Strong dredging market expected for 2016 GLDD hopper dredge Terrapin Island. Credit: GLDDCoastal restoration projects in the Gulf of Mexico will be a significant driver for US dredging companies in 2016, the head of America's largest dredge contractor predicts. Jonathan Berger, CEO of NASDAQ-listed Great Lakes Dredge & Dock (GLDD), said during his company's 3Q15 earnings...
IHC wins dredger Huta 14 renovation Cutter suction dredger Huta 14. Credit IHCNetherlands-based IHC Services has won the contract from Huta Marine Works of Saudi Arabia to renovate the self-propelled cutter suction dredger (CSD) Huta 14. Work will be carried out by IHC Middle East, based in Dubai, along with its Dutch operations department. The renovation involves...
Shipping rejects emission targets in advance of Paris summit Tarbit Shipping's product tanker Bit Viking was the first vessel to be converted from Heavy Fuel Oil to Liquefied Natural GasThe shipping industry and the environmental lobby agree that more efficient ships rather than more ships is the way to address difficult market conditions and poisonous ship emissions. But they...
Exclusive: New cracks in Nicaragua Canal plan Dr Paul Oquist. Credit: Greg Miller/IHSNicaragua's government has long claimed that an economic feasibility study by blue-chip US consultancy McKinsey & Co is crucial to enticing Western investors to its USD40-50 billion canal project. However, IHS Fairplay has confirmed that McKinsey has not worked on the Nicaragua Canal project since 2014,...
SK Group refutes talk of buying KDB's DSME stake South Korean chaebol SK Group, which has interests in shipping, oil refining, construction and telecommunications, has refuted talk that it will buy Korea Development Bank's 31.5% stake in Daewoo Shipbuilding & Marine Engineering. South Korean media reports claim the Park Geun-Hye administration discussed the sale of the stake with SK chairman Choi Tae-won, in...
Farstad employs second construction vessel newbuilding A Farstad construction vessel, pictured. Credit: FarstadFarstad Shipping, the listed Norwegian offshore services vessel owner, says it has fixed second of the two construction vessels due to enter service this year. The company has been awarded a three year contract with further up to three years options for Far Sentinel by...
Ocean Yield sees opportunities in weak markets Ocean Yield, the listed Norwegian company that invests in ships to bareboat charter them on long contracts to third parties, has reported a slight rise in interims and says it sees opportunities in current weak markets. Group net profit rose to USD25.8 million in 3Q15 from USD22.7 million a year earlier....
Latest Singapore bulker arrest 'without warning' says law firm Bulker Archimedes was arrested on 25 October. Credit: Dietmar HasenpuschA Cyprus-flagged bulk carrier has been arrested in Singapore under "highly unusual circumstances", according to UK-headquartered law firm, Hill Dickinson. The 1995-bulit, 44,323 deadweight, kamsarmax Archimedes was arrested on 25 October upon instruction from a local law firm. Hill Dickinson, which acts on...
Astomos Energy's shipowner partners book two VLGCs at KHI Astomos Energy, Japan's biggest liquefied petroleum gas (LPG) importer announced on 2 November that it has ordered three very large gas carriers (VLGCs) at compatriot shipbuilders Kawasaki Heavy Industries ((KHI) and Mitsubishi Heavy Industries (MHI). From KHI, Astomos has ordered two 82,200 m³ capacity VLGCs and an 83,000 m³ capacity carrier...
Port operator ICTSI reports falling revenue ICTSI's container terminal in Croatia. Credit: ICTSIInternational Container Terminal Services Inc (ICTSI) of the Philippines said revenue from port operations fell 11% to USD239.9m in the quarter ending 30 September. On a year-to-date basis, revenues increased 2% to US$792.0m, which the company attributed to volume growth at most of its...
Koch Shipping to move chartering business to Singapore The shipping arm of US energy group Koch has moved its chartering operations from Delaware to Singapore. Although the parent company is headquartered in Wichita, Kansas, Koch Shipping Inc has been a Delaware corporation due to the tax exemptions offered by the state. Koch Supply and Trading, of which Koch Shipping Inc...
ICTSI Q3 revenue down 11% International Container Terminal Services (ICTSI) of the Philippines said revenue from its port operations fell 11% to USD239.9 million in the quarter ending 30 September. On a year-to-date basis, revenues increased 2% to USD792 million, which the company attributed to volume growth at most of its terminals. ICTSI handled 5.77 million...
Adani Ports and Special Economic Zone revenue up 6% Hazira is one of the ports operated by Adani. Credit: APSEZIndia's largest private port operator Adani Ports and Special Economic Zone (APSEZ) grew revenue by 6% in the quarter ended 30 September, as cargo throughput at its ports continued to increase. APSEZ booked consolidated total income to reach USD303.34 million and...
Singapore opens research facility to test green technologies Maritime Port Authority of Singapore (MPA) on 2 November opened a maritime energy test facility to focus on research and development in innovative eco-friendly maritime technologies. Maritime Energy Test Bed (METB), Southeast Asia's first-of-its-kind test facility, is part of the city-state's effort to become a green port. The facility will be supported...
Wilson sells small bulk carrier to Greek company Sale will leave carrier with 82 owned vessels
Diana capesize coup shows sharp price drop in bulkers Last Lauritzen cape goes for $28.5m after failure of $37m deal in August
Navios Partners cuts distribution in half Annual payout reduced to $0.85 per unit as owner bows to 'demand uncertainty' and other factors
Farstad sees no hiding place in offshore market as it signs CSV charter Far Sentinel will begin three-year Gulf of Mexico charter in December
APM Terminals diversifies into non-containerised cargo Update: Chief executive Kim Fejfer says container operations will remain the core business as APMT signs joint venture with Qingdao that marks its entry into China's fast-growing grains trade
ICTSI's Georgian unit settles lessor dispute BICT and Batumi Sea Port terminate arbitration proceedings after settling differences in an 'amicable manner'
Vale's VLOC fleet to balloon to 64 vessels Vale chief executive Ferreira upbeat on China's steel consumption
Currency volatility knocks ICTSI underlying profit Global terminal operator reduces capex budget for 2015
Pappas denied leave to appeal OW Bunker test case But way still open to seek permission from supreme court
CMA CGM boosts East Africa-Europe service Company also enhancing East Africa to Mediterranean service route
Moody's global shipping outlook remains stable Low bunker fuels prices could help support earnings for shipping companies
Mercator logs bigger losses Company's revenue fell 40% due to deterioration in dry bulk markets
Maersk Line and CMA CGM cut service charges in China Eleven liner companies have complied with Beijing's call to reduce their fees
Southeast Asia piracy crackdowns bearing fruit says IMB Only two hijackings reported in the third quarter of 2015
Gener8 takes delivery of second and third VLCCs Tanker owner borrowed 60% of purchase price to finance acquisition cost
Seaspan delivers strong third quarter Containership owner improves operating margins, grows fleet size to 84 vessels
Tote files lawsuit on liability limitation as death claims mount Tote's liability may be less than $1m if lawsuit successful
Crowley Maritime acquires SeaFreight Deal expands Crowley's liner and logistics footprints in Caribbean Basin
West Coast ports' volume, market share recedes West Coast ports in September suffered a drop in container volume as well as import market share, but it is too early to determine if this is the beginning of a trend or just a one-month anomaly for ports that appeared to be recovering from the loss of business earlier...
Geodis completes acquisition of Ozburn-Hessey Logistics Geodis has completed the $800 million acquisition of Ozburn-Hessey Logistics that gave Europe's fourth-largest logistics and transport firm a strong U.S. presence. Geodis' acquisition was one of several in 2015 that reached across oceans and showed that major logistics firms felt consolidation was the best way to grow and remain competitive. With...
FTZs Reduce Total Landed Costs for Global Supply Chains 58% of companies agree that their inability to take advantage of preferential duty programs is costing them a material amount today and unless corrected, will only increase. Foreign-Trade Zone (FTZ) programs offer an opportunity for substantial import/export duty and fee savings, in addition to increased supply chain efficiencies and trade...
DP World: Vallarpadam Terminal gains from productivity, connectivity DP World said its Vallarpadam International Container Transshipment Terminal at India's Cochin Port is on a steady "growth path" on the back of operational efficiency and connectivity upgrades. The company said the Vallarpadam terminal offers average crane productivity of 30 moves per hour, and this allows ocean carriers to turn around...
DP World to build logistics free zone in Senegal DP World has signed a deal to develop a logistics free zone at Senegal's port of Dakar. The free zone investment will benefit DP World's container terminal in the port of Dakar and shippers using the nearby Blaise Diagne International Airport. In the presence of United Arab Emirates Foreign Minister Sheikh...
Hapag-Lloyd raises initial $300 million from IPO LONDON - Hapag-Lloyd today said it has raised around $300 million from its initial public offering which it will spend on new ships and containers. The German carrier is selling just over 13.23 million shares at 20 euros ($22) each, down from an original 23-29 euros price range due to stock...
APM Terminals invests in China multi-purpose terminal APM Terminals CEO Kim Fejfer and Qingdao Port Group Chairman Zheng shake hands after the deal.LONDON - APM Terminals has invested in a multi-purpose cargo terminal in China, accelerating its expansion beyond its core container handling business. The Maersk Group's port arm has signed a joint venture agreement with Qingdao Port...
ICTSI quarterly revenue down despite volume growth International Container Terminal Services of the Philippines said revenue from port operations fell 11 percent year-over-year to $239.9 million in the quarter ending Sept. 30, despite volume growth of 1.9 percent to 1.9 million 20-foot-equivalent units. On a year-to-date basis, revenues increased 2 percent to $792 million, which the company attributed...
ArcBest growth slows in third quarter, but ABF rates rise The trends squeezing trucking operators across the U.S., from falling fuel surcharges to declining shipping demand and lower industrial output, depressed revenue and profit at ArcBest Corp. in the third quarter, slowing growth at its less-than-truckload subsidiary ABF Freight. Total revenue at ArcBest dropped 2.6 percent from a year ago to...
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