MOL Comfort split due to shipbuilder negligence and defects, MOL claims Mitsui OSK Lines seeks damages of at least $132m from Mitsubishi Heavy Industries
BNP sells out of Torm Bank drops $119m of debt in secondary market
China Cosco posts $1.1bn in underlying losses for 2013 Asset sales release company from delisting watch
Retail investors favour containers as an alternative investment Forget fine wine and classic cars - this year up to 5% of players could buy boxes
US Gulf refineries receive more oil to export Cushing crude stocks fall 32% as tankers keep shipping products to foreign buyers
Zim hopes to finalise financial restructuring within three months Once revamped, the carrier plans to join a global container alliance
Tanker earnings steady despite Houston Ship Channel closure Free to read: Lloyd's List tracks movement through US export conduit after oil spill bottleneck
How to start a shipping bank and sell money in a turbulent market Maritime and Merchant Bank managing director presents a step-by-step guide
Seaspan announces a fresh round of fundraising in New York Shipowner will use the proceeds for 'general corporate purposes'
Scorpio Bulkers agrees five resale deals at South Korean yards Deals worth $306m include four capesizes at Daehan and one at Sungdong
Five ships search for lost Malaysian Airlines flight MH370 Four of the vessels combing the seas 2,500km southwest of Perth are Chinese
Weaker yen boosts Imabari Shipbuilding Lower prices improve the competitive edge for Japan's largest yard
India court frees 33 Seaman Guard Ohio crew on bail However two, including master, still held over illegal weapons and ammunition claims
Zim 2013 net losses deepen to $530m Box line's volumes rise by 5%, but revenues fall by 7%
Japan Inc launches Mijac to compete against China and South Korea rival yards Five yards form a research and development venture backed by ClassNK, NYK and others
Hambantota to be cable maintenance hub A cable maintenance ship base is to be set up in Hambantota port in southern Sri Lanka under the South East Asia and Indian Ocean Cable Maintenance Agreement (SEAIOCMA), an international consortium for maintaining undersea cables
Stalwart sets IPO target range Stalwart Tankers plans to sell 12.5M shares at $11-$13/share and begin trading on the New York Stock Exchange under the ticker symbol 'STST'
Scorpio Bulkers tops off Capesize orders NYSE-listed Scorpio Bulkers has booked five more Capesize newbuilds and chartered-in an additional seven vessels
Shippers protest at neglect of Naples Shippers and logistics providers using the port of Naples have criticised the Italian government for a lack of urgency in tackling the port's infrastructure shortcomings
Samsung's LNG terminal to debut in Singapore Samsung C&T said on Tuesday that it will complete the construction of Singapore's first LNG terminal by the end of March
Qube Noble strike Australian grain depot deal Australian Qube Holdings announced today it is investing $50M in a joint venture with Hong Kong-based Noble for a new grain-handling depot at Port Kembla
German box ship Liloa fined for NZ spill The New Zealand Environment Court has fined the owners of the MV Liloa US$24,000 for a 1,000 litre heavy fuel oil spill in the Port of Tauranga
KOGAS to build six LNG carriers South Korean shipbuilders have reacted positively to Korea Gas Corporation's plans to invite tenders to build six LNG carriers
CSCL sinks to huge losses China Shipping Container Lines (CSCL) slumped to losses of CNY2.6Bn ($431.1M) in 2013 in line with its forecast earlier this year, due to the lack of cargo volume's support for rate hikes sought by the company and rise in operating costs
Spot Truck Rates Still Climbing Higher March brought intense truckload spot market activity to parts of the U.S. thawing from a severe winter, boosting rates for dry van, flatbed and refrigerated trucks, according to DAT Solutions. The DAT Solutions national average spot market rate for dry van tractor-trailers climbed 10 cents over four weeks, rising from $1.99...
Settlement Reached in Vancouver Truck Dispute Striking truck drivers late yesterday reached an agreement with Port Metro Vancouver, the federal government of Canada and the provincial government of British Columbia to end the 28-day strike that has wreaked havoc at Canada's busiest port. However the port warned that it will take "some time" to clear out...
TransForce Drives Away With Vitran Express Canada Canada's biggest trucking operator, TransForce, just got bigger. The $3.1 billion company collected the keys to Vitran Express Canada, completing its acquisition of parent company Vitran after the Canadian government approved the $136 million deal. The addition of Vitran to its family of subsidiaries makes TransForce, already the largest less-than-truckload operator...
Canada Could Force CP, CN to Move Grain Faster The Canadian government yesterday introduced legislation aimed at forcing the country's two largest freight railroads to move grain faster, following complaints from farmers that transit delays are costing them export business. The Fair Rail for Grain Farmers Act would allow the government to require Canadian Pacific Railway and Canadian National Railway...
US House Members Accuse Obama of Underfunding Ports, Inland Waterways WASHINGTON - Members of a U.S. House subcommittee yesterday accused the Obama administration of underfunding port and inland waterway projects through its proposed fiscal 2015 budget. U.S. House members' criticism of the budget during a hearing reflects the disparity between Obama's pledge to invest in freight infrastructure and the money the...
Hub Group Receives 2013 Intermodal Carrier of the Year Honor from Walmart OAK BROOK, Ill., March 27, 2014 /PRNewswire/ -- Hub Group, Inc. (NASDAQ: HUBG), a leading provider of comprehensive intermodal, truck brokerage and logistics services throughout North America, announced that it has been recently recognized as the Walmart 2013 Intermodal Carrier of the Year for providing outstanding service, effective communication and superior transportation solutions. "Hub Group has...
Kalmar presents a new generation terminal tractor to the North American market at Mid-America Trucking Show Kalmar, part of Cargotec, introduces a new terminal tractor at Mid-America Trucking Show on 27-29 March 2014, in Louisville, Kentucky, USA. Entering the North American market, the new Kalmar Ottawa T2 is a thoroughly purpose-built terminal tractor for superior performance, productivity and serviceability Bringing more order, control, and efficiency into trailer...
Three New Members to Join NC Ports Authority Board Wilmington - Chairman Danny McComas and the members of the North Carolina State Ports Authority Board of Directors will welcome three new members at its regularly scheduled meeting today. "North Carolina Ports are committed to supporting the State's economy by providing a gateway to the global marketplace. Each of these new members...
Maersk's SeaLand Names Executive Team SeaLand, the newly founded intra-Americas regional carrier of Maersk Group, has announced its executive team. All appointees will join the new container shipping company within the next two to three months, joining Craig Mygatt as SeaLand CEO. The new team includes: Alfredo Di Palma, who will join SeaLand as chief commercial officer in...
Transplace Warns of Tighter Mexican Truck Capacity Shippers watching for signs of tighter truck capacity this spring should look to Mexico, where an early start to the produce shipping season is reportedly starting to strain available capacity and transportation budgets. Severe winter weather delayed the start of the agricultural season in parts of the U.S., and Mexican growers...
Zim's Losses Rise, But Carrier Upbeat About Prospects LONDON - Zim Integrated Shipping Services' net loss soared to $530 million in 2013 - more than half booked in the final three months - from $428 million a year earlier, but the Israeli ocean carrier said an imminent restructuring deal will "dramatically" improve its finances. The operating loss narrowed to...
A Brighter LTL Outlook Few trucking companies, it's safe to say, were sad to see 2013 end. The year was filled with turbulence as companies dealt with regulatory changes, weak freight demand and lengthy labor negotiations. This instability is reflected in the revenue growth and profitability of the top LTL and truckload carriers. Top-line...
Drewry: Asia-US Rates Give Up Gains Drewry Container Rate Benchmark, March 26, 2014. Full-size image The Drewry benchmark rate for shipping from Hong Kong to Los Angeles fell $100 to $1,886 per 40-foot container in the week of March 26, shedding all the gains achieved from the mid-March general rate increase. Carriers in the Transpacific Stabilization Agreement implemented a...
JP Morgan Investing in Valencia Container Terminal J.P. Morgan Asset Management is to invest €100 million euros ($138 million) to expand capacity and improve intermodal facilities at the container terminal at the port of Valencia on Spain's Mediterranean coast. The Valencia Port Authority has approved the investment plan submitted by Noatum Ports, the largest port operator in Spain,...
Canadian Transport Minister Blasts Proposed Tax on US-Bound Cargo WASHINGTON - Canada Transport Minister Lisa Raitt sharply criticized proposed U.S. legislation that would tax cargo entering the U.S. from Canadian ports, saying that Senate and House bills would harm trade relations between the two countries if passed. "We will vigorously defend our trade interests and the rights attained through our...
Hong Kong Plans to Deepen Ports SHANGHAI - The Hong Kong government, in an effort to prepare for and attract mega-container ships, plans to deepen its port despite declines in volume in 2012 and 2013, according to Hong Kong maritime officials. "The Transport and Housing Department is working on the schedule with other departments," said Jessie Chung,...
Range set on $250m IPO Avance Gas is poised to announced the pricing range of what will be a $250m initial public offering on the Olso Stock Exchange, the chief executive of a major shareholder said today.
Congressman slams budget A leading US lawmaker on maritime issues slammed President Barack Obama's proposed budget over mariner job losses resulting from food aid reform.
Cuxship fined over Danio Cuxship Management has been slapped with a fine after admitting safety breaches that led to a cargoship grounding in the UK last year.
SALT estimates upped Evercore has hiked its earnings forecast for Scorpio Bulkers as a result of the expected boost from its latest acquisitions and chartered-in ships.
Icon closes on IPO Malaysia's Icon Offshore appears to be limbering up for its proposed IPO in Kuala Lumpur.
Horizon Lines cuts loss US boxship owner Horizon Lines has reduced its loss in the fourth quarter as vessel charter expenses fell.
VLGCs keep setting records VLGC spot rates continue to set new records as the strong start to 2014 continues at pace.
Cochin seals seismic deal India's ONGC has finally signed a contract to build a new 12-streamer seismic vessel at Cochin Shipyard at vastly inflated cost.
NAO pinches Platou broker RS Platou broker Tor-Oyvind Bjorkli has been named chief executive of fledgling platform supply vessel (PSV) owner Nordic American Offshore.
Seanergy posts profit Greece's Seanergy Maritime has posted a profit for the fourth quarter, but has sold its last ship.
Cosco dodges bullet China Cosco has escaped delisting from the Shanghai Stock Exchange after edging a profit last year, confirming a confident prediction made in January.
"Golden" prospects for Zim? Israeli container line Zim is close to agreeing a deal that would cancel the government's "golden share" in the company and open the way to an IPO and alliances with other boxship players.
Court row over order? Canada's BC Ferries may face a court battle over plans to order and operate a new cable ferry.
SALT capes profitable Scorpio Bulkers' latest capesize additions are tipped to be profitable investments despite the vessels showing a significant mark-up on its previous purchases in the sub-sector.
TTHE eyes FPSO entry Malaysia's TH Heavy Engineering (TTHE) is getting ready to make its bow in the FPSO sector.
Varun quitting offshore Loss-making Varun Shipping of India has confirmed it is seeking a way out of offshore to reduce debt.
CSDC scraps two China Shipping Development Co has tossed another two of its tankers onto the scrap heap.
Zim loss grows Israeli container line Zim has posted a bigger $530m loss for 2013, but is expecting an improvement once its financial restructuring is complete.
Stalwart sights $186m Greek owner Stalwart Tankers is looking to see through a $186.875m initial public offering (IPO).
Daiichi hunts cash Japanese shipowner Daiichi Chuo Kisen Kaisha is moving to shore up its balance sheet through the sale of new preferred shares to seven major investors.
Ares inks Qatar order Turkey's Ares Shipyard has signed up with Qatar's coast guard to build 17 fast patrol boats.
Strike or bust? French unions have halted SNCM's ro-pax operations to Corsica and North Africa over fears for the future of the company.
Sinotrans adds tonnage Sinotrans Shipping has acquired six vessels from its parent company for $137m as part of the parent Sinotrans Group's reorganization.
COSL orders subsea duo Tongfang Jiangxin Shipbuilding of China has clinched a contract for two exploration ships for China Oilfield Services (COSL).
LDC sees profit drop Louis Dreyfus Commodities has reported a 40% drop in full year profit despite higher revenues and cargo volumes.
SALT adds to fleet Scorpio Bulkers has confirmed earlier reports that it has acquired five capesize bulker resales in a series of deals worth $306m.
Maersk extends rig Maersk Oil has extended its charter of a jack-up drilling rig owned by Northern Offshore.
Safe Bulkers collects $36.3m Safe Bulkers has collected $36.3m after winning an arbitration battle over a cancelled capesize contract.
'Flooded' with tonnage Panamax bulker rates in the Atlantic basin fell this week as the absence of the seasonal South American grain haul hiked vessel availability.
Canadian transport minister scolds effort to tax U.S.-bound cargo
Canada proposes new rail regulations Canadian regulators have introduced railroad legislation that would set a grain-transportation minimum for the country's rail carriers in reaction to a grain crop in Western Canada that is 50-percent higher than normal.
GSF: Shippers need voice in greenhouse gas debate The Global Shippers' Forum is calling for shippers to have a greater voice in global discussions as the debate on how to tackle maritime greenhouse gas emissions continues. GSF said it is vital that shippers have a place in the debate.
Striking truckers reach deal in Vancouver
PortMiami director to head water utility PortMiami Director Bill Johnson will switch jobs within the Miami-Dade County government to head the water-and-sewer department. Johnson, 59, has also solidified Miami's position as the No. 1 cruise port in the world.
Lower freight rates hurt ZIM earnings, revenue
U.S. maritime industry at 'precipice of failure'
Lufthansa Cargo 'ambitious' about future
SeaLand names new executive team
WTO sides with U.S. on China's rare-earth export restraints A World Trade Organization panel has sided with the U.S. in favor of its claims that China's export restraints on rare earth metals, tungsten and molybdenum breach WTO rules. They are used in a variety of U.S-made products.
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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