Fears of piracy increase in Nigeria Analysts have predicted an increase in piracy incidences in Nigeria after the presidential elections were postponed last week. The military said it was unable to assure security in its fight against militant Islamist group Boko Haram. There are growing suspicions surrounding the credibility of the
Teekay Tankers rides rate surge NYSE-listed Teekay Tankers has reported stronger than expected earnings and confirmed ongoing rate increases for its spot fleet. The crude and product tanker owner posted net income of USD20.3 million for 4Q14 versus USD14.1 million for 4Q13. Excluding special items, Teekay Tankers' adjusted net
Equity investor to help steer Drum Cussac Maritime intelligence company Drum Cussac will receive investment from a UK private equity fund, which will also have a stake in the management of the company. Equity firm investor, Root Capital LLP, invests in "challenging deals, including public-to-privates, distressed situations and businesses
Norden renegotiates charters to save cash DS Norden, the listed Danish bulk shipping group, says they have agreed with Japanese ship owners to reduce charter rates of nine vessels to save money. As part of the agreement, Norden has made a one-off payment of USD51.5 million in return for a reduction of future time charter payments of USD62
Navios battens down the hatches Navios Holdings is "positioned to weather" the historically weak dry bulk market, declared CEO Angeliki Frangou. The NYSE-listed company, which currently operates 56 bulkers, reported a net loss of USD5 million for 4Q14 against a net loss of USD70 million in 4Q13. Excluding special items, the
GAIL scraps LNG chartering tender India's state-run natural gas firm GAIL has scrapped a tender to timecharter nine new LNG carriers after fleet owners shunned the tender. Fleet owners were reluctant to quote for the tender issued on 1 August 2014 to carry LNG from the USA primarily because of a government-directed condition to
Flow of KG ship sales ebbing Consolidation of the German KG ship fleet seems to have slowed after market research firm Deutsche Fondsresearch recorded a notable drop in fire sales. It was reported today that only 97 KG fund vessels were sold in 2014, against 166 units in 2013. The number of first restructurings within the
IMO to host sea migrant summit The IMO will host an inter-agency meeting on the Travelling of Migrants by Sea on 4 March. The meeting will build on a meeting with the United Nations High Commissioner for Refugees (UNHCR) in December 2014 and aims to develop "potential ways forward" such as creating an incident database to assist
VLGC rates to exceed USD100,000/day High activity is likely to drive spot freight rates for VLGCs above USD100,000/day in the near future, shipping analysts at Pareto said. By contrast, they noted that low activity in the LNG shipping business continues to force freight rates lower. "For VLGCs the picture is completely different,
DNV GL classes world's largest boxship, MSC Oscar Classification society DNV GL has announced it will class the world's largest containership the MSC Oscar. The 19,244teu vessel, now in East-West revenue service, was delivered by Daewoo Shipbuilding & Marine Engineering (DSME) in January. The reported building price was USD140.5 million. DNV GL
'Frontline' port welfare project launched A project to assist ports to establish seafarer/fisher welfare boards, as required under the Maritime Labour Convention 2006 (MLC), was launched in London on 17 February. Initiated by the International Seafarers' Welfare and Assistance Network, the scheme is sponsored by the ITF Seafarers' Trust,
HUBLine to quit container shipping business Malaysia's HUBLine is to quit the container business, after it was announced in an 18 February notice to the Malaysian stock exchange. Over the last four years the container shipping division contributed, on average, 79% of the group's overall revenue, but averaged -134% of profit before tax, which
BW LPG agrees to USD400 million finance deal BW LPG, the world's largest LPG carrier owner, says it has agreed a USD400 million debt facility to finance seven newbuildings. "The financing has been raised from The Export-Import Bank of Korea (KEXIM) as Export Credit Agency (ECA) lender, with DNB Asia Limited (DNB), Skandinaviska Enskilda
Ship sales pour cold water over dry bulk Macroeconomic data from the Far East combined with reports of ships changing hands at discounted prices have poured cold water over depressed dry bulk market, shipping analysts said. The 2012-built Kamsarmax Flora Island has been sold for USD18.4 million. "The transaction points to further declines
Cyclone bears down on Australian coal port The Australian coal ports of Gladstone, Mackay and Abbot Point are on Yellow Alert as Tropical Cyclone Marcia edges towards the central Queensland coast. A spokesperson at Gladstone told IHS Maritime the port was scheduled to close at 6pm this evening Australian EST. "In the interests of safety 23
Eitzen Chemical board recommends share exchange offer The board of Eitzen Chemical, the listed Norwegian chemical carrier owner, recommends that its shareholders accept an exchange offer from Team Tankers International. "All shareholders who accept the offer will receive one share in Team Tankers International Ltd. for every three shares owned in
Tanker Investments upbeat after 4Q14 profit Tanker Investments, the Oslo listed company that acquires secondhand tankers, is optimistic after reporting a profit for the final quarter of 2014. Group net profit in 4Q14 for the company amounted to USD3.7 million on revenues of USD31.3 million. However, it made a loss of USD3.1 million in the
ClassNK to improve steel safety standards Classification society ClassNK has announced it will begin a joint research project aimed at improving safety standards for ultra-large container ships. To ensure the smooth adoption of thicker steel in the industry, ClassNK has embarked on developing technical standards in order to clarify the
Scotland's Lerwick port awards quay extension contract Lerwick Harbour, the Shetland Islands' principal commercial port, has awarded a £11.95 million (USD18.4 million) contract to the Scottish business unit of BAM Nuttall to extend the quay at Dales Voe South to 130 m in support of subsea developments and decommissioning. The contract comes hot on the
Safmarine raising stakes on SAF-WAF Safmarine MPV, the breakbulk shipping operation of A.P. Moller/Maersk, is strengthening its liner service between South Africa and West Africa with additional tonnage and increased sailing frequencies. Its SAF-WAF multipurpose service, so far operated with one 12,500 dwt mpp vessel with a maximum
ClassNK launches research project into brittle crack arrest steel Increased useage of brittle crack arrest steel in containership design is expected
Teekay LNG Partners confirms new DSME order Partnership eyes growth opportunities as LNG fundamentals 'remain strong'
Navios Holdings posts loss but remains 'comfortable' Frangou eyes medium-term return to health for dry bulk market
Surge in tanker rates buoys Teekay Tanker owner sees six-year high in spot rates to follow strong fourth quarter
Congestion takes its toll on US west coast box volumes Long Beach reports a double-digit decline in box volumes as US east coast port Charleston reports a double-digit increase
MSC picks DNV GL for MSC Oscar class DNV GL says Geneva line has 18 more 19,000 teu ships on order
Norden agrees deal with Japanese owners to reduce charter payments Danish dry bulk operator will net a saving of $10.5m
Cox honoured at Lloyd's List North America Maritime Awards Lifetime achievement award for retiring chief of Chamber of Shipping of America
Concordia Maritime continues diversification in suezmax crude carriers Swedish product tanker specialist charters a second vessel to be active in the Stena Sonangol pool
PwC expects uptick in global logistics mergers after flat 2014 An uptick in trucking acquisitions helped keep the number of global transportation and logistics mergers steady in 2014, despite comparatively low levels of activity, research firm PwC US said in its latest quarterly report on global logistics merger and acquisition activity. Logistics deal-making is expected to increase in 2015, powered in...
West Coast ports' anger with ILWU-PMA impasse boils With West Coast ports reporting plunges in container volumes in January, port executives are becoming increasingly vocal in demanding that the International Longshore and Warehouse Union and the Pacific Maritime Association end the impasse in negotiations that is ravaging their ports. These bold statements by leaders of landlord ports could signal...
Best Practices to Reduce International Freight Costs The drive to capture the business benefits of low cost country sourcing has far out-paced the processes and systems needed to efficiently manage the global supply chain. Most importers do not have a formal solution to manage international transportation yet technology holds the key to containing escalating international transportation costs. Amber Road's...
Wal-Mart: West Coast port woes threaten spring inventory Wal-Mart brought wider attention to how West Coast port congestion is hurting shippers, saying on Thursday that shipment delays are hurting its business and threaten its spring and Easter inventory. The company said it's taking steps to reduce the impact of shipment delays, including moving more imports through Gulf and East...
US Commerce Secretary joins ILWU-PMA talks U.S. Commerce Secretary Penny Pritzker has entered negotiations between the International Longshore and Warehouse Union and the Pacific Maritime Association, reflecting a ratcheting up of Obama administration pressure on both sides to reach a deal in order to end crippling West Coast port congestion. Department of Commerce officials on Thursday...
Truckload carriers adding trucks, but only when it pays For evidence the U.S. economy is improving, try counting trucks. Six years into the recovery, larger U.S. truckload carriers are finally beginning to expand fleets, not just swap older vehicles for new ones. For example, J.B. Hunt Transport Services, the $6.2 billion intermodal trucker, increased its truckload division's fleet by 1.6...
Oakland blasts ILWU for ending day shift The Port of Oakland sharply criticized the International Longshore and Warehouse Union local in Northern California for in effect shutting down the port today in order to hold its regularly scheduled stop-work meeting during the day shift. "The decision not to work is damaging to shippers who rely on the Port...
Dissatisfaction with 3PL service on the rise, study finds There is a growing disconnect between third-party logistics providers and manufacturers and retailers who say they are dissatisfied with the level of service they are being provided. According to a recent survey of more than 400 logistics and supply chain executives, 55 percent of the manufacturers and retailers polled say they...
Manila drayage drivers issue warning on pending truck rules Drayage drivers serving the port of Manila warn that new rules requiring the phase-out of older trucks will cause congestion to rear its head again at the Philippines' largest container port. The new rules from the Land Transportation Franchising and Regulatory Board would reduce the number of harbor trucks serving the...
XPO Logistics sees widespread impact from West Coast congestion West Coast port congestion presented challenges and opportunities for XPO Logistics in the fourth quarter, boosting expedited and brokerage revenue while threatening intermodal volumes and truckloads moving from the West Coast inland U.S. destinations. In the first quarter, the West Coast container pileup is affecting freight corridors far from the Pacific...
DSV opens New Jersey warehouse targeting European importers DSV is working to attract European importers with its new warehouse in Edison, New Jersey, the global third-party logistics provider's second in the U.S. The 10,000-square-meter distribution facility (roughly 328,000-square feet) has signed up its first customers, including a number of European retailers who are currently launching or expanding their activities...
Air France-KLM cargo loss widened to $242 million in 2014 Air France-KLM's cargo losses widened to 212 million euros [US $242 million] in 2014 from 202 million euros in the previous year as a two-week pilots' strike compounded the impact of a weak global airfreight market. Europe's largest cargo carrier said the strike at its French unit in September boosted losses...
Japanese exports kick off 2015 with strong start In an encouraging sign for the still-struggling Japanese economy, the nation's exports got off to a powerful start this year, with shipments to the U.S. and some other major trading partners in January rising at a double-digit pace compared to the prior year. Japan's exports to the rest of the world...
West Coast employers attempt end run around ILWU leadership Some West Coast employers are appealing directly to working longshoremen to scrutinize the details of the Pacific Maritime Association's contract proposal, with the implication that they should not let this offer slip away because they won't receive a better one. Some employers Wednesday posted at their terminals a two-page letter from...
Charleston loaded TEUs up 12.6 percent The Port of Charleston posted year-over-year increases of 12.6 percent in loaded 20-foot-equivalent units and 18 percent in total TEUs in January, benefiting from what port CEO James Newsome described as "across-the-board" cargo growth. Newsome said the port has seen Midwest refrigerated exports to Asia as a result of severe West...
West Coast congestion drains spot truckload markets Spot market truck traffic from the U.S. West Coast has dropped significantly as containers pile up at ports, changing inland shipping and pricing patterns, according to DAT Solutions. Spot truck rates for freight originating in California are falling, while spot rates for freight headed to California are rising, as carriers find...
Avondale's pulse fades Huntington Ingalls Industries (HII) still intends to shutter its ailing Louisiana shipyard but the company hasn't given up on the facility altogether.
Cruise 'Wave' accelerates Cruiseship owners are experiencing "accelerating" booking volumes amid the year's busiest ticket sales window, analysts said.
Stolt seals fundraiser Stolt-Nielsen has raised $250m from a private placement with American International Group (AIG).
Sale rattles market The sale-and-purchase market is rife with rumours that Iino Kaiun Kaisha of Japan has offloaded a kamsarmax bulker.
Spaulding stuns market Robert Spaulding, a prominent US chemical tanker broker, has joined SPI Marine, a brokerage and consultancy based in Norwalk, Connecticut.
Oceanteam just in black Dutch offshore owner Oceanteam Shipping has marginally returned to profit boosted by higher revenue during the fourth quarter.
Rio fixes Diana capes Diana Shipping is set for lower income from two of its capesize bulkers after finding fresh work for the ships with Rio Tinto.
Bilal buys again Turkey's BMZ Group has bought its third chemical/products tanker as a report claimed it had cancelled five newbuildings in Turkey.
Recovery lifts Concordia Concordia Maritime has turned a profit in 2014 thanks to the improvement of the tanker market during the fourth quarter.
SCF sale "prepared" Russian state owner Sovcomflot (SCF) has begun work on its long-delayed part-privatisation, together with Germany's Deutsche Bank.
Dry anchors to drop Angeliki Frangou predicted lay-ups on the horizon for the battered dry-cargo market as Navios Maritime Holdings booked a slightly worse than projected fourth quarter performance.
Further leak from Lysblink There has been a further release of diesel oil from a DFDS cargoship that ran aground off Scotland on Wednesday.
Greeks top newbuilding table More than one in every ten dollars spent on newbuildings during 2014 came from a Greek owner, Golden Destiny claims.
Trafigura loses piracy claim Leading oil trader Trafigura has failed to persuade a London appeal court that Navigazione Montanari should take financial responsibility for a cargo loss that resulted from a pirate attack off Nigeria.
Triple tonic for Teekay LNG Sale-and-leaseback deals with two Norwegian shipowners have helped Teekay LNG raise cash flows in the fourth quarter.
Gail tender flops Indian state-owned gas utility Gail has failed to attract any bidders for a $7bn contract to build nine new LNG carriers.
Uljanik loses more Croatia's Uljanik Plovidba has seen red in its bottom line for the second consecutive year.
Teekay back to black Teekay Corp has seen all of its divisions post strong fourth quarter results, something that helped the parent company return to profit for 2014.
Norden pays for rate cut Danish owner Norden has dug over $50m out of its cash reserves to secure savings on troublesome bulker contracts with Japanese owners.
Toll sale queried Australia's competition regulator has raised concerns about Toll Holdings' sale of a regional shipping business.
TOO comes strong Teekay Offshore has finished 2014 strongly, boosting its full year profit by 70% year-on-year.
Teekay takes up to five Teekay LNG Partners' latest newbuilding contract with DSME is larger than previously thought.
TNK prospers New York-listed Teekay Tankers has rebounded into profit for 2014 as tanker rates soared.
TIL turns a profit Teekay spin-off Tanker Investments Ltd (TIL) has posted a profit for the fourth quarter as tanker rates spiked.
Concordia takes half Sweden's Concordia Maritime has signed another deal to charter 50% of a suezmax tanker to build its crude presence.
Koreans make slow start South Korean shipbuilders have seen January newbuilding orders slump 68% versus a year ago, latest figures show.
Cyclones threaten Oz ports Australia's shipping and mining industries are on high alert as the state of Queensland faces the threat of two cyclones hitting the coast.
SAFWAF speeds up Safmarine MPV has increased the frequency of its South Africa-West Africa (SAFWAF) multi-purpose shipping service.
Intra-Asia rates weaken Container shipping rates on intra-Asia trades have fallen to their lowest level in four years, according to Drewry.
New York State adopts regulations for LNG fuelling and storage Move paves the way for new, world-class LNG facilities, says group.
Crude tumbles as US stockpiles continue to rise Domestic inventories increased by 7.7 million barrels last week.
Cargo ship runs aground off Scottish coast A 'small amount' of fuel oil is leaking from the vessel.
EU supports Baltic Sea ferries' hybrid propulsion retrofits Will contribute $3.5 million towards converting two RoPox vessels to run on electricity and fuel.
TOTE's LNG-powered containerships star in national campaign Ad will promote environmental responsibility in US maritime shipping, says firm.
Labour talks halt Port of Oakland's marine terminals' ops No gate, yard or vessel operations during the day shift, says Port Authority.
DNV GL classes the world's largest containership MSC Oscar designed with efficiency- enhancing features.
SGMF's LNG Bunkering-Safety Guidelines released Free of charge for SGMF members.
Termoil expands to UK Greek player opens new office.
Novorossiysk: Bunkering suspended Likely to remain so overnight.
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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