Norwegian Cruise Line Holdings reports strong quarter profits Norwegian Cruise Line Holdings (NCLH), the world's third largest cruise shipping company, has reported an increase in 2Q15 net profit on the previous year. The company also said it will base a ship of its mass market Norwegian Cruise Line in the Asia-Pacific region in the 2016-17 season. Group net
Precious upbeat despite quarterly loss Precious Shipping are maintaining a confident outlook despite increased second quarter losses. Net losses for 2Q15 for the Thai dry bulker rose to USD12.03 million against losses of USD1.62 million in same quarter last year. Average earnings per ship per day were sharply down at USD5,757 from
Viking Offshore profits up 94% Singapore-listed offshore services provider, Viking Offshore posted profits of SGD173 million (USD125.8 million), up 94% year-on-year for the second quarter this year as a result of higher revenue. Revenue surged 32% to SGD21.6 million in 2Q15 compared to SGD16.3 million in 2Q14, due to order book
MISC doubles profit in 2Q15 Malaysia-listed shipowner, MISC has more than doubled its profit to MYR766.4 million (USD198.9 million) for the second quarter of 2015 from MYR319 million in 2Q14, as a result of improved freight rates in petroleum business. Revenue was up slightly by 2% to MYR2.6 billion in 2Q15 as compared to
Shanghai Salvage-led consortium seals Sewol job A consortium led by Chinese state-owned Shanghai Salvage signed a contract with the South Korean government on 4 August to hoist the capsized Sewol ferry. The contract signing follows two weeks of negotiations, after the consortium was chosen on 15 July as the preferred bidder following an open
Dry bulk sentiment and rates improve Spot freight rates for Capesize dry bulkers surged on 3 August and shipping analysts note the fundamentals of the sector were not as bad as the freight market had indicated in 1H15. "Capesize rates rose 9% yesterday and stand now at USD17,162/day. The BDI (Baltic Dry Index) has now risen by 95% to
Taiwanese liners expect better 3Q performance Taiwanese container carriers are expected to do better in the 3Q15 amid rebounding freight rates and decreasing bunker prices, local analysts said on 3 August. Rates for Asia-Europe services surged 177% week-on-week (w/w) from USD400/teu to USD1,109/teu last week, according InfoTimes, while rates
Product tanker catches fire off Shanghai A China Shipping Tanker-owned product tanker caught fire off Dayangshan Island, Shanghai, on 3 August, killing one crew member and injuring five others, announced the Shanghai Maritime Safety Administration. Ye Chi, ferrying 29,000 tonnes of diesel from Jinshan, Shanghai, to Singapore, was sailing
Sainty Marine likely to refund $129m of advance payments and interest Shenzhen-listed Sainty Marine estimated that it would have to refund CNY800 million (USD129 million) of advance payments and interest to shipowners in the worst-case scenario following the bankruptcy of its partner Nantong Mingde Heavy Industry (NMHI). The worst-case scenario would materialise if
Fujian Guohang raises $6.5m in private placement Chinese dry bulk carrier owner Fujian Guohang Ocean Shipping (Group) has raised CNY40 million (USD6.5 million) in a private placement to replenish its working capital. Fujian-based Lianjie Investment Group, which owned 2.5% of Fujian Guohang before the private placement, subscribed in June for 20
SapuraKencana forms JV to enter Brunei oil and gas industry Malaysia-listed offshore services provider SapuraKencana Petroleum has formed a joint-venture (JV) company to enter the oil and gas industry in Brunei. According to its filing to Bursa Malaysia, the shareholder agreement was signed by its wholly owned subsidiary SapuraKencana Brunei and
SBI Offshore invests $10.2m for 51% stake in solar power assets Singapore-listed offshore services provider SBI Offshore has invested SGD13.97 million (USD10.2 million) to obtain 51% stake in solar power assets from its German partner Gräss Group for business diversification. The proposed acquisition includes four revenue-generating solar photovoltaic power
CMHI raises $700m from bonds China Merchants Holdings (International) (CMHI) has raised USD700 million by selling bonds to support the development of its port business. CMHI issued USD700 million fixed-coupon guaranteed notes, consisting of two tranches including a 5-year tranche of USD200 million and a 10-year tranche of
Good timing for Ardmore as fleet renewal programme nears completion Company looking to increase dividends as last newbuildings hit the water later this year
Global Ship Lease 'milestone' as dividend payments start Update: Shipowner seeks more acquisitions after $54m sale and leaseback deal for OOCL Ningbo
SinOceanic signs for five 11,500 teu boxships HNA affiliate based in Norway returns to sister yard Jinhai Heavy Industry
Better rates on redeployed ships boost FSL profit Three additional tankers to take up new charters in second-half
FMC fines UASC and seven others Penalties totalling $1.2m levied for alleged Shipping Act violations
US blacklists Turkish shipowner in drive to cut Syrian energy supplies Panama-registered Milenyum Energy is accused of delivering gasoil and LPG to Syria
Institutions expect to fund German fleet growth, PwC finds Three out of four local owners planning to buy ships in year ahead, according to annual survey
MISC more than doubles net profit Higher rates for its crude tankers and new revenues from an FPSO boost result
China Shipping tanker catches fire near Shanghai Fire kills one seafarer and injures four
Danaos triples second-quarter earnings Results benefit from lower debt and ongoing winding up of expensive swaps
Navigator reports record second quarter Leader in handysize LPG carriers sees profits rise by one-third
Unifor files lawsuit seeking Vancouver drayage wages Unifor, Canada's largest private sector union, has filed a lawsuit to force Vancouver drayage firms to pay back wages to drivers that were part of a 2014 agreement to end a month-long strike at Port Metro Vancouver. Unifor, which represents around 400 of the port's 1,450 drayage drivers, claims that Container...
Global logistics M&A spend skyrockets as cross-border deals heat up XPO Logistics' $3.5 billion acquisition of Norbert Dentressangle was one of the mega-deals of the second quarter. Major logistics and transportation mergers and acquisitions not only increased in number in the second quarter, they rocketed in value, as companies crossed oceans and borders to buy businesses that would open new markets...
CMA CGM adds reefer capacity to Europe-Caribbean lane CMA CGM MarseilleCMA CGM plans to deploy three 2,100 twenty-foot-equivalent unit container ships with heavy refrigerated capacity on the North Europe-Caribbean trade lane to handle forecasted rising demand. The French carrier's reception of the three Guyanamax ships, each with roughly 530 TEUs of reefer capacity, comes as carriers fight for market...
FMC fines six companies $1.2 million WASHINGTON - The U.S. Federal Maritime Commission has collected $1.2 million in civil penalties from six companies for alleged Shipping Act violations, the agency announced Tuesday. Agreements were reached with seven non-vessel-operating common carriers and one vessel-operating common carrier. As is often the case, the parties agreed to penalties but did...
Butler announces retirement from NS In the latest leadership change at Norfolk Southern Corporation, the company announced Tuesday that Deborah Butler, chief information officer and executive vice president of planning, will be retiring October 1. Butler has spent the past 37 years with the Norfolk, Virginia-based business, parent company to Norfolk Southern Railway. She joined NS...
Expanded Suez Canal promises shippers more efficiency, lower costs Suez Canal. Credit: jgmorardEgyptian armed forces are on high alert ahead of the ceremony to open the $8 billion, 44.7 mile extension to the Suez Canal on August 6, which will for the first time allow two-way traffic on the canal, creating economic benefits for both international shippers and the...
USA Truck plans truckload capacity cut to bolster profits By cutting 800 high-cost tractors from its fleet this year, USA Truck hopes to make more money with less capacity. The truckload carrier will replace only half of the older tractors it plans to retire, the company said. The result will be a smaller but more efficient, younger fleet of...
Beef. It's what's driving Itapoa's double-digit gains Port ItapoaPort Itapoa is expecting an 11 percent jump in container traffic this year, thanks to robust chicken and beef exports to China, new services and better road connections. The container terminal marked its 1 millionth container move after opening slightly more than four years ago. Container throughput Port Itapoa -...
Inadequate Mediterranean access threatens Suez project The Suez CanalEgypt should deliver on a commitment to dredge a new Mediterranean access channel to the Suez Canal as soon as possible or it risks derailing the goals of its ambitious Suez-centered development plans. Speaking ahead of the Aug. 6 opening of an extension to the canal that will facilitate...
Court rejects new bid to kill Jones Act cabotage Port of HonoluluHawaiian shippers frustrated with high freight rates had their hopes for change dashed last week after a U.S. federal court rejected their bid to strike cabotage provisions from the U.S. Merchant Marine Act. The 9th Circuit Court of Appeals ruled Thursday that the six Hawaiian shippers who filed suit...
Strong overseas revenue lifts Nippon Express' profit Nippon Express Co., Japan's largest international freight forwarder, saw its group net profit soar in the first quarter of fiscal 2015 on the back of robust international revenue growth driven by the weak yen and increased air cargo traffic. The Tokyo-based company posted a net profit of 8.199 billion yen ($66.1 million)...
Maersk reefer exec sees slow-steaming staying, GPS track growing As the world's largest container carrier - and reefer carrier, too, with a fleet of 230,000 refrigerated containers - Maersk Line is well-versed in the details of shipping temperature-controlled cargoes. William "Bill" Duggan, vice president of North American refrigerated services, recently shared his thoughts on key challenges and opportunities confronting...
Paltry trans-Pacific eastbound rates could hit triple-digits Gary FerrulliA year ago, we were watching the beginning of what turned out to be a nine-month debacle between the International Longshore and Warehouse Union and the Pacific Maritime Association. The hope was that the early start of discussions in April would increase the chances of success by late July....
DSV boosts Q2 profit on strong air, ocean performance LONDON - Danish trucker and freight forwarder DSV posted a better-than-expected increase in second-quarter earnings, driven by sharply higher air and ocean container profits, leading it to upgrade its full-year earnings forecast. Operating profit before special items grew to 809 million Danish crowns ($119 million) from 701 million crowns in the...
Jhippers gain new containerized rail route linking China to Central Asia Shippers moving containerized cargo between China and Central Europe and Central Asia can soon tap a new transport corridor connecting China, Kazakhstan and Azerbaijan via rail and a new seaport in the Azeri capital of Baku. The rail route, launched by the governments of China, Kazakhstan and Azerbaijan, is the latest...
Westbound trans-Atlantic trade transformed from sleepy to dynamic At a time when east-west container shipping trades are being pummeled by what Drewry Maritime Research calls a toxic mix of overcapacity, weak demand and aggressive pricing, the trans-Atlantic is standing out as a lone, and surprising, stalwart. Driven by a combination of the euro's slide against the dollar and strengthening...
Gateway Distriparks Ltd. rapidly expanding on India's southeastern coast The port-based logistics provider said it has acquired 48 acres adjacent to the Krishnapatnam port, near Chennai, for the construction of a new container freight station a month after the company kicked off a plan to build an inland container depot center at Viramgam, near Ahmedabad in Gujarat State. "Krishnapatnam is...
Danaos Q2 earnings soar on lower financing costs LONDON - Greek container ship-owner Danaos more than doubled second-quarter earnings as it continued to cut financing costs and increased its charter revenue. The NYSE-listed company booked net income of $38.1 million in the three months through June 30 compared with $16.6 million in the year-earlier period. Adjusted net income more than...
Reefer cargo helps propel Hueneme to record-breaking fiscal year For most ports on the U.S. West Coast, late 2014 and early 2015 was a year of seemingly-unending congestion and slumping cargo traffic. Not so at California's Port of Hueneme, which just reported its highest cargo year in its 78-year history. According to Hueneme port officials, total tonnage for the fiscal...
Ardmore target raised JP Morgan hiked its price target for shares of Ardmore Shipping after the New York-listed products tanker owner revealed plans to boost its payout to shareholders.
Golar invests in spinoff Golar LNG Ltd has unveiled plans to spend up to $25m to buy shares of its master limited partnership (MLP) spin-off.
Cape rate rises 10% Capesize bulker rates increased by more than 10% in one day, lifting the Baltic Dry Index (BDI) to the highest level since 27 November.
SinOceanic takes five SinOceanic Shipping of Norway has inked a $435m newbuilding order.
Polarcus picks up work Dubai's Polarcus has clinched a new seismic survey contract as it builds its portfolio back up.
GSL in dividend debut Boxship owner Global Ship Lease (GSL) has declared its first dividend ever following a strong performance in the second quarter.
Noble guns down rumours Trader says bond issue talk is malicious and aimed aty driving down its shares.
UASC pays US fine Middle East line UASC has agreed to pay a penalty to a US regulator a little over a month since being praised by the same watchdog.
Twin deaths revealed Alcohol played a part in the deaths of a UK workboat master and mate in two separate accidents five months apart.
OSG's new faces IPO-bound US tanker owner adds three new members from investment firms to its board.
NCL stronger Cruiseship owner follows in footsteps of its rivals and posts higher profit in Q2.
Ardmore set for dividend hike Anthony Gurnee says board is mulling a payout increase after owner books strong second quarter.
Crew given all-clear A quarantine order has been lifted from an Italian tanker on which the cook died of an infectious disease.
FSL profit takes flight First Ship Lease Trust recorded a 500% rise in second quarter profit as a strong tanker market helped it to a fifth successive quarter in the black.
Mazumdar swaps flags The head of the ailing UK Ship Register (UKSR) is leaving after four years to run the St Kitts & Nevis International Ship Register (SKANReg) as CEO.
Maersk eager for Suez bypass Egypt may announce fresh plans to upgrade the Suez canal this week, hard on the heels of the waterway's recently completed $8.5bn expansion that will be formally launched on Thursday, a local shipping executive said.
Fain sells Royal Caribbean slice Royal Caribbean chief executive Richard Fain has sold off shares worth over $13m in the shipowner.
Commerzbank losses "low" German lender Commerzbank says loan-loss provisions are running at low levels as it continues to reduce its shipping exposure.
Low demand hits NAO New York-listed offshore owner posts small loss on lower revenue for the second quarter.
Korean boost for WW ASA? A four-year high in South Korean car exports is likely to drive a strong second quarter showing for Oslo-listed Wilh Wilhelmsen ASA, analysts say.
TNG snaps up resale Croatia's Tankerska Next Generation (TNG) has added a sixth vessel to its growing fleet by taking over another contract at SPP Shipbuilding in Korea.
Body found after ferry fire The body of a missing crewman has been found following a fire on an MOL-managed ferry off Japan.
MISC makes more Malaysian owner MISC has logged stronger second quarter profit as clean tanker rates improved.
EGAS win for BW Andreas Sohmen-Pao's BW Group has confirmed it has won a contract for Egypt's second FSRU project.
Hedland on a roll Australia's Port Hedland has seen iron ore exports expanded to an all-time high for the third month in a row, data from Pilbara Ports Authority shows.
Navigator ups profits New York-listed Navigator Holdings had a healthy second quarter for its 2015 financial year with net income climbing 33.8% over the same quarter in 2014 to $26.3m.
Bunker prices at six-year low Prices slide in Singapore.
Smaller ports 'face bleak prospects' Handling the new generation of container ships will be a struggle.
Box trade bouyant for K Line Tanker operations have also held up well.
Profit up for NYK Bottom line boosted by cutting fuel use.
China's problems cast shadow over shipping sector Drewry revises down its forecast for container traffic moving through Chinese ports.
Panama bunker sales volume up Region sold 310,000 mt of marine fuel in May.
AC Oil enters Singapore bunkering market Company will be able to supply up to 3,000 mt of MGO per month when fully operational, spokesperson tells Platts Bunkerworld.
Fuel storage facility planned for Australian port Land acquisition in progress.
IBIA office returns to London 'It's great to be back in the city', says Chief Executive.
Singapore: Arrested vessel released after bunker bill payment Staroil Energy claims over $1 million in defaulted bill payments, court records show.
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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