Sri Lanka looks overseas for terminal partners The Sri Lankan government is to looking to attract overseas involvement in the running of two new port terminals. It has called for international expressions of interest for joint venture partners to operate a deepwater container terminal at Colombo port and to operate a roll-on roll-off berth at
US regulator sees power in port alliances Competitive working agreements among all container ports on America's West Coast could be the answer to cargo diversions to Mexico and Canada, according to a top US regulator. Federal Maritime Commissioner Richard Lidinsky released this week an update of a report he spearheaded in 2012 looking at
CMHI proposes terminal alliance on maritime silk road China Merchants Holdings International CMHI has urged a terminal alliance along the maritime silk road to counter the alliances among container carriers. The alliance would enhance the comparative advantages of pairing arrival and departure ports, Bai Jingtao general manager of CMHI told the
Daya to buy subsea construction vessel Malaysia-listed oil and gas company Daya Materials (Daya) has secured a novation agreement with Norway-based Siem Offshore for a dynamic positioning class 2 offshore subsea construction vessel at cash consideration of USD90 million. The novation agreement was signed by its wholly owned subsidiary
Ningbo-Zhoushan port container volume up Ningbo-Zhoushan port recorded container throughput of 10.5 million teu for the first half of 2015, an increase of 9% from a year ago, Chinese Ministry of Transport data on 9 July revealed. Of the 10.5 million teu, 10.2 million was handled by Ningbo port, up 9.3%, while 0.3 million teu was handled
CMHI proposes terminal alliance along silk road A terminal alliance along the maritime silk road should be formed to counter the ever-growing alliance among container carriers, China Merchants Holdings (International) (CMHI) said on 10 July. The terminal alliance should enhance the comparative advantages of port pair comprising arrival
HHIC to sell subsidiaries to pay off debts South Korean shipbuilder Hanjin Heavy Industries & Construction has admitted that it is in the middle of arranging a sale of its subsidiary companies. In a Korea Exchange filing on 10 July, HHIC said it is working with its NH Investment & Securities and Korea Development Bank to sell energy
Struggling South Korean yard workers call for more government aid Workers from South Korea's struggling mid-sized shipbuilders have publicly called on President Park Geun-hye's administration to do more to assist the businesses. Representatives from labour unions of Sungdong Shipbuilding & Marine Engineering, ShinaSB, and STX Offshore & Shipbuilding held a press
Ezra profits down in 3Q15 Singapore-listed Ezra Holdings' third quarter profit has fallen from a year ago. The offshore services provider reported a profit of USD392,000 in the third quarter, down 96% from a year ago. The decrease was due to lower gross profit of USD45.57 million in the quarter, as compared with USD65.38
Ancona upgrades its rail infrastructure The Italian port of Ancona has upgraded its rail infrastructure, extending its quay sidings to 600 m. The port authority president Rodolfo Giampiero said the work, which will allow the port to accommodate longer cargo trains, will be finished next year. Ancona is one of the most important Adriatic
VLGC rates slip as LPG prices fall After reaching over USD136/tonne on 3 July, rates to haul LPG on very large gas carriers (VLGCs) have been falling since 6 July. As at 9 July, the Baltic Exchange assessed the rates on the benchmark Gulf-Asia Pacific route at USD133.313/tonne. Despite lower freight rates, daily earnings are now
Seoul to build research centre for offshore vessels The South Korean government will build a centre to undertake research and development in the construction of offshore vessels. Such vessels are the flagship products of the country's three biggest shipbuilders - Hyundai Heavy Industries, Samsung Heavy Industries, and Daewoo Shipbuilding & Marine
Sinotrans Shipping forecasts huge profit fall for 1H15 Hong Kong-listed Sinotrans Shipping predicted that its profit would fall significantly year on year (y/y) for the first half of 2015 and the company may drop into considerable losses during the period. Such substantial decrease in profit or considerable loss is mainly the result of the company's
COSCOL predicts surge in 1H15 profit Shanghai-listed COSCO Shipping (COSCOL), forecast that its profit would shoot up more than 33 times year on year (y/y) to CNY391.8 million (USD63.2 million) in the first half of 2015, owing to one-off investment gains and government subsidies. During the first half of 2015, COSCOL, the special
Heavier taxes on shipping linked to avoiding Grexit Greek shipping supports remaining in the euro, but at an individual level owners' tolerance may be tested
Suezmax values hit $60m Rising values present intriguing opportunities for owners to make money on ship sales
CI launches shipper sentiment survey 2015 poll to assess views on new alliances, larger ship sizes and volatile freight rates
Asia-Europe rate recovery proves short-lived Freight rates to north Europe and the Mediterranean from Asia fall by more than 20%
Greek shortsea owners hit by bank closure But country's ferries are operating normally, says trade association
South Korean shipbuilding unions step up the pressure Unions for several mid-tier yards are urging greater government involvement in funding, while DSME workers strike in protest against a delayed payment of ordinary wages
Ezra Holdings reports sharp drop in profits Hit by slowing offshore services market, Singapore-listed company is focusing on reducing its debt load
Teamsters score victory in drayage unionization push Drivers for the Southern California drayage company Eco Flow voted this week to join the Teamsters Union. This development is not a surprise because Eco Flow was formed on the employee-driver model, but it is nevertheless a victory by the union in its attempt to organize drayage companies across the...
Watco Companies names Ed McGuire Executive Vice President - Strategic Planning Watco Companies, LLC, announced today the appointment of Ed McGuire in the role of Executive Vice President - Strategic Planning. Ed is an experienced transportation industry investment banker who has been a key advisor to Watco over the past ten years. In his new...
US imports from Oceania jump on strong dollar Port Chalmers, New ZealandThe U.S.-Oceania ocean container trade is providing a textbook example of the ramifications a strong currency has on trade flow. U.S. imports from Oceania increased 11 percent year-over-year in the first six months of 2015, while exports dropped 11 percent. The Oceania-U.S. trade is dominated by Hamburg Sud,...
Dispatcher of Kentucky trucking companies pleads guilty to conspiracy to commit wire fraud On June 24, 2015, Bryan Napier, a dispatcher for several trucking companies operating out of Catts Auto Sales, Chavies, Kentucky, pleaded guilty in U.S. District Court, Loudon, Kentucky, to conspiracy to commit wire fraud. Our investigation revealed that between October 8, 2010, and February 7, 2012, Napier and others conspired to...
Europe - Asia Loop M (EUM) / Void Sailing Hapag-Lloyd informs about a void position. We would like to inform you about the following void position as part of the Vessel Maintenance Scheme: EUM: Westbound voyage W035, ETS Pusan August 24, 2015 Eastbound voyage E040, ETS Genoa September 27, 2015 ...
Ports of Seattle and Tacoma welcome multi-billion dollar state transport package SEATTLE - The ports of Tacoma and Seattle applaud the Washington State Legislature's passage of a $16.2 billion transportation investment package that will benefit the state's economy by speeding the movement of cargo through the ports and freight corridors. The ports, business and community leaders have been advocating for...
CMA CGM plans Aug. 1 Asia-West Africa GRI CMA CGM has announced a general rate increase for shipments from Asia to West Africa, as trade between Japan and Nigeria, West Africa's largest economy, has exploded in the past few years. All cargo from Bangladesh, Japan and Southeast Asia destined for West Africa will see an increase of $400 per...
Top real estate lawyer named to Port of Oakland board Oakland, Calif. - Prominent real estate attorney Joan H. Story has been appointed to the Port of Oakland Board of Port Commissioners. She joins the Board July 11. The City Council July 7 appointed Ms. Story, a partner in the international law firm of Sheppard, Mullin, Richter & Hampton. Mayor Libby...
Italy's Ancona port upgrading rail infrastructure The port of Ancona, Italy, is upgrading its rail-side infrastructure, work that port authority President Rodolfo Giampiero says will allow the port to accommodate longer cargo trains. The project, extending Ancona's quay sidings to some 1,968.5 feet, is expected to be completed by next year, Giampiero said. Ancona is one of the...
Container growth continues at China's Ningbo-Zhoushan Port of NingboThe Port of Ningbo-Zhoushan's growth spurt is continuing, with year-over-year growth in volume for the first six months of 2015. The port expects throughput to reach 2.2 million TEUs in fiscal 2015, a goal that seems within reach given the fact that it has recorded year-over-year increases every month...
NJ distribution center rents rise in tight market Vacancy rates for New Jersey distribution centers and warehousing have dipped below 8 percent for the first time in six years and are pushing up rents, the Cushman & Wakefield commercial real estate firm says. Average asking prices for rental of warehouse and distribution space in New Jersey were $5.73 per...
China port operator CMHI proposes terminal alliance China Merchants Holdings International, China's largest port operator on the mainland, is urging terminals along the maritime silk road to align in an effort to counter the alliances among container carriers. A terminal alliance would enhance the comparative advantages of pairing arrival and departure ports, Bai Jingtao, general manager of CMHI,...
Port of Itajai's existence threatened by service changes APMT ItajaiAPM Terminals Itajai's loss of three services, especially the ASAX/SEAS joint service to Asia, threatens not only the terminal itself, which has begun layoffs, but also the very existence of the port. The Itajai casual labor organization has said that 17 of its employees have been dismissed, more dismissals are...
Asia-Europe spot rates resume slide after two weeks of gains HONG KONG - Spot freight rates on the dismal Asia-Europe and Mediterranean trades predictably began to give up the gains made over the past two weeks as weak demand and surplus capacity continued to undermine all attempts to raise prices.The latest reading of the Shanghai Containerised Freight Index showed that...
Walmart adds warehouses to expand north China distribution HONG KONG - Walmart has opened four new warehouses in Tianjin to expand its distribution centre in northern China, the latest example of rising mainland demand for modern logistics property that is increasingly in short supply.The global retailer held an opening ceremony this week for phase II of the Walmart...
Asia-Europe spot rates resume slide after two weeks of gains HONG KONG - Spot freight rates on the dismal Asia-Europe and Mediterranean trades predictably began to give up the gains made over the past two weeks as weak demand and surplus capacity continued to undermine all attempts to raise prices.The latest reading of the Shanghai Containerised Freight Index (SCFI) showed...
Indonesia seeks cash Bank of China hosting meetings to drum up investors for huge newbuilding programme.
Chinese eye ERG A Chinese oil and gas company is eyeing a slice of Brazilian shipbuilder Estaleiro Rio Grande (ERG).
Viking redraws ENI contract Viking Supply Ships has agreed to take a rate cut on one of its anchor handlers in exchange for an extended contract.
No cheer for PSV owners Free tonnage starting to build again as rates continue to struggle in North Sea.
Crisis affecting S&P? Crisis in Greece has led to a scaling back of sale and purchase activity, leading shipbrokers suggest.
Crewman lost A search for a missing Norwegian crewman has ended off Norway.
LSC denies filing Bulker owner Lithuanian Shipping Company (LSC) has refuted claims it has filed for insolvency after its boss left and three more ships were sold.
LR2s making the switch Lucrative Asian rates for aframaxes are luring LR2 products tankers into crude markets.
Maersk Supply sells oldie Denmark's Bjerrum Jensen takes on management of former Maersk AHTS.
Duo up for sale Broker CW Kellock is auctioning off a bulker and livestock carrier in the UK.
Ocean Yield pays and grows Ocean Yield has once again bumped up its dividend amid the expectation of further expansion at the shipowner.
Eco-ferry plan "silly" Plans by Scotland to develop a zero-emissions ferry have been dismissed as "silly" by scientists.
Dracopoulos hits out Niarchos trustee slams Greek owners for not doing enough during national crisis.
FOE slides into the red Fred Olsen Energy (FOE) has booked a second quarter loss of $327.5m, according to figures released Friday.
Pressing questions We take a look at what was said in the market over the past week.
Tidewater in the clear A World Bank tribunal has rejected Venezuela's appeal against a $46m compensation claim after it seized Tidewater's ships.
Bulkers drag on DNB Norwegian bank DNB has posted higher loan-loss impairments in the second quarter as bulker markets remained weak.
UK tax gains questioned Claims that changes to the UK non-domiciled system will result in extra tax revenue have been challenged by a leading advisory firm.
Technip gets downgraded Technip has been downgraded by analysts at BNP Paribas in the wake of its latest restructuring plans announced earlier this week.
Ezra wiped out in Q3 Ezra Holdings has struggled to stay in the black in the third quarter posting a year-on-year decline of 96% in net profit.
BC Ferries shortlists trio Canada's BC Ferries has shortlisted three shipyards for its project to convert its two Spirit Class vessels to dual fuel.
MSC drops Tunisia again MSC Cruises is dropping calls in Tunisia until at least April next year in the wake of the latest round of violence.
Greece to hike shipping tax Greece's government has promised its international lenders to hike shipping taxes and to gradually remove the industry's special tax status, as part of a new bailout deal.
Orient Overseas (International) Limited (OOIL), the subsidiary of the Chinese shipping group COSCO Shipping Holdings that operates containerized maritime transport services with ...
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