China pays more than $3m to charter a suezmax to carry Libyan crude Unipec books Teekay tanker to load a larger than usual shipment at Es Sider on Saturday
West Africa-Europe fixtures highlight a shift in suezmax crude trades Oil shipments to the US dominated previous deals
Pangaea poised for reverse merger pathway to Nasdaq US-based operator takes delivery of first of six newbuildings ahead of key vote
Felixstowe gains Authorised Economic Operator status Recognition marks simplified customs procedures and brings commercial benefits
Carriers team up on Asia-South Africa Coscon and Evergeen join forces with K Line, MOL and PIL on respective services
Asia-Europe rates hit an 11-month low No let-up as key trade lanes' container prices continue to slide ahead of Golden Week
West African suezmax earnings soar $6,000 in a day Spate of charters creates hot market
Mediterranean trafficking gangs dump boat people near passing ships Norwegian Shipowners Association says its vessels rescue hundreds of stranded migrants
Let the ballast water convention carry weight Governments must shore up standards for systems that block the spread of alien species
Australian union plans stop-start working at DP World terminals Operator says the disruption is neither required nor deserved
Scorpio Tankers newbuildings start charters at $14,750-$30,000 per day New York-listed owner agrees to charter in a 2015-built product tanker
Ocean Three on target for 2014 launch Carriers hope to file agreement with US regulators soon
Höegh LNG extends charter for vintage vessel by 12 months Gas Natural deal offers a decent rate despite a challenging freight market
Waiting for Vale's shot in the arm Brokers see possibility of a boost if miner's spot market appetite returns
Week on Wall Street | September 26 Math in a vacuum in the box line market, as the dry recovery looks all wet
Pangaea nears US stock listing Dry bulk operator Pangaea Logistics could soon begin trading on NASDAQ, pending a reverse merger with blank-cheque company Quartet. Quartet Merger Corp raised $98.5M via an IPO and private placement in November 2013 and listed on NASDAQ. Proceeds are being held in escrow until an acquisition is
OSG presses suit vs Proskauer Rose New York State Supreme Court Justice Jeffrey Oing has ruled that OSG's malpractice claim against its former outside counsel Proskauer Rose can proceed. As previously reported by IHS Maritime, tanker owner OSG initially filed suit against Proskauer Rose in US federal court in November 2013, alleging
Singapore ramps up challenge to London Singapore is stepping up its challenge to London as a shipping hub by boosting its involvement in marine insurance and ship finance. Singapore Shipping Association president Patrick Phoon told the association's annual dinner today that working groups had been established to look into the issue. In
UPDATE: Nunavik attempts Arctic Northwest Passage voyage - day 8 As predicted Canadian icebreaker Nunavik did meet continuous new ice coverage yesterday and as we can see from the chart, the speed has dropped slightly from 12.5 to 9.8 Knots. Next part of passage is through the Prince of Wales Strait which is only 4 miles wide at the narrowest. Fednav believe
Vale and CMES strike VLOC deal Brazilian mining company Vale and China Merchants Energy Shipping (CMES) have agreed to co-operate in iron ore shipping, with the latter to order 10 very large ore carrier (VLOC) newbuildings. Vale and CMES have agreed a contract of affreightment for 25 years. This will be serviced by the 10 new
World Maritime Day urges convention ratification This year's World Maritime Day has underpinned the importance of ratifying key safety and security conventions. The theme, 'IMO conventions: effective implementation', was chosen as a way to shine a spotlight on IMO treaty instruments that have not yet come into force. Koji Sekimizu,
CMA-CGM sets up support centre in Sri Lanka CMA-CGM is investing $2.4M to set up a shared service centre in Sri Lanka. This will initially have 750 staff and will support the group's back-end operations for the Asia-Pacific and European regions. It will later expand to serve clients globally. The facility, to be called CMA-CGM Shared
China yard official calls for cheaper labour China's shipyards should learn from their global competitors and tap cheaper foreign labour, a yard executive has urged. Dengpan Gao, chief engineer of Fujian Southeast Shipyard, told the Offshore Support Vessels Summit China forum that subcontracting new orders to "foreign countries awash with
Australia gets tough on groundings Australia Maritime Safety Authority chief executive Mick Kinley has warned that the Australian public has a zero tolerance to any environmental damage by shipping. Kinley was speaking on his first official engagement as CEO at an Australian Shipowners' Association luncheon commemorating World
'K' Line sets up cold storage business in Vietnam Kawasaki Kisen Kaisha ('K' Line), Japan's third biggest shipping company, will establish a cold storage business in Vietnam with Cool Japan Fund and Japan Logistics Systems. The business will be in the outskirts of Ho Chi Minh. In Vietnam, further expansion of Japanese retail businesses, such as
TSC Group to raise $19M Hong Kong-listed TSC Group, an offshore solutions provider of drilling packages, plans to raise about HKD$144M ($19M) by selling bonds to replenish its working capital. The bond will carry a coupon rate of 5% and mature on 3 April 2018, a stock filing of TSC Group said. The company needs capital
Capesize rates fall on dearth of cargoes Capesize rates slid for a third straight week due to thin cargo volumes in Australia and Brazil. The Western Australia-China rate averaged $7.418/tonne as of yesterday's Baltic Capesize Index, compared to $7.85/tonne last week. The Brazil-China route averaged $19.775/tonne yesterday, down from
Hanjin Shipping to issue $9.2M in convertible bonds Hanjin Shipping, South Korea's biggest shipping company, announced on 26 September that it would issue convertible bonds to raise KRW9.6Bn ($9.2M) for working capital. KDB Daewoo Securities, Samsung Securities, Woori Investment & Securities, Mirae Asset Securities, and Hyundai Securities will each
'K' Line eyes offshore expansion Kawasaki Kisen Kaisha ('K' Line), Japan's third biggest shipping company, has revealed plans to build up its capabilities in the offshore marine sector. Company CEO Jiro Asakura stated in its latest annual report that while 'K' Line has stable earnings from its strength in drybulk carriers, car
Hanjin Shipping sells Algeciras terminal for $140M Hanjin Shipping will sell 75% of its stake in its dedicated terminal in Algeciras, Spain, to a consortium comprising IBK Investment & Securities and Korea Investment Partners for KRW146.1Bn ($140M). The South Korean biggest shipping company will hold on to its remaining 25% stake by investing
Asia-South Africa trade network expands Taiwanese carrier Evergreen announced yesterday that it would adjust its current joint service with COSCO and contribute vessels to the services operated by K Line, Mitsui OSK Lines (MOL) and Pacific International Lines (PIL), starting October. The carrier will deploy two 4,200teu vessels on the
Dawei port plans revived Dawei, the long stalled mega-port in Myanmar looks set to be revitalised with an official visit by Thai prime minister, the military general Prayuth Chan-ocha. Next month's official visit, the first overseas trip since the Prayuth-led coup seized power in May, will have Dawei on the agenda
Chinese company wins Israel port construction deal China Harbour Engineering Company (CHEC), a global leading engineering contractor, has won the contract to build a new port in Ashdod, Israel, reported local media. The NIS3.3Bn ($930M) port will be built about 1km north off the current Ashdod Port, consisting of a 1,000m pier and 2,80m breakwater.
Direct India-Myanmar shipping link imminent There will be a new cargo ferry service next month between India and Myanmar, as trade links between the two countries start to grow. "I am happy to share that the Liner Division is poised to launch a new container service to Myanmar in the first week of October 2014," Arun Kumar Gupta, chairman and
Old large gas carrier secures record rate A 21-year-old large gas carrier has secured a historically high rate for a year-long timecharter. Brokers told IHS Maritime that BW Group's 1993-built 57,139m³ BW Havis has been fixed to Singapore-based LPG trading house Petredec for $1.5M per month for 12 months. LGCs typically carry between
Chemical tanker rates to pick up Chemical tanker brokers expect upwards movement in freight rates for Southeast Asian palm oil shipments to China and India, especially the west coast of the latter country. Singapore-based chemical tanker broker SPI Marine has assessed average freight rates at $35.50/tonne for 12,000-tonne parcel
Nha Trang Port to come under provincial control Vietnam's Ministry of Transport has told Vietnam National Shipping Lines (Vinalines) to complete transferring Nha Trang Port to the provincial government next month, the Vietnam Ports Association (VPA) has said on its website. The port would be developed to handle international cruise ships and
UASC's CEO says alliances will stabilize market United Arab Shipping Co. expects that as mega-alliances increasingly consolidate the container shipping market, freight rates will stabilize, which could be bad news for shippers. UASC's president and CEO, Jorn Hinge, said in an interview with The Wall Street Journal today that he expects less volatility in freight rates as smaller...
Ryder expands in Mexico as cross-border automotive business grows For insight into Mexico's economic future, consider a trip to the Bajío. The region of north-central Mexico is one of the fastest growing parts of the country, and the recipient of significant direct foreign investment, particularly from automotive manufacturers. El Baj'o is on its way to becoming one of the...
Union Pacific track reopened after freight train collision Courtesy of the Kansas Highway PatrolUnion Pacific has reopened a portion of its central-Kansas railway after two trains carrying containers collided. Investigators from the National Transportation Safety Board were on the ground on Friday in McPherson County, Kansas, about 50 miles north of Wichita, investigating the crash. Officials told JOC.com it...
Chassis fingered as biggest of many problems at LA-Long Beach Chassis shortages, huge cargo discharges from big ships and a labor force that is stretched to the limit are contributing to a congestion problem that Los Angeles-Long Beach can't seem to shake. But chassis seem to be the main culprit. "The consensus is that chassis are the most immediate concern," said...
Hundreds protest against Nicaragua Canal Roughly 500 Nicaraguan farmers protested against the Nicaragua Canal this week, angered that the $40 billion plan includes the seizure of their land. "We do not want the canal to be built. Nobody should come in here and take over our land," said Ronald Enríquez at a march in the southern...
Port Canaveral gets clearance for Gulftainer lease Port Canaveral is proceeding with the 35-year lease of the Florida port's planned container port to United Arab Emirates-based Gulftainer after the Treasury Department determined that the lease does not require a further security review. The Treasury Department declared that the port's agreement with Gulftainer was a simple lease, not an...
Georgia ports eyeing No. 1 spot with $1.3 billion plan Georgia Ports Authority Director Curtis Foltz speaks during his annual state of the port address.The East Coast's fastest-growing port could double its capacity in the next 10 years and plans to knock out nearly all competition along the way. Georgia Ports Authority Director Curtis Foltz, during his annual State of the...
Spain goes to court for inadequate port security The executive branch of the European Union has taken Spain to court over security at its ports. The European Commission said yesterday that 20 Spanish ports have failed to adopt and implement the EU's rules for port security by the deadline which was at the end of 2013. "The main objective of European...
Walkout planned at two DP World terminals in Australia next week Australian dockworkers are planning to walk off the job next week at DP World terminals in Melbourne and Sydney as part of a contract dispute, according to a report in Lloyd's List Australia. According to the report, members of the Maritime Union of Australia will cease working at DP World in...
Moroccan port poised for investment The blossoming economy in Morocco is presenting opportunities for port investment, and officials are hoping good news could spur up to $8 billion in new port infrastructure. Moroccan Minister of Equipment, Transport and Logistics Aziz Rabbah told a delegation that Moroccan port authorities are allowing public-private partnerships to speed up investment...
Another record high for US intermodal volume This week's intermodal volume was a record high for U.S. railroads, breaking the previous record set the week before, according to the Association of American Railroads, again signaling that the peak season is revving up for intermodal shippers as the ocean peak subsides. U.S. intermodal volume rose 5.7 percent year-over-year in the first...
Miami reports poor July volumes Volumes at Port of Miami continued to dwindle in July, newly released numbers show, but port officials are hoping that throughput volumes will be boosted in subsequent months by new customers and improved trade opportunities. Port of Miami reported a total throughput of 72,628 TEUs in July, 5.3 percent lower than...
Trucking lobby 'not letting go' of battle over driver work rules Efforts to roll back changes to truck driver hours-of-service rules may have faltered this year in Congress, but Philip L. Byrd, Sr., chairman of the American Trucking Associations, says the ATA is "bound and determined to bring about positive change" in federal trucking regulations. Speaking at the annual McLeod Software...
Report due on MOL Comfort sinking Japan's ClassNK plans to share findings of its investigation of last year's sinking of the container ship MOL Comfort, which an official of rival classification society DNV GL criticized as having a "non-robust design." DNV GL Vice President Knut Dohlie created a stir with his comments on the MOL Comfort's design...
US-bound cargo from Cambodia to face enhanced scrutiny Cargo headed to the U.S. from Cambodia will face added scrutiny due to what the U.S. Homeland Security calls inadequate security measures. According to the Cambodia Daily, U.S. authorities asked Cambodia ports to put additional security measures in place for several Cambodia ports in...
Norden takes two A leading Danish operator has emerged as the patron behind a pair of period deals sealed Friday afternoon.
S&P activity slows Asset prices in the dry-bulk segment appear to be stabilising and sale-and-purchase activity seems to be slowing across the board, a leading brokerage told clients Friday.
Jumbo jet set Today's topic is the aeroplane. For all you maritime types, just think of it as a ship with wings.
Arsenal: Nil No guns. That's the first rule for foreign private security firms operating in Nigerian waters. The second rule: no foreign private security firms allowed. So how does P2P hope to become market leader in West Africa? Andrew Varney explains his strategy to Paul Berrill
Speed queen
Atoms for seas Jonathan Boonzaier takes a look back at a unique vessel inspired by Dwight Eisenhower.
AP Moller disappoints Platou Forecasters at a leading European investment bank have downgraded shares of diversified Danish shipping giant AP Moller-Maersk (AP Moller).
For Parakou's patriarch, the family that ships together sticks together Next year it will be 30 years since CC Liu set up Parakou Shipping in Hong Kong.
Something to sing about Ion Varouxakis, chief executive of Freeseas, talks opera, sci-fi and art with Andy Pierce onboard his beloved historic yacht, the Aello
My walking staff The president of Winning Shipping, the company that dominates the transport of Indonesian bauxite into China, has a second passion - outdoor activities. And he is keen to involve his staff.
Service charge included Related-party payments get a bad press, but they have their defenders. Do such arrangements offer value for money and treat all shareholders fairly? Eric Martin investigates.
Taking stock Is aggregation the way of the future for maritime spare parts supply, asks Paul Berrill
Trust is shipping's most precious commodity For too long the shipping industry has believed its own myth that it is unlike any other business.
CarVal ship ordered seized Cal Dive International has secured a court order to seize a pipelayer owned by Cargill's CarVal Investors unit in a dispute over unpaid bills in the wake of Oceanografia's fraud scandal.
Subsea 7 cuts debt Oslo-listed Subsea 7 has spent $79.1m on buying back convertible bonds.
Zvezda eyes PSVs Russia's new Zvezda shipyard could soon start building supply ships or drilling platforms.
On the road to $100m Andy Pierce traces Christian Andersen on an intercontinental roadshow as Avance Gas seeks to raise cash from investors.
Siem takes shipyard German shipbuilder Flensburger Schiffbau-Gesellschaft (FSG) has been taken over by Norway's Siem Industries in a deal that will take effect by the end of October.
CMES seals VLOC deal China Merchants Energy Shipping (CMES) has clinched a deal to order 10 new very large ore carriers (VLOCs) for charter to Brazilian miner Vale.
Cargoship barred The Paris MOU group of European states has banned a Bulgarian cargoship for a year after failing safety checks.
GSI closing in on overhaul State-owned Chinese shipbuilder Guangzhou Shipyard International (GSI) is edging towards a "significant assets restructuring" but precise details are still hard to find.
Crews warned over lines Australia's safety board has urged seafarers to beware mooring lines after a crewman's foot was severed at Port Hedland.
BigRoll adds third Dutch heavy-lift owner BigRoll Shipping has declared one of two options for a module carrier at Cosco Dalian Shipyard in China.
Polarcus keeps signing Seismic vessel owner Polarcus has signed its third contract in a week and its fourth since late August.
TEN gets into VL swing Tsakos Energy Navigation is set to boost its MLP prospects with orders for VLCCs amid suggestions oil company demand for the tankers is at the highest level in half a century.
Cruiseship saves 300 A Salamis Lines cruiseship came to the rescue of a distressed fishing boat carrying more than 300 Syrian refugees off the west coast of Cyprus on Thursday.
Bulker under the hammer A Greek-managed bulker is to be sold at auction in Aruba after Commerzbank foreclosed its mortgage on the ship.
Ugland fixes newbuild Norway's JJ Ugland has fixed its newly delivered supramax Lunita on a short-term deal.
Ferry cash needed A Canadian fast-ferry newbuilding plan hinges on a government grant of CAD 14m ($12.6m).
Berth of a Princess As LNG shipping reaches its golden jubilee, Lucy Hine finds the first 50 years reveal parallels with issues facing the industry today.
Baltic change Exchange chairman tells Julian Bray how he intends to keep the organisation relevant in the 21st century.
My grand ambition Paris Kassidokostas-Latsis tells Andy Pierce how he is helping write a new chapter in the decorated history of one of Greece's most famous shipping names.
Hurricane coming? We take a look at what was said in the market over the past week.
Hoegh LNGC lives on Hoegh LNG has stretched a charter for an elderly LNG carrier by another 12 months, the company confirmed Friday.
Logindo seals charter Logindo Samudramakmur has reportedly secured a new vessel charter from Italy's Eni in a deal worth $30m.
Eyes help to Navig8 Navig8 has amassed a 74-tanker orderbook by buying wisely, economically and with strong knowledge of market trends from its roots as a commercial manager.
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