GasLog's 1Q15 profits more than double Oslo-listed GasLog, the Monaco-based LNG carrier owner, has reported a sharp increase in profits in 1Q15, saying the sector's medium- to long-term outlook remains encouraging. Group net profits jumped to USD13.8 million in 1Q15 from USD6.4 million in the same period last year, as revenues rose to
Odfjell losses mount on soft chemical tanker market Odfjell, the Bergen-based chemical carrier and tank containers group, has reported increased losses in 1Q15 on soft market, but said it expects the current quarter to be better. Group net loss amounted to USD32 million in 1Q15 compared with USD23 million in losses in the same period a year earlier.
US authorises Cuba ferry services New licenses issued by the Obama Administration for US-Cuba passenger ferry operations could be a stepping stone to direct cargo services. On 5 May the US Treasury Department's Office of Foreign Assets Control approved specialty licenses to a group of American-based companies to operate passenger
Still in the black, Western Bulk remains cautious Western Bulk, the listed Norwegian dry bulk shipping group, remained in the black in 1Q15, and it retains a cautious outlook on dry bulk market prospects. Group net profit in 1Q15 remained unchanged from last year at USD5.5 million, while revenues dropped to USD275 million from USD342 million. The
KDB eyes overseas port investments Korea Development Bank (KDB), South Korea's largest provider of ship financing, recently signed a memorandum of understanding (MoU) with the country's Ministry of Oceans and Fisheries to co-operate with overseas port investments. In a press statement KDB said, "The purpose of this MoU is to boost
Ningbo Port Group nominates new president and chairman Shanghai-listed Ningbo Port Group has nominated Song Yueshun as its new president and chairman. Song's nomination on 29 April has been approved by the board of directors of Yangzijiang and Song will assume the new post as soon as possible, stated the company in its filing to the Shanghai Stock
Incheon to partially open Terminal B on 1 June In a sign of growing competition among South Korean ports for container cargoes, Incheon Port Authority (IPA) will partially open Incheon New Port Phase 1-1 container pier (Terminal B) on 1 June, after getting governmental approval. This means IPA will be able to open 410 m of the 800 m long
Fire-damaged ferry Sorrento under tow to Sagunto Car ferry Sorrento, which had to be evacuated last week off Majorca after a major fire broke out on one of its car decks, is under tow to the Spanish port of Sagunto. The Grimaldi group, which owns the vessel, told IHS Maritime that the towage operation got under way at 17.00 local time on Tuesday
China's iron ore imports from Australia fall in April China's iron ore imports from Port Hedland, Australia, fell 4% in April as demand weakened, according to data released by the Pilbara Ports Authority on 4 May. The data showed that iron ore imports fell from 31.2 million tonnes in March to 30.1 million tonnes in April. The volume is at the lowest
Dry FFA market volume surges in April April was the busiest month of the year for the dry bulk freight derivatives market. Figures compiled by the Baltic Exchange showed that more than 140,000 lots were traded in the forward freight agreement (FFA) and options markets, a 60% year-on-year (y/y) increase on average volumes for the first
Kai Tak Cruise Terminal dredging starts Dredging operations have started off Kai Tak Cruise Terminal, Hong Kong, a notice from Hong Kong Marine Department said. The operations will be completed in approximately 10 months.
Icon Offshore retains support of Ekuinas Malaysia-listed Icon Offshore will continue to have the funding support of Ekuiti Nasional (Ekuinas), dismissing rumours that the private fund-management company has plans to end its support for the oil and gas services provider. Currently, Ekuinas holds a 42.3% stake in Icon Offshore, making it
VLGC rates top $100 per tonne Rates to haul LPG on very large gas carriers (VLGCs) have exceeded USD100 per tonne as most of the available ships for May loading have been snapped up. The Baltic Exchange assessed the benchmark Gulf-Asia Pacific route at USD100.25/tonne on 5 May, up from USD97.313/tonne on 28 April. At current
Sainty Marine defaults $10m bill of exchange Shenzhen-listed Sainty Marine has defaulted on a CNY63 million (USD10 million) bill of exchange drawn for Nantong Mingde Heavy Industry (NMHI), which the company is seeking to take over. Sainty Marine could not accept the bill of exchange, which was due on 3 May, as it faced tight liquidity
Tankers defy newbuildings order plunge Newbuilding orders for all types of ships were down year on year (y/y) in March, except for tankers. Figures compiled by Greek broker Golden Destiny showed that 46 tankers were ordered in March, up from 29 tankers in February and the 38 tankers ordered in March 2014. In particular, Suezmax tanker
POSH's net profit drops 99.9% y/y Singapore-listed offshore services provider PACC Offshore Services Holdings' (POSH's) net profit dropped 99.9% year on year (y/y) to USD21,000 for the first quarter of 2015, compared with USD36.6 million for the first quarter of 2014. The lower net profit was recorded despite a slight revenue
TMSC holds back order for VLCCs Wider fluctuations in the crude oil shipping market have prompted Shanghai-listed Tianjin Marine Shipping (TMSC) to hold back the order for its first four very large crude carriers (VLCCs). The company's management will take a prudent approach in using part of the CNY12 billion (USD2 billion) funds
GasLog sees need for another 100 LNG carriers Owner says longer charters remain at strong rates as company profit surges
Maersk Line and Rickmers deny Maersk Tigris release reports Ship and crew still off Bandar Abbas but there has been 'constructive dialogue'
Odfjell slides to $32m loss Chemical tanker company hopes for a better second quarter
Freight forwarding duo report strong first-quarter volumes Panalpina and CEVA see 5% jump in ocean freight traffic
US awards first Cuba ferry permits Up to six companies get green light as Obama Administration continues to close divide
Court freezes Sainty Marine assets due to unrealised fundraising promise Nearly 50m company shares held by the top management are sequestered
US shippers call for more action on congestion fees AgTc says container detention charges made by carriers are "grossly unfair"
D'Amico rakes in $11m profit as product tanker market improves Italian product tanker company looks forward to its debut in the LR1 segment
Size doesn't matter in container shipping schedules Latest research puts paid to claims that ULCVs have a lower on-time performance rating than smaller vessels
Refits on VLGCs Breeze and Monsoon going to plan, says Avance Claims will be made under applicable guarantee provisions and insurances
Chinese import duties have minimal impact on coal trade But nation's efforts to reduce coal-based pollution have seen some North Korean cargo denied entry
Iron ore price plunge scuttles Utah Point privatisation plans With its primary user facing financial troubles, the future of a Port Hedland dry bulk terminal used by smaller miners remains uncertain
Holidays interrupt VLCC party As things return to normal this week, most expect VLCC rates to at least stay steady, and perhaps rise
Western Bulk's poor performance saved by derivatives Updated: Ismar says operator has set its sights on short-term contracts and retains low expectations for remainder of 2015
Navigator sees net income rise 30% as its LPG fleet hits higher rates Net operating revenue for the Wilbur Ross-controlled company rose to $67.3m from $59.9m
USA Truck rolls to first profit in eight years USA Truck posted its first profitable first quarter in eight years this week. It also marks the fourth consecutive profitable quarter for the firm as it pursues a new corporate strategy as a "capacity solutions provider," the company said. Consolidated net income at the Arkansas-based company was up 59 percent year-over-year...
Intermodal reefer provider grows amid rail service challenges Rail logistics provider Tiger Cool Express is making strides with equipment purchases and a growing customer base. Its success is all the more impressive given that service from Class I freight railroads experienced a difficult 2014 and continues to struggle. Cool Cargoes spoke with CEO Tom Finkbiner to get his...
Trans-Pacific carriers seek two GRIs, peak-season surcharge Saying that predictions of 20 percent over-capacity on all-water services to the East Coast this year "were based on faulty assumptions," a carrier discussion agreement in the eastbound Pacific is recommending two general rate increases and a peak season surcharge. The Transpacific Stabilization Agreement said on Wednesday it's recommending a general...
North American intermodal growth set for acceleration West Coast port congestion hit international shipment volume hard and affected domestic volume during the opening months of 2015, the Intermodal Association of North America said in its latest quarterly analysis. IANA said intermodal volume growth is expected to accelerate in the coming months as port congestion unwides, rail service gradually...
US West Coast ports dominate despite congestion woes, report finds Port congestion and labor issues took a toll on West Coast port volumes in 2014, as West Coast ports lost market share and East Coast ports gained market share, according to a report by CBRE Americas Research. However, in terms of total container traffic by individual gateway, West Coast ports continued...
Expeditors profit soars on West Coast congestion Logistics service provider Expeditors International of Washington said its first quarter operating income jumped 25 percent, aided by higher airfreight volume from West Coast port congestion. The year-over-year increase in quarterly operating income was Expeditors' largest in four years, and followed an 18 percent increase in the fourth quarter of 2014. Airfreight...
BNSF Kansas City logistics park expands One developer is betting big on BNSF Railway's Kansas City logistics park. NorthPoint Development this week announced the construction of a 822,104-square-foot speculative building at the park. It's the latest in a flutter of rapid industrial real estate development in the Kansas City market. Shippers are flocking to the city, now...
Freightliner offers glimpse of trucking future in prototype 'autonomous' truck Freightliner's Inspiration, a prototype autonomous, but not driverless, Class 8 tractor. PRINCETON, NEW JERSEY -- Don't call the Freightliner Inspiration a "driverless truck." The heavy-duty tractor, unveiled yesterday by Daimler Truck North America, is an "autonomous commercial vehicle," but the driver is still a key part of the "collaborative vehicle system." The...
Tüpras Goes Live with Amber Road's Restricted Party Screening Solution Amber Road (NYSE: AMBR), a leading provider of global trade management solutions (GTM), today announced that Tüpras A.S., (Turkish Petroleum Refineries Co.) is live with Amber Road's automated restricted party screening solution, following a six week implementation. Tüpras, Turkey's largest industrial enterprise, is part of Koç Holding, the country's biggest conglomerate....
The CMA CGM KERGUELEN, CMA CGM's largest vessel, crosses the Suez Canal, intersection between Asia, Africa and Europe, for the first time The CMA CGM Group is pleased to announce that the CMA CGM KERGUELEN, the Group's largest vessel, crossed the Suez Canal for the first time on May 2nd, 2015. On this occasion, the Suez Canal Authority Chairman, the Admiral Mohab Mameesh, boarded the CMA CGM KERGUELEN and completed a section...
The Port of Gothenburg, Scandinavia's largest, becomes Port of Hamburg Marketing member Sweden's largest seaport, the Port of Gothenburg that has a similar structure to Germany's largest universal Port of Hamburg, has become a port and logistics location member of Port of Hamburg Marketing (HHM). In Gothenburg 11,000 sea-going ships are handled annually in the container, vehicle and general cargo fields, in...
Saddle Creek Adds New Business Development Director Saddle Creek Logistics Services announced today that Timothy Sartin has joined the company as director of business development. In this role, Sartin will oversee the development of new customer relationships and help to generate organic growth with existing accounts. He will be based in Columbia, S.C. Sartin has extensive experience in the...
Global Logistics Provider Damco Opens New Commercial Office in Boston Damco is pleased to announce the opening of a new commercial office in Boston, Massachusetts. The new office will better position Damco to serve its growing client base in the New England region and demonstrates a commitment to ever improving its customers' experience in the area. Brendan Geoghan, Key Account...
Gate delays again draw trade complaints at Nhava Sheva port Logistics providers out of India's largest container port complex - Jawaharlal Nehru Port Trust - are again reporting abrupt terminal gate closings and long truck waits, even as the stakeholders put in place a spate of proactive steps to streamline gate activity and truck flow in the past few months. "Gate...
Direct ChassisLink expands pool serving LA, Long Beach ports Direct ChassisLink has expanded its Direct ChassisLink pool in Southern California and has contributed to the pool formerly included in the Grand Alliance pool. The Direct ChassisLink pool now has 28,000 units in Los Angeles-Long Beach. The company joined Flexi-Van Leasing and TRAC Intermodal on March 1 in forming a neutral,...
Houston port gets four super post-Panamax cranes Four super post-Panamax cranes that will span 22 rows of containers have been delivered to the Port of Houston's Barbours Cut Container Terminal after a 73-day voyage from South Korea. The electric-powered cranes are part of a capacity expansion at Barbours Cut. They are designed to lift and lower a loaded...
Mega-ships may not achieve vaunted cost savings NEW YORK -The economics of the mega-ships of 18,000 20-foot-equivalent units that container lines are building and deploying may not be all they are cracked up to be. The savings that carriers are touting as the reason for ordering them may not be as great as advertised when all their...
Greek dockers to strike to protest port privatizations LONDON - Greek dock workers are due to stage a 24-hour strike on Thursday to protest the privatization of the ports of Piraeus and Thessaloniki. The dockers' union says the leftist Syriza-led government is breaking a pledge during the election campaign in January to halt the previous administration's planned sale of...
Fund sheds Scorpio shares BlueMountain Capital Management has shed more than a quarter of its stake in New York-listed Scorpio Bulkers.
Costamare targets $115m Costamare revealed that it is seeking to raise gross proceeds of $115m in an equity offering announced earlier today.
Crowley sued over patent Trailer Bridge has sued Crowley Maritime over claims that the rival shipowner's efforts to add barge capacity on the route between Puerto Rico and the US mainland infringes on its patent.
Jan de Nul orders duo Belgium's Jan de Nul Group has ordered two subsea rock installation vessels at China's AVIC Weihai shipyard.
Diana fixes post-panamax Diana Shipping has found employment for one of its post-panamaxes at a slightly lower rate.
Costamare raising funds Greek owner Costamare is lining up a sale of redeemable preferred stock to stockpile cash for potential acquisitions.
Odfjell loss widens Norwegian tanker owner Odfjell has seen deeper red in its first quarter bottom line despite a cost-cutting programme which started three months ago.
Maersk pledges to pay? Maersk Line has said it has handed a letter of undertaking to an Iranian court in a bid to release the boxship seized last week in a cargo dispute.
"A call to action" A Norwegian broker has laid down a challenge to the North Sea offshore shipping industry to lay up more tonnage after rates hit a new low on Wednesday.
GasLog doubles Q1 profit GasLog has ridden its higher revenue to a much bigger profit during the first three months of 2015.
CHO's profit trimmed Singapore's CH Offshore (CHO) has posted smaller profit for the third quarter of the year as revenue declined by 13%.
d'Amico surges in Q1 Italy's d'Amico International Shipping (DIS) has returned to profit in the first quarter in a "very strong" products tanker market.
GMS stays healthy Gulf Marine Services (GMS) has managed to keep its contract backlog intact during the offshore market downturn in the first five months of 2015.
IHC's new DSV alliance Dutch shipbuilder Royal IHC and safety company Drager are joining forces to offer diving support vessels (DSVs).
Aqueos charters in US-based Aqueos Corporation has hired an offshore support vessel on a long-term basis as it looks to strengthen its fleet.
ADM expands Agribusiness giant Archer Daniels Midland (ADM) has expanded its network in Europe with the strategic acquisition of Black Sea export terminals.
Avance's second fix Oslo-listed Avance Gas has revealed a second Chinese VLGC newbuilding needs remedial work to correct a problem with stern tube bearings.
Fisher finds its Mojo UK shipping group James Fisher has snapped up an offshore renewables design consultancy in a £3.2m ($4.86m) deal.
Teekay LNG cash pours in Teekay LNG Partners has sold 43% more Norwegian bonds than its minimum target, raising NOK 1bn ($133m).
Hansen leaves Havyard Norway's Havyard Group has seen its new chief financial officer step down after only four months in the job.
Vietnam's double order The Mekong Delta province of Kien Giang is spending $3.72m on new ferries.
Western Bulk stable Norway's Western Bulk has survived tough bulker markets to post a steady profit in the first quarter.
New Asia service for Swire Swire Shipping will launch a new express service between North Asia, Papua New Guinea (PNG) and Australia in the summer.
US clears Cuba ferries The US has approved the first ferry services to Cuba in more than 50 years.
Dry FFA volumes spike The Baltic Exchange and the Singapore Exchange (SGX) have both reported strong growth in freight derivative volumes for April.
GulfMark's new admirer A New Jersey-based hedge fund has emerged as a major shareholder in GulfMark Offshore, according to a US regulatory filing.
US escorts UK-flag ships The US Navy has begun escorting UK-flagged vessels through the Strait of Hormuz, the US Pentagon has confirmed.
Golar LNG shares surge Golar LNG shares jumped nearly 20% Tuesday as investors reacted to its winning of an floating LNG contract.
Transport Canada warns of potential fuel change-over risks Advises shipowners, operators to take into account the different operating temperatures of HFO and LSFO.
US Navy to test drop-in fuels Products are 100% renewable and sustainable, says developers.
IMO committee to examine key enivronmental issues MEPC meets in London next week.
Western Bulk declares quarterly profit Bunker hedging gain lifts results.
Suppliers to face more scrutiny under EU sulphur regime Notes of protest to be followed up under new reporting requirements.
Bunker hedging deals set to lose Odfjell $42 million The loss making hedging derivatives were agreed in the second half of 2014.
'Massive increase' in insurance cover for bunker spills Four years after Rena disaster, New Zealand working on new rules for ship operators.
New intra-Asian service to feature fuel efficient tonnage Service starts in July.
Emissions regulations: 'Wait for the science', say cruise lines Australian authorities urged to act with caution before making new demands.
Size of Vancouver bunker spill still unknown But likely to surface if court case goes ahead.
Fuel oil traders expect market to firm Aframax time charter rates climbing as Asia traders look for floating storage.
Vessel seized as fuel smuggling investigations continue Indonesia authorities suspect detained vessel linked to earlier case.
Brightoil to receive bunker tanker Vessel undergoing preparation for delivery at Rizhao shipyard.
Consultant: Bunker cost adds to Indonesia logistical challenges Country planning to build 35 ports within next five years.
Unpaid bunker bill prompts Australian arrest Jo Jin Maru was arrested on Tuesday, trading firm tells Bunkerworld.
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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