BW Group VLCC boosts spot earnings - at last After weeks in the doldrums, daily rates are looking respectable again
Svitzer wins new CMA CGM deal Towage firm wins new contracts covering Europe and Australia
Will Oaktree continue to play matchmaker in dry bulk? Star Bulk and Excel are already being seen as the sector's next merger couple, but it's no foregone conclusion
Container rates face 'unprecedented volatility' until 2016 Orders for 24,000 teu vessels on top of excess capacity could further disrupt the market
CMES to dispose of eight vintage bulkers State carrier continues fleet renewal efforts
Yang Ming sells post-panamax boxship in leaseback deal Taiwanese line sells 8,200 teu ship to replenish its working capital
Fred. Olsen Energy borrows $2bn and is evaluating drillship orders Plans to diversify into tankers 'not likely'
Extra US refining capacity boosts product tankers Shipping segment benefits from the country's new domestic and export cargoes
US Customs issues guidance in case of west coast strikes CBP instructions intended to aid stakeholders in developing contingency plans
Hong Kong government plans to set up new maritime statutory body Feasibility study will complete by year-end to iron out organisational details
Svensen warns of class price war Price dumping is not good for the industry says DNV GL boss
Russia's ports use cheap bunkers to win box calls Maersk, Mediterranean Shipping Co and CMA CGM dominate a competitive market
Epic Gas books third LPG carrier from Sasaki Singapore-based tanker operator adds another 7,500 cu m vessel to its growing fleet
US gives a tentative nod to oil exports But condensate shipments are likely to be small for now
Siem Offshore to challenge tax fine Listed offshore services vessel operator Siem Offshore has vowed to mount a legal challenge against a $1.3M fine and a hefty tax liability. Økokrim, the Norwegian prosecutor and police authorities' joint body that fights economic and environmental crime, levied a $1.3M fine, plus a charge of
New MH370 search zone announced Australia has released an expanded search zone for the missing Malaysia Airlines MH370 passenger aircraft believed to have crashed in the southern Indian Ocean. The announcement on 26 June comes with the release of a 60-page report by the Australian Transport Safety Bureau (ATSB) detailing satellite
Sasaki secures Epic LPG Sasaki Shipbuilding has secured an order for one fully pressurised LPG carrier from returning shipowner Epic Gas. The 7,500m³ vessel will be the owner's third of this size ordered at the Japanese yard and is scheduled for delivery in 4Q16. The previous two vessels were ordered in April 2014, with
Avance Gas seeks further growth Avance Gas Holding says it seeks to further consolidate the sector after posting a strong improvement in both its 1Q14 and 1H14 interim results. Net profit in 1Q14 amounted to $9.6M compared with a loss of $5M in the same period last year. Revenues increased to $32M from $22.4M. For 1H14, the VLGC
Jiangsu Jinling wins SDTR option quartet Chinese shipbuilder Jiangsu Jinling Ships has won an order for four kamsarmax bulker options from SDTR Marine, a joint venture between China's Shandong Shipping and Singapore owner Transcenden Global. The four 82,000dwt SDARI KMAX 82-designed vessels are planned for delivery in November 2017 and
Sungdong secures Kyklades Suezmax options South Korea's Sungdong shipbuilding has secured the options for two Suezmax tankers from Greek owner Kyklades Maritime. The two 158,000dwt vessels are scheduled for delivery in December 2016 and January 2017. They are the options on an original order placed at the start of this month with delivery
Singapore shippers applaud rejection of P3 Network The Singapore National Shippers Council has applauded China's Ministry of Commerce's decision to reject the P3 Network. The P3 alliance that was proposed by Maersk Line, Mediterranean Shipping Co, and CMA CGM was rejected by the Chinese ministry on the basis that it would result in an unusually
Deal brings first 6,500teu ship to New Zealand A unique three-way freight alliance will enable Port of Tauranga (PoT) to prepare for Maersk's introduction of the first 6,500teu ships to New Zealand by the end of 2016. In the 10-year contract, Kotahi, the freight management joint venture company owned by New Zealand's largest exporter, dairy
Car carrier collides with bunker barges The Nippon Yusen Kabushiki Kaisha (NYK Line) car carrier Lord Vishnu collided with two bunker barges at the Southern Fairway in Singapore on 21 June. The collision occurred at 0400 local time following the ro-ro vessel's departure from Singapore on 20 June. The Singapore-flagged Lord Vishnu is
Joint forum on piracy, sea robbery The ReCAAP Information Sharing Centre (ISC) and the Sarawak and Sabah Shipowners Association jointly organised the Anti-Piracy and Sea Robbery Forum 2014 on 24 June 2014 in Miri, Sarawak, East Malaysia. The forum was the first joint effort between the two organisations, aiming at the suppression of
Wan Hai ship rescues Indonesian ferry crew member Wai Hai 503, a 4252teu container vessel of Taiwanese carrier Wan Hai Lines, rescued a crew member who fell overboard from an Indonesian ferry near Port Klang, Malaysia, on 19 June. After departing from Port Klang's Westports terminal, the box ship received an urgent assistance request at 06.00 that
Port Klang may link to Malaysian railway A double freight bypass line linking Port Klang and Malaysia's railway system is one of a handful of rail projects "likely" to happen in the country. One line would see the port connect with Serendah on the northbound main line, while a second would connect the port to Seremban in the south, Laxmi
AMLI signs agreement with WASCO Malaysia-listed Alam Maritim (AMLI) signed a joint venture agreement with Wasco Energy (WASCO), a wholly owned subsidiary of Wah Seong Corporation Berhad, on Tuesday. Prior to the above agreement, AMLI and CIMB Private Equity's subsidiary Armada Investment (ARMADA), had signed a joint venture
Panamax rates to stay below Capesizes' The days when there was a negligible difference between the earnings of Panamax bulkers and Capesize bulkers are over for now, as the former grapples with a severe tonnage overhang, said drybulk consultancy Commodore Research. Since the start of 2009, the Capesize and Panamax rates hovered for the
HMM plans strategy for 2H14 Hyundai Merchant Marine's container department will hold a meeting today and tomorrow to discuss its business strategy for 2H14. Chaired by CEO Lee Suk Dong, the meeting will be attended by 22 local staff and 23 overseas staff, as well as 100 management executives. The meeting will focus on medium-
Last call for Shipyard Portsmouth British and international shipbuilding, heavy marine and general engineering businesses have until 30 June to send expressions of interest to Lambert Smith Hampton (LSH). LHS has been chosen to find potential new tenants for the BAE shipyard that is to close with the loss of hundreds of jobs.
Huge profits for Suria Group in 2013 Malaysia-listed Suria Capital Holdings and its group of companies has gained a hike in its revenues and profits for the 2013, according to the company's official press release. The port operator and bunker provider's revenue totaled at MYR263.33M ($81.7M) for 2013 against MYR262.93M ($81.5M)
Huge losses for Pacific Basin in 1H on towage charges Pacific Basin is expected to post losses for the first half of 2014 on non-cash impairment charges of about $58.5M and a further provision of about $2.5M incurred by its towage business. The changes came after the company failed to find buyers for its offshore towage business, a stock filing of
Some West Coast shippers stuck with no backup plans It's too late for some retailers depending on shipments through West Coast ports. If they have no contingency plans for a potential strike or slowdown tied to International Longshore and Warehouse Union negotiations, they sit with fingers crossed. The contract between West Coast dockworkers and their employers, the Pacific Maritime...
LTL rates predicted to go '3D', potentially increasing shipping costs NAPLES, Fla. - Expanded use of dimensional pricing in ground package shipping will push more less-than-truckload carriers to test or offer dimensional pricing as an option to shippers, according to speakers at the SMC3 Connections 2014 conference here June 23-25. UPS and FedEx Ground both plan to start measuring the dimensional...
FMC chief defends agency consideration of VSAs WASHINGTON - U.S. Federal Maritime Commission Chairman Mario Cordero said that although more carriers are forging larger alliances via vessel-sharing agreements, there isn't an immediate need to amend the law commissioners use to judge whether the pacts are anti-competitive. Instead, the FMC should continue discussions with industry stakeholders and foreign regulator...
NRF, NAM say ILWU strike would cost billions A West Coast port strike by the International Longshore and Warehouse Union would have a multibillion-dollar impact on a still-shaky U.S. economy, according to a study commissioned by retailers and manufacturers. The daily impact on GDP could average $1.9 billion for a five-day strike, $2.1 billion for 10 days, and $2.5...
YRC Freight looks to expand LTL capacity by adding distribution centers YRC Freight's terminal facility count has dropped from 521 in 2008 to just 267 Full-size chart After years of contraction, YRC Freight is planning expansion, seeking to upgrade several terminals amid strong second quarter demand and eyeing the fall peak shipping season. Citing "significant business growth," the less-than-truckload carrier wants the Teamsters union...
DHL: Augmented reality could change logistics business Driverless trucks and completely automated warehousing systems may seem like futuristic gimmicks, but some technological advances could have a big impact on the shipping industry's efficiency and reliability in the coming years, and they don't involve robots and flying cars. Augmented reality, a mid-way point between complete virtualization and modern day...
China customs squeezes US DDG exports The growth of U.S. exports of containerized distillers dried grains to China has fallen in the last five months, and the decline is expected to continue Full-size chart The growth of U.S. exports of containerized distillers dried grains to China has fallen in the last five months, and the decline is expected...
Trucking's natural gas 'highway' still under construction NAPLES, Fla. - The next big thing in transportation isn't drones, or driverless trucks, but natural gas-powered trucks, according to trucking and energy officials. But it could be many years before compressed or liquefied natural gas bumps diesel at the pumps. "How many years did it take diesel to replace gasoline?...
Panama mulls still bigger locks Work on the current Panama Canal expansion project.When the Panama Canal finally does open its new locks to commercial traffic, it will be able to handle most, but not all, of the world's container ships. The third set of locks now under construction will be 1,400 feet long, 180 feet wide...
Coming to terms with Incoterms I believe it's safe to say that among all of the aspects of international trade, the most misunderstood and misused element of an international transaction is the correct application of shipping Incoterms. In fact, some of my earliest and most valued reading in The Journal of Commerce dates back to Frank...
New Zealand's Kotahi in 2.5 million TEU deal with Maersk New Zealand freight and logistics company Kotahi has pledged to provide Maersk Line with 2.5 million 20-foot containers of exports over the next 10 years starting from August 1 in a deal that will enable the world's biggest carrier to deploy 6,500 TEU ships on the trade by the end...
Traffic at PSA's Tuticorin Terminal returning to normal Container movements to and from PSA Sical Terminals in India's Port of Tuticorin have now returned to "near" normal levels after recent port clogging problems that forced the private operator to scale back import cargo handling, according to local shipping sources. "Congestion inside the terminal has slowly been easing off. In...
Damco sets up first container freight station in Myanmar Damco, Maersk Group's logistics unit, has started operations at the first international container freight station in Myanmar. The 4,000-square-meter, C-TPAT-compliant facility, located 15 kilometers (9.4 miles) from Yangon port and major industrial locations, is designed to handle imports and exports of consumer goods, electronics, apparels, machinery and project cargo. "After acquiring an...
One in three shippers mitigating ILWU risk, survey finds A little less than one-third of shippers surveyed by an investment research firm last week have accelerated imports into U.S. West Coast ports and built up additional inventory ahead of potential work stoppages or slowdowns around the June 30 expiration of the International Longshore and Warehouse Union's contract. And, despite the...
Ningbo leads China's port growth in May China's top 10 container ports handled almost 13 million TEUs in May, a growth of 2.4 percent over the same month last year, with the most impressive figures continuing to be generated by Ningbo-Zhoushan port. Situated just south of Shanghai, the natural deep-water port has recorded 12.4 percent growth in the...
Overhaul underway Cash-strapped affiliates of a leading South Korean shipbuilding conglomerate appear to have cleared a major hurdle in the race to avoid liquidation.
Exmar upsizes bond offer Exmar has increased the pot of a bond offering to NOK 700m ($114m) after the fundraiser was "significantly oversubscribed".
Bonheur banks $244m Fred Olsen holding company Bonheur has sold NOK 1.5bn ($244m) of unsecured bonds to refinance existing debt.
Great Lakes goes Dutch Great Lakes Shipyard of the US has teamed up with Damen to build its designs.
See you in court Norwegian shipowner Siem Offshore is ready to challenge a fine over alleged tax violations in court.
Conti makes it 20 Germany's Conti Reederei has declared its remaining 12 ultramax bulker options at Jiangsu Hantong in China, lifting the order to 20 ships.
Ukraine's bypass plan Ukraine is looking to bring in LNG through the Turkish straits and Black Sea in a bid to avoid Russian pressure over gas imports.
Hope for Varun crew India's Varun Shipping has pledged to bring home 16 crew stuck on an LPG carrier off the UAE for a year.
Debt weighs heavy Vietnamese national shipowner Vinalines is facing difficulty repaying debt to 24 banks.
Arriva adds tenth Norway's Arriva Shipping has acquired a modern general cargoship from German owner 3 Sommerwiese.
KHI turns up the heat Japan's Kawasaki Heavy Industries (KHI) will build gas carriers in China to take on its South Korean rivals.
Ferries up for sale? Tasmania's productivity commission has recommended the disposal of the Bass Strait ferry service.
Overloaded ferry towed A Malaysian ferry has been towed into port after it was found to be over-loaded en route to Indonesia.
Bugbee buys more SALT Robert Bugbee continues to put his money where his mouth is when it comes to shares in Scorpio Bulkers.
Korean yard files A shipbuilder and major shareholder in the company that operated the Sewol ferry has filed for receivership in South Korea.
Epic back at Sasaki Epic Gas has returned to its favourite shipbuilder in Japan for another fully pressurized gas carrier newbuilding.
Steel output steady Global steel production has seen modest year-on-year growth of 2.2% to 141mt, figures from a trade body show.
Port disruption could cause 'widespread' economic impact "Even though a labor agreement is not expected to be reached by the June 30 deadline, the ILWU and PMA must remain at the negotiating table, without engaging in disruptions," according to a recent study.
LLamasoft links up with Chainalytics
Senate panel to vote on highway trust fund fix The HTF could run out of money by the second half of August without some infusion of new funds because obligations to states for projects exceeds revenues. To prop up the fund, Congress has borrowed $54 billion since 2009.
CBP issues contingency plans for West Coast port disruption CBP said if a trade disruption occurs, cargo could be diverted to other ports, and that all ports that could be impacted have developed business resumption plans to ensure rapid restoration of Customs services.
EU adopts port single window deadline Siim Kallas, the commission's vice president responsible for transport, said in a statement, said the single window will reduce the present "administrative burden" carriers have to shoulder.
Panama Canal reports progress on expansion project The Panama Canal Authority said it also reached a new milestone this month with the pouring of more than 2 million cubic meters of concrete for the middle lock on the Pacific side.
UPS expands jewelry protection program to 3 cities
Shippers surprised by China's decision to block P3
U.S. economy contracted 2.9% in Q1 Bad winter weather has been blamed for disrupting much business in the first three months of the year, but the government report showed other factors were at play, too. Economists are predicting a good rebound in Q2.
Japanese firm unveils solar-electric hybrid vessel Features technologies aimed to maximise energy efficiency, reduce emissions.
Prices continue falling in major European ports Low demand in Istanbul.
Prices soft to stable in Fujairah Prices flat in Suez.
Costs for ship operators in the North Sea are 'intolerable' European shipping interests continue to warn of the damage they say ECA compliance will inflict.
Research points to TEU surcharge on ECA trade routes On the back of a 50% rise in fuel costs.
More information comes to light on EPA subpoenas Four companies asked for very detailed information to determine their ECA compliance.
Fuel oil stocks stable In the short term, the fuel oil market is still bearish.
WWL: All fuel options in focus as ECA changes looms LNG 'head and shoulders' above other alternative forms of fuel.
'LNG will soon fuel a sizeable portion of the world fleet' Business intelligence provider predicts growing role for LNG bunkering.
Asian MGO market strengthening Smooth supplies seen across key regional ports.
Entice ships to bunker in South African ports, says commentator 'Huge revenues' could be put to local use.
Call for ECA delay has been 'misrepresented' UK Chamber of Shipping 'disappointed' by government minister's response.
Oslo-listed firm takes 10 PSVs Acquisition includes four fuel-saving newbuildings.
Energy firm to expand LNG bunker distribution Seeking green light for exports from Canadian plant.
Singapore: Car carrier collides with bunker barges Vessel could have been preparing for bunkering when incident occurred, reports say.
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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