Star Bulk losses widen Star Bulk has reported escalating quarterly losses as it continues to downsize its fleet. The NASDAQ-listed dry bulk company posted a net loss of USD65 million for 2Q15 versus a net loss of USD3 million in 2Q14. Excluding non-cash items (losses from vessel sales and impairments), Star Bulk had an
Rough year for shipping stocks US-listed shipping equities have partially recovered from recent lows, but remain sharply down for the year. At the closing bell on 28 August, the 53 shipping companies listed on NYSE and NASDAQ were down 46% from their 52-week highs, according to an analysis by IHS Maritime. Over nine-tenths of
CMA CGM Q2 profit up 67% French container line operator CMA CGM showed "strong and profitable growth" in the second quarter as consolidated net profit rose 67% year on year to USD 156 million. Group revenues dipped 2.1% to USD 4.11 billion despite carryings up 6.2% to 3.3 million teu but the group said that a 10.9%
Swire Shipping expands its Asia Pacific service Swire Shipping announced today it would be expanding two key services in the Asia Pacific linking New Zealand, Australia and Papua New Guinea, at the same time rebooting its Australia-South East Asia service. The China Navigation Company liner division will upgrade services out of Brisbane to New
MyFerryLink seafarers end new Calais blockade Ferry services were back to normal at the port of Calais this morning after action by French seafarers yesterday evening halted sailings at the port for several hours, causing long delays for several thousand travellers in transit in both directions between Dover and Calais. The seafarers, who
Salvage divers enter Sewol ferry Salvage divers working to hoist the capsized Sewol ferry have gained entry into the vessel. South Korea's Ministry of Oceans and Fisheries announced that the team made a breakthrough when salvage works resumed on 27 August. Works were suspended due to Typhoon Goni on 24 August. The Sewol, carrying
News insight: Cargo insurers faced with migrant challenges Illegal attempts by migrants to enter the United Kingdom via Calais have created new challenges for the insurance sector Cargo underwriters have been receiving calls from clients desperate to understand their rights and looking to move the shipments of their goods from road to sea as the migrant
Shipowners to diverge investment into tanker and container markets Ship-owners are shifting their investment from dry bulk to tankers and containerships, according to Chelsea Wang, consultant from Drewry Maritime Services. Speaking for the recent 8th Korean Register (KR) technical seminar held in Singapore, Wang highlighted that the dry bulk market is experiencing
CSDC's profit soares 602% yoy in 1H15 China Shipping Development (CSDC)'s profit soared 602% year on year to CNY299.1 million (USD46.7 million) in the first six months in 2015 on lower fuel cost and government subsidies for scrapping old tonnage. Excluding one-off items, CSDC's profit also rose 391% year on year to CNY491.3 million, a
Keppel buys Cameron's offshore rig business Singapore-headquartered Keppel Offshore & Marine (Keppel O&M) has acquired Cameron's offshore rigs business for USD100 million. The stock and asset purchase agreement was signed by Keppel O&M's wholly owned subsidiary, Keppel Offshore & Marine USA with Cameron International which includes
Changhang Phoenix profit falls 41.76% for 1H15 Shenzhen-listed Changhang Phoenix, a bulk carrier operating unit of Sinotrans & CSC, posted profit of CNY108.6 (USD17 million) for the first six months of 2015, slumping 41.76% from last year's CNY186.4 million. The company's revenue during the review period also dropped 24.8% from CNY526.9 in 1H14
Sainty Marine sells two Ultramaxes Shenzhen-listed Sainty Marine has sold two completed and abandoned Ultramaxes to raise a total of USD38.6 million. In July, Sainty Marine said it planned to dispose of four completed Ultramaxes, which had been abandoned by Germany's Corbita Maritime Investment, a stock filing of Sainty Marine said.
China Huarong Energy's loss shrinks 33% yoy in 1H15 China Huarong Energy, which was formerly known as China Rongsheng Heavy Industries Group Holdings (RSHI), said its loss shrank 33% year on year to CNY2 billion (USD318.1 million) in the first six months in 2015 due to delivery of newbuilds. Its revenue totalled CNY379.1 million during the same
Hapag-Lloyd merger deal lifts CSAV profits CSAV chief executive says decision on Hapag-Lloyd IPO could be made in the coming month
CMHI expects overseas ports to generate further growth momentum Development of domestic ports is hampered by the country's decelerated economy
Star Bulk second quarter hit by book losses and charter market slump But owner agrees cancellation of one newbuilding and price cuts for others
Impairments hit Goldenport results Company has taken 'all steps available' to weather dry bulk storm, says Dragnis
Is Liverpool's £300m gamble about to come off? Operator nears critical stage in development of new deepwater container terminal, which it hopes will be a catalyst for change across the UK logistics chain
First cranes shipped for Liverpool2 ZPMC cranes en route from Shanghai for phase 1 of new £300m deepwater terminal
CMA CGM posts sharp second quarter profit rise as growth outstrips market French line achieves ROIC of 14% and volume growth of 6.2%, signs Cameroon concession
Fatigue can be fatal Nobody, except the perceptive antennae of the ships' officers union Nautilus International, made the connection between the recent article in the Lancet on mortality and the nearly 100-hour working week of seafarers
Logistics firm NRS electrifies drayage for IKEA At the Port of Los Angeles, National Retail Systems is turning from the fuel pump to the electric plug, putting a battery-powered drayage truck on the road for customer IKEA. "We're going to start by taking containers from the port to our facility in L.A., about 12 miles away, and we'll...
China Merchants net profit rises as terminal growth outpaces China average China Merchants Holdings (International)'s first half net profit jumped 29 percent year-over-year to HK$2.8 billion ($US 361 million) after throughput gains at Chinese terminals exceeded China's overall container growth rate and traffic through overseas facilities rose at a double-digit clip. Volume through China's largest terminal operator's 14 global terminals and terminals...
Brazilian beef exports to Iran forecast to double after ban lifted Brazilian beef exporters are poised to double their shipments to Iran after the major Middle Eastern importer ended a three-year ban on shipments from the state of Parana. The ending of the ban, imposed after the Mad Cow disease outbreak in 2012, could boost annual Brazilian beef exports to 122,000 metric...
Preliminary data on US traffic death rise could fuel tighter safety rules Preliminary highway safety data showing deaths caused by U.S. traffic accidents spiked 9.5 percent year-over-year in the first quarter and rose 30 percent over the course of 2014 could add pressure on Congress to hold firm on or even tighten regulation affecting truck and overall highway safety. Preliminary data released by...
TOTE launches second LNG-fueled container ship TOTE launched the second of two liquefied natural gas-powered container ships that the company's Sea Star Line subsidiary will operate between the U.S. mainland and Puerto Rico. The Perla del Caribe, launched Saturday at General Dynamics NASSCO in San Diego, will carry up to 3,100 twenty-foot-equivalent units. Its sister ship, the...
Novorossiysk keep to $1 billion expanson plan as traffic falls ST. PETERSBURG - Novorossiysk Commercial Sea Port, the second largest Russian container gateway, will stick to its $1 billion effort to boost its container capacity and deepen its harbor to handle larger vessels even as traffic sharply declines. Much of the project is centered on reconstructing and expanding the annual capacity of...
CMA CGM profit jumps despite lower rates CMA CGM 's second quarter net profit jumped 66.7 percent as rising volumes and lower costs driven by oil prices offset a 7.8 percent drop in average revenue per container. The French carrier said its 6.2 percent volume increase, to 3.3 million 20-foot-equivalent units, was above overall market growth of 1...
Negativity surrounds latest carrier financial reports Gary FerrulliA variety of perspectives can be drawn from global container carriers' first-half financial reports. Early reports from OOCL, the Japanese carriers and APL came with little surprise, other than a hint that more losses were expected considering the declining volumes and rates. Carriers, however, cut enough costs through free-falling...
US mid-Atlantic ports plan expansion projects for growing auto trade If you judge the automotive market by the trade volumes handled by mid-Atlantic ports, Americans are buying imported cars at a torrid pace, and so are Arabs. With U.S. automobile sales up 4.5 percent year-over-year to more than 10 million units in the seven months through July, mid-Atlantic ports are...
Indian ports prepare for strike after labor talks fail Negotiations spearheaded by Indian Finance Minister Arun Jaitley and his other cabinet colleagues to avert a threatened general strike on Wednesday collapsed at the weekend, setting the stage for a big battle between labor unions and government authorities. "Trade unions will go ahead with the September 2 strike," a labor representative...
No resolution after day one of Hutchison-Aussie union talks Hutchison Ports Australia has terminals in the Port of Brisbane (pictured) as well as in Sydney.HONG KONG - Hutchison Ports Australia acting CEO Mark Jack emerged from the first day of talks with the Maritime Union of Australia aimed at ending the bitter dispute over recent layoffs saying that the...
Rotterdam inks deal to build new Indonesian port Allard Castelein, Port of Rotterdam Authority CEO, and Bambang Eka Cahyana, president director of Pelindo 1, shake after signing the Kuala Tanjung port dealHONG KONG - The Port of Rotterdam Authority has signed a partnership agreement with the Indonesian Port Corporation Pelindo I for the development of a new deep...
Weak rates offset Australia's solid container growth Melbourne is the busiest container port in Australia.HONG KONG - Australia's container shipping business appears to have escaped the fate of its dry bulk sector that has been crippled by China's economic slowdown, but even as volumes grow strongly excess capacity in the north-south trade is preventing rates from rising.Drewry...
Slight Nicaragua canal route change to cost $700 million Wang Jing, chairman and chief executive of HKND Group, announces the start of construction on the Nicaragua canal with Nicaraguan president Daniel Ortega in this HKND photo.HONG KONG - The Chinese company behind Nicaragua's planned $50 billion canal is reportedly willing to change the route to bypass one of the...
Bolloré and China port builder win Cameroon terminal bid A consortium comprising Bolloré Africa Logistics, CMA CGM, and China Harbour Engineering Company (CHEC) has been awarded the coveted 20-year concession to operate the new container terminal at the deepwater port of Kribi in Cameroon.A source close to the consortium said negotiations would now start on the terms of the...
Ro-Ro carriers hope new multipurpose ships help lift slumping box market When Atlantic Container Line in the next couple months introduces the first of five of the world's largest multipurpose ro-ro/container ships, the symbolism will be stark. The vessels, after all, will carry cargo moving across the Atlantic for shipping sectors heading in opposite directions - the roll-on, roll-off market being...
Euroseas to raise $19.5m Euroseas said it expects to raise $19.5m for its newbuilding programme in a rights offering launched today.
Island delays newbuilds Island Offshore Shipholding said it delayed three newbuildings as it reported an improvement in second-quarter profit.
"Why not 500 ships?" Pioneer Marine CEO Pankaj Khanna has revealed how his mother spurred his newbuilding dream as the company took delivery of its first Green Dolphin bulker in China.
Pappas rings the changes Star Bulk Carriers rang the changes to its newbuilding orderbook as it reported a second quarter loss that was not as deep as Wall Street had feared.
CMA CGM expands again Consortium including Bollore and CHEC wins 25-year deal to run Cameroonian terminal.
DSME cools exit talks South Korean shipyard says reports of 30% downsizing in workforce are premature.
Bunker ship towed A fuel ship needed a tow into a Scottish port after a collision involving a German cargoship.
Wartsila wins regas work Finnish group to supply modules for Hoegh LNG and Gazprom FSRUs on order at HHI.
Tanker storage talk returns Talk of floating storage contracts has crept back into the VLCC market following a late summer slump in rates.
CMA CGM marches on French container line CMA CGM has overcome lower revenue per box to boost net earnings in the second quarter.
HMD nets gas trio Hyundai Mipo Dockyard has won a contract for three gas carriers worth KRW 166.50bn ($140.76m).
Stopford charts China changes Shipping can't ignore a slowdown in the Chinese economy, research veteran Martin Stopford says.
Tufton lifts HMLP stake Tufton Oceanic looks to have taken advantage of recent market volatility to increase its stake in US-listed Hoegh LNG Partners.
Panama restrictions lifted The Panama Canal Authority (ACP) has suspended the first draft restriction that was scheduled to go into effect early in September.
BIC seeks court protection Bunkers International has filed for Chapter 11 bankruptcy in the US, the company has confirmed.
GPRT bleeds red ink Goldenport Holdings has seen its half year financial performance deteriorate ten-fold compared to twelve months ago.
MARAD publishes new edition of scrubber selection guide Includes latest information related to available scrubber technologies.
Second LNG powered container ship nears completion TOTE's Perla del Caribe launched from US yard.
Ferry operator underlines its commitment to scrubbers DFDS makes new order despite narrowing spread between MGO and high sulphur material.
Second LNG powered containership nears completion TOTE's Perla del Caribe launched from US yard.
Bunker prices up by 18% in less than a week But crude oil markets showed signs of renewed weakness on Monday.
Bunker tanker 'almost capsized' Collision left tanker in 'serious difficulty'.
Ferry operator underlines its committment to scrubbers DFDS makes new order despite narrowing spread between MGO and high sulphur material.
Maersk company introduces new lubricant solution On-board blending optimises cylinder oil for various operations and cuts lubricant and fuel consumption, MD tells Platts Bunkerworld.
Titan Petrochemicals posts losses Company did not record any revenue for H1 2015, it says.
Malaysian authorities seize smuggled fuel Fishing vessels caught carrying almost half a million worth of diesel supplies.
Andatee appoints new head Former CEO voted out of the board.
Alleged vessel hijacking mastermind caught Indonesian Navy arrests suspect in west Jakarta.
Report: Bunkers International in $40 million debt Bankruptcy filing preventing ship arrests, says lawyer.
Glencore: Fuel oil cargo traders leave firm Four traders have allegedly left company, Platts Bunkerworld has learnt.
Aegean boosts bunker storage capacity in Germany Company starts bunker deliveries from Nordenham.
Yard lays keel for Teekay's second gas-injected LNG carrier Marking next step in construction.
Weaker crude hits Fesco profits But bunkering revenue up in first half of the year.
MPA: Singapore 'well-positioned' to offer LNG as bunker fuel Forms Technical Committee for LNG Bunkering with SPRING Singapore.
Lukoil's H1 net income drops year-on-year Records a net income of $1.7 billion, compared to $4.1 billion during the same period last year.
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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