Stena Weco expands charter deal for TOP tanker Greek owner's first vessel to be employed for additional year at higher rate
HMM narrows its operating loss in April-June Debt-ridden South Korean shipping company cuts operating losses by half and posts net profit on one-time gains
Ningbo port resumes normal operation after strike World's sixth largest container port adopts measures to improve traffic as shippers rush to meet schedules
Data Hub: Trade Route Intelligence - Americas While the majority of the container market within the Americas is dominated by larger carriers, the smaller ones are here to stay
Data Hub: Load Factors - Asia All change on the transpacific as Containerisation International takes a look at some of the key trade lanes from Asia
Amber Road helps to sort the red flags from the green lights Tit-for-tat sanctions over Ukraine add to potential pitfalls for carriers and shippers
Namura-Sasebo merger explained Japan's Namura Shipbuilding has explained its decision to take over its compatriot rival Sasebo HI. In a press conference in Tokyo, Namura explained that stiff competition for orders between shipyards in East Asia now means that cost competitiveness, good service, shipbuilding quality, and research
Aztech acquires shipyard Singapore-listed Aztech Group has acquired the leasehold interest of Glenn Marine's shipyard in Singapore through a 100% takeover of the shares and renamed the yard to AZ Marine Offshore Services (AZ Marine). AZ Marine was established in 2008, as an offshore marine segment of Aztech, providing a
Woodside profits up 24% Australian LNG major Woodside petroleum recorded a $1.11Bn profit for the first half 2014, up 24% from the same period last year. Profits were underpinned by higher prices record production of 46.5M barrels of oil equivalent (BOE), primarily from its Vincent's, Pluto and the NW Shelf, Australian gas
Mongolia to use Chinese ports China has decided to allow landlocked Mongolia to use the northern and northeastern Chinese seaports that are open to foreign vessels. China has been Mongolia's largest trading partner and largest source of foreign investment over the past decade. Two-way trade stood at $324M in 2002, but soared to
TH Heavy Engineering sees red in 2Q14 Malaysia-listed offshore oil and gas facilities fabricator, TH Heavy Engineering has posted a loss of MYR9.83M ($3.1M) in 2Q14 from a profit of MYR9.1M in 2Q13. Revenue, on the other hand hiked 9% to MYR64.7M in 2Q14 from MYR59.2M for the corresponding period last year. The increase in revenue is
MBC profits up by 46% Malaysia-listed drybulk shipowner Malaysian Bulk Carriers' 2Q14 profits went up by 46% to MYR19.3M ($6M) from MYR13.4M in 2Q13. MBC's revenue, however, dropped 6% to MYR61.4M in 2Q14 from MYR65M in 2Q13. The increase of profit is mainly due to a one-off gain of MYR16.152M on a disposal of vessel.
Coastal Contracts net profits up 50.6% Malaysia-listed offshore marine builder, Coastal Contracts reported 2Q14 net profits up by 50.6% to MYR48.2M ($15.2M) from MYR32M in 2Q13. Revenue hiked 69.4% to MYR242.4M in 2Q14 from MYR143M in the corresponding period last year. The strong earnings were attributed to larger deliveries of newbuild
NOL could see bigger loss in 2014 Singapore's Neptune Orient Lines, the parent of liner operator APL, could be looking at a bigger 2014 loss than previously estimated. CIMB Securities analyst Raymond Yap said in a report that he believes NOL could incur a $250.5M loss this year, far higher than the $76M loss for 2013. NOL posted a
Otto Marine hires UOB Kay Hian Singapore-listed offshore marine service provider, Otto Marine, has appointed UOB Kay Hian Holdings to advise the company on strategic options aimed to develop the international profile and competitive position of its subsea services unit. "We believe there are avenues that could afford Otto Marine
Inland port hurt by Argentina's transshipment ban Officials at Argentina's port of Rosario have urged their federal government to suspend a resolution that has banned cargo transshipment through Uruguay, alleging that the measure is severely affecting regional trade, the Buenos Aires Herald reports. The ban, known as Resolution 1108/13, prohibits export cargo originating in Argentina from being transshipped...
US trucker coercion rule could impact global supply chains Everyone involved in shipping agrees coercing truck drivers to violate U.S. safety rules is a very bad thing to do. When it comes to determining what constitutes coercion, however, or how coercion should be reported, or who should be penalized, that broad consensus begins to crack. A proposed rule-making on driver...
Retailers warn of rising risks of lack of ILWU contract Retailers are growing anxious over the continuing lack of a U.S. West Coast longshore labor agreement. One of the world's largest retail shipper groups warned on Monday that a lack of U.S. West Coast labor contract nearly two months after the expiration of the prior one increasingly threatens shippers' ability to...
Drewry: Expect more terminal deals The market for container terminals in the U.S. is being helped by cheap prices, low risk, and the advent of automation, according to the latest newsletter from industry analyst Drewry Maritime Research. Terminals are a low-risk investment at the moment, Drewry said in the latest issue of its Container Insight Weekly...
Global ports grapple with congestion generated by larger ships and alliances Edith MaerskThe persistent congestion clogging major gateway ports in the U.S. and Europe is raising a debate about whether it's just peak-season volumes causing delays in import shipments or the inability of ports to handle the sharp growth in container ship sizes. As carriers deploy ever-larger ships, the sheer volume of...
Farewell to Capt. Dick Jacobsen Richard "Dick" JacobsenThere are "giants" in the maritime industry - individuals who have made a tremendous impact on the waterfront. Some of these individuals are well known. Others have a low public profile but, in quiet and unassuming ways, display leadership and influence the industry in many positive ways. The maritime...
Former pilot industry executive Richard "Dick" Jacobsen dies at 82 Richard "Dick" JacobsenRetired pilot industry executive Richard "Dick" Jacobsen died Aug. 22 at his home in Palos Verdes Peninsula, California. He was 82. Jacobsen, who served for many years as president of of Jacobsen Pilot Service in Los Angeles-Long Beach, died peacefully at his home after living with Parkinson's disease the...
Maritime sector cyberattack risk rising, IMB says The International Maritime Bureau said the threat of cyberattacks in the maritime sector has intensified in the past few months, as shipping and supply chains become the "next playground for hackers." Cyber-security experts and media are warning of the dangers posed by criminals targeting carriers, ports, terminals and other transportation operators,...
Tight trans-Pacific capacity leads to rolling of cargo in Asia Cargo is being rolled and space allocations are being cut on trans-Pacific eastbound services as capacity continues to tighten to the U.S. East Coast. Space to the U.S. West Coast is also extremely tight, shippers say, reflected in stronger volumes moving through West Coast ports. Volumes jumped to the East Coast...
The Internet of 'transportation things' In May, I attended the ALK Transportation Technology Summit, which focused a great deal of attention on mobility, connectivity, Big Data and "The Internet of Things." The IoT, as it's called, is that growing network of devices connected through the Internet, from the smart thermostat in your home to handheld...
APM Terminals closes sale of Virginia facility APM Terminals has completed the sale of its semi-automated terminal at Portsmouth, Virginia, to an investment group that will continue to lease the facility to the Virginia Port Authority. The terminal, renamed Virginia International Gateway, now is owned by a partnership comprising affiliates of investment funds managed by Alinda Capital Partners...
Driver rules, outsourcing seen reshaping US spot truck market Spot market truckload rates in the U.S. have trended upward since mid-2013. Full-size chart An analysis of U.S. spot market truckload rates shows truck pricing on a new trajectory since mid-2013: a line that mostly heads upward, with shallower "valleys" than in prior years. Last July, instead of dropping sharply into one of...
Port of Oakland undamaged by Napa Valley earthquake The 6.0 magnitude earthquake that struck Napa Valley north of San Francisco early Sunday caused no discernible damage to the Port of Oakland, a port spokeswoman said. Terminal operators inspected wharves, container yards and gantry cranes, and "no damage relating to the earthquake has been observed," spokeswoman Marilyn Sandifur said. A power...
Ningbo port strike over as truckers get back to work Striking truck drivers at the Chinese port of Ningbo have returned to work after a week of sometimes violent industrial action that brought terminal and drayage operations to a standstill. It is not yet known whether the drivers' demands for higher haulage rates were successful, but global forwarder DB Schenker told...
Voters OK Capital change Capital Product Partners' proposal to change its distribution splits has garnered a positive vote from shareholders.
Top marks for TEN A leading US investment bank has initiated research coverage of Greek tanker operator Tsakos Energy Navigation.
Ferguson to stay Scottish A successful Glasgow based investor in engineering company turnarounds has been named as the preferred bidder for Ferguson Shipbuilders.
NYKCool goes Russian One of the most famous names in reefer shipping is to be revived following what appears to be a Russian takeover of NYKCool.
Top Ships gets more Top Ships has got a better than predicted charter rate for a MR tanker newbuilding under an extended deal with Stena Weco.
Pirate chief arrested A notorious Somali pirate leader whose iconic photograph helped define the image of modern piracy has been captured by Somali security forces.
Saga Tankers hits goal An extraordinary general meeting called by Saga Tankers has approved a plan that will take the business into the offshore energy market and also hold a stake in a football venue.
Alam's profit dips in Q2 Malaysia's Alam Maritim Resources has reported a sizeable decline in its second quarter financial performance.
Salvors battle storms Salvors attempting to tow a disabled chemical tanker to the US mainland are being hampered by poor weather in the Pacific Ocean.
Otto eyes subsea spin-off Otto Marine wants to develop its subsea services unit with a spin-off and listing in Singapore one of the options under consideration.
Kuwait lifts China exports Kuwait Petroleum Corporation (KPC) has expanded its crude shipment ties with China's Unipec in a deal agreed Friday.
Hoegh Autoliners highlights dedication to Jacksonville The carrier imports and exports approximately 800,000 units out of the United States every year; out of those 800,000 units, 350,000 units are out of JAXPORT, Per Folkesson, president of Region Americas, explained.
WTO sides with U.S. over Argentina's import licensing The import restrictions challenged by the United States in this dispute include an import licensing requirement and restrictive trade-related requirements imposed by Argentina.
CSAV shareholders approve capital increase Oscar Hasbun, the chief executive officer of CSAV, said his company has "a reasonable expectation that we will be able to obtain the necessary approvals from regulatory authorities this year."
Port Canaveral lands scrap metal export business
ZIM reports improved second-quarter results ZIM said a reduction in revenues was a result of discontinuing some lines, not having revenues from a container manufacturing plant sold in 2013, and a 3-percent drop in average freight rates from the second quarter of 2013.
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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