What if the Gotthard tunnel closes? Cargo haulage across the Alps will have no viable option but the railways from 2020 onwards, as the road tunnel through the Gotthard mountain range in the Swiss Alps is set to be closed for several years for refurbishment. ITJ correspondent Anitra Green reports on the...
Royal Caribbean momentum builds Shares of Royal Caribbean rose sharply on 31 July in the wake of better than expected quarterly results and a steadily improving cruise booking environment. NYSE-listed Royal Caribbean posted net income of USD185 million for 2Q15 versus USD137.7 million in 2Q14. Earnings of USD0.84/share came in
Bunkerer hits back in Turkish 'runaway' ship claim A bunker fuel supplier has insisted that a ship accused of fleeing Malta without paying a bill has a case to answer. Turkish-registered general cargo ship Feyza Genc allegedly left Malta while under arrest by the coastguard over a EUR45,000 (USD49,715) unpaid bill due to Cassar Fuel Ltd Malta. The
MyFerryLink crews start fresh disruption in Calais The port of Calais faced fresh disruption this weekend as MyFerryLink seafarers began new action to protest over the failure of talks to protect their futures following the cessation of their company's activities at the start of this month. Some 300 protesters set fire to tyres to block an access
Tampa taking on cyber threats Port Tampa Bay plans to use a USD1.6 million federal grant to combat cyber threats and bolster security. The money is part of USD100 million allocated on 28 July by the US Federal Emergency Management Agency under its Port Security Grant Program (PSGP). PSGP grants are used to increase port-wide
Hydrodec to build UK's first oil re-refinery Peel Ports Group on 31 July announced a deal worth GBP40 million (USD62.4 million) with the Hydrodec Group that will see the UK's first purpose-built oil re-refinery constructed on a nine-acre site at Port Wirral in Eastham. Hydrodec, which operates two other used oil re-refineries, in Ohio, US,
Exmar interims weaken ahead of major transformation Belgian gas carrier Exmar has reported a fall in 1H15 net profit ahead of major transformation of the group. Net profit fell to USD21.6 million in 1H15 from USD51.9 million in the same period last year and revenues dipped to USD70.5 million from USD71.8 million. It did not provide 2Q figures.
Yinson to buy FPSO Four Rainbow Malaysian floating production specialist Yinson Holdings said on 30 July that it will buy the FPSO Four Rainbow. The transaction will be done jointly with Four Vanguard Servicos E Navegacao LDA, the Portuguese unit of Italian tanker owner Premuda. The joint venture will buy the vessel from FVSN,
Upbeat d'Amico reports strongest first half since 2008 d'Amico International enjoyed its best first half since 2008 with group net profit rising to USD18.7 million in 2Q15 from a mere USD1.7 million in the same period last year. The Luxembourg-based listed product tanker unit in the Italian shipping group d'Amico also saw revenues increase to USD110.1
Non-compliant fuel usage in EU SECAs 'rather limited' The use of non-compliant fuel in European Union sulphur emissions control areas (SECAs) has been "rather limited", according to data communicated to IHS Maritime by the European Commission. Following the introduction of a 0.1% limit on the sulphur content of marine fuel in the SECAs on 1 January, a
Yangzijiang Shipbuilding continues to divest non-core businesses Singapore-listed Chinese shipbuilder Yangzijiang Shipbuilding continues to dispose of holdings in its non-core businesses, and invest in companies that have better synergies. Yangzijiang has disposed of its entire 40% stake in Jiangsu Zhuoran Yangzijiang Energy Equipment, which is a steel
Mitsubishi Heavy Industry's shipbuilding unit gains higher earnings for April-June The profit of Mitsubishi Heavy Industries' (MHIs') shipbuilding unit increased year on year (y/y) for April to June 2015. As Japan's financial year starts on 1 April, April to June marks the first quarter of the companies' financial year. The operating income of MHI's commercial aviation and
Five firms keen on Davao Sasa port modernisation Five firms have submitted pre-qualification documents to modernise Davao Sasa port, the Public-Private Partnership (PPP) Center of the Philippines said in a statement. Three joint ventures (JVs) and two single companies make up the five companies. The JVs are Asian Terminals Inc, which is working
Sinopacific hires new CEO, COO Sinopacific Shipbuilding Group announced on 29 July that Jiang Qiang was named as the new CEO replacing Liang Xiaolei, and Wang Jianding will be the group's new Chief Operation Officer (COO). The company also stated that Wang Xingru will no longer serve as the company's co-CEO. Liang is the chair
Japan's 'Big Three' post higher profit for April-June Japan's 'Big Three' shipping companies - Mitsui OSK Lines (MOL), NYK Line, and Kawasaki Kisen Kaisha ('K' Line) - all posted a higher profit for the three months ending 30 June. As Japan's financial year starts on 1 April, April to June marks the first quarter of the companies' financial year.
Analyst: HMD's profit masks true picture Despite avoiding the red ink that tarred South Korea's big three shipbuilders, Hyundai Mipo Dockyard's (HMD's) profit in the second quarter of 2015 camouflages its actual situation, said a sector analyst. HMD, a subsidiary of Hyundai Heavy Industries, posted a KRW10.915 billion (USD9.3 million)
CMES buys four used Valemaxes China Merchants Energy Shipping (CMES) has signed an agreement with Vale Shipping Singapore to acquire four used Valemaxes for an aggregate of USD448 million. The four vessels are scheduled for delivery in September 2015, a stock filing of CMES said on 31 July. CMES plans to finance the acquisition
Nantong Sinopacific Offshore & Engineering delivers first modules built for Total Nantong Sinopacific Offshore & Engineering (SOE) has delivered the first modules built for oil company Total, which SOE believed laid the foundation for further co-operation with Total on the Yamal project. Two modules were delivered on 22 July and will be installed on a Floating Production Unit
Samudera Shipping Line's 2Q15 profit down 26% Singapore-listed Indonesian shipping company Samudera Shipping Line said on 30 July that its profit in the second quarter of 2015 fell 26% year on year (y/y) to USD3.2 million as the weak freight market hurt its revenue. Revenue from Samudera's intra-Asia container shipping business fell 16.6% y/y
Contship Italia signs Iran MoU Move marks strategic shift for Contship Italia, which has to date focused on its Italian homeland
Ship sales to China state giants will help reduce Vale's climbing freight costs Total freight costs for the mining giant are up $75m over first quarter
Rodgers surprises with more relaxed approach to tanker newbuildings A softer attitude based on market developments, rather than a dramatic change of heart
TEN acquires four crude tankers for $316m Purchase of York Capital VLCCs and Yasa suezmaxes comes as earnings hit seven-year high
Diana loss increases in second quarter Greek owner hit by decline in freight market
Asia-Europe rates surge to highest level in six months Freight rates to northern Europe and the Mediterranean from Asia climb to more than $1,000 per teu
MSC Zoe joins Oscar and Oliver in world-beating trio Latest ship to join MSC's fleet will be named in Hamburg on Sunday
Worried charterers look to dodge spot market with longer contracts Charterers are in the tanker market for three-year deals and possibly five
K Line posts stronger first-quarter results Improved performance in tanker and containership business boosts Japanese operator
MOL records higher April-June profits but remains gloomy on container prospects Japanese shipping giant predicts full-year loss for box unit with weak freight rates and volume
YRC Worldwide boosts net profit, raises rates YRC Worldwide's second quarter profits may not seem large compared with its earnings a decade ago. But after eight years of losses and a long, hard struggle to return to profitability, that income is pure gold to the less-than-truckload holding company's managers, employees, shareholders and shipper customers. YRC Worldwide reported $26...
Hapag-Lloyd revises Gdansk demurrage charge Hapag-Lloyd will revise the Demurrage Free Time for Reefer effective September 1, 2015. We would like to inform you that with effect from September 1, 2015 Hapag-Lloyd will revise the Demurrage Free Time for Reefer Containers in Gdansk....
Making Data Work for You: Technology Innovations in Transportation with Jeff Pape U.S. Bank's Senior Vice President Jeff Pape gives tips for making the decision to outsource freight payment processing, and maintaining data security as well as high visibility. Pape's discussion with Senior Content Editor Alessandra Barrett also addresses the most common mistakes made with in-house audits, and the No. 1 thing...
Port Manatee awarded federal grant to support emergency operations PALMETTO, Fla. - Port Manatee has been awarded a $326,250 federal security grant to be used in efforts to support the port's recovery and resiliency capabilities. The funding, through the Federal Emergency Management Agency's Port Security Grant Program, was announced July 30 by the U.S. Department of Homeland Security. The federal funds,...
Armed with congressional report, top US truck lobby accuses DOT of spin A rest stop in Glenwood Springs, Colorado.WASHINGTON - The U.S. congressional watchdog's conclusion that the Federal Motor Carrier Safety Administration has limited ability to evaluate its controversial hours-of-service rules is fueling the fight between the top U.S. trucking lobby and the U.S. Department of Transportation. The fight over the report, which...
Asia-Europe spot rates more than double Asia-Europe spot rates more than doubled this week, hitting highs that haven't been seen in months and giving carriers a much-needed glimmer of hope. Spot rates from Asia to Northern Europe rocketed 270 percent from the prior week to $1,109 per 20-foot container, according to the latest reading of the Shanghai Containerised...
Container shuttle proposed in Sydney, Australia, to ease congestion A new joint venture between DP World and Toll Logistics in Sydney, Australia, could provide a container shuttle out of Port Botany and slash exports of empty boxes. The proposed joint venture announced this week between Australia's biggest freight and logistics provider and its biggest stevedore is expected to begin operations...
EU investigating proposed FedEx-TNT merger The European Union has opened an investigation into FedEx's efforts to acquire TNT Express on the grounds that there would be insufficient competition in the market. Despite the backing of the European Shippers' Council, the European Competition Commission said it believed an investigation of the $4.8 billion acquisition was in order...
KCS boosts cross-border connectivity Kansas City Southern Railway's new Wylie Intermodal Terminal will not only help handle anticipated growth in intermodal conversion in the Dallas area, but strengthen the railroad's networks serving Mexico and the U.S. Southeast. After 12 months of construction and more than $64 million of investment, the Missouri-based railroad cut the ribbon...
Coyote acquisition opens trailer doors for UPS In a step that could prove transformative for its supply chain business, UPS is buying Coyote Logistics, a powerhouse in the truckload freight brokerage industry. The $1.8 billion transaction with private equity firm Warburg Pincus is expected to be completed within 30 days. The benefits, both companies said, will be felt...
Terminal operators go bananas for Davao Sasa concession Davao SasaFive firms, three joint ventures and two single companies, are aiming to win a concession to modernize Davao Sasa, a major gateway for Philippines exports, particularly bananas. The companies have submitted pre-qualification documents to modernise Davao Sasa port, the first in a pipeline of projects intended to boost the Philippine...
Pacific Northwest ports gain momentum after months of problems After bleeding market share in the first few months of 2015 because of congestion and labor problems, the Seattle-Tacoma gateway appears to be leveling off in the competitive Pacific Northwest. Port Metro Vancouver, British Columbia, is likewise leveling off, but Prince Rupert continues to register impressive double-digit gains compared to...
Shippers, carriers urged to prepare for new US food safety regs The U.S. Food and Drug Administration's Food Safety Modernization Act is among the most significant legislative changes impacting the global food supply chain. Signed into law by President Obama in January 2011, the legislation represents the biggest overhaul in decades to federal food safety rules. Some aspects of the FSMA, such...
Russia plans tunnel to increase container trade with Japan Russia plans to significantly increase the volume of its container trade with Japan by building a new rail bridge that will connect Sakhalin, Russia's largest island in the north Pacific Ocean, with Hokkaido, Japan's second largest island. The new bridge will result in the establishment of a Japan-Russia-EU transcontinental corridor that...
Profits soar at Japan's 'Big Three' container lines Japan's three largest container lines saw their net profits surge in the first quarter of fiscal 2015, buoyed by brisk container traffic volume from Asia to the United States as well as a weaker yen and lower fuel prices. Industry leader Nippon Yusen Kabushiki Kaisha (NYK Line) saw its group net...
Gati's first-quarter profit slips despite revenue growth Gati Ltd., India's leading express distribution and supply chain solutions provider, reported its group net income fell 33.3 percent in the first fiscal quarter from a year earlier to Rs. 10 crore (about $1.56 million) despite healthy revenue growth. The Hyderabad-based logistics provider saw its consolidated revenue increase 5 percent year-over-year...
Trans-Pacific capacity forecast to outstrip peak-season demand Although U.S. consumer spending is still lagging its potential this year, it is likely to pick up in the second half, but not enough to fill container vessels with the imports needed to support freight rate increases. That was the takeaway from Thursday's JOC webcast on the Peak Season Shipping...
IAG Cargo revenue grows as volume falls LONDON - IAG Cargo's revenue grew 8.8 percent in the second quarter as favorable exchange rate movements offset lower traffic and a flat load factor. The British Airways-Iberia carrier's revenue rose to 259 million euros ($282 million) from 238 million euros in the second quarter of 2014 and freight volume dipped...
Carriers told to screen crews better to avoid rising Southeast Asian piracy With piracy on the rise again, particularly in Southeast Asia, security professionals are recommending conducting more intensive screening of ship crews to create one less possible avenue for criminal elements to gain access to ships. Sea crime increased by 22 percent year-over-year in the first half of 2015, with 120 incidents...
New Qatar container port to relieve congested Doha Construction of the New Port Project, Al Wakrah, Qatar.Work on the New Port Project at Al Wakrah, Qatar, is rapidly progressing towards completion as the small Gulf nation seeks an alternative to the country's congested existing port, Doha. The project consists of a new container port, a naval base, and a...
Oman container terminal to quadruple capacity after nearby port closes Sohar PortOman International Container Terminal operated by Hutchison Port Holdings, will quadruple capacity to 6 million 20-foot-equivalent units, to capitalize on the recent closure of the Port Sultan Qaboos, Muscat. HPH group managing director Eric Ip told the Gulf Cooperation Council Supply Chain and Logistics conference earlier this year in Sohar...
Beijing subsidies lift China Cosco to first-half profit PHUKET - China Cosco Holdings has told investors it believes subsidies from Beijing for scrapping and upgrading its fleet will push the state-owned line to a $306 million first half net profit. "The board believes that the expected profit is due to the receipt of subsidies for the decommissioning and upgrading...
Solid freight gains boost profit, revenue for ODFL Ignoring warnings of an economic slowdown, Old Dominion Freight Line increased revenue and profit in the second quarter while capturing more less-than-truckload freight. The LTL carrier hardly seemed to downshift from 2014, when the U.S. economy was expanding much faster. The LTL shipments hauled by ODFL increased 13.4 percent from a...
Second quarter cheer DNB Markets has initiated coverage of Gener8 Maritime with a buy rating on the tanker owner and above consensus expectations for its pending second quarter results.
Diana's loss in line Diana Shipping has reported a bigger loss for the second quarter, matching the expectations of the market.
RCCL on growth track Royal Caribbean Cruises Ltd (RCCL) has taken another step towards doubling its earnings per share by 2017 as it reported a 26% increase in second quarter profit.
TEN snaps up four Greek owner confirms VLCC and suezmax buys as it takes contract backlog to $1.4bn in strong market.
Home sweet home We take a look at what was said in the market over the past week.
Scrap subsidy to spark Cosco China Cosco continues to make operating losses despite it revealing that it is set for a first half profit, analysts say.
NewLead names new CFO NewLead Holdings has found a replacement for its chief financial officer who resigned at the end of May.
NOL hypothetically for sale Neptune Orient Lines left the door open for a takeover as Singapore's flagship carrier reported a second quarter profit yesterday.
K Line doubles profit Profitability of Kawasaki Kisen Kaisha rose sharply through the first three months of the current financial year.
Safe Bulkers in line Safe Bulkers followed the Wall Street script in the second quarter slipping to a slightly deeper loss this time around.
MES back to black Japan's Mitsui Engineering & Shipbuilding (MES) has returned to profit for the first quarter of the year.
Daiichi Chuo deepens loss Daiichi Chuo has deepened its full-year loss expectations are seeing its first quarter deficit extend.
MOL makes more Mitsui OSK Lines (MOL) has boosted its profit for the first quarter of 2015 despte falling short of the market's expectations.
"Phone, internet, airports" The Greek crisis has not affected the operational business of Navios according to chief executive Angeliki Frangou.
NYK profit picks up Cost cuts and improved operations have pushed Japanese giant NYK Line to a stronger first quarter profit.
Cardiff markets Fuji LNG Greek shipowner TMS Cardiff Gas is marketing its 11-year-old LNG carrier for charter after the ship was redelivered at the conclusion of period business.
Yinson buys into FPSO Yinson Holdings has forged a deal that will see it take a majority stake in a floating production, storage and offloading unit (FPSO) owned by Italian shipowner Premuda.
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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