Tanker owners fear more Nigeria ship bans Tanker owners fear more of their vessels could be barred from lifting crude oil in Nigeria, Intertanko told IHS Maritime today. "Operators are concerned that if a ship within a fleet has breached the regulations, other vessels in the same fleet could be taken out of circulation," Intertanko's
Shipbreaking grinds to halt The last seven days have seen a historic zero level of activity in the ship breaking market, IHS data confirms. "From Friday 31 July to today we have seen no activity," said Paul Clemenson, senior data transformation analyst for IHS Maritime & Trade. "This is the first time ever that I can recall
Rio Tinto profit plunges 82% Rio Tinto net earnings fell by 82% from USD 4.4 billion to USD 806 million in the six months to 30 June. At the same time, the company's net debt rose 10% to USD13.7 billion, according to the 2015 interim results released today. Chief executive officer Sam Walsh described the outcome as "robust"
Wilhelmsen enjoys cost saving benefits, seasonal volume rise Wilh. Wilhelmsen ASA, the listed vehicle carrier and logistics company controlled by Wilh. Wilhelmsen Holding in Norway has reported a rise in interim profits due to benefits gained from cost savings and seasonally higher volumes. Net profit in 2Q15 rose to USD75 million from USD25 million the
Upbeat Tanker Investments reports robust interims Tanker Investments, the Oslo listed Teekay group spin-off that invests in second hand vessels, has reported strong interims and remains optimistic about the outlook. Group net profit amounted to USD16.7 million in 2Q15 compared to a loss of USD5.7 million in the same period last year. Revenues rose
U-Ming grows bulk carrier fleet U-Ming Marine Transport (Singapore), a fully owned subsidiary of Taiwanese carrier U-Ming Marine, on 6 August took delivery of a 85,066 dwt bulk carrier from Japanese shipbuilder Oshima Shipbuiding. MV Cemtex Fortune is the last vessel in a series of four post-Panamaxes the carrier had ordered from
Sinwa profit up 22% Singapore-listed offshore services provider Sinwa posted profit of SGD2.64 million (USD1.9 million) in the second quarter of 2015, an increase of 22% year on year (y/y). The company's second quarter revenue climbed 7.4% y/y to SGD40.8 million, while its profit increased 7.7% y/y to SGD9.7 million.
China reduces port charges China's Ministry of Transport and National Development and Reform Commission (NDRC) has announced a reduction in port charges. The authorities released the Notice to Adjust Port Charges and Port Security Charges, which prohibits port operators from imposing fees for services other than
Keppel wins dual-fuel ro-ro conversion job Singapore-based Keppel Shipyard has secured a contract from Totem Ocean Trailer Express to convert a ro-ro vessel into a LNG powered dual-fuel vessel. Midnight Sun will be the first of US-based Totem Ocean's two 839 ft Orca-class ro-ro vessels to be converted into a dual-fuel vessel. The conversion
Marco Polo Marine profit dives 74% Singapore-listed offshore services provider Marco Polo Marine's profit dropped 74% year on year to SGD0.34 million (USD0.25 million) for the third quarter of 2015. The company's third quarter revenue also dipped 17% from SGD26.8 million a year ago to SGD22.3 million. The decrease in revenue was
Nanjing Shenghang's profit up 24% y/y in 1H15 Nanjing Shenghang Shipping, a small-sized chemical and product tanker owner and operator, said its profit rose 24% year on year (y/y) to CNY13.5 million (USD2.2 million) in the first six months of 2015 on revenue growth. Its revenue also rose 14% y/y to CNY105.7 million during the same period, a
Ocean Rig posts strong quarter but shelves dividend Economou tips drilling company to weather storm in offshore market
DryShips posts massive loss as Ocean Rig is deconsolidated Economou sees 'challenging' market ahead as company's reliance on bulker market increases
Teekay returns to profitability in April-June Energy shipping giant enjoys better performances in tanker, offshore and LNG sectors
MOL tops schedule reliability table for first time G6 achieves best on-time arrivals in June of big four alliances
Tanker Investments posts $16.7m profit in the second quarter Teekay vehicle took delivery of two suezmaxes ordered last year
GasLog posts bigger second-quarter profits Owner sounds bullish longer-term note on LNG despite current vessel surplus
BSM appoints von Hardenberg and Heimann Industry veterans take Cyprus roles with major shipmanager
It's official: Suez two-way traffic starts Biggest customer Maersk welcomes shorter transit times and better schedule reliability
Nigeria and Venezuela are more important to India-bound VLCCs than oil giant Middle East Exclusive Lloyd's List Intelligence data reveals who has biggest impact on VLCCs when it comes to Indian crude imports
Wilh. Wilhelmsen points to new markets as shadow of antitrust decisions fades Norwegian operator sees profit improvements, but not to analyst expectations
Command Transportation acquisition takes a chunk out of Echo profit Echo Global Logistics' profits took a tumble in the second quarter after the recent acquisition of Command Transportation in April. Revenues and volumes, however, were significantly higher and look to buoy future loss - a testament to the success a third-party logistics provider can find in consolidation. "It's been a historic quarter...
China cracks down on port service charges The Chinese government is prohibiting some port service charges and reducing the costs of others in an attempt to galvanize container shipping as the as the country's container volume growth slows due to reduced global demand. China's Ministry of Transport and National Development and Reform Commission on Tuesday released a notice...
KCS says intermodal service should improve soon Intermodal shippers using Kansas City Southern Railway can expect improve after train speeds slowed during recent track work, and a surge of coal and crude oil volumes hit the network. The railroad's sudden decline in train speeds stands out in a time when rail service along most lines has been troubled,...
New Gerber DC to give Charleston port boost Gerber Childrenswear announced a $33 million investment for a distribution center in Berkeley County, South Carolina, another sign of Port of Charleston's growing role as a major import gateway on the East Coast, The 477,000 square foot facility will open early next year 17 miles from the Port of Charleston at...
Command Transportation acquisition drives up Echo profit Echo Global Logistics saw strong profit gains in the second quarter, propelled by organic business growth and the acquisition of Command Transportation in April. It's yet another reminder of the revenue and volume success a third-party logistics provider can find in consolidation. "It's been a historic quarter for Echo Global Logistics,"...
Montreal expands to handle container growth Port of MontrealThe Port of Montreal is on a roll. Not only is it enjoying strong increases in cargo volumes last year and in the first half of this year, but it is also getting a big investment by the Quebec government to build the infrastructure it needs to handle...
New Suez Canal opens amid growing competition with Panama PORT SAID, Egypt - The Suez Canal Authority said it is well placed to compete with Panama for Asia-U.S. East Coast business, and will continue to offer promotions and discounts to help entice lines to use the Suez Canal. "There is certainly some competition and we feel we are well placed...
Air cargo, ocean volumes lift revenue, profit at Expeditors Global trade may have slowed since last year, but Expeditors International of Washington picked up its pace in the second quarter, increasing gross revenue 6 percent to $1.7 billion and net revenue 14 percent to $522.1 million. The freight forwarder's net profit jumped 29 percent to $117.8 million. Operating income jumped...
Port of Melbourne backs away from giant DP World rent hike Port of MelbourneHONG KONG - Australia's largest container port has decided not to hike DP World's rent by 750 percent ahead of its privatisation, with the Port of Melbourne settling instead for an increase of around 20 percent.DP World Australia will operate the West Swanson Terminal in the Port of...
Opposition to Brazil's port centralization intensifies BTP, Port of Santos, Brazilian stakeholders in the transport industry from state governments to port and trade organizations are pushing back strongly against the federal government's plans to centralize all the country's port authorities under the aegis of the Special Ports Ministry (SEP) in Brasilia. Márcio França, vice governor of powerful...
Jawaharlal Nehru port congestion expands Trucks lined up outside Jawaharlal Nehru Port Trust.Gateway Terminals India, the largest container facility in the Jawaharlal Nehru Port Trust, remained closed to all shipping activities for the third consecutive day Thursday due to labor troubles, leaving beleaguered ocean carriers scrambling for alternative berthing options and shippers' cargo stranded at...
Ukraine looks to stem port volume plummet Port of Odessa, Ukraine's largest container gateway.The Ukrainian government is considering easing the customs clearance of containers at seaports to stop the 30 percent plunge in container volume that has plagued the country since the eruption of tensions with Russia. Container traffic at Ukrainian seaports in the first half fell to...
Jawaharlal Nehru's largest terminal still paralyzed by strike Trucks lined up outside Jawaharlal Nehru Port Trust.Gateway Terminals India, the largest container facility in the Jawaharlal Nehru Port Trust, remained closed to all shipping activities for the third consecutive day Thursday due to labor troubles, leaving beleaguered ocean carriers scrambling for alternative berthing options and shippers' cargo stranded at...
Deutsche Post DHL trims earnings forecast on strike, restructuring costs LONDON - Deutsche Post DHL trimmed its 2015 profit forecast after strikes by postal workers in Germany and restructuring costs in its global freight forwarding unit sharply reduced its second-quarter earnings. The German mail and logistics giant's earnings before interest and tax slumped by 18 percent to 537 million euros ($585...
Central Asia's Baku port rides the China-Europe rails HONG KONG - The latest multimodal option introduced to the One Belt, One Road trade initiative linking China and Europe comes from the Caspian Sea port of Baku in Azerbaijan that this week greeted the arrival of its first block train.Carrying 82 twenty-foot equivalent units, the train left Shihezi city...
XPO sets $23 billion revenue target for 2019 Less than two months after acquiring Norbert Dentressangle, XPO Logistics is already building new transatlantic bridges. The company is opening an e-commerce distribution facility in Pennsylvania for a European retailer and customer of the French logistics company. "It's our first big cross-selling win," Bradley S. Jacobs, chairman and CEO of XPO...
California exports slip on weak demand, strong dollar California's export trade declined 4.2 percent in June, as weakness in key markets such as China, Japan, the European Union and Latin America and a strong dollar weighed down sales of manufactured and non-manufactured goods. Nevertheless, California performed better than the U.S. as a whole, according to the monthly California Trade...
Darling may have smooth ride to FMCSA driver seat WASHINGTON - President Obama has nominated Scott Darling to helm the Federal Motor Carrier Safety Administration. And it looks as though Darling will have an easier go of it than his predecessor given his relative popularity in the industry and the fact that he's already led the agency for a...
DryShips hit by Ocean Rig DryShips reported a $1.44bn loss in the second quarter but delivered an operational profit that was in-line with expectations.
Norsafe's wild ride Norsafe has broken the world record for the highest drop of a manned lifeboat.
Analysts cut GasLog outlook Two analysts trimmed their outlook for GasLog after the New York-listed LNG carrier owner reported a smaller-than-expected quarterly profit.
Suez Canal security poses business risk A six-feet stone wall was built along both banks of the Suez Canal two years ago after extremists launched an RPG on containership Cosco Asia.
New Suez Canal launched Egypt has inaugurated the "New Suez Canal" today, launching the biggest expansion in the waterway's 146-year history.
Two for Oceanica Brazilian owner picks domestic Arpoador shipyard for diving support vessel order.
Boustead rises in Q2 Malaysian shipyard sees gas projects offset the lack of shipbuilding deals.
AHTS glut grows The list of anchor-handlers looking for work in North Sea ports is increasing in an extremely quiet market.
Courage heading to red Bulker owner projects bigger loss for first half amid continuing poor dry market conditions.
GasLog makes more GasLog Ltd (GLOG) has boosted its profit for the second quarter of the year thanks to more operating days and a more promising LNG market.
Tarbit orders double Sweden's Tarbit Shipping is renewing its fleet with two new eco-tankers in Turkey.
Cosco delays FAUs Cosco Corp of Singapore has delayed the delivery of two floating accommodation units (FAUs) from two of its yards.
Gobbling GOGL John Fredriksen has snapped up another slice of bulker owner Golden Ocean's (GOGL) convertible bond issue.
Passage plan lacking A Condor Ferries ship grounded off Guernsey last year due to a deficient passage plan, a UK accident report has found.
DOF wins US contract Norwegian offshore vessel owner signs six-month deal with natural resources company.
TNK profit grows Teekay Tankers has followed up its $662m acquisition of the Principal Maritime suezmax fleet with a stronger second quarter performance.
Finne in at OMP Carl Petter Finne has been recruited as new managing director of Oslo-based Offshore Merchant Partners (OMP).
Funds target Italians Regulatory change opens way for US private equity to buy up to $13bn of troubled owners' debt.
WW ASA well ahead Wilh Wilhelmsen ASA has exceeded the market's expectations for the second quarter with a profitable bottom line.
Suezmaxes arriving, dividend pending TIL gets first two tankers from George Economou with harvesting phase set to bring first payout.
Tamai profit disappears Japan's Tamai Steamship has seen its profit reduced to zero in the first quarter as revenue fell.
Teekay surges in second Tanker giant Teekay Corp has seen profit soar in the second quarter as revenue jumped.
AIDAprima delayed again Aida Cruises, the German arm of the Carnival cruise empire, is facing even more delays with the delivery of the 124,000-gt cruiseship AIDAprima, one of two ships it is building at Japanese shipbuilder Mitsubishi's Nagasaki yard.
Samsun gets protection The Seoul Central Court has granted the Korean shipping company Samsun Logix protection from creditors as part of its rehabilitation proceedings, writes Irene Ang from Singapore.
Storms shut Chile's ports Chile's Port Authority has closed most of the country's major ports citing adverse weather conditions and strong swells.
Imbak unwanted Malaysian tanker owner Gagasan Gas Carriers' 10,800-dwt products tanker Imbak (built 2008) has again failed to find a buyer.
Wartsila to supply dredger with dual-fuel engine Dredger being built by Royal IHC for DEME Group.
Support for 'zero emissions' ferry link Project gets 50% of cost covered by EU grant.
Suez Canal expansion 'not needed' But Maersk Group welcomes 'easier and speedier transits'.
Investor sees future benefit for WFS Thinks grabbing market share while everyone suffers from weak market will pay off.
Fuel oil stocks decline But market is finding it difficult to absorb surplus barrels.
OW's biggest debtor Tankoil declared bankrupt Seen as a milestone as it may finally shed light on what happened in Singapore.
External: Global Vision Bunkers B.V.
Modern dredger newbuildings on order 'Special attention' paid to energy efficiency of the vessels, says MAN Diesel.
APT adds bunker tanker to fleet Vessel to serve New Jersey and New York Harbor.
Shanghai Lonyer: Bunkering business ongoing as usual LonyerGreenCooper's disposal has not affected company's primary business, source tells Platts Bunkerworld.
Shipowners 'still figuring out best way' to monitor vessels Industry 10 to 15 years behind technology, observes CEO of Ascenz.
WTI crude settles on low note On expectation that US refineries will decrease operating rates.
Green energy-powered drone ship to cross the Atlantic in 2020 Unmanned vessel will 'contribute to shipping innovation on a global platform'.
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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