S. ICAO representative set The Senate will hold a voice vote Monday evening on the confirmation of Michael Lawson as ambassador to the U.S. for the International Civic Aviation Organization, according to the Senate's schedule.
FMC reviews 20 OTI license applications
PMA-ILWU schedule two breaks in talks The International Longshore and Warehouse Union and the Pacific Maritime Association will take a break from negotiations on Monday and Tuesday.
Sen. Cantwell, DOT panel offer solutions for freight network
First gates moved to new locks for Panama Canal expansion "This is a very important operation because it involved the first movement of the gates from the special dock where they were unloaded to the lower chamber of the new locks," said Panama Canal Authority Administrator Jorge L. Quijano.
BNSF, RRVW form deal on new N.D. terminal
CMA CGM acquires stake in Marseille intermodal terminal
INTTRA picks Fay as new CEO Fay joins INTTRA after serving as senior managing director and global head of commodities and currencies for Newedge Group, a multi-asset brokerage and clearing services firm, where he also served as a member of its executive committee.
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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