Panayotides era at Excel Maritime comes to abrupt end Oaktree and other investors re-house Greek bulker company as founder departs
Teekay Tankers replaces Chan Kevin Mackay, head of global marine business for Phillips 66 Corp brought in to lead growth phase
'Team Marinakis' aims to boost Piraeus as maritime hub Shipowner and new mayor also hope to stop port sell-off
What's on #posidonia2014 Your @lloydslist guide to this leading industry event
A big week for BW Group Energy shipping player adds 20 MR tankers to its fleet - but opts for secondhand deals
Greek owners voice unease about 'loosening of ties' with homeland UGS warns of crisis over industry's legal base in Greece
Golar LNG remains concerned over near-term shipping market Fredriksen natural gas firm eyes floating liquefaction as it waits for trade to improve
Supply-demand optimism is overplayed, says Danish Ship Finance Copenhagen financier predicts ever-younger ships will be scrapped
CDB wins court's approval to freeze Nanjing Tanker assets State-owned policy lender takes action following $84m defaults
P3 puts off redeploying vessels during peak season Maersk executive says wait for regulatory approval is not the only reason for deferral
Zim cuts its first-quarter net loss Danieli urges workers to do their bit as restructuring plan takes shape
Ardmore buys MR tanker as it starts to spend its recently raised capital New York-listed tanker company presses ahead with fleet growth
Cost of ECA compliance could reach $49 per teu on transatlantic voyages Drewry highlights the impact of switching to lower-sulphur fuel and other factors
Shipping Corporation of India swings into first-quarter profit But a third fiscal year of losses threatens state giant's financing autonomy
TEN boosts shares sale total to $92m Greek tanker owner earmarks proceeds for fleet expansion
Garcetti taps NOL's Seroka to head Port of Los Angeles Commissioners and city council will discuss the nomination for Knatz's successor on June 5
ITC warns of looming crunch A $15.73M loss booked on the sale of a very large crude carrier (VLCC) exacerbated problems at Frontline-owned Independent Tankers Corp (ITC), with the Bermuda-registered company posting a 1Q14 net loss of $18.47M. Independent Tankers hinted of other problems, saying it will be obliged to draw on
Sohar's $130M milestone The docking of the APL shipping line's 10,000teu container ship Savannah at the port's newly expanded Oman International Container Terminal (OICT) on 23 May is "one of the most important milestones to date," Sohar Port and Freezone told IHS Maritime. Until Savannah's arrival, OICT could only
New lifejacket to debut at Seawork Ocean Safety will launch its commercial twin chamber lifejacket range, the K2 275N, at the Seawork exhibition in Southampton in June. The range offers a twin and single chamber lifejacket that is approved to SOLAS MED Ship's Wheel and is manufactured under the accredited Lloyd's Register ISO 9001
Imtech Marine to supply VSAT systems The Northern Lighthouse Board has contracted Imtech Marine to provide very small aperture terminal (VSAT) systems with connectivity and value-added services for three years on five vessels that move around the Scottish and English coastline. Imtech Marine said that the systems would provide reliable
Stolt-Nielsen in Canadian LNG liquefaction venture Stolt-Nielsen's Stolt-Nielsen Gas (SNG) unit has teamed up with SunLNG Holding and LNGaz to form a start-up focused on the development of small-scale liquefied natural gas (LNG) liquefaction and logistics services in B'cancour, Québec, Canada. "The new joint venture, to be named Stolt LNGaz Ltd,
Gard surplus dips but reimbursement to members increases Assuranceforeningen Gard, the Norwegian P&I club based in Arendal, has reported a fall in net surplus but has increased reimbursement of funds to members through a reduction of deferred call, the club said in a statement. Net surplus decreased to $89M in the year to 20 February 2014, compared with
Seadrill on track despite expected delays Seadrill, the London-based listed drillship and rig operator in John Fredriksen's business empire, says it is on track to achieve its EBITDA target of $10M/day despite expected delays of newbuilding deliveries and a softening market. Group net profit rose to $3.09Bn in 1Q14, from $1.20Bn in the same
Kleven wins second Olympic IMR Norwegian shipbuilder Kleven Verft has won a second order from compatriot shipowner Olympic Shipping for an inspection, maintenance, and repair (IMR) vessel. This latest newbuilding will be a Marin Teknikk MT 6021 MKII design and is scheduled for delivery in June 2015 at a cost of NOK450M ($75.5M)
Norwegian Coastal Administration to boost vessel traffic service The Norwegian Coastal Administration's (NCA's) C-Scope vessel traffic service (VTS) systems will be able to work on mobile devices from June following the integration of Kongsberg Norcontrol IT's (KNC) advanced C-Scope Web and Mobile Application module. "The C-Scope Mobile Applications are a
SCI back in profit, cancels five shipbuilding contracts Higher income from operations helped the state-run Shipping Corporation of India (SCI) post a net profit of INR132.4M ($2.2M) for January-March, compared with a net loss of INR2.84Bn in the corresponding quarter of 2013. Total income from operations increased to INR12.81Bn, from INR9.73Bn in
China to decide on P3 alliance next month China's Ministry of Commerce will decide whether to approve the P3 shipping alliance in June, Maersk China managing director Jens Eskelund told IHS Maritime today. Maersk, CMA CGM, and MSC want to set up the P3 alliance to improve and optimise their operations and service offerings. An application
Glycerine engine to debut at Seawork The GLEAMS group, which focuses on investigating whether the marine industry can adopt glycerine as a fuel, will debut the first engine to run on it at the Seawork 2014 exhibition in Southampton in June. The Cummins marine engine will be on display on the Alicat workboat on berth V28, courtesy of
Goltens offers new ballast water testing product Independent ballast water treatment service provider Goltens Green Technologies has expanded into helping shipowners test whether their ballast water systems meet regulatory standards set out by the IMO. The company has partnered with UK-based Bactest to offer the new contamination testing product
Sewol owner's eldest daughter arrested in Paris French police have arrested the eldest daughter of the Sewol ferry's fugitive owner in Paris. South Korea's Ministry of Justice announced today that Yoo Sum Na, the eldest daughter of Chonghaejin Marine owner Yoo Byung Eun was arrested yesterday. Incheon District Prosecutors' Office had asked
HMD looks to meet its FY14 order target Hyundai Mipo Doyard is expected to meet its FY14 order target thanks to its rising prices and re-emerging order momentum for eco-designed PC/LPGC (and potentially LNGC). HMD reportedly won 38km3 LPGC orders from West Africa LPG, a new shipowner that was founded last year, at a newbuild price of
Nanjing Tanker's property frozen The soon-to-be-delisted Nanjing Tanker today said its largest shareholder's stake in the company, along with its stakes in two other companies, have been seized by a court over unpaid loans and loan interest. As of 27 May, Nanjing Tanker owed the China Development Bank's Dalian branch about $84M in
Chinese ports to cut stay by 30% Four main Chinese container ports - Hong Kong, Shanghai, Xiamen and Yantian - are expected to make a 30% reduction in port stay via Maersk's Terminal Partnering Project. So far, a total of 12-18% has been cut, mainly through improved vessel preparedness and to a lesser intent through terminal
Sinotrans proposes bond selling Hong Kong-listed Sinotrans, a freight forwarding and logistics-focused unit of Sinotrans & CSC Group, today said it plans to sell bonds in the international markets to repay debts and for general corporate purposes. The pricing of the RMB-denominated bonds issuance, including the aggregate principal
Qingdao Port International to raise $322M by IPO Qingdao Port International plans to raise about HK$2.5Bn ($322M) by selling new shares on the Hong Kong Stock Exchange to fund the construction of port facilities at the Dongjiakou Port Area. The facilities include oil tanks, an ore stacking yard with an area of about 494,250m3, two crude oil
PACC Offshore Holdings' 1Q profit up 76% PACC Offshore Holdings (POSH), listed on the Singapore Exchange last month, said yesterday evening that net profit for 1Q14 surged 76% year on year to $36.677M. The company, part of Pacific Carriers which is under Malaysia's Kuok Group, recorded a higher gross profit of $15.8M in 1Q14, up 28% y/y.
Container shipping connectivity promotes China's trade Better container shipping connectivity has played a vital part in lowering China's trade costs and enabling additional trade based on the econometric analysis, stated Maersk's China Impact Study report today. China has developed the best container shipping connectivity in the world, which has driven
Japan's Trade Surplus With US Continues to Shrink Japan's foreign trade through April 2014: Year-over-year percent change in value Full-size chart Japan's trade surplus with the United States narrowed for the third month in a row in April on a year-on-year basis, as imports grew at a faster pace than exports, according to preliminary figures released by the Finance Ministry...
New Book Probes Changing Maersk Culture The following excerpt from Culture Shock in Maersk Line, the new book by Lars Jensen, CEO & Partner at SeaIntel Consulting, discusses the profound cultural transformation at the world's No. 1 container line. The book, which examines in detail the significant recent changes at the Danish company, draws on interviews...
US East Coast Ports Pinch Canada's Market Share U.S. ports continued to expand their share of North American east coast container volumes. Full-size chart U.S. ports outpaced their Canadian rivals on the east coast of North America during the first quarter, with solid growth in container volume at Savannah helping the U.S. Southeast surpass other regions. The volume of all containers...
Stronger Economy Boosts LTL Demand at ODFL Strong freight demand in April and May pushed tonnage, rates and yield higher than expected at Old Dominion Freight Line, the fifth-largest U.S. less-than-truckload carrier. The trucking firm yesterday said it expects LTL yield or revenue per hundredweight - a measure of pricing - to increase 3 to 3.5 percent year-over-year...
Overcapacity on the Seas Tied to Post-Panamax Growth Overcapacity in ocean container shipping is tied to growth in post-Panamax ships, according to Danish Ship Finance's latest Shipping Market Review report. In 2013, 1.3 million TEUs entered the global container fleet, the eighth consecutive year with an average inflow of at least that much tonnage, the report said. Factoring in...
Drewry: Spot Rates Tumble After GRI Gains The Drewry benchmark rate for shipping from Hong Kong to Los Angeles fell 10 percent in the week of May 28. Full-size chart Rates in the trans-Pacific moved downward this week, with the Drewry benchmark rate for shipping from Hong Kong to Los Angeles falling 10 percent after minor gains last week. Two...
Long Beach Mayoral Candidates Promise Change in Relations With Port While it is still to be decided which of the finalists to be Long Beach mayor, Robert Garcia or Damon Dunn, will be elected by the voters on June 3, it is almost certain that the port city will have a different type of leader than outgoing Mayor Bob Foster. "I...
Can Onboard Cameras Improve Truck Safety? A car pulls alongside a tractor-trailer, preparing to pass on its left. Instead, the car suddenly swerves into the side of the tractor. The truck driver quickly pulls onto the shoulder of the road, the mangled car dragged along by his tractor. Fortunately, no major injuries - this time. Another truck,...
Zim Slashes Loss Ahead of Restructuring Zim Integrated Shipping Services' first quarter loss shrank 45 percent from a year earlier as the Israeli ocean carrier continued to cut costs in the run-up to a $3 billion financial restructuring. The line's net loss narrowed to $62 million from $112 million in the first quarter of 2013, and the...
Scaling the Top 100 Some of the fastest-climbing companies on the JOC's Top 100 Importers and Exporters rankings share a common trait: They either partner with or are part of a conglomerate that allows them to create synergies of scale. AMONG THE PLAYERS: Top 100 Importers; The fruit and vegetable importers at seventh-ranked Chiquita Brands International...
Trade Advocates Eye Kerlikowske With Hope Gil Kerlikowske oversees the largest U.S. law enforcement agency and the second-largest revenue-collecting source in the federal government. But although the newly appointed commissioner of U.S. Customs and Border Protection brings four decades of law enforcement and drug policy experience to the job, he had little experience in international affairs...
Drayage in the Driver's Seat It's a well-established axiom in the intermodal world that the drayage carrier, forever doomed to be squeezed by other, larger and more powerful interests in the system, has always been the low man on the totem pole. But this could be the year all that changes. A number of drayage carriers...
uShip Breaking the Broker Mold? Q: As a long-time reader, I have always found your columns helpful. I am, however, still amazed - and I talk to several companies every year - at how few transportation managers and directors have little or no understanding of transportation law. The April 14 Journal of Commerce story "uShip Spins...
P3 Delayed To Avoid Peak Season Impact, Says Maersk Maersk Line decided to defer the launch of the P3 Network until autumn to avoid disrupting services during the peak season, even though it expects to receive approval from Chinese regulators in June. Launching a complex new service on the scale of the P3 would require several weeks, Tim Smith, CEO...
Trucking Protest Hits DP World's Cochin Terminal A work slowdown by harbor truck drivers and crews is slowing operations at the Vallarpadam International Container Transshipment Terminal, a DP World facility in India's Port of Cochin, according to local shipping sources. A shipping line agent at Cochin said unionized workers are demanding job protection for some drivers who have...
APL's Seroka Nominated to Lead Los Angeles Port LONG BEACH, Calif. - Los Angeles Mayor Eric Garcetti today nominated APL executive Gene Seroka to be executive director of the Port of Los Angeles. The Los Angeles Board of Harbor Commissioners is expected to approve Seroka's nomination at its next meeting on June 5 and the Los Angeles City...
GMLP eyes buys Golar LNG Partners (Golar Partners) is well positioned to pursue more acquisitions in the coming months following a profitable first quarter, management told investors Wednesday.
New firm for O'Connor Chalos O'Connor senior partner Eugene O'Connor is joining law firm Montgomery McCracken Walker & Rhoads.
Safe misses mark Safe Bulkers turned in a first-quarter profit Wednesday but the result was a penny below the Wall Street forecast.
K&L hires Chalos K&L Gates has hired criminal defence lawyer Michael Chalos to join its New York maritime law team.
Stolt wants LNG lead Stolt-Nielsen and its partners in a new LNG venture are aiming to secure the first-mover advantage on a proposed project in eastern Canada, an executive tells TradeWinds.
Chan leaves TNK Bruce Chan is getting ready to step down as the chief executive officer of Teekay Tankers (Teekay).
Panayotides shown the door Former Excel Maritime owner Gabriel "Villy" Panayotides has been removed as CEO of the company by US fund Oaktree.
MBC bulks up Malaysian Bulk Carriers (MBC) has seen first quarter profit jump on higher revenue.
Golar LNG profit slashed Golar LNG has been saved from a first quarter loss by the sale of a ship to spin-off Golar LNG Partners.
Wisby inks tanker duo Sweden's Wisby Tankers is heading back to Croatia for more tanker newbuildings.
GOS goes for PSV India's Global Offshore Services (GOS) is considering adding a platform supply ship (PSV) to its fleet.
Three strikes and out? State-owned Shipping Corp of India (SCI) is at risk of losing its special autonomous "navratna" status after posting its third straight annual loss.
Mystery deaths probed An investigation is being carried out into the deaths of three crewmen on a German cargoship at the UK port of Goole.
Clipper A/S cuts loss Denmark's Clipper Group A/S has reduced its loss in 2013 as it continues to exit the unprofitable tanker sector.
VLCC sale hurts ITC Independent Tankers Corporation (ITC) has been pushed to a bigger loss in the first quarter after selling one of its VLCCs.
Stolt in LNG move Norway's Stolt-Nielsen is setting up a Canadian joint venture to liquefy and export LNG.
Genco extends offer Bulker owner gives creditors more time to sign up for $100m share sale as part of Chapter 11 plan.
Zim slashes loss Restructuring Israeli container line Zim has cut its net loss by 45% to $62m in the first quarter, as cost-cutting paid off.
Nordic trims losses Nordic Shipholding has reported an improved first quarter result, despite remaining in the red for the first three months of 2014.
Awilco breaks even Awilco LNG broke even in the first quarter of 2014 after posting losses in the two previous quarters.
Olympic in the money Olympic Shipping has secured funds of NOK 500m ($84m) following a new five-year senior unsecured bond issue.
Olympic back at Kleven Olympic Shipping has returned to its favourite shipyard in Norway to order a second inspection, maintenance and repair (IMR) vessel.
SDLP files shelf Seadrill Partners is looking to raise fresh funds according to a financial disclosure to US regulatory authorities.
Vallianz eyes PSV splurge Vallianz Holdings has embarked on the first stage of its promised fleet expansion with the acquisition of two PSVs.
Safmarine storms WAF Safmarine has launched a new multi-purpose liner service under a broader bid to cash in on the West African oil & gas market.
Congressmen line up to support infrastructure bank act More than 100 members of the House have signed on as co-sponsors of the National Infrastructure Development Bank Act, according to Congresswoman Rosa DeLauro, D-Conn.
ZIM reports smaller loss in Q1 The Israel-based container carrier ZIM said it had a net loss in the first quarter of $62 million, 45 percent smaller than the $112-million loss it had in the first quarter of 2013.
UPS completes Beijing facility
Old Dominion raises revenue projection Old Dominion has increased its guidance for LTL revenue per hundredweight during the second quarter to a growth range of between 3 and 3.5 percent, representing an increase of 1 percent over previous estimates.
RMR Shipping adds call to UK
CMA CGM, NileDutch upgrade East Coast South America - West Africa service
Catapult incorporates Incoterms into rate engine
APL exec Seroka chosen as L.A. port director Los Angeles Mayor Eric Garcetti has nominated Gene Seroka, the head of commercial operations in the Americas for container line APL, to be executive director of the Port of Los Angeles. His selection must still be considered by the Board of Harbor Commissioners at its June 5 meeting and be confirmed by the Los Angeles City Council.
National Shipping completes first year in Puerto Rico trade National Shipping of America said it has maintained a 95 percent reliability record and not missed any calls in the one year since it launched the fortnightly Isla Verde Express service between Houston and Puerto Rico.
Mid-week bunker prices mix in Fujairah Avails tight in Middle East hub.
Prices fell in Rotterdam Busy market reported in German port of Hamburg.
Bunker hubs 'not yet' threatened by Russian Far East The unpredictability of Russian bunker regulations are limiting the role of ports in the country's Far East.
Chinese exchange looking at bunker futures contract SHFE also preparing to revise its fuel oil futures contract.
P3 sees bunker savings ahead But operational, as well as regulatory, reasons given for delayed start.
Rotterdam almost ready for LNG bunkering by barge Port authority expects break bulk terminal and LNG barge to be in operation in 2015.
Russian majors hook up on LNG bunkering Gas agreement between Lukoil and Gazprom finds room for co-operation on alternative marine fuel.
Dutch authorities prepare to 'sniff out' sulphur non-compliance Emission monitoring stations and sniffer planes seen as the best way to select ships for closer inspection.
'Unlicensed bunker supplier' fined 'MPA takes a serious view of any bunkering malpractice.'
NYK receives modern post-panamax car carrier Vessel has been fitted with 'the latest energy-saving technology', says firm.
Bunker prices mixed in Asian trade Prices have softened in Singapore, Hong Kong.
New hire for Glander International Bunkering Turnbull joins company's Dubai office.
OW Bunker quarterly net profit down 60% Firm sees 15% gain in bunker sales volume, mainly due to growth in Asia.
JKH stays in black But Sri Lankan's shipping and bunkering business curbs top line growth.
Hong Kong exchange 'censures' Titan Petrochemicals Due to breaches in listing rules, regarding the disclosure of information in shipyard disposal.
Omani bunkering facility makes progress Design phase set for completion next month.
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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