Diana teams with Wilhelmsen NYSE-listed Diana Shipping and Wilhelmsen Ship Management have announced the creation of a new 50/50 joint venture, Diana Wilhelmsen Management (DWM). DWM will be based in Limassol, Cyprus, and will commence operations by the end of June. It will begin operations by providing management services to
Container spot freight finally pushing up Shipping lines are making some progress this week in improving their dismal voyage results, with spot freights ex-Far East to Europe and the Mediterranean nudging up today, according to the Shanghai Containerised Freight Index (SCFI). The freight barometer posted a 151% increase USD861 per teu in
German agents fuming over ship reporting changes Maritime traffic into Germany could face administrative delays and increased satellite communication costs on 1 June when new ship reporting standards are introduced, the German shipbrokers and ship agents' association ZVDS has warned. Germany then becomes one of the first countries to implement
Maersk comes back to DSME for ULCS order AP Moller-Maersk has returned to South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) for its latest series of ultra-large container ships (ULCS). The new order calls for an initial six firm 20,000 teu vessels with options for a further four ships being attached to the contract.
Hamburg salvage consultant expands German salvage consultant and marine surveyor Brand Marine Consultants plans to establish its own engineering division together with a joint venture partner. The company, launched 18 months ago by Dennis Brand, the former managing director of central German hull and machinery claims handler VHT, is
Royal Caribbean orders fourth Royal Caribbean has confirmed an order for a fourth Quantum-class newbuilding at Germany's Meyer Werft, for delivery in 2019. Although no price was disclosed, the first three vessels in the series were priced at about USD230,000/berth or about USD950 million/vessel. The first of the series, the
Meyer Turku returns to the big time At a ceremony today for the handover of Mein Schiff 4 to TUI Cruises, Bernard Meyer, patriarch and CEO of the Meyer Group, announced that his company will be making large investments in its Finnish yard, which it acquired in autumn last year in partnership with the Finnish state. In addition, Meyer
Container freight rates plunged in March Container freight rates fell sharply in March and are now well below their range of the past two years, data from Container Trade Statistics (CTS), the UK-based consultancy, has shown. Its freight index that includes both spot and contract rates fell two points to 79 in March. It had remained
China vessel exports up 34.8% y/o/y in 1Q China's vessel exports rose 34.8% year-on-year (y/y) to USD8.3 billion in the first three months of 2015, according to customs statistics. The exports are likely to decrease y/y later this year as new orders placed at Chinese shipyards have been tumbling since late 2014, China National Association
Indonesia arrests two tankers Two tankers were arrested by the Indonesian Marine Police for illegal fuel oil bunkering off Batam and Palembang, Indonesia. Urban Success, with IMO number 8617615, was apprehended by the Indonesian Marine Police for alleged smuggling of diesel fuel from Palembang into the outer port limit in east
Newcastle coal port fully operational Dredging, diving, scaffolding and repairs continue at Australia's largest coal port this week after heavy rain and winds closed the port in April, causing the biggest export slump for eight years. "For most vessels it's business as usual," a port spokesperson told IHS Maritime. "The port is fully
Transpacific demand triggers rate boost Container carriers in the US-Asia markets will ask shippers for USD1,600 in rate and surcharge increases by 1 July, citing strong cargo demand in 2Q15. The increases, announced by the Transpacific Stabilization Agreement (TSA) on 6 May, include a USD600 per feu rate increase effective 1 June and 1
MHI books $8.3bn orders in FY2014 Japan's Mitsubishi Heavy Industries (MHI) said on 8 May that its shipbuilding unit booked almost JPY1 trillion (USD8.3 billion) worth of orders for fiscal year 2014 (FY 2014), which ended on 31 March. This exceeded the JPY360.3 billion of orders booked in FY 2013. The surge was due to the higher
Parakou Tankers calls off merger with Cambridge Singapore-based Parakou Tankers has called off its reverse merger with Cambridge Capital Acquisition, a NASDAQ-listed blank-cheque company formed in 2014. In a statement issued on 8 May, Parakou Tankers, an offshoot of Hong Kong's Parakou International, said that both parties could not agree on
Box ship sinks off Guangzhou port after collision A box ship sank near Guangzhou port on 7 May after it collided with another cargo ship. According to the Guangzhou Maritime Bureau, fully loaded box ship Sui Dong Fang 332 was carrying 57 containers when it collided with the cargo ship Ming Yang Zhou 179 at 3:00 h local time. Hui Dong Fang 332
Otto Marine defends against arbitration Singapore-listed offshore services provider Otto Marine has been advised by its lawyers that the USD8.88 million claim against its wholly owned subsidiary Otto Venture is "vexatious" and that it has a good chance of defending against the arbitration. The lawyers also advised Otto Marine that the
Austerity drive hits Pacific Radiance With no signs of a let-up in the austerity measures implemented by oil and gas companies, Singapore-based offshore oilfield service company Pacific Radiance's earnings over the next two years are likely to be lower than previously anticipated. UOB Kay Hian Securities said in a report issued on 8
UOBKayHian recommends 'sell' for Nam Cheong Singapore-based brokerage house UOBKayHian has recommended investors to sell off their stocks of Nam Cheong in view of the potentially weaker earnings for the offshore services provider in the first quarter of 2015. UOBKayHian expects the company's earnings to bottom in the first half of 2015,
Seoul starts Sewol pre-salvage work South Korean authorities have begun pre-salvage work for the capsized ferry, Sewol. The Ministry of Oceans and Fisheries (MOF) said on 7 May that a taskforce comprising itself, the Ministry of Public Safety and Security (MPSS), Korea Institute of Ocean Science and Technology (KIOST), the Republic
Sainty Marine defaults on more bank loans Shenzhen-listed Sainty Marine has reported additional defaults on an aggregate of CNY57.3 million (USD9.2 million) bank loans as a result of tight liquidity. A stock filing of the company said on 8 May that the company could not repay the outstanding bank loans that were due on 6 May and 7 May as
Russia is pumping out LPG, says Navigator All eyes are on the amazing US export story, but Russia is playing its part in creating LPG cargoes for carriers
Yang Ming board approves 14,000 teu charter project Taiwanese carrier plans to add another five to its existing fleet of 15 ultra large boxships
Outlook is mixed and challenges continue, says Clarksons Dry bulk and offshore presenting headaches for its broking division, while tankers are looking up
Nordic American Tankers to offer peek behind the curtains on Monday Anticipating suezmax insight from the company that likes to underpromise and overdeliver
Relief at last for Asia-north Europe carriers Freight rates jump 151% as carriers finally manage to push through GRIs
WSC rebuffs FMC suggestion that lines to blame for west coast congestion In a letter to FMC chairman Cordero, WSC chief executive Koch says frustration over port congestion also exists among ocean carriers
Brussels sets date for regulators' summit to review alliances Update: Officials from the US, Europe and China to share views on whether container shipping consolidation is detrimental to shippers
Zim launches new service as it shifts focus Israeli line expands Asia-South America presence, taking a different strategy from most of the other top 20 carriers
STB to address rail pricing issues at public hearings The U.S. Surface Transportation Board has announced plans for two public hearings on the country's railways, a sign the federal agency is amping up efforts to address shippers' frustrations with rail pricing. In June, the board will hold a public hearing to further examine issues related to the accessibility of rate...
Web app PortNinja comes to aid of drayage truckers The same developers that debuted a Web app to cut down on truck drivers' empty runs are about to launch a new truck-focused traffic app. Like Waze, the Google traffic app driven entirely by input from its users, PortNinja from the developers of Quick180 will allow truck drivers to report problems...
ACTA numbers good, but need to grow to better service debt The Alameda Corridor Transportation Authority had a good year in 2014 in terms of the number of containers it handled and the revenue it generated, but if ACTA is going to stay on track for debt servicing, container volume moving through the ports of Los Angeles and Long Beach must...
A damage claim grows muddy after misplaced demands are made Q: We're a freight broker that runs a warehouse and ships for a client who stores his freight at our warehouse. We tendered a bill of lading to a carrier showing us as the shipper, care of our client. Freight charges are third-party prepaid to be billed to us. Unfortunately, the...
New ConRo ship enters service for Pasha Hawaii [Honolulu, HI - May 7, 2015] Honolulu-based Pasha Hawaii today announced that the M/V Marjorie C has arrived to begin her maiden voyage from the Port of San Diego, California to Honolulu, Hawaii. The new Marjorie C is a combination container/roll-on/roll-off (ConRo) vessel which represents a total $200 million commitment...
Santos imposes a massive 31.7 percent tariff increase The port authority for Santos in Brazil, Codesp, has been given permission to increase rates by a whopping 31.7 percent, and shippers should prepare for the increased costs. Shipowners, truckers and port terminals will inevitably pass the higher costs onto shippers. Angelino Caputo de Oliveira, president of Codesp, had been campaigning...
State-owned India ports see volume growth in April Container volumes at major state-owned port complexes in India expanded 3.9 percent year-over-year in April, the first month of fiscal year 2015-16, continuing a healthy growth trend seen during the past year, according to the latest provisional port statistics compiled by JOC.com. Total container throughput at India's 12 major ports reached...
City panel approves Lambert-St. Louis Airport cargo project Plans to construct an international air cargo gateway in St. Louis took another step forward this week after the city's airport commission approved the project in a unanimous vote. The commission voted Wednesday to demolish most of the original McDonnell-Douglas complex at the Lambert-St. Louis International Airport, paving the way for...
South Korea's Daewoo lands big Maersk ULCS order Maersk Group has returned to South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering for its latest series of ultra-large container ships. Its new order calls for an initial six 20,000 20-foot-equivalent-unit ships with options for a further four vessels being attached to the contract. Booked for delivery during 2017, they are understood to...
US container imports surge as West Coast backlog clears Containerized imports through major U.S. port gateways hit record levels in March as West Coast ports disgorged shipments that backed up during weeks of gridlock, according to the latest Global Port Tracker report. Port Tracker, published by the National Retail Federation and Hackett Associates, said ports covered by the report handled...
Empties fuel TEU growth at Port Everglades Container volume at Port Everglades rose 9.1 percent year-over-year in the first quarter, as growth in empty-container shipments outpaced an 0.7 percent rise in full 20-foot-equivalent units. Click to enlargeThe Florida port handled 282,356 TEUs in the first quarter, compared with 258,749 TEUs a year earlier. Full containers totaled 197,030 TEUs,...
Container ship charter rate rally slows The recent increase in charter rates for container vessels has lost some of its momentum following a spike in redeliveries of large gearless vessels from short periods and round voyages in the trans-Pacific trade. Some charterers have even raised concerns that demand by operators may begin to dwindle if liner...
Robust revenue lifts Kintetsu World Express's profit Major Japanese international freight forwarder Kintetsu World Express Inc. saw its group net profit surge on the back of strong revenue in the fiscal year ended March 31, despite an antitrust lawsuit-related extraordinary loss in the United States. The Tokyo-based company said on Friday that its operating revenue jumped 16.2 percent...
Nippon Express reports little change in FY profit Nippon Express Co.'s net profit remained almost flat in the fiscal year ended March 31, even as its revenue grew robustly on the back of a weaker yen and brisk exports of auto and electronics parts, especially to the United States and the rest of Asia. The biggest Japanese international freight...
India, Iran sign deal to build facilities at Chabahar port India signed a memorandum of understanding with Iran to build and operate cargo facilities at the Chabahar port, a free trade zone site on the Gulf of Oman, with the aim of allowing New Delhi a sea-land access route to Afghanistan. Click to enlargeThe agreement was signed by Indian Shipping and...
Genco records larger loss Genco Shipping & Trading reported a larger loss in the first quarter, but its red ink actually improved when the portion of Baltic Trading that it doesn't own is stripped out.
Box imports 'settling down' Imports have slowed at the top container ports in the United States as the backlog caused by labour unrest shrinks, according to the monthly Global Port Tracker report.
Euroseas inks newbuild loan Euroseas revealed that it struck a loan from HSH Nordbank to help pay for an ultramax bulker newbuilding.
More lay-ups coming? Offshore owners are bracing themselves for the tough North Sea market to continue as more vessel lay-ups are being considered by major players.
Platou boosts Clarksons Clarksons has hailed the range of its expanded operations after the recent $441m acquisition of RS Platou helped it make a solid start in 2015.
Diana does JV deal Greece's Diana Shipping has announced a ship management tie-up with Wilhelmsen Ships Management (WSM).
Cruise control Finnish ship systems group Wartsila has clinched a deal with Carnival Corporation to optimise engines on its fleet of 101 cruiseships.
Market mystery We take a look at what was said in the market over the past week.
Cabotage curtailed The Philippines has approved a new law to open up its coastal trade to foreign ships.
Bulker pain prolonged Goldman Sachs has predicted continued pain for bulker owners until at least 2020.
Namura prospers Namura Shipbuilding has risen in 2014 as it managed to push up both profit and revenue.
Tamai turns it on Tamai Steamship of Japan has pushed up profits in the year to 31 March, but it is forecasting a loss in the current year.
Sorrento reaches port The burnt-out ro-pax Sorrento has been towed into the Spanish port of Sagunto.
Sanoyas profit up 80% Japan's Sanoyas Holdings has fallen slightly short of its full year expectations but still managed to improve its profit by nearly 80%.
Kyoei Tanker stronger Japanese owner Kyoei Tanker has boosted earnings in the year to 31 March.
Zim doubles up Israeli container line Zim has strengthened its Asia to South America presence with a new service.
Louis Group eyes Cuba Cyprus' Louis Group has bought a Canadian-owned operator that charters one of its cruiseships for Cuban tours.
$300m deal for Subsea 7 Oslo-listed Subsea 7 has won a $300m contract to develop the Maria field for Wintershall off Norway.
Masterbulk picks Rickmers Singapore-based shipowner Masterbulk has selected Rickmers Group as its new primary third party ship manager.
SWS bags boxship order Shanghai Waigaoqiao Shipbuilding (SWS) has secured newbuilding orders for a series of six 11,000-teu containerships.
KNOP names new CEO KNOT Offshore Partners (KNOP) has named John Costain as its new chief executive and chief financial officer respectively.
Evergreen plans Asia link Evergreen Line is launching a new feeder service linking ports in Vietnam to its transhipment hubs in Singapore and Malaysia.
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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