Swiber profit drops 99.9% Singapore-listed offshore services provider, Swiber Holdings (Swiber) posted a profit of USD70,000 down 99.9% year-on-year for the first quarter ended 31 March 2015, due to the depletion of the company's order book last year. Revenue fell 17.3% to USD164.9 million in 1Q15 as compared to USD199.5
Teekay Tankers' rates surge NYSE-listed Teekay Tankers reported higher-than-expected profits for the first quarter, driven by its highest rates in years. The product and crude tanker owner reported a net income of USD39 million for 1Q15 versus USD26.4 million in 1Q14. Adjusted earnings of USD0.34/share topped the Wall Street
Safety competition offers big prizes for seafarers A competition with prize money of USD10,000 aims to raise hazard awareness among seafarers. The 'Spot the Hazard Competition' is being run by the Standard P&I Club and the International Chamber of Shipping in what is said to be the first collaboration of its kind in the industry. The competition
HSH Nordbank eyes South Korean market HSH Nordbank will cooperate with the Export-Import Bank of Korea and the South Korean city of Busan that is home to the country's ship finance providers. The German bank's move follows a memorandum-of-understanding between the mayors of Hamburga and Busan, Olaf Scholz and Suh Byung-soo, to
Sungdong pleads for more financial help Despite winning a slew of new orders this year, South Korean mid-tier shipbuilder Sungdong Shipbuilding & Marine Engineering is still suffering from a shortage in operating funds. Due to this, its suppliers and local politicians have appealed to Sungdong's creditor banks for financial support.
Capesize capacity key for Mississippi deepening US ports on the lower Mississippi River cannot yet accommodate Capesize vessels but the Obama Administration is taking steps to see that they can. The US Army Corps of Engineers revealed on 13 May its plans to prepare a supplemental environmental report that it will integrate into a larger
NYK fixes carriers for Cameron LNG project Japanese shipping company Nippon Yusen Kaisha (NYK Line) said on 14 May that it will build two LNG carriers after clinching another timecharter contract from compatriot trading company Mitsubishi Corporation. The ships will transport LNG from the Cameron LNG project in the United States. The
Pacific Radiance posts lower 1Q15 profit Singapore-listed offshore services provider Pacific Radiance posted a lower profit of USD1.08 million, down 94% year on year (y/y) for the first quarter that ended on 31 March 2015, compared with USD17.3 million. Revenue fell 25% y/y to USD31.5 million in the first quarter, compared with. Gross
Chinese firm to undertake Russian railway, port projects China Railway Construction Corporation (CRCC) announced on 14 May that it has inked a memorandum of understanding (MOU) with Russia's Tuva Energy Industrial Corporation (Tuva) on railway and port projects in Russia. The projects in the MOU include a 410 km railway track across central-southern
Nam Cheong's profit down 45% for 1Q15 Singapore-listed offshore-vessel builder Nam Cheong posted a profit of MYR39.3 million (USD10.9 million), down 45% year on year (y/y) for the first quarter ended 31 March 2015. Revenue fell 20% to MYR326 million in first-quarter 2015, compared with MYR407 million in first-quarter 2014. Similarly,
Seoul forms Sewol salvage, compensation teams South Korea's Ministry Of Oceans and Fisheries (MOF) has established a unit to implement more efficient Sewol disaster follow-up measures. The MOF had created standards for victim compensations and completed a technical survey to assess the feasibility of hoisting the sunken ferry, following which
Causeway Bay Typhoon Shelter dredging starts Dredging operations have started in Causeway Bay Typhoon Shelter in Hong Kong, according to a notice of Hong Kong Marine Department. The operations will be completed in approximately two months. The works will be carried out by one derrick barge while three tugs will provide assistance. A working
China's LPG imports hit record high in 1Q15 China imported a record high 2.085 million tonnes of LPG in the first quarter of 2015, a sign that its propane dehydrogenation (PDH) plants are finally having an impact on LPG trade. China began establishing these plants in 2013 to meet its requirement for propylene, a plastic-making ingredient.
Tsuneishi Shipbuilding strengthens Cebu yard Japanese Tsuneishi Shipbuilding is improving operations at its shipyard in Cebu, the Philippines, investing more in operating capacity and manpower. The Tsuneishi Heavy Industries (Cebu) shipyard has sped up improvement efforts under its new president, Akihiko Mishima, who took over the reins in
China COSCO scraps four old vessels in April China COSCO Holdings pushed ahead with its fleet scrapping plan in April by dismantling two container ships and two bulk carriers. The scrapping of the vessels incurred about CNY59 million (USD9 million) in losses, a stock filing of the company said on 13 May. The demolished vessels were
Hanjin Shipping returns to black Hanjin Shipping has returned to the black for the first quarter of 2015, posting a net profit of KRW22.9 billion (USD21 million), reversing its first-quarter 2014 loss of KRW224.5 billion. The biggest container shipping company in South Korea reported total sales of KRW2.1 trillion and an operating
FSL Trust returns to profit Singapore-listed shipowner First Ship Lease Trust (FSL Trust) has posted a profit of USD5.09 million for the first quarter that ended on 31 March 2015, returning to black after incurring a loss of USD4.95 million in the first quarter of 2014. Revenue increased 10.5% year on year (y/y) to USD24.78
Strike hits Callao port Port workers have begun an "indefinite" strike at the general cargo facility in Callao, Peru operated by APM Terminals (APMT). APMT spokesperson Tom Boyd confirmed to IHS Maritime that the labour action, which he dubbed "illegal", began on 13 May. Boyd stressed that the strike is not affecting
Cosco Pacific remains downbeat about box leasing market The company is mulling over plans for cost reduction
Steamship results among strongest ever Combined ratio below 80% as free reserves hit $376m
ER Schiffahrt plans shift to 'private bank' shipmanagement model But company pledges to remain in Hamburg
Teekay Tankers hits crude tanker spot rate highs last seen in 2008 New York-listed Teekay Tankers also says second quarter is putting in a robust, counter-seasonal performance
NOL narrows loss to $11m in first quarter Volumes drop by 15% due to capacity cuts and impact of US west coast congestion
Maersk reaffirms commitment to APMT as profits and volumes fall Terminal operator is still very profitable and will push ahead with ambitious investment plans, says Nils Anderson
Teekay LNG bolstered by policy of long-term fixed rate contracts US-listed gas carrier owner dodges fluctuations in LNG spot and short-term shipping market
Tanker Investments achieves strongest result to date Teekay vehicle rakes in profit as spot market climbs
Diana Shipping slides deeper into the red Dry bulk company posts $10.8m first-quarter net loss compared with $6m deficit for the same period last year
The company results round-up Still no let-up in dry bulk, but product tankers market shines
Yangzijiang establishes new vessel export arm Subsidiary aims to reduce dependency on third parties
Star Bulk revises share offering upward Dry bulk owner has put a deadline of next week for its public share offer, which is expected to net $180m
Cost savings boost Hanjin to $21m first-quarter profit South Korean shipping giant posts fourth consecutive quarter of operating profits, thanks to lower bunker prices and service rationalisation
HSH to work with Korea Eximbank Move follows deal between Hamburg and Busan
Hafnia Tankers rises to $13m profit Mikael Skov-led company is another beneficiary of the improving product tanker market
West Coast port congestion still stings some shippers West Coast ports say they'll have productivity back to normal by the end of May after more than four months of congestion, but, in the meantime, some shippers continue to struggle with delays and lost business. The comments made during various companies' earnings call show that the pain from congestion -...
Virginia port chief blames 'federal incompetency' for congestion NORFOLK, Virginia - The Port of Virginia is falling short. Record volumes and a return to profit in the past year have been matched with near-unprecedented congestion and user dissatisfaction, Port Director and CEO John Reinhart said Thursday. But the troubles at the Virginia marine terminals and the aging infrastructure both...
Truckers demand say in Virginia port congestion strategy Truck drivers frustrated with Port of Virginia congestion protested on Thursday outside the Virginia Internaitonal Trade Symposium. NORFOLK, Virginia - While besuited port industry executives milled about hotel ballrooms at the Virginia International Trade Symposium Thursday, truck-driving men and women in shirtsleeves marched in protest on the streets outside. The...
U.S. Import and Export Trends for Specialty Chemical Intermediaries PIERS, the Standard in Trade Intelligence, has partnered with InformEx, to offer a one of a kind report available for free download that examines some of the most important early-stage intermediates for the specialty chemicals: naphthalene, maleic anhydride, gyloxal and adipic acid. Shipping records reveal top U.S. importers and exporters,...
US truck lessor PacLease opens shop in Australia, targets shipper fleets Olen Hunter, director of PacLease Australia, with a DAF heavy-duty cabover at the Brisbane Truck Show. PACCAR Leasing will begin renting and leasing Kenworth and DAF trucks in Australia, the subsidiary of Bellevue, Washington-based truck maker PACCAR said Wednesday. "PACCAR Leasing is truly a global company and our new operation in Australia is...
Shaw succeeds Seale as Norfolk Southern executive VP Alan H. Shaw has been named executive vice president and chief marketing officer by the board of directors of Norfolk Southern Corp., Wick Moorman, chairman and CEO, said today. Reporting to NC President James A. Squires, Shaw succeeds Donald W. Seale, who retired after 39 years in management positions in NS's...
CaroTrans to launch direct Montreal-Le Havre service CaroTrans, a non-vessel-operating common carrier, will begin a weekly direct less-than-container load service from Montreal to Le Havre, France, on May 22. Freight management at origin and destination will be supported by Odyssey Shipping Ltd., an established CaroTrans partner in Canada, and the NVO's office in Le Havre, which is positioned...
Evergreen to offer China-Surabaya service Evergreen Line this month will launch a new intra-Asia service in partnership with Cosco and China Shipping, enhancing the Taiwan carrier's intra-Asia operations. The joint China-Surabaya Express service will employ four ships of 2,000 to 2,700 20-foot-equivalent units, with Evergreen and China Shipping each providing one vessel, and Cosco providing the...
CEVA taps Turhan Ozen as lead for global healthcare sector CEVA Logistics, one of the world's leading supply chain companies, today announced the appointment of Turhan Ozen as Senior Vice President responsible for the company's global Healthcare sector. CEVA recently launched an independent global Healthcare sector - previously a sub-sector of Consumer and Retail - to leverage the company's significant presence...
Port of Virginia Names Scoular Company Shipper of the Year Norfolk - The Scoular Company, a leading user of The Port of Virginia's barge service to Richmond, is the recipient of the port's 2015 Shipper of the Year award. The award recognizes a port user that has gone above and beyond the course of normal business to help the port grow...
Cosco launches loop connecting Hunan to Vietnam, Thailand Cosco Container Lines earlier this month launched a bi-weekly service from Yueyang, a city by the Yangtze River in Hunan province, to Vietnam and Thailand, allowing shippers to get their goods delivered a week faster than through past transfer services. The COSCO 01, a 150-twenty-foot equivalent unit vessel, set sail May...
Rulings mixed for LA, LB truckers fighting congestion fees Southern California truckers who said they were improperly charged late fees for containers they couldn't return on time to gridlocked ports received mixed decisions in the first arbitrators' rulings on their cases. Arbitrators this week issued their first four rulings on the dozens of claims submitted to arbitration under the Uniform...
Blue Dart's earnings relatively flat for just-ended fiscal year Blue Dart Express, India's leading air express and logistics services provider, reported its net earnings in fiscal year 2014-15, which ended March 31, remained relatively flat compared to the profit in the previous year, despite significant revenue growth. Fiscal 2014-15 net profit was Rs. 126.84 crore (about $20 million), up from...
Cosco scraps two container ships ahead of larger vessel deliveries China Cosco Holdings pushed ahead with its fleet scrapping plan last month by dismantling two container ships and two bulk carriers. The scrapping of the vessels incurred about renminbi 59 million ($9 million) in losses, according to a May 13 stock filing. The demolished vessels were 1993-built container feeders Xiu He...
Technology spending crimps profit growth at Finnlines LONDON - Finnlines scraped a small profit in the first quarter as it spent heavily on technology to comply with tougher environmental regulations for ships sailing in North European waters. The largest roll-on, roll-off freight carrier in the Baltic Sea increased net income to 600,000 euros ($684,000) from 300,000 euros in...
Frozen foods can cut waste, emissions, study finds A study commissioned by the British Frozen Food Federation suggests frozen foods can help reduce waste and even greenhouse gas emissions. Frozen foods already are "less expensive than their fresh equivalents," the study notes. If consumers switched to U.K.-grown frozen broccoli in winter rather than buying fresh imported broccoli, greenhouse gas emissions...
India sees big jump in banana exports India produces about 30 percent of the world's bananas, but poor post-harvest facilities and cold chain infrastructure means less than 1 percent make it to foreign markets. However, one fresh produce company, Pick N Serve Foods, is finding huge potential in exports, particularly to markets in Oman, Dubai, Qatar and...
Manila's new truck booking system to improve cargo flows HONG KONG - A decision by International Container Terminal Services, Inc. (ICTSI) to implement a container booking system to better manage truck movements at its flagship Manila terminal will be welcomed by the port that bore the brunt of choking congestion last year.The Australian 1Stop booking system will manage the...
Ultrapetrol loss beats bets Ultrapetrol reported a larger net loss in the first quarter, but the red ink was not as bad as analysts predicted.
Spot tanker market leaps Large crude tankers posted significant rate gains today, with VLCCs nearing a year high and suezmaxes earnings surging by 47.4% in one day, according to Baltic Exchange and shipbroker data.
Star locks in Kappa Star Bulk Carriers has locked away a supramax bulker for up to a half-year with Chilean-controlled Ultrabulk.
Courage loses more Courage Marine has seen its loss double during the first quarter due to a weak dry bulk market.
Azuma increases profit Azuma Shipping of Japan has pushed up annual earnings on the back of stronger revenue.
Frangou hints at strike three Opportunistic purchases and further specialist distressed deals are both on the radar of Navios Maritime Acquisition as cash flows in thanks to a strong tanker market.
Piraeus sale back on Greece is said to have given the green light for the sale of a majority stake in Piraeus port to go forward.
ICG back in black Irish Continental Group (ICG) has returned to profit so far in 2015 as volumes rose.
Precious plunges into red Thai bulker owner Precious Shipping has fallen to a loss in the first quarter as revenue fell and costs rose.
NYK orders LNG pair Japan's NYK has ordered a pair of LNG carriers to transport shale gas produced by the Cameron project in Louisiana, US.
Winning picks up capesize Winning Shipping of Singapore is understood to have snapped up a capesize bulker just as rates are taking a turn for the better.
Swiber's profit gone Singapore's Swiber Holdings has seen its profit for the first quarter erased and is now counting on its strong orderbook for a recovery.
Tallink cuts losses Estonia's Tallink saw a series of cost-saving measures trim its loss during the traditionally weak first quarter.
TOO starts with loss Teekay Offshore Partners (TOO) has begun 2015 in the red due to unrealised losses on derivatives and write-downs from vessel sales.
NOL cuts loss Singapore's NOL Group has reduced its losses in the first quarter as it cut costs and paid less for fuel.
Tanker tonic for TNK Post-crash highs in both the crude and products markets powered Teekay Tankers to its best quarterly performance in more than half a decade.
Forex boosts Teekay LNG US-listed Teekay LNG Partners has pushed up profit in the first quarter thanks to currency gains.
Teekay earnings fall Teekay Corporation has posted a weaker first quarter net profit due to a bigger derivatives loss.
Collision kills engineer A seafarer lost his life when a fast craft collided with a cargo vessel at Lauis Ledge off the Philippines coast.
Panama volumes jump The Panama Canal has logged record figures for grain and salt cargoes in the six months to 31 March.
Pac Radiance blown away Pacific Radiance has managed to eke out a tiny profit amid the financial carnage inflicting the offshore vessel operating segment.
Hanjin turns it around Korea's Hanjin Shipping has returned to profit in the first quarter thanks to a big improvement from its containerships.
TIL in record quarter Tanker Investments Ltd (TIL) has reported its strongest quarterly results since its inception almost one year ago.
Nam Cheong down in Q1 Nam Cheong has reported a near 45% drop in first quarter net profit as it battles with the slowdown in the offshore sector.
FSL Trust sees strong start First Ship Lease Trust's (FSL Trust) rehabilitation under the stewardship of chief executive Alan Hatton continues to gather pace.
DSD in 'magic pipe' charge DSD Shipping and four engineering staff have been charged with multiple pollution incidents by a court in the US.
Opposition party accused of wanting to block LNG bunkering Gibraltar could be 'ruled out' of key aspect of the future bunker market.
NOL pares down losses 'We extracted savings from lower bunker costs.'
MEPs explain EU MRV to IMO Delegation says it will be aligned with IMO regime if a global system is agreed, but the EU must take action.
New tanker company in profit Helped along by stronger demand and lower fuel prices.
KPI promotes trader Who is longtime employee.
No decision on amending BDN text on sulphur MEPC kicks discussion back to sub-committee for further consideration.
Western fuel-oil arbitrage into Asia remains heavy But Singapore's onshore stocks see draw-down.
Viking Line narrows losses Upbeat outlook but cautionary on bunker prices.
Another container line reaps benefits of lower bunker costs Hanjin back in the black in its Q1 results.
Norwegian shipowner facing pollution charges in United States Using a 'magic pipe, concealing evidence and lying to USCG among charges.
Glander International Bunkering 'upgrades' Mumbai office Office is now registered as a private limited company, it says.
No easy way to measure individual ship efficiency 'Robust' and 'simple' are mutually exclusive when attempting to relate fuel consumption to cargo transport, IMO told.
Hapag-Lloyd returns to black on 'solid start' Lower bunker prices and vessel efficiency programme helped increase profit, says CEO.
Quarterly profit up for Finnlines 12 scrubbers during Q1 2015.
Singapore-based firm introduces device to monitor bunkering 'Device can be easily integrated into current bunkering systems,' says Ascenz spokesman.
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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