Pirates sentenced in Spain Six Somali pirates have each been sentenced to 16 years in jail for the attempted seizure of a Spanish fishing vessel in 2012. On 4 February Spain's National Court handed down the sentences for piracy and for being members of a criminal gang. The 4,089gt tuna purse seiner Izurdia, owned by
Louisiana unveils LNG export project Live Oak LNG is proposing to build a $2Bn LNG liquefaction and export facility in Louisiana with the capacity to produce up to 5M tonnes per year. The mid-sized project, announced on 3 February by Live Oak LNG and Louisiana governor Bobby Jindal, will include two 130,000m³ storage tanks as well as
Ghent to build $1Bn Terneuzen lock The signing on 5 February of the 'Treaty between the Netherlands and Flanders for the construction of the New Lock Terneuzen' heralds the transformation of the ports of Ghent and Terneuzen. Flemish public works minister Ben Weyts and Dutch infrastructure and environmental affairs minister Melanie
ICTSI's Basra expansion kicks off Basra Gateway Terminal (BGT) in Iraq's Port of Umm Qasr is getting new berths and an overall upgrade as part of a $130M investment programme. The first phase includes a 250m-long quay and 20ha of backup land, with piling for the new quay already under way. On completion, BGT will have 600m of
Sri Lanka clears way for 'port city' Sri Lanka's new government is to approve a project to build a $1.3Bn 'port city' on reclaimed land next to Colombo harbour, after it had threatened to cancel the Chinese-funded project. A spokesman for newly elected president Maithripala Sirisena said in a statement that the government was happy
Wärtsilä to power first CNG carrier Finland-based power provider Wärtsilä will provide an integrated propulsion system for the compressed natural gas (CNG) carrier being built for Indonesian state-owned energy company Perusahaan Listrik Negara (PLN). The 110m-long, 2,200m³ carrier is being constructed at the Jiangsu Hantong shipyard
Chinese iron ore imports growth set to slow to 7.1% in 2015 Chinese iron ore imports are forecast to grow by 7.1% in 2015 and break the 1.0Bn ton barrier for the first time, but the growth rate will be almost half that of last year. "According to the China Iron and Steel Association, Chinese iron ore imports may grow as much as 7.1% in 2015 as domestic
Heung-A Shipping buys used chemical tanker South Korea's Heung-A Shipping has currently bought a 19,991dwt second-hand chemical tanker for KRW27.3Bn ($25.25M). Through a Korea Exchange filing, the company announced that HF Pioneer will be operated through a Bareboat Charter Hire Purchase (BBC-HP) from 30 April 2015. BBC-HP is a commonly
MISC profit falls in 4th quarter Malaysia-listed shipping line MISC's gross profit increased by 22% year on year to MYR668.2M ($188.2M) for the fourth quarter ended 31 December 2014. However, the increase in gross profit was offset by rising expense costs, bringing the overall profit for the period to MYR991M in 4Q14, down 12% y/y
China vessel exports hit record low since 2008 China's vessel exports fell 14.1% year on year to $23.8Bn in 2014, making a record low since the outbreak of the financial crisis in 2008. The country's vessel exports have witnessed three consecutive y/y falls since 2012, according to customs statistics. China exports the majority of newbuildings
Rena salvage on hold pending NZ court decision Maritime New Zealand (NZ) on 4 February granted the owners of MV Rena permission to pause salvage work on the remaining wreck of the 47,000-tonne container ship that ran aground on Astrolabe Reef off the northern coast of New Zealand in October 2011. The owners lodged a resource consent application
One-off impairment hits HPH Trust A $2.5bn one-off impairment charge pushes trust to a loss of $2.2bn
Lloyd Fonds wants to buy up dozens of KGs But lack of bank support has held back plan so far, admits Teichert
Costamare eyes further growth in 2015 Greece-based owner will not rush to charter four uncovered newbuildings
ECS and Containerships in latest box tie-up European logistics operator and shortsea specialist join forces to expand service coverage
Consistent suezmax earnings support faith in segment from investors Earnings so far this year are consistent with last year
Nigeria gears up to receive six new $1.6bn LNG carriers New vessels set to join Nigeria LNG's fleet in 2015 and 2016 as the country expands its LNG export operation to maintain market share
Bleak outlook for Asia-north Europe rates Spot prices down 48% on year and could fall as low as $300 per teu, warn brokers
Lloyd Fonds to convert to listed shipping company Goal to build fleet to 20-30 by the end of 2017, says Torsten Teichert
Cosco Corp wins $160m to build two specialised ships Singapore-listed, China-based shipbuilder secures deals for shuttle tanker and module carrier
Tianjin Marine in settlement with Japanese line HNA offshoot agrees on $1.4m settlement to 'create a good image'
Navios Partners raises $52m from fundraiser Update: Proceeds from public offering may be put to more boxship buys
MISC Berhad sees mild full-year growth in before-tax profits Revenues grew at 3.6% helped by better rates in petroleum transport
HHLA Odessa throughput down by one-third But improved result at German port operator despite Russia fallout
Maersk drops Oakland calls as crisis deepens on US west coast ILWU plays "working class" card and names foreign employers in angry riposte to pay offer
Tankers: Here's what you'll be earning in 2015 All routes can expect higher earnings compared with last year, some significantly so, McQuilling's data shows
Capes in modest rise There was a smattering of the cape sector this week, but the brokers are cautious
MOL's car carrier business could benefit from weaker yen and lower oil price However, actual impacts remain far from certain, says senior executive
Seaco targets further acquisitions Container lessor has plans for further growth following the acquisition of Cronos
Veniamis elected to lead Greek owners for third term Unprecedented four women voted on to shipowners' ruling council
US West Coast terminals suspend weekend vessel work U.S. West Coast container terminals will suspend operations on vessels this weekend, on both day and night shifts, at all ports, as they seek to dig out of the container backlog that continues to choke their operations. Terminals, however, will maintain gate and yard operations at their discretion. The Pacific Maritime...
US intermodal volume experiences strong 2015 start Weekly U.S. rail volume hit an all-time high in January and traffic for the entire month was the second-highest ever - even as U.S. West Coast port congestion has hampered international intermodal traffic and spurred some shippers to divert cargo through Canadian ports and the respective rail networks. U.S. railroads in the...
Container traffic rises 7.5 percent at federally-owned Indian ports India's major ports owned by the federal government reported a year-over-year growth in container volumes of 7.5 percent from April 2014 through January 2015, the first 10 months of fiscal year 2014-15, according to provisional port data compiled by JOC.com. The data showed the 12 publicly-owned gateway ports handled 6.64 million...
Porto Itapoa, Brazil, muscles in on competitors One traditional group of Brazilian exporters, chicken producers, and one new importer of components, BMW, are helping the Porto Itapoa become a strong regional container port competitor. Porto Itapoa, majority-owned by Hamburg Sud, a major player in the north-south trades, opened for business in May 2012 and has already established itself...
West Coast LTL trucker gains expedited business as port delays worsen Once the West Coast longshore labor dispute is settled, a mountain of cargo will have to be moved quickly, and trucking companies are getting ready to expedite that freight. That includes trucking operators that rarely touch containers or pass through terminal gates. "We're hearing a lot of concern from customers that...
HHLA profit, revenue up despite Russia, Ukraine woes HHLA's operating profit jumped 10 percent in 2014 as the largest container handler in the port of Hamburg shrugged off lower Russian feeder shipments and a slump in traffic at its Ukraine terminal that left total volume unchanged from the previous year. Earnings before interest and tax rose to 169 million...
SCFI: Congestion and GRIs have Asia-US spot rates on a high HONG KONG - Spot rates on the Asia-U.S. trades soared this week as trans-Pacific carriers prepared to slap on another general rate increase and the East Coast route continued to benefit from heavy levels of West Coast port congestion.The Asia-U.S. East Coast spot rate took off, rising by $295 to...
Port stake is not for sale, Hutchison says after media report HONG KONG - "The market rumor is unfounded," was the terse response of Hutchison Port Holdings when asked to comment on a report that the global container terminal operator was planning to sell a 40 percent stake in the business to a China consortium.A source told the South China Morning...
China's Sri Lankan port city is back in play CMHI chairman Li Jianhong chats to China president Xi Jinping and former Sri Lanka president Mahinda Rakapaksa (in white) during a visit to Colombo International Container Terminal in 2014.HONG KONG - Beijing's bid to increase its strategic foothold in Sri Lanka was back on track after the island nation's cabinet...
Sohar has hub port plans as Middle East food market soars HONG KONG - The value of regional food markets in the Middle East will reach $53 billion in 2020, "a perfect recipe for growth," according to Andre Toet, CEO of Sohar Port and Freezone in the Gulf sultanate of Oman. The Sohar executive believes his port can become an important conduit...
ILWU deal could hinge on union's demand to fire local arbitrator With both the Pacific Maritime Association and the International Longshore and Warehouse Union trying to avoid an employer lockout or a strike by longshoremen, the fate of the current coastwide negotiations could depend on what is largely a local issue. In a teleconference on Wednesday with media from throughout the country,...
Fund in Hornbeck stake Hedge fund Anchor Bolt Capital has unveiled a significant minority stake in Hornbeck Offshore Services.
Navios dips on deal Shares of Navios Maritime Partners (NMM) opened lower than the pricing of the company's new $52m follow-on stock sale Friday, and were struggling to inch back to the deal level in midday trading in New York.
Ross's Navigator stake shrinks Wilbur Ross has unveiled a slightly smaller stake in Navigator Holdings, the New York-listed LPG carrier owner.
Pieter Schelte renamed Allseas Group has decided to change the name of its mammoth Pieter Schelte vessel, following public outrage over Schelte's Nazi past.
HitecVision funds fold Two shipowning funds controlled by private equity firm HitecVision have been declared bankrupt.
Fredriksen to Flex LNG muscle Fearnley Securities has backed Flex LNG to develop into a force in the sector under the ownership of John Fredriksen.
VPT pushes up profit Vietnam Petroleum Transport (VPT) has increased 2014 profit thanks to asset sales.
Dorian 'open' to M&A Dorian LPG chief executive John Hadjipateras appeared to leave the door open for potential merger and acquisition activity as he addressed analysts and investors this week.
Tankerska IPO falls short Croatian owner Tankerska Plovidba's new products tanker spin-off has raised HRK 208m ($30.64m) in its Zagreb IPO, $10m short of its target.
Lloyd Fonds into owning German finance house Lloyd Fonds is planning a major change of strategy with a EUR 162m ($184m) move into shipowning.
Taxing times? We take a look at what was said in the market over the past week.
Golar buying back bonds Nasdaq-listed Golar LNG is to spend up to $50m on buying back a convertible bond issue.
FSL sells Torm stake Singapore's First Ship Lease is set for a first quarter boost after selling its shareholding in Danish owner Torm.
Crewmen airlifted A US Coast Guard (USCG) helicopter has evacuated three men injured on a Greek bulker off the west coast.
Sun sets on panamax Marine Industrial Concerns of Greece has sold its only vessel for demolition, sources say.
"Search the rubble" Evercore ISI has taken a red pen to its dry cargo forecasts amid the suggestion investing in the space will not be for the faint hearted.
CSCL in pole position China Shipping Container Lines (CSCL) is the best placed of Asian carriers to benefit from the fall in fuel prices.
Otto's PSV duo hired Singapore's Otto Marine has won two contracts from an Australian oil major that will see its orderbook boosted by $64m.
Cosco Corp confirms orders Singapore-listed shipbuilder Cosco Corp has confirmed two new orders worth a combined $160m.
Namura raises forecast Namura Shipbuilding has raised its full-year profit forecast after an improved showing in the first nine months of the fiscal year.
Cruiseship grounds All passengers have been evacuated from a Chilean cruiseship that ran aground on a beach on Thursday morning.
Kyoei profit slides Kyoei Tanker has posted a profit decline for the first nine months of the financial year 2014.
Galbraith's capesize crumbs A depressed capesize market has seen up to 20 newbuildings swapped for tankers but such moves can do little to lift rates right now, Galbraith's says.
Toei Reefer stronger Japanese owner Toei Reefer Line has posted a bigger profit in the first nine months despite revenue remaining steady.
Atlantska downed Croatian bulker owner Atlantska Plovidba has been downgraded by Erste Group as the shipping outlook stayed "poor".
Hanjin Heavy loss grows Hanjin Heavy Industries has posted a bigger deficit in 2014 as it made loss provisions.
Lines expand co-operation CMA CGM and Hamburg Sud have reached an agreement to further enhance their existing co-operation.
Provisions dent MISC MISC has seen fourth quarter net profit decline almost 12% due to a net impairment on the vessels within its fleet.
NMM to sell stock Navios Maritime Partners is looking to sell up to 4.6m units in the master limited partnership, it disclosed late Thursday.
Dalian eyes bond market Dalian Port is looking to raise fresh funds from a proposed offering of Renminbi denominated credit enhanced bonds.
Logindo raises fresh funds Logindo Samudramakmur has successfully raised SGD 50m ($37m) from a bond issue in Singapore.
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