Oriental Energy to charter in another three VLGCs Chinese LPG trader Oriental Energy announced today (28 October) that it had signed a 10-year time charter contract with Petredec for three 84,000 m3 VLGCs. The chartered-in newbuilds will be delivered in 2016, a stock filing of the company said today. The chartering deal will result in a 13-VLGC
Jiangsu Hantong inks CNG carrier order Chinese shipyard Jiangsu Hantong has secured an order for the provision of a compressed natural gas (CNG) carrier. The 2200m3 carrier has been designed by China's CIMC Ocean Engineering Design & Research Institute under the ownership of CIMC ENRIC SJZ GAS. The vessel, which is powered by natural
Frontline in $23M debt to equity conversion Frontline, the listed VLCC, has entered into a private agreement to exchange part of a $190M convertible bond to shares within Frontline in a move which partly tackles a key problem of the company. A total of $23.0M of the outstanding principal amount of the company's (a Suezmax operator from
Another body recovered from Sewol A body has been recovered from the capsized Sewol ferry today. The discovery now means that the total death toll from the disaster is 295, while nine people remain missing. Sewol, carrying 476 passengers and crew capsized during a routine Incheon-Jeju trip on 16 April, marking South Korea's worst
Precious posts net loss Thai dry bulker owner/operator Precious Shipping has reported a third quarter net loss of $4.56M. This is in contrast to a profit of $650,000 for the same period last year. Precious acknowledged the world economy was strengthening, noting an expected growth of 3% in the US economy next year and
SHI-Samsung Engineering merger approved The merger of Samsung Heavy Industries and its affiliate Samsung Engineering has been approved, following extraordinary general meetings the two units held yesterday. The merged entity will be officially launched on 1 December. SHI, the world's second-biggest shipbuilder, officially announced
CMES predicts substantial profits for 2014 China Merchants Energy Shipping (CMES), a Chinese bulker and tanker operator, is estimated to return to substantial profits in 2014 from heavy losses in 2013 due to improvement in the shipping markets in the first three quarters. The company had seized the market opportunities of fluctuating
China to import sorghum from Argentina China is to import sorghum from Argentina this year due to the increasing demand for the grain normally used to make alcohol, Chinese media reported. The two countries are expected to ink the deal during the Argentine minister of agriculture's visit to Beijing next month. At present, China is the
DSME stocks oversold The stock price of South Korea's third biggest shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) has fallen 31% in the past two months due to heavy selling and the situation should rebound, said Samsung Securities in a research note. Samsung Securities analyst Young-soo Han said, "The
Port of Tauranga calls for dredging tenders The Port of Tauranga, New Zealand, is calling for tenders to deepen its harbour channel to accommodate the next generation of container ships. The tenders will be called at any time over the next three months or so, according to Dan Kneebone, Port of Tauranga's property and infrastructure manager.
HPH profits down 9% Singapore-listed port operator Hutchison Port Holdings Trust's (HPH's) profits after tax dipped 9% year on year to HKD 883.6M ($114M) at 30 September 2014 from HKD 966.3M at the same time last year. However, revenue rose 2% to HKD3.4Bn in 3Q14 from HKD 3.36Bn in 3Q13, excluding the earnings of Asia
Chinese yard finds partner to develop LNGCs Jiangxi Jiangzhou United Shipbuilding, a subsidiary of Hong Kong-listed China Ocean Shipbuilding Industry Group, has teamed up with compatriot Jianglian HI (JHI) to develop liquefied natural gas carriers in the Jiangxi Province, China. According to a non-binding framework agreement, JHI may rent
Rizhao Port launches 300,000-tonne oil terminal Rizhao Port in China's Shandong Province yesterday launched a 300,000-tonne crude oil terminal. Together with its existing terminals, the port is able to handle 40M tonnes of crude oil per year, amounting to nearly 13% of China's total annual crude imports, according to the port authority. Located
Capesize rates up as more Brazilian exports surge Capesize rates have finally found support as the usual year-end surge in Brazilian iron ore exports is materialising. As of yesterday, the Brazil-China rate averaged $23.075/tonne, up from $17.60/tonne a week ago. Average daily rates stood at $20,988, up $3,297 from 24 October to more than double
Cargo ship runs aground near Dalian A total of 12 crew members were rescued after a Chinese cargo ship ran aground off Dalian on 25 October. The Jia Cheng 399, en route from Yingkou to Yantai, ran aground near the Changxing Island off Dalian at about 16.25 hours local time on 25 October, the Liaoning Maritime Safety Administration
Cheap Chinese billets still hurting ship recycling The imports of cheap Chinese billets continue to affect scrap steel demand and in turn, ship recycling in India and Pakistan. Ship recycling prices have been flat at $450-460/lt ldt for bulkers and $480-490/lt ldt for tankers but the import of cheaper Chinese billets has started to undercut the
Industry viewpoint: alliance and compliance - can the twain ever meet? Beijing's rejection of the P3 box alliance and its consequences raise questions for shipping
Aronnax: is Polaris better than the Polar Code? A new system could clarify the risks involving Arctic voyages
Crude tanker market hots up as earnings climb Asian oil requirement boosts VLCC demand, while weather delays in Mexico generate demand for aframaxes
Scorpio Tankers seeks $25m-$50m from baby bonds Company looks to new or secondhand acquisitions
Fred. Olsen hit by $43m impairment charge Write-down on value of offshore unit in lay-up at Belfast yard
New capacity boosts DP World volumes Port operator is set to outperform the market as year-to-date volumes rise 10.1%
Cosco Pacific reports 9% volume growth for the third quarter Throughput falls in terminal operator's Yangtze River Delta, but grows elsewhere in China
Guangzhou Shipyard International widens its January-September losses CSSC unit's earnings take a hit after consolidation with Longxue Shipbuilding
BG Group stung by the higher cost of LNG spot cargo Global supplier posts a 4% dip in profit for its gas shipping and marketing division
Owners hold back on demolition sales Downbeat sentiment as market adjusts to new price levels
Fleet renewal puts CMES back in black Shanghai-listed energy and dry bulk shipping firm has scrapped 12 vessels this year
Adani seeks port advice from US banker Morgan Stanley will advise Indian mining company on asset sale to fund Abbot Point expansion
CIMC sees 15% rise in profits as container sales pick up pace US recovery and launching of new vessels led to increased demand
HPH Trust reports stronger earnings in January-September Terminals managed by Singapore-listed trust see handling volumes grow 7%
Congestion forces more boxships to anchor outside Californian ports Nine container vessels waiting to enter Los Angeles and Long Beach
Celadon buys truckload, drayage carrier for $55 million Celadon Trucking acquired A&S Services Group, a regional truckload carrier and port drayage operator with about 500 tractors and 1,500 trailers in New Freedom, Pennsylvania. Indianapolis-based Celadon paid $55 million at closing and assumed $31.8 million in A&S operating leases, for a total cost of about $74.9 million, the company said...
FMC head pushes for PierPass waiver as LA-LB congestion builds WASHINGTON - With the nation's ability to move imports and exports "in crisis mode," U.S. Federal Maritime Commissioner Chairman Mario Cordero is urging PierPass to "seriously consider" calls for a moratorium on its fees as congestion at the Los Angeles-Long Beach port complex builds. The FMC has received complaints that the...
Longer gate hours, extra labor fail to ease LA-LB jam Congestion continues to plague Los Angeles-Long Beach despite efforts by terminal operators to remain open longer and use all longshore labor at their disposal. "They're showing up to work," said Jim McKenna, president of the Pacific Maritime Association, the employers' organization that negotiates and administers the International Longshore and Warehouse Union...
Heartland Express pockets acquisition benefit, revenue surges 66 percent Heartland Express said it turned away more truckload freight in the third quarter than at any point since before the 2007-2009 recession and was extremely "overbooked" on the West Coast - meaning Heartland had more freight available at the start of the day than trucks. That unusually strong demand, coupled with...
Rail volumes out of LA-LB dry up amid congestion woes Chicago-area drayage drivers that handle containers are noticing an unusual shortage of volumes originating at Los Angeles-Long Beach, likely tied to the crushing congestion those ports are currently experiencing. Intermodal freight from the Los Angeles-Long Beach port complex "is not moving at all," said Joe Tovo, president of DNJ Intermodal Services. But...
Two Con-way terminals reject Teamsters, LA terminal votes to join union Employees at two Con-way Freight terminals in California rejected calls to join the Teamsters union in National Labor Relations Board elections last week. However, employees at another facility voted for the union and the less-than-truckload carrier is likely to face more elections. The company won votes at facilities in Santa Fe...
Knight Transportation builds profit, adds drivers, trucks With strong profits, rising revenue and cash on hand, Knight Transportation is "well positioned" to grow organically and by acquisition, company officials said after releasing their third-quarter financial report. The carrier also expects truckload pricing to remain robust. That's hardly a surprise at Knight, which hasn't slowed since rolling out of...
DP World sees third quarter volume climb 9 percent DP World boosted third quarter container volume by nine percent from a year ago as it opened new terminals at London Gateway and in Brazil. The Dubai-based group handled 15.44 million 20-foot equivalent units in the three months through September compared with 14.17 million TEUs in the same period in 2013. The...
What is really going on at LA-LB? What is really going on at Los Angeles-Long Beach? The largest container gateway in the Americas has been severely disrupted in recent months. It's worth exploring what the root causes might be and how the port complex can get through this episode and return to normal operations. To date we...
Haifa workers strike for second time in a month For the second time this month, dockworkers in Haifa walked off the job protesting port privatization pushed by the national government, leaving the largest Israeli port at a standstill. Construction on a new port complex in Ashdod, 150 miles south, began today, and workers opposing additional competition walked off the job...
Cosco Pacific looking at a good year as throughput grows HONG KONG - Cosco Pacific terminals handled almost 9 percent more containers in the third quarter compared to the same period last year, pushing net profit for the period up by 8 percent to $90 million. The January through September profits were up 4.4 percent, driven by an increase in throughput...
New FDA rules could lead to rejected - and wasted- shipments In its first attempt to regulate transportation-related food safety, the Food and Drug Administration has confused quality with safety, a move that could force the automatic rejection of countless loads and push cargo claims and insurance rates up sharply, shippers, carriers and industry associations say. "I'm not sure how they got...
Asian airlines record solid September to extend cargo recovery TAIPEI - Steady growth in air freight demand was recorded by Asia's airlines during September as the industry continued to benefit from rising international trade. Preliminary traffic figures for the month of September released today by the Association of Asia Pacific Airlines (AAPA) showed further growth in exports from key Asian...
CIMC profit soars 66 percent as market perks up HONG KONG - The world's largest box maker, China International Marine Containers (CIMC), posted a 66 percent increase in net profit for January through September as the U.S. and European economies continued to recover and new vessels were launched, driving up the shipping industry demand for new containers. The Hong Kong-listed...
Taxman takes huge bite out of Hutchison port profits TAIPEI - The mainland taxman hit Hutchison Port Holdings Trust with a 131 percent tax increase in the third quarter, eroding the strong performance of terminals in Yantian and Hong Kong and pulling revenue for the period down by 9 percent. "Taxation was $30.56 million, 131.1 percent above last year as...
Boxships ablaze Containerships controlled by Ship Finance International (SFI) and United Arab Shipping Co erupted in flames Tuesday evening following an allision at a terminal in Malaysia.
Transgas in the clear Authorities in the US do not intend to take legal action against the owner of an LPG carrier that was detained by port inspectors in Houston nearly three months ago.
Petredec lines up charters Petredec appears to have secured employment for three very large gas carriers (VLGCs) that are under construction in South Korea.
Experience will count More Arctic traffic could provide the know-how for safer shipping in the region, a British former coastguard chief told the House of Lords today.
GSL seals acquisition Overseas Container Lines Limited (OOCL) has emerged as the counterparty behind a transaction that marks a milestone in Global Ship Lease's quest to diversify its revenue stream.
Finnlines offloads duo Finland's Finnlines has sold two loss-making ro-ros for a small profit to be booked in the fourth quarter.
VLCC rates rise Rates for VLCCs trading in the spot market are on the rise but it's unclear how long the rally will last.
Finnlines eyes Polferries Finnish ro-ro group Finnlines is considering making a move to buy into Polish Baltic Shipping Co (Polferries).
STNG wants more Scorpio Tankers (STNG) has unveiled a new notes offering in a bid to fund further ship acquisitions.
Frontline chips away Frontline has knocked another $23m off its looming bond bill with a debt-for-equity swap.
Erasmus bags resale Dutch manager Erasmus Shipinvest is buying a bulker resale due from China next month.
Cosco Pacific profit up Cosco Pacific has booked a rise in third quarter profit to continue its progress in 2014.
Crew "scapegoated" Seafarers union Nautilus International believes the crew of the sunken Korean ferry Sewol has been "scapegoated" for the tragedy.
Scorpio set for 'robust' upturn Scorpio Tankers is set for a swing in earnings as the arrival of its newbuildings dovetails with a recovery in the products tanker market, management and analysts agree.
Deltamarin wins FPSO job Finland's Deltamarin has won a deal to carry out engineering work on Teekay's FPSO conversion at Jurong Shipyard in Singapore.
GSI loss mounts Guangzhou Shipyard International (GSI) has posted a jump in losses in the third quarter as operating costs rose steeply.
DP World volumes rise DP World has booked a 9% increase in container volumes for the third quarter, boosted by new terminals in London and Brazil.
GOS makes less India's Global Offshore Services (GOS) has seen its profit slip for the three-month period ended 30 September due to higher costs.
Seacor beats Street forecasts Seacor Holdings has posted a strong set of third quarter accounts.
Gard passes billion mark Gard has become the first protection and indemnity club with a free reserve of more than $1bn following a highly profitable half year.
Hantong claims CNG first China's Jiangsu Hantong shipyard has won an order for what it says is the world's first compressed natural gas (CNG) carrier.
Skaugen strikes Teekay deal Norwegian owner frees up cash in sale-and-leaseback trade with Teekay MLP.
ESL earnings jump Finnish bulker owner ESL Shipping has logged a big rise in profit for the third quarter as demand increased.
TIL targets half Tanker Investments Ltd has added an extra day to its share buyback initiative as it looks to complete the first half of the $30m scheme in double quick time.
Davie doubles up Shipbuilder Chantier Davie Canada has formed a new partnership to boost its operations.
Brazil buoys cape rates Increased iron ore exports out of Brazil are behind the recent surge in capesize charter rates, a leading industry analyst has said.
Skipper faces death penalty Prosecutors in South Korea have called for the death penalty to be imposed on the captain of the ferry Sewol.
German feedership arrested Singapore's admiralty sheriff has arrested a German-owned feeder containership, according to court documents seen by TradeWinds.
Belships slips back Norwegian shipowner Belships has seen a deterioration in its third quarter results with the company posting a loss of $2.3m.
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