APMT affirms its commitment to the US despite agreeing to sell Virginia Laursen tells Lloyd's List that the market offers other opportunities
Libya pledge boosts aframax earnings on cross-Mediterranean trade Earnings hit the highest level since January as Tripoli moves to raise the country's exports
Scorpio Tankers' new product tankers start time charter work immediately Some 29 tankers to be delivered to Scorpio this year
Scorpio Bulkers nets a $540m term loan Facility from two European institutions will partly finance 24 newbuildings
EXCLUSIVE: APM Terminals confirms Virginia sale Prospective new owners in $450m private bond placement
Zim records a strong environmental performance Israeli line ranked fourth out of 22 carriers for CCWG lowest emissions performance in 2013
Cosco Corp wins $300m shipbuilding deals Cosco Group yard lands contract for seven bulkers and an accommodation barge
Crowded North Sea spot market hits Havila Shipping profit Too many offshore vessels competing for business
German shipping loans face default risk, warns IMF Industry is 'vulnerable' ahead of stress test
Ocean Rig declares a second dividend Majority owner DryShips is among the beneficiaries
Alaska LNG export project reaches a milestone ExxonMobil's new source of cargo supply will complete pre-feed phase in 2016
China Shipping Group bans executives from side business State carrier ramps up anti-graft activities after being slammed by government watchdog
India's coal mystery: will a shortage add up to handy demand? Reported shortfalls of thermal coal suggest a need for more imports, but the monsoon complicates matters
Boskalis JV wins €127M river project Dutch dredging major Boskalis, working with Van Hattum and Blankevoort in the Isala Delta construction consortium, has provisionally won the €127M ($172M) IJsseldelta polder 'Room for the River' contract. Awarded by Rijkswaterstaat (public works and water management) and the province of
APMT sells Virginia box terminal APM Terminals (APMT) is selling its Portsmouth, Virginia container terminal to an investment fund partnership a year after the port rejected APMT's offer to operate the facility. Terms of the sale to affiliates of funds managed by Alinda Capital Partners (Alinda) and Universities Superannuation
Fincantieri 1H14 profits stable at €33M Despite a 5% increase in revenues to €1.98Bn year-on-year (y/o/y), the newly listed Italian shipbuilder Fincantieri recorded profits for the first half of 2014 (1H14) that were at the same level as those for the same period in 2013 of €33M ($44.5M). Orders over this period increased
Reliance orders SHI VLECs direct Reliance Industries, the largest private sector company in India, has ordered four very large ethane carriers (VLECs), with options for two further vessels, direct from South Korean shipbuilder Samsung Heavy Industries (SHI). The four 80,000m³ vessels will cost about $120M each and although a
Kleven Verft wins Malaysian MPSV order Norwegian shipbuilder Kleven Verft has won an order for a multi-purpose support vessel (MPSV) from Malaysian-based owner IES Pioneer. The 4,800dwt MT 6015 MPSV vessel, to be built to a design developed by Norwegian firm MarinTeknikk, will have an overall length of 93.8m, beam of 20m, depth of 8m and
Jiangsu Newyangzi wins Kamsarmax bulker order Chinese yard Jiangsu Newyangzi Shipbuilding has won an order for a Kamsarmax bulk carrier from Marshall Islands registered Palinorio Shiptrade Inc. The 82,000dwt vessel is scheduled for delivery in October 2016 and will be flagged by the Marshall Islands and classed by Lloyds Register (LR). It has
SHI, Sovcomflot Arctic shuttle tanker trio confirmed The final details of an order secured by South Korean shipbuilder Samsung Heavy Industries (SHI) for three high-specification icebreaking shuttle tankers from Russian owner Sovcomflot can now be confirmed. The three vessels are approximately 70,000dwt and will cost $146.7M each. They will have an
Bohai secures Stella bulker pair order China's Bohai Shipbuilding Heavy Industry has secured another order for two Newcastlemax bulkers from Singapore registered company Stella that follows on from an order for five of these vessels from Berge Bulk that was announced earlier this month. Stella is a subsidiary of the Chinese owner Rizhao
MyFerryLink takes Eurotunnel into 1H14 deficit Losses run up by ferry subsidiary MyFerryLink led to Channel tunnel operator Eurotunnel reporting a deficit for the first half of 2014 (1H14). Eurotunnel reported a year-on-year (y/o/y) net loss of €11M ($14.8M) from January to June but said that it would have made a €3M net profit
Morocco's Comarit put into liquidation The Tangiers Court of Commerce has put the former Moroccan ferry company Comarit into liquidation, effectively ending any remaining hopes that the company might still be rescued. The firm, which has been out of action since early 2012 after running into major financial difficulties, was officially
Panalpina feels margin squeeze Panalpina, one of the world's biggest freight forwarders, posted strong volume gains in ocean freight for the first half of the year (IH14) today (22 July) but dwindling margins took their toll on the group's earnings. Booking volumes with ocean carriers were up 8% at 770,000 TEU, well above the
Costa Concordia to leave Giglio tomorrow The wreck of the Costa Concordia is set to leave the island of Giglio tomorrow (23 July) and is expected in the port of Genoa on Sunday (27 July), the Italian authorities and site salvage team have announced. Italian civil protection head Franco Gabrielli, who announced the departure date on Monday
Australia open for offshore guest workers Unions have this week threatened to mount a legal challenge against a move by the Australian government to bypass parliament and reopen the door to guest workers in the offshore industry. Chair of the International Transport Workers' Federation (ITF) offshore taskforce Norrie McVicar said the move
Cargotec shelves planned listing of MacGregor Finnish materials handling equipment maker Cargotec has reversed earlier plans to separately list its MacGregor business. MacGregor makes and services cargo access equipment for ships, such as hatch covers and ramps. "Cargotec's Board of Directors expects that shareholder value will be best created
Swissco completes takeover of Scott and English Energy Singapore-based offshore support vessel owner Swissco today (22 July) announced it has completed a SGD285M ($230M) takeover of marine service provider Scott and English Energy. Scott and English Energy owns and leases mobile offshore drilling units and service rigs to support major oil and gas
Bunker suppliers halt operation due to typhoon Bunkering activities have ceased in some ports of Taiwan in anticipation of Typhoon Matmo. The typhoon is moving directly towards Taiwan and is expected to make andfall by tonight, effectively becoming the first typhoon to hit the country this year. Taiwan's main supplier of bunker fuel, CPC
Vard rebounds to profit in 2Q14 Singapore-listed offshore vessels builder Vard Holdings (Vard) rebounded to profit of NOK105M ($16.9M) in 2Q14, compared with a loss of NOK44M in 2Q13. Its operating profit for 2Q14 ended 30 June was NOK140M, six times the amount in 2Q13. The swing in profits was buoyed by Vard's healthy order
China imports record-high crude from Iran China has imported 630,000 barrels of crude oil per day in the first half of 2014, up by 48% year on year from 424,000 barrels per day in 1H13, according to data released by Chinese Customs on Monday. This is a new record for crude import from Iran to China in the first half of a year, and it
Nanjing Tanker in restructuring The delisted Nanjing Tanker has entered receivership for restructuring upon a court order. Beijing-based law firm King & Wood Mallesons (PRC) has been designated by the Nanjing Intermediate People's Court as the major receiver of the company, a stock filing of Nanjing Tanker said today. Earlier in
Sewol owner found dead The body of Yoo Byung Eun, 72, the owner of Chonghaejin Marine, was found by South Jeolla Provincial Police Agency in a plum field in Suncheon City, South Jeolla Province on 12 June. The body had been decomposed at the time and the police considered it as someone without families or friends. The
Falling steel, rupee stunts ship recycling The uptick seen in the Indian ship-recycling market two weeks ago faded last week as steel prices and the rupee fell. Prices fell by about $10/lt ldt to $450/lt ldt for bulkers and $480/lt ldt for tankers. Dubai-based cash buyer Global Marketing Systems remarked: "A fall of around INR1,000 ($16) on
VLGC rates hit new record high Rates to haul LPG on very large gas carriers hit a new record high on 18 July before softening yesterday night. The Baltic Exchange assessed rates on the benchmark Gulf-Far East at $143.25/tonne on 18 July, before the rate dropped to $142.438/tonne yesterday. At current bunker prices in Fujairah,
Matson reaches settlement with US government, whistleblower Matson Inc. has agreed to pay the U.S. government $9 million to settle allegations that the company submitted false claims for fuel surcharges on military household goods shipments between continental U.S. points and Hawaii and Guam. The company also will pay $950,000 for expenses, attorney's fees and costs to Mario Rizzo,...
AAPA board elects Decas as chair Kristen Decas, CEO and port director of the Port of Hueneme and new chair of AAPA.The board of directors of the American Association of Port Authorities has electedKristen Decas, CEO and port director of the Port of Hueneme, California, as its incoming chair for the group's 2014-15 activity year. Decas, the former...
Crowley sees gains from Port Everglades intermodal facility Crowley Maritime Transportation is hailing the Florida East Coast Railway decision to open its newest Intermodal Container Transport Facility at Port Everglades, saying the facility is already impacting its business. The ICTF opened just one week ago, and Crowley said the company has already started talking to its customers about the...
Heartland Express gains speed as revenue jumps 69 percent What a difference a year - and a $300 million acquisition - can make. The acquisition of Gordon Trucking last November is powering significant growth at Heartland Express, which saw second-quarter operating revenue leap 69.3 percent from a year ago to $226.8 million. The $300 million acquisition of Gordon in Washington...
Truckload, intermodal pricing rose in June Spurred by stronger industrial production, consumer spending and housing activity, truckload rates rose 5.2 percent on average in June from a year ago, the fourth straight month of year-over-year pricing growth above 5 percent on the Cass Truckload Linehaul Index. Intermodal rail pricing was up 3.8 percent year-over-year in June, its...
CN: Port volumes push capacity to the limit Despite solid revenue growth in the second quarter, Canadian National Railway says it's facing a capacity problem, particularly at Canadian seaports, that's forcing Canada's largest railroad to temporarily turn away business. CN said it moved all-time record volumes in the April-June quarter, helped mostly by a backlog of traffic that couldn't...
Japan, Mongolia reach free trade agreement Japan and Mongolia have reached a bilateral free trade agreement aimed at eliminating import tariffs on most products traded between them. The broad agreement on the FTA, which is officially called the Japan-Mongolia Economic Partnership Agreement, came during a meeting in Tokyo Tuesday between Japanese Prime Minister Shinzo Abe and Mongolian...
FMC members cite progress in cross-border report Two Federal Maritime Commission members hailed U.S. dredging legislation and Seattle-Tacoma port cooperation as "significant" steps to help U.S. ports compete with Canadian and Mexican gateways for shipments to U.S. points. Commissioners Richard A. Lidinsky Jr. and William P. Doyle cited those developments in a two-year update on a controversial FMC...
Profit flat, but revenue up 7 percent at 'overbooked' Werner A stronger recovery, an "extremely challenging" driver market and rising number of trucking company failures gave Werner Enterprises more freight than it could handle in the second quarter. "Overbooked" is the term the nation's third-largest truckload carrier used to describe its business last quarter. "Overbooked" isn't a term truckload carriers have...
Air France-KLM to decide future of freighter fleet Air France-KLM, Europe's largest cargo airline by revenue, is about to reveal whether it plans to shed its dedicated freighter fleet. The Franco-Dutch carrier is expected to outline its strategy for Martinair, its all-cargo unit, when it announces its second-quarter results on July 25. Air France-KLM hired U.S. investment bank Goldman...
APM Terminals facility in Virginia to be sold An infrastructure investment group and a British pension fund have agreed to acquire APM Terminals' semi-automated container terminal at the Port of Virginia for an undisclosed price. The terminal will be acquired by Alinda Capital Partners, which has wide-ranging investments in transportation, utility and energy infrastructure, and Universities Superannuation Scheme Ltd.,...
Roadrunner buys regional US logistics company Roadrunner Transportation drove deeper into the non-asset logistics business this week by acquiring Integrated Services, a $21 million Midwestern regional logistics provider. The $13 million acquisition is the latest of several by Roadrunner, the fastest-growing trucking company on the 2013 list of Top 50 Trucking Companies from SJ Consulting Group. Acquisitions...
KCS's US-Mexico trade building earnings growth Mexico's manufacturing growth could push Kansas City Southern to new heights in the near future, according to analysts. The U.S.-based company reported its cross-border trade with Mexico jumped 24 percent in the second quarter compared to the same time last year. Cross-border revenue in KCS's intermodal business grew 30 percent year-over-year...
Panalpina sees container growth, but barely makes a profit Panalpina's ocean container traffic grew three times faster than the market in the second quarter, but barely made a profit for the global freight forwarding and logistics group. Container volume for the global freight forwarding and logistics group, No. 7 on JOC's Top 40 Global 3PLs ranking, rose 9 percent to...
Himalaya's Take on Exports Q: We're a maritime freight forwarder and will soon be handling overseas shipments, primarily from China. We have a question regarding the Himalaya Clause and how it may affect our operations. The 2010 Supreme Court decision in Kawasaki Kisen Kaisha v. Regal-Beloit Corp. 130 S.Ct. 2433, affirmed that the Carriage of...
PIL quits LA-Long Beach chassis business Pacific International Lines has advised its customers that effective Dec. 1, 2014, the carrier will no longer provide chassis at the ports of Los Angeles and Long Beach. PIL at other U.S. ports and origin locations has already, or is in the process of, phasing out carrier-provided chassis, the company stated....
US struggles to find long-term infrastructure plan U.S. Transportation Secretary Anthony Foxx says he won't be celebrating if a $10.9 billion injection for the Highway Trust Fund approved by the House last week makes it through the Senate. The trust fund needs that money to stay solvent through next spring, but what the nation needs more is a...
Tight bonding Scorpio Tankers has managed to slice its borrowing costs for South Korean-built products newbuildings after closing a $125.25m bond deal.
52 down ... Scorpio Bulkers now has won financing pledges on 52 of the vessels in its mammoth fleet of newbuildings, an executive said today.
APM sells out of Virginia AP Moller-Maersk's APM Terminals has sold its container terminal in Portsmouth, in the US state of Virginia.
Well work boosts Helix Helix Energy Solutions' better-than-expected second-quarter profit was fuelled in part by the strength of its well-intervention fleet during the period.
PT Pal looks abroad Indonesia's state-owned shipbuilder PT Pal is planning to boost its production capacity through alliances in Saudi Arabia and Hong Kong.
Navios VL newcomer fixed A $41m VLCC bought from compatriot finds one-year employment in pool.
Croatia eyes LNG move Croatia's delayed project to build an LNG terminal could become reality by 2020.
Scorpio Tankers scoops up $61.9m Scorpio Tankers has continued its share buyback momentum investing $61.9m in its own stock in just a few weeks.
$540m and counting Scorpio Bulkers has reeled in a loan worth $540m and is closing in on funds to cover the rest of its vast newbuilding programme.
Swissco closing $230m deal Swissco is set to close the SGD 285m ($230m) purchase of Scott and English Energy after shareholders gave the deal the green light.
Matson settles case US container line Matson Navigation will pay $9m to settle claims arising from an alleged prohibited fuel charge passed on to the government.
Big problems The UK detained a Chinese bulker in June that racked up 41 deficiencies.
Hanjin Heavy raises cash The parent company of Hanjin Heavy Industries has bought more shares to give the Korean shipbuilder money for working capital.
Havila slides in Q2 Havila Shipping bemoaned a weak North Sea spot market as it reported a slip in second quarter income today.
Cosco's $300m order haul Shipbuilder Cosco Corporation (Singapore) has announced new orders worth $300m, including seven bulkers.
More ATBs for Kirby Bay Shipbuilding of Wisconsin is to build two articulated tug barges (ATBs) for Kirby Corporation.
Centerbridge centre stage An investor controlling a major share of the reshaped Genco Shipping & Trading has emerged as a leading stakeholder in spin-off Baltic Trading.
Fincantieri holds firm Newly-listed Italian shipbuilder Fincantieri has posted "stable" earnings in the first half of 2014.
Reliance goes solo Shipowners appear to have missed out on an initial share of the action in Reliance Industries' very large ethane carrier (VLEC) order.
Gulfmark six cents short Record second quarter revenue was not enough to keep Gulfmark Offshore's second quarter results up with Wall Street expectations.
Cochin pulls out? India's Cochin Shipyard Ltd (CSL) has reportedly pulled out of a project to build a new shiprepair plant.
IMF's German concern Bad shipping loans could still lead to more impairments for German banks, the International Monetary Fund (IMF) warns.
Sewol owner's body found South Korean police have confirmed they have found the body of fugitive Sewol owner Yoo Byung-un.
Vard back in black Vard Holdings has returned to profit in the second quarter of 2014, figures released by the company Tuesday show.
Alaska seeks approval The Alaska LNG export project has applied to the US Department of Energy (DOE) to ship up to 20mtpa of LNG over a thirty year period.
Kleven Asia breakthrough Kleven Verft has secured its first newbuilding contract from South East Asia-based client, the shipbuilder has confirmed.
Collapse enquiry underway UK investigators have begun their enquiry into the causes behind the collapse of a vehicle deck on a car ferry.
Werner invests in Chinese logistics company Derek Leathers, Werner's president and chief operating officer, said his company has expanded its business relationship and worked closely with Hercules' chairman and chief executive officer, and the company's management for six years.
Freight tonnage to rise 23.5% over next decade
Panalpina reports increase in second-quarter profit Air freight and ocean freight volumes grew 4 percent and 8 percent, respectively, in the first half of the year for Panalpina, but the company said unit profitability was affected by a challenging market environment.
Foxx, ex-DOT chiefs implore Congress to make transport investments Eleven former secretaries of transportation joined Department of Transportation Secretary Anthony Foxx in an open letter to Congress urging swift action on a multi-year blueprint for addressing the nation's infrastructure deficit.
Ryder to use LLamasoft for supply chain design
APM to sell Va. terminal to financial investors
Matson settles whistleblower suit
Delta signs oil-supply deal for refinery Graeme J. Burnett, Delta's senior vice president of fuel optimization and Monroe Energy's chairman, said the deal will help Monroe meet it's minimum goal of 70,000 barrels of crude per day.
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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