Scorpio sheds more bulkers NYSE-listed Scorpio Bulkers has announced agreements to convert three Capesize newbuilding contracts into LR1 product tanker newbuilding contracts. Two of the Capesizes had been scheduled for delivery from South Korea in 1Q16, followed by one in 2Q16. Under the conversion deal, two LR1s will be
US tightens MARPOL rules US-flag shipowners must soon meet stricter MARPOL rules as the United States falls into line with international oil pollution conventions. Published in the US Federal Register on 4 February, three new provisions that become effective on 5 May will tighten record-keeping for bunkering and raise
Offshore players tackle oil price plunge Offshore maritime professionals pointed to continuing opportunities amid plummeting oil prices at the Singapore Offshore Finance Forum today. Speakers at the event at Goodwood Park Hotel stressed the varying impact of the price drop across the sector and looked at how to mitigate its impact.
ITF warns Allseas to drop Nazi ship name The International Transport Workers' Federation (ITF) has warned Allseas Group to immediately rename Pieter Schelte, a platform installation/decommissioning and pipelay vessel christened after a convicted Nazi war criminal. Contracted by Shell to service its Brent platforms on the UK continental
MHI to spin off shipbuilding business Mitsubishi HI (MHI) said today that it has decided to spin off its shipbuilding business. The group, which counts aircraft manufacturing, machinery and shipbuilding among its businesses, said two new group companies at its Nagasaki Shipyard & Machinery Works' Koyagi Plant would be created. One of
Taichung Port throughput sets new high in 2014 Taiwan's Taichung Port has handled a total of 122.7M tonnes cargo throughput in 2014, recording throughput of more than 100M tones for the fifth year in a row, showed data released by the Ministry of Transport on 30 January. The port's throughput in 2014 was 2.11M tonnes more than the previous
Jiangsu Rongsheng HI fails to repay $1.8M loans Jiangsu Rongsheng HI has failed to repay a combined CNY11.1M ($1.8M) to 15 small Chinese creditors in court ruling enforcement, due to the large number of outstanding enforcement cases against the shipyard. The 15 small creditors are all identified as Chinese suppliers to the shipyard, according to
DSME wins order for LNG carrier South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) has won its first LNG carrier order for 2015. The Okpo-based shipbuilder said today that the order was for a 174,000m³ eco-type carrier worth $200M. DSME would not reveal the customer's identity. The ship will be fitted with
BP reports sharp fall in 2014 profit BP, the London based oil major, has reported a sharp fall in 2014 profit and a loss for the final quarter of the year. Result for 2014 showed a profit of just $3.8Bn compared to a $23.4Bn profit in the previous year. For 4Q14, the company reported a loss of $.4.4Bn compared to a profit of $1.0Bn in
China-Myanmar crude oil pipeline on test run China-Myanmar crude oil pipeline (Myanmar section) was launched for a trial run on 28 January after the project was completed through five years of efforts by the two sides, according to Xinhua News reports. The starting point of the crude oil pipeline, Made Island Port, where the first large oil
HSH move may mark return of German covered bonds Other banks likely to be watching Hamburg lender's issue
Maersk to axe capacity from Europe to South America Danish carrier blames decision on overcapacity on the trade lane
European fuel suppliers to be targeted as part of new sulphur regime Port state guidance to suggest sampling gasoils as supplied to vessels to check with rule compliance
Bourbon revenues steam ahead in shallow water But leading platform supply vessel player sees deepwater business dip in tough market
Maersk Tankers: Je ne regrette rien Tanker player sticks by strategic long-term decision to exit crude tankers and focus on products
Lower UK light dues to cut Asia-Europe loop costs by $30,000 a year Shipowners welcome reduction in fee to cover provision of navigational aids around the British Isles
HSH $573m covered bond seen as diversification tool Low margin is good result for bank, say rivals
Seanergy gets Nasdaq share price notice Company intends to regain compliance as it awaits first bulker in new fleet
US refinery strikes stifle MR product tanker earnings Fewer exports as nine US refineries go on strike, stifling earnings for medium range tankers hauling cargoes out of the country
CSAV completes capital increase programme Chilean company raises $398m of a target $400m
First tanker retrofitted with air lubrication system Bubbles under hull reduce friction and fuel usage while vessel is under way
MHI splits a key shipbuilding unit in broad restructuring Two new divisions will be created in Nagasaki, while cruiseship construction will remain in the aviation and transportation division
DSME wins $200m LNG carrier order Contract follows prediction of strong year for Korean yard
TRAC unveils high-end,'green-tagged' chassis TRAC Intermodal has unveiled an upgraded service that provides higher-quality intermodal chassis that the company says will be pre-inspected and "green-tagged" so truck drivers can pick them up without waiting for repairs. TRAC, which has about 272,000 chassis and is the largest U.S. chassis lessor, said its TRAC Private Chassis Pool...
US bill would further open Cuban market to ag, medical product exports WASHINGTON - U.S. agriculture and medical product shippers could gain a larger share of the Cuban market if a bill reintroduced by Rep. Rep. Charles Rangel, D-N.Y. gets passed. Under current regulations, American agricultural and medical supplies can only be sold to non-state sectors on the island, such as co-ops and...
Vancouver container trucking commissioner pick angers drayage drivers The British Columbia government's pick to oversee the new drayage program for Port Metro Vancouver has spurred a union driver backlash. Unifor has taken issue with the appointment of Andy Smith as container trucking commissioner, as the union argues his role as head of the B.C. Maritime Employers Association is a...
Trans-Pacific carriers push aggressive general rate increases Shipping lines in the eastbound trans-Pacific announced an unusually aggressive program of rate hikes for the coming months, with two definite general rate increases totaling $1,200 per 40-foot container, and possibly a third rate hike in April. Increases in minimum service contract rates are also proposed. The Transpacific Stabilization Agreement, a...
Universal technology to meet coming global ballast rules needed, WSC head says With new international ballast water regulations set to go into full force this year, the need for new and universal water treatment technology is more necessary than ever before, said World Shipping Council President Chris Koch. While there is general global acceptance of the IMO's ballast water treatment discharge standard, there...
PMA head to hold teleconference amid fears talks with ILWU collapsing Amid a flurry of rumors that contract negotiations between the International Longshore and Warehouse and the Pacific Maritime Association are in danger of collapsing, PMA CEO James McKenna will hold a teleconference at 2 p.m. Pacific today to update the media on the negotiations. Negotiations began on May 12, 2014, and...
US trucker Saia buys international reach with LinkEx acquisition Trucking operator Saia expanded its reach in international container shipping by acquiring LinkEx, a non-asset intermodal logistics company with headquarters in Dallas. Johns Creek, Georgia-based Saia will pay $25 million for LinkEx, which offers domestic and international transportation services, handling containerized ocean freight, air cargo, truck and intermodal rail, supply chain...
TRAC, DCLI form 'gray pool' for PNW chassis TRAC Intermodal and Direct ChassisLink Inc. have formed a "gray" chassis pool to allow full interchange of most marine chassis in the Pacific Northwest ports of Seattle, Tacoma and Portland. The new TRAC Pacific Northwest Pool is structured as a market pool, operated by a management company. TRAC has created a...
Long-delayed APMT Costa Rica terminal set to open 2018 After three years and near-derailment, APM Terminals has announced its long-delayed seaport on Costa Rica's Caribbean coast will begin operations in 2018. The company, a unit of Denmark's Maersk Group, has said the $1 billion Moin Container Terminal will add more than 2.7 million TEUs to the country's current capacity upon...
Shippers' disgust with port congestion heard from Wall Street to DC Growing U.S. West Coast port congestion is getting more attention in Washington, D.C., and on Wall Street, as major shippers, including Tyson Foods and Cabela's, complain about delays and warn about further economic pain if they continue. The latest round of shipper complaints suggests that FedEx CEO Fred Smith's Dec. 17...
Houston port sees extra business from US West Coast congestion Container ship lines are adding calls at Houston to handle U.S. exports and imports whose regular routings to and from Asia have been disrupted by congestion at U.S. West Coast ports. Houston is set for additional calls by Panamax vessels in the next several weeks, Roger Guenther, the port's executive director,...
CMA CGM, Shipping Corp of India seek Asia-Europe rate hike CMA CGM and Shipping Corporation of India have announced new rate restoration initiatives on the Asia-Europe trade lane, effective this month. The French carrier intends to raise rates for westbound cargo moving on its Epic and Amerigo Express services from India to North Europe, Scandinavia, the Mediterranean, Baltic, Black Sea, North...
US truckers target supply chain delays, tighten transit times As port congestion delays shipments on the U.S. West Coast, trucking companies are picking up the slack. Shorter transit times, more expedited service and delivery guarantees increasingly help U.S. shippers keep goods moving inland round the clock. Regional less-than-truckload carrier Reddaway is the latest trucker to offer an accelerated service option,...
IATA: Global air cargo rebounds in 2014 with 4.5 percent growth Global air cargo traffic grew by 4.5 percent in 2014, boosted by a rebound in trade that ended several years of stagnation, the International Air Transport Association said. Growth accelerated through the year with December volume 4.9 percent higher than in the same period in 2013. The increase, which was more...
Maersk cuts capacity 10 percent on slowing Europe-Med-East Coast South America routes Maersk Line said it has cut capacity by 10 percent on the trade between the east Coast of South America and Europe and the Mediterranean in response to the "steady decline" in market demand. Smaller vessels of between 4,500 and 6,500 TEUs are being phased in after the carrier reduced capacity...
CSAV top Hapag-Lloyd shareholder after raising $398 million in stock auction CSAV has finalized a share auction that raised $398 million toward a capital increase in Hapag-Lloyd that will make the Chilean company the leading shareholder in the world's fourth largest ocean carrier. CSAV will have a 34 percent stake in the German carrier it merged with last year to create a...
Costamare finishes strongly Costamare raised its dividend and revealed financing for a quintet of newbuildings as it breezed past Wall Street forecasts for the fourth quarter.
Place your bets Day rates and asset values in many corners of the crude segment will remain strong through much of 2015, a leading tanker broker said Wednesday.
Navigator lands loan Navigator Holdings has turned to commercial lenders for cash to fund newbuildings under construction in China.
Street applauds SALT Shares of Scorpio Bulkers (Scorpio) started to gain momentum in midday trading Wednesday after the owner announced plans to convert more cape orders into contracts to construct product tankers.
Conversion coup complete Scorpio Bulkers of Monaco is moving forward with plans to convert contracts to construct three capes into orders for an equal number of long-range-one (LR1) product tankers.
Maersk Supply axing 20 Denmark's Maersk Supply Service is to lay off 20 onshore workers as it faces up to a poor offshore market.
Scorpio's welcome fix Scorpio Tankers has secured a spot contract for one of its newly delivered vessels at a stronger rate than previous ships.
Suez cuts LNG discount The Suez Canal Authority is cutting its discount for LNG carriers, Reuters reported, citing its chairman.
Bubbling under Silverstream Technologies and Shell say they have conducted a successful sea trial of a new fuel-saving technique that funnels bubbles around a ship's hull.
Nazi past haunts vessel New crane ship Pieter Schelte is not just the subject of a dispute because of its title as "the world's largest vessel" - but also for its controversial name.
Blackrock back in at DHT Blackrock has raised its interest in tanker owner DHT more than two years after it ceased being a major shareholder.
Pirates kill officer on Greek VLCC One officer died and three crew were kidnapped in an armed attack on a Greek-controlled VLCC off Nigeria, the Greek shipping ministry said.
Fund risk for Rieber Norway's GC Rieber Shipping has sent a notice of default to a Stavanger-based private equity fund over debt obligations.
Meratus' PSC pledge Indonesia's Meratus Line has said it will "go all out" to comply with international standards after three of its ships were banned from Australian ports.
Dolphin orders double India's Dolphin Offshore Enterprises has made a comeback in the newbuilding market with an order for two vessels.
Tallink ship staying on Canada's Marine Atlantic has renewed its charter of a Tallink ro-pax for another three years.
Brittany charters ro-pax France's Brittany Ferries is expanding its fleet with a ro-pax chartered in from DFDS.
Aker labour deal approved Aker Philadelphia Shipyard has seen its latest agreement with employees ratified by the Philadelphia Metal Trades Council (PMTC).
HSH raises $570m Germany's HSH Nordbank has sold its first large ship mortgage-backed bond issue since 2008.
Bourbon builds revenue French offshore shipowner Bourbon has boosted revenue in 2014 by 6.7% to EUR 1.385bn ($1.58m).
DSME wins LNG carrier Korea's DSME has signed a contract to build a new eco-friendly LNG carrier worth $200m.
Seanergy on notice Athens-based Seanergy Maritime Holdings has six months to boost its share price back above $1 or risk being delisted by the Nasdaq exchange.
Iran strikes back Suspected Somali pirates have been chased away by the Iranian navy as they tried to attack two tankers.
Nagasaki gets revamp Mitsubishi Heavy Industries is to spin-off commercial ship construction and hull block manufacturing at its Nagasaki shipyard.
Navig8 bags chem cash Navig8 Chemical Tankers has closed its first debt financing facility to complete the funding of its orderbook at Hyundai Mipo Dockyard.
Hackers target shipowner Marine Assets Corporation (MAC) has reportedly been subjected to a cyber attack, it has emerged.
ADM sells terminal stake Archer Daniels Midland Company (ADM) is selling a 50% stake in its Brazil export terminal to commodity rival Glencore.
Tanker owner files Chapter 15 An affiliate of Marine Cross Services, a little-known investment vehicle backed by financiers who are active in the product tanker segment, is seeking bankruptcy protection in the US.
Insurance firm offers fuel-piracy cover for South East Asia 'Endorsement' can be added to existing Kidnap & Ransom (KR) insurance cover, says Seacurus.
Ship officer killed in pirate attack on Greek vessel off Nigeria Three crewmembers were also kidnapped and are being held for ransom.
US move to put LNG on equal footing with diesel fuel underway 'Taxing LNG based on energy output vs volume removes a disincentive to use the fuel.'
Class society 'confusion' over scrubber discharges Scrubber manufacturer looks to MEPC to simplify approvals.
'Steady growth' in demand for scrubbers 'Owners who have installed scrubbers are now going to start seeing a real difference in their fuel bills.'
Ship air flow system claims successful sea trials In Shell and Silverstream Technologies backed project.
Bunker prices rally in major hubs But BP CEO says oil markets can probably expect low prices 'for several years'.
New team leader for Glander's Dubai office Kristian Korsgaard Pedersen is also a senior bunker and lubricant trader with the team.
Dual fuel tug order goes to Spanish yard Vessels can be propelled by either LNG or MGO.
Further arrests in US Navy corruption case Civilian held over bribery allegations.
New general manager at Dan-Bunkering Zhang Chao, formerly from OW Bunker, is based in Beijing.
Iranian fuel oil 'still arriving in Fujairah despite sanctions' 'If you deal with fuel oil and bunker business in the UAE, most likely you have to touch Iranian product.'
Stena Bulk receives new 'fuel-saving' vessel Tanker lowers fuel consumption by '10-20% compared with other vessels of the same size'.
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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