Poseidon heads to Wall Street Poseidon Containers Holdings Corp, led by Greece's George Giouroukos, has registered for a USD100 million initial public offering (IPO) and New York Stock Exchange listing under the ticker symbol 'PCON'. Poseidon currently owns 18 container ships (11 post-Panamaxes, 2 Panamaxes, 5 Handymaxes) with
Bergen port switches to shore power The Norwegian port of Bergen inaugurated its first shore power system on 17 June, connecting the DOF Group offshore vessel Skandi Vega to the country's national grid. The switch-on ceremony was presided over by port chairman Øistein Christoffersen, who received a cheque for NOK2.5 million
Liverpool2 on track to open later this year Trailer suction hopper dredger Willem van Oranje is due to return to the construction site of Liverpool2 container terminal (L2) early next month to continue infilling the quay area. The infilling will be completed this summer ahead of the arrival of five ship-to-shore (STS) megamax quay cranes
Getting unpaid wages still a seafarer grievance The number of reports from seafarers of unpaid wages have fallen, but still constituted the second largest number of calls to a UK-based seafarer helpline last year. In a breakdown of calls to Seafarerhelp, which is run by the charity International Seafarers Welfare and Assistance Network (ISWAN),
Understand your investors, shipping companies told There are not one but many different types of investors that invest in shares of listed shipping companies, and the companies themselves should be aware of the investors' differing approaches to what they expect from the companies they invest in, senior shipping analysts said. "The fact that size
Euronav's Rodgers in the spotlight Euronav chief executive officer Paddy Rodgers dominated attention at the Marine Money conference in New York with his outspoken opinions on public markets, customer relations, Korean shipyards and Scorpio president Robert Bugbee. "In shipping, we always say, 'Don't fall in love with the assets'.
CIMC issues $320m in medium-term notes Hong Kong-listed China International Marine Containers (CIMC) announced on 16 June that the company has completed the issuance of CNY2 billion (USD320 million) in medium-term notes. This is the company's first tranche of medium-term notes for 2015, which comes with a coupon rate of 5.19% for the
Global Navigation Solutions introduces enhanced inventory management systems UK-based maritime services group Global Navigation Solutions (GNS) has launched new products that connect ship and shore in a single solution. The company's new web-based Voyager Management Service now allows ship managers to check that their ships have the required charts and publications even
Chinese ship exports up 31.2% y/y China's ship exports in January-April totalled USD10.38 billion, an increase of 31.2% year on year (y/y), according to data released by the Chinese Customs on 17 June. During the same period, ship imports valued USD580 million, up 11.3% y/y. According to the Customs, exports of bulk carriers,
KNOT fixes another shuttle tanker to BG unit Knutsen NYK Offshore Tankers (KNOT) has fixed another shuttle tanker to Brazil Shipping, a subsidiary of UK energy company BG Group. KNOT is a joint venture between Norwegian tanker owner Knutsen OAS Shipping and Japan's NYK Line. KNOT will order a 158,000dwt Suezmax tanker equipped with dynamic
Pirates board series of ships in Straits of Malacca, Singapore Three vessels were boarded in succession while under way in the eastbound lane of the Straits of Malacca and Singapore on 17 June, according to a report by anti-piracy watchdog ReCAAP Information Sharing Centre (ReCAAP ISC). Bulk carrier Densa Shark, LNG tanker Clipper Posh, and tanker Pro Triumph
KAMCO moves ship finance unit to Busan Korea Asset Management Corporation (KAMCO) has relocated its ship finance unit to the Busan International Finance Centre, joining the ship finance divisions of the country's state-owned policy banks and export credit agencies in the port city. KAMCO, a government agency that aims to restructure or
Singapore mulls underground tunnel to link mega-port with industrial estates Singapore has called for tenders to study the feasibility of building underground tunnels to connect its new mega-port with the city-state's industrial estates. JTC Corporation, which is overseeing part of the dredging works for the port, which will be located in Singapore's industrial district of
Kuantan port to be redeveloped Kuantan Port Consortium (KPC), a subsidiary of Malaysian construction firm IJM Corporation, has been granted a 30-year concession to develop, operate, and manage Kuantan port in Pahang, Malaysia. The agreement, according to IJM, covers the existing port and a new deepwater terminal. In line with
Moody's: MOL has heavy debt burden Ratings agency Moody's has downgraded Japanese shipping company Mitsui OSK Lines' (MOL's) rating to Ba1 after concluding that it has heavy debts amid weak freight markets for dry bulk and containers. Moody's vice-president and senior analyst Mariko Semetko said, "The rating action reflects our
Nagoya's cargo traffic drops in March Cargo traffic at Nagoya port, central Japan, declined 2.8% in March from a year earlier to 18.572 million tonnes as both foreign trade and domestic trade were weak, according to preliminary figures released by the Nagoya Port Authority. Of the 18.572 million tonnes, 11.817 million tonnes came from
Product tankers stay in $30,000s earnings range New cargoes emerge in Caribbean and US Gulf
NYK sees lower freight income but stronger profitability in its liner unit Japanese conglomerate remains confident amid bearish market conditions
Dry bulk consolidation: Owners shy away from M&A but are keener on pools Pooling makes it easier for bulker players to regain full control of their ships when market recovers
Poseidon Containers eyes New York listing Funds-backed venture with Technomar Shipping starts with fleet of 18 boxships and immediate expansion options
Libya's oil shipments struggling again in June Current rate of exports point to a return to lows seen at the start of 2015
Cecilia Eckelmann-Battistello presented with CI's Lifetime Achievement Award Maersk Line, CMA CGM, Uniserve, Modern Terminals and Peel Ports among other winners: ICS given Humanitarian Award
Alston Gayler and Advent unveil new marine appointments Firms hire specialists from rivals
New ConTex sets a unique benchmark for boxships How the Hamburg shipbrokers produce an accurate and independent overview of the containership time charters market
Knot wins third 20-year suezmax charter to shuttle Brazilian crude Long-term charter signed with BG Group's Brazil Shipping 1
Supras return to life Belying ongoing oversupply issues, key indicators in the small vessel sector have shown encouraging signs
Deep impact In less than a decade, Gdansk's specialised deepwater container terminal has established itself as the Baltic's premier box hub
Maersk, MSC add Asia- U.S. South Atlantic service Maersk Line and Mediterranean Shipping Co. will add a Panama Canal service in July from China and Korea to four U.S. South Atlantic ports to handle rising U.S import volume to the fastest-growing region. U.S. East Coast volume from the Northeast Asia region in the first five months of 2015 rose...
East Coast ports could see windfall from Panama Canal expansion, report says Next year's expansion of the Panama Canal could boost U.S. East Coast ports' share of Asian containerized imports by as much as 10 percentage points, according to a new study that contrasts with more conservative forecasts. "For price-sensitive cargo that is relatively expensive to move, routing shipments through East Coast ports...
While raising pay, trucking firms seek new ways to keep drivers Time is money, especially in trucking, where productivity hangs on how many shipper pickups and deliveries can be made in a week and a driver's pay often depends on how many miles he or she travels. Transport America is trying to address both points by raising driver pay and also increasing...
Builder of new mega-port in Singapore studies container 'subway' The feasibility of a container "subway" in Singapore to carry containers from a new mega-port through underground tunnels being studied. With truck congestion building at ports worldwide, the builder of the new mega-port planned in Singapore is exploring this innovative approach to solving the problem. The "subway" would take containers...
Port of Newhaven receives portable vessel tracking system Captain Collins-Williams of the Port of Newhaven is now the proud owner of a GeoVS Portable VTS System supplied by SRT Marine System Solutions Limited. The SRT Portable VTS is a full feature standalone vessel tracking system with real-time dynamic 3D and is ideal for use as an emergency backup...
AIT Worldwide Logistics expands to Mexico with new office in Hermosillo ITASCA - AIT Worldwide Logistics is proud to announce the opening of its first office in Mexico on Monday, June 22. Located in the northwestern city of Hermosillo, the new AIT facility is poised to make a significant contribution to company's ongoing global expansion. According to AIT management, expanding to Mexico...
New plan aimed at helping US ports, carriers prevent costly cyberattacks The U.S. Coast Guard has unveiled a new cybersecurity plan, the latest in an ongoing effort to protect U.S seaports and the commercial vessels in their waters from the rising risk of cyberattack. While there has never been a high-profile cyberattack on U.S. ports, hackers have infiltrated the Port of Antwerp...
US truck trailer orders points to motor carriers' capacity discipline U.S. truck trailer orders in May declined sharply as back orders have started clearing and seasonal declines took effect, signally motor carriers' are being disciplined on adding capacity. Truck orders have also begun to decline recently as companies have met their needs for new equipment and economic growth has not justified...
US House revives hopes for Pacific trade pact passage WASHINGTON - The U.S. House of Representatives Thursday may have saved President Obama's signature trade bill, passing trade promotion authority in a 218-208 vote. So-called "fast-track" authority has been characterized as a key negotiating tool in the ongoing talks over a Trans-Pacific Partnership between the U.S. and 11 other Pacific Rim...
Allcargo's founder and chairman awarded honorary doctorate Mumbai - The Founder and Chairman of Allcargo Logistics Ltd, Mr. Shashi Kiran Shetty has been awarded an "Honorary Doctorate" at the 33rd annual convocation by Mangalore University yesterday. At the ceremony held yesterday in Mangalore during the Annual Convocation of the University, 88 candidates received their PhD's and 37 members were...
Liverpool2 passes major construction milestone Phase 1 of infilling to reclaim 12 hectares of intertidal area completed 1.43 million tonnes of sand and silt deposited from dredged material 700 metres of new quay wall piling nearly complete Programme working around 10 metre tidal range - second highest in UK Construction at the new £300 million ($500 million) container terminal...
Shreyas Shipping acquires container ship to bolster coastal activity Intra-regional feeder carrier Shreyas Shipping and Logistics is adding more vessels to its fleet, eyeing the prospect of accelerating its growth through coastal shipping operations in India. The operator has agreed to acquire the OEL Bharat, a 2,959 twenty-foot-equivalent unit sub-Panamax container ship, from its overseas group subsidiary Orient Express Lines...
Con-way's Lehmkuhl to join Lineage Logistics as CEO W. Gregory Lehmkuhl, the former president of Con-way Freight, is leaving the trucking business to run Lineage Logistics, the second-largest U.S. temperature-controlled logistics company. Lehmkuhl will become CEO of Lineage, replacing Bill Hendricksen, in mid-July, the Colton, California-based company said Thursday. Hendricksen will become vice chairman. Lineage said it expects Lehmkuhl, who...
US importers moving more containers through Vancouver U.S. importers are rapidly moving more containers through Port Metro Vancouver and to Chicago and the upper Midwest, dealing another blow to the ports of Seattle and Tacoma. Click to EnlargeA Ocean Shipping Consultants study and an analysis of West Coast port volumes show Vancouver has joined Prince Rupert, located 500...
The need for speed at global ports A few thoughts come to mind with this month's release of our 2014 Port Productivity rankings, the third year of our report on global port and terminal productivity. Meeting in Asia this month with a number of carriers that participate in the project by submitting their berth productivity data to...
Former Los Angeles port executive to succeed Larrabee at NY-NJ Molly CampbellMolly Campbell, former deputy executive director at the Port of Los Angeles, has been chosen to succeed Richard Larrabee, who is retiring after 15 years as director of the port commerce at the Port Authority of New York and New Jersey. Larrabee, a former Coast Guard rear admiral, earlier this year...
South Africa Dept. of Trade and Industry commits self to increasing exports The Department of Trade and Industry, (the dti) has committed to growing the diversity and volume of the country's exports by ensuring that all the stakeholders play their active role in the implementation of the National Exporter Development Programme (NEDP). This came to light at a 3 day Team Export...
Bunker surcharges now beating rates in Asia-Aussie trades HONG KONG - The Asia to Australia trade became the latest to experience the distressing new trend of bunker surcharges overtaking the actual container freight rates on the spot market.This week it costs $306 to ship a 20-foot-equivalent unit from Shanghai to Melbourne, while the bunker surcharge being levied by...
Bunker surcharges now beating rates on Asia-Aussie trades HONG KONG - The Asia to Australia trade became the latest to experience the distressing new trend of bunker surcharges overtaking the actual container freight rates on the spot market.This week it costs $306 to ship a 20-foot container from Shanghai to Melbourne, while the bunker surcharge being levied by...
Analysts look to Dagnese to speed growth at Con-way Freight The sudden change of leadership at Con-way Freight Tuesday left analysts, customers and competitors with more questions than answers. The carrier's new president, analysts said, has an immediate challenge: keep the second-largest U.S. less-than-truckload carrier on its present route, but speed its progress. W. Gregory Lehmkuhl, president of Con-way Freight since...
ADSI to exhibit new weighing and dimensioning solutions at ICON15 Schaumburg, Illinois - Advanced Distribution Solutions, Inc. (ADSI) is demonstrating the latest technology in weighing, dimensioning and shipping solutions at the ConnectShip ICON15 Shipping Technology Conference, June 15-17, 2015, in Chicago, IL. "Today's shippers need fast, integrated tools that capture accurate measurements on every package without increasing labor costs," said Bob...
Radiant Global Logistics buys two firms in a week Michigan-based third-party logistics and multimodal transportation firm Radiant Global Logistics last week acquired not one but two logistics providers: New York-based Service By Air and Kentucky-based Highways and Skyways. The deals have been characterized as part of a broader acquisition strategy and the company has hinted at the potential for new...
China eyes war-ready ships China has approved new rules to ensure that the country can mobilise civilian ships built at domestic yards at times of military need.
Ridgebury on a roll Connecticut-based Ridgebury Tankers is the latest company to move into ownership in the VLCC market, as it is about to scoop four second-hand VLCCs from the fleet of Windsor Petroleum.
TEN joins VLCC rush Tsakos Energy Navigation (TEN) has bought a pair of VLCC newbuilding resales from private equity's York Capital at $97m each, market sources tell TradeWinds.
Hapag remains IPO bound A major Hapag-Lloyd shareholder has completed some financial housekeeping that helps set the shipowner up for its long-awaited initial public offering (IPO).
As good as it gets? Improvements in the capesize market have lifted the Baltic Dry Index to its highest point this year.
Cheng set for comeback Tanker market legend Fred Cheng is readying a return to frontline shipowning in the VLCC sector almost five years after selling his previous fleet to Navios.
Anek wants logo removed Lawyers representing Anek Lines have asked for the company's logo to be removed from the burnt-out Norman Atlantic docked in Italy's Bari.
Ship grounds on reef A Vietnamese cargo vessel has grounded on a reef off the Philippines.
Fredriksen books VLCCs John Fredriksen has ordered up to six VLCCs at the STX Shipyard in South Korea.
Embiricos grabs panamax Embiricos of Greece is understood to have snapped up a panamax bulker at auction in India in the latest indication of high profile shipowners showing an interest in the market.
Nisshin keeps selling Japan's Nisshin Shipping continues to trim its bulker fleet with the sale of a modern vessel.
Bahri in electric deal Saudi Arabian owner signs five-year transportation contract for compatriot's imported products.
Poseidon in profit US IPO hopeful Poseidon Containers Holdings is looking to head to Wall Street on the back of three profitable years.
Latsis fixes newbuilding The Latsis group of Greece has concluded a three-year time-charter deal for one of its VLGC newbuildings with oil major Chevron.
GO Phoenix deal ended Malaysia will not renew its contract for a Singapore-owned offshore vessel to search for missing flight MH370.
Workers to walk CalMac ferry staff are to strike next week in a row over a new contract for Scottish west coast services.
Wartsila in scrubber deal Wartsila has won an order for hybrid scrubber systems to clean the exhaust emissions from three 2,500-teu containerships.
Clarksons adds Nomura Clarksons has strengthened ties with Nomura International by appointing it as a second corporate broker.
Euronav's long-term fix Belgian owner Euronav is believed to be locking one of its VLCCs into a three-year time charter with Petrobras.
PNB selling Bharati loan Public sector lender Punjab National Bank (PNB) has put its loan to Bharati Shipyard up for sale.
Shreyas eyes boxship buy Indian owner set to strengthen its fleet by paying $7m for an OEL-owned vessel.
ID offloads bulker Investeringsgruppen Danmark (ID Shipping) continues to sell off 1990s-built bulkers and is now understood to have disposed of the 28,200-dwt Arctic ID (built 1998).
Cruiseship hit by virus Passengers on a Fred Olsen-owned cruiseship have been affected by the norovirus for the second time in a month.
Star capesize scrapped Greek owner offloads 1994-built ship as demolition sector springs back to life.
Condor under pressure Channel Islands authorities could launch their own ferry service if the "teething troubles" of current operator Condor Ferries continue.
Harbor Star eyes coal deal Philippines owner Harbor Star is plotting a move into Indonesia with new tug-barge orders.
Hijacked tanker found The Malaysian product tanker that went missing last week has reportedly been spotted off the coast of Cambodia.
Punished for polluting Norbulk Shipping has fallen foul of US authorities for allegedly dumping several barrels of hydraulic oil off the coast of Florida.
APM boosts Mobile capacity APM Terminals is investing $40m at its facility in Mobile, Alabama to increase capacity at the US Gulf's deepest port.
New CEO at Transpetro Antonio Rubens Silva Silvino has been named as the new chief executive of Transpetro, parent company Petrobras has confirmed.
Poseidon files for IPO Private equity-backed containership operator looks to list 18 vessel fleet on NYSE.
Drillship dog fight Seadrill and Maersk Drilling are set to fight it out for a rare drillship newbuilding project in an otherwise depressed market.
Malaysian Navy 'negotiating' with Orkim Harmony hijackers Suspects being persuaded to surrender, Navy official says.
Fuel oil stocks remain close to historic high Singapore inventories 3% down week-on-week.
Malaysian Navy: Hijacked vessel located Vessel has been renamed and repainted, says Chief of Navy.
Intra-Asian bunker surcharge up Follows rise in June.
Sinopec puts Indonesia oil storage plans on hold 'There's not enough demand in the region right now.'
AP Moller Maersk: Firmer crude price better for its business But short term gain to be had from lower bunkers.
More orders for hybrid scrubbers Major European owner and operator has ordered the systems for three 2,500 TEU capacity container ships.
Researchers explore new bunker-saving concept Preliminary results look 'promising', says lead researcher.
Japan's energy policy focuses on LNG Draft report says 'substantial' part of the country's shipping industry should be powered by LNG.
Malaysian navy: Hijacked vessel located Vessel has been renamed and repainted, says Chief of Navy.
Gibraltar eyes LNG bunker sales to Carnival's newbuilds Carnival bought four LNG-powered newbuilds earlier this week.
MOL credit ratings further downgraded Prices of bunker fuel not expected to drop further, says analyst.
MGO supplier wins North Sea project deal Five-year contract inked.
BPO: Baltic Sea ports developing 'LNG bunkering network' HEKLA project proposes an LNG liquefaction plant in Helsingborg and an on-shore LNG reloading station in Klaipeda.
WTI crude slides after Federal Reserve announcement Despite news US inventories fell by 2.68 million to 467.9 million barrels last week.
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