Port of Tallinn starts ferry company, issues bonds to build ferries A design for one of the new ferries. Credit: Port of TallinnEstonia's largest port has issued EUR60 million worth of bonds and established a ferry company. The wholly-owned state Port of Tallinn has set up a 100% subsidiary, TS Laevad Ltd, that has ordered and will then operate four local...
Mundra set to surpass J N port as India's biggest container gateway Credit: Mundra portMundra port is building a new container terminal, the fifth overall, as it looks to expand capacity in Asia's third biggest economy. Mundra is India's biggest commercial port located in the north western state of Gujarat. The new terminal is designed to handle 1.2 million teu and will be...
Turkish yard wins offshore wind support vessel order Turkey's Yalova-based Cemre Shipyard has secured a contract to build a service operation vessel for the offshore wind farm industry. Ordered by Esvagt of Esbjerg in Denmark the vessel will support MHI Vestas Offshore Wind technicians maintaining wind turbines off the Belgian coast on the Noblewind project under a 10...
Impact of APL's G6 alliance exit in spotlight CMA CGM's plans to bring APL into the O3 Alliance once the NOL acquisition is done has put the spotlight on the G6 Alliance and what the loss of its Singapore-based member would mean. On Monday, CMA CGM vice chairman Rodolphe Saade announced that a USD2.4 billion offer was to be...
Commentary: Impact of APL's G6 alliance exit in spotlight Credit: Hannes van RijnCMA CGM's plans to bring APL into the O3 Alliance once the NOL acquisition is done has put the spotlight on the G6 Alliance and what the loss of its Singapore-based member would mean. On Monday, CMA CGM vice chairman Rodolphe Saade announced that a USD2.4 billion...
Sembcorp must set aside USD460 million for rig cancellations, say analysts Jurong shipyard, where most of Sembcorp's rigs are built. IHS/Krispen AtkinsonSembcorp Marine would have to make provisions of SGD 643 million (USD460 million) for eight rig orders that are at risk of being cancelled, predicts Singapore securities firm UOB Kay Hian. UOB Kay Hian analysts Nancy Wei and Foo Zhiwei said...
DSME bond repayment allays financial fears DSME shipyard. Credit: HasenpuschBeleaguered South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) said it has been repaying loans and corporate bonds, allaying fears over its financial standing. DSME could be staring at KRW5 trillion (USD4.3 billion) of losses after unveiling concealed losses from offshore plant orders in July 2015. The...
Jurong Port to build oil storage terminal with Oiltanking Jurong port. Credit: Joachim AffeldtSingapore's Jurong Port, primarily a destination for dry bulk and breakbulk cargoes, will be adding a storage terminal for chemicals and petroleum products to its facilities. The port and Oiltanking Singapore Limited, the Singapore-based subsidiary German liquid bulk terminal operator Oiltanking GmbH have signed an agreement to...
Salvage Union promises clampdown on unethical behaviour Maritime Maisie struggled for a place of refuge. Credit: Lloyd's Register.John Witte, the new president of the International Salvage Union (ISU), has delivered a strong message that unethical behaviour by some salvors will not be tolerated. Witte, senior salvage master for diversified US salvage company Donjon Marine, highlighted the issue during...
Phnom Penh port to list on Cambodian Securities Exchange The Cambodian bourse. Credit: CSX Cambodia's Phnom Penh Autonomous Port (PPAP) will become a listed company on 9 December after a successful initial public offering (IPO) that saw 20% of its share capital sold to private investors. PPAP raised USD5.2 million with the sale of 4.1 million shares in three tranches....
Container freight rates hit year low in October Credit: PAContainer freight rates suffered a sharp fall in October to their weakest level this year, figures released by Container Trade Statistics (CTS), the UK based consultancy show. Their freight rate index, which includes both spot and contract rates, fell by six points to 71 in October, well below the previous...
Grounded Hanjin ship has detention record Container ship Hanjin Aqua that ran aground in the Sunda Strait on 4 December with class A hazardous cargo and a hole in its hull, had been detained in Australia for repairs earlier this year. Australian Port state control detained the 51,032 gt vessel in the port of Brisbane in September...
DryShips' losses near billion-dollar mark DryShips founder George Economou. Credit: Chris Preovolos/Marine Money.Financial fallout from slumping bulker rates has topped off enormous impairment charges at George Economou's DryShips, which is in the process of selling most of its fleet. On 7 December, the NASDAQ-listed shipping company posted a net loss of USD820 million for 3Q15,...
Paragon Shipping signs agreement over $38m outstanding debt $57m facility was set up as an exchange for the sale proceeds of three vessels
TEN to resume $20m stock buy-back programme Shares will be repurchased in open market transactions at management's discretion
Diana and Jiangnan delay handover of two newcastlemaxes Move said to be mutually beneficial for Greek owner and Chinese builder
Suezmax rates from the Middle East track VLCC gains Aframax market supported by Kuwait to Singapore trade
OSV owners should focus on costs and utilisation to survive More than half of companies analysed for AlixPartners study could be headed towards bankruptcy
US eases shipping sanctions for six months Rapid box trade growth attracting major line interest
Supramax index stays around seven-year low Rates roll down from last week's level amid a long tonnage list
Evergas orders four new ethane carriers Newbuildings to be delivered from first quarter of 2018
IBA and Human Rights at Sea introduce app to help seafarers report abuse Program for smartphones and tablets helps to record images and video which can be used as evidence in court
Svitzer takes delivery of two Damen ASD tugs 3212 in the UK Tugs to carry out general towage and escort duties at ports of London and Felixstowe
Vallianz Holdings clinches time charter contract worth up to $98m Charter to start in first quarter of 2016
Chennai container movements affected by floods Port slowly resuming operations as floodwaters recede
CMA CGM expects Yildirim's exit to be gradual French line in discussion with Turkish investor about redeeming $600m of convertible bonds maturing next month
CMA CGM puts US west coast ports to the test with 18,000 teu ship No decision yet on whether vessels of this size will be deployed regularly on the Pacific, says Rodolphe Saadé
DryShips posts $820m net loss Third quarter sees a drop in daily revenue in dry bulk carriers but a slight rise in tankers
NASSCO delivers first of five Eco class tankers to APT Construction and operation of tankers will comply with the Jones Act
CIT Maritime Finance provides $40m loan to Valløby Shipping Startup tanker owner enters chemical market backed by private equity group
KfW commits to financing two Royal Caribbean cruiseships German bank will cover loan but seeks syndication
GT Nexus Whitepaper: A Holistic Approach to Source-to-Pay Many companies today still employ various point solutions from niche AP and P2P software providers to execute the financial supply chain. In doing so, companies over-complicate the very process they seek to simplify. Point solutions reside in a silo, preventing the flow of data across departments such as sourcing, logistics,...
US import volume forecast to end year with a whimper U.S. retailers expect import volume will close the year with a whimper, with inbound volume set to slip 0.1 percent year-over-year in December. Although import volume will surge in early 2016, much of that is because of easy comparisons to the same periods in 2014, according to the Global Port Tracker....
Hostile takeover of NS by CP after rejected bid seen as unlikely Norfolk Southern Railway's second rejection of a takeover bid from Canadian Pacific has ignited talk of a potential hostile takeover - something the Class I railroad industry has never seen and is unlikely to occur, according to an intermodal analyst. "There hasn't been a hostile takeover of a railroad to my...
Freight rates hit lowest point of year in October Container freight rates suffered a sharp fall in October to their weakest level this year, figures released by Container Trade Statistics, a U.K.-based consultancy, show. Their freight rate index, which includes both spot and contract rates, fell by six points to 71 in October, well below the previous 2015 low of...
Japan shipping industry outlook darkens Teikoku Databank Ltd., a leading corporate credit research firm in Japan, has painted a bearish picture of the nation's shipping industry, citing growing uncertainty over China's economy. The Tokyo-based research firm said that the number of Japan shipping companies exiting the market could increase this year and into 2016. The overall revenue...
Variability is foe of port performance, Ports America executive says Peter Ford, chief strategy officer, Ports America, addresses the JOC's third annual Port Performance North America Conference in Iselin, New JerseyISELIN, New Jersey - Container ports need a fresh, no-holds-barred examination of ways to reduce variability that hobbles productivity, Ports America's chief strategy officer said Tuesday. "I think at some point we need to take...
Variability is foe of port performance, Ports America executive says ISELIN, New Jersey - Container ports need a fresh, no-holds-barred examination of ways to reduce variability that hobbles productivity, Ports America's chief strategy officer said Tuesday. "I think at some point we need to take a white paper and start fresh and work backwards," said Peter Ford at the JOC's third annual...
Freight transportation industry transformed in 2015 2015 may not go down as the most disruptive or revolutionary year in freight transportation history, but it's certainly been one of the most transformative ones. The year opened, after all, with the second contentious, congestion-inducing longshore labor contract-negotiating process in as many years. When the dust settled in February with...
Phnomh Penh port to list on Cambodia Securities Exchange Cambodia's Phnomh Penh Autonomous Port will become a listed company on Wednesday after a successful initial public offering that saw 20 percent of its share capital sold to private investors. PPAP raised $5.2 million with the sale of 4.1 million shares in three tranches. A share price of 5,120 riel ($1.26) was...
Throughput flat at India's busiest public container ports Container throughput at India's major ports inched up 1.83 percent year-over-year in the first eight fiscal months, as sluggish global demand dragged down volume growth at the country's state-owned cargo gateways. Volumes during April to November totaled 5.4 million 20-foot-equivalent units, up from 5.3 million TEUs a year earlier, the newest...
Ocean carriers repeating mistakes of 2009, Drewry says Ocean carriers are repeating some of the mistakes that pushed many close to the brink during the 2009 crisis but the industry is in better shape to survive the current crisis, according to Drewry Shipping Consultants. The 2009 crash, triggered by the global financial crisis, saw container demand decline by an...
US railroads crack down on terminal free time for shippers At least two Class I railroads are cracking down on how long shippers can keep their containers and trailers at intermodal terminals via shorter free-time windows - and one of the railways has hiked storage fees - in an effort to improve network velocity. Their efforts, unsurprisingly, have frustrated some shippers...
S&S Activewear to speed distribution with Kansas distribution center S&S Activewear will open a distribution center in the Olathe, Kansas, becoming the third company to announce plans for manufacturing and logistics operations in the Kansas City area in the past month. The promotional apparel wholesaler, will occupy a 473,000-square-foot distribution center in Olathe, expanding its national one-day shipping footprint. The...
NY-NJ 'gray' chassis pool awaits deal with ILA Creation of a centrally managed chassis pool at the Port of New York and New Jersey is awaiting an agreement on labor issues involving International Longshoremen's Association jurisdiction over maintenance and repair. Port interests have been working since early 2014 to create the "gray" pool, which would allow truckers to pick...
Bunker prices tumble in hub ports Rotterdam 380 cSt material has lost $20 in two days.
'True worth' fuel update from ViswaLab Suggests the 'best' fuel from Middle East is worth $36 pmt more than the 'worst' fuel from Singapore.
China unveils plans for curbing sulphur emissions from ships Self-styled ECAs will not be as stringent as rules already in force in North America and Northern Europe.
Objections filed against OW US liquidation plan One company is afraid of losing right to pursue vessels for $1.5 million worth of unpaid bunkers.
Oiltanking to delay Indonesian Karimun terminal start-up to Q1 2016 Oiltanking Singapore is now in advanced negotiations with potential lessees.
Platts Pre-Report Survey of Analysts' EIA Data: Refinery Runs May Boost Products Oversupply Analysts surveyed by Platts Monday estimate crude oil inventories declined 1.2 million barrels.
ANALYSIS: Rampant US refinery runs could add to product stocks oversupply These bearish fundamentals will likely keep the oil complex teetered on the edge of further declines.
Oil complex settles lower as OPEC reawakens supply glut fears NYMEX January crude settled $2.32 lower at $37.65/b, while ICE January Brent fell $2.27 to settle at $40.73/b.
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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