Panama Canal strike is called off Construction workers building the Panama Canal's third set of locks have called off a threatened strike after winning a pay rise from the consortium building the locks. SUNTRACS, the workers' union, had been seeking an 8.9% pay hike, following the 11% increase they gained last year. On 11 August,
Rickmers Group expands earnings base Rickmers Group today (12 August) reported improved turnover and underlying earnings for the first half of the year. The German shipowner and operator's revenues, mainly from charter and ship management income, rose by 6.6% year on year to EUR289.6 million (USD319 million), while its operating
COSCO and China Shipping talk about merger China's top two shipping companies COSCO and China Shipping are discussing the possibility of a merger. They could release an outline plan within three months, a source close to the industry has revealed to IHS Maritime. A team of five, led by Xu Lirong, chairman of China Shipping Group, is
DS Torm slashes losses and raises forecasts DS Torm, the listed Danish product tanker and dry cargo shipping company, has raised its 2015 pre-tax and operating profit forecasts on a continuing strong product tanker market. The company, which completed a restructuring on 13 July, has slashed interim losses. The net loss in the second quarter
DS Norden in second EBIT forecast increase after strong 1H15 DS Norden, the Danish-listed dry bulk and product tanker group, has raised its operating profit forecast (EBIT) for the second time in two months after its tanker business delivered record interims. Group net profit in the first half 2015 (1H15) amounted to USD81.9 million compared with a loss of
ATB oil terminal expands A second phase of expanding ATT Tanjung Bin (ATB) oil terminal in the Port of Tanjung Pelepas, Malaysia, has been completed, adding 262,000 m³ to its storage capacity. With 12 new tanks, the completed terminal has 1.15 million m³ of storage capacity and six marine berths able to accommodate very
Zhoushan Changhong to break six rigs from Transocean Zhoushan Changhong International Shipyard has bought six decommissioned semi-submersible drilling rigs from Transocean for demolition. The privately run Chinese scrapyard and shipyard has paid a total of USD17.9 million since June for the six vessels, which have a combined weight of 89,000 tonnes,
Swissco almost quadruples 2Q15 profit Singapore-listed offshore services provider Swissco Holdings' profit for the second quarter of 2015 was USD13.2 million, an increase of almost fourfold from the profit of USD3.6 million in the same period a year ago. The company's revenue for the same period was USD18.4 million, with revenue
Epic Gas plunges into $2m loss Singapore-headquartered shipowner Epic Gas deepened into a net loss of USD2 million for the second quarter ended on 30 June 2015 from a loss of USD1.4 million last year, despite higher revenue contribution for the period. Revenue rose by 20% year on year (y/y) to USD32.9 million in the second
Chinese ports' growth ebbs in 1H15 Thirty large ports in China handled a total of 5.67 billion tonnes of cargo in the first half of 2015, up 2.6% year on year (y/y), a slowdown from last year's 5.6% annual growth, showed data released by the Ministry of Transport (MOT). As 19 coastal ports handled 3.94 billion tonnes of cargo,
Eskola replaces Rosengren as W'rtsil' boss The Finland-based engine maker Wärtsilä has named its deputy CEO, senior executive vice-president, and president of its Marine Solutions division (former Ship Power), Jaakko Eskola, to be the company's new president and CEO from 1 November 2015. The company's incumbent CEO and president Björn
Vallianz profit slides despite higher earnings Singapore-listed offshore services provider Vallianz Holdings' profit for the second quarter of 2015 declined 29.1% year on year to USD4.58 million despite recording higher earnings for the period. The company's revenue climbed 68.6% to USD65 million in the second quarter that ended on 30 June from
We will not chase tanker market, says Norden boss Rindbo Company will keep focus on both tankers and dry cargo, even as dry offers far less reward
Tanker earnings lift Great Eastern Shipping Indian carrier's net profits up 45% in April-June
Impairments inflict a $16m loss on Rickmers Maritime Singapore-listed shipping trust posts a second-quarter underlying profit of $4m
Torm to take on tanker industry Torm boss says restructuring did not crush company spirits, and paves way for a rejuvenated business amid fresh product tanker opportunities
Greece agrees to push through new tonnage tax hike Draft bail-out deal includes October deadlines for more action on shipping taxes and final bids for ports
UK flag revival efforts begin MCA to recruit new director of the UK Ship Register, with commercial experience
Abu Dhabi's Khalifa terminal breaks key container moves benchmark Former Lloyd's List Award winner pushing ahead with further terminal expansion for 2016
Norden bailed out by tanker division Tankers boost balance sheet as dry bulk weakness continues to exert pressure on Copenhagen-listed shipowner
Euroseas curbs loss in the second quarter Greece-based owner proceeds with rights offering to help fund bulker newbuilds
Australian maritime union takes legal action against Hutchison The Maritime Union of Australia has taken legal action in federal court against Hutchison Port Holdings' decision to terminate 97 members of its 222-strong Australian. The union contends that Hutchison's violated its enterprise agreement with the union by making the layoffs unilaterally and ignoring the dispute resolution clause. The hearing is...
Cargomatic expands truck load-matching to NY market Los Angeles-based Cargomatic has expanded its Uber-like technology for matching trucks and shipments to the New York regional market after several months of testing. The company has operated in Southern California since early 2014. It uses an online platform to connect shippers needing service with trucking companies that have available capacity. Cargomatic...
CN CEO takes three-month health leave Canadian National Railway's President and CEO Claude Mongeau said Wednesday he will take a three-month leave of absence to address significant health concerns. Claude MongeauMongeau is expected to take a step back from his day-to-day duties at Canada's largest railway toward the end of August or early September after he undergoes...
Macy's ups e-commerce ante against Amazon Macy's is expanding same-day delivery options into more markets, upping the ante in its high-stakes poker game with e-commerce giant Amazon. The U.S. retailer will be rolling out same-day delivery in nine new markets this month, bringing its total number of markets with the service to 17 and surpassing the number...
Crowley-managed vessel rescues 11 fishermen in South China Sea JACKSONVILLE, Fla. '- The Crowley-managed, USNS Impeccable (T-AGOS 23) '- a Military Sealift Command (MSC) Impeccable class, ocean surveillance ship '- heroically rescued 11 fishermen struggling to stay afloat on a sinking vessel that had been adrift for five days in the South China Sea. While enroute to Subic Bay, Philippines, on July 19,...
"K" Line to provide free transport for prefecture capital celebrations Kawasaki Kisen Kaisha, Ltd. ("K" Line) has announced that it has provided free ocean transportation of festival decorations that will be used at sightseeing and products promotion events in California, the United States, which will be held by six prefectural capitals in Tohoku region, Japan, in collaboration. These events will be...
Werner Enterprises shakes up management Werner Enterprises has shaken up its top management, with founder C.L. Warner taking the role of chairman from one son and another son giving up his position as vice chairman. Gary Warner will still serve on Werner's board of directors as vice chairman, but will take more time to spend with...
Nippon Express sets sights on China-Southeast Asia trade Nippon Express Co., Japan's largest international freight forwarder, has reached a key milestone in its Asia strategy with the launch of a time-saving truck service between Kunming, the capital city of Yunnan province in southern China, and Bangkok, Thailand's capital. It previously took more than two weeks to transport container cargo...
Rare sight in Great Lakes ports - containers Cleveland, with port at left.A niche shipping service between Antwerp and Cleveland is providing other Great Lakes ports with a sprinkling of containerized cargo. Last month, Spliethoff Lines' Faglegracht delivered 20 containers of heavy-lift cargo to Detroit. The port had a 17 percent year-over-year increase in general cargo from April through...
Finland's Konecranes merging with Terex Corp LONDON - Finnish crane manufacturer Konecranes is joining forces with its bigger U.S. rival Terex Corp. in an all-share merger to create a $10 billion-a-year group that can better respond to stiffer competition from Chinese manufacturers and slowing European and North American demand. Westport, Connecticut-based Terex's shareholders will own 60 percent...
Panama Canal workers call off strike Construction workers building the Panama Canal's third set of locks have called off a threatened strike after winning a pay increase from the construction consortium at the helm of the project. The $5.25 billion Panama Canal expansion, already delayed by multiple work stoppages and monetary disputes, faced a fresh setback early...
Tightening capacity raises US distribution center rents Surging demand for U.S. industrial real estate is outstripping demand, pushing rents to near pre-recession levels and attracting speculative investment in new facilities, according to a new report by the real estate firm CBRE Inc. But because construction of distribution centers and warehouses isn't keeping pace with demand, companies that need...
Shipping industry waits for official news of Cosco-CSCL merger HONG KONG - Trading of the eight listed units of Cosco and China Shipping on the Shanghai, Shenzhen and Hong Kong Exchanges has been suspended all week in preparation of a joint announcement by the giant state-owned carriers that is widely expected to be news of a merger.Multiple "sources close...
Suez expansion and Panama restrictions won't impact trade - for now Transiting the Suez Canal.LONDON - The expansion of the Suez Canal and the reduced draft for ships transiting the Panama Canal won't immediately impact the rival waterways' shares of Far East-U.S. East Coast traffic, according to Alphaliner. Apart from the launch of Zim's Seven Star Service in May no other carrier...
Italy plans IPO for state postal company LONDON - The Italian government plans to sell up to 40 percent of the state-owned postal company Poste Italiane in an initial public offering in October. The IPO, which could raise as much as 4 billion euros ($4.4 billion), will be the biggest listing on the Milan stock exchange so far...
Operations resume at APMT Mumbai APM Terminals' Gateway Terminals India resumed operations Wednesday morning following the end of a week-long shutdown due to labor troubles, but it will take stakeholders weeks to clear up cargo backlogs and bring ship schedules back on track at the country's busiest container gateway, Jawaharlal Nehru Port Trust, according to...
Philippine ports ready for rising volumes after cabotage law change Philippine President Benigno Aquino signs into law amendments to the country's cabotage rules. Photo: Malacañang Photo BureauHONG KONG - Smaller ports in the Philippines are bracing for rising container throughput following government approval of an act that liberalizes the country's cabotage law and allows foreign carriers to participate in the...
Analysts divided on yuan decline's impact on exports HONG KONG - China's currency has now fallen 3.5 percent in two days after the central bank on Tuesday triggered the yuan's greatest one-day decline in 20 years, and it is expected to fall further as the country struggles to reverse a sharp drop in trade recorded in July.The 1.9...
APMT Mumbai strike ends Workers handling rubber-tired gantry crane operations and their employers at Jawaharlal Nehru Port Trust reached a new contract late Tuesday, ending a week-long strike that shut down APM Terminals' Gateway Terminals India facility, the largest container terminal in India. "An agreement has been reached, but we will have to wait until...
NS says intermodal service improving, but trade speeds don't reflect Norfolk Southern Railway says infrastructure improvements and added locomotives are improving network velocity, but the railroad's intermodal train speeds, an indicator of network reliability, tell a different story. As of July 31, average intermodal train speeds for the Virginia-based railroad were nearly unchanged from historic averages this time last year and...
Explosion rocks Tianjin port A massive explosion shook Tianjin, China, apparently igniting in the city's container port.
Dof defies gloomy market Dof Group recorded a 16.5% jump in its second-quarter profit and said the next reporting similar will have a similar result, but it warned of uncertainties in the offshore vessel market going forward.
Cape rates sink 15% Capesize time-charter equivalent (TCE) rates suffered their largest single-day decline in more than eight months as rates plummeted across the market for large bulkers.
Grandweld signs for four Dubai's Grandweld Shipyards has won a new order for crew vessels.
SCI boosts Q1 profit Shipping Corporation of India (SCI) has pushed up its first quarter profit thanks to a good performance from its bulkers and tankers.
Norden shuffles orderbook Norden has sold off three supramax newbuildings and replaced them with a brace of vessels with later delivery.
Scorpio lands LR2 work New York-listed Scorpio Tankers has found work for two new LR2 tankers at stronger rates.
Rickmers turns red Rickmers Maritime saw red ink in its bottom line due to non-cash impairment charges for the second quarter, which also saw reduced rates for boxships.
Fewer ships detained Fewer ships were detained during last year, according to an annual report released by classification society ClassNK.
Carisbrooke adds eight Commercial management of Liberty One ships aimed at consolidating fragmented MPP market.
Kidnap lawsuit fails A federal legal case launched by a US captain captured by Nigerian pirates in 2013 has been dismissed by a Texas court.
Ceona chairman resigns The chairman of UK-based shipowner Ceona Offshore has resigned due to ill health.
Korea to boost yard banks Government to pump money into state lenders heavily exposed to loss-making HHI, DSME and Samsung.
Crane rivals merge Finnish crane maker Konecranes has merged with US rival Terex with the new alliance looking to a combined annual revenue of $10bn.
Yang Ming raising $124m Taiwanese container line Yang Ming is plotting a new bond sale to pay off earlier issues.
Great Eastern on the rise Indian tanker and bulker owner kicks off financial year with higher quarterly profit and revenue.
Deep Sea eyes lay-ups Fredriksen company likely to idle more ships as weak offshore market continues to erode earnings.
Panama strike called off The danger of potential delays to the completion of works at the Panama Canal has faded after workers reached an agreement with management.
Mipo seals MR quartet South Korea's Hyundai Mipo Dockyard has announced a new order for products tankers worth KRW 168.9bn ($142.7m).
Vallianz still in black Vallianz Holdings has lost a small part of its net profit for the second quarter but boosted its revenue by 68.6%.
Norden raises sights again Owner boosts profit forecast for second time in three months as tanker market motors.
Torm slashes loss Restructured Danish owner Torm has slashed its second quarter loss and raised its profit forecast for the full year.
Greece unveils tax increase Greek tonnage tax is to increase by 4 percent a year between 2016 and 2020, according to a draft law submitted to parliament on the night to Thursday writes Harry Papachristou from Athens.
Crystal back at Lloyd Werft Hot on the heels of an order for three 100,000-gt cruiseships, Malaysian-owned Crystal Cruises has returned to Germany's Lloyd Werft with an order for two 140-passenger river cruiseships.
Loss for Euroseas US-listed Greek shipowner Euroseas has finished the first half of its financial year with a net loss of $8.7m on revenues of $17.6m.
Durban on dredger hunt South Africa's National Ports Authority (TNPA) has been given the go-ahead to order a grab-hopper type dredger in the face of mounting criticism over silting problems in Durban, the country's largest port.
Calumet scraps Great Lakes oil shipping plan Firm said finding a partner for the project 'just didn't happen'.
Prices plunge as refinery comes back on line Durban sees IFO prices fall by over $50 per metric tonne.
Dawn of a new era Lessons learned so far from ECA operations on 0.10% sulphur.
Cat fines 'prime suspect' in engine failure case Investigation points to 'poor separator efficiency' as the cause as the fuel was on-spec.
Singapore players struggle with product glut 'It looks like a tank-top situation for some.'
OW collapse has left owners fearful of ship arrest But law firm explains that bunker suppliers have limited options to initiate arrests in German ports.
External: Global Vision Bunkers B.V.
MFMs planned for a dozen 'eco' newbuilds Vessels scheduled for 2015-2016 delivery.
Firm offers global LNG bunker fuel report Report has been described as an 'in-depth study'.
Use of LNG as a marine fuel to expand in China Ministry of Transport offering grant for each LNG-powered vessel.
Interlake Steamship Company announces scrubber retrofits Installing the 'emission reducing' technology on one-third of its fleet.
Use of LNG as marine fuel to expand at China Ministry of Transport offering grant for each LNG-powered vessel.
Adani posts quarterly profit surge But revenues fell on the back of weaker bunkering sales.
External: Wired Bunkering
Turkish firm adopts fleet efficiency management solution Aims to improve performance of its ten tankers, says DNV GL.
WTI crude settles at six-year-low As OPEC production climbs.
EIA reduces US crude production forecasts for 2015, 2016 But output 'is still on track to be the highest since 1972'.
Gazprom's FSRU 'adapted' for future LNG bunkering in Baltic Sea Unit to be built by South Korea's Hyundai Heavy Industries.
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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