CMA CGM heightens Caribbean focus CMA CGM is upgrading service in the Caribbean shortly after signing a concession for a transhipment terminal in Kingston, Jamaica. On 13 April, CMA CGM announced an upgrade of its Gulfbridge service between New Orleans, the Caribbean and South America, by decreasing the transit time to Colombia. In
Bremen forwarders see cargo markets in flux Currency fluctuations, the commodity price slump, and geopolitical tensions have caused significant shifts in trade flows into and out of Europe, according to the Bremen Freight Forwarders' Association (VBSp). Board member Uwe Bielang, a regional director with global forwarder Kuehne + Nagel, said
Maritime court opens in Seychelles A dedicated maritime crime court in Seychelles was formally opened yesterday. The two-storey annexe to Seychelles' Supreme Court building on Île du Port - comprising two large courtrooms, detention cells, witness waiting area, judges' chambers, and lawyers' meeting rooms - will hear cases of piracy
Sea Asia 2015 preview reveals oil industry concerns Offshore industry experts have stressed the importance of technologically advanced vessels in the future of oil exploration and production activities. Prior to the Sea Asia 2015 conference on 21-23 April in Singapore, Alessandro Ciocchi, Vice President Offshore of V Group, raised the need for the
Pan Ocean executes new round of debt-to-equity swaps Pan Ocean is executing another round of debt-for-equity swaps with creditors. The South Korean bulker operator disclosed its paid-in capital plan on 13 April in a Korea Exchange filing. The company will issue 757,844 new shares that are scheduled to be listed on 29 April. This round of
Two dead after China ship attacks Two seafarers are reported to have been stabbed to death and a third critically injured on board a Chinese-owned, Liberian-registered ship off the Philippines. It is alleged that another crew member, was responsible.
Analyst: SHI needs to win offshore orders The lack of offshore orders would hurt Samsung Heavy Industries' (SHI's) earnings as South Korea's second-biggest shipbuilder is unlikely to hit its 2015 order target, said an analyst. In the first quarter of 2015, SHI has clinched USD2.3 billion worth of orders, amounting to 15% of its 2015 order
High seas ruling sinks pirate pair's appeal Somalia's exclusive economic zone counts as the high seas for the purposes of piracy law. That was the conclusion reached in last week's appeal by Abukar Osman Beyle and Shani Nurani Shiekh Abrar against their August 2013 conviction for piracy. The pair were handed multiple life sentences by a
Bumi Armada sells FPSO, forms subsidiaries in Malta Malaysia-listed offshore services provider Bumi Armada is expected to book a gain of around USD250 million through sale of a floating production, storage, and offloading (FPSO) unit. The company has also incorporated three subsidiaries. Bumi Armada sold Armada Madura FPSO to PT Armada Gema
POSH acquires two shipping firms Singapore-listed operator of offshore support vessels and services, PACC Offshore Services Holdings (POSH), has acquired two companies registered in the British Virgin Islands for a total consideration value of USD2.00. Pacific Cosmo Ventures, a wholly owned subsidiary of POSH, was acquired on 10
Chevron requests change to Rosebank FPSO US oil major Chevron has requested an alteration to the Rosebank FPSO under construction at Hyundai Heavy Industries (HHI). This was confirmed by HHI, the world's biggest shipbuilder, in a Korea Exchange filing on 10 April. HHI clinched the Rosebank FPSO order in April 2013 and was due to be ready
Mercator Lines appoints independent adviser to fix financial woes Singapore-listed shipping company Mercator Lines has appointed an independent financial adviser to assist with an assessment of its financial position amid the depressed dry bulk shipping market. Mercator Lines stated in its filing to the Singapore Exchange (SGX) that the independent financial
Chinese coal imports down 45.3% China's coal imports plunged 45.3% year on year (y/y) to 32 million tonnes in the first quarter in 2015 due to weak demand amid the slowing economy. The national coal stock continues to hover aloft around the high levels, with the stock volume amounted to over 3.9 billion tonnes for the past 39
Japan escorts 13 ships off Somalia in March The Japan Self-Defense Forces (JSDF) vessels escorted 13 commercial ships in the Gulf of Aden off Somalia in March to protect them against pirate attacks, the country's transport ministry said on 10 April. Ever since Japan's Anti-Piracy Law took effect on 24 July 2009, the JSDF forces have escorted
Yokohama's cargo traffic drops in January Cargo traffic at the Port of Yokohama sank 4.2% in January from a year earlier to 9.173 million tonnes, according to preliminary figures released by the Yokohama municipal government. Of the 9.173 million tonnes, 5.695 million tonnes came from foreign trade, up 2.3% from a year earlier, and the
China to cut iron ore resource tax to 40% China announced on 8 April that it will reduce the resource tax on iron ore to 40% from 80% of the tax payment base starting 1 May. The move aims to improve the operations of mining companies, promote structural adjustments in mining sector, support the development and upgrading of related
Diversions away from Yemen LNG plant raise prospect of exports stopping Development would reduce vessel utilisation and be a risk for LNG carrier spot market freight rates
Large vessels threaten liner operator flexibility Mixed picture on choice of ship sizes for blanked sailings
Euroseas sees continued improvement in charter markets for feeder boxships Greece-based, Nasdaq-listed owner reckons small number of newbuilding deliveries would support rates
Shenzhen launches cleaner-fuel scheme with seven liner giants on board City will spend $32m annually in covering up to 100% of the extra costs incurred in at-berth fuel switch
Pan Ocean swaps more equity for debt with creditors Dry bulk operator issues 757,844 common shares to its creditors, with Merrill Lynch International taking the lion's share
Maersk Tankers modernises fleet as trade dynamics change Out with the old, in with the new for the Danish product tanker company as fresh cargoes develop and new trade patterns emerge
$1m ecoship retrofit can save $40m loan, says DNV GL Argument now settled in favour of design improvements, argues Hubner
Top container lines at risk of cyber-jacking CyberKeel estimates that 90%of global carriers vulnerable to attack
CMA CGM upgrades Caribbean services French carrier to boost number links following 30-year Kingston concession deal
Milaha and United Arab Chemical Carriers plan tanker fleet merger Merger would strengthen product and chemical carrier operations of both Middle Eastern companies
Bahri signs 10-year South Korean CoA for VLCC cargoes S-Oil Corp agreement, worth $670m, will guarantee cargoes as newbuildings start to flood market
Mercator, hit by low rates, looks to financial advisor Company says it is assessing financial options as dry bulk market collapse and declines in asset values may impact some loan covenants
Shipbuilding demand is now unpredictable due to speculative funds, says GSI But policy banks' deep pockets are also to blame
NASSTRAC shippers urged to help 'mitigate' truck driver shortage ORLANDO, Florida -- A year ago, Werner Enterprises set up a special e-mail "hotline" connecting its 9,000 truck drivers and President and Chief Operating Officer Derek Leathers. The goal: Identify shippers and receivers whose dock operations were not "driver friendly." Truck drivers have long complained about being detained for hours at...
TruStar Energy Awarded Contracts to Install 15 UPS CNG Fueling Stations throughout U.S. ATLANTA, April 13, 2015 /PRNewswire/ -- TruStar Energy, one of the nation's largest designers and builders of Compressed Natural Gas (CNG) fueling infrastructure, is excited to announce the awarding of 15 high capacity fueling stations for UPS. The CNG fueling stations, planned for 11 states and configured to fast-fill and time-fill their...
Intermarine, LLC Expands to Turkey; Opens Istanbul Office HOUSTON (APR. 13, 2015) - Intermarine, LLC, a global leader in the transport of project, breakbulk and heavy lift cargo, has established a physical presence in Turkey with the opening of an office in Istanbul. The new branch will operate as part of the company's Worldwide division, offering identical breakbulk, heavy-lift cargo...
Norfolk Southern expects to report earnings of $1.00 per share, 15% below 2014 NORFOLK, Va., April 13, 2015 - Norfolk Southern Corporation's (NYSE: NSC) first quarter 2015 diluted earnings per share are expected to be $1.00 per share, 15% below the same quarter 2014. The reduction in earnings is primarily due to lower than expected revenues, although certain expense items also affected the comparison....
Norfolk Southern expects to report earnings of $1.00 per share, 15% below 2014 NORFOLK, Va., April 13, 2015 - Norfolk Southern Corporation's (NYSE: NSC) first quarter 2015 diluted earnings per share are expected to be $1.00 per share, 15% below the same quarter 2014. The reduction in earnings is primarily due to lower than expected revenues, although certain expense items also affected the comparison....
Favorable bond rating to help Long Beach port raise project funding Fitch Ratings assigned an "AA" rating to the Port of Long Beach's $194 million renewable and refunding bonds, citing the second-largest U.S. port's strong market position and its long-term contractual guarantees of revenue from tenants. Also, Fitch reaffirmed its "AA" rating on $860 million in outstanding senior lien harbor revenue bonds...
Evergreen Shipping Agency (America) Names CN Railroad Company of the Year JERSEY CITY, N.J., and MONTREAL, April 13, 2015 - Evergreen Shipping Agency (America) today named CN as its 2014 Railroad Company of the Year in recognition of CN's "consistent high level of performance." Evergreen Shipping Agency (America) serves as North American general agent for Evergreen Line. Evergreen is a global ocean carrier that serves all continents...
US footwear importers shift production from China to Vietnam Click to enlargeChina is losing traction as the largest supplier of U.S. footwear imports, thanks to rising labor cost and employee shortages in its coastal areas. In 2014, China accounted for 65.6 percent of all U.S. footwear imports by dollar value, down from 71.8 percent in 2012, according to Global Trade...
Regulators ask for evidence of unreasonable demurrage, detention fees A U.S. Federal Maritime Commission report on port congestion impact on demurrage and detention fees stopped short of recommending agency action and invited the industry to provide evidence of allegedly unreasonable practices. "I am hopeful that the report becomes a discussion paper among industry stakeholders and helps stimulate solutions to problems...
Volume, spot rate rise show US East Coast diversions' staying power Spot rates and volume from China to the U.S. East Coast continued to rise through March, signs that West Coast congestion is still driving cargo owners to other ports. Eastbound spot rates on the China-East Coast lane were up almost 11 percent in March year-over-year, according to the Shanghai Containerised Freight...
West Coast congestion kept 2014 US containerized trade from reaching full potential When congestion last fall forced dozens of ships to anchor off the West Coast and crippled the flow of cargo through the nation's largest ports, it couldn't have come at a worse time for beneficial cargo owners racing to get their goods to store shelves in time for the holidays....
Drayage companies demand changes at NY-NJ port New York-New Jersey port truckers are demanding longer gate hours and more lenient demurrage rules to ease congestion that has kept drayage drivers waiting for hours in miles-long lines outside the GCT Bayonne container terminal. "We believe the extreme traffic conditions experienced over the past several days are a clear indication...
Virginia's March TEU volume a port monthly record The Port of Virginia reported March volume of 229,410 20-foot-equivalent units - an increase of 16 percent year-over-year, and a port monthly record - but the increased volume has strained operations at Hampton Roads terminals. Import volume in TEUs jumped 28 percent, while exports rose 5.8 percent. During the first two...
APL revamps port calls in intra-Asia service APL is reorganizing the port rotation of its intra-Asia service - West Asia Express, or WAX - effective this month. The changes include a new call at Jubail, Saudi Arabia, and suspension of the current eastbound calls at Bahrain as well as at Jebel Ali, United Arab Emirates. The new weekly WAX rotation...
Santos port tackles backlog after eight-day-long fire ends Click to enlageOperations at the port of Santos, Brazil, are expected to return to normal within the next couple of days as container terminals work through a backlog caused by the eight-day-long inferno at South America's largest container gateway. The fire burned out over the weekend. It will take three to...
US regulators to raise penalties for truck safety violations The penalties for violating truck safety rules are getting higher, as federal regulators adjust fines that haven't changed since 2007 or in some cases 2003 for inflation. On June 2, the Federal Motor Carrier Safety Administration will raise some fines by hundreds or thousands of dollars by applying a cost-of-living adjustment...
Double-digit growth era at an end for China's ports, Qingdao chief says HONG KONG - The days of rapid container terminal growth in China are over and the port business has entered a more "normal" stage of its development, according to Qingdao Port Chairman Zheng Minghui.Qingdao handled 16.48 million 20-foot containers last year, 7 percent more than in 2013, and this kind...
Asia-Med trade struggles to cope with capacity, market changes HONG KONG - Drewry expects Asia-Mediterranean spot rates to remain weak until the mid-June peak season, with significant changes affecting the market - headhaul demand growth has waned, slot supply has risen and rates have plummeted. Spot rates on the Asia-Mediterranean trade tumbled to just over $600 per 20-foot container last...
Hedge fund cuts DryShips Hedge fund manager BlueMountain Capital Management has cut its stake in New York-listed DryShips to 5%, less than half the amount it owned in October.
Intermarine enters Turkey Intermarine has promoted an insider to run a newly-created office in Turkey.
RBD seeks US shield Rizzo-Bottiglieri-De Carlini Armatori (RBD Armatori) is asking a judge in Houston to block seizures of the company's assets.
Merger under attack The pending merger between two Peter Georgiopoulos dry-bulk companies has come under fire from a New York law firm seeking to represent shareholders of publicly listed Baltic Trading.
Avoiding rocks and docks The UK's North P&I Club has published a new guide to help bridge teams prevent costly smashes with fixed or floating objects (FFOs).
TOO tapping investors Teekay Offshore Partners is set for a preferred equity offering to help fund the dropdown of the group's most valuable asset.
Cosco cull continues China Cosco Holdings Co (CCHC) has sold another 14 ships for scrap as it renews its fleet.
Frontline shares spring up Healthy upturn in VLCC rates sends owner's market value racing.
Distressed delight BW LPG's purchase of four VLGCs at a knockdown price has been greeted with approval by analysts tracking the company amid the belief the deal is not terrible news for asset values in the sector.
Hapag-Lloyd charters duo Germany's Hapag-Lloyd has brought in two ships on short-term charters to help catch up on its schedule after a tough winter.
S5 buys Jardine Shipping Ship agency S5 North Europe has extended its reach into Asia with the acquisition of Jardine Shipping Services (JSS).
New name, new CEO Swedish containership, ro-ro and offshore group Rederi AB Transatlantic is changing its name as it appoints a new overall CEO.
Wan Hai rating safe Moody's has affirmed its rating on Taiwan's Wan Hai Lines on the back of a stellar year for the boxship owner.
Crew fall ill Food poisoning has been blamed for the hospitalisation of 14 crew from a Japanese bulker in Canada.
Tananbaum back for more Hedge fund tycoon Steven Tananbaum has grown his holding in Eagle Bulk Shipping.
CMA CGM upgrades France's CMA CGM is upgrading its services from the US to the Caribbean with an enhanced feeder run.
Pan Ocean settles again Korea Line Corp (KLC) and Nordana are among the owners taking small stakes in restructured Korean shipping company Pan Ocean in return for debt.
Bergen sells division Norwegian shipbuilder Bergen Group is selling off its Hanoytangen-based rig services business.
Milaha and UACC in talks Middle Eastern owners Milaha and United Arab Chemical Carriers are in talks to merge their respective chemical tanker fleets.
Angelicoussis back in action Depressed asset prices have tempted major Greek shipowner John Angelicoussis into the dry cargo second hand market for the first time in almost half a decade.
Crewmen stabbed to death What appears to have been a violent argument on a US bulker has left two seafarers dead and another injured in the Philippines.
Anji back at Jinling China's Anji Automotive Logistics has returned to Jinling Shipyard for two more car carriers.
Subsea 7 lands $200m deal Oslo-listed Subsea 7 has renewed a charter in Brazil for two years in an extension worth $200m.
Mercator seeks help Mercator Lines (Singapore) has called in a financial advisor as it looks to battle the slump in dry cargo markets.
No dividend before 2016 First Ship Lease Trust (FSL Trust) has warned shareholders to not expect dividends to re-start before 2016 at the earliest.
Rickmers extends boxship duo Rickmers Maritime Trust (RMT) has secured a significant increase for the latest charter of its largest containership.
Ships banned from entering into Yemen's waters Only emergency food and medical aid vessels are getting through.
Cosco sheds more old ships Move boost overall fuel efficiency of its fleet.
Shipping line signs up to emission restrictions in Chinese port 'By joining the Shenzhen Port Green Convention, Hapag-Lloyd has demonstrated its commitment to environment.'
Waste fuel recovery technology proves resilient As sales hold up in era of softer fuel prices.
Study: Ships efficiency has 'gone backwards' since 1990 NGOs say the IMO's EEDI targets need to be made more ambitious at upcoming review.
Japan's fuel oil demand in decline Consumption drops 26% year-on-year.
Electric 'hybrid' vessels on the increase 'Shipping industry is coming much closer to the man in the street in its thinking on the environment.'
Supplier and box ship operator in New York court clash Dispute goes back to bunkers supplied via OW subsidiary.
Singapore logs double-digit bunker sales growth Monthly LSMGO sales volumes jumped almost 5 times over the year.
Fishing vessels held in probe on fuel transfers Malaysian Maritime Enforcement Agency detains six boats.
Call for stricter rules on high seas fishing US federal agency proposes permit for fuel supplies.
Coast Guard spill response 'exceptional', says commissioner 80% of spill contained with 36 hours.
German supplier launches two new ECA products Says its new distillate blends offer operational and price advantages.
Evergreen Line looks to new software for improved efficiency Fuel consumption could be cut by around 5%.
Maersk: 'We are definitely looking into LNG' 'There are a number of elements in the equation which need to be settled, for example the accessibility of fuel and the price.'
Bank predicts improved dry bulk rates Current freight rates in the sector are 'unsustainably low'.
Russian port operator sinks deeper into red Annual bunker sales weaken.
Unions at Vopak issue strike call Potential impact of action on terminal operations unclear.
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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