NSB launches China ship management arm German container ship manager Reederei NSB has established a presence in China in a bid to evolve into an international third party vessel manager. The new group affiliate Asia Marine was launched in Shanghai's Pudong district in a ceremony with 120 business partners and industry representatives
Indian Ocean security challenges still pose a threat East Africa's new regional security force lacks the maritime capability to take on pirates and other seaborne criminals, Seychelles' foreign minister has revealed. Jean Paul Adam, speaking exclusively to IHS Maritime, warned that continuing instability on land in Somalia may prompt the return of
Frontline 2012 focuses on building tanker portfolio Frontline 2012, part of John Fredriksen's maritime business empire, recorded a net profit of $59M in the third quarter of 2014, more than double than the same period last year. Quarterly revenue increased to $55.4M from $28.7M in 3Q13. In the first nine months of this year Frontline 2012 recorded
PwC appointed as OW Bunker receiver PricewaterhouseCoopers (PwC) has been appointed by a group of lenders as the receiver for the pledged assets of the bankrupt OW Bunker group. ING Bank (ING), the security agent for the group of lenders has appointed three PwC personnel from its London office, as well as two staff based in
Chinese October thermal coal imports hit three year low Chinese thermal coal imports dropped to a 36-month low of 12.5M tons in October, shipping analysts at Arctic in Oslo have reported. Citing Chinese statistics, analysts said Erik Nikolai Stavseth and Kurt Waldeland said the figures "indicate a 17% decline year-over-year and a 12% fall from
Clarksons and Platou boards agree £281M acquisition London-based shipping services group Clarkson has agreed to acquire Norwegian shipbroker and investment bank RS Platou for £281.2M ($441M), Clarkson said in a statement. "Completion, which would be conditional on, amongst other things, Shareholder approval, regulatory approval and the readmission
Antwerp port strike ends Ships started leaving the Port of Antwerp at 20.00 last night following the end of a 24-hour strike by workers. A spokesperson told IHS Maritime this morning that every ship waiting to leave the port has now left, and that vessels are now also entering. The port is working to clear the backlog,
EU extends its counter-piracy mission Operation Atalanta, the European Union's counter-piracy mission off Somalia, has been extended until 12 December 2016. Total cost for the two-year deployment is estimated at €14.7M ($18.3M). Atalanta was initiated in December 2008 to protect World Food Programme vessels delivering aid to
Australia bans another ship from its ports The Australian Maritime Safety Authority (AMSA) has barred Indonesian flagged box ship Territory Trader from its ports for three months, labeling the vessel a 'repeat offender'. It follows on the heels of Vega Auriga banned for three months last August before sailing to New Zealand where it was
Tianjin Port to provide shore power Tianjin Port in North China announced today that the shore power supply project at Pacific Terminal has completed and will be launched by the end of 2014. This project, co-constructed by Tianjin Binhai Power Supply Company and Tianjin Port, is to transform the 10kV, 50Hz input utility power to
UMW 3Q14 profit up 39% y/y Malaysia-listed UMW Oil and Gas Corporation turned in a 3Q14 profit of MYR75.8M ($22.62M), a 39% year-on-year increase from MYR54.5M, on increased contributions from its drilling services segment and higher investment income. The offshore drilling and oilfield services company recorded a 23.9% y/y
Uncertainty over HHI restructuring lingers Although Hyundai Heavy Industries (HHI) and its subsidiaries have been selling stakes in other companies to boost cash flow, there is still uncertainty over its financial status, said an analyst in a research note. Samsung Securities analyst Youngsoo Han said, "Last week, Hyundai Mipo Dockyard
Pirates thwarted by Indonesian Navy Pirates were thwarted by the Indonesian Navy off Riau Island, Indonesia. Bulk carrier New Emerald was underway in the Philip Channel at Lat. 01 03.14N., Long. 103 37.86E. during 07.00 hours local time on 21 November, according to AISLive vessel tracking. An alert was sent to Information Fusion
Tanker explodes in Andaman Sea A Thailand-flagged product tanker suffered an explosion in its engine room in the Andaman Sea, while en route from Tanjung Pelepas, Malaysia, to Yangon, Myanmar. The explosion occurred on the 1995-built, 4,999dwt vessel Chao Anoma on Saturday, which caused serious injuries to three crew members.
Carriers proceeding with massive trans-Pacific eastbound rate hike Carriers are proceeding with the largest single trans-Pacific eastbound rate increase in years but have only postponed making a formal announcement. JOC.com reported yesterday that a $1,000 per 40-foot container general rate increase was postponed until after carriers implemented $1,000 congestion surcharges. Carriers in the Transpacific Stabilization Agreement agreed to adopt...
APM Terminals plans expansion in Turkey as container volumes grow APM Terminals is eyeing expansion in Turkey to take advantage of container volume growth at the nation's Mediterranean and Black Sea ports. The company is targeting areas like Istanbul and Turkey's Mediterranean Coast, looking for port opportunities or government concessions to further its reach in the country, Mogans Wolf Larsen, managing...
Idle container fleet shrinks as port congestion keeps box ships busy The idle container ship fleet has fallen to its lowest level since the global financial crisis erupted in late 2008 , thanks to carrier reluctance to pull more sailings during the slack winter season and port congestion on the U.S. West Coast and in Manila that is keeping vessels in...
Houston contracts for design of Bayport intermodal rail line The Port of Houston Authority has selected Lockwood, Andrews & Newnam Inc. to design the first phase of a new rail line to the port's Bayport terminal. The design of the $13.8 million project is scheduled to be completed in mid-2015, with construction starting later in the year. The project is the...
Stronger economy boosts cross-border US trade with Canada, Mexico The value of U.S. trade with Mexico and Canada increased by $7.8 billion in September, exceeding $100 billion for the seventh straight month as manufacturing activity and freight shipping in all three North American Free Trade Agreement partners expanded. U.S.-NAFTA freight flows totaled $102.2 billion in September, as the value of...
Hamburg container growth outpaces Antwerp, Rotterdam Hamburg increased container traffic by 6.4 percent in the first three quarters, closing the gap with Rotterdam, the European market leader, and stretching its lead over third-ranked Antwerp. Germany's largest port handled 7.4 million 20-foot equivalent units in the nine months through September to increase its share of the north European...
Clarksons buying rival Platou for $440 million Clarksons, the world's largest shipbroker, is paying £281.2 million [US $440 million] for its Oslo-based rival RS Platou, in a record deal likely to accelerate consolidation in the sector. The London-based firm said it has secured support from 75 percent of Platou's shareholders for the takeover. The deal will create a...
Potential Chicago drayage shortage awaits LA-LB shippers Shippers face another round of potential woes even after their stalled containers move from congested Los Angeles-Long Beach via intermodal rail to Chicago. The surge of intermodal volume from Southern California to Chicago ahead of the holiday shopping season could be too much for Windy City drayage drivers, and some shippers...
ITF accuses Panama Canal Authority of labor violations The International Transport Workers' Federation today accused the Panama Canal Authority of breaking the country's commitment to global labor principles by trying to shutter a tugboat captains' union, the latest flare-up between labor and the major waterway operator. The canal authority is trying to shut down the ITF-affiliated Panamanian Tugboat Captains'...
UPS sees global opportunity for shippers in US-Mexico aviation deal A tentative U.S.-Mexico aviation pact would expand air cargo services linking the North American trading partners, but the biggest benefits may go to global shippers. The agreement, scheduled to take effect in 2016, is likely to increase Mexico's role in supply chains, potentially linking suppliers, vendors and customers throughout the Americas. Although...
Australia's Toll in $85 million asset sale to exit loss-making units HONG KONG - Toll Holdings will offload assets and business units this financial year raising $85 million as Australia's largest logistics provider tries to improve revenue after a rough first quarter. The supply chain services provider said today that it had entered agreements to sell its Toll Global Express Asia business...
China online shopping growth keeps courier playing catch-up HONG KONG - The rapid expansion of China's largest courier SF Express both internationally and across domestic cities over the past two years has been stunning, yet the growth of e-commerce in its home market is always one step ahead. George Li Dongqi, SF Express vice president, told the Asian Logistics...
US port funding goal in jeopardy just seven months after being set WASHINGTON D.C. - The U.S. port industry's celebration earlier this year for pressuring Congress to pass legislation aimed at boosting federal funding on a set schedule for the next decade may be short-lived. Water resources legislation passed this year created a game plan in which more of the revenue from harbor...
Ebola not affecting West Africa container growth West Africa trade still points to a region with growth potential, despite a nearly 30 percent drop in exports caused by the Ebola outbreak, according to Drewry and carrier executives. The economies of western African countries stricken with Ebola are faltering after dealing with the epidemic for nearly 11 months. But...
US trailer orders hit an all-time high in October Trailer orders in the U.S. hit an all-time high in October, exceeding the earlier mark by nearly 9 percent, FTR Associates says. Trailer orders totaled 46,267 in October, a new report from FTR shows, the highest monthly order volume ever reported. Production capacity at trailer manufacturers is expected to tighten in...
FRO's deafening silence It appears that Frontline has launched a campaign to shore up its balance sheet but management has been tight-lipped about how the owner intends to cure its financial maladies.
Blaustein mourned Former colleagues are mourning the death of Henry Blaustein, a former executive with companies including OMI Corp, ZIM and Zodiac Maritime.
Silver lining for Aegean The collapse of Aegean Marine Petroleum's largest competitor and other changes in the world of marine fuel could usher in an unprecedented era of prosperity for the company in the coming months, a leading equity analyst told investors Tuesday.
NCL acquires cruiseship Norwegian Cruise Line Holdings (NCL) has acquired a cruiseship from an affiliate of Carnival Corp.
Clarksons sights further growth Clarksons' purchase of RS Platou is not the end of the expansion story at the world's leading shipbroker, its chief executive says.
Ship banned for two years A cargoship has been barred from Paris MoU countries for two years after it left a port in Rhodes without complying with port state control conditions.
Zakher banking $420m UAE owner Zakher Marine International has clinched a $420m loan to finance an 18-ship newbuilding spree.
Takeover one step closer Bondholders have approved a call option to buy back a NOK 500m ($46m) bond issue if the takeover of Hurtigruten finally succeeds.
SFL ups dividend Ship Finance International has boosted its dividend after recording an improved third quarter performance.
DCIX boosts DSX Greek bulker owner Diana Shipping (DSX) has beaten analysts' expectations by posting a profit in the third quarter, propelled by a gain from its investment in Diana Containerships (DCIX).
SAL enters wind sector K Line-controlled SAL Heavy Lift has been contracted for pile installation work in the Baltic Sea for the Wikinger wind farm.
Discount for Eimskip Icelandic line Eimskip has again knocked down the price of a delayed boxship newbuilding as it announced its best quarterly profit since 2009.
Double for Zhong Chuan Zhong Chuan Heavy Industry Shipbuilding of Zhoushan has won a new order for two multipurpose cargoships.
Topaz on the rise Fleet expansion plans have borne fruit for Topaz Energy and Marine as net earnings for the third quarter went up by almost one fifth.
Masters exposed Seafarers' Rights International (SRI) has warned that merchant ships could be forced to rescue more and more migrants in the Mediterranean due to European budget cuts.
Eimskip hikes charges Icelandic container line Eimskip is trying to recover the likely costs of new emissions regulations with a surcharge of $62 per teu.
Into Africa French line CMA CGM is improving its links between Asia and Africa with two new services to Kenya and Tanzania.
Frontline loses more A vessel impairment loss has seen John Fredriksen's Frontline rack up a bigger deficit in the third quarter.
Fredriksen orders and axes John Fredriksen's Frontline 2012 has confirmed its first crude tanker newbuilding order and cancelled some of the vessels it had placed at STX Dalian.
Share sale planned UK shipbroker Clarksons is lining up a share sale to help pay for its RS Platou takeover.
Clarksons seals the deal UK shipbroker Clarksons is paying £281.2m ($441m) to take over RS Platou, it revealed on Tuesday.
Reach enjoys strong Q3 Reach Subsea has seen its third quarter profit more than double on the back of revenues that have almost tripled compared to a year ago.
PwC chases OW debtors PricewaterhouseCoopers (PwC) has been appointed as receiver for receivables pledged by OW Bunker Group to a syndicate of lenders.
Lauritzen heads to Geneva J Lauritzen is set to open a new dry cargo office in Geneva at the beginning of next year, the Danish shipowner has confirmed.
Strong traffic at Tacoma Tacoma has reported a year-on-year increase of 17.5% in container volumes for October, its eighth consecutive month of growth.
BC Ferries to build three dual-fuel vessels Move is latest effort to save on fuel costs.
DNV GL releases ECA-compliance guidelines Publication available for download on class society's website.
OW Bunker's Singapore entity to meet creditors Dec 4 Liquidator reviewing company's affairs.
ECA non-compliance fines could rise to $38,000 per day Sources say substantial increase is being considered by the EPA.
Aegean's Middle East storage unit 'fully operational' First customers expected early next year.
China importing less fuel oil China's fuel oil imports fell 27% in the first ten months of the year.
Aegean puts figure on OW exposure Latest earnings call starts with company statement on OW bankruptcy.
IMO committees seek cooperation on fuel quality issues Both safety and environmental committees have a stake in managing bunker quality.
Disputed stem could led to fresh court action Players still contesting details of 2011 bunker stem.
PWC talks tough on OW debt Legal agreement puts banks first in line for OW assets.
Singapore shares ideas with IMO on managing bunker quality Suggests schemes similar to MPA's but also provides ideas for states with limited resources, IMO delegation tells Bunkerworld.
OW stocks in Los Angeles to be auctioned next week US bankruptcy court has approved the sale.
Consultant: Oil prices have passed peak Prices will remain below $100 a barrel.
Canadian marketing board buys 'eco' vessels Newbuildings designed to cut fuel-consumption and sulphur emissions.
Quaterly loss swells for Israeli boxshipping giant But lower bunker costs helped reduce losses during the first nine months.
ECSA raises concerns over ship CO2 monitoring scheme Wants inclusion of cargo-related information postponed.
Lukoil-Bunker sends tankers for maintenance Upon completion of the annual shipping season.
Skangass extends small-scale LNG supply network As demand grows.
Brightoil in dispute over newbuildings Payment terms revised for the Brightoil 639 and Brightoil 666.
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