Teekay buys Principal's Suezmax feet Teekay Tankers has emerged as the winning bidder for Principal Maritime's Suezmax fleet, ending months of speculation. NYSE-listed Teekay Tankers will pay USD662 million in cash and shares for 12 Suezmaxes built in 2005-13: the Princimar Courage, Princimar Pride, Princimar Integrity, Princimar
BW Group wins FSRU contract with Egyptian company BW Group has won a contract to use a floating storage and regasification unit (FSRU) to regasify LNG for the Egyptian Natural Gas Holding Company (EGAS). The Singapore-based company said the FSRU BW Singapore, which it ordered from Samsung Heavy Industries for USD260 million in April, would be used
Port of Yokohama's cargo traffic drops in May Port of Yokohama's cargo traffic slipped 4.5% year on year to 9.293 million tonnes in May due to a plunge in domestic trade. While the Japanese port's foreign trade crept up 1.3% year on year to 6.185 million tonnes in May, its domestic trade slumped 14.3% to 3.108 million tonnes, according to
Inchcape chief Hyldager quits Captain Claus Hyldager, chief executive of Inchape Shipping Services (ISS) for the last nine years, is unexpectedly leaving his post. The maritime services group said Captain Hyldager decided to step down yesterday (4 August) without any explanation. Inchape told IHS Maritime it would not be
Bourbon lays up 26 supply vessels French offshore vessel operator Bourbon has taken 26 supply vessels out of service amid the continuing slump in offshore oil and gas activity. More lay-ups could follow and Bourbon will continue to "stack" vessels without any prospect of activity for three months or more, said the company. The
Dry bulk scrapping faces 'perfect storm' Bulker demolitions are poised to dwindle amid a "perfect storm" of cheap steel, improved freight rates, and monsoon weather, says Khalid Hashim, managing director of Thailand-based dry-bulker Precious Shipping. Hashim told IHS Maritime that scrapping, which has benefited the Cape sector in
FSL Trust posts five-fold profit rise FSL Trust Management (FSLTM) posted a profit of USD6.15 million for the second quarter ended 30 June 2015, up 516% year on year on higher revenue. The Singapore-listed shipowner's second-quarter revenue climbed 19.9% to USD27.5 million through its strategic deployment of redelivered vessels and
Samsun Logix restructuring proceedings get under way Seoul Central District Court ruled on 3 August to start rehabilitation proceedings for Korean shipping company Samsun Logix. Hur Hyun-Chul, a former Samsun Logix CEO, has been appointed as the company's custodian as it tries to work out its debts, largely to Korea Line Corporation (KLC). In a
POSH profits tumble 49% PACC Offshore Services Holding (POSH) posted a 49% year-on-year slide in profit to USD6.1 million for the second quarter of 2015, despite increasing its revenue. The Singapore-listed offshore services provider's second-quarter revenue climbed 22% to USD71 million. POSH's revenue gain was mainly
Hutchinson faces two-pronged industrial unrest Hutchinson Ports Holdings (HPH) is embroiled in industrial unrest on two fronts over plans to slash its workforce and cut costs. The Hong Kong-based global operator was encouraged by the Australian government to get a foothold in Brisbane and Sydney container terminals in 2012 to end a 'duopoly' of
Yangzijiang profit drops 17% Singapore-listed shipbuilder Yangzijiang Shipbuilding Holdings' profit for the second quarter of 2015 shrank 17% on a year ago despite higher revenue contribution for the period. The company recorded CNY5.7 million (USD0.9 million) in revenue for second-quarter 2015, up 34% on a year ago, mainly
Sainty Marine appoints new chairman Shenzhen-listed Sainty Marine on 3 August announced the appointment of Zhang Shunfu as its chairman. Zhang, 53, is also the chairman of Sainty International Group, chairman and general manager of Sainty Metals & Minerals Company, as well as the general manager of China National Nonferrous Metals
Swiber bags $80m Latin American job Singapore-listed offshore services provider Swiber Holdings has clinched a USD80 million pipeline contract for a Latin American-based global energy company. According to the company's filing to the Singapore Exchange, Swiber will provide installation of monobuoys, pipeline-end manifolds, and a
OOIL sells and leases back three 8,063 teu container ships Orient Overseas (International) (OOIL), the parent company of Orient Overseas Container Line (OOCL), has sold and leased back three 8,063 teu container ships to raise a total of USD157.6 million. The three vessels, identified as 2004-built OOCL Ningbo, 2005-built OOCL Tianjin, and 2004-built OOCL
Dorian LPG reports improved earnings and launches share buyback VLGC owner enjoys high spot earnings amid fleet expansion
Poseidon backers pulled 'fully-subscribed' IPO While Chinese meltdown hit pricing, warnings of initial trading performance were also key to decision
Teekay Tankers wins Principal suezmaxes Successful $662m bid for 12 tankers lifts fleet to 44 vessels
Could freehold sale revitalise Bristol's box hub ambitions? Land agreement will allow it to "compete and invest on equal terms", says UK port
Yangzijiang Shipbuilding reports weaker earnings But China-based yard supported by boxship orders
Safe Bulkers may switch to secondhand investments Polys Hajioannou sees attractive deals emerging in 2016 as owner shies away from more orders
New Suez Canal channel set to speed up transits but bottlenecks remain APM Terminals' SCCT sets sights on further canal expansion that may be announced on same day as formal opening
Change of leadership at Inchcape ISS chief executive Hyldager's sudden departure sees board seeking permanent replacement
Genco reduces red ink in second quarter Completion of merger with Baltic Trading creates 70-ship fleet
Gener8 finishes post-merger quarter well in the black Georgiopoulos-led tie-up between General Maritime and Navig8 will take delivery of 21 more newbuildings to 2017
OOIL sells a post-Panamax boxship for $53.6m Details of sale to Global Ship Lease emerge in Hong Kong filing
Matson profits dip as Horizon costs and pollution settlement bite Hawaii liner and logistics company paid $11m to Hawaii for 2013 molasses spill
IAG Cargo extends, expands Qatar Airways deal LONDON - IAG Cargo has indefinitely extended the capacity partnership agreement with Qatar Airways that marked the Anglo-Spanish carrier's exit from freighter operations a year ago. The merged British Airways-Iberia carrier said it has also expanded the number of destinations covered by the deal to nine routes. "Our freighter partnership model with...
Nova Scotia port projects waiting for carriers to bite Two groups in Nova Scotia are racing to nail down a long-term commitment by one or more container lines to call at their proposed deep-water container terminals with super post-Panamax ships on rotations from Asia to Europe. The two rival groups, which are promoting greenfield terminals at Melford and Sydney close...
Port Everglades lands SeaLand-APL port call SeaLand and APL have selected Port Everglades as the first and last U.S. call for their recently launched Americas joint service. After launching their joint service in late June, the carriers temporarily used Miami as their South Florida port. The first Port Everglades call is scheduled Aug. 29. Florida International Terminal will...
Rail industry expects US intermodal traffic acceleration After modest intermodal growth in the second quarter, railroads and the top intermodal trade association maintain intermodal growth will kick into a higher gear before the end of the year. Total intermodal growth in North America was up 4.5 percent year-over-year in the second quarter of 2015, up from 2 percent...
Former JOC maritime desk editor, Ron Spina, dies Ronald J. "Pee" Spina, a former Maritime Intelligence editor of The Journal of Commerce, died suddenly Sunday at his home in Palmer Township, Pennsylvania. He was 74. Ron spent his entire professional career at The Journal of Commerce where he manned the maritime intelligence desk. His duties included contacting shipping lines...
More trans-Pacific ships arriving on time, SeaIntel reports On-time performance of ships in the Asia-to-U.S. West Coast trade reached 71.4 percent in June as carriers' schedule reliability in the trade improved for the fourth consecutive month, SeaIntel Maritime Analysis reported. Click to EnlargeWhen West Coast ports were brought to near-standstill during last winter's negotiations for a longshore labor contract,...
US truck capacity rises, JOC index shows Truck capacity in the U.S. is still tighter than it was before the recession, but after five consecutive quarters of economic growth, more tractor-trailers are hitting the road. Since the second quarter of 2014, large truckload carriers have expanded their fleets, often to bolster specific services. That activity pushed the JOC...
Matson 'confident' about higher China express rates Matson said it expects its new Alaska service, improved rates in the carrier's China express service, and growth in its core Hawaii market to produce improvement from second quarter results that were dinged by non-recurring charges. "The second quarter was an eventful one for us, and we are confident of what...
Mallory Alexander International Logistics deploys massive aircraft for cargo shipment to Ukraine MEMPHIS, Tenn. One of the largest cargo airplanes in the world was deployed by Mallory Alexander International Logistics to expedite a client's shipment of compressed gas containers to Ukraine in early July. Mallory Alexander client Nova Gas based in Charleston, S.C., had an urgent need to transport two large, empty compressed gas containers to Ukraine...
Slide show: Top 10 fastest-growing US import ports Eight ports on the U.S. East Coast made substantial gains in import market share in the first six months of 2015. A booming import market, West Coast diversions tied to the recent labor crisis, and port investments helped East and Gulf Coast ports edge out all but one of their...
Australian labor takes aim at Hutchison Port Holdings Sydney HarborHutchison Port Holdings is facing labor backlash on multiple fronts in Australia over plans to slash its workforce and turn to automation in a bid to cut costs, spurring work stoppages for four hours on July 30 in Brisbane and Monday in Sydney. After the Australian government encouraged the Hong...
APMT Mumbai shuttered over labor unrest There is no end in sight to the congestion and labor issues that have long troubled Gateway Terminals India in the Nhava Sheva port complex, India's busiest container gateway. The APM Terminals facility, which accounts for nearly half of Nhava Sheva's total throughput, on Tuesday issued a trade advisory temporarily suspending...
Carmack provisions firmly rooted in transportation law Q: I read your column every issue, but I keep finding that you seem to be rooted firmly in the past. In particular, a lot of your questions have to do with loss-and-damage claims, often on motor carrier shipments. Your answers seem to rely mostly on long-out-of-date law and court decisions...
Global air cargo slowdown continues LONDON - The slowing growth rate in global air cargo demand continued into June with volume inching up just 1.2 percent from a year ago, according to the International Air Transport Association. Growth in the first half of the year has slowed to 3.5 percent from a 5.8 percent year-over-year expansion...
Lufthansa Cargo, SwissWorldCargo introduce new pricing structure LONDON - Lufthansa Cargo and its affiliate Swiss WorldCargo are introducing a new simplified pricing system for the winter season in response to "the volatility of external cost factors." From October 25 the carriers' pricing will consist of just two components - a net rate and an "airfreight surcharge" that will...
Global Ship Lease starts to pay dividends after Q2 profit LONDON - Global Ship Lease, the NYSE-listed container ship-owner, has started to pay dividends as it reported strong second-quarter results and signalled its intention to grow its charter fleet. The London-based company swung to a net profit of $2.9 million in the three months through June 30 from a $2.3 million...
Idle container fleet increases amid uncertain trade outlook LONDON - The idle containership fleet is continuing to grow amid a muted peak-shipping season and an increasing number of cancelled sailings on the Asia-Europe route, according to industry analyst Alphaliner. There were 127 unemployed ships over 500 twenty-foot-equivalent units by the end of July, with a total capacity of 345,900...
E-commerce drives investment in China's reefer logistics networks The forecast for the global cold chain market is certainly bright. Research firm MarketsandMarkets projects the sector will expand by a compound annual growth rate of 15.6 percent between 2014 and 2019, led by growing demand in developing markets such as China, India and Latin America. Asia-Pacific is a particularly...
US scrap metal exports forecast to keep plunging U.S. scrap metal exports took a tumble in the first half of 2015 and are expected to fall even more by year's end, as the strong U.S. dollar continues to weigh on all American exports. In the first five months of 2015, U.S. ocean exports of scrap metal fell 4.7 percent...
Seattle and Tacoma cement alliance Port of SeattleThe commissioners of the Ports of Seattle and Tacoma have given the final OK needed to launch an alliance aimed at helping the former rivals stave off growing competition, and regain market share. Facing increased competition from Port Metro Vancouver and Prince Rupert, the Northwest Seaport Alliance will allow...
Totem Ocean picks Keppel Totem Ocean Trailer Express (Totem Ocean) has selected Keppel Offshore & Marine (Keppel O&M) to convert a ro-ro to run on LNG.
VLCC rates crumble VLCC day rates have tumbled by 23.8% in the past week as thin charter interest in the Middle East market has left a long list of available tonnage.
Valemax boost for capes? Is the Valemax fleet making a positive contribution to capesize rates?
Mercator Ltd loss grows Mercator Ltd nearly doubled its loss in the fiscal fourth quarter amid declining revenue and a still-challenging dry-bulk market.
P&O profits in Channel P&O's freight shipments in the Channel have reached record levels since French industrial action hit the port of Calais.
Princimar praise for Teekay Tankers Teekay Tankers' $662m capture of the Principal Maritime fleet has been met with initial approval on Wall Street.
Renzi wins yard victory Italian prime minister Matteo Renzi has won political backing to keep state shipbuilder Fincantieri's Monfalcone yard open.
Fredriksen sells suezmax Ship Finance International (SFI) has terminated a charter agreement for a suezmax with sister company Frontline after it found a buyer for the vessel.
TNG taps Nord/LB Croatia's Tankerska Next Generation (TNG) has clinched a loan of up to $47.45m to fill the finance gap on two new MR tankers.
Pioneer raises $25m Pankaj Khanna-led owner secures cash to fund 12 new handysize bulkers in China.
Wilson's S&P comeback Wilson ASA is looking to renew its fleet by targeting time charters and new vessel acquisitions.
Teekay Tankers wins Princimar race Teekay Tankers has swept up the fleet of Apollo backed Principal Maritime Tankers in a $662m deal.
Teekay Tankers wins Apollo race New York-listed owner confirms long-anticipated suezmax fleet purchase with $662m deal.
Seiho swoops for LPG pair Japan's Seiho Kaiun has turned to domestic yard Asakawa Shipbuilding for two new LPG carriers.
Dorian begins buy-back Dorian LPG has given the green light to a $100m share buy-back programme as it reported an upturn in first quarter profit today.
PSV problem The dire market for platform supply vessels (PSVs) is set to be further tested by a long list of new deliveries before the end of 2016, despite delays and cancellations.
Livanos in Goldman deal Peter Livanos has freed up some cash via a deal with Goldman Sachs involving a portion of his Euronav stock.
Molasses hit Matson Hawaii spill and Horizon deal costs take a toll on US liner company's Q2 earnings.
Fast ferry hits dock An Irish Ferries vessel has hit a dock in Wales during gale-force winds.
Bourbon hits record French offshore shipping giant Bourbon has logged its best ever first half revenue despite "a very challenging market."
OOCL confirms sale OOCL has completed its third sale-and-leaseback deal with Global Ship Lease (GSL) over the last year.
POSH profit dips PACC Offshore Services Holdings (POSH) has seen a drop in second quarter profits as it continues to battle the tough times plaguing the offshore sector.
Gener8 mixed in debut quarter Tanker owner posts strong profit but spot market numbers lag behind peers due to vettings.
"Not true at all" The UK's Thanet Council has denied Euroferries will start a new ferry run to France from Ramsgate later this year.
Red ink for Genco US-listed bulker owner Genco Shipping & Trading has reported a net loss of $78.8m for the first half of its current financial year after second quarter losses came in at $40.3m.
Latin job for Swiber Singapore-listed Swiber Holdings has signed a letter of intent for a job with what it describes as a first time global energy client in Latin America to provide installation services for a submarine pipeline.
Inchcape CEO walks Claus Hyldager has resigned his position as chief executive at global maritime services company Inchcape Shipping Services (ISS).
POSH profits dip PACC Offshore Services Holdings (POSH) has seen a drop in second quarter profits as it continues to battle the tough times plaguing the offshore sector.
Keppel to convert TOTE RoRo ship to burn LNG Firm says its the 'world's first conversion of a large RoRo vessel to LNG'.
Slow steaming stalled growth in NOx emissions Satellite measurements are giving a clearer picture NOx emissions from ships.
Super typhoon heading towards Taiwan Bunkering operations wer continuing as normal on Wednesday.
Oil product glut adds to pressure on crude 'All signals point to weaker margins, which mean lower runs.'
Endofa starts Panama operation Seasoned player heads up new venture.
Tug collision in New Jersey results in oil spill Vessel collided with a fuel terminal pier on Saturday.
Vessel fuel monitoring solution prevents cheating in Nigeria 'You will not be making money' when bunkers get stolen, says technology solutions provider.
Cockett expands operations to India New Mumbai-based office 'will provide opportunities for the group', says CEO.
US west coast 'largest' biorefinery changes hands Company supplies fuel to the transport sector, including shipping.
Cockett expanding operations to India New Mumbai-based office 'will provide opportunities for the group', says CEO.
Fuel, diesel storage terminal in Pernis starts operations Former BP facility is now owned by Koole Terminals.
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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