Sri Lanka 'port city' reclamation put on hold Sri Lanka's new government has decided to temporarily stop work on a USD1.4 billion Chinese-funded reclamation project to create a 'port city' next to Colombo harbour, a month after giving the go-ahead. Government spokesman Rajitha Senaratne told reporters on 5 March that China Harbour Engineering
Vancouver's Centerm re-opens after fire Container operations at Centerm, Port Metro Vancouver, were restarted last Friday, following a two-day fire. The fire broke out on 5 March inside a sealed shipping container at Centerm container terminal on the south side of Burrard Inlet. The burning container contained trichloroisocyanuric acid,
Med coastguards brace for migrant wave Europe is facing the prospect of huge increase in migrants crossing the Mediterranean this year, according to Fabrice Leggeri, executive director of the European Union (EU) border control organisation Frontex. Leggeri told the Italian news agency ANSA that between 500,000 and 1 million migrants are
Tianjin port undergoes USD2.5 bil. expansion A total of about CNY16 billion (USD2.5 billion) will be invested in port infrastructure projects at Tianjin port in 2015, the local government said. The projects comprises the completion of the Shenghan Petrochemical Terminal, a bulk stack yard in the port's Nanjiang area, three petrochemical quays
IACS develops new rules after MOL Comfort casualty The International Association of Classifications Societies (IACS) said it has developed two new rules as a result of the break-up and sinking of MOL Comfort. MOL Comfort, an 8,110-teu container ship, broke up and sank while en route from Singapore to Jeddah on 17 June 2013. In early 2014, IACS had
Clarkson open to more buyouts after Platou deal Clarkson, the listed London-based services provider to the maritime industries, has left the door open to further acquisitions after sealing a GBP281 million (USD420 million) deal to acquire RS Platou of Oslo a month ago. "This is a transformational acquisition and we are now focused on
Iranian Navy foils piracy attempt in Oman Sea The Iranian Navy has rescued a Filipino-flagged cargo ship from pirates in the Oman Sea. Freighter Panama-Gade was under way in the Oman Sea on 8 March when it was chased for several hours by a number of motorised vessels equipped with light weapons. The Iranian Navy picked up the vessel's
Rabaul Queen trials get their last adjournment The trials of Rabaul Queen's shipowner and others have been delayed once again and are now set for 19 March. Three years after the ferry sank off Papua New Guinea's north coast on 2 February 2012 with the loss of more than 173 lives, a Commission of Inquiry, a police investigation, and the
Hanjin Subic Bay yard unlikely to achieve 2015 target Hanjin Heavy Industries & Construction's (HHIC's) Subic Bay shipyard is unlikely to achieve its annual delivery target due to construction delays, said an analyst in his research note. Hana Daetoo Securities analyst Moohyun Park said, "The Subic Bay yard plans to deliver 19 vessels, including 18
SITC International 2014 profits up 7.4% y/y Hong Kong-listed box carrier SITC International Holdings' profits increased 7.4% year on year (y/y) to USD120.7 million in 2014, mainly due to strong revenues growth. Revenues increased 8.7% y/y to USD1.4 billion during the same period, thanks to increases in the container shipping volume and
Evergreen wins US logistics award Taiwanese carrier Evergreen Marine Corporation won the 2015 LOG-NET E-Commerce Excellence Award on 3 March at the Trans-Pacific Maritime conference in California. The award, presented by the integrator of ocean carriers LOG-NET and Journal of Commerce, is given in recognition of Evergreen's
Triyards secures contracts worth USD100 million Singapore-listed offshore services provider Triyards Holdings (Triyards) has secured contracts worth USD100 million. The contracts are for two ice-class multipurpose support vessels (MPSVs), which exclude owner-furnished equipment, and a turret fabrication job. The MPSVs contracts were sealed with
NZ maritime safety under the spotlight The Maritime Union of New Zealand (MUNZ) called for a national inquiry into the growing rate of port and ship safety incidences, after three port workers were injured last week. Two dock workers in the Port of Timaru were hospitalised on 4 March, one with serious back injuries, after an accident
CIMC Raffles recovers USD272.74 mil. from Schahin China International Marine Containers (CIMC) announced on 6 March that its fully owned subsidiary CIMC Raffles Offshore (Singapore) has recovered USD272.74 million from Brazil's Schahin Group. The company and Schahin reached full settlement and entered into a reconciliation agreement in February,
Box Ships sees rising rates for container vessels Recent charters and industry fundamentals encourage cautious optimism, says owner
Rates stable but a quiet week in scrapping Breakers look set to wait and see how the market will evolve
OOIL's profits soar to $270.5m Better global trade performance and cost reduction behind increase
Hamburg Süd 'profitable', Gast confirms But Oetker affiliate saw turnover drop in 2014
IM Skaugen slides to loss on 'turbulent' year But small gas carrier specialist is sanguine about the future for this niche
VLCC market is still promising, says China Merchants Energy Shipping Oil demand from developing countries and floating storage are the two key factors
Yangzijiang confirms that Beijing has asked it to explore taking a stake in loss-making Rongsheng Yangzijiang founder Ren Yuanlin will quit as chief executive and taps his son for role
Norwegian Cruise Line opts for underwater bubble technology 1ruise operator to install air lubrication system in bid to cut fuel bills
Deadline to enter the Containerisation International Awards edges ever closer Companies eyeing Containerisation International award have less than two weeks to submit their entries
So, how will Maersk Line manage to improve profitability in 2015? Danish carrier has worked hard to cut costs but improving profits this year could be challenging given that freight rates are on the decline
Attica returns to black after five tough years Recent restructuring, cost containment and lower fuel prices all helped, says operator
Fresh warnings issued over VLGC oversupply Spot rates on the rise but it's hard to ignore swelling fleet
Alliances not the answer to container shipping's financial woes Morgan Stanley's Doug Hayes says only full-scale consolidation will lift industry profits to a sustainable level
Clarksons posts $26m profit but warns of challenges in shipping Shipbroker wants to build on acquisition of RS Platou but recognises shipping is not out of the woods yet
CIMC Raffles grabs back $72m in dispute with Brazilian driller Payment brings long-standing arbitration to an end
Ocean Victory case: Kashima and other ports are safe again UK Court of Appeal brings relief to charterers in safe port claims
Coping with bigger measures Pilots are having to operate with bigger and bigger 'envelopes' and with smaller and smaller margins for error
No end in sight for legal wrangling over harbor trucker employment status LONG BEACH, California - The legal wrangling over the classification of drayage company drivers as being either employees or independent contractors has been going strong for 10 years now, yet closure could still be many years off. The Teamsters union, buoyed by recent victories in misclassification suits, is convinced the courts...
US container exports plunge on port congestion, weak demand, strong dollar U.S. container exports plummeted 15 percent year-over-year in January as the West Coast labor standoff combined with a higher U.S. dollar and sluggish growth overseas to create a sobering start to the new year for a key Obama administration priority. Exports from the West Coast dropped almost 30 percent while...
US containerized imports forecast to spike 17 percent this month U.S. containerized imports are expected to rocket 16.9 percent this month as West Coast ports make headway in reducing a massive cargo backlog caused by a labor showdown and retailers bring in spring merchandise, according to the monthly Global Port Tracker. Inbound container traffic in March will hit 1.5 million TEUs,...
NJ lawmakers send governor bill to dissolve Waterfront Commission New Jersey legislators on Monday voted to send Gov. Chris Christie a bill to dissolve the bistate Waterfront Commission of New York Harbor and transfer its New Jersey operations to the state police. The state Assembly voted 75-0 for the bill, which previously was approved by the Senate. No lawmakers voted...
Plan early, and then adapt Eric SouzaIndicators of long and drawn-out West Coast port challenges began showing up in February 2014. While many in the industry focused on East Coast and Midwest delays because of a harsh 2013-2014 winter season, West Coast terminals were congested as a result of strong volumes pre-Chinese New Year 2014. Chassis...
Direct BCO cargo a growing share of MSC's US book of business Cargo sourced directly from beneficial cargo owners is becoming a steadily larger piece of Mediterranean Shipping Co.'s U.S. import cargo, further underscoring its transformation from an outsider, dependent on intermediaries for freight, to the largest carrier serving the U.S. market. BCO freight accounted for 62 percent of the 2.02 million loaded...
Morgan Stanley sells Montreal container terminals A consortium led by Montreal-based Fiera Axium Infrastructure has acquired Montreal Gateway Terminals from a subsidiary of Morgan Stanley, the companies announced Friday. Terms of the deal were not disclosed, though The Wall Street Journal has reported the group paid somewhere in the area of 650 million Canadian dollars(US $520 million)...
In wake of labor standoff, service is top priority for BCOs "We like to work with partners who have performed for us," Stuart Turner, enterprise commodity manager, global logistics for Nexteer Automotive, told the TPM Conference in Long Beach this month.Bruised by the experience of the current West Coast port disruption, shippers speaking at the 15th annual TPM Conference last week...
3PL Kane is Able expands westward to support Nutrabolt distribution Third-party logistics provider Kane is Able is expanding in the U.S. West, opening a dedicated distribution facility in Salt Lake City, Utah, for sports nutrition company Nutrabolt. The Western addition follows recent expansion by Kane is Able into Northeastern Ohio, Detroit, Atlanta, where it opened a 426,000-square foot distribution center in...
Brazil's Rio Grande moves forward on dredging as truck flow normalizes The Port of Rio Grande, in southern Brazil, shared a double dose of good news on Friday: truck flow operations had returned to normal and it's moving forward with its dredging plans. The port authority for Rio Grande (SUPRG) released a statement declaring that Friday was the first day that the...
Clarksons faces 'extremely challenging' markets after 2014 gains Clarksons posted higher profit and revenue in 2014 but the world's biggest maritime services company said it faces "extremely challenging" conditions in some shipping markets. The London-listed company's net profit climbed to £17.2 million [US $26 million] from '15.3 million in 2013 on revenue of '237.9 million against '198 million last...
New ship design promises banana shippers more capacity, faster loading LONG BEACH, California - A new design for a refrigerated ship built for banana shipments and roll-on/roll-off cargo promises more capacity, faster loading and unloading, and better fuel efficiency than its counterparts, its designer says. The new type of vessel, which would handle auto cargo for the head haul from Northwest Europe...
Baltimore ILA local culls new members from rolls The largest International Longshoremen's Association local in Baltimore is purging its rolls of members who were added shortly before the local was placed under a trustee appointed by the union's international headquarters. The newly hired members have received form letters from the ILA advising that their memberships were not valid and...
Grimaldi close to $300 million order for five auto carriers Grimaldi Group is close to sealing a $300 million order for five large car carriers that will operate on the North Atlantic trade lane. The Italian company has shortlisted Chinese shipyards for the contract and the order will be finalized in March, managing director Emanuele Grimaldi told The Wall Street Journal. "The...
Lithium battery cargo carried on missing Malaysia flight MH370 HONG KONG - There were 221 kilograms of lithium ion batteries in the belly hold of Malaysia Airlines Flight 370 that vanished in March last year, according to the first comprehensive report into the disappearance of the Kuala Lumpur-Beijing aircraft.Information on the cargo payload was included in the 600-page report...
Rising revenue, falling fuel costs lift OOCL earnings HONG KONG - Orient Overseas Container Line (OOCL), the container transport division of Hong Kong-listed OOIL, reported a 161 percent increase in its 2014 net profit, driven by a sharp 15 percent drop in bunker costs in the second half and solid increases in revenue and volumes.The container transport and...
Silver lining Growing concerns about the safety of freight trains involved in the carriage of US crude could lend support to the Jones Act tanker market, according to an analyst at Arctic Securities.
Suezmaxes shine Suezmaxes were the star attraction of the tanker segment today as day rates continued to gain momentum.
Pan Ocean fixes Dong-A cape It appears that Dong-A Tanker Co (DAT) of South Korea has lined up another period deal for one of its capesize bulkers.
Algoma appoints CEO Diversified Canadian operator Algoma Central has lined up a replacement for its outgoing chief executive, Greg Wight.
Stena fixes Aegean four Sweden's Stena has chartered four modern MR tankers from Greece's Aegean Shipping Management's for five years, industry sources said.
Island delays deliveries Island Offshore has put the brakes on the biggest part of its newbuilding programme as it waits for the market to improve.
OPDR adds run Germany's OPDR has launched a new containership run from northern Europe to Portugal.
Diana in Glencore deal Diana Shipping has tied up a charter for one of its panamax bulk carriers with Glencore.
UK fleet squeezed The number of UK-registered vessels has plunged 9% year-on-year to reach its lowest level since 2006.
Genting cashes in NCL Malaysian shipping group Genting HK is to make a $218m profit from selling a slice of cruise line NCL.
The men that Forbes forgot? Forbes may have only found three Greek billionaires in its annual rundown of the world's richest people last week - but Bloomberg thinks four heavyweight shipowners have been overlooked.
Jan De Nul goes large Dredging group Jan De Nul has ordered the world's biggest cutter suction vessel in Croatia.
Solstad charters out AHTS Solstad Offshore has secured employment for one anchor-handling vessel with its long-term contractor in Malaysia.
Maran engineer missing Twelve commercial vessels are on the look-out in the Arabian Sea for signs of the missing chief engineer of a Greek-owned tanker, the country's merchant marine ministry said.
Trio forced ashore Three laid-up cement carriers have broken their moorings and been forced ashore in a storm off Croatia.
Son succeeds Ren China's Yangzijiang Shipbuilding has appointed the son of current boss Ren Yuanlin as its new CEO.
Results spur Clarksons Clarksons shares were gaining ground this morning after a strong full year showing and a 12th successive increase in dividend.
Triyards adds MPSV duo Singaporean shipbuilder Triyards has added two multi-purpose support vessels (MPSVs) for compatriot MDL Marine Holdings to its orderbook.
Precious raising $64m Thai bulker owner Precious Shipping is proposing a new share and warrants issue to increase its capital.
Courage to split shares Courage Marine has decided to consolidate its shares in an effort to rationalise its share capital and increase its stock price.
DW seeks refinancing? Dubai yard group Dubai's Drydocks World (DW) has been linked to a possible refinancing of its $2.3bn debt.
Statoil adds ERRV Aberdeen's Sentinel Marine has won a contract to provide a new emergency response and rescue vessel (ERRV) to Statoil.
Pittas bags panamax Greek shipowner Aristides Pittas has stepped into the sale and purchase market for a panamax bulker but his public company Euroseas denies it has also added to its fleet.
Rongsheng options open Chinese shipbuilder China Rongsheng Heavy Industries may explore other cash-raising possibilities after the failure of a $416.5m warrants issue.
SITC boosts profit SITC International Holdings has seen both full year earnings and revenue grow as container volumes increased on intra-Asia routes.
DSME sets out order goal DSME predicted fresh contracts worth $13bn in 2015 as it reported an improved full year performance today.
Clarksons pushes ahead UK shipbroker Clarksons has increased profit in 2014 as revenue grew 20%.
OOIL 2014 profit surges Orient Overseas (International) Limited, the parent of OOCL, said net profit soared more than five-fold to $270m in 2014.
Statoil postpones again Statoil has postponed two of its biggest offshore developments, citing falling oil prices and expected high operating costs.
Panamax left powerless A Greek-owned panama bulker has resumed its passage after going aground on the Columbia River on the US west coast.
Cargo vessel refloated A general cargo vessel that ran aground off the west coast of Scotland on Saturday was refloated late on Sunday.
US detains MOL boxship The US Coast Guard (USCG) has detained a Mitsui OSK Line (MOL) containership after it failed a port state control (PSC) inspection.
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