Rickmers sees refinancing on track German container shipowner Rickmers Group has reassured investors that its refinancing talks are on a good way despite a downgrade of its corporate rating from B to CCC ('substantial risks') by German rating agency Creditreform early this week. The downgrade sent the price of its unsecured bond
Golden Ocean suffers deeper-than-forecast 3Q14 loss Golden Ocean Group, the Oslo-listed dry bulk shipping company in John Fredriksen's business empire, has reported a deeper-than-forecast 3Q14 loss but sees slight recovery in the present quarter. Group net loss amounted to $11.6M in 3Q14 compared with a profit of $16M in the same period last year.
APM to expand Ghana terminal APM Terminals has signed an MoU with the Ghanaian government to expand Tema port. The deal, which commits APM to an investment of more than $1Bn, was signed through Meridian Port Services (MPS), the joint venture between APM Terminals, Bolloré Africa Logistics (Meridian Port Holdings), and the
Havyard gets double icebreaker order Norway's Havyard Ship Technology (HST) has signed two contracts with an as-yet-unnamed international shipping company for two more of its Havyard 843 Ice offshore icebreakers. As with the first order for this design by Havyard Group company Havyard Design & Solutions, both will be built in the
CIMC Raffles wins rig order from C Helios Yantai CIMC Raffles Offshore (CIMC Raffles) in China announced Wednesday that it received an order for a deepwater semi-submersible accommodation rig CR600 from C Helios. The CR600 accommodation, which is the 14th deepwater semi-submersible rig project for the prominent Chinese offshore
Taiwan's exports hit new high in October Taiwan's export orders for October hit a fresh record of $44.91Bn, up 13.4% year on year and 3.7% month on month, said its Ministry of Economic Affairs yesterday. The increase was driven by a robust demand for electronics, information and communication technology, and precision instrument products,
Menlo sets to expand in Asia International logistics provider Menlo Logistics aims to increase its presence in Thailand and Malaysia, establishing Singapore as a regional logistic hub. "2014 has been an excellent year for Menlo in south Asia, where in the third quarter we experienced more than 10% year-on-year growth," Robert
DFDS raises forecast on broad strength of business Copenhagen-based listed ferry and logistics company DFDS has raised its operating profit (EBITDA) forecast on stronger-than-expected passenger shipping business and a rise in freight volume. In a statement, DFDS, which operates a fleet of about 50 ships, said increasing freight volumes and higher
Fourth A-Class LNG carrier joins BGC fleet Brunei Gas Carriers (BGC) has taken delivery of its latest LNG carrier Amani on 13 November and will employ it under a long-term charter to Brunei LNG. Built by Hyundai HI, Amani is a 154,800m³ membrane-type LNG carrier, the fourth A-Class LNG carrier vessel to be added to BGC's fleet.
Shipping MLP plans stumble Exmar's decision to delay its US-listed Master Limited Partnership (MLP) is just the latest evidence of a pullback in investor demand for this public shipping model. Belgium's Exmar had filed an IPO registration for an MLP spin-off in September, with plans for a New York Stock Exchange (NYSE)
Sewol operator jailed for a decade South Korea's Gwangju District Court sentenced Kim Han-Shik, CEO of Chonghaejin Marine, operator of the Sewol ferry, to 10 years in jail yesterday for providing the causes of the incident. The Sewol capsized during a routine Incheon-Jeju trip on 16 April, leaving 304 of 476 passengers either dead
Bumi Armada 3Q14 earnings up by 7.9% Malaysia-based international offshore oilfield services provider Bumi Armada posted a 7.9% increase in its 3Q14 revenue to MYR636.5M ($189M), on the back of increased contributions across all its established business units. Its year-to-date revenue also increased 11.8% to MYR1.695Bn from MYR1.516Bn
Yang Ming returns to black in 3Q14 Taiwanese carrier Yang Ming Marine recorded a profit of TWD1.4Bn ($45M) for the 3Q14, returning to black from the loss of TWD1.33Bn in 1H14. The carrier reported revenue of TWD37.3Bn for 3Q14, up by 8.83% from TWD34.3Bn in 2Q14 and its earnings per share stood at TWD0.43. Its total revenue for the
SIPG to raise $290M for loan repayment Shanghai-listed Shanghai International Port Group (SIPG) announced on Tuesday that it plans to raise CNY1.8Bn ($290M) from its employees via private placement to repay its loans. The company is to issue no more than 420M shares at the price of CNY4.33 per share to 16,082 employees to collect around
Delays hamper MH370 search Australian-contracted survey vessel Fugro Equator has returned to the Indian Ocean to undertake further bathymetric survey work after problems refitting the vessel for underwater search of flight MH370. The Australian Transport Safety Authority (ATSB) reported this week that the vessel's underwater
Korea P&I Club: Most oil spills in East Asia Oil spills from vessels occur most frequently in East Asian countries, said a speaker at the Korea Shipowners' Mutual Protection and Indemnity Association (Korea P&I Club)'s renewal strategy seminar in Seoul, South Korea, yesterday. Alex Hunt, technical team manager at the International Tanker
Alam Maritim earnings down by 29% Malaysia-listed marine solutions provider Alam Maritim Resources recorded 3Q14 earnings of MYR129.86M ($38.6M), down by 29% year on year. Net profit dropped 15% to MYR19.5M at 30 September 2014, from MYR22.77M a year ago. Lower revenues from the subsea services offshore installation & construction
MSC and Hanjin plan to re-apply west coast surcharge UPDATE: Shipping lines will reinstate the surcharge next week, having said they would cancel it
Suezmaxes ride a sharpening spike Crude tankers land their highest average spot market earnings since January
TEN reports a strong return to profit Tanker owner will increase its dividend as spot rates buoy its performance
Schroder takes surprise 5% stake in Norden Asset manager acquires over 2m shares in Danish shipowner
Carriers pull US west coast congestion surcharge Shipper bodies praise the carriers' rethink, just days after they launched the fee
Data Hub: Load Factors Mixed performance on European trade lanes
Awilco LNG says ramped-up gas exports will employ its older ships Production forecast to rise by 50% over four years as new projects come on line
Hapag-Lloyd issues $311m bond Paper gets sub-investment Caa1 rating from Moody's
Week on Wall Street | November 21 The smaller shipowners face difficulties in raising finance from banks
Major east-west box lines suspend more winter services G6 Alliance halts the European leg of its PA2 service
Fleet Capacity Top 21-30: Smaller carriers square up to the cascade effect Niche and regional operators are already upgrading or at least re-evaluating how they operate their fleets
Torm restructuring misses a milestone Danish tanker firm says the setback will have no immediate financial consequences
Asia-Europe rates continue to slide Box prices fall a further 13.4% between Asia and northern Europe, as US rates remain stable
Attica posts a 47% hike in nine-month profits Greek ferry owner on the cusp of returning to the black
Expenses tip Awilco LNG into a net loss Costs rise as WilGas repositions and cools down after scheduled drydocking
Yard Talk | Shipbuilders as lessors More and more Chinese yards show interest in leasing business
Deal averts Port Hedland strike AIMPE and Teekay agreement halts engineers' planned stoppage
BW Group's Helmut Sohmen retires as chairman in leadership shake-up Son Andreas to take up chairman role, with former Norden boss Carsten Mortensen installed as new chief executive
US port employers accuse dockworkers of prolonging talks through Thanksgiving Union says PMA statement is "erroneous" and "mistaken"
Drayage companies finding it harder to prove drivers aren't employees, attorney says Recent case law involving the independent contractor model in trucking indicates that companies must cover all bases in order to convince the courts and government agencies that owner-operator drivers are not direct employees, a Southern California attorney told the Harbor Transportation Club this week. Cameron Roberts, a partner at Roberts &...
Falling bunker prices saving shipping industry $117 million daily, BIMCO says The international shipping industry is only spending 0.1 percent less on bunker fuel than it was 24-weeks ago, but that fluctuation equates to big savings: $117 million daily. The industry-wide usage of bunker fuel sits at 257 million tons a day, a figure that cost ship operators about $149.5 billion a...
Nicaragua details canal construction start date Construction on the controversial Nicaragua canal linking the Atlantic and Pacific oceans will begin on Dec. 22 on the Pacific side, according to the government officials. The Hong-Kong-based HKND Group plans to build the $50 billion canal within five years and have it operational by 2020, BBC reported. The project aims to...
Mexican regulators OK Hapag-Lloyd, CSAV merger Hapag-Lloyd and CSAV just need approval from Ukraine and China to merge and create the fourth-largest container lines, after Mexican regulators gave the tie-up the green-light this week. The German carrier expects the merger to be completed in the second half of this month, Rolf Habben Jansen, CEO of Hapag-Lloyd said...
Tacoma volume rises, Seattle traffic falls Volume gains in Tacoma helped offset another month of year-over-year losses in Seattle, pushing Puget Sound container throughput up in October for the first time in four months. Combined, volume at the ports of Seattle and Tacoma rose 7.3 percent year-over-year in October. Full size chart. Combined, volume at the ports of Seattle...
Five more carriers revive US West Coast congestion surcharges Four carriers today joined Mediterranean Shipping Co. in announcing congestion surcharges on cargo heading from Asia to U.S. West Coast ports. Carriers' push to implement surcharges ranging from $800 to $1,000 per 40-foot container on shipments at the port of origin starting Nov. 26 comes just days after at least nine...
NY-NJ truckers complain about tariff change NEWARK, New Jersey - Truckers are complaining about a tariff change that restricts their ability to collect detention payments for excessive wait times and subjects them to $50 fees for avoidable trouble-window visits at most Port of New York and New Jersey container terminals. Jeff Bader, president of Golden Carriers and...
Striking drayage drivers halt picketing at five LA-LB facilities A Teamsters-affiliated group in Southern California on Friday halted picketing of Pacer Cartage and Harbor Rail Transport after discontinuing picketing at three other port drayage operators in the Los Angeles-Long Beach harbor area. Justice for Port Drivers said striking drivers at Pacer and Harbor Rail Transport agreed to return to work...
Ocean carrier rate revision roundup for Nov. 21 Multiple container lines have planned general rate increases in numerous trade lanes in December, although any gains achieved could be temporary as overcapacity and sluggish global demand continue. Asia-Europe Hapag-Lloyd aims to increase rates on cargo from East Asia to North Europe and the Mediterranean by $800 per TEU, starting Dec. 15. In...
US retailers reiterate call for Obama to aid ILWU-PMA talks U.S. retailers today expressed their disappointment that coastwide U.S. West Coast port labor talks won't begin until early December and reiterated their call for President Obama to get involved. "It's time the parties accept a federal mediator to help them bridge the gaps and arrive at a new contract," National Retail...
Maher orders eight straddle carriers for NY-NJ terminal Maher Terminals has ordered eight additional straddle carriers for operation at its terminal in the Port of New York and New Jersey. When the order is delivered in June 2015, Maher will operate a total of 27 Konecranes straddle carriers at the terminal, the largest in the New York-New Jersey port....
Egypt's instability puts shipping interests at risk With the violence in Iraq and Syria capturing the global attention, one could not be blamed for assuming a state of calm in Egypt - at least in relative terms - in recent months. After all, the shaky leadership of Mohamed Morsi had come to an end in 2013, with...
UASC to join CMA CGM on operating India-Europe service United Arab Shipping Co. plans to join the EPIC Service between the Indian subcontinent and North Europe operated until now independently by CMA CGM. The cooperation agreement, which will go into effect in January 2015, follows the exit of OOCL from the EPIC as a vessel provider in April last year. The...
Uncertainty fuels sell-off Shares of Knightsbridge Shipping took a beating Friday after posting a third-quarter loss that was overshadowed by a dividend cut.
Pullmantur expands A leading cruiseship operator appears to be moving forward with a campaign aimed at expanding its presence in Latin America.
Dag digs in The chief executive of American Shipping Company (AMSC) has acquired more shares of his own company.
Cape hunt continues Knightsbridge Shipping and Golden Ocean may pursue more acquisitions upon completion of a merger that will create one of the world's largest operators of capesize bulkers.
Fitch tunes up Sovcomflot Fitch has flipped to a more positive stance on OAO Sovcomflot following a tanker market recovery and stronger than expected results for the shipowner this year.
DFDS comes strong Closing routes and network adjustments have not been a major obstacle for ro-pax owner DFDS, as it boosted third quarter earnings.
Medvedev's wake-up call Russia's shipyards are lagging far behind global rivals, according to prime minister Dmitry Medvedev.
StealthGas profit dips Greek LPG owner StealthGas has fallen behind Wall Street expectations as it posted a smaller profit during the third quarter.
TEN hits the mark Tsakos Energy Navigation (TEN) has set a dividend increase in place after a strong return to profit in the third quarter.
Russians eye $540m order A Russian company is in talks to order at least 30 ships from shipyards in Russia and Azerbaijan.
Fincantieri on board Carnival Corporation has agreed a deal with Italian shipyard Fincantieri to develop a cruiseship-building joint venture for the Chinese market.
Ross quits Navigator board Wilbur Ross has quit the board of his first public shipping company after being awarded the vice chairmanship of the Bank of Cyprus.
Evergreen profit spikes Taiwanese line Evergreen has pushed up earnings in the third quarter as costs fell and revenue grew.
Schroders buys $50m Norden stake UK investment heavyweight Schroders plc has emerged as a major investor in Norden after amassing a $50m stake in the company.
Havyard clinches deal Norway's Havyard has inked a contract for the construction of two ice-breaking offshore vessels, worth just over NOK 1bn ($148m).
Teekay's tanker mutiny The Australian crew of a Teekay Shipping-operated tanker facing likely redundancy have refused to leave the vessel.
Tactics in play in Torm talks Tactics in the restructuring room at Torm began to play out publicly today as the Danish owner warned of a technical breach in a loan facility.
Costs hit Havyard Higher operating expenses have hurt Norway's Havyard during the third quarter, which saw the company make less despite increased revenue.
Buying like Boycott Galbraith's has drawn inspiration from legendary England cricketer Geoffrey Boycott as it seeks to explain the present state of the sale and purchase market.
Five years to sell German lender Nord/LB plans to shed its non-performing shipping loans by 2019.
HHI workers walk Workers at Hyundai Heavy Industries (HHI) carried out their first industrial action in 18 years on Thursday.
Golden Ocean's loan hope Golden Ocean is confident of fixing up financing for its newbuildings and the unfunded vessels it will inherit following a pending merger with Knightsbridge.
Awilco makes progress Awilco LNG has reduced its deficit for the third quarter following a pick-up in activity in both the spot and mid-term LNG shipping markets.
Canal work to start Work to cut the proposed $50bn Nicaragua Canal will begin next month.
Zim cuts loss Israeli container line Zim has reduced its loss in the third quarter, as freight rates rose.
Celebration sold Carnival-owned Costa Cruises has sold a 1987-built cruiseship days after taking it from sister operator Iberocruises.
BWO sees profit double BW Offshore has posted a healthy increase in its third quarter performance, helped by higher revenue and lower expenses.
Oldendorff wins JBIC funds Oldendorff Carriers has secured export credit financing for a pair of ultramax bulkers on order at shipbuilder Japan Marine United (JMU).
Riding the suezmax wave Ridgebury Tankers has reported "strong results" in its first full quarter during which it operated its entire fleet of suezmax tankers.
OSG + AMSC = MLP A growing number of investors are encouraging Overseas Shipholding Group (OSG) to pursue a deeper union with American Shipping Company (AMSC).
Exmar 'delays' MLP IPO Exmar says it is 'delaying' the launch of the contemplated IPO of an LNG master limited partnership (MLP).
Weekly Global Market Report A weekly price roundup from bunkering hubs around the world.
Falling bunker prices: Bad news for eco-ship owners? Eco ships could become less attractive for charterers, report suggests.
IGF Code progress: 'Now we can build LNG-fuelled ships' Approved draft IGF Code and definitions for fuel tank restrictions sufficiently developed to give confidence.
IMO's safety committee adopts Polar Code Only formal adoption at MEPC now required to allow entry into force in January 2017.
Liquidator appointed for Singapore supplier Vanguard Energy filed for bankruptcy last month.
Ship worker arrested over fuel theft Court hearing scheduled for December 4.
IMO to proceed with caution on flash point review Safety implications and impact on other international regulations will require careful consideration.
'Clear strategic response' needed to OW Bunker collapse 'There is no central industry response and everyone is scrambling to protect themselves,' says Ince & Co.
Canadian harbour to provide marine refuelling services Operational start target is mid-2015 or earlier.
LNG bunkering will be 'globally established by 2020' 83% believe LNG is the most efficient solution to emission standards.
Malaysian player sees Q3 bunker sales dwindle Weaker earnings drag down bottom line of Kuala Lumpur-listed parent.
Integr8 Fuels hires former OW Bunker traders 'The collapse of OW has created a number of business opportunities.'
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