Scorpio Bulkers investor relations fray A major investor in Scorpio Bulkers, Monarch Alternative Capital, has publicly voiced its disagreement with management after a highly discounted follow-on offering. On 10 June, NYSE-listed Scorpio Bulkers priced 133 million shares at USD1.50/share, a 31% discount to the previous closing price.
MOL sets up new car carrier brand Japan's Mitsui O.S.K Lines has established a global brand for car carrier services. The new brand name is MOL Auto Carrier Express (MOL ACE), "ACE" named after its automobile vessel names. MOL now operates 120 automobile vessels and its offices and agencies are in as many as 140 countries in the
Piracy fears trigger illness and hurt recruitment Seafarers are suffering health problems and turning down work because of fears of piracy and armed robbery, even if they have not experienced violence first-hand, a study has found. Further, they are likely to have more worries than those who have actually been attacked. A study by Oceans Beyond
Shippers 'still think money, rather than green' "Shippers are still driven by costs rather than green ethics," according to a senior manager of financial consultant PwC. Tom Vermeiren told delegates at TOC 2015 in Rotterdam on 10 June that cost was still the primary driver of shippers' modal decisions. He said container lines still continue to
Scorpio Bulkers shares collapse The NYSE-listed stock of Scorpio Bulkers plunged 37% over two consecutive trading sessions as the company sold shares to fund its newbuildings. Late on 10 June, the company priced 133 million shares at USD1.50/share, a 31% discount versus the 9 June closing price and a 38% discount versus the 8
Callao post-strike gridlock eases APM Terminals estimates it will take 7-10 days for operations to return to normal now striking stevedores are back at work at APMT's general cargo terminal at Peru's Port of Callao. The three-week-long strike, which ended on 5 June with a tentative two-year agreement, had been most damaging to
China Shipping Haisheng to raise $322m via private placement Shanghai-listed China Shipping Haisheng , a bulker operating subsidiary of China Shipping Group, announced on 11 June that it will raise CNY2 billion (USD322 million) through a private placement. Around 291 million shares will be issued to 10 subscribers at the price of CNY6.85 per share, and all
Former ST Marine senior executive faces 38 graft charges Former senior executive of shipyard Singapore Technologies Marine (ST Marine) faces 38 counts of graft charges over falsification of accounts totalling SGD126,156 (USD93,700). The prosecution against Patrick Lee Swee Ching, who was ST Marine's Group financial controller from January 2001 to October
PSA, BPG, PIL form JV to operate Chinese port Singapore-listed port operator PSA International has signed a joint venture (JV) agreement with Beibu Gulf Port Group (BPG) and Pacific International Lines (PIL) to operate a new container terminal in Qinzhou, Guangxi, China. The terminal, Beibu Gulf-PSA International Container Terminal (BPCT),
HMD wins two LR1 tankers South Korean mid-tier shipbuilder Hyundai Mipo Dockyard (HMD) has won two LR1 tankers from Italian product tanker specialist D'Amico International Shipping (DIS). Through a research note, Hana Daetoo Securities analyst Park Moohyun said, "The total contract value is USD44 million for each ship and
Hong Kong plans integration of port back-up land into Kwai Tsing Container Terminals The Hong Kong government proposed the integration of some port back-up land into the areas of Kwai Tsing Container Terminals (KTCTs) on 10 June, in a move to increase yard space and barge berthing facilities. The government released the proposals, which aims to enhance cargo handling capacity and
Otto Marine clinches $27m bareboat charter Singapore-listed offshore services provider Otto Marine has entered a long-term bareboat charter contract worth USD27 million to charter a unit of 238-strong work maintenance vessel to an offshore vessels operator in Southeast Asia. The contract is signed by its wholly owned subsidiary, Swordfish
Pappas to bring OW Bunker test case Hundreds of other owners caught up in collapse of bankruptcy of bunker supplier will closely watch London High Court action
Hundreds of owners could face paying twice for same bunkers Pappas litigation is tip of the OW Bunker iceberg
Oversight and outreach: a pro-active regulatory vision Alliances and port congestion have dominated the debate in US shipping circles over the past six months. Mario Cordero explains what the FMC is doing about the issues
Petrofin launches new ship finance index Global bank lending version to follow newly-launched Greek ship finance scale
IACS adopts unified requirements for boxships Recommendations amalgamate three new safety measures proposed in wake of MOL Comfort casualty
Gulftainer outlines its North America ambitions On the eve of opening its new Canaveral container terminal, the Middle Eastern operator reveals its expansion plans
Rates and reliability challenges In a new regular column, SeaIntel chief executive Alan Murphy examines and analyses the main industry drivers and developments of the past month
Lloyd's Register queries Paris MOU classification performance tables UK class society falls to third place behind separately listed DNV and DNV GL in annual RO performance tables
Euronav in play for four Metrostar VLCCs Update: But tanker giant denies offer for Principal Maritime suezmaxes as 12-ship tender enters final staged
Expanded port to boost Indonesian coal exports PT Bukit Asam says Tarahan upgrade will increase its competitive advantage against major Australian producers
Stolt Nielsen and Golar team up for small-scale LNG Deal marks another consolidation move in the liquefied natual gas industry
China Shipping Haisheng offers $322m shares to non-shipping player Shanghai-based Lanhai Group will take control of the listed unit from China Shipping Group
Scorpio Bulkers prices public offering Proceeds to go towards New York-listed company's newbuilding efforts
US importers from developing countries set to regain duty-free benefits WASHINGTON - U.S. shippers are set to regain access to duty-free imports from developing countries after Congress renewed the country's Generalized System of Preferences program. President Obama is expected to sign the legislation that renews the largest and oldest U.S. trade preference program. Shippers will be reimbursed for duties paid since...
Federal Reserve holds the key to US import-export fortunes When it came to influencing the flow of U.S. maritime container traffic, West Coast longshoremen owned 2014 (and the first two months of 2015). The standoff with waterfront employers crippled West Coast container traffic and sent surges of volume through Canadian and U.S. East and Gulf Coast ports. But with labor...
Economist sees tough times ahead for US truck shippers The U.S. economy is soft, truck capacity is more readily available, but contract truck rates are headed up, not down as one might expect. That's because truck capacity is about to get much tighter, driving up truck utilization, transportation economist Noül Perry said. "Last year, contract prices went up but not...
Hong Kong moves forward on container capacity expansion plan The Hong Kong government this week said it would move forward with plans to expand container capacity at its Kwai Tsing Container Terminals. But move is unlikely to mollify critics who say the investment is too little too late to maintain the port's market share of Pearl River Delta traffic. The...
CEVA launches LCL Antwerp-New York service as US imports rise CEVA has launched a weekly less-than-containerload service from Antwerp to New York, as U.S. imports from Europe surge on the strength of the dollar. The 11-day service via a direct sailing can be complemented by door-to-door delivery services offered by the third-party logistics provider. CEVA said it plans to add more...
VIT goes live with Versiant LYNX Customer Service Portal When APM Terminals sold their Elizabeth River terminal last summer to Connecticut-based Alinda Capital Partners and British firm Universities Superannuation Scheme Ltd., there were a number of transitions that needed to take place. One critical to Virginia International Terminals (VIT), the new terminal operator, was replacing the on line demurrage...
Opening of Port Canaveral's first container terminal spurs hope, doubts When the container ship CMA CGM Jamaica docks Friday at Port Canaveral, it will be only a ceremonial call to help dedicate a new terminal, not the start of a regular service. But port CEO John Walsh sees it as a harbinger of bigger things. Walsh said Port Canaveral's container traffic,...
US spot truck volume, rates slip again in May Truckload freight volumes on the U.S. spot market edged down 1.7 percent in May from April, but remained "seasonally strong," DAT Solutions said June 10. Spot market rates slipped from April as well, with dry van spot rates falling 1.9 percent last month on a 0.8 percent decline in dry van...
Transportation Institute Board elects two new members DENVER-The Board of Directors of the Transportation Institute at the University of Denver (DTI) has elected two new members, both talented contributors to the field of transportation. The DTI Board gives strategic direction to DTI, serving as a guide for the Institute's educational programming while providing leadership and resources for academic...
Kerry Logistics expands reach into southwest Europe with Portugal office U.K.-based Kerry Logistics has completed a new office in Portugal, allowing the third-party logistics provider to better serve southwest Europe and get better access to Africa and South American markets, particularly Brazil. The new location will be in Portugal's second city of Porto, which is known as much for being a...
Shippers seen as choosing savings over being 'green' "Shippers are still driven by costs rather than green ethics," according to a senior manager of financial consultant PricewaterhouseCoopers. Tom Vermeiren told delegates at TOC 2015 in Rotterdam Wednesday that cost was still the primary driver of shippers' modal decisions. He said container lines still continue to choose the ports with...
Purolator appoints new manager for St. Louis Purolator International has appointed Scott Hanson as the new Branch Sales Manager for St. Louis, Missouri. In this role, Hanson will be responsible for generating new sales as well as maintaining and growing Purolator International's existing customer base in the region. Hanson has worked as a National Account Manager for DHL...
Military2Maritime career fair with Rep. Duncan Hunter SAN DIEGO, CA - Hundreds of veterans and active military are expected to attend a Military2Maritime career fair on Monday, June 22, 2015 at the Port Pavilion on Broadway Pier in San Diego, Ca. The free event, sponsored by the American Maritime Partnership (AMP) and hosted by the Port of...
UK makes $1.2 billion from sale of Royal Mail stake LONDON - The U.K. government has netted 750 million pounds ($1.2 billion) from the sale of half of its remaining 30 percent stake in Royal Mail. The shares were sold to institutional investors at 500 pence ($7.73) each compared with 330 pence at the initial public offering of 60 percent of...
Cargomatic hires Sean Whiteley as COO VENICE, CA. - Cargomatic announced today that experienced technology executive Sean Whiteley has joined the company as Chief Operating Officer. Whiteley will be charged with overseeing operations, sales and marketing efforts for Cargomatic as it continues its mission to transform local trucking through its innovative mobile technology. Cargomatic (www.cargomatic.com) also announced that co-founder...
Pressure builds on FMC to act on demurrage, detention complaints Nearly 100 shipping and trade associations urged the U.S. Federal Maritime Commission to prohibit late fees for containers and chassis that can't be picked up or delivered on time because of port congestion. "We believe these penalty payments should be prohibited when factors beyond the control of the shipper, receiver or...
Despite LA-LB port issues, SoCal distribution space at a premium Despite its well-publicized port congestion and labor problems this past year, Southern California continues to be a hotbed for industrial real estate development, industry experts told the I.CON Industrial Real Estate Conference sponsored by the Commercial Real Estate Development Association Wednesday in Long Beach. The South Bay area that includes northern...
Maersk, MSC trim Asia-Med capacity as traffic declines LONDON - Maersk Line and Mediterranean Shipping Co. announced they are cutting capacity by a third on their recently launched Asia-Mediterranean services "to meet current and anticipated demands" on the route. The average size of the ships on Maersk's AE9 and MSC's Condor services will be reduced from 9,500 20-foot-equivalent units...
DryShips in reverse split reversal DryShips has taken a proposed reverse stock split off ballots for its upcoming shareholders meeting.
Aframaxes lose ground Average Aframax rates moved downward Thursday on a quieter day for larger crude tankers.
Stifel cuts back on SALT Stifel chopped its price target for shares of Scorpio Bulkers by 29.4% Thursday after the bulker owner unveiled that it is issuing new shares to raise cash.
Rand predicts volumes jump Rand Logistics expects to see a jump in cargo volumes during the 2015 sailing season on the Great Lakes after a healthy start.
Euronav strikes again Euronav is set to snap up four VLCCs from Metrostar in its latest expansion drive.
China drives box growth Container throughput in China will grow 6% per year to 2030, according to research by Shanghai International Shipping Institute.
LPG carrier disappears Malaysian vessel sends distress signal off Vietnam and goes missing shortly after.
Houston Channel closed Two Kirby barges have collided in the Houston Ship Channel and caused a temporary closure due to a naphtha spill.
DFDS bosses cash in DFDS' top executives have taken advantage of a strong performance by the company's shares and sold common stock worth around $2.6m.
Varouxakis shares tanker plan Ion Varouxakis says a new tanker venture between FreeSeas and Marvin Group could build an operating fleet of around 10 vessels over the next couple of years.
Monarch wants SALT chat Hedge fund Monarch Capital has revealed plans to meet with Scorpio Bulkers' senior management hot on the heels of a share price nosedive.
MC-Seamax eyes buys US owner MC-Seamax Management has raised $300m for more boxship buys as it won backing from global institutional investors.
Rand ends in the red Bad weather on the Great Lakes kept Rand Logistics' vessels out of the market in March and contributed to a bigger loss for the fiscal year 2015.
Storms brewing Research group Marex Spectron has highlighted the danger of disruption to crude and products tankers in the Pacific as typhoons are set to increase.
Iran exports surge Crude exports from Iran have reached their highest level since western sanctions were imposed three years ago.
Fredriksen offloads tanker Norwegian owner John Fredriksen is normally in the market buying ships but this time he is disposing of a tanker.
Stolt and Golar get together on gas Stolt-Nielsen is broadening its gas interests by forming a joint venture with Golar LNG and acquiring a small stake in the company.
Sea Trucks goes south Dutch owner Sea Trucks has won its first accommodation vessel contract in Brazil.
Search ship battered A GO Offshore vessel searching for the remains of Malaysian plane MH370 has been damaged by waves off Australia.
SIOFF plans fund raiser Siem Offshore is planning a $100m rights issue as it looks to bolster its balance sheet amidst the weak offshore market.
Containership sinks All eight crew have been rescued from a Chinese containership that sank off Guangzhou.
Products boosting chemicals Chemical tankers are being boosted by the strong product tanker market which is attracting a growing number of swing ships out of the trade.
Duo fined over dumping Seaspan and Perses Maritima have been fined for dumping rubbish in the Great Barrier Reef.
PSA in China expansion Singapore company into south west of country with terminal in Guangxi-Beibu Gulf region.
SALT's cut price offering Scorpio Bulkers has priced its recently announced public offering of 133m new shares at a significant discount.
Otto seals charter Singapore-listed company secures long-term deal for vessel i n South East Asia.
IMO regulation for gas fuels to take effect in 2017 MSC 95 adopts IGF Code and associated SOLAS amendments to make it mandatory.
Bunker company charged with illegal oil trading Nigerian authorities bring charges against Monjasa and Glencore.
Carrier joint-venture eyes small-scale LNG Gas as bunker fuel forms part of the market.
China considering 'pollution levy' Ships would be exempt if they stayed within national standards.
Lukoil's new ECA fuel 'combines best' fuel properties Product has similarities to ExxonMobil's HDME 50 but appears to be further removed from distillate fuel quality.
Russian fuel oil imports to Singapore at two-year high Cargoes nearly tripled in week to June 10.
Bunkering sales mixed for nearby Russian ports Ports located near the Azov Sea.
Investigations underway after fuel oil spill Fuel terminal operator says booms contained leak 'to small area'.
Bunker tanker comes on sale for third time New deadline for end of June.
Gibraltar sets aside LNG bunkering report Information provided to Lloyd's 'appears to be totally different' to government's plans.
US Navy considers building 'micro' grid to power ships As it grows the number of hybrid-electric powered ships in fleet.
Another MFM-equipped bunker tanker at Singapore The Ocean Solar was approved for MFM bunkering operations on Thursday.
Vessel completes installation of hybrid scrubber System 'has lived up to our expectations', says customer.
Crude firms as US inventories fall Supplies dropped 6.81 million barrels through June 5, the DOE reported on Wednesday.
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