Matson agrees to $1M fine Honolulu-based Matson Inc has agreed to pay $1M after pleading guilty to polluting Honolulu Harbor with molasses. The payment, resulting from two misdemeanor violations, comprises a $400,000 fine and a $600,000 community service payment to support invasive algae clean-ups in Hawaii. Matson said in
MSC bolsters service to US Northeast Mediterranean Shipping Company (MSC) will continue to provide direct service from Northern Europe to Boston and Philadelphia despite service changes resulting from its vessel-sharing alliance with rival Maersk. On 23 October Geneva-based MSC said that while its pact with Maersk, known as 2M, did
Royal Caribbean guidance disappoints Despite expectations for record earnings, Royal Caribbean shares fell after the fourth-quarter outlook came in below Wall Street consensus. Royal Caribbean reported net income of $490.2M for 3Q14 versus $365.7M in 3Q13. Adjusted earnings of $2.20/share were slightly above the Wall Street analyst
Newbuilding prices under downward pressure, says Wärtsilä Wartsila, the listed Finnish engineering group that manufactures diesel engines and provides a wide portfolio of technical and design services for shipping, says newbuilding prices are under downward pressure. "During the period January-September 2014, 1,395 contracts for new vessels were
Europe and South Africa trade in transition Changes in automotive cargo flows and disruptions to citrus exports ex South Africa have forced container lines to shuffle capacities, according to Deutsche Afrika-Linien (DAL). The smallest partner of the SAECS consortia - other members being Maersk, Safmarine, and MOL - said it has expanded its
Lerwick awards £16.5M jetty contract In its biggest investment to date, Lerwick Port Authority (LPA) has awarded a £16.5M ($26.5M) contract to local company Tulloch Developments to build a new jetty that will benefit the offshore sector as well as the port's fishing fleet. To be built at the Shetland Islands port's Holmsgarth North
Dry bulker newbuilding prices drop Weak freight rates have driven second prices of dry bulk carriers lower and signs of a fall in newbuilding prices have started to emerge, said shipping analysts at Arctic Securities ASA in Oslo, Norway. "While the recent drop in secondhand values already has driven some segments down some 15%
Siem Offshore 3Q14 profit dips but strong orderbook ahead Listed Norwegian offshore services company Siem Offshore suffered a slight dip in 3Q14 net profit, but it has a strong orderbook of future business. Group net profit fell to $18.5M in 3Q14 from $22.6M in the same period last year as net financing expenses rose by about $4.0M to $14.4M. Revenues
Scrubbers save money for shipowners Scrubbers will save money for shipowners in the long term, according to Keith Forget, group fuel specialist at Veritas Petroleum Services (VPS) in his speech at this year's Singapore International Bunkering Conference and Exhibition last month. As the Emission Control Areas' (ECA's) 0.10% sulphur
KSS Line signs LPG contract with Itochu South Korean gas and chemical shipping company KSS Line has signed a long-term LPG shipping contract worth KRW77.8Bn (USD73.6M) with Japan's Itochu Corporation. A 84,000m³ gas carrier ordered by KSS Line at Hyundai Heavy Industries in August will be used to service this contract, which will run
Nordic Maritime fixes out subsea vessel at $70M Singapore-based offshore oilfield service provider Nordic Maritime said today it has fixed out its DP2 IMR subsea vessel Mokul Nordic at $70M for five years to Noble Energy. "At Nordic Maritime, we are delighted to have won this long-term charter contract directly with a highly reputed
China ranked top for offshore vessel orders Chinese shipyards have received 138 orders for offshore units from January-September, up 2% year-on-year (y/y) and is ranked first place in the world, said Zhang Qi from China Shipbuilding Industry Research Center (CSIR) at Shiptec China today. These orders valued a total of $11.12Bn, a 1% increase
VLGC owners should look beyond US Gulf exports As the orderbook for very large gas carriers (VLGC) continues to grow, VLGC owners should not count too much on US Gulf LPG exports filling all available ships, said IHS Waterborne Energy. Looking forward, there appears to be two emerging and conflicting sentiments. On the one hand, as charterers
One dead in accident at Chengxi Shipyard A worker at the Chinese yard CSSC Chengxi Shipyard, Guangzhou, died on 13 October after falling off a four-storey scaffolding during work. Around 09.25 local time on 13 October, the worker fell to the bottom of a dry dock at the yard when a vessel was under repair there, local authorities said
No net additions for Handysize There were no net additions to the Handysize bulker fleet in September as the number of newbuilding deliveries was equal to the number of demolitions. IHS Maritime's Sea-web.com data showed 12 deliveries and 12 demolitions. The 12 ships that were demolished were built from 1978-1989, while a
Analyst: Buy HHI stocks after 3Q results Although some investors wonder if it is now time to start buying Hyundai HI (HHI) stocks while the prices are low, it is advisable to wait for the shipbuilder's 3Q14 results before buying in, said Samsung Securities in a research note. Samsung Securities analyst Young-soo Han said, "Shares of the
Keppel's revenue rises 22% Singapore-listed conglomerate Keppel Corporation (Keppel) posted its 3Q14 revenue, which was up by 22% to $6.18Bn year-on-year from its offshore and marine segment. The higher earning is due to the revenue recognition from an ongoing project and thanks to a one-off bonus of BRL4M ($1.6M) from the
Seanergy has no immediate plan for reverse stock split despite winning shareholder approval Greece-based bulk player says it is 'close' to adding capesize tonnage to reboot its fleet
Denmark and Cyprus vie for IMO top job Nordseth and Chrysostomou hope to succeed Sekimizu as secretary-general
Tianjin adds three coal berths to meet China's growing energy needs The port's venture with Shenhua will boost capacity by 35m tonnes a year
NewLead fixes eco-handysize bulker at a 'premium' to the market rate Owner confirms its $1.7m annual earnings goal for its one-year-old vessel
Aronnax: Polar Code is no longer on ice Free to read: New regulations coming into force but will remain a work in progress
Product tankers improve their fortunes Baltic Exchange reports a rise in daily earnings across all trade routes
Lloyd's of London reappoints LOF panel Average award to salvors now stands at 23%
Standard & Poor's reaffirm Nakilat's top credit rating Qatari LNG shipowner shows consistent profitability, says S&P
Panama Canal receives its first Pacific lock gate Authority says the waterway's multibillion-dollar expansion is 80% complete
Wärtsilä profits down Ship power orders are bolstered by LNG and LPG vessel newbuildings
Tanker Investments buys back $30m of stock Winter demand surge offers an opportunity to generate shareholder value, says Hung
MSC plans direct Boston and Philadelphia calls from Europe World's second-largest box line will exclusively operate the service to new US destinations
Why did Edith Maersk call London Gateway? Mystery surrounds UK port's largest vessel call
Ebola: small things make a big difference in halting spread of the disease CMA CGM's Africa Lines vice-president Mathieu Friedberg explains the steps taken to protect staff and ships' crews while keeping West Africa's trade lanes open
Prince Rupert expects wave of diversion cargo from LA-LB congestion Fairview Container Terminal at the Port of Prince Rupert. Source: Flickr CC - B.C. Ministry of Transportation and Infrastructure The massive congestion affecting the ports of Los Angeles and Long Beach is creating a fresh wave of diversions to other ports as shippers flee the worst congestion that the largest port complex...
Container ships still backed up at LA-LB Vessels are still backed up off the ports of Los Angeles and Long Beach as gridlock at the Southern California ports continues. Six container ships were anchored outside the ports Thursday. That was up from five Wednesday but down from eight on Tuesday. Waiting for berths Thursday were the Cap Avatele, operated by...
FedEx plans for record holiday volume FedEx said it has plans in place to handle expected record volume of holiday shipments this year and avoid a repeat of 2013's late-shipments debacle. The company expects to move more than 290 million shipments between Black Friday and Christmas Eve, which would be a year-over-year increase of 8.8 percent. FedEx...
CEVA adds trucks, trailers in UK Third-party logistics provider CEVA Logistics said it will spend $20 million to expand and update its United Kingdom truck fleet. CEVA will add 40 trucks, 120 tractor units and 180 trailers by the end of 2014. The vehicles will be equipped with telematic systems for tracking and measurement. Use of telematics systems...
Planning for the Consumer Shift in China: 5 key Supply Chain Focus Areas This report on China will provide a broad but comprehensive view of the logistics challenges facing foreign firms in China these days. After looking at the changing landscape of opportunities in China -- new regions; more focus on consumers -- the report will analyze the multiple challenges of managing logistics...
Intermodal growth taxes NS Norfolk Southern Railway said it is working to correct service problems that accompanies faster-than-expected 10 percent growth in intermodal volume during the third quarter. this year resulted from a faster-, like other Class I railroads, didn't expect this year's surge in volume and was operating at crew and locomotive levels well...
Brazil election highlights port, shipping issues Brazil's presidential election Sunday has important implications for efforts to put the country's ports and maritime industry.on a more solid footing. Incumbent President Dilma Rousseff , of the Workers Party (PT) is in a close runoff with Aécio Neves of the right-of-center Social Democracy Party. Roussef won 41.6 percent of the...
Matson to pay $1 million for molasses spill Matson Inc.'s Matson Terminals subsidiary will plead guilty to two misdemeanor violations and pay a $1 million penalty to resolve all federal criminal charges arising from a September 2013 molasses spill in Honolulu Harbor. The company had been charged with illegally discharging more than 230,000 gallons of molasses from a pipe...
Trucking deals driving transportation M&A growth, PwC says There were 48 mergers and acquisitions in the transportation industry in the third quarter of 2014, totaling $13.6 billion, according to analysis by PricewaterhouseCoopers. Nearly 40 percent of the major deals monitored by PwC occurred in the trucking and logistics sectors, the company said in its quarterly analysis released today. Though...
APMT disputes ITF on Aqaba port strike APM Terminals has disputed the International Transport Workers Federation's description of last week's strike at Aqaba Container Terminals in Jordan as a "victory" for the union representing the terminal's dockworkers. "We find the ITF's statements misleading, incorrect and not supported by facts...The strike was premature and illegal, especially when held during...
Chiquita, Fyffes outline cost savings from proposed merger Chiquita International and Irish banana seller Fyffes are busy wooing shareholders, saying the synergies of a combined company would result in $60 million in annual savings, much of it from lower transportation and fuel bills. Shareholders won't vote on the merger (or address a competing bid for Chiquita) until the...
German shipping banks may fail ECB stress tests The world's largest ship financiers, mostly German, could see their vessel assets, dominated by container ships, written down by up to 20 percent in the European Central Bank's impending review of Eurozone banks' resiliency. The ECB on Oct. 26 will publish the results of its stress tests, which gauge the capacity...
Antwerp box traffic up 5 percent, on track for record year Antwerp's container traffic grew 5 percent year-over-year in the first three quarters of 2014, putting the Belgian port on track for a record total throughput in 2014. The Port of Antwerp has grown year-over-year for the past four quarters. Full-size image Europe's third-largest container hub handled 6.73 million 20-foot equivalent units in the...
MSC to continue Boston-Philadelphia services outside 2M Mediterranean Shipping Co. will continue to operate a direct service between North Europe and Boston and Philadelphia alongside its forthcoming 2M Alliance with Maersk Line. The decision was aided by a Pennsylvania cargo-incentive program that provides $1 million annually for five years to pay carriers $25 per container for each lift...
US footwear importers look to slash tariffs Footwear importers last year paid $2.5 billion in duties, which are meant at least in part to protect domestic producers from low-cost imports, but in reality footwear accounts for a tiny percentage of U.S. jobs. Therefore the Footwear Distributors and Retailers of America, the industry trade association, is urging passage of...
Earnings season underway Forecasters are bracing for a bloody earnings season in response to revelations about Bocimar's lacklustre performance in the third quarter.
Bocimar bins more orders A Belgian bulker operator has abandoned six more newbuildings that are under construction at Weihai Samjin Shipyard in China.
IOPC Funds rebuff for Gard The Gard protection and indemnity club has been dealt a further major blow in the battle that has developed over the Nissos Amorgos tanker spill 17 years ago.
MLP acquires Phoenix A US terminal operator has been linked to the acquisition of a Jones Act product tanker that captivated the sale-and-purchase market this week in the wake of speculation it commanded nearly $160m.
Royal Caribbean profit up Royal Caribbean Cruises delivered mixed news for the market as it reported a sharp improvement in third quarter profit.
Wartsila's cruise hope Finnish ship power group Wartsila is in pole position to land any engine orders arising from Carnival's new Chinese cruiseship venture.
Samudera back in black Singapore-listed Samudera Shipping has returned to profit for the third quarter with lower costs out-pacing a third consecutive revenue decline.
Products peak An 18-month high in the products tanker market has opened the door for investors to pick up shares in the sector's largest owners, analysts say.
ViaMar: no Valemax fear A lifting of China's ban on the entry of Valemax vessels will have only a minimal impact on dry cargo rates, Norwegian researchers ViaMar say.
EMAS makes less Recently-merged EMAS Offshore has seen its profit slip in the three-month period ended 31 August despite an increase in revenue.
NewLead fixes newcomer Greece's NewLead Holdings says it has fixed a newly acquired eco-handysize on a short-term deal above market rates.
Teichert staying on German ship finance house Lloyd Fonds is keeping its CEO Torsten Teichert for another three years.
Deep Sea extends deals Norway's Deep Sea Supply has stretched two existing offshore vessel charters for up to four years with Brazil's Petrobras.
Crede selling FREE stock Crede Capital Group (CCG) has filed to sell a slice of Greek bulker owner FreeSeas' stock worth up to $2.975m.
AIS not enough A UK accident report has found that a German multipurpose was in collision with a barge off Dover because its watch officer was relying on AIS data, not radar.
Siem Offshore stronger Siem Offshore has posted a slight increase in its third quarter earnings on higher operating revenue.
Drifting ship towed A Dutch cargoship has been safely brought into port after losing power off Scotland.
TIL to buy back Tanker Investments Ltd has today issued a profit warning and laid out plans for a share buyback.
Daydreaming captain A captain of a ferry that ran aground two years ago was found to be "lost in his thoughts", a US Coast Guard (USCG) report said.
Harim eyes Pan Ocean Korean chicken processing group Harim is ready to bid for restructured shipowner Pan Ocean.
Wartsila earnings slip Finnish ship power group Wartsila has posted lower nine-month earnings despite stable revenue.
Hyundai Heavy faces strike Hyundai Heavy Industries (HHI) is facing its first strike in 20 years after unionised workers voted to walk out.
Zhao takes full control Titan Petrochemicals Group has seen its chief executive step down after less than seven months in the role.
Noble fixes Nordic newbuild Nordic Maritime has secured a five year time charter for its new DP2 IMR subsea vessel in a deal worth $70m.
Seroja bulker arrested Seroja Investments has seen a jointly-owned panama bulker arrested by a company thought to represent a Greek shipowner.
Global steel output stalls Levels of steel production in China remained unchanged from a year ago in September, as global growth ground to halt.
KSS in Itochu tie-up South Korea's KSS Shipping has agreed a seven year deal with Japan's Itochu Corp for the shipment of LPG.
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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