Jiangzhou Union secures Sloman Neptun tankers China's Jiangzhou Union Shipbuilding has secured an order for up to two chemical/product tankers from returning German shipowner Sloman Neptun Schiffahrts-Aktiengesellschaft. The order is for one firm 16,5000 dwt vessel, which will have an overall length of 145.15 m, a beam of 23 m, and a depth of
Saudi Arabia blockades Yemeni ports as expats try to flee Ships should not attempt to call at Yemen's ports, a spokesman for the Saudi-led 11-nation coalition force fighting Houthi insurgents told media. Ahmed Asiri, quoted by AP, said that coalition naval forces are blocking the movement of ships to prevent weapons and fighters from entering or leaving
Counterpiracy patrols: China out, Chile in As China announced it would be suspending its anti-piracy patrols in the Gulf of Aden, the Chilean Ministry of National Defence revealed it will be sending a ship to take part in the EU's counterpiracy operation. China's action is in response to the worsening security environment in Yemen.
Maldives to shift main port to landfill island More details have emerged about the deal signed 10 days ago between DP World and the government of the Maldives for a deepwater port on the industrial island of Thilafushi. The first phase of the project will see construction of a container terminal, and this will be followed by a free trade zone
MOL appoints new president Mitsui OSK Lines (MOL) has named Junichiro Ikeda as its new president. Ikeda, 58, currently a director and senior managing executive officer in MOL, will succeed MOL's current president Koichi Muto effective 23 June. Muto will go on to become chairman of Japan's biggest shipping company. Ikeda's
Wuchang wins asphalt/bitumen pair Chinese shipyard Wuchang Shipbuilding Industry has won an order for two asphalt/bitumen tankers from compatriot shipowner COSCO Southern Asphalt Shipping, a subsidiary of China Ocean Shipping Co (COSCO). The 13,000 dwt newbuildings are scheduled for delivery in 4Q 2016. Sources indicate they will
RSHI loses 29 shipbuilding contracts in 2014 China Rongsheng Heavy Industries Group Holdings (RSHI) said it lost 29 shipbuilding contracts in 2014 due to the depressed shipbuilding market and its financial hardships, incurring a loss of CNY2.9 billion (USD467.1 million). Among the total, the company terminated 20 shipbuilding contracts after
NYK sets up Myanmar JV for car transport Japan's second-biggest shipping company Nippon Yusen Kabushiki Kaisha (NYK Line) with its partners Silverbird Auto Logistics and Phee Group, has established a joint venture (JV) for car transportation in Myanmar. The three companies started inland logistics transportation services in October 2014,
CCCC to spin off dredging business China Communications Construction Company (CCCC) aims to spin off its dredging business and have it listed on an overseas stockmarket. CCCC plans to invest about CNY24 billion (USD4 billion) to set up a wholly owned CCCC Dredging (Group) and an asset management subsidiary in two phases in Beijing,
Pertamina subsidiary adds seven vessels Indonesia-based Pertamina Trans Kontinental (PTK), a subsidiary of state-owned oil and gas company Pertamina, has added seven vessels worth IDR650 billion (USD50 million) to achieve its revenue target. The seven vessels comprise two anchor-handling tug supply (AHTS) vessels and five harbour tugs.
Wan Hai Lines' profit soars 158% in 2014 Taiwanese container carrier Wan Hai Lines announced that the company recorded a profit of TWD5.32 billion (USD170 million) for 2014, soaring 158% from a profit of TWD2.13 billion in 2013. The carrier's earnings per share also rocketed by 147% to TWD2.37 from TWD0.96 a year ago, and its revenue
Economou to buy DryShips' tanker fleet DryShips has cancelled its Tankships IPO and will instead sell its tanker fleet to DryShips founder George Economou. Economou has entered into a firm purchase agreement for DryShips' four Suezmaxes - the Vilamoura, Lipari, Petalidi and Bordeira - for USD245 million en bloc. Economou will pay 20%
VLGC rates fall as ship supply grows Freight rates to ship LPG on very large gas carriers (VLGCs) tumbled again as the tonnage list swelled in the Gulf amid slowing demand in Japan, the world's biggest LPG importer. The Baltic Exchange assessed the Gulf-Asia Pacific rate at USD84.375 on 30 March, down USD2.50 from 27 March. At
Cavotec wins port equipment orders worth EUR10 million Global engineering group Cavotec has today announced port equipment orders worth EUR10 million, including five from Chinese crane manufacturing giant ZPMC. Of those, the biggest is for cable reels that will supply electrical power to 72 ZPMC automated stacking cranes at Singapore's newest terminal,
Sembcorp Marine builds largest crane vessel Singapore-listed Sembcorp Marine has secured an exclusive letter of intent with the Netherlands-based crane operator, Heerema Offshore Services, for the engineering and construction of a new semi-submersible crane vessel (NSCV). The letter was signed by the offshore marine services provider's
KITA opposes system change in Busan North Port Korea International Trade Association (KITA) has opposed the system change from reporting to approval regarding the container handling charge in Busan North Port. Through its website, KITA said, "The approval system will put pressure on small- and medium-sized exporting enterprises to pay more
Tokyo port's cargo traffic down Japan's largest container port, Port of Tokyo, has reported a dip in its overall cargo traffic by 0.4% year on year (y/y) in December 2014 to 7.326 million tonnes, according to preliminary figures released by the Tokyo metropolitan government on 30 March. Of the 7.326 million tonnes, 3.991 million
IUMI stats point to continuing improved loss trend Cargo insurance evidence of green shoots for world economy
New capacity to increase pressure on Asia-north Europe rates Influx of ultra large containerships will drive weekly capacity up 9.1% by the end of the year
Sea Diamond sentences suspended and reduced Second appeal ruling may not be end of case in wake of cruiseship sinking eight years ago
Gibson finalises split from parent group Shipbroker shuns mergers and management buy-outs in favour a being a mid-size employee-owned company
Sovcomflot IPO will 'happen when it happens', says Kolesnikov Preparations ongoing behind scenes but no firm sell-off date, says Russian tanker giant's finance chief
Google Tax could punish shipping companies doing UK business Crackdown on tax avoidance enters force April 1
Hamburg Süd finalises CCNI deal Brand name to be retained in routes to and from west coast of South America
Junichiro Ikeda is named president of MOL Koichi Muto is elevated to chairman
Zim still in red despite smaller loss Line managed to almost halve its net loss to $127m in 2014 from $216m previously
'We have no competitors' - Bugbee urges private equity to create more of the likes of Scorpio Tankers Scorpio Tankers president renews high-profile call on private equity-backed product tanker owners to consolidate among themselves
GasLog grosses $100m from fundraiser More vessel acquisitions on the mind of Monaco-based owner
China Merchants Holdings profits from ports rises 10% Recent terminal stake acquisitions boost volumes and profits
China Rongsheng announces loss of $1.3bn to equity holders Paring of shipbuilding contracts leads to revenue reversal of $725m
LeHavre-Charleston LCL service launches amid Antwerp congestion In the midst of ongoing congestion at the Port of Antwerp, CaroTrans has announced it will be starting an expedited Le Havre-Charleston import service bypassing the Belgian gateway entirely. The 12-day journey will be the first less-than-container load service available between the two markets. The Baltimore-based non-vessel operating common carrier announced...
LA, Long Beach truck turn times improving but still long Truck turn times in Los Angeles-Long Beach are slowly improving from the dark days of November and December, but numbers released Tuesday by the Harbor Trucking Association of Southern California show the average truck visit to the harbor in February was still 50 percent longer than a year prior. Motor carrier...
$36 million steel terminal opens at Port of Mobile A new $36 million terminal for handling steel coils has been dedicated at the Port of Mobile. The new terminal is accessible by rail, truck or barge. It sits behind behind Alabama State Port Authority's Pier D2 berth on a 40-foot-deep channel at the port authority's main docks complex. It will be...
Chinese investor fuels growth for US trucking technology firm A software company that provides information on truck stops, weigh stations and other on-the-road services to U.S. truckers is attracting funding from an unusual source - China. Renren, an $83 million holding company and social media platform in China, is investing $1.5 million in Trucker Path, a San Jose, California company...
Oakland's top priority: Restoring vessel calls OAKLAND, California - More than five weeks after West Coast longshoremen and waterfront employers reached a tentative contract, the Port of Oakland is still trying to regain the vessel calls it lost. Those ships delayed for days at anchor off Southern California ports headed straight back to Asia without their...
DP World to build up to $300 million port complex in the Maldives DP World and the government of the Maldives have signed an agreement for the latter to build an up to $300 million deepwater port complex on the industrial island of Thilafushi. The first phase of the project will include the construction of a container terminal, and then the next phase will...
Baltimore port extends clean-trucks program The Port of Baltimore will combine a $200,000 U.S. Transportation Department grant with $300,000 in state funds to continue a program subsidizing replacement of old drayage trucks with newer, less-polluting vehicles. Owners and operators of short-haul drayage trucks will be provided with up to $20,000 to purchase new trucks that meet...
UASC's Vitarana: Industry needs path to profitability Anil Jay VitaranaIn 20 years as head of United Arab Shipping Co.'s North American business, Anil Jay Vitarana saw growth in ship sizes and container volume. But he says one thing hasn't changed: Carriers' profitability remains too low to ensure needed investment and to attract bright young people. Vitarana, who retired...
Shippers face weeks of delays, congestion surcharges at Cameroon's largest port Shippers out of Cameroon's largest port are reporting nearly month-long delays, and at least one container line has said it will begin imposing emergency congestion surcharges. Douala, on the southeast bank of the Wouri River, is the main port in Cameroon for goods into and out of the oil, cocoa and...
How to avoid being an agent of misfortune Q: As a customs broker, my company is routinely asked to provide a delivery order for shipments we file the customs entry for, regardless of whether we're actually arranging the truck delivery to the ultimate consignee. The delivery order form we use is visually similar to an actual truck bill of...
Panama on a path to become manufacturing and logistics hub With the completion of the Panama Canal expansion project less than a year away, all eyes are trained on the impact the $5.25 billion engineering marvel will have on maritime traffic across international trade lanes that link the Pacific, Atlantic and Gulf of Mexico. These significant changes have overshadowed the...
Goldman Sachs, Infracapital sell stake in Associated British Ports Goldman Sachs Infrastructure Partners and Infracapital are selling a combined stake of at least 30 percent in Associated British Ports, the U.K.'s biggest ports operator, for about £1.6 billion ($2.37 billion). The buyers, Canada Pension Plan Investment Board and Hermes Infrastructure, a U.K. investment fund, expect to close on the deal...
Fesco boosts fourth-quarter profit, but full-year earnings fall Fesco Transportation Group's profit soared 30 percent in the fourth quarter of 2014, but the weak ruble and lower rail freight rates dragged down the full-year result. Russia's largest liner shipping group earned $59.1 million before interest, tax, depreciation and amortization in the final quarter against $45.5 million in the same...
India's Chennai set for record container throughput The Chennai Port Authority, India's second-largest state-owned container gateway, is poised to reach a record throughput volume in fiscal year 2014-15, which ends March 31, the latest port statistics collected by JOC.com show. The two terminals in the southeastern harbor handled 1.55 million 20-foot-equivalent units until early morning hours of...
Zim slashes 2014 loss but traffic declines on Asia-Europe exit Israeli carrier Zim Integrated Shipping Services sharply narrowed its net loss to $127 million in 2014 from $343 million in 2013, with the turnaround accelerating in a strong final quarter. The fourth quarter saw net loss narrowing to $4 million against $20 million last time and would have posted a $17...
Australia competition panel wants repeal of liner block exemption HONG KONG - The Harper review of Australia's competition laws has recommended sweeping changes aimed at improving the country's competitive position, including the repeal of a section that provides block exemption for liner shipping agreements that meet certain pro-competitive rules. Professor Ian Harper recommended that restrictions on coastal shipping should be...
China Merchants feels effect of China's slowing economy HONG KONG - China Merchants Holdings (International), the largest mainland China port operator, reported a 7.4 percent increase in net profit during 2014 when it handled 80.84 million 20-foot containers at its global terminals to record a volume growth of 13.4 percent.In monetary terms, net profit for the year reached...
Asia's robust air freight sector can't save Thai freighter operations HONG KONG - Thai Airways exited the freighter business this week, unable to benefit from the robust volumes on U.S. routes being generated by its Asian peers and without the scale of capacity required to drive a profitable air cargo network. The moves are part of the airline's restructuring and...
Big shippers sign up for Asia's new green scheme HONG KONG -Several of the world's top shippers have signed up to the Green Freight Asia (GFA) initiative that aims to lower the carbon footprint of land transport while driving lower logistics costs into the regional supply chain.The industry-led GFA network this week opened its "GFA Label" applications to all...
White House transportation bill now in lawmakers' hands WASHINGTON - America's roads and bridges are "in a huge ditch" and the country's infrastructure is in dire need of a long-term funding mechanism, U.S. Transportation Sec. Anthony Foxx said Monday as he unveiled the details of his administration's new transportation reauthorization proposal. Under the new bill, federal highway programs would receive...
Fesco to buy back bonds Far-Eastern Shipping Company (Fesco) has unveiled an offer to buy up some of its US-dollar and Russian-rouble bonds in an effort to optimise its debt profile.
Orders weigh on confidence Confidence levels in the shipping industry have fallen to the lowest level in 2.5 years, according to accountancy firm Moore Stephens.
Icap and Howe Robinson seal deal Icap Shipping and Howe Robinson are set to complete a long-awaited merger.
Harkand wins DSV deal Harkand has won a deal to supply a pair of dive support vessels (DSVs) to Maersk Oil's North Sea unit.
Wan Hai doubles up Taiwan's Wan Hai Lines has seen profit rise more than 100% in 2014 as revenue grew.
Sinotrans adjusts loan China's Sinotrans has amended the terms of a $10m loan deal with sister operator CSC.
Shih Wei profit falls Taiwan's Shih Wei Navigation has logged weaker earnings in 2014 as revenue dropped.
Diana refinances trio Diana Shipping has refinanced three of its bulkers in a new deal with ABN AMRO.
Gibson stands alone UK shipbroker E A Gibson has completed its separation from former parent Hunting Plc as it goes it alone.
Swire deal over The Swire group's deal to run a new subsidised service to Asia from Tasmania in Australia has ended without a firm contract being signed.
Solstad extends charter Solstad Offshore has secured further employment for one of its construction vessels.
Evergreen in black Taiwanese container line Evergreen has returned to profit in 2014, improving its result by $131m.
BWO revises FPSO deal BW Offshore has restructured a long-term contract for an FPSO with Ithaca Energy.
Coscol inks tankers Cosco Shipping Co (Coscol) is heading to Wuchang Shipbuilding in China for two new asphalt/bitumen tankers.
Zim cuts loss further Israeli container line Zim has reduced its net deficit to $127m in 2014, compared to $343m the year before.
New chairman for NCL Changes in Norwegian Cruise Line's (NCL) management have continued with Walter Revel appointed as chairman of the board of directors.
All change at MOL Japan's Mitsui OSK Lines (MOL) has moved forward with changes in its senior management with the appointment of a new chairman and president.
Rongsheng on the brink China Rongsheng Heavy Industries has warned it may not be able to continue trading if a planned sale of shipyard assets fails, as it revealed a net loss of CNY 8.09bn ($1.3bn) for 2014.
GasLog aims to top $100m New York-listed GasLog has priced its latest share issue at $25 each, aiming to raise a net $96.85m for fleet expansion.
Polarled pipelay starts Statoil have begun a potentially record breaking pipe-laying operation that will link a gas field in the Arctic Circle with Norway.
Smaller boxships improving The number of idle ships of below 3,000-teu has shrunk to the lowest levels in four years, according to Alphaliner.
Yinson Q4 profit flat Yinson Holdings has ended the financial year on a flat note with its fourth quarter figures largely unchanged from a year ago.
Bulker arrested again A South Korean-owned bulker has been arrested in Singapore for the second time in less than eighteen months, court records show.
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