Subsea 7 to cut 2,500 jobs and a quarter of its fleet Subsea 7, the London-based seabed to surface construction company that is listed in Oslo, said that it will cut 2,500 jobs and a quarter of its fleet. The decision has been made against the background of the difficult business and economic conditions in the oil and gas market and declining
Gard returns more premium after strong year Leading mutual P&I and marine insurer Gard is going to waive USD37 million in premium collections from its members following another strong performance last year. The Norwegian club today posted USD87 million in net earnings for the year ending 20 February 2015, which is only marginally down from
HRAS alerts shipping to Andaman Sea migrant crisis Pressure group Human Rights at Sea (HRAS) is urging commercial ships to be alert to and be prepared to help vessels that might be carrying large numbers of trafficked people in the Andaman Sea. HRAS warned about the "emerging issue" of possible mass casualties as trafficked people, possibly in
DS Norden reports strong start of year on tankers A strong performance of its product tanker fleet and increased valuation of dry bulk hedging instruments helped DS Norden, the listed Danish shipping group, to report a strong start to the year. Group net profit amounted to USD38.6 million in 1Q15 compared with a loss of USD26.5 million a year
Drop in Capesize value could drive recovery The low market value of older Capesize vessels may prompt a steeper than expected recovery in the dry bulk sector, according to shipping analysts. The gap between the second-hand and scrap value of a 15-year-old Capesize bulker has narrowed to a mere USD2.4 million, the analysts noted. "As scrap
Lauritzen forecasts deeper loss in dry bulk gloom J Lauritzen, the privately owned Danish shipping group, expects a deeper full-year loss than previously forecast as its key dry bulk shipping sector endures its worst market conditions in three decades. Group net loss amounted to USD26.9 million in 1Q15 from a profit of USD1.9 million in the same
DSME considers buying STX France stake from KDB South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) confirmed on 12 May that it is considering buying a stake in cruise-ship builder STX France. DSME said in a Korea Exchange filing that it has received the offer documents from the lead manager of the sale. The STX Group's
Sainty Marine dismisses bankruptcy possibilities Shenzhen-listed Sainty Marine's chairman dismissed suggestions that the shipbuilder will go broke on a series of defaults. The company is actively dealing with the defaulted bank loans, Wang Shuhua, chairman of Sainty Marine, told IHS Maritime on 12 May, adding that as long as the measures used to
Döhle and AAL team up for global services Hamburg shipowner/manager Peter Döhle and Schoeller Group-affiliate AAL (formerly Austral Asia Line) have announced an agreement covering tramp project cargo chartering. The companies have agreed to jointly market 26 of their multipurpose (mpp) vessels with capacities between 12,000 and 31,000 dwt
South Korea shipbuilders to win more tanker orders South Korean shipbuilders are likely to win more tanker orders as cash-rich tanker operators are willing to invest in new vessels, said an analyst. Hana Daetoo Securities analyst Park Moo-hyun said in a research report that tanker operators have been making money from ships ordered in 2012 because
Seafarers' welfare poor in Asia Pacific Record keeping and labour conditions remain deficient in the Asia Pacific, according to the Tokyo MOU's latest annual report. The report, released on 12 May, noted that while port state detentions have gone down in the region over the past three years, inspections have shown that labour conditions
'K' Line clinches LNG carrier deal Japanese shipping company Kawasaki Kisen Kaisha ('K' Line) has sealed a timecharter contract with compatriot trading house Mitsui & Co for an LNG carrier. The LNG carrier, to be built by Imabari Shipbuilding, will ship cargo from the Cameron LNG project in the United States to Japan and elsewhere.
ITF: Barrow Island is 'port of convenience' An International Transport Workers' Federation (ITF) conference in Perth, Australia, on 11 May declared Chevron's Barrow Island a 'port of convenience' (POC), vowing worldwide union opposition to the USD54 billion LNG project. "The ITF declares Barrow Island, an island 50 kilometres northwest of
Indonesia, Malaysia, Singapore discuss joint patrols The navies of littoral states Indonesia, Malaysia, and Singapore are in talks to extend joint patrols to the lower reaches of South China Sea in a bid to curb piracy. Rear Admiral Lai Chung Han, chief of the Republic of Singapore Navy (RSN), highlighted some of the challenges in conducting these
Zhenghe Shipbuilding files for restructuring Zhejiang Zhenghe Shipbuilding has filed for restructuring at a Chinese court because of operational difficulties resulting from financial problems. On 31 March, the People's Court of Dinghai District, Zhoushan Municipality, put on file the restructuring application by Zhenghe Shipbuilding, a
Prices slide as more Capesizes torched Shipowners have had to settle for less than USD400/ldt for Capesizes as such vessels are flooding the recycling market. Cash buyers do not expect the barrage of Capesizes to stop anytime soon, with no sign of an improvement in freight rates, which, at below USD6,000/day, are grossly inadequate to
China ports throughput falls in April Chinese major ports handled 955.9 million tonnes of cargo in April, down 1.5% year on year (y/y), data released by the Ministry of Transport (MOT) showed on 12 May. According to the MOT, the cargo volume of coastal ports amounted to 654.6 million tonnes, down 2.8% y/y, while river ports stood at
Rising rates belie quiet market in the Persian Gulf Despite exceeding USD100/tonne, freight rates to haul LPG from the Persian Gulf to Asia Pacific do not reflect the quiet market in the Gulf region. Reported fixtures do not show any ships being fixed to ship LPG on this route, as most of the available ships for May have been fixed or are ballasting to the west of
Vikings O&M profit up 229% Singapore-listed offshore services provider Vikings Offshore and Marine (Vikings O&M) has posted a profit of SGD900,000 (USD672,400) , up 229% year on year (y/y) for the first quarter ended 31 March 2015. Revenue hiked 40% y/y from SGD15.3 million to SGD21.4 million in the first quarter. The higher
COSCOL predicts semi-submersible slump Shanghai-listed COSCO Shipping (COSCOL) predicted that operations of its semi-submersible carrier fleet would be pressured in the short term due to the slump in crude oil prices since the second half of 2014. The delays in deliveries of offshore equipment orders, along with capital expenditure
UK researchers urge stronger action now to curb shipping's CO2 Report suggests current mandatory tools to curb CO2 emissions will not keep industry in line with global expectations, supporting the Marshall Islands' call for targets to be set
The company results round-up Reporting today: Diana Containership, Epic Gas, Britannia and Gard P&I clubs, Norden and DryShips
Yet another whitelisted Chinese yard heads for restructuring Zhenghe Shipbuilding, recognised by Beijing as a priority yard, adds to the growing queue of whitelisted yards facing financial meltdown amid rapid consolidation in China's shipbuilding industry
Diana Containership posts $500,000 first-quarter loss Falling operating costs fail to offset declining timecharter income for Diana's box spin-off
Sungdong Shipbuilding in $274m financial hole despite large bulker and tanker orderbooks South Korean yard favoured by many high-profile owners struggles to extend loan repayments as Kexim and South Korean congress ramp up support efforts
Transpacific trade down in March Box volumes from Asia to North America fall but traffic starts to return to the US west coast
Bourbon confirms release of abducted seafarers Crew held in Nigeria for one month
New links boost Khalifa throughput More customers and better connections behind the increase
Gard announces $87m full-year surplus Norwegian P&I club underlines support for International Group
Aframaxes subdued as May loading programme ends Hope is for June loading programme to lift rates, although the vessels are still performing very well historically
CMA CGM enters Cuba's logistics sector Co-operative venture formed with Cuban company to operate logistics platform at Mariel
Norden buoyed by tanker market but dry bulk suffering Positive rates in tanker sector outweigh pains in drybulk division, where Danish operator has 20 newbuildings on order
Tankers impairment charge knocks $57m off DryShips' results George Economou company also hit by a dip in first-quarter rates for its dry bulk fleet
Cass index shows US shipment volumes, freight spending rose in April An uptick in freight demand, partially due to deferred cargo moving through West Coast ports, pushed the Cass Freight Shipment Index up 4.2 percent in April from March. However, the freight shipment index declined 2.5 percent year-over-year, thanks to an increasingly tough comparison with the booming second-quarter economy last year. "North...
Supply Chain Challenges and Solutions Addressed During Transplace's 13th Annual Shipper Symposium Transplace, a leading provider of transportation management services and logistics technology, wrapped up its 13th annual Shipper Symposium in Dallas last week. General Motors Chairman Tim Solso and other leading supply chain and business visionaries addressed current transportation and economic issues, including the impact of regulatory changes on truckload capacity,...
ASF Intermodal exceeds 400 trucks on the road Mobile, AL (ASF Intermodal) May 12, 2015: ASF Intermodal today announced that the company has surpassed the 400 truck benchmark, a significant industry milestone. Just a little over four years into operations, ASF Intermodal has rapidly grown from a two-location intermodal firm based in the Southeast to a regional carrier offering...
Oakland container volume recovery suggests worst is over Container traffic at the Port of Oakland increased 1.7 percent in April over the same month last year, indicating that the decline in business caused by labor issues the past seven months is probably over. April is the second consecutive month of cargo growth at the Northern California port. Container volume...
Large truckload carriers expand fleets, lifting JOC capacity index A surge of truck buying last year put more tractor-trailers on U.S. highways in the first quarter, sending the JOC Truckload Capacity Index to its highest point since 2009. The rise in the index coincides with other data and reports that show tight U.S. truck capacity easing in the first...
Rio de Janeiro shippers face new fees for ship inspections Sinda-Rio, the ship agents association for Rio de Janeiro, is protesting an effort by a group of port workers to do what they deem unnecessary work that will adds cost to shippers using Brazil's third busiest port. The watchmen's union, known as the Sinidcato dos Vigias Portuarios do Estado do Rio...
Amber Road launches Global Trade Academy EAST RUTHERFORD, NJ, May 5, 2015 - Amber Road (NYSE: AMBR), a leading provider of global trade management (GTM) solutions, announced today that it has launched a comprehensive global trade management training practice known as the Global Trade AcademyTM. The Global Trade Academy provides rich training and professional development to industry professionals in the areas of...
US wood pellet exports rose in fourth quarter SEATTLE, Wash. - Exportation of wood pellets from North America to Europe and Asia reached an all-time high rising 22 percent in 2014 from the previous year, according to the North American Wood Fiber Review (NAWFR). Shipments from the US were up 40 percent year-over-year, while Canada exported 6 percent...
Richardson named to Maryland Port Commission BALTIMORE, MD. - Gov. Larry Hogan has appointed Bel Air resident and transportation veteran David M. Richardson to the Maryland Port Commission (MPC). Mr. Richardson replaces Ms. Peta Richkus who stepped down from the MPC in December. The six-member port commission establishes policies toward improving the competitive position of the...
Dockworkers threaten strike at Peru's port of Callao Roughly 650 union dockworkers at the busiest terminal in Callao, Peru, the largest container gateway for the west coast of South America, have threatened to begin an indefinite strike Wednesday. Contract negotiations between the SUTRAMPORPC union and APM Terminals have broken down over sought-after pay increases and the alleged use of...
APMT to sell Charleston stevedoring unit to SSA Cooper SSA Cooper will acquire APM Terminals' Charleston, South Carolina, stevedoring business for an undisclosed price. APM Terminals said the sale was part of its long-term strategy "to optimize the company's portfolio and simplify business activities that are non-core assets." APMT operates seven container terminals in the United States: Elizabeth, New Jersey; Jacksonville,...
Specialized reefer container handles flowers via rail Samskip and VGB - the Dutch Association of Wholesalers in Floricultural Products - tested a refrigerated rail shipment of plants from the Netherlands to Sweden using a new flora container developed by Rotterdam-based UNIT45. The multimodal reefer container boasts an integrated diesel generator that supports active temperature control for the plants...
Port Tampa Bay plans new reefer warehouse The Tampa Port Authority has approved a $20.8 million spending plan to build a new refrigerated warehouse in an attempt to win back perishable food shippers to Port Tampa Bay. Bananas were a leading import at the port for years, but the last fruit importer left in 2009, and Port...
Ports of Prince Rupert, Manzanillo lead North America growth The Top 25 North American Port rankings for 2014 show a slide in U.S. West Coast growth. In contrast to the 2013 rankings, none of the U.S. ports on the Pacific Coast achieved double-digit growth or even made the Top 10 fastest growing list. Q: What North American ports led in...
Weak freight forwarding business hits Deutsche Post DHL profit LONDON - Deutsche Post DHL said it is reviewing the restructuring of its freight forwarding business, which it blamed for a dip in first-quarter profit. The global mail and logistics giant's earnings before interest and tax slipped to 720 million euros ($809 million) from 727 million euros in the first three...
US could learn from Mexico's port strategy Nearly $30 billion. That's the number the American Association of Port Authorities says U.S. ports will need to invest in landside infrastructure over the next decade just to keep pace with freight growth. The problem is where to find that $30 billion. Does it come from the private sector? Public equity? State...
China's taste for premium wine drives up Australian exports HONG KONG - Australia's wine exports to China rose 20 percent in the 12 months ending March as China continued to shrug off austerity measures imposed in 2013 as part of Beijing's corruption crackdown. Exports to China grew to 44 million liters in the past year, valued at $193 million,...
Asia expansion pushes Dachser ocean volumes up 20 percent HONG KONG - Global logistics provider Dachser grew its Asia-Pacific ocean freight by 20 percent in a solid first quarter as the company expanded its regional network.The double-digit growth in year-over-year volumes saw Dachser handling 203,000 TEUs in Asia, with the total number of air and ocean shipments increasing by...
US 'monitors' Irisl ship The US is monitoring an Islamic Republic of Iran Shipping Lines (Irisl) ship that Iranian officials have promised to provide a military escort as it heads to war-torn Yemen.
Violence halts cruise calls Royal Caribbean Cruises and Disney Cruise Line have cancelled stops in the Mexico's Puerto Vallarta after a spate of gun violence led foreign governments to issue travel warning.
Britannia doubles surplus A strong financial performance is reported by the Britannia Steam Ship Insurance Association with the oldest of the protection and indemnity clubs cutting premiums for members.
Paper lends capes a hand Progress in the paper market helped capesize rates to multi-month highs today - but earnings remain painfully low.
CMA CGM's Cuban first French container line CMA CGM has signed what it claims to be an overseas company's first logistics deal in Cuba.
Rabobank auctions boxship Rabobank has secured the action sale of an arrested containership in a Dutch territory.
ASL profit trimmed Singapore's ASL Marine has seen both its third quarter profit and revenue squeezed by more than 50%.
Farstad slips in Q1 Farstad Shipping fell into the red in the first quarter as it experienced pressure on rates.
GMLP raises $150m US-listed Golar LNG Partners (GMLP) has successfully completed a Norwegian bond sale that raised $150m.
DCIX turns red Diana Containerships (DCIX) has fallen to a loss in the first quarter due to higher costs and lower rates.
AAL teams with Dohle Singapore's AAL and Germany's Peter Dohle have joined forces to create a new fleet of 26 multi-purpose heavy-lift vessels.
Solvang profit soars Strong rates in the VLGC sector have boosted Norwegian owner Solvang's first quarter earnings.
Siem offloads PSV Siem Offshore has sold a modern offshore vessel, becoming the second owner to dispose of a ship in a week.
Fesco buys back $220m Fesco has closed its offer to repurchase bonds, with investors tendering $220m of debt.
Subsea 7 swings axe Offshore shipowner Subsea 7 has revealed a cost-cutting programme to shed 11 ships and 2,500 jobs to cope with the tough oil and gas market.
Record reserve for UK Club A $20m surplus has been rung up by the United Kingdom Mutual Steam Ship Assurance Association taking its free reserve to a record $548m.
Norden questions FFAs Norden believes a decline in dry cargo freight futures is now underestimating potential earnings.
Rand hires new CFO Rand Logistics has chosen Mark Hiltwein as the man who will replace Joseph McHugh as chief financial officer (CFO).
Gard rings up $87m surplus Another impressive result has been rung up by the Gard marine insurance group despite the Norwegian underwriter experiencing a tough second half.
Crew reveal Tigris ordeal Seafarers from the Maersk-chartered boxship have spoken of their ordeal after the vessel was released from Iranian waters.
Toei on the rise Japanese owner Toei Reefer has posted a bigger profit for the full year 2014 despite revenue remaining steady.
Fisher buys Reef company UK shipping group James Fisher has snapped up a Scottish dredging equipment company after the bankruptcy of its Norwegian parent Reef Subsea.
Bourbon three freed Three Nigerian seafarers from a Bourbon crew boat have been released after being held hostage for a month.
Havila extends niche deal Havila Shipping has seen Maersk Oil & Gas (MOG) extend an option for a vessel, allowing the company to avoid the weak North Sea spot market for 12 more months.
Sewol sentence cut A South Korean appeals court has reduced the jail sentence of the Sewol ferry boss convicted of manslaughter and embezzlement.
CEO storms ferry The CEO of Brittany Ferries has led a night-time raid by shareholders to "liberate" a ro-pax seized by striking French dockers.
Mexican mission Malaysia's SapuraKencana Petroleum has won its first contract in Mexico as part of new deals worth up to $269m.
Epic stays in the red Weaker charter rates and higher costs have combined to keep Epic Gas in the red at the start of the new financial year.
Castleton goes large Castleton Commodities International says it has agreed to acquire Morgan Stanley's physical oil business.
German boxship arrested A German-controlled feeder containership has reportedly been arrested in Singapore, TradeWinds has learnt.
Otto in profit warning Singapore's Otto Marine has warned investors that it expects to post a loss for the first quarter of 2015.
Dual fuel engine wins 'type approval' MAN Diesel & Turbo says tests showed the marine engines ability to switch from gas to diesel at 100% load.
Soft bunker prices in 2015, ratings agency predicts Tankers seen as strongest shipping segment.
US player 'pulling out of Caribbean fuel oil market' Buckeye is reported to be squaring off its physical oil positions and meeting contractual supply obligations.
IMO meeting raises spectre of weak global MRV system IMO may not go as far as the EU in its approach to collecting fuel consumption data from ships.
Bunker players to gather in Kochi Second bunker conference for Indian port that boasts 'lowest taxes' in the country.
Acquisition creates global oil trader Morgan Stanley to sell oil trading unit.
'Zero emissions' electric ferry wins award Fully electric vessel can carry 120 cars and 360 passengers.
Inatech: Shipping industry 'not doing well on fuel management' Traditional methods of buying bunkers 'prone to error and oversight', says CEO.
Boxship held in Singapore Controlled by German interests.
External: Global Risk Management
Expert links Singapore bunkering agents to piracy Suspects provide 'insider information' to pirates, says Risk Intelligence spokesman.
DNV GL confirms 'Gas Ready' notation of UASC newbuild 'We are proud to help realise the world's greenest ultra-large container vessel', says CEO.
More staff changes at Brightoil New company secretary and representative.
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