Four killed in massive Pemex rig fire Four people were killed and at least 16 were injured in a fire on a Pemex oil platform in the Gulf of Mexico. Two of the injured were in a critical condition as of the evening of 1 April, according to the most recent update from the Mexican state-run oil company. The fire, which broke out at about
DP World to buy second Canadian terminal DP World is to buy Maher Terminals' Fairview Container Terminal in Prince Rupert, British Columbia, just a month after an ambitious plan to double its capacity was announced. The USD457 deal will have to be approved by the Canadian government's foreign investment provisions, although as the
Oriental Energy still awaits approval for VLGC deal Shenzhen-listed Oriental Energy, a Chinese liquefied petroleum gas (LPG) trader, has yet to have a vessel chartering deal with Hartmann Schiffahrts approved by its shareholders, according to a company stock exchange filing. The company announced a 10-year timecharter contract with Hartmann
Mediation ends Finnish shipping strike ahead of planned major escalation A seven-week strike on Finnish icebreakers has ended after the parties involved approved the national mediator's latest offer to solve the dispute, less than 24 hours before a planned major escalation of the conflict. The Finnish Seafarers' Union, the Finnish Ship Engineers' Union, and Arctia
Charterers scramble for sub-Panamax boxships The container ship charter market is making a notable recovery this week, with the highest increase of the Hamburg ConTex in years. The market barometer rose by 4.6% (21 points) during Tuesday's broker panel as news about much-improved fixtures for 2,500-2,800 teu sub-Panamax vessels emerged. The
Pension fund teams to pay USD2.23 billion for Associated British Ports stake Canada Pension Plan Investment Board (CPPIB) and Hermes Infrastructure have agreed to pay GBP1.6 billion (USD2.3 billion) to buy "at least a 30% stake" in Associated British Ports (ABP) - and may buy a further 3.33% subject to pre-emption rights. CPPIB and Hermes are buying the shares from GS
Wisdom Marine issues USD60 mil. in ECB Taipei-listed bulk carrier, Wisdom Marine, announced on 1 April the company will issue USD60 million in Euro-Convertible Bond (ECB) on 10 April, and may issue another ECB of USD20 million in the next coming 30 days. The USD60 million ECB can be turned into the company's shares in two years, and
Tasmania-Asia direct freight link plan dropped A move to provide a direct shipping link between Tasmania, Australia, to Asia has been abandoned, at least in the short term. The Tasmanian government said the decision to allow a memorandum of understanding with Singapore-based Swire Shipping to expire comes after a federal government AUD203
China and India import more Malaysian palm oil More palm oil is being shipped from Malaysia to China and India. Singapore-based chemical tanker brokerage and consultancy Eastport Global explained that the situation was due to lower inventories in China and a rush by Indian importers to procure palm oil before Malaysia's 4.5% export tax on crude
FSL Trust fixes out Aframax tanker for two years Singapore's First Ship Lease (FSL) Trust has chartered out one of its Aframax tankers for two years. The trust, which fixes out ships on long-term charters and distributes the proceeds back to its unit holders, said a US oil company has booked the 2007-built, 115,000 dwt FSL Hong Kong for two
Buhari victory offers mixed messages for Gulf of Guinea shipping The election of General Muhammadu Buhari as President has raised hopes of a crackdown on corruption and a more stable environment for shipping in Nigeria. Buhari, a former military dictator, beat incumbent Goodluck Jonathan in an election that has been praised as Nigeria's fairest ever. Buhari is
Busan port chief in the running for IMO top job Busan Port Authority's president, Lim Ki-tack, is among six people who are hoping to become the International Maritime Organization's (IMO's) next secretary-general. The IMO released the names of the six candidates on 1 April. Besides Lim, the other five candidates are Cyprus' acting director of
13 crewmen feared dead as Chinese dredger sinks Thirteen seafarers are missing after a Chinese dredger capsized off the coast of Fujian province. The 137 m long and 6,426 gt dredger, identified as Zhen He 168, capsized around 0440 hours local time west of Xiquan (also known as Xiju) island on 30 March, according to a statement from Fujian
Robbers board tug in Malaysian waters The International Maritime Bureau said it received a report that on 22 March around 10 men armed with guns and knives boarded a tug towing a barge 18 nm east of Tioman Island, Malaysia. The pirates entered the bridge, apprehended the bridge team, then took them to the chief engineer's cabin
China Oilfield Services 2014 profit up 12% Shanghai-listed China Oilfield Services (CSCL) reported a profit of CNY7.5 billion (USD 1.21 billion) for the whole year of 2014, up 11.6% from a profit of CNY6.7 billion in the previous year. The company's revenue stood at CNY33.7 billion last year, up 20.6%, and its earnings per share rose 5.4%
Jurong Island's reclamation works continue Further reclamation work will be done at the western part of Singapore's Tuas View Extension. A notice put out by the Maritime and Port Authority of Singapore stated that the work would last from 3 April to 3 October. The reclamation work forms part of the expansion of Jurong Island and Tuas View
Northern Offshore defer rigs delivery Oslo-listed drilling company Northern Offshore has delayed the delivery of two rigs under construction at COSCO (Dalian) Shipyard. The two LeTourneau Super 116E jack-up rigs, Energy Engager and Energy Encounter, were ordered in October 2013 and were originally scheduled to be delivered in January
Osaka's cargo traffic falls The Port of Osaka in western Japan saw its cargo traffic plummet 9.6% in December to 7.060 million tonnes a year earlier, according to preliminary figures released by the Osaka municipal government on 31 March. Of the 7.06 million tonnes, 3.048 million tonnes came from foreign trade, down 6.6% from
Paragon eyes scenarios for newbuild quintet Sale and lease back among the options as bulker owner prioritises liquidity
Shipping shines as energy companies suffer Henderson's proactive stance sums up today's unexpected dynamic: shipping is up and rising while offshore is down and facing challenges
Greeks increase market share as fleet expands 8% in one year Nation's owners now control 26.6% of crude tanker capacity, says survey
DP World acquires Prince Rupert terminal Second North American facility for Dubai-based terminal operator
Russia seeks bigger slice of the Pacific coal pie Fall in value of rouble fuels challenge to Indonesia and Australia from a cheaper competitor
TSA announces transpacific rate minimums Recommended price minimums set to come into force on May 1
Pension investors take $2.4bn share in ABP CPPIB and Hermes Infrastructure acquire stake of at least 30% from GS Infrastructure Partners and Infracapital
No more mergers for Hapag-Lloyd in the immediate future Company chief executive says it will concentrate on returning to profitability, integrating CSAV and preparing for its IPO
Rulings likely soon on port truckers' UIIA complaints Southern California truckers who filed complaints with the Uniform Intermodal Interchange Agreement alleging unfair charges for extended storage and late return of equipment at congested marine terminals in recent months should start to see arbitration rulings beginning in mid-April. Joni Casey, president and CEO of the Intermodal Association of North America,...
NYT story throws fuel on fiery truck size debate WASHINGTON - A New York Times piece highlighting the powers at play behind lobbyists' efforts to sway lawmakers on a potential vote for larger truck sizes promises to throw fuel on an already fiery debate. By Thursday, at least one of the groups implicated in the story had already accused the...
Firefighters battle blaze at Brazil's largest port Dozens of firefighters are combating a massive blaze at a Santos port installation following three explosions at Brazil's largest container gateway on Friday morning. Three vessels, including one container ship, were removed from nearby berths as a safety precaution, as firefighters fought the fire at the Ultracargo liquid bulk terminal at...
TPM 2015 Sponsor: DB Schenker DB Schenker's Joshua Bowen discusses achieving financial health amid market fluctuations, and the key to evolving with customers growing expectations of a service provider, with JOC Editor Alessandra Barrett at the Trans-Pacific Maritime Conference in March 2015. ...
Tasmania exporters lose planned direct shipping service to Asia A move to provide a direct shipping link between Tasmania, Australia, to Asia has been abandoned - at least in the short term. The Tasmanian government said the decision to allow a memorandum of understanding with Singapore-based Swire Shipping to expire comes after a federal government subsidy of A$203 million (US...
Rising dollar pulls down US container exports A rising U.S. dollar - while reflecting the renewed strength of the U.S. economy - is weighing down the nation's exports and exacerbating the West Coast port congestion pain inflicted on exporters. February marked the lowest month for exports in more than two years, according to data from PIERS, a sister...
India's new trade policy targets doubling of exports The new Narendra Modi-led Indian federal government announced its much-awaited foreign trade policy, with a goal of doubling the country's exports to $900 billion and elevate its share of world trade from the current 2 percent to 3.5 percent by 2020. The new five-year plan, called Foreign Trade Policy 2015-20, was...
Evergreen to enhance intra-Asia service Evergreen Line plans to upgrade its intra-Asia service network by joining the India-Far East Express Service operated by a consortium of Wan Hai Lines, Pacific International Lines, "K" Line, Shipping Corporation of India and Simatech Shipping. Evergreen will be participating in the joint service via a slot-charter deal with Dubai-based intra-Asia...
DP World to buy Canada's Prince Rupert terminal DP World on Thursday announced it is buying Maher Terminal's Fairview Container Terminal in Prince Rupert, British Colombia, from Germany's Deutsche Bank, for C$580 million ($457 million), positioning the Dubai terminal operator at one of the fastest growing gateways for Asia-North America trade. The Dubai-based company said it expects to complete...
Greek ministers offer conflicting messages on Piraeus port privatization The on-again, off-again privatization of the port of Piraeus has been thrown into further doubt following conflicting statements by Greek government ministers. Greece's leftist government on Wednesday renewed its pledge to honor ongoing privatizations in an updated list of economic reforms aimed at unlocking bailout funds from its international lenders to...
Big ship order scotches OOCL-APL merger rumors HONG KONG - Orient Overseas International Ltd.'s announcement that it will spend almost $1 billion on the purchase of six 20,000-TEU ships has put an end to speculation that the Hong Kong-listed line was interested in acquiring troubled APL from Neptune Orient Lines. So with OOIL's liner division OOCL out of the...
Hong Kong 'beyond' rights granted to Russia's AirBridge Cargo AirBridge Cargo has six of the extended Boeing 747-8 freighters in its fleet.HONG KONG - AirBridge Cargo, the only Russian carrier in the Hong Kong market, will be the main beneficiary of fifth freedom traffic rights out of the city that were granted to Russian air freight carriers following a...
Amid losses, UTi Worldwide gets lift from West Coast port crisis A steep drop in air and ocean freight volumes, a strong U.S. dollar and costs linked to a sweeping restructuring all battered the top and bottom lines of global logistics operator UTi Worldwide in its most recent fiscal quarter and full fiscal year, which ended Jan. 31. However, a surge in...
Analyst chops GOGL target An Evercore ISI analyst has chopped his share price target for the newly merged Golden Ocean Group Ltd (GOGL) but kept a positive view on the bulker owner.
Pacific Basin stays cautious Pacific Basin said it is keeping a "cautious" medium-term outlook after locking in rates for the remainder of this year that are lower than the same time in 2014.
DVB recruits Veldhuizen DVB Bank has found a new head for its shipping and offshore finance divisions.
Clarksons duo rewarded Top executives at Clarksons have been rewarded for the company's stellar financial performance in 2014.
Essar's Ramakrishnan retires India's Essar Shipping has given its current chief executive officer additional responsibility after the retirement of its managing director.
Eagle set for loss Eagle Bulk Shipping is heading for a loss in fiscal 2014 in a dire dry cargo market.
No fire damage for Teekay A Teekay FPSO struck by a small fire off Norway is back up and running - providing a potential dividend boost for investors in the New York-listed company.
Sinking claims 54 Fifty-four seafarers have been confirmed dead after a Russian trawler sank off Russia's Kamchatka peninsula.
Atwood postpones again Atwood Oceanics has postponed the delivery of two ultra-deepwater drilling rig newbuildings for a second time.
Boxships mean cheap plonk It seems we have container shipping to thank for those moderately priced bottles of Aussie Sauvignon Blanc we find in the local supermarket.
See takes up Otto reigns Otto Marine has named Michael See as its new group chief executive as it looks to battle the downturn in the offshore market.
Paragon stock nose dives Shares in Paragon Shipping fell by over 20% at one point on Wednesday in the wake of its weak fourth quarter results.
ABP stake sold for £1.6bn Canada Pension Plan Investment Board (CPPIB) and Hermes Infrastructure have acquired a 30% stake in Associated British Ports (ABP) for £1.6bn ($2.4bn).
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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