Scorpio may delay Dorian exit Despite a quarterly loss, Scorpio Tankers remains very positive on product-tanker prospects and has implied that it will not immediately sell its Dorian LPG stake. NYSE-listed Scorpio Tankers posted a net loss of $1.2M for 3Q14 versus net income of $667,000 in 3Q13. Average time charter equivalent
Maersk ship rescues migrants near Malta Danish-flagged Eleonora Maersk rescued a group of 220 migrants 285nm southeast of Malta on the night of 23 October. The migrants - said to be Syrian men, women, and children - were expected to be brought to Malta. But they refused to be transferred to an Armed Forces of Malta (AFM) patrol boat as
German shipowners face tax hike German shipowners and KG funds will pay far more tax from 2016 unless an exemption of earnings pools from insurance tax is extended. A government official told shipowners and managers at the Seeschifffahrtstag forum in the northwestern town of Haren last Friday that the federal ministry of finance
Tanker Investments starts $30M buyback Tanker Investments has begun an earlier announced repurchase of up to $30M of its own shares, said the Oslo-listed firm. The $30M share buyback, part of programme unveiled on 23 October, would represent about 3% of common shares or 7.8% of share capital in the firm, according to the company's
Oaktree set to control revamped Torm Torm and its creditors have entered into a restructuring agreement that would give Oaktree Capital Management a controlling interest in the Danish product tanker company. Torm said today it had agreed a potential restructuring with Los Angeles-based Oaktree and a group of lenders representing 61%
East Africa's MCG port upgrades systems Mayotte Channel Gateway (MCG) in the Mozambique Channel off East Africa is preparing for expansion by licensing a Navis terminal operating system (TOS). At the French-governed Port of Longoni, MCG is a key regional transshipment hub, managing 60,000teu annually and poised to grow 15% over the next
Sewol prosecution demands death penalty South Korean prosecutors today have sought the death penalty for the captain of the capsized ferry Sewol. Captain Lee Jun-Seok's trial for manslaughter over the 16 April incident is now closing. A verdict is due on 11 November. A further 14 crew members could face lengthy prison terms. The vessel
Kleven to build a diamond-mining vessel Kleven group in Norway has won an order from De Beers Mining Namibia to build a ship for mining diamonds on the seabed, the shipbuilder said in a statement. The 112m-long vessel will be based on the MT6022 type design from Marin Teknikk, the Norwegian consulting naval architects, and fitted with
Ezra shows strong growth despite slow profits Singapore-listed offshore marine services provider, Ezra Holdings has displayed poor profitability metrics despite strong growth forecast, according to Lee Yue Jer, analyst from DMG & Partners Securities. He sets a target price of SGD0.85 ($0.66) per share, while the company's stocks are currently
China to allow private funds in ports Private investment in port and inland shipping facilities, as well as other key sectors are encouraged, stated Chinese premier Li Keqiang last Friday. Beijing decided to lower the access of private funds to more sectors, including including energy and telecoms, to break the market barriers and
Sungdong wins LR1 tanker order South Korean shipbuilder Sungdong Shipbuilding & Marine Engineering has won an order for four 74,000dwt Panamax (LR1) products tankers including two options from Greek ship owner Tsakos Energy Navigation Limited (TEN). Through a press statement, the shipbuilder said, "The tankers will be green
Yangzijiang Shipbuilding divests all non-core businesses Singapore-listed Chinese shipbuilder Yangzijiang Shipbuilding has sold off all its non-shipbuilding businesses as it refocuses on its main business. Yangzijiang, led by executive chairman Ren Yuanlin, announced that it had sold its stakes in Taizhou Hengjian Real Estate and Changzhou Green Field
HMD to install Clean Marine's EGCS South Korean shipbuilder Hyundai Mipo Dockyard will install Norwegian exhaust gas scrubber supplier Clean Marine's exhaust gas cleaning systems on two MR product tankers it is building for BP. The International Maritime Organization has stipulated that sulphur emission levels in Emission Control
$49M raise for Chinese yard's work capital Guangdong Province Navigation Group plans to replenish the work capital of its shipbuilding subsidiary of Guangdong Xinchuan HI (GXHI) by issuing a short-term note. A total of CNY300M ($49M) will be used to complement the yard's operating funds from 2014 to 2015 to pay for steel plates and labour
Myanmar, Thailand to grant first concession on Dawei Myanmar and Thailand are expected to announce more details about the first concession to be granted on the Dawei port project next month. The news is another sign of the quickening pace of events supporting the development of the Myanmar megaport and industrial zone to be linked to neighbouring
Pirates set off with tanker, crew abandoned A product tanker was hijacked off Sampit, Indonesia; its master and crew held captive for nearly two weeks and finally abandoned off Terengganu, Malaysia. The Indonesia-flagged Srikandi 515 was loaded with 3,100 tonnes of palm oil from Sampit, Kalimantan Tengah, en route a 3-day voyage to Gresik,
World Bank: Bangladesh to invest more on ports Bangladesh is being urged to look at investing more in its ports and related infrastructure by the World Bank. The World Bank notes that such a move, though difficult, is necessary to create the circumstances for sustained economic growth, in its Bangladesh Development Update. Growth is likely to
Chinese ships seized in Mexico Chinese bulk carriers Best Vision and Luyang Eagle have been detained at Mexico ports for nearly six months, due to alleged involvement of illegal iron ore shipping, Chinese shipping website ship.sh told IHS Maritime. The Panama-flagged 96,000dwt Best Vision sailed to Manzanillo, Mexico, on 25
Fyffes-Chiquita deal breaks up Banana producers would have searched for fleet synergies had the deal gone ahead
Surprise reprieve for Hamburg formula Inadmissible for stress test, but no ECB ban
VLGC spot rate falls but stays above $100 per tonne Lack of chartering activity pulls market down for owners, following recent surge
ECB orders shipping book writedown at HSH Nordbank But world's biggest lender declines to specify amount
Navios Maritime Partners post flat income Revenue jumps 18% as company uses prolonged market weakness to strengthen its position
Scorpio Tankers slips to $1.2m net loss Tanker company remains focused on goal of global product tanker domination
Liberian Registry backs the IMO's no-ban Ebola advice Calls for shipowners to include Ebola-specific clauses in their charterparties.
Horizon Lines sees revenues and profits increase Jones-act carrier benefits from higher volumes and lower costs, but freight rates slide
Maersk imposes surcharge on Philippines port congestion Shipping line doubles Manila surcharges, limits Batangas box calls
Stolt-Nielsen moves tanker staff to Houston Chemical giant moves 60 employees from Connecticut to Texas
Maersk's new drillship starts a 45-day contract for $17m Three out of four newbuildings now operating as drilling business targets a $1bn profit
Torm restructuring deal gives Oaktree a controlling stake Danish tanker company is close to agreement with 61% of its creditors
Marseilles Fos' new port authority boss tackles a public relations challenge Cabau Woehrel must persuade customers that the French port is strike-free and poised for growth
Mexico detains bulkers over illegal shipment claims Authorities say vessels failed to produce the right paperwork for iron ore cargoes
Nakilat posts a 25% hike in nine-month profits Fleet expansion is on the cards as the Qatari company looks to new LNG opportunities
'Happy Days' here for LTL as volumes, business improve, Estes says KANSAS CITY - The strengthening U.S. economic recovery is delivering better times to less-than-truckload carriers, Robey W. (Rob) Estes, Jr., said at the JOC Inland Distribution Conference here Friday. "Remember that TV show back in the '70s with Ron Howard and Tom Boswell, 'Happy Days'? LTL is experiencing 'Happy Days'...
As freight volume, revenue rises, Swift Transportation looks to add trucks Swift Transportation, the largest U.S. truckload carrier had more freight in the third quarter than it could handle, even with 300 more tractor-trailers hauling truckload shipments. The earnings reports of Phoenix-based Swift and truckload competitors Werner Enterprises and Knight Transportation show freight demand rose to match and exceed truck capacity in...
Transnet inks MOU to advise four African countries on port operations South Africa's port landlord Transnet will help educate ports in Kenya, Namibia, Mozambique and Ghana under a new agreement meant to bring their ports up to international standards. Port authorities in the four nations signed an agreement with South African port landlord Transnet to engage in worker and management training and...
UP's new overweight container surcharge draws shipper ire A higher surcharge on westbound-moving overweight containers imposed by Union Pacific Railroad this month is drawing fire from Midwest agriculture exporters. The Class I railroad in mid-July told customers that a $300 surcharge would be imposed starting Oct. 1 on 40-foot and 45-foot containers that weighed more than 52,000 pounds. Shippers...
Grain exporter is first Quick180 Plus user North Carolina grain exporter C.A. Perry & Son has become the first shipper to use Quick180's container-matching system to guarantee export loads to truckers dropping off empty import boxes at its plants. Quick180 was launched this year by retired Virginia port executive Rick Knapp. The company developed an algorithm-based technology to...
Malaysia state fund targets Goldman stake in Associated British Ports Malaysia's biggest state pension fund is reportedly preparing a $2 billion bid for a stake in Associated British Ports, the UK's largest port operator. Employment Provident Fund has hired bankers to help it acquire a 33.3 percent stake in ABP jointly owned by Goldman Sachs and Prudential, an insurer and asset...
Rail executives downplay consolidation outlook Canadian Pacific Railway CEO E. Hunter Harrison sees railroad consolidation as possible and a way to greatly improve service, but the majority of his Class I counterparts aren't on board. "And I will go ahead and say I have a very high regard and respect for the head of the CP,...
Six side-effects of inventory optimization As a way to drive efficiency and reduce costs, manufacturing and distribution companies are on a mission to get lean. One way they're doing so is by optimizing and reducing inventory levels across the supply chain. Financial executives get excited about demand planning and forecasting projects that produce one-time inventory reductions...
Explaining the LA-Long Beach gridlock [Video] With Los Angeles-Long Beach, which handles some 40 percent of U.S. import container cargo, experiencing its worst bout of congestion in years with no end in sight, shippers are evaluating their options for 2015. Veteran JOC West Coast Editor Bill Mongelluzzo, who has been closely following developments, describes the situation...
Ship financing giant HSH Nordbank passes ECB stress test HSH Nordbank, the world's biggest ship financier, passed a stress test by the European Central Bank, thanks to a large increase in state loan guarantees that has helped the German bank to survive the protracted container shipping bear market. While no ship financiers failed the ECB's health check of 130 banks,...
Provision for antitrust fine takes TNT Express to $60 million loss TNT Express suffered its first operating loss in five quarters due to a provision for a potential antitrust fine and restructuring costs. The Netherlands-based global express delivery firm lost 47 million euros [$59.7 million] in the three months through September against a 3 million euros profit in the same period in...
Lemos hit with UK ruling A UK judge has found Greek shipowner Andonis Lemos and two US financial firms to be on the hook for additional legal costs in an unsuccessful oil industry lawsuit that they backed.
Owners can handies A growing number of operators appear to be parting ways with handysize bulkers that are becoming increasingly difficult to trade because of their age.
Scorpio holds onto Dorian Scorpio Tankers intends to hold onto its stake in Dorian LPG, at least for now, despite previous indications that it would sell out of the gasship owner by the end of this year.
Al-Qaeda targets tankers Security contractors believe tankers and other types of commercial tonnage could become increasingly attractive targets for Islamic terrorists in the months ahead.
US yard lands order A leading US shipyard has lined up a $5m contract to construct a pair of tugs for the New York Power Authority (NYPA).
Attica confirms sale Greece's Attica Holdings has sold one of its vessels to the Canadian government.
Jiangzhou takes aim at LNG China Ocean Shipbuilding Industry Group has forged an alliance with Jianglian Heavy Industries under a broader bid to cash in on rising demand for LNG carriers.
CMES back in black China Merchants Energy Shipping (CMES) has returned to profit in the first three quarters of 2014.
Cape fire keeps burning Optimism remained today in the capesize market as a major improvement in the past week extended for another session.
Deutsche Bank downs DSX A Wall Street forecaster has downgraded shares of Greek operator Diana Shipping in response to renewed concerns about the future of the dry-bulk market.
Panama sets record Panama Canal's centennial year has seen a historic record after almost one million people visited the famous Central American waterway.
GSI eyes big profit China's Guangzhou Shipyard International (GSI) is lining up a big gain from the sale of three non-core assets.
Fyffes deal dead The merger of banana giants Chiquita and Fyffes is off as the former has agreed to be taken over in a $1.3bn deal by Cutrale-Safra.
Ipsen: Oaktree plan realistic Torm has finally established a plan capable of ending four years of financial uncertainty following an agreement that will see Oaktree Capital take control of the company, its chairman says.
Precious hurt by costs Thailand's Precious Shipping has posted a loss for the three-month period ended on 30 September as total expenses rose.
Scorpio Tankers waits on dividend Scorpio Tankers reported a minimal loss in the third quarter with its red figure at the positive end of the range the company had guided.
Navios Partners stable Greek owner Navios Maritime Partners (NMM) has maintained steady earnings in the third quarter as revenue rose.
Bahri earnings slashed Saudi tanker giant Bahri has posted a steep drop in third-quarter profit as rates and volumes fell.
Malaysian interest for ABP A Malaysian fund has set its sights on bidding for Goldman Sachs's stake in UK port operator Associated British Ports (ABP).
Hanjin Shipping joins up South Korea's Hanjin Shipping is expanding its South African network by joining other Asian owners on two existing services.
Clarksons sees spending record A hunger for newer and larger vessels could see 2014 set a post-crash record for second-hand investment, figures from Clarksons show.
Samsung merger cleared Shareholders have voted to combine Samsung Heavy Industries (SHI) and Samsung Engineering in a deal worth $2.5bn.
Mitsui profit to spike Mitsui Engineering & Shipbuilding has jacked up its first half profit forecast.
Pirates kidnap 10 Gunmen have abducted four police officers and six oil workers in separate attacks that took place on Friday in Nigeria's Bayelsa region.
Tanker hijacked A 2013-built tanker has been seized by pirates off Indonesia.
Stolt staff moving Norway's Stolt-Nielsen is shifting its Connecticut tanker workers to Texas to consolidate its US operations.
HSH passes stress test Germany's HSH Nordbank has passed the European Central Bank's (ECB) stress test thanks to the huge guarantee provided by its federal owners.
Oaktree to control Torm Danish owner Torm is on the cusp of a second major restructuring that will see Oaktree Capital use ships to assume control of the company.
De Beers goes to Kleven Kleven has secured a newbuilding contract from De Beers to build a specialised vessel for deep sea mineral exploration.
Jaxport eyes bigger ships The US port of Jacksonville (Jaxport) is bolstering its crane capacity in anticipation of the arrival of larger containerships.
Nakilat profit heads higher Nakilat, the operator of the world's largest LNG fleet, has reported a 25% rise in net profit for the first nine months of 2014.
Essar capesize freed Essar and Dr Peters look to have settled their differences over a charter dispute that saw a capesize bulker arrested in Singapore.
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