Clarksons profit hit despite strong 1H15 Clarksons' profits have taken a hit, despite the shipping services company reporting a strong performance in the 1H. Its interim results released today show its pre-tax profit fell to GBP10.8 million from GBP14.1 million in the same period last year. Andi Case, chief executive of Clarkson's said
VLCC rate fall put in context VLCC rates may have halved from the start of the year but ship owners should see the situation in context, brokers told IHS Maritime. Rates for the benchmark Gulf-Far East route averaged Worldscale 39.14 or USD39,000 on 14 August, a fall of almost 20 points from 31 July, when rates averaged W56.04
Thailand's RCL stays in profit Regional Container Lines (RCL) of Thailand has managed to remain in profit, despite second-quarter results considerably lower than last year. It posted a net gain of THB55 million (USD 1.55 million) for the quarter that ended on 30 June. The comparable figure last year was THB 294 million (USD 8.3
Atlas Iron shoulders USD1 billion loss Pilbara miner Atlas Iron recorded an AUD1.378 billion (USD1 billion) loss for financial year 2015, while revenue slumped 35% to AUD718.5 million. Atlas Iron also reported a shipment of ore to China had been rerouted because of the explosion in the Chinese port of Tianjin. The miner ramped up its
IBM link to further boost Singapore maritime safety The Maritime and Port Authority of Singapore (MPA) is to collaborate with IBM in 'first of a kind' research to improve maritime and port operations in Singapore using analytics-based technologies. The two have signed a memorandum of understanding (MoU) to establish a two-year agreement. IBM will
China's yuan devaluation hits ship recycling Ship recycling sales slowed from 10-14 August as China's devaluation of the yuan affected the Indian rupee's stability. On 11 August the yuan was devalued by nearly 2%, shocking global financial markets. The Indian rupee then fell to a two-year low, hitting INR65 to the US dollar. In India,
Sainty Marine lost in USD9.9 million lawsuit Shenzhen-listed Sainty Marine has lost a legal action brought against it by Jiangsu Zhangjiagang Rural Commercial Bank and must now pay CNY63.5 million (USD9.9 million) in an overdue bill of exchange plus interest. A local court in Jiangsu, China, has ruled that Sainty Marine should make the
Swiber sees red in 2Q15 Singapore-listed offshore services provider Swiber Holdings (Swiber) dived into a loss of USD3.2 million for the second quarter ending 30 June 2015 from a profit of USD10.1 million in the same period a year ago. Its revenue declined 8.7% to USD200.2 million, compared with USD219.3 a year ago,
Mokpo seeks terminal operator again The South Korean port of Mokpo is looking for an operator for a new vehicle terminal which was completed in July. Mokpo Regional Oceans & Fisheries Administration Office announced on 10 August its plan to select a terminal operator for Mokpo New Port's new car carrier terminal. The car carrier
Huge lay-offs at South Korea's 'big-three' shipbuilders South Korea's 'big three' shipbuilders have announced plans for a large number of lay-offs. Hyundai Heavy Industries(HHI), Daewoo Shipbuilding & Marine Engineering(DSME) and Samsung Heavy Industries(SHI) are said to be planning to lose about 3,000 workers this year after suffering very large 2Q15
Yantian port's 1H15 profit down 30.25% Shenzhen-listed Yantian port posted profit of CNY156 million for the January-June 2015 period, a decline of 30.25% from a year ago, while its revenue was CNY120.8 million, down 12.54% from a year ago. The company's earnings per share also dropped 30% from CNY0.12 to CNY0.08. Yantian port handled
Maersk Lines expects stronger Asia-Europe trade in 2H15 Maersk Lines expects improvement in the Asia-Europe trade in the second half of 2015, according to Maersk China chairman and chief representative of Maersk Group in North Asia Tim Smith. Tim said increase in demand and freight rates for the trade is possible if carriers, including Maersk Line,
LA-LB box volume grows in July Despite nosediving exports at the Port of Los Angeles, combined trade through America's largest container complex increased 3% in July thanks to record volume at the Port of Long Beach. Box terminals operating at Long Beach moved 690,244 teu, an 18.4% increase over July 2014. Imports increased
Anglo-Eastern and Univan agree to merge Anglo-Eastern Group and Univan Group, the independent and third-party ship management companies, have agreed to merge to form the Anglo-Eastern Univan Group. The merged business will be led by Peter Cremers as executive chairman, Bjorn Hojgaard as CEO, Marcel Liedts as chief operating officer, and
CIMC Enric plans to acquire Nantong Sinopacific China International Marine Containers' (CIMC's) subsidiary, CIMC Enric, plans to acquire Nantong Sinopacific Offshore & Engineering (SOE) from Jiangsu Sinopacific Shipbuilding Group. On 15 August, CIMC Enric has put forward memorandums of understanding to Sinopacific Shipbuilding and Evergreen
Pangaea boosts margins as it bucks dry bulk woes Nasdaq-listed company raises ownership of Nordic Bulk Carriers to 99.5%
LNG carrier orderbook needs to be significantly bigger, says Clarksons LNG trade growth expected at 5% per year through to 2025, which will add an additional 160m tonnes of new demand
Capesize rates at four-week low Bull run is over with few charter activities after Singapore National Day holiday
Reefers take larger slice of South America trades Reefer capacity on trade lanes between east coast South America and trading partners in Europe, the US east coast and Asia over the past three years remains constant, even as total capacity rises
August cargo lull weighs on VLCC spot rates The final quarter likely to bring a return to previous strength for the 2m-barrel tankers
CMES doubles net profit in first half Bullish tanker market and lower bunker costs have bolstered results
Clarksons boosted by RS Platou muscle Acquisition of Norwegian broker and shipping services company helps Clarksons to higher profits for first half of 2015
Eagle Bulk reduces losses in the second quarter Company gains a 12-month postponement from creditors on a crucial loan covenant
Mixed fortunes for LA and Long Beach Gap closing between big two US box ports
Singamas depots suffer damage from Tianjin blast Logistics subsidiary at Tianjin port lost contact with one employee
What's in the box? The shift towards much larger boxships fuels concerns over the threat of fires and explosions from undeclared or mis-declared dangerous goods
Customs keeps to 'single window' deadline despite industry concerns WASHINGTON - U.S. Customs and Border Protection says its November deadline for the ACE "single window" program stands, even though smaller federal agencies have already said they won't be ready in time and larger ones are lagging behind. Although it is aware of concerns shared by federal agencies and shippers alike...
3M renews contract with CEVA in South East Asia Singapore - CEVA Logistics, one of the world's leading supply chain management companies, today announced its extended collaboration with 3M, a world leader in innovative products and solutions, to be their preferred logistics service provider in warehouse management and distribution in Singapore, Malaysia and Indonesia. Under the terms of the renewed...
Port of Oakland receives leadership award for LGBTQ diversity Oakland, Calif. - August 17, 2015 - The Port of Oakland has been selected by the East Bay Stonewall Democratic Club to receive its 2015 Corporate Leader Award. The award is given to organizations that demonstrate a commitment to supporting lesbian, gay, bisexual, transgender and queer diversity in the workplace. "We were...
International Fair of Maputo 2015 From August 31st to September 6th, 2015, CMA CGM Group will be presented for the 51st edition of the International Fair of Maputo. The Group will highlight its local and international expertise thanks to its brands: DELMAS, CMA CGM and CMA CGM LOG. On this occasion, its wide range of...
ATA welcomes Drivers Legal Plan as featured product partner Arlington, Va. - Today, American Trucking Associations is pleased to announce its latest ATA Featured Product partner, Drivers Legal Plan. "American Trucking Associations is proud of our relationships with the allied community, particularly those that go the extra mile for our members as part of our ATA Featured Product program," said...
Hapag-Lloyd refuses hazardous cargo to and from Tianjin Hapag-Lloyd is refusing to ship containerized hazardous cargo to and from Port of Tianjin after a shipment of dangerous chemicals was blamed for deadly explosions at the 10th largest global container gateway last week. While container operations have more or less returned to normal, Tianjin's bulk and liquid operations have been...
RCL profits despite lower volume, revenue Regional Container Lines of Thailand has managed to grind out a profit in the second quarter despite overcapacity, volatile spot rates and lower container volume. The intra-Asia carrier's second-quarter profit fell 81 percent from $8.3 million to $1.55 million on a year-over-year basis, as revenue dropped 14 percent to $84.4 million...
Virginia port extends gate hours to avoid peak season woes Port of Virginia shippers have longer to drop off and pick up cargo after the state port authority announced extended gate hours in preparation for peak season this year. It's a preemptive strike for the U.S. Southeast port that faced "significant challenges" during the summer-fall season in 2014. Gates at the...
Brookfield bolsters Aussie port, rail operations with $12B purchase Patrick Terminal, Port Botany, Sydney, Australia.Brookfield Infrastructure Consortium, a global asset owner and operator, has purchased Asciano, owner of some of Australia's largest container terminal and rail freight operations for $12 billion. Brookfield will gain overnight a major container terminal presence through Patrick Corporation, whose container terminals in Sydney, Melbourne, Brisbane,.
Maersk Line expects more profitable Asia-Europe trade Maersk Line expects the ailing Asia-Europe trade to improve in the second half of this year, as the devaluation of the Chinese currency boost exports and liners decrease capacity. Tim Smith, North Asia regional chief at Maersk Line and Maersk China chairman, said an increase in demand coupled with adjusted capacity...
Interconnected networks to benefit truckers, shippers The soon-to-be-released electronic logging mandate is often depicted as a time bomb that will reduce truck capacity, driving smaller carriers and independents off the roads. There will be some reduction in available capacity once the mandate takes effect, sources tell JOC.com. But in the long haul, expanded use of e-logs...
Russia aims to double volume at Far East ports Port of VladivostokRussia plans to double the traffic at its Far East ports by 2020-2022 via port modernizations and special benefits to counterbalance the effects of tit-for-tat sanctions between Russia and the West. Previous port projects in Russia's Far East focused on the building of new terminals, but this new...
CMA CGM shifts call to Mundra citing hinterland access Port of MundraCMA CGM is switching its Indian port calls on the CIMEX 2N service, an intra-Asia loop connecting major ports in China and the Indian subcontinent region by switching one of the service's India calls to Mundra from Pipavav. The company said it was motivated by Mundra's greater access to...
No stopping steady fall in Hong Kong container volumes HONG KONG - The double-digit throughput decline of Hong Kong's container terminals continued in July, the 13th straight month of falling year-over-year volumes.Data from the Port Development council showed that the terminals at Kwai Tsing handled 1.35 million TEUs in July, down 13.3 percent compared to the same month last...
Geodis buys OHL to expand US footprint LONDON - Geodis, France's largest transport and logistics company, today announced the acquisition of Tennessee-based Ozburn-Hessey Logistics in a major expansion of its presence in the U.S market. The subsidiary of SNCF, France's state-owned railway, did not disclose how much it is paying for OHL which is owned by the private...
Indian exports' fall slows despite port troubles India's merchandise exports slumped for the eighth month in a row in July, but at a slower rate of decline despite well-publicized troubles at the country's largest container facility, according to new provisional trade figures released by the Ministry of Commerce and Industry. The latest data showed the value of India's...
Tianjin port on edge over air quality concerns Air quality has emerged as a major concern in Tianjin after it was found that toxic chemicals were involved in last week's huge explosion, although the government said the air quality was "acceptable". HONG KONG - Tianjin's main container terminals continue to operate normally in the aftermath of last week's deadly...
Possible merger talks see Cosco and CSCL extend trading halt HONG KONG - Cosco and China Shipping said today that they were discussing a "material event," widely believed to be a merger, and would extend the trading halt on Hong Kong and Shanghai exchanges that has been in force since August 10. "At present, the event is in the planning process,...
ILWU contract medical benefits seen as win for both union, employers The Pacific Maritime Association sees the medical provisions of the new International Longshore and Warehouse Union contract as a win-win proposition for both parties. According to the recently-released 2014 PMA annual report, the ILWU will continue to enjoy what the University of Chicago's NORC research center said is one of the...
$300m in cars alone The International Union of Marine Insurers (IUMI) has flagged up the growing problem of "accumulation risks" after the explosion at the port of Tianjin led to concerns over significant losses.
Arctic calls Hoegh LNG a 'buy' Arctic Securities placed a 'buy' rating on shares of Hoegh LNG Holdings amid a strong outlook for both the market and the Oslo-listed outfit's expansion plans.
Diana fixes Artemis Diana Shipping has chartered out one of its panamax bulkers to China Shipping Bulk Carrier.
Balanced book aids Ultrabulk Chief executive says first half was more difficult than expected but impact has been limited.
Varoufakis warns of Cyprus exodus Former Greek finance minister Yanis Varoufakis has warned against a new tonnage tax system introduced by the government.
Fukushima fallout Restarting of reactors to reduce demand for LNG carriers, GMP Securities says.
Tianjin back in business Operations at China's Tianjin port seem to be broadly back to normal after explosions that killed more than 100 people last week.
Ballast water boost for bulkers A rush of dry-dockings before the implementation of new ballast water rules could provide a boost to the bulker market this year, Deutsche Bank says.
Will tankers be Bradmanesque? Tanker owners could be on a sticky wicket next year if they take their eye off the ball, Martin Stopford warns.
Two SCI VLCCs fixed Shipping Corp of India has found period work for two of its VLCCs, brokers say.
Torm stock back in focus Shipowner sees stock rise as banks resume coverage with buy ratings on the Copenhagen-listed company.
DSME executives offer resignation A big loss posted during the second quarter has seen 13 DSME executives offer to resign from their positions.
Clarksons sees profit surge Clarksons has recorded a sharp rise in first half profit aided by its merger with RS Platou.
Jensen in Clipper re-jig Frank Jensen has stepped down as chairman of Clipper Group's Danish listed arm in line with regulatory requirements.
Eagle Bulk trims losses Eagle Bulk Shipping has reported a second quarter loss of $27.5m, or 73 US cents per share, for the second quarter of 2015.
LA volumes dip The Port of Los Angeles has reported a modest year-on-year decline in volumes for July, just released figures show.
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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