Wärtsilä wins major China engine order The Finnish power solutions provider has won its biggest-ever order to supply engines for a stationary cutter suction dredger being built at a Chinese yard for a Chinese contractor. "With a total installed power of 24,000kW - driving two dredge pumps plus generators - and 5,200kW of cutter power,
Royal IHC consolidates Brazilian expansion Royal IHC has consolidated its interest in the Brazilian offshore market by taking a majority stake in Brastec Technologies and fully acquiring Brastec subsidiary SAS Offshore. It is also nearing completion of a nine-vessel order for pipelayers for Petrobras. Founded in 2002, Brastec designs and
AirAsia QZ8501 tailfin found A search team has found a fragment of missing AirAsia flight QZ8501 in the waters of Karimata Strait, about six miles from where the plane lost contact on 28 December 2014. The bit of wreckage is confirmed to be a portion of the plane's tail. Indonesian Navy Diving Co-ordinator Major Profs
Firm start for box ship chartering Trading in the container ship charter market is off to a strong start, with the Hamburg ConTex posting a gain in its first reading yesterday. The market barometer that tracks period rate levels for tonnage of between 1,100 and 4,250teu edged up by two points, or 0.5%, driven by a 2% increase in
New concept for Konecranes' Boxhunter RTG Designed with small- to medium-sized ports in mind, the unique Boxhunter rubber-tyred gantry crane has sparked a completely new business concept by Myanmar entrepreneur Tun Tun Win - and achieved its first sale. Owner and CEO of Consumer Goods Myanmar (CGM) - one of the biggest manufacturing,
News insight: Sharp fall in oil price may discourage ship scrapping The sharp drop in crude oil prices and the subsequent dip in the cost of bunkers have been hailed as good news for shipping. But oversupply of tonnage could mount as owners are discouraged to demolish old ships despite their high fuel consumption. "The disadvantage in fuel consumption that older
COSCOL to raise 2.5Bn yuan for newbuilds Shanghai-listed COSCO shipping (COSCOL) plans to raise 2.5Bn yuan ($403.8M) in a private placement to finance the newbuilding of two semi-submersible vessels, three multi-purpose and four heavy-lift vessels, repay debts, and replenish cash flows. Among the nine newbuildings, the four 28,000dwt
Contango, finance cost, rates key in VLCC storage use The extent of VLCC usage as storage vessels will depend on contango in oil price, VLCC spot rates, and finance costs, while rising speeds could erode any beneficial impact on freight rates of storage use, shipping analysts say. Looking back, in mid-late 2009 and early 2010, the last time the oil
Rate hikes help container lines, for now A fall in bunker process and general rate increases (GRIs) help container lines to improve profitability, at least in the short term, but analysts' views are mixed on what the future will hold. "Spot freight rates rose by about 4% in December on November as a result of rather successful rate
Van Oord orders sister TSHDs from La Naval Dutch dredging company Van Oord has turned to Spanish yard Construcciones Navales del Norte to update and boost its trailing suction hopper dredger fleet with two 17,000m3 vessels. The move is unusual as Van Oord's dredgers are normally built in the Netherlands by Royal IHC. Its flagship trailing
Exclusive: ADBP finishes Southampton dredge project Anthony D Bates Partnership (ADBP) has completed supervision of the UK port of Southampton's approach channel deepening. The channel has seen 5M m3 of material dredged over a 54km stretch of existing navigational access. "ADBP was appointed by Associated British Ports [ABP] as the engineer's
Qingdao Port International exits joint venture with Rizhao Port Hong Kong-listed Qingdao Port International, a major port operator of China's Qingdao Port, plans to withdraw from a joint venture with Rizhao Port Group by selling its entire stake in it. Qingdao Port International has put up its 50% stake in Rizhao Riqing Container Terminal for sale with a
Franbo Lines to take two newbuildings in 2015, aiming for 20 Taipei-listed bulk carrier Franbo Lines announced on Monday that two of its three newbuildings ordered at Japan's Exeno Yamamizu are to be delivered in August and December this year, with the third one in 2016, and sets a long-term target of 20 ships. The carrier stated that the orders of the three
Panama Canal toll could affect US-Asia LPG shipments Although the expansion of the Panama Canal has been touted as a game-changer for US LPG shipments to Asia, the tolls could present high shipping costs, cautioned Norwegian shipbroker JG Gas. The Panama Canal Authority published its tolls for 2016 this month. Based on the tolls, the cost of a round
SSCL secures $16.5M loan to finance PCTC Singapore-listed logistic services provider Singapore Shipping Shipping Corporation Ltd (SSCL) has secured a seven- year term loan of $16.5M with a Japanese financial institution. The loan will be used to finance the acquisition of a pure car truck carrier (PCTC) vessel, which is one of the two
FSL Trust to meet loan agreement terms Singapore-listed First Ship Lease (FSL) Trust has announced that it would comply with the terms of a loan agreement it had signed in 2011. Prior to the announcement yesterday, covenants were relaxed for two and a half years as FSL Trust experienced losses following a series of charter defaults.
Bunker trading to benefit from low oil prices Bunker trading is set to benefit from low crude oil prices, according to a Singapore-based bunker trader from Equatorial Marine Fuel Management Services. "We (bunker traders) are dependent on the financial health of the overall shipping market", the trader told IHS Maritime. The trader highlighted
Keppel Singmarine bags two contracts worth $48.7M Singapore-based offshore vessel builder Keppel Singmarine has secured two contracts worth SGD65M ($48.7M) for the construction of an anchor handling tug (AHT) and a liftboat. The AHT will be delivered to offshore vessel owner Seaways International (Seaways) around 2Q16. The latest contract is the
Up to four new Maersk feeder services for JWP Coverage likely to include Baltic and UK
Felixstowe welcomes world's largest containership CSCL Globe makes maiden call at British box port
Liberia to probe 'almost unprecedented' attack on tanker US and Greece condemn strike by Libyan jet that killed two crewmen
Aronnax: Was the ballast to blame? An investigation will reveal human error, poor maintenance or technical malfunction led to problems with Hoegh Osaka. However, quick thinking saved it
Hoegh Osaka floats free UPDATE: MCA confirms car carrier has floated free and is being towed to a safe holding ground near Portsmouth
Perkin and Karki out at RBS Major lender to Greek market parts company with senior staffers
Maran charters three fresh LNG newbuilds to BG UK-listed gas giant tipped to take another trio from GasLog
Floating crude storage set to ignite already booming VLCC demand When onshore oil stocks fill, offshore storage on VLCCs is likely to shake up the market for these 2m-barrel tankers further, taking earnings above today's $71,000 per day level
ILWU and PMA commended for agreeing to federal mediation West coast ports applaud potential breakthrough in contract talks
JES International queried by SGX over share price rise Unit of JES makes it back into white list after being dropped last year
Supramax pool targets efficiency Clipper and Peter Georgiopoulos-led Genco are co-operating in the smaller vessel segments
First refloat attempt for Hoegh Osaka on Thursday Southampton will have to be closed for a short period as still listing ship is pulled free of Bramble Bank sandbar
ASF Intermodal expands drayage operations in the US Southeast ASF Intermodal opened a drayage facility in Charlotte, North Carolina, its first in the Tar Heel state and its eleventh facility in the South and Midwest. The fast-growing company, which started with two locations in 2011, expects to expand from 10 to 30 trucks in Charlotte within six months. "Charlotte fits...
BNSF ends embargo on westbound container interchange BNSF Railway is lifting its embargo on interchanging westbound ocean containers headed to U.S. West Coast on-dock facilities two days after the railroad implemented the ban. The railroad said westbound intermodal freight movement has "become more manageable" even through labor issues limiting U.S. West Coast port productivity persist. The embargo will...
Global air freight demand to grow 4.5 percent in 2015, IATA says Global air freight traffic should expand faster than total global trade in 2015, building on the best peak season for air cargo in years, the International Air Transport Association said Jan. 7. IATA said it expects global air freight demand measured in freight tonne kilometers to increase 4.5 percent over last...
UPS expands global express freight service as air cargo demand rises UPS is expanding its Worldwide Express Freight service, adding new origin and destination points for palletized express air freight shipments as international trade grows. The second-largest global transport operator added 12 new origin and nine destination countries to the time-sensitive door-to-door freight service. UPS launched Worldwide Express Freight with 37 origin...
Arbitrator rules Panama locks contractor can seek $223 million An earlier version of this story incorrectly reported that the Panama Canal Authority agreed to pay the overrrun costs. An international arbitration panel ruled that the engineering consortium that is building the Panama Canal's third set of locks has the right to seek payments from the Panama Canal Authority agency for...
US truck orders gain speed as economy grows faster Buoyed by strong demand and an increasingly healthy U.S. economy, truck operators in North America ordered more than 40,000 new heavy trucks in December. That made the last month of 2014 the third straight month in which net Class 8 orders exceeded 40,000 units. "The market momentum is now feeding on...
Panama's new toll structure could produce savings for carriers The new toll structure on container ships proposed by the Panama Canal Authority could produce significant reductions in toll costs for container carriers deploying the larger post-Panamax ships that will be able to pass through the expanded locks now under construction. The proposed tolls, which will be introduced in April 2016...
Drewry trans-Pacific index dips, expected to rebound Trans-Pacific spot rates slipped 2.9 percent from last week but are expected to rise following a $1,000-per-container increase that carriers have announced for mid-January, Drewry Maritime Research said. Drewry's Hong Kong-to-Los Angeles container freight benchmark registered $1,921 per 40-foot-equivalent unit this week. That was up 1.9 percent from a year ago. During...
Trucking operators' biggest worry for 2015? Keeping up with demand From 2011 through 2013, shippers and truckers enjoyed an "equilibrium" in truck capacity and freight demand, and a balance in the market that kept rate increases largely in check. That equilibrium shattered in 2014, however, first by last year's frigid winter and widespread storms and then by steadier, stronger U.S....
Grounded car carrier Hoegh Osaka drifts free The grounded car carrier Hoegh Osaka unexpectedly drifted free Wednesday after salvors delayed plans to refloat the vessel outside the U.K. Port of Southampton. The U.K. Maritime and Coastguard Agency said four tugs were moving the vessel to a nearby location where it would not interfere with shipping. Salvors will continue...
Shippers, regulators will be watching closely as alliances launch services Question: When does two plus two equal 95? Answer: When the two new vessel alliances that will launch their joint services this month join the two existing alliances that are expanding. Together, the 16 container lines that are consolidating their routes and services will control 95 percent of the cargo...
TOTE firms up LNG supply for new ships Jones Act container line TOTE has contracted with two companies to supply liquefied natural gas for the two LNG-powered ships the company is building for the Puerto Rico trade. TOTE contracted with Pivotal LNG, a subsidiary of AGL Resources, and WesPac Midstream, which will provide LNG for two new ships being...
Move out Manila port cargo before Pope arrives, shippers told HONG KONG - Next week's visit to the Philippines by Pope Francis will further disrupt cargo movements in and out of the congested port of Manila, and the government has urged shippers to clear out their cargo from the port by the weekend. Cabinet Secretary Rene Almendras, who has been placed...
Hopes rise as PMA-ILWU talks move under federal mediator guidance A new stage of contract negotiations between the International Longshore and Warehouse Union and Pacific Maritime Association launched today as the negotiations moved under the auspices of the Federal Mediation and Conciliation Service. Hopes were raised among long-suffering ports and cargo interests that mediation would help the negotiators achieve what they...
Fredriksen seals cape coup One of the rising stars of John Fredriksen's shipping empire has secured long-term charters for more than a dozen capesize bulkers.
Rio Nave takes Caneco A Brazilian court has approved a bid by Grupo Rio Nave to take over the bankrupt shipbuilder Estaleiro Caneco.
Navigator's new hire Industry veteran Paul Flaherty has joined Navigator Holdings following a brief tour of duty with JP Morgan.
CCM downs GSL A leading US investment bank has downgraded shares of Global Ship Lease (GSL), a containership owner headquartered in London.
Datang inks coal deals Chinese coastal bulker operator Jiangsu Datang Shipping has signed new annual coal contracts with sister power companies.
Hoegh Osaka free Hoegh Osaka has self-floated at high water and started moving at 1.55pm this afternoon, the Maritime and Coastguard Agency (MCA) said.
Investor shows Hoegh LNG hand The Baupost Group has amassed a major stake in Hoegh LNG on behalf of a number of clients.
Fredriksen in capesize coup John Fredriksen's Golden Ocean Group is in the process of landing a major timecharter deal for 15 capesize bulker newbuildings, sources say.
Clarksons lifts Frontline Clarksons Capital Markets has upgraded John Fredriksen's Frontline amid a brightening view for the crude tanker market and a positive take on its potential restructuring needs.
FreeSeas tops up Greece's FreeSeas is selling a convertible note worth half a million dollars to a British Virgin Islands investor as part of its effort to boost the company's liquidity.
Coscol splashes cash State-owned Cosco Shipping (Coscol) of China has announced an order worth $280m to expand its heavy-lift fleet.
Avance Gas fully funded Avance Gas has secured bank financing for the remainder of its VLGC newbuildings.
Ferry strike threat Scottish ferry services look likely to be hit by strikes after talks with crews failed.
Excelerate fires up NE Gateway Excelerate Energy has seen its Northeast Gateway buoy-based LNG regasification terminal off the US east coast utilised for the first time since March 2010.
HHI staff reject pay rise Workers at Hyundai Heavy Industries (HHI) have voted against a pay rise agreement, sparking uncertainty over the shipbuilder's future.
Perkin joins Breakwater RBS' global head of shipping coverage Robin Perkin has left to join expanding marine finance company Breakwater Capital.
Engevix cashing out? Brazilian engineering firm Engevix is considering selling its stake in the Ecovix shipyard in order to raise cash.
Tanker saved from attack Iran's navy has fought off an attack on an Iranian tanker by pirates off Yemen.
Dof fixes American duo Dof Subsea has secured employment for two of its chartered-in vessels in North America as it beefs up its presence in the region.
Coscol aims for $400m Chinese heavy-lift and ro-ro owner Cosco Shipping (Coscol) is planning to raise CNY 2.5bn ($402.37m) through a private placement.
Gail delays again Gail (India) has again pushed back the deadline for shipowners and yards to tender to build up to nine LNG carriers to carry gas into India from the US.
Eimskip buys Meisner Icelandic container line Eimskip has added a Dutch reefer logistics company to its operations.
Osaka refloat delayed A bid to refloat the grounded Hoegh Osaka has been postponed as salvors found more water than first thought has entered the listing car carrier.
Libya sorry for attack Libya has apologised for a fighter jet attack on a Greek tanker that killed two crew.
SCA shifts gears A leading US law firm has emerged victorious in what appears to be the first phase of a coup aimed at expanding its presence in the domestic shipping industry.
UniMarine adds new member to Singapore team Alex Yim joins firm as its Regional Sales Manager Asia.
Yang Ming pauses OW-related bunker bill dispute Despite being 'willing and able' to settle the outstanding amount.
Container lines will sufffer if slow steaming is abandoned Faster sailing speeds will exacerbate overcapacity.
Seachange hybrid fuel project moves ahead Processor installed at Bucksport test facility.
Stena goes for scrubbers One ship to be equipped with two systems during first half of 2015.
US Navy commander admits guilt in 'Fat Leonard' scam Sanchez helped Singapore-based Glenn Defense Marine Asia corruptly win business from US Navy ships.
Analyst: Fuel efficiency means less C02 Annual CO2 output from transpacific trades falls.
Bank sees headwinds easing for shipowners in 2015 Lower bunker prices helping but 'imbalance is alive and well' in container sector.
Asian players report 'weak demand' in volatile market Price of 380 cSt material has dropped 12% in six trading days.
Traders say 'margins have been better' since OW collpase Credit terms in Singapore market have been returning to normal.
Improved earnings boost value of oil tankers Low oil prices could improve VLCC rates even more as capacity is soaked up for floating storage.
Rising calls make case for Saldanha bunkering Shipping commentator highlights gap in bunkering coverage.
Green Tech changes name But management stays the same.
Quadrise hires managers To head marine fuels and power programmes.
Chinese player launches bunkering initiatives Plans include a bigger fleet and a fuel oil research centre.
Political tensions scupper LNG terminal project Multi-million dollar project was to be supplied with Russian gas.
UK port mulls oil slops facility Proposed project seeks to draw more vessels calls to Falmouth.
Bad weather disrupts Novorossiysk's bunker ops Wind speeds at the port are expected to reach 28 knots by Tuesday evening.
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