Investment gains save Germany's DVB Soaring profit from financial trading helped German ship and aviation financier DVB Bank to post stable first-half earnings despite a drop in net interest income and a major arbitration defeat. Following a ruling by the London Court of International Arbitration, the Frankfurt-based shipping lender
DS Norden to adjust newbuilding deliveries on weak dry bulk market DS Norden, the listed Danish dry cargo and product tankers group, said it would seek to postpone deliveries of its newbuildings due to prolonged weakness on the dry bulk shipping market. "For the time being, the dry bulk market is depressed and for that reason we are actively working to reduce
APMT invests in Colombia terminal Maersk affiliate APM Terminals is injecting USD200 million at Cartagena Terminal in Colombia as evidence of its confidence in continuing growth in Latin America. APMT and Compania de Puertos Asociados (Compas), a Colombia-based terminal operating company, have agreed to jointly manage and operate
Rickmers Maritime sees red in 2Q15 Singapore-listed shipowner Rickmers Trust Management (Rickmers Maritime) suffered a loss of USD15.7 million for the second quarter ended 30 June 2015 from a profit of USD16 million in 2Q14. The loss was followed by the drop in revenue, which fell 10% year-on-year to USD28.5 million in 2Q15 from
Great Eastern profits surge on back of tanker rally Indian owned Great Eastern Shipping has reported a 45% surge in net profit of INR3.2 billion (USD49 million) on the back of a higher revenue of INR10.2 billion. Revenue amounted to INR9.06 billion during 1Q16. In response to a query by IHS Maritime during an earnings conference call from Mumbai
Pacific Radiance profit tumbles by 88% Singapore-listed offshore services provider, Pacific Radiance saw its profit tumble to USD3.8 million down 88% year-on-year for the second quarter ended 30 June 2015. Revenue dropped by 29% to USD34.8 million in 2Q15 from revenue of USD48.7 million in 2Q14, while gross profit slid by 55% to USD10.1
Vard secures fishing vessel order Vard Holdings has announced it has secured a contract worth approximately NOK60 million, to build a state of the art Gill Netter. The 34 m fishing vessel will be built at Vard's Braila shipyard in Romania with delivery scheduled for Q316. Ordered by Breivik AS of Floro, Norway, the Seacon SC34
Nam Cheong profit tumbles in 2Q15 Singapore-listed offshore services provider, Nam Cheong posted a profit of MYR10.5 million (USD2.6 million) for the second quarter ended 30 June 2015, lower as compared to profit of MYR63 million in 2Q14. Similarly, the company's revenue went down 49% to MYR192.7 million in 2Q15 from MYR378.8
Technics Oil & Gas' 3Q15 profit skyrockets Singapore-listed offshore services provider Technics Oil & Gas's profit reached SGD24.7 million (USD17.5 million) for the third quarter that ended on 2015, a huge increase from its profit of SGD1.1 million in the same period a year ago. Despite the surge in profit, the company's third-quarter
Tianjin port blast leaves 42 dead, hundreds injured The death toll from the explosion in Tianjin port on 12 August has increased to at least 42, with more than 400 injured, according to the local government and sate media. Nine firefighters died while containing the fire and many more were unaccounted for as of 10:30 h local time on 13 August,
Tianjin port gets back to work after deadly warehouse blasts Shanghai-listed Tianjin Port Holdings said its port work and operations were back to normal after mass explosions took place at a dangerous goods warehouse on the evening of 12 August. At around 23:20 h local time on 12 August, explosions occurred at the warehouse owned by Tianjin Ruihai
We want long-term charters for our product tankers, says Concordia Maritime's Ullman Longer charters would cement the niche trades to West Africa, Australia and New Zealand, says product tanker boss
Union lifts Panama Canal strike threat Third set of locks on course to open in second quarter of 2016, says ACP administrator
Maersk Tankers' result shows recent return to profit was no fluke Once almost a write-off, Maersk Tankers displays sustained stability
Russian sanctions hit HHLA hard Hamburg operator's ebit up 1.5% in the first half of 2015, but revenues and container volumes decline
Challenging market dents APMT's second quarter result But Hague-based operator still manages to achieve 10.9% return on invested capital
Western Bulk sees no near-term recovery in dry bulk Norwegian operator buys out partners in one handysize but is not rushing to invest in more steel
Höegh LNG sells FSRU Gallant for $370m Dropdown of the vessel into master limited partnership will help boost MLP to fund further growth for Höegh LNG
Yang Ming to raise up to $124m with bond sales Taiwanese carrier says funds will be used to repay debts
APMT takes stake in Cartagena Terminal Joint venture to invest $200m in upgrading and expansion to handle larger vessels transiting the Panama Canal from next year
Maersk Line to defend Asia-Europe trade share Update: Danish carrier still manages ROIC of over 10% despite price turbulence
Nam Cheong sees 63% decline in net profit for first half Malaysian offshore vessel builder and operator notes opportunity in shallow water infrastructure development
Maersk and MSC drop Asia-Europe loop Rate collapse forces 2M lines to cull more capacity
Maersk Group reports weaker second quarter Despite weak rates and low oil prices being blamed on lower performance, group retains full year expectations
Long range product tankers hit earnings peak LR2s are up at $55,000 per day on benchmark Middle East to Asia trade
Explosions near Tianjin port leave more than 44 dead and disrupts shipping Update: Local safety authority says that oil tankers and ships carrying hazardous materials are barred from entering port, while BHP Billiton says that iron ore shipping is affected
Annual 'Super Bowl of Safety' kicks off in St. Louis St. Louis - Today, more than 430 of the nation's safest professional drivers began their pursuit of the most coveted title in the industry: Bendix National Truck Driving Championships Grand Champion at the 78th annual National Truck Driving Championships and National Step Van Driving Championships. "For millions of people, St. Louis was...
Element handles shipment of excavators from South Korea Element International Forwarding & Logistics are PCN members in Turkey and offer a wide range of project cargo and heavy lift services. They have recently handled a shipment of excavators from South Korea to Poti in Georgia. The cargo was loaded in Busan and carried using K-Line. The transshipment took place...
Port of Seattle signs historic lease with Norwegian Cruise Line Holdings SEATTLE - The Port of Seattle signed a historic 15-year lease today with Norwegian Cruise Line Holdings (NASDAQ: NCLH) parent company of Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises. The deal secures NCLH ships in Seattle for the full term of the lease and provides passenger volume...
Lower fuel prices shaped 2Q for truckers, shippers The 21 publicly owned motor carriers tracked by JOC.com barely increased their combined second-quarter revenue, raising it 0.6 percent from a year ago to $10.7 billion, but the combined operating profit of 20 of those carriers jumped a healthy 13 percent to $941 million. Moderate economic expansion combined with an extraordinary drop...
Avian flu causes 20 percent drop in US poultry exports Containerized exports of poultry through U.S. ports plunged 20 percent during the first half of 2015 because of a multistate outbreak of highly pathogenic avian influenza. Measured in 20-foot-equivalent units, first-half volume fell to 71,755 TEUs, according to PIERS, a sister product of JOC.com within IHS. In 2014, containerized poultry exports...
Port of Rotterdam invests €32 million in buoys and dolphins In the Caland Canal and the Botlek, the Port of Rotterdam Authority is working hard on the expansion and replacement of buoy berths and dolphin configurations so that they can become operational in the autumn. The buoys and dolphins in the port of Rotterdam reinforce the existing clusters in both...
LA-LB turn times improving, but truckers want even better The average time to complete a trucking transaction at Los Angeles-Long Beach port complex in July fell by four minutes from the prior month, but no one is celebrating. Even though the average turn time fell to 89 minutes, down from 93 minutes in June, the Harbor Trucking Association of Southern...
Planned Russia Black Sea port aims to grab Asia cargo from North Europe One of the largest Russian investment holdings is betting that it can lure cargo from Southeast Asia away from Northern European ports through a planned Taman seaport on the Black Sea - even after government backing faded. Forum Holding, one of Russia's largest investment holdings, plans to invest up to 30...
Virginia port expects peak season surge after healthy July Port of VirginiaPort of Virginia CEO John F. Reinhart said high volumes are expected through the summer-fall peak season after July traffic rose 8.8 percent year-over-year. Year-to-date volume through July was 1.47 million twenty-foot-equivalent units, a 10.1 percent increase. July marked the fifth consecutive month that Virginia handled more than 210,000...
CSX Ohio hub: An old intermodal idea becomes new Lawrence J. GrossHead south on Interstate 75 from Toledo and exit west onto Deshler Road in North Baltimore. As you head through the fields, you'll see what looks like a huge port facility, with giant wide-span overhead cranes. But there's no open water in sight. In fact, what you're seeing...
Niels W. Johnsen, retired International Shipholding chairman, dies at 93 Niels W. Johnsen, retired chairman of International Shipholding Corp., died last Friday (Aug. 7) at his home in Rumson, New Jersey. He was 93. Mr. Johnson spent 60 years in the shipping industry. A New Orleans native, he attended Tulane University before joining the merchant marine after the outbreak of World...
Shipping Corporation of India profit surges Despite significant losses by its container carrying division, a buoyant tanker market coupled with cost-cutting measures to help Shipping Corporation of India post a whopping 230 percent profit increase in the April-June period from a year earlier to Rs. 163.54 crore (approximately $25.5 million). During the first quarter, the state-owned carrier lost...
Troubled Damco posts profit Damco headquarters in The Hague, the Netherlands.LONDON - Damco posted a rare profit in the second quarter as Maersk's troubled freight forwarding and logistics arm reaped the benefits of a radical restructuring program. The swing to a net operating profit of $7 million from a $32 million loss in the second...
Deadly Tianjin blast shuts down two container terminals Port of TianjinHONG KONG - Operations at two container terminals in the port of Tianjin have been suspended following the massive blast at a dangerous goods warehouse that has reportedly killed more than 40 people and injured hundreds.IHS country risk analyst David Yang said two container terminals in the Beijiang...
Maersk, MSC axe Asia-Europe service LONDON - Maersk Line and Mediterranean Shipping Co. are axing one of their Asia-Europe services in the latest cutback by carriers on the troubled route that is facing lower traffic and tumbling freight rates. MSC's Condor service jointly operated with its 2M Alliance partner Maersk will cease operation effective September 14. The...
APM Terminals' profit falls with Russian, West African volumes APM Terminals RotterdamLONDON - APM Terminals posted a sharply lower profit in the second quarter and downgraded its full-year earnings forecast as it trailed global market growth due to lower import volumes at its terminals in oil-dependent Russia and West Africa. The Maersk group's port arm made a net operating profit...
APMT expands to Colombia with Cartagena joint venture Compas CartagenaAPM Terminals has entered Colombia after joining forces with domestic terminal operator Compas S.A. to manage and operate the latter's existing multipurpose Cartagena Terminal. The Danish terminal operator, a subsidiary of Maersk Group, signed a joint venture agreement with Compas S.A. Thursday. The Compas S.A. Cartagena Terminal, the second-busiest container port...
Tumbling Asia-Europe rates drag down Maersk Line earnings HONG KONG - Rising container volumes carried by Maersk Line in the second quarter failed to offset plunging freight rates on the Asia-Europe trade, dragging the world's largest carrier to its first year-over-year decline in quarterly profit since 2012.The liner division's $507 million net profit was down 7.3 percent compared...
US freight volumes, shipper spending drop in early third quarter Freight volumes and shipper spending on transportation both dropped in July, as the shipping surge that filled trailers and intermodal containers from Easter through the Fourth of July dissipated in the summer doldrums. North American shipment volumes dropped 1.1 percent year-over-year and 1.6 percent from June, according to the July...
OSG settlement approved A US judge has given preliminary approval to a $16.3m settlement deal that will end most claims in the securities litigation over the tax issues that preceded Overseas Shipholding Group (OSG)'s 2012 bankruptcy.
Poseidon seeks withdrawal Poseidon Containers Holdings has asked US regulators to allow it to withdraw its initial public offering (IPO) papers.
Lauritzen deepens loss forecast J Lauritzen has deepened its full-year loss forecast after shouldering impairments on its dry cargo vessels in the first half of 2015.
Courage Marine loss grows Courage Marine reported a deeper second-quarter loss as the dry-bulk market and impairment charges clobbered the bottom line.
Rates tonic for Concordia Higher average daily income from its product carriers has secured bigger profit for Concordia Maritime during the second quarter.
Maersk axes AE9 Denmark's Maersk Line is scrapping its AE9 service in favour of seasonal ship deployment between Asia and northern Europe.
Havyard cuts jobs Norwegian shipbuilder makes redundancies in order to survive in weak offshore market.
VLCC rate fall 'mostly noise' A crash in VLCC rates will be short lived with earnings likely to spring back in September, Clarksons Platou Securities says.
Bulker freed from arrest The Ukrainian owner of a bulker sold for scrapping to a company linked to Singapore-based cash buyer Wirana Shipping has stepped forward with funds to secure the vessel's release from arrest.
Ghosts haunt dry orderbook Ghost ships in the dry cargo newbuilding orderbook are hindering judgement of a market recovery, Jens Ismar says.
Van Oord banking $145m Dutch owner Van Oord has clinched a major dredging contract in Taiwan worth EUR 130m ($144.56m).
Maersk shares shoot up Shares in Danish conglomerate AP Moller-Maersk raced up today on the back of a strong second quarter report.
Topaz sees red Long-term investment in Africa hits Dubai owner's profitability in second quarter.
Tallink profit soars Estonian ferry company posts strong second quarter result thanks to cost-reduction moves.
Pan Ocean crashes to loss The cost of restructuring its operations has pushed Korean bulker owner to a big loss in the second quarter.
Glencore cuts capital spend Glencore has taken a red pen to its capital expenditure plans for 2015 to preserve cash in a weaker commodity market.
Ultrapetrol sells duo South American owner Ultrapetrol (ULTR) has offloaded two tankers as it slipped to a second quarter loss.
KNOP's profit slides Shuttle tanker owner logs small decline in Q2 earnings as it kicks off share buyback programme.
Ismar points to margins Western Bulk pointed to higher margins at its core chartering business as it reported a slightly larger quarterly loss.
AMSC makes more US tanker owner American Shipping Company (AMSC) has pushed up its net profit for the second quarter in a firm Jones Act market.
DVB loan losses rise German lender DVB Bank has seen loan-loss provisions rise in the first half due to persistently difficult shipping markets.
Hoegh Gallant drops down Norway's Hoegh LNG Holdings has agreed the first drop-down of an FSRU to its spin-off partnership.
Maersk buys back again Denmark's AP Moller-Maersk has revealed another huge share buy-back scheme a year after it launched its current programme.
Maersk profit chopped Danish giant "satisfied" despite lower oil price and weaker container rates hitting earnings in second quarter.
Tianjin port at standstill Shipping is at a standstill in Tianjin port following the massive explosion last night at a warehouse that has caused widescale damage, killed dozens of people and wounded hundreds more.
Nam Cheong dips Malaysian offshore shipbuilder and operator Nam Cheong saw revenue and profit dip in the first half of its financial year as low oil prices take their toll on the offshore sector.
Nam Cheong dips Shipbuilder still in the black despite revenue decrease.
Tianjin death toll increases Last night's massive explosion at the Chinese port of Tianjin is now reported to have claimed at least 17 victims, according to Chinese and international media sources.
EU funds LNG bunkering hub project Aim is to make Greece 'a marine bunkering and distribution hub for LNG' in the region.
Explosion closes fuel terminals at Tianjin port 'It is unknown at present when the terminals will re-open'.
Malaysia detains vessel carrying bunker fuel Authorities say Indonesian tankers docked in waters off Pengerang without authorisation.
Maersk Line profits fall Operating profit down 7.3% in Q2 but results still beat analyst expectations.
Profit falls for Maersk Line Operating profit down 7.3% in Q2 but results still beat analyst expectations.
Refiner to cut runs Players say bunker supplies unlikely to be squeezed.
Latest figures stir fears of more prolonged fuel oil glut Fuel oil inventories in Singapore have reached a new high.
Cruise line's decision will 'boost bunkering' Gibraltar to be used as 'turnaround port'.
Singapore bunker sales hit 15-month high Demand strengthens for LSMGO, 380 cSt and180 cSt grade fuels.
Latin American group to enter regional LNG bunkering market Infrastructure development underway.
SCI records leap in profits Amid improved tanker market and reduced bunker expenses, it says.
China fuel oil stocks fall Volume down by 1.4% to 2.74 million mt.
SCI records 'quantum leap' in profits Amid improved tanker market and reduced bunker expenses, it says.
Marginal decrease in China fuel oil stocks Volume down by 1.4% to 2.74 million mt.
Malaysia: Upgraded fuel oil storage facility comes 'on stream' Project completion on track.
Crude rebounds from six-year-low On news that global oil demand growth in 2015 will be the strongest in five years.
IEA: Demand for oil rising at fastest pace in five years OPEC producers plan to keep production levels elevated while non-OPEC production is expected to slow in 2016.
Matrix Bharat Pte Ltd hires India-based bunker trader Rahul Tiwari is the firm's newest addition.
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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