Syndicated shipping loans drop Syndicated shipping loans fell sharply in 1Q15, while offshore loans rose, according to new data from Dealogic. Including both shipping and offshore borrowing, total marine syndicated loans reached USD20.427 billion in the most recent quarter, down 2.8% versus the revised total of USD21.022 billion
Tidal energy gets a boost The world's first floating tidal platform is now ready for electricity generation. The milestone coincides with Europe's need for harvesting clean, sustainable, energy resources to meet the EU's ambitious 2020 renewables target. At the naming ceremony for Dutch-headquartered Bluewater's BlueTEC
BW LPG buys four VLGC newbuilding contracts BW LPG, the Oslo-listed VLGC owner in the Singapore-based BW Maritime group, has announced it has acquired contracts for four VLGCs to be built at Daewoo Shipbuilding and Marine Engineering (DSME). "Previously reserved [by DSME's existing client], these vessels are to be delivered in 3Q16 and
Atlas suspends ore shipments, mothball mines Pilbara miner Atlas Iron will wind down production in April, with all mining and exports to come to a halt in the coming weeks, its managing director announced today. "Atlas Iron announces that due to the recent significant falls in the iron ore price, it will progressively suspend its mining
Rickmers Group posts small profit Hamburg shipowner and operator Rickmers Group improved its profits last year on the back of lower bunker costs for its project carrier operation and asset write-backs. The company today posted a pre-tax result of EUR6.8 million (USD7.2 million), against a EUR6.8 million pre-tax deficit in 2013. Net
Ice still delaying Great Lakes shipments A week after the St Lawrence Seaway and two weeks after the Soo Locks opened for the 2015 navigation season, ships are struggling to reach Great Lakes ports, especially in Lake Superior. Canadian and American shipowners say the situation highlights their long-standing contention that both the
Evergreen Line launches India-Gulf service Taiwanese container carrier Evergreen Line announced on 7 April that it will partner with Simatech, a feeder operator based in Dubai, the United Arab Emirates, in launching a joint Chennai-Colombo-Gulf (CCG) service in May. Four 2,000 teu box ships will be deployed for this service, with one to be
Hong Kong to ban discharge of additional ship-sourced litter Hong Kong will introduce a law to prohibit discharge of additional kinds of garbage from ships to enhance the prevention of marine pollution in its waters. The city's legislators will decide on the Regulation on April 15, an official for the Transport and Housing Bureau of Hong Kong said on 10
CHEC wins USD600 mil. Ghana port deal China Harbor Engineering Company (CHEC) has won a USD600 mil. bid to build a new port in Atuabo, Ghana, Chinese media reported on 9 April. Located 326 km west of the capital, the port will have an 18.5-m deep channel and three berths with depth of 16.5 m, 12 m, and 9m. The port will support
Navico gears up for tanker ECDIS migration Navico, a dedicated multi-brand marine electronics supplier, has added another product to its Simrad brand, the company said at a press conference on 8 April. The news was announced with an eye on the fast approaching July deadline for ECDIS carriage mandate for tankers above 3,000 gt. Simrad
Stolt-Nielsen profit surges on lower costs London-based Stolt-Nielsen has reported a strong rise in its first quarter 2015 net profit, but the company's CEO says volumes should rise for the market itself to return to health, and no signs of this are visible at the moment. The chemical carrier, tank terminal, and container group's net profit
Rabaul Queen owner to stand trial for manslaughter Rabaul Queen shipowner Captain Peter Sharp will stand trial for those killed on board the ferry when it went down in 2012, after a Papua New Guinea (PNG) magistrate ruled on 9 April against a defence submission to have the manslaughter charges dropped. British passport holder Sharp faces charges of
Volatility expected for O&M sectors The offshore and marine (O&M) sectors may see more volatility ahead, following the W-shaped oil prices path predicted by analyst. Malaysia-headquartered CIMB Bank's Yeo Zhi Bin expects Brent crude oil prices to hover within a tight USD50-70 per barrel for the next three years. This fallout of lower
Pacific Radiance forms JV in Ghana Singapore-listed offshore marine services provider Pacific Radiance has entered a joint venture (JV) agreement with Cross Energy (CE) to jointly incorporate the company Radiance Offshore (Ghana) in Ghana. The JV is formed with an initial share capital of GHS5,000 (USD1,300). The JV was signed by
NYK teams with others to develop fuel gauge Japanese shipping company Nippon Yusen Kabushiki Kaisha (NYK Line) has teamed with Monohakobi Technology Institute and Semco Ltd to develop Honesty, a tank-sounding device that claims to better measure the surface of liquids stored in vessel tanks. Semco Ltd is a Japanese manufacturer of measuring
'K' Line sells six box ships Kawasaki Kisen Kaisha ('K' Line) has sold six container ships as it prepares to take delivery of 10 14,000 teu ships. Japan's third-biggest shipping company told IHS Maritime that since the end of 2014 to March 2015, it has sold Victoria Bridge, Valencia Bridge, Virginia Bridge, Verrazano Bridge,
BPA marks 11 years of profitability Busan Port Authority (BPA) has marked its 11th consecutive year of being in the black. For 2014, BPA, which was established in 2004, had record-high earnings of KRW107.7 billion (USD98.6 million), while its revenue for the same year rose 24.6% year on year to KRW348.6 billion. The company posted
Jinhai HI raises USD24 mil. Jinhai Heavy Industry (Jinhai HI) has raised CNY152 million (USD24 million) in a sale-and-lease-back deal over its shipbuilding equipment. Jinhai HI has leased back the equipment with a term of three years at an interest rate of 8.45% per year, according to a stock filing of Shenzhen-listed Bohai
BW LPG takes over four-vessel newbuilding deal at discount price Original client at DSME believed to be Chinese owner set to lose out on easing of Iranian sanctions
Oakland bids to boost logistics role Port's 360-acre trade and logistics centre aims to attract additional export and import cargoes
LNG trade volumes forecast to pick up substantially in 2015 and 2016 LNG shipping poised to reap benefits as trades increase
Capes market in painful stasis as Scorpio Bulkers sells at a loss BIMCO argues that China tax cut to domestic producers will have 'toxic' effect on dry bulk market
Woodside's $854m investment in Kitimat offers shot in the arm for Canada's struggling LNG export plan If it gets off the ground, Kitimat would generate 12.5 LNG shipments per month, a robust new trade for LNG carriers
Asia-north Europe rates slump to new low Spot market at lowest level for nearly six years as carriers fail with latest price push
Bank seeks to install STX O&S chief at DSME, but merger talks are dismissed as 'fictions' Homecoming for Jung Sung-Leep, who served as DSME president in 2001-2006
Time to enter the Lloyd's List Global Awards 2015 Show your customers why you are an award winning business
Rickmers flatlines in 2014 Yet Hamburg boxship outfit hangs on to positive net profit
The cost of clean air Waterfronts these days are no place for ships, which are dirty and smelly and spoil the expensive view
Negative Norwegians predict profit squeeze and crewing cull Norwegian Shipowners' Association 2015 outlook lifts lid on risks and opportunities for country's diverse shipowning community
Why Labour should think again on non-doms Promised changes to the UK's non-domicile tax rules risk losing leadership in shipbroking, insurance, ship finance and maritime law
Trans-Pacific carriers take new approach to annual carrier contracts For the first time, the Transpacific Stabilization Agreement, a discussion group representing 15 of the largest carrier in the trans-Pacific trade lanes, is pushing for base levels during the current contracting season, a departure from its longstanding policy of issuing targets for rate increases. But it remains to be seen whether...
OOIDA seeks to join Teamsters in legal bid to block Mexican truckers The Owner-Operator Independent Drivers Association wants to join a lawsuit designed to block the Department of Transportation's decision to open the U.S. border to Mexican truckers, a step the DOT announced earlier this year after years of heated debate. The lawsuit, filed in March by the Teamsters union, is a last-ditch...
Spot truck volumes in US surged in March from winter lows Truck volumes on the U.S. spot market shot up 34 percent in March from February, as the spring surge in freight arrived at ports, loading docks, warehouses and retail stores. This year's surge is more "ordinary" than extraordinary, according to DAT Solutions, which operates spot market load boards that handled more...
Charter rates on the rise for midsize container ships The charter market for midsize container ships below 4,000 20-foot-equivalent-unit capacity is nearly back in balance after seven years, according to a Hamburg ship broker. Between 2007 and 2014, surplus capacity in the 1,000- to 3,000-TEU ship classes had essentially disappeared, Ernst Russ Shipbroker said its April monthly maritime overview report. The...
Crowley Provides Shipping to Haiti for Donated Mobile Health Clinic (JACKSONVILLE, Fla.; April 10, 2015) '- Crowley Maritime Corp. is providing shipping services to The Blood Alliance of Northeast Florida as they work to give a retired bloodmobile new purpose in Haiti this week. The bloodmobile will be donated for use as a Zanmi Lasante mobile health clinic serving more...
India-Bangladesh coastal shipping service sets sail India-Bangladesh cross-border trade received a major fillip with the introduction of a new coastal shipping service between the two neighboring nations. The service, branded the Prantik Bangladesh India Xpress, or Prantik BIX, connects Kolkata to Chittagong, Bangladesh's main cargo gateway. "Industry leaders have opined that this direct service will benefit shippers from...
Migrant wave threatens Mediterranean carriers' crews, schedule reliability Merchant ship operators have joined with seafarers' unions urging European Union member states to take immediate action to curb the growing humanitarian crisis in the Mediterranean, which they say is putting crews and schedule reliability at risk. With Mideast and North African states embroiled in violent chaos and political crises, the...
China-Med spot rates fall to lowest level since October 2013 Click to enlargeContainer shipping spot rates from China to the Mediterranean fell to the lowest level in roughly a year and a half, reflecting how surge of new capacity on the trade lane is offsetting strong demand. Rates in April were on average $1,260 per TEU, a 5 percent decrease from...
'K' Line sells six ships ahead of delivery of 10 larger vessels Kawasaki Kisen Kaisha has sold six container ships for nearly $92 million as it prepares to receive 10 vessels each with a capacity of 14,000 20-foot equivalent units. Although "K" Line plans to reduce its fleet of container ships from 70 to 61 by the end over the next four years,...
CMA CGM says it has launched first container tracking mobile app CMA CGM has launched what it claims is the first real-time container tracking mobile application for the French carrier's customers. The app, which can be downloaded from Google Play and App Store in five languages - English, French, Spanish, German and Chinese -will enable shippers to follow loading operations, search for...
Rickmers profit stalls, revenue falls Rickmers Group's net income stalled and revenue declined in 2014 but Germany's leading container ship owner and manager continued to grow its fleet and restructured its loans. Net income crept up to €2.1 million euros [$ 2.27 million] from €1.5 million in 2013 as revenue dipped 5.7 percent to '545.4 million....
Port of Virginia deploys more equipment to deal with seven-week-long backlog The Port of Virginia is rolling out even more equipment and continuing construction on a new cargo yard in an effort to relieve a now seven-week-long container backlog on the waterfront. Since a winter storm shut down the port for four consecutive days over the Presidents' Day weekend in February, the...
SCFI: Asia-Europe spot rate tumbles to new low of $466 Spot rates on the Asia-Med trade fell 9 percent to $607 per TEU, according to the SCFI.HONG KONG - Spot rates on the Asia-North Europe trade this week slid below $500 per 20-foot container to an all-time low as slowing demand and excess capacity robbed carriers of any power to...
Rising import tonnage gives Pactl record first quarter Robust imports in the first three months pushed Shanghai's Pactl to a record Q1 throughput.HONG KONG - A sharp increase in first quarter imports helped Shanghai's largest air freight terminal to yet another record and follows on from its best ever annual performance in 2014.Shanghai Pudong International Airport Cargo Terminal...
Huge landside savings to be made by alliance cooperation, McKinsey says HONG KONG - The scale advantage container shipping alliances are realising at sea comes to an end when vessels arrive in port, and extending that cooperation to land is the critical next step towards improving efficiency and profitability, a new McKinsey report has found.Reducing the overall cost base and complexity...
LA, Long Beach ports: We're still the best option and we're making it better The chief executives of the ports of Los Angeles and Long Beach are looking beyond their current congestion problems to resume what they see as their ports' rightful role as leaders of the U.S. port industry, and it will all be about infrastructure and processes. "The brand is tarnished," Gene Seroka,...
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European trucker Waberer's expands subsidiary network Waberer's International, a trucking and logistics company with roots in Eastern Europe, is digging deeper into Western European markets. The Budapest-based company is setting up a network of subsidiaries to get closer to customers and expand its business faster. The latest subsidiary, Waberer's Italia, opened last month in Milan, Italy, following...
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Maiden voyage spill The owner of the newly delivered bulk carrier, Marathassa, has accepted that an oil spill that has polluted waters off Vancouver came from the vessel.
Rickmers profit rises Improved profitability is reported by the Rickmers group although the absolute numbers remain modest.
Alassia in spill scare A panamax bulk carrier delivered less than a month ago is being investigated as the possible source of a oil spill off the Canadian city of Vancouver.
BW LPG in $290m deal Leading very large gas carrier owner, BW LPG, is adding four more vessels to its fleet by taking over shipbuilding slots already reserved at Daewoo Shipbuilding and Marine Engineering (DSME).
Norwegian outlook sours Norwegian shipowners are warning of the prospect of lower profitability in 2015 in a new report on the outlook for the industry.
GPRT sells oldest bulker Goldenport Holdings has offloaded the smallest and oldest bulker in its fleet, the London-listed firm confirmed Friday.
Swire drops Brazil OSVs Swire Pacific Offshore (SPO) has reaffirmed the cancellation of a series of offshore vessel newbuildings in Brazil.
Tanker orders ease back Tanker newbuilding contracting has slowed in the first quarter of the year to the lowest levels recorded since 2012.
NOL merger move unlikely OCBC has played down the likelihood of Neptune Orient Lines (NOL) being involved in a merger anytime soon.
Oil spill caused by ship on maiden voyage, operator confirms 'Leak has been identified and the outflow has been stopped'.
ISO standard measuring hull and propeller performance expected this year Draft has been submitted for approval three years after submission to IMO highlighted fuel saving potential.
IBIA unable to support 1.00% global sulphur cap proposal Consultant who initiated campaign 'disappointed' but will pursue other other avenues.
Oil spill highlights flaws in response protocols Suspected bunker spill: 'Ship's crew was guarded in dealing with the authorities.'
Another contract awarded in LNG-powered ro-pax project The marine industry has taken an important step towards 'a green Baltic Sea'.
UK ferry operator places order for scrubbers 'This is a very important project for Condor Ferries', says its Executive Director.
Phillips 66 and Geos Group team up on marine fuel distribution Fuel to be supplied by road along the UK's northern coastlines.
New marine craft propulsion system under tests The Voith Linear Jet has taken seven years to develop, says firm.
ECA rules could be changing cruise industry Firms using fewer but bigger ships.
Bunker sales double at Russian port Port sold over 84,500 mt of marine fuels in Q1.
German shipowner to make fleet fuel efficient In bunker saving deal with charterer.
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