Struggling offshore companies fight falling figures Offshore operators are being forced to make greater adjustments to survive as total demand for oil wells continues to decline, the OGF Global Amsterdam conference was told today. The offshore market has been hard hit, due to an oversupply of ultra-deepwater drilling rigs, slower than expected growth
ZPMC builds world's largest lock gates Chinese steel constructor ZPMC has completed four giant lock gates for the port of Antwerp's Deurganck dock lock that will set a new world record. At 70 m long, 11 m wide, 27 m high and weighing 2,000 tonnes each, the gates are 4 m deeper than those at Antwerp's Berendrecht lock, currently the
Lenders back Star Bulk newbuildings Star Bulk has suffered greater than expected losses but confirmed strong progress on newbuilding finance despite the rate slump. The company, which is the largest US-listed dry bulk player, posted a net loss of USD8.1 million for 4Q14 versus net income of USD54,000 in 4Q13. Excluding special items,
Shipping boom in Northwest Passage 'unlikely' A melting Arctic is unlikely to attract much commercial shipping through the Northwest Passage because it will remain an unreliable route, according to an expert. "There will be no shipping boom in Canada's Arctic," Jackie Dawson, a geography professor at the University of Ottawa, told the Warming
Contargo maintains Rotterdam, Antwerp congestion surcharge threat Inland container logistics specialist Contargo said today that it would decide within days whether to impose congestion surcharges because of long waiting times for barge traffic in the ports of Rotterdam and Antwerp. Managing director Heinrich Kerstgens told IHS Maritime that the company would
MMEA finds missing vessel off Batu Pahat The Malaysian Maritime Enforcement Agency (MMEA) has found a hijacked ship off Malaysia, about 7 nm southeast of Tanjung Labuh, Batu Pahat. The Malaysia-flagged ship was travelling to Labuan, Malaysia, from Singapore on the 9 March when it lost contact with its shipowner after being boarded by
Updated: More Costa cruise passengers confirmed dead Costa Cruises has confirmed that five passengers - four Italians and one Russian - of its cruise liner Costa Fascinosa were murdered in the terrorist attack at the Bardo Museum in Tunis on 18 March. Eight other passengers - seven Italians and one Russian - were injured in the attack and are
'Buy' for Hanjin, 'hold' for HMM Different approaches are advised for investors interested in South Korea's two biggest shipping firms, Hanjin Shipping and Hyundai Merchant Marine (HMM), analysts say in a research note. KDB Daewoo Securities analysts Jay JH Ryu and Choong-hyun Kim said, "Lower oil prices and stable shipping rates
Hong Kong to adopt international anti-fouling convention Hong Kong will implement the international convention on the control of harmful anti-fouling systems on ships later in 2015. The city's legislators will discuss the Merchant Shipping (Control of Harmful Anti-fouling Systems on Ships) Regulation (AFS Regulation) on March 25, a statement of the
DSME unlikely to show improvement before 2016 Although South Korea's Daewoo Shipbuilding & Marine Engineering's (DSME's) operating profit stabilised in the fourth quarter of 2014, it is unlikely that meaningful improvement in the figure will be seen before 2016, said an analyst in his research note. NH Investment & Securities analyst John Yu
Xiamen port's profit down 13% in 2014 Shenzhen-listed Xiamen Port announced on 20 March that it posted profit of CNY286.7 million (USD46.3 million) for the whole year of 2014, down 12.95% from the CNY329.3 million in 2013. The port's revenue stood at CNY7.5 billion, soaring 56.87% compared with previous year, and its total assets
GSI back to black for 2014 Shanghai- and Hong Kong-listed Guangzhou Shipyard International (GSI) on 18 March posted a net profit of CNY151.5 million (USD24.5 million) for full-year 2014, back to the black from the loss of CNY218.6 million in the previous year. The company recorded revenue of CNY9.5 billion last year, up
News analysis: Marine insurers seek clarity on Tunis terror attack liability 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
Two vessels collide in Minjiang River, China Two vessels collided on 18 March at the Minjiang river mouth in Fujian Province, China, with no casualties reported. Cargo ship Qi Shun 5 collided with sand carrier Bo Yun 111 at an anchorage near the Langqi Bridge, the Donghai Rescue Bureau said today. Qi Shun 5 is owned by Anhui Wanjiang Hongrui
Japanese banks to finance 'K' Line LNG carrier The Japan Bank for International Cooperation (JBIC), Mizuho Bank and Mitsubishi UFJ Trust, and Banking Corporation will provide USD125 million to finance an LNG carrier that Kawasaki Kisen Kaisha ('K' Line) is building. 'K' Line, Japan's third biggest shipping company, ordered the LNG carrier at
Firm CPP demand raises Asian tanker rates Firm demand for clean petroleum products (CPP) in Asia has seen freight rates for MR product tankers on the rise this week. As at 19 March, the Baltic Exchange assessed the Singapore-Japan route at Worldscale (W) 156.88 or USD16,778 per day, up USD334 from 18 March. The Singapore-EC Australia rate
Stopford wins Onassis prize for shipping Maritime economist shares 2015 award with Trevor Heaver of Saunder School of Business
Storey warns of risks to UK of declining flag London's position as a global maritime hub would be harmed if ship register loses its allure, says former Maritime and Coastguard Agency chief executive
Tsakos sees next two years as 'looking good' for tankers Shuttle tankers and VLCCs among sectors in TEN's sights
Pluto LNG export plant restarts production Relief for LNG shipping as Pluto shutdown appears to be nothing more than a blip
Could the allure of suezmaxes prove fatal? They are seen as a good investment; the problem is, everyone else thinks so too
Diana Containerships to buy two panamaxes Greek owner to splash $43m on duo chartered to Yang Ming
Data Hub: World Fleet Update Slowdown in idling for the boxship fleet sees the capacity of ships not in use remain at a low level for this time of year
Wilh. Wilhelmsen takes over logistics services for Norwegian military Seven-year contract will see Oslo-listed owner and associated NorSea Group support armed services
Hafnia Tankers in position as tide turns for product tankers New product tanker player, with old hands at the helm, wants to grab the opportunities while they exist
Freight rates down again Asia-Europe freight rates at their lowest level since June 2013
Fourth-quarter loss for Star Bulk Petros Pappas-led operator is buffeted by a poor market during 2014
ILA, USMX say 'no' to Railway Labor Act The International Longshoremen's Association and United States Maritime Alliance said they "strongly oppose" any attempt to place the longshore industry's collective bargaining under the Railway Labor Act. The ILA and USMX issued a joint statement saying the longshore industry should remain under the National Labor Relations Act, which governs private-sector bargaining...
LA, Long Beach ports making progress on long trek to normalcy The daily vessel report Friday from the Marine Exchange of Southern California demonstrates that the ports of Los Angeles and Long Beach are making progress in digging out from the congestion they experienced in recent months, but they still have a long way to go. Container ships at anchor in the...
British government pledges to help reduce UK truck driver shortage The British government is promising to play an active role in helping reduce a truck driver shortage that trucking companies or hauliers say threatens the U.K.'s economy. In its 2015 budget, released March 18, the government of Prime Minister David Cameron pledged to work with road haulage firms "on an industry-led...
West Coast port delays takes some swoosh out of Nike earnings Nike had a strong winter in North America thanks to robust consumer demand, but it would have had an even better one were it not for the West Coast labor standoff. Despite what it described as "very strong" demand in North America, "revenue growth was somewhat lower than expected in the...
Port of Virginia seeks Customs overtime to cope with congestion Near-unprecedented congestion in Virginia has prompted the state port authority there to reach out to U.S. Customs and Border Protection for permission to pay overtime for customs officers working extended operating hours. "We anticipate our application will be there on Monday," Virginina Port Authority spokesman Joe Harris told JOC.com Friday. "But...
Vietnam scrutinizing foreign carriers for 'unreasonable' surcharges Vietnam will now inspect foreign shipping lines for alleged unreasonable surcharges on local traders, the country's Government Office announced this week. The ministries of finance, transport, and industry and trade will begin a review of all surcharges to see if any violate Vietnam's Competition Law as well as international norms, it...
PSA to boost TEU capacity at Sines, Portugal, terminal PSA International is investing 40 million euros ($42.5 million) to boost the annual capacity of its container terminal in Sines, Portugal, to 2.5 million TEUs. The Singapore-based company said the extra 800,000 TEUs of capacity is needed to cope with the "robust" growth in traffic and to cater to the increasing...
New Crowley barge makes first Puerto Rico voyage A container-carrying barge that Crowley Liner Services added to fill a void left by Horizon Lines' exit from Puerto Rico is scheduled to arrive Monday in San Juan on its first voyage. Crowley and Sea Star Line added container-on-barge capacity in the domestic Jones Act trade to Puerto Rico after competitor...
US Senate bill could allow rail shippers to get faster service, rate relief WASHINGTON - If passed, a reintroduced U.S. Senate bill could help shippers gain faster relief from railroads, both in terms of service and rate challenges. U.S. Sens. John Thune, R-South Dakota, and Bill Nelson, D-Florida, on Thursday introduced the Surface Transportation Board Reauthorization Act of 2015. It's similar to legislation Thune...
Rotterdam, Antwerp congestion continues to impede barge services German barge operator Contargo doubled down on its warning that it will impose surcharges because of congestion at the ports of Rotterdam and Antwerp, saying it would decide whether to levy higher fees next week at the latest. Waiting times for barges at Rotterdam are up to 92 hours, and although...
LA, Long Beach bring recovery plan to legislators, shippers WASHINGTON - Representatives from the ports of Los Angeles and Long Beach visit Washington, D.C., every year around this time to meet with legislators, shippers and federal agencies, but their fly-in earlier this week was particularly pointed. Their mission was three-prong. As in past years, port representatives urged legislators and federal agencies...
Labor slowdown hits APMT terminal at Mumbai APM Terminals-operated Gateway Terminals India, which has borne the brunt of landside congestion-related issues in the Nhava Sheva port complex in the recent past, is again experiencing shipping delays because of labor slowdowns tied to the still-unresolved crane operator contract dispute. "Our outsourced RTG (rubber-tire gantry) contractors have decided to use...
PSA boosting Portugal terminal capacity to 2.5 million TEUs PSA International is investing 40 million euros [$42.5 million] to boost the annual capacity of its container terminal in Sines, Portugal, to 2.5 million TEUs. The Singapore-based company said the extra 800,000 TEUs of capacity is needed to cope with the "robust" growth in traffic and to cater for the ever...
Baltimore ILA local plans contract re-vote March 25 The largest International Longshoremen's Association local in Baltimore will vote again March 25 on a local contract agreement that union and employer representatives hope will end months of confusion and controversy at the port. Local 333 members rejected the agreement last month in a referendum clouded by reports that the local's...
Qatar-based company begins Nhava Sheva-Doha feeder service Milaha Maritime and Logistics has kicked off a direct feeder link between Jawaharlal Nehru Port Trust (Nhava Sheva), India, and Doha, Qatar, a route that has seen significant gains in trade volumes in recent years. The new service, reportedly the first of its kind between the two countries, is marketed as...
SCFI: No stopping rate slide on Asia-Europe trade HONG KONG - Spot rates continued to tumble on the major east-west trades this week with the Asia-Europe price per 20-foot container hitting $620, its lowest rate in more than 18 months, according to the latest reading of the Shanghai Containerised Freight Index (SCFI).The rate has now fallen for seven...
Carrier debt hard to sustain amid declining demand, AlixPartners finds Source: AlixPartners.HONG KONG - Many container shipping lines have amassed huge debt by ordering mega vessels in a bid to drive down unit costs, but weak demand and an oversupply of tonnage will make it difficult to improve financial performance, according to AlixPartners' 2015 Container Shipping Outlook. Rising fuel prices...
Cape clear out continues The capsize segment showed signs of life this week but many operators are still anxious to offload ageing tonnage despite talk that rates may continue to gain traction.
Suezmaxes slide Day rates for suezmaxes that trade in the spot market continued to lose traction today but few forecasters who track the tanker sector appear to be fazed.
Euro Pacific lifts DCIX A forecaster at Euro Pacific Capital is urging clients to accumulate shares of Diana Containerships in the wake of a transaction that saw the Greek operator purchase a pair of panamaxes for $43m.
Big guns grab panamaxes Transmed Shipping and Golden Ocean are the latest companies to secure period work for panamax bulkers in a marginally improving dry cargo market.
Atlantic sells oldie Norway's Atlantic Offshore has continued offloading ageing tonnage with the disposal of a 1970-built rescue vessel.
Oman's tanker boost Oman is to increase its refinery output to boost exports by 2019.
Hindustan safe India's state-owned Hindustan Shipyard has escaped closure after winning backing from the defence ministry.
Diana takes boxship duo Diana Containerships has made good on its promise to acquire secondhand boxships by adding two panamaxes on sale-and-leaseback deals today.
Diana bags Nordea loan Diana Shipping has added to its acquisition arsenal after signing a new loan with Nordea today.
Indian arrest lifted An Indian court has released a Russian cargoship that tried to fleet an arrest order last month.
WW joins the army Norwegian shipping group Wilh Wilhelmsen has deepened its ties with the nation's military after penning a new long-term contract today.
Greek panamax sinks A 25-year-old panamax bulker has sunk in the Red Sea 12 days ago without causing any casualties or pollution, its Greek managers told TradeWinds on Friday.
Meyer ready to spend Meyer Werft is ploughing EUR 10m ($10.68m) into its newly acquired Finnish shipyard this year.
Siem shuns lay-ups Siem Offshore has ruled out the possibility of lay-ups for now as it revealed an organisational overhaul.
Tsakos: MLP 'still on' Tsakos Energy Navigation retains an appetite for launching an MLP but does not appear tempted by the valuations presently on offer.
Docker compensated A docker who broke both legs on a Maersk boxship will receive NZD 25,000 ($18,600) in compensation.
Optimism rules We take a look at what was said in the market over the past week.
MSC drops Tunisia calls MSC Cruises has become the second company to suspend calls in Tunisia in the wake of a deadly gun attack in the country's most famous attraction.
Seychelles jails pirates The Seychelles supreme court has convicted nine Somalis of piracy after an attack on a Torm tanker.
Tsakos sets S&P targets Tsakos Energy Navigation is hoping to increase its VLCC fleet in an improving market and has plans to dispose of some of its older vessels.
Titanic plan sinking? Australian tycoon Clive Palmer's $500m plan to build a replica Titanic cruiseship has not yet been confirmed at CSC Jinling in China, workers there have said.
India's tightrope India's government is looking to ease coastal cabotage restrictions without harming domestic lines.
Polarcus wins survey work Oslo-listed owner Polarcus is to carry out seismic research work off the UK in the second quarter.
OSX facing FPSO claim Brazil's bankrupt OSX Brasil shipyard has failed to settle a $560.1m debt on time.
Star Bulk nearly done Star Bulk Carriers is close to completing the funding of its newbuilding programme after signing a new term sheet for up to $227.5m.
RIG scraps 'young' drillship Transocean has unveiled plans to scrap a modern drillship in the face of the deteriorating offshore drilling market.
Star Bulk sinks to a loss Star Bulk Carriers reported a fourth-quarter loss Thursday of $8.1m, reversing a modest profit of $54,000 seen a year ago.
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