Jan De Nul orders world's most powerful cutter Belgian dredging and offshore services company Jan De Nul Group has ordered what will be the world's most powerful self-propelled cutter suction dredger (CSD) from Croatian shipyard Uljanik Brodogradiliste. Speaking to IHS Maritime, a Jan De Nul Group spokesperson declined to reveal the cost of the
News analysis: Insurers seek to clarify who will pay following Tunisian attack Marine insurers say the question about which insurance policy will pay for the passengers of two cruise ships who were killed and injured in the attack at the Bardo Museum in Tunis is far from clear. The passengers, who were spending the day in the Tunisian capital, were on a tour to the museum and
APMT boasts US throughput record Three ultra-large containerships recently docked and worked simultaneously at America's largest port in what APM Terminals contends is a new record for US port operations. The handling of 34,465 box moves over nine days at APMT's Pier 400 at the Port of Los Angeles counters assertions that west
Child pirate gets prison term in Seychelles Nine Somalis, including a juvenile who was 14 years old at the time of arrest, have each been found guilty on three counts of piracy. The Seychelles Supreme Court sentenced the eight adults to 14 years in prison on all three counts and the juvenile to three years. The sentences are to run
India moves to secure Trinco, counter China India is moving to secure a stronger presence in the eastern port of Trincomalee, Sri Lanka, to counter the growing influence of China, which has two terminals on the west and south coasts. The Sri Lankan unit of Indian Oil Corp (IOC) and the island's state-owned refiner, Ceylon Petroleum
Update: Twelve cruise passengers among Tunis terror victims At least 12 cruise passengers were among those murdered in yesterday's terrorist attack on the Bardo Museum in Tunis, MSC Cruises and Costa Cruises confirmed today. MSC said that nine of its guests from MSC Splendida lost their lives, 12 were injured, and six (two Spanish nationals, one Belgian,
Jan De Nul wins DONG Energy cable contract Belgian dredging and offshore services contractor Jan De Nul Group is to install a total of 148 km of subsea export cable at the UK Race Bank offshore wind farm as part of a deal signed with Denmark-based DONG Energy. When operational, Race Bank will have a capacity of up to 580 MW, enough to power
Jan De Nul launches 'unique' vessel Belgian dredging giant Jan De Nul Group has launched the multipurpose Isaac Newton vessel that can be deployed on a variety of projects, including subsea cable installation, trench dredging and subsea rock placement. Built at the Uljanik Brodogradiliste yard in Croatia, Isaac Newton is 138 m long,
Yangzhou Dayang secures White Sea Ultramax order China's Yangzhou Dayang Shipbuilding has secured an order for two Ultramax bulkers from Greek shipowner White Sea Navigation. The two 63,000 dwt Crown 63-designed eco ships will have an overall length of 199.99 m, beam of 32.26 m and depth of 18.5 m with delivery scheduled for November this year
Wärtsilä introduces two-stroke engine with Tier III-compliant SCR Wärtsilä has launched the first two-stroke engine with a high-pressure Selective Catalytic Reduction (SCR) system manufactured in China. The system is fitted to a 5-cylinder Wärtsilä RT-flex58T-D 2-stroke, low speed engine produced at the Hudong Heavy Machinery (HHM) facilities. The SCR reactor was
COSCO International profits up 49% in 2014 Hong Kong-listed COSCO International announced on 19 March that the company recorded profit of HKD359 million (USD46.3 million) for 2014, up 49% year on year (y/y). The great increase was attributed to the marked increase in operating profits of coatings, ship-trading agency, and marine equipment
Malaysia to boost connectivity to Port Klang Malaysia will improve access to Port Klang as part of a government initiative to boost exports. Approximately MYR300 million (USD81.45 million) will be allocated to improve the last-mile connectivity to Port Klang under the Logistics and Trade Facilitation Masterplan announced by the country's
Tanjung Offshore may undergo forensic audit Malaysia-listed offshore marine services provider Tanjung Offshore may undergo a forensic audit on all its transactions after an extraordinary general meeting (EGM). Tan Kean Soon, a non-independent and non-executive director of Tanjung Offshore, has called an EGM that will take place on 27 March
Vegetable oil trade to grow in 2015, says analyst Seaborne trade of vegetable oils (including palm) is expected to grow in 2015 to reach 82.3 million tonnes, according to Italian shipbroker Banchero Costa. Trade volumes are expected to grow in the next few years, fuelled by emerging economies, especially China and India. Consumption growth is expected
Myanmar to inspect all state-owned vessels after ferry accident Myanmar will inspect all state-owned vessels following a fatal ferry accident off the country's northwestern coast, with the current death toll at 61. According to the state media, a commission has been established to examine other vessels plying in the country's many waterways. On 13 March, the
STX O&S takes more tanker orders from BW Pacific South Korean shipbuilder STX Offshore & Shipbuilding (STX O&S) said on 19 March that it has clinched orders for two more LR1 product tankers from BW Group's unit, BW Pacific, after the latter exercised options for more vessels. These recent orders came after BW Pacific, a joint venture between BW
Tanker pessimists will be proved wrong, says Euronav's Paddy Rodgers In a candid interview, Euronav chief says that if owners believe in a sustained, robust tanker recovery, it will happen, and the naysayers will end up with egg on their faces
DP World keeps options open on Suez Canal Zone project The $50bn project will create a platform for manufacturing, transport, logistics, information and communications, and energy
Cosco International posts $50.9m profit One-off gains behind 45% improvement in results
Profit sharing adds $5.5m to TEN's strong fourth quarter Tanker owner bounces back from loss but takes a one-off hit from bunker hedging
Top terminal operators enhance market dominance The world's top six global terminal operators recorded growth across the board in 2014
Rickmers looks at Wall Street options New York IPO among range of possibilities being examined
It's cautious optimism for Clarksons' chemical tanker man Josh Saxby There are positives on the horizon for the chemical tanker industry, but risks clearly exist
Banks and owners see little impact from Greek economic crisis XRTC survey says financing for owners continues but mainly outside cash-strapped Greece
Product tanker fleet growing 'very fast' warns Braemar ACM Warning comes as BW Group orders two new tankers at South Korean yard STX
Second quarter should still be rosy for tankers, says Nordic American Suezmax owner that likes to 'underpromise and overdeliver' looks to be doing just that in the current bullish tanker market
PSA Sines to add capacity with $43m expansion Portuguese terminal upgrade will bring capacity to 2.5m teus
AP Moller-Maersk hopes Danske Bank share sale will raise $4.9bn Shareholders invited to just over 200m shares in bank on a pro-rate basis
DP World posts $675m in profits for 2014 Company expects 8m teu in new capacity coming on line by year-end 2015
CSCL to provide $1.5bn guarantee for Hong Kong-based subsidiary Board says the risks can be controlled
Box lines need to develop alliances further to improve profits With overcapacity here to stay carriers are encouraged to seek further cost savings through alliances
Malaysia's plan to spend millions of dollars on Port Klang short on details Malaysia plans to invest millions of dollars into the transportation infrastructure supporting Port Klang in an effort to boost exports out of the country's main maritime gateway. About 300 million Malaysian ringgit ($81.45 million) will be spent to improve the "last-mile connectivity" to Port Klang under a "Logistics and Trade Facilitation...
Challenges loom for key US truck safety intiative Federal officials, including Acting FMCSA Administrator Scott Darling III, testify at a Senate hearing on FMCSA reform March 4. WASHINGTON, D.C. - The U.S. Department of Transportation's key truck safety initiative - the Compliance, Safety, Accountability or CSA program - is coming under fresh fire on Capitol Hill and from a...
Planned deployment of new Asia-East Coast services rattles West Coast ports The announcement last week by carrier alliances that beginning in late March they will deploy three new all-water services from Asia to the East Coast through the Panama Canal was a dagger to the hearts of West Coast ports besieged by congestion and labor problems. Still to be answered is the...
Congress expected to 'kick the can' again on highway funding solution WASHINGTON - If shippers and transportation providers are expecting Congress to do anything more than kick the can down the road on federal highway funding, they're in for major disappointment come June, say transportation industry insiders. Lawmakers have until May 31 to replenish the Highway Trust Fund, which has faced chronic...
Truckers feel spike in NY-NJ port congestion New York-New Jersey port truckers are growing frustrated with delays accompanying a late-winter cargo spike that container terminals are struggling to handle. Diversions of West Coast traffic, carrier deployments of large "extra loader" ships to handle Asian cargo, and the arrival of imports booked before last month's Lunar New Year holiday...
Profit, revenue, container volumes all up at DP World Dubai's DP World booked an 11.8 percent increase in 2014 profit as it benefited from its focus on container terminals in fast-growing emerging markets. The world's fourth-largest container terminal operator made a net profit of $675 million, compared with $604 million in 2013, on revenue up 11 percent at $3.4 billion. Traffic...
West Coast lost-time port injuries in 2014 halved from peak Lost-time injury incidents at West Coast ports in 2014 declined by almost half compared to the peak year of 2002, according to the annual safety report published by the Pacific Maritime Association. Commenting on the results, the Port of Oakland said terminals such as those operating in the Northern California port...
US Senate bill would speed up rail project permitting WASHINGTON - If passed, U.S. Senate legislation introduced on Wednesday could allow railroads to expedite construction of intermodal terminals and other projects, providing shippers with more capacity and more reliable service. The legislation, introduced by Sens. Roy Blunt, R-Mo., and Joe Manchin, D-W.Va., seeks to reform the permitting process so that...
Though DB Schenker Logistics volumes grow, profit slips DB Schenker Logistics profit stalled in 2014 even as the company increased ocean container, air freight and trucking volumes. The transport division of Deutsche Bahn, Germany's state-owned railroad company, saw adjusted earnings before interest and tax slip to 332 million euros ($352 million) from 335 million euros in 2013. Revenue edged up...
Carriers advised to tap more value from alliances to restore profitability Ocean carriers must unlock more value from alliances and accelerate internal transformation programs to restore profitability, according to Boston Consulting Group. Container shipping faces continued overcapacity "with no market recovery in sight," the U.S.-based consultancy warned in a report released today. Carriers, especially mid-sized global operators, are struggling to generate returns...
CCL takeover rewards Li & Fung with sharp logistics revenue growth Source: Li & Fung 2014 financial results.HONG KONG - Revenue from Li & Fung's logistics network soared 66 percent in 2014 to $874 million as the acquisition of giant sea freight forwarder China Container Line last year made its presence felt on the financial statements of the supply chain and...
Shipper options grow with China's expanding rail network HONG KONG - China is steadily adding to the rail network linking the mainland with central Asia and Europe, with a large portion of the $130 billion rail development budget for 2014 spent on improving connections in central and western parts of the country.The latest railway project is to build...
Government support needed to tackle Hong Kong port challenges Graphic provided by OOCL to analysts.HONG KONG - The formidable challenges facing Hong Kong port were perfectly captured in the above illustration that was presented with OOCL's 2014 financial results recently. Few, if any, ports around the world have had to cope with such a thorough change in cargo mix...
Damages ruling against ILWU fails to improve Portland productivity A March 13 U.S. District Court decision in Portland that ordered the International Longshore and Warehouse Union to pay $60,000 to the National Labor Relations Board for engaging in illegal work slowdowns at the Port of Portland has not resulted in improved productivity at the Oregon port. Elvis Ganda, CEO of...
STNG seals loans Scorpio Tankers (STNG) has secured more than $110m in bank financing to support the buy of four vessels from sister Scorpio Bulkers (SALT), with pricing significantly below margins in its current portfolio.
ISC plots expansion International Shipholding Corp (ISC) may expand its exposure to the pure car/truck carrier (PCTC) market, according to Global Hunter Securities.
Buy in bulk! A leading equity analyst is encouraging clients to accumulate shares of US-listed bulker owners with exposure to the spot market.
Navios seals period deal It appears that Navios Maritime Holdings has lined up a period deal for one of its capesize bulkers.
Capes gain There were signs of life in the capesize segment today as day rates gained traction for the first time in more than three weeks.
Boskalis steps back Royal Boskalis Westminster has abandoned its efforts to amend an anti-takeover clause in Fugro's constitution.
Costa drops Tunisia Carnival-owned Costa Cruises is halting port calls in Tunisia after the terrorist massacre in the capital Tunis on Wednesday.
Seatruck names new CEO Clipper's ro-ro wing Seatruck Ferries has named one of its founders as its new chief executive officer.
TEN on cloud nine Tsakos Energy Navigation has raced past analysts' expectations in the fourth quarter.
Anek ferry lifts anchor An arrested passenger ferry owned by Greece's Anek Lines will lift its anchor tomorrow, after sitting idle in the port of Patras for two weeks.
WW pockets $40m Norway's Wilh Wilhelmsen (WW) is reducing its shareholding in Korean car carrier owner Hyundai Glovis from 12.5% to 12%.
Westlie in stock sale AP Moller-Maersk chief financial officer Trond Westlie has sold shares in the company worth over $1.5m.
Siem streamlines Norway's Siem Offshore has announced organisational changes designed to bring together its main businesses.
AKOFS converts vessel A multi-functional support vessel owned by Ocean Yield and operated by AKOFS Offshore will be converted into a subsea installation ship.
Damen looks ahead Dutch shipbuilder Damen is to work with the Oslo-based Bellona Foundation to develop the eco-ships of the future.
Navigator eyes charters Wilbur Ross-backed Navigator Holdings is hopeful of lining up charters for its three open ethane carrier newbuildings in the next few months.
NAT to grow again Nordic American Tanker (NAT) has pledged to expand its fleet as its boss demonstrated his confidence in future earnings by snapping up shares.
DP World ups dividend Dubai's DP World has revealed plans to pay $195.1m to its shareholders following a strong annual performance.
SPO suffers in 2014 Swire Pacific Offshore (SPO) has seen earnings chopped in 2014 in tough markets.
Polemis pounces on VLCC Greek owner Adam Polemis is understood to have made his second VLCC purchase in three months.
CSL seals Samsung deal India's state-controlled Cochin Shipyard (CSL) has reached an agreement with Samsung Heavy Industries to team up on building LNG carriers.
Pirates raid tanker Pirates have hijacked a Malaysian tanker off Indonesia and stolen its fuel cargo.
Maersk in $4.9bn sale AP Moller-Maersk expects to collect almost $5bn from the disposal of its shareholding in Danske Bank.
Two more for BW Singapore group declares options for extra LR1s at STX in South Korea.
Four in for ferries France's Eurotunnel has revealed it has received four expressions of interest for its MyFerryLink cross-Channel ferry business.
HPH Trust raises $1bn Hutchison Port Holdings (HPH) Trust has successfully raised $1bn from the bond market, the company has confirmed.
MSC passengers killed Nine passengers from an MSC cruise ship were killed in Wednesday's gun attack in Tunisia, the cruise line has confirmed.
Osborne cuts North Sea taxes The UK Chancellor of the Exchequer has unveiled major changes to the North Sea tax regime in the UK Budget 2015.
Tax changes welcomed Oil & Gas UK says it welcomes the UK government's decisive move to restructure the North Sea tax regime.
Double-digit drops Three major US west coast container ports have reported substantial year-on-year declines in container throughput for February.
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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