SAR outfit calls for 'outside the box' thinking A rescue expert operating in the Mediterranean Sea told IHS Maritime that commercial ship rescues were essential but identified safety concerns, and said private search and rescue (SAR) operations could ease the burden. Regina Catrambone, founder of and rescuer with the Malta-based Migrant Offshore
KG fleet consolidation bound to gain momentum Germany's KG ship fleet is expected to consolidate faster this year after a slowdown in sales and management changes last year. Many shipowners, fund managers and analysts agree that the industry must brace for another round of forced sales this year, driven by shipping banks like Commerzbank and
Berenberg plots ship finance push Hamburg's Berenberg Bank plans to boost its marine lending business this year with support from institutional investors. Its head of international shipping, Andreas Schultheis, told delegates at yesterday's Marine Money conference in Hamburg that the bank was going to launch a debt fund for asset
US approves LA port partnership America's biggest container port complex will get more latitude to address major congestion issues with new approvals granted by the US Federal Maritime Commission (FMC). The agency on 26 February expedited an amendment to a 2013 agreement between the ports of Los Angeles and Long Beach. The
Welder dies in barge explosion A welder was killed in an explosion on a barge tug in Donggala, Central Sulawesi, on 23 February. Fadli Agus, the operational head of police in Donggala, said the incident occurred in the Lolioge berth. He added that the explosion was allegedly caused by fuel leak in the fuel tank of Mawar
Samudera returns to profit in FY14 Singapore-listed container carrier Samudera Shipping Line (Samudera) has registered a full-year profit of USD14.52 million for the financial year ended 31 December 2014 from a loss of USD2.05 million in FY13. Gross profit tripled to USD31.6 million in FY14 from USD9.2 million in FY13, thanks to
India renews exemption to vessel sharing pact India has renewed exemption granted to vessel sharing agreements (VSAs) among container carriers from the provisions of the country's anti-trust law for another year. The initial period of exemption ended on 10 December 2014 after a year's run. "In exercise of the powers conferred by clause (a) of
Knightsbridge says merged company to consolidate Knightsbridge Shipping, the listed dry bulk shipping company in John Fredriksen's business empire, has said it is in the final stages of merging with Golden Ocean, and that the new company plans to consolidate in the sector. "The process to merge with Golden Ocean is entering into its final stage
BW LPG upbeat after strong 2014 BW LPG, the Oslo-listed VLGC operator in the Singapore-based BW Maritime group, has reported strong results for 2014 and says the outlook remains encouraging. Group net profit rose to USD65.0 million in 4Q14 from USD35.9 million in the same period last year, while revenues increased to USD182.7
Höegh LNG announces first dividend Norway's Höegh LNG has announced its first quarterly dividend based on its Q414 results, the Oslo bourse-listed company announced yesterday. The dividend is for shareholders registered by 4 March 2015. President and CEO Sveinung Støhle stated in the company's exchange release: "We are excited to
Golden Ocean deep in red after hefty charge Golden Ocean Group, the listed dry bulk shipping company in John Fredriksen's business empire, has booked heavy losses for 4Q14 and the full year on a USD183 million impairment charge and weak markets. The net loss in 4Q14 came to USD153 million compared with a profit of USD18.9 million in 4Q13,
Poor watchkeeping led to fatal dredger collision The chief mate of a dredger involved in a fatal collision off eastern England last year has received a six-month prison sentence suspended for 18 months. On 8 June, Gerardus Chapel was on the bridge of Royal Boskalis Westminster's trailing suction hopper dredger Shoreway. The vessel had just
Lysblink Seaways towed to safety DFDS's general cargo vessel Lysblink Seaways, which ran aground in northwest Scotland just over a week ago, was towed to a more sheltered location on the evening of 25 February. The Maritime & Coastguard Agency (MCA) reported that the ship is stable at the anchorage in Scallastle Bay at the
Satellite system vulnerability still a concern Disruptions to Global Navigation Satellite Systems (GNSS) such as GPS and the Russian GLONASS can affect the safe and efficient operation of transport that rely heavily on position, navigation and timing (PNT) resilience, attendees of the International Navigation Conference 2015 were told. Since
Techcross, Drydocks World sign MOU on BWMS South Korean ballast water management system (BWMS) manufacturer Techcross has signed a memorandum of understanding (MOU) with Drydocks World (DW), the largest ship repair facility in Dubai, for joint marketing of BWMS installation. Under the MOU, Techcross will provide up-to-date information,
Australian police seize drugs hidden in container Australian Federal Police working undercover have arrested two men, after customs found 100 kg of methamphetamine with an estimated street value of USD50 million hidden in a container from China. The container was declared to hold "kid's toys". Customs officers, however, located a false floor
Icon Offshore's profit halves in 2014 Malaysia-listed offshore services provider Icon Offshore reported that its full-year profit almost halved in 2014, due to lower charter revenue and fleet utilisation. Net profit dropped 47% year on year (y/y) to MYR59.35 million (USD16.4 million) in fiscal year 2014 (FY 2014), while revenue dipped
MSC to start new Australia Express service Mediterranean Shipping Company (MSC) this week announced a new Australia Express service, linking Australian ports directly with Europe, India, the Middle East, and Pakistan. The new service will eliminate transhipments out of Singapore, and its first sailing will be made by SCT Zurich out of
Busan aims to handle 20 mil. teu in 2015 South Korea's Busan port plans to achieve a throughput of 20 million teu in 2015 after it handled 18.678 million teu in 2014, the highest number in the port's history. Through a press statement, the Busan Port Authority (BPA) said the record number of 18.678 million teu handled at the port in 2014
Vard's profit drops despite increased revenue Singapore-listed Norwegian offshore vessel builder Vard reported on 27 February a net profit of NOK50 million (USD6.59 million) for the full year ended 31 December 2014, down 83.3% from a year ago. The drop in its full-year profit was attributed to higher operational expenses and finance costs.
Hutchison Ports' throughput up 6% Hutchison Ports' throughput grew 6% year on year (y/y) to 82.9 million teu in 2014, mainly due to rises in European and mainland China terminals. The division's total revenues gained 4% y/y to HKD35.6 billion (USD4.6 billion) on the throughput growth, a stock filing of the company said. This
Rickmers completes $1.4bn restructuring deal with banks Moves marks cornerstone of recapitalisation, says company
Flex LNG retains lofty ambition despite loss Fredriksen-backed LNG shipping player wants to build attractive position in the LNG market with new vessels
GasLog posts $9.9m profit and remains focused on fleet expansion LNG owner targets attractive long-term contracts with strong counterparties
BW LPG sees profit rise on enlarged fleet BW's daily vessel earnings, however, were below those of rivals
Diana Containerships returns to the black in 2015 The 2013 loss was caused by impairment and other charges costing more than $50m
Aurora LPG shines as its VLGCs average $98,000 per day VLGC freight market was elevated in fourth quarter of 2014, says owner
P&I general increases: don't ask, don't get Some clubs have secured premium hikes, if not as high as headline figures announced
Los Angeles and Long Beach given permission to work together on congestion News comes as Los Angeles reveals that box volumes fell more than 20% in January
China's Sainty Marine slides into the red Whitelisted shipbuilder is to face even greater losses when its debtor concludes bankruptcy restructuring
Product tanker market has good prospects but is fragile New cargoes coming into the market from the Middle East but global fleet growth is worrying
Spanish unions to suspend action during talks over port labour reforms Spain's ports and terminals will welcome the news but concerns remain that discussions could go badly and still end in industrial action
Asia-north Europe carriers look for mid-March price push Freight rates on key trade lane fall to lowest level of 2015
Golden Ocean sails into the red for 2014 John Fredriksen dry bulk vehicle looks forward to consolidation opportunities post the merger with Knightsbridge
Tanker consolidation: Crude could learn from products Latest crude tanker consolidation steps are a 'sound move' says tanker boss
West coast ports face a challenge to win back market share Cargo backlog will take months, not weeks, to clear warn analysts and shipping lines
Yangzijiang posts $560m profit Challenging market hits shipbuilding segment but its investment sector shows stronger performance
Hajioannou calls for cancellations and scrapping to relieve dry bulk pressure Safe Bulkers urges market to follow its lead after Greek owner delays six newbuilds
Knightsbridge returns to the black in 2014 John Fredriksen bulker vehicle heads into expected merger closure with Golden Ocean with charter arrangement for 15 capesizes
Hutchison Port Holdings sees 6% volume growth Hong Kong-based terminal operator moved 82.9m teu in 2014
Lower time charter earnings hit Safe Bulkers full-year results Despite an expanded fleet, Safe Bulkers was unable to replicate the results of 2013
Free-flow container operation launched in Port of Los Angeles The Port of Los Angeles is teaming up with terminal operators and a harbor drayage company to launch a container free-flow operation aimed at reducing congestion at the largest U.S. port while delivering import loads to retailers and other large shippers quickly and efficiently. "I am confident we will see this...
Philadelphia offers incentives to attract more container cargo A new incentive program for ocean carriers at Philadelphia could bring more than 1 million new containers through the city's Delaware River terminals over the next five years, according to the Philadelphia Regional Port Authority. The state-sponsored program launched last month will reward carriers using the port with a $25 incentive...
Q&A: Klinge offers his views on reefer transport developments Credit: javarman / Shutterstock.com Tuna sellers at Japan's Tsukiji, the biggest fish and seafood market in the world. Klinge Corp. manufactures specialized transport refrigeration and power generation equipment for various sectors, including the military, oil and gas, offshore, chemical, pharmaceutical and, increasingly, the food industries. Cold chain demands associated with each of...
The OTHER contract talks Gary FerrulliI don't know about you, but I want to read or hear about something other than the congestion at West Coast ports, the Pacific Maritime Association and the International Longshore and Warehouse Union. Although the nine-month contract "negotiations" that finally brought a tentative agreement on Feb. 20 - and...
Plunge in Chicago business activity tied to West Coast port delays A broad measure of business activity for the Chicago area plunged in February with much of the blame being laid at the door of the West Coast port labor standoff. The Chicago Business Barometer published by MNI Indicators, plunged 13.6 points to 45.8 in February, the lowest level since July 2009...
Gap Inc. says West Coast woes will hurt 2015 margins Gap Inc.'s warning that U.S. West Coast port delays will hurt its bottom line in 2015 because less apparel will be available at its retail stores shows that the recent tentative labor agreement far from spells the end of shippers' inventory pain. "While we've been managing the slowdown at the port...
US-based Penske expands truck leasing business in Australia U.S.-based Penske Truck Leasing is expanding in Australia, opening its second Australian office, in Melbourne, and planning to open three more branches in the next 12 months. The truck leasing arm of Penske Corp. teamed with sister company Penske Automotive Group to open an office in Brisbane, Australia, last August, offering...
Busan forecasts 20 million TEUs for 2015 after setting record in 2014 The Port of Busan plans to handle 20 million TEUs this year posting record volume in 2014, mainly because of healthy transshipment traffic. The volume at South Korea's largest container port rose 5.6 percent year-over-year in 2014 to nearly 18.7 million TEUs. The Busan Port Authority said transshipment traffic overtook...
Brazilian truckers end Santos blockades, but protests continue After 10 days of "spontaneous" protests, many independent truck drivers in Brazil have agreed to government-inspired peace talks aimed at preventing the South American country from grinding to a halt. But road blockades and protests by truckers angered by rising fuel prices and low freight rates continue in parts of the...
Three top APM Terminals executives depart over 'internal policy' violations APM Terminals confirmed it asked three senior executives to quit their jobs at the Maersk Group's port operating unit. "They have left as a consequence of not following internal policies," Erik Eisenberg, the Hague-based firm's vice president for communications, told JOC.com. "We have no further comments," Mr Eisenberg said when asked for...
IAG cargo revenue declines on freighter business exit International Airlines Group's cargo revenue declined 7.5 percent in 2014 from the previous year, largely because the owner of British Airways and Iberia quit freighter operations. The decrease, to 992 million euros [US $1.2 billion] from 1.07 billion euros, was flanked by a 3.3 percent drop in traffic to 897,000 metric...
Dream team Norwegian tanker operator Eitzen Chemical has overhauled its board of directors in the wake of an $850m restructuring.
Evercore shifts coverage Evercore Partners has suspended research coverage of Greek operator StealthGas in the wake of earnings that were in-line with Wall Street forecasts.
DCIX bounces back Greece's Diana Containerships has booked a small profit in the fourth quarter, erasing a red bottom line during the corresponding period.
Cyprus Maritime buys Blenheim fleet Greek owner Andreas Hadjiyiannis has snapped up a fleet of panamax and post-panamax bulkers from Blenheim Shipping of the UK, industry sources said.
Finland to pay $100m Finland has been ordered to pay EUR 91m ($102m) to dozens of shipping companies over a fairway dues row.
Active commits trio Singapore's Active Shipping has placed three modern LR2s to Navig8's expanding Alpha8 Pool.
Kosmas V officers held Two senior bulker officers have been arrested following the death of a crewman at a Greek port on Thursday.
Undead - a confession We take a look at what was said in the market over the past week.
Latvian loses more Riga tanker owner Latvian Shipping Company (LSC) has seen its deficit grow in 2014 as it took a vessel-impairment hit of $55.25m.
Renaming evasion claim Blacklisted North Korean shipping company Ocean Maritime Management (OMM) has renamed most of its fleet in an attempt to evade sanctions, according to a UN report.
Finnlines wins $19m dispute A Finnish court has ruled in favour of Finnlines in a row over fairway dues.
Ferguson eyes double Scotland's Ferguson shipyard is in the running to build two new ferries.
Seacor on the rise Seacor Holdings has significantly boosted its fourth quarter earnings, allowing its full year profit to double year-on-year.
GasLog goes lower New York-listed GasLog has seen fourth quarter earnings hit by higher financial costs.
Frontline's twin tanker hope Tanker newbuilding prices may be dragged down by distress elsewhere in shipping and offshore, Frontline says.
Sea Tiger wins extension Deep Sea Supply has secured a contract extension for one of its oldest anchor handlers currently operating in its favoured Brazilian market.
VLCCF ups earnings Nasdaq-listed Knightsbridge Shipping (VLCCF) has defied the bulker gloom to increase profit in the fourth quarter.
BW LPG pays $152.8m BW LPG has paid out a meaty dividend at the end of a strong fourth quarter.
High rates lift Aurora Aurora LPG has exceeded the average industry daily rate during the fourth quarter to finish 2014 in the black.
GOGL loses $135m Golden Ocean (GOGL) has slumped to a loss in the fourth quarter as it took a $183m impairment hit on the value of its bulkers in dire markets.
Court win for GOGL The UK high court has awarded Golden Ocean (GOGL) compensation for the final four bulker contracts it cancelled at China's Zhoushan Jinhaiwan shipyard.
Berenberg's $1.1bn box bid The world's second-oldest bank is lining up a new fund worth EUR 1bn ($1.1bn) for the containership sector.
Mate guilty over clash A dredger chief mate has received a suspended sentence in the UK for his role in a fatal collision last year.
Profit eases at Yangzijiang Yangzijiang Shipbuilding has reported a slightly weaker fourth quarter as costs increased compared to a year ago.
Safe pushes back six Greece's Safe Bulkers has delayed delivery of six of its 11 new eco-ships as earnings turned negative in the fourth quarter.
Tallink offloads duo Estonian ferry operator Tallink has agreed to dispose of two elderly ro-ro vessels, the shipowner confirmed Friday.
Icon profit down 85% Icon Offshore has reported an 85% decline in fourth quarter net profit on the back of lower revenues and higher costs.
Jinhui books $68.4m loss Jinhui Shipping and Transport has slumped to a fourth quarter loss of $68.4m in line with its profit warning issued last month.
Vard profit slumps Vard, the Norwegian shipbuilding group, has reported an 80% drop in fourth quarter results, figures released Friday show.
Report: Port of Durban to triple capacity In order to compete with the Suez Canal.
European firm takes delivery of hybrid tug Vessel sailed under her own keel from Romania to the Netherlands.
Canadian shipbuilder lays keel for LNG-fuelled ferry Vessel expected to be delivered in the fall.
More losses in the dry bulk sector 'Expect to see increased scrapping, postponed orders and cancellations.'
Monjasa tanker held in Angola The 7,600 dwt tanker has been detained for several weeks.
Call for transparency on LNG bunker risks 'Accidents at LNG storage facilities do happen,' says Gibraltar opposition party.
Wind farm threat to bunker anchorage lifted But report highlights damage done by vessels waiting to take on fuel.
ECA opertator confirms order for LNG-powered ferry The dual fuel ship is scheduled for delivery in early 2017.
Ministers highlight Gibraltar's bunkering track record 'Close relationship' between port authority and local bunkering community makes it 'very special'.
Statoil awards fuel, supply base contracts To serve upcoming heavy oil field in the North Sea.
P&I Club: Possible risk from vessel boilers used within ECAs Some modern boilers may not have been designed to operate with MGO.
Russian bunker players to get inspected Environmental agency to resume mass unscheduled checks.
Hull coatings market 'unaffected' by falling fuel prices Even more reason to invest in eco efficiency technology now, says International Paint spokesman.
Cheaper bunker fuel boosts LPG shipping earnings LPG shipping demand has remained 'intact', says Drewry.
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