Large claims, lower returns hit Skuld Protection and indemnity (P&I) club Skuld saw its net result deteriorate to USD13.5 million last year, from USD29million in 2013. The Oslo-based member of the International Group of P&I Clubs said the fall was due to a combination of reduced investment returns and high claims in its charterers' P&I
Russian sanctions hit Hamburg transhipments Cargo throughput at the port of Hamburg remained unchanged in the first quarter at 35.6 million tonnes (+0.1% year on year) as gains in dry bulk liftings were offset by a drop in containers. Bulk traffic was up 12.3% to 11.7 million tonnes in the first three months driven by higher grain and coal
Updated: Daewoo or Fincantieri to buy STX France South Korea's Daewoo Shipbuilding & Marine Engineering (DSME) has confirmed its long-rumoured interest in buying STX France from the wreckage of compatriot STX Offshore & Shipbuilding. The French yards are specialists in building passenger and naval vessels and are currently majority-owned by STX
China to complete multi-million dollar Namibia port project by 2017 China Harbour Engineering Company (CHEC), which is working on the container terminal at Walvis Bay in Namibia, said that the project can be completed by 2017. The Chinese company won the contract to extend the NAD3 billion (USD250 million) bulk container terminal by reclaiming land from the
UMW Oil & Gas profit down 39% Malaysia-listed drilling and oilfield services company UMW Oil & Gas posted a profit of MYR32.15 million (USD9.16 million) for the first quarter that ended on 31 March 2015, down 39% from profit of MYR54.15 million in the corresponding period in 2014. The company's revenue hiked 59.8% to MYR312.5
Freight Management Holding profit dip 22% Malaysia-listed freight service provider Freight Management Holding posted profit of MYR4.73 million (USD1.33 million) for the third quarter that ended on 31 March 2015, down 22% from profit of MYR6.13 million in corresponding period last year. Revenue increased slightly by 5% to MYR101.7 million
Tribunal dismisses patent suit against DSME The Korean Intellectual Property Tribunal has dismissed a patent suit brought against Daewoo Shipbuilding & Marine Engineering's (DSME's) fuel gas supply system. The suit was filed by DSME's compatriot rivals Hyundai Heavy Industries and Samsung Heavy Industries, which sought to nullify DSME's
Pirates hijack tanker off East Malaysia Armed robbers hijacked Malaysia-flagged tanker Oriental Glory and siphoned off its fuel off Bruit Island, East Malaysia, on 15 May. The incident marked the seventh fuel siphoning case reported since January 2015, according to the Singapore-based anti-piracy watchdog ReCAAP Information Service
Myanmar declines talk on Rohingya issue Myanmar has signalled it will not take part in Thailand's plans to host a conference on the crisis of Rohingya boat people. "We are unlikely to attend... we do not accept it if they [Thailand] are inviting us just to ease the pressure they are facing," Myanmar's presidential office director Zaw
South Korea to develop Colombia's Buenaventura port South Korea's Ministry of Oceans and Fisheries (MOF) will co-operate with the Colombian government to upgrade the port of Buenaventura. The MOF said in a press statement, "We will support the Colombian government's port of Buenaventura development by conducting a business feasibility study and
DSME sinks to red ink from 1Q15 loss The financial result of South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) has deteriorated into red ink for the first quarter of 2015. DSME, the country's third-biggest shipbuilder, had an operating loss of KRW43.3 billion (USD39.6 million) and a net loss of KRW172.4 billion
Shipbreaking market slow with falling prices The sale of ships for recycling slowed last week as more shipowners refused to accept anything less than USD400 per ldt for their vessels. The deluge of Capesizes and other dry bulk carriers being offered for scrap has forced prices down as scrap yards began exploiting the situation. Prices are
Port Klang completes South Channel dredging Malaysia's Port Klang Authority said on 15 May it has completed dredging works to deepen the South Channel entrance from 16.5 m to 18.5 m. The works, which began in November 2014, was completed at end of April, two weeks ahead of schedule. "The project is aimed to ensure that Port Klang is able to
Angelicoussis orders two more tankers at DSME The Angelicoussis Group has ordered another two Suezmax tankers at Daewoo Shipbuilding & Marine Engineering (DSME). DSME said on 18 May that Angelicoussis had ordered two 156,000 dwt oil tankers, adding to its outstanding orders at South Korea's third biggest shipbuilder. The contract was signed
Australia's Fremantle port up for sale Plummeting ore prices and lost royalties have forced the Western Australian government to include its prized container terminal and general cargo port of Fremantle in a AUD5 billion (USD4 billion) state assets fire sale. The proposed sale was announced as part of the state budget on 15 May. Last
STX O&S bags order for up to eight LR1 tankers South Korean shipbuilder STX Offshore & Shipbuilding (STX O&S) said on 18 May that it has won an order for up to eight LR1 tankers for a long-term charter deal with Royal Dutch Shell. STX O&S did not reveal the shipowner's identity, but market sources said Sinokor Merchant Marine is behind the
Iran tanker shooting worries Singapore The Maritime and Port Authority of Singapore (MPA) has expressed concern over an incident where a Singapore-flagged tanker was fired at by a number of Iranian vessels. On 14 May, oil products tanker Alpine Eternity was fired at by some small craft in international waters off the United Arab
Loans to Greek owners rise in 2014 But Petrofin sees cooling off ahead as banks await sustained shipping recovery
Marine Environment Protection Committee 68: the report card There has been headway on collection of CO2 emission data and the fuel availability study but Sekimizu slams slow progress on ballast water ratification
CMA CGM profits jump fourfold Volumes rise but falling rates mean revenues climb by only 1.8%
Effort to boost LPG use in cars offers opportunities for transatlantic shipments US has an abundance of LPG to export
China Shipping Group to give up control of listed unit Coastal dry bulker operator China Shipping Haisheng has been struggling to stay profitable
'Freak year' behind profit collapse at Skuld, says Hansen P&I club sustained 22 $1m-plus claims for no obvious reason
DSME wins LNG patent case against two leading domestic rivals South Korean yard keeps patented LNG-fuelled technology while slipping into the red during the first quarter
Pantheon and Maran ink new crude tanker orders Greece-based Pantheon orders two VLCCs as two suezmaxes are added to Angelicoussis group orderbook
Box lines losing big ship gamble Asia-Europe spot market rates stubbornly low and demand yet to materialise
Tanker Investments sticks to spot as rates soar Company itching to get its new suezmaxes earning in the red hot spot market
MOL joins 2M partners on Asia-South America vessel-sharing agreement First vessel will departure from Asia during the first week of July, replacing all other VSAs on this route
Volumes fall at Los Angeles April box throughput down 6.1% year on year
Bigger ships move into European-Middle East trades in support of eastbound volume growth Transatlantic profit declines in first quarter as lower freight rates cancel out cost cuts
The weakest link Total losses of ships have fallen to a historic low, yet danger still threatens from container blazes and the difficulty in fighting fire on ro-ro and ro-pax ferries
April container volume in L.A.-Long Beach is mediocre The ports of Los Angeles and Long Beach turned in a mediocre performance in April, with total container volume edging up one percent from April 2014. The 1,277,833 20-foot container units moving through the port complex includes empties. When empty containers are factored out, the performance of the largest U.S. port...
US labor data demonstrate increase in truck drivers, driver pay Trucking companies redoubled efforts to hire truck drivers last year, and their hard work delivered results, with the number of new drivers added rising nearly 40 percent. They'll have to try harder if they want to close the gap between the number of drivers behind the wheel and the number needed...
Mega-ships demanding change in port operations, McLaurin says The delivering system for moving containers from mega-ships operated by carrier alliances to cargo interests and truckers is antiquated and must change immediately if ports are to conquer their congestion problems, according to John McLaurin, president of the Pacific Merchant Shipping Association. McLaurin's remarks to Southern California organizations during World Trade...
Western Canadian grain exports on smoother rail ride Grain is moving by rail at a steady pace from Canada's Prairie Provinces to export terminals in British Columbia's Vancouver, Prince Rupert, and Thunder Bay. This marks a dramatic improvement from the winter of 2013-14, when transport jams hindered cargo flows. Exports via the Port of Metro Vancouver from Aug. 1,...
Weak Russian economy costs Hamburg spot as No. 2 European container port The Port of Hamburg can no longer claim to be Europe's second-largest container port. The German port has dropped to third-place, ceding its title to Antwerp, after economic sanctions and a weak economy in Russia drove down the port's substantial Russian container traffic in the first quarter of 2015. It was a...
Watco acquires two Texas railroads Pittsburg, KS, and Chicago, IL, MAY 18, 2015 - Watco Companies announced the purchase of the assets of two railroads from Iowa Pacific Holdings today. Watco's subsidiary, Watco Transportation Services (WTS), entered into a definitive agreement with Iowa Pacific Holdings, LLC to acquire the two west Texas railroads. The Permian...
Chilean, Peruvian fruit exports rebounding Fruit exports from Chile and Peru are off to a promising start in 2015 thanks in large part to better weather and increasing demand from key overseas markets. Last year's weather conditions dealt a blow to Chile's overall production. Frost damage impaired stone fruit and kiwi fruit exports with lingering effects,...
Record Savannah volume suggests diversions becoming permanent The Port of Savannah posted record container volumes in April, a potential sign that shippers who were once looking for a temporary haven from U.S. West Coast port disruption may have found a more permanent home on the East Coast. Savannah container volumes jumped 25.8 percent year-over-year last month. The Georgia...
US reefer storage grows ahead of expanded Panana Canal opening The degree to which the Panama Canal expansion will alter the global cold chain is yet to be determined, but stakeholders are already seeing signs of a rise in business. Speculation in the United States surrounding the effect on seaports is a hot topic. For instance, will West Coast ports experience...
Truck traffic rises at top US border crossings The number of tractor-trailers that passed through the top five U.S. border crossings rose 2.4 percent in the first quarter, compared with a 4.1 percent increase a year ago, according to data from the U.S. Bureau of Transportation Statistics. The number of trucks crossing at Laredo, Texas, the largest U.S.-Mexican border...
Larger container ships force French river port to switch strategy France's River Seine port of Rouen has for a long time made a speciality of the north-south regular container trades, particularly those between northern Europe and west Africa. But the port no longer sees a future for itself as a major container port, not even as one specializing in the...
South Carolina Ports Authroity taps cloud-based billing service Billing Platform is excited to announce that they will be supporting South Carolina Ports Authority (SCPA), one of the nations leading port organizations. Billing Platform will be responsible for providing a cloud application that streamlines and modernizes their billing operations to promote efficient revenue recognition in a dynamic and evolving...
CMA CGM net profit quadruples on lower fuel prices, volume gain LONDON - CMA CGM's consolidated net profit soared to $406 million in the first quarter from $97 million a year ago as the French carrier capitalized on efficiency gains, cost cuts and sharply lower bunker prices, while seeing a double-digit rise in volume. Core earnings before interest and tax more...
Indian exports continue their descent India's exports got off to a disappointing start in fiscal year 2015-16, with shipments to the rest of the world in April - the first fiscal month - recording a 14 percent year-over-year decline, according to preliminary trade figures released by the Ministry of Commerce and Industry. The latest data showed...
Strong US dollar awakens 'sleeping dog' North Atlantic container trade LONDON - Evidence continues to mount that the North Atlantic, for long the "sleeping dog" of container trades, is "waking up," as rising European imports on the back of a strong U.S. dollar lift freight rates and attract new services, according to Drewry Maritime Research. Volumes on the head-haul westbound leg...
Maersk, MSC team up with Japan's MOL on Asia-South America route LONDON - Maersk Line has entered into a vessel-sharing agreement with Mediterranean Shipping Co, its 2M Alliance partner, and Japan's MOL on the Asia to east coast of South America trade route. "The VSA will simplify the network and improve operational responsiveness on the route," the Danish carrier said. "It will...
Hutchison's IPS terminal in Dammam ramps up productivity DAMMAM, Saudi ArabiaI- International Ports Services (IPS) in King Abdul Aziz Port handled over 600,000 TEU in the first four months of the year, a year-over-year increase of 16 percent. The growth in volume has been attributed to the increase in trade activities in the Kingdom and IPS's capacity to move...
US ballast move questioned The International Chamber of Shipping (ICS) has reacted with "dismay" to a manoeuvre by the United States in an International Maritime Organisation (IMO) committee meeting on ballast water rules.
US detains Eiko bulker US authorities have detained a Japanese-owned bulker for "significant" safety and environmental violations.
Born to run (the company) CMB is undergoing a managerial handover at a tricky time. But Ian Lewis finds the three Saverys brothers full of enthusiasm in dealing with their baptism of fire
African line debuts MNM African Shipping Line has started a new service to Europe with a chartered Greek boxship.
Ocean Rig pair find work George Economou's Ocean Rig has secured firm work for two of its drillships with ENI Angola.
MOL partners with 2M Japan's MOL has joined the giant 2M alliance of Maersk Line and Mediterranean Shipping Company (MSC) on the Asia - South America trade.
GSL wins pay rise New York-listed Global Ship Lease (GSL) has bumped up the rate for a 1996-built boxship as it clinched a charter extension of six months.
Pipavav teams with DSME Indian yard Pipavav Defence and Offshore Engineering is working with DSME of Korea to bid for LNG carrier newbuildings.
Wan Hai to sell oldie Wan Hai Lines is looking to offload its oldest containership.
Fearnleys takes shine to TIL A promise of meaty dividends has helped Tanker Investments Ltd (TIL) win a buy rating from Fearnley Securities.
Siem pens OSCV deal Siem Offshore has secured long-term employment for one of its six subsea construction vessels.
Power failure hits ferry A passenger has died after an Indonesian ferry suffered a power failure.
RIFF enters wind sector USA's Rhode Island Fast Ferry (RIFF) has agreed to construct what it claims is the first US-built crew transfer vessel.
Fixing frenzy sparks VLCCs A rush in Middle East chartering activity lit the fuse of the VLCC market last week.
Bigger barrier for reef Australia is extending the area of the Great Barrier Reef afforded special protection from shipping.
Cape scrapped in India Indian breakers have won the race to scrap a former Vista shipping capesize bulker.
Strahlmann returns German owner Reederei Erwin Strahlmann is demanding new safety standards be maintained as it sends ships back to the scene of a serious grounding in North Wales in 2012.
MPA wants attack probe Singapore's Maritime and Port Authority (MPA) has called on the Iranian maritime authorities to investigate the attack on a Transpetrol-managed tanker.
Red start for TTA Thailand's Thoresen Thai Agencies (TTA) has posted a loss for the first three months of 2015 but its management is still satisfied.
PGS' seismic shift Oslo-listed Petroleum Geo-Services (PGS) has won its first seismic survey deal off Mexico.
Wan Hai profit surges Taiwan's Wan Hai Lines has seen earnings jump as revenue rose and costs were kept stable.
London needs a claims council A call for the London marine insurance market to establish a claims council to help resolve contentious matters has been made by Association of Average Adjusters (AAA) chairman Paul Rowland.
Polar rules tighten The IMO has brought in tougher safety and environmental rules for growing transits in the Arctic.
Eagle offloads Kite Eagle Bulk Shipping has confirmed the sale of the oldest vessel among its fleet of 45 supramax and handymax bulkers.
MOL linked to Honda trio Mitsui OSK Lines (MOL) has inked a new order for multipurpose ships at Honda Zosen in Japan.
TGS ties up four Oslo-listed TGS has won a new seismic survey contract involving four of its Seabird ships.
Maran back at Daewoo Maran Tankers has boosted its tanker orderbook after booking a fresh pair of suezmaxes at Daewoo Shipbuilding & Marine Engineering (DSME).
Dry recovery in 2017 The dry bulk shipping market is not expected to return to profitability until 2017, a top consultancy has predicted.
Seventh ship attacked Southeast Asia waters have seen a seventh product tanker attacked and its cargo siphoned since the start of 2015.
Greek rig Vietnam bound A Metrostar majority-owned drilling rig has secured a short term charter in Vietnam, the rig's manager has confirmed.
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