Top trends for 2016 that will reshape maritime's future Plagued by overcapacity and ongoing losses, the container shipping industry is rife with talk of potential mergers and acquisitions. The consolidation of the highly fragmented industry is long overdue, especially when contrasted with such other heavily capitalised transportation sectors as railroads and airlines. The possibility that a new wave of M&A...
Another investment pitch goes horribly awry 'Invest in dry bulk, because it's so bad there's nowhere to go but up'. That was the Wall Street pitch du jour in 1H15. As it turns out, there was somewhere else for dry bulk to go: down. All the way down to the lowest spot rates ever. The Baltic Dry Index hit...
Commentary: Another shipping investment pitch goes horribly awry Photo: IHS'Invest in dry bulk, because it's so bad there's nowhere to go but up'. That was the Wall Street pitch du jour in the first half of 2015. As it turns out, there was somewhere else for dry bulk to go: down. All the way down to the lowest...
Japan Marine signs ro-pax pair Mitsui OSK Lines group company Ferry Sunflower Limited has contracted a pair of ro-ro passenger ferries to be built at JMU shipyard. The pair are scheduled to be delivered from the Japan Marine United shipyards in March and June 2018, and will replace the ferries Sunflower Satsuma and Sunflower Kirishima on...
Shipbuilder STX O&S in need of more restructuring An STX Offshore & Shipbuilding yard. Credit: STX Offshore & EngineeringLosses incurred from low-priced orders have forced another round of restructuring at South Korean shipbuilder STX Offshore & Shipbuilding. In October, the shipbuilder and its customers told IHS Fairplay that it had completed restructuring and deferred orders were on track for...
Korea's Gwangyang port to benefit from logistics firm bank loans Trucks queued outside South Korea's Gwangyang port. Credit: PAYeosu-Gwangyang Port Authority and Hana Bank have teamed up to offer low-interest loans to logistics firms that ship goods through Gwangyang, South Korea's second busiest container port. The scheme is in line with Government 3.0, which President Park Geun-hye introduced for the administration...
SPP Shipbuilding employees appeal to President Park for help South Korea's President Park Geun-Hye. Credit: PASouth Korean mid-tier shipbuilder SPP Shipbuilding's staff have written to President Park Geun-Hye in a last-ditch attempt to stop creditor banks from selling the company. Woori Bank is inviting letters of intent for the shipbuilder and a preferred bidder would be chosen in December. SPP Shipbuilding...
MOL introduces FLIR C2 to enhance safety Japan's Mitsui OSK Lines (MOL) has launched FLIR C2 thermal imaging system to enhance safety of its coal carriers. The thermal imaging system is designed by equipment manufacturer FLIR Systems Japan. It uses infrared rays to monitor and detect heat temperature in coal carriers, providing a warning system to the crew...
Bumi Armada profit takes a tumble on weak offshore business The depressed offshore market saw third quarter net profit at Malaysia-listed Bumi Armada tumble by 36 percent to MYR70.9 million (USD16.4 million) compared to the same three months of last year. The offshore services provider's lower net profit was attributed to a drop in its revenue of 12 percent to MYR559.5...
Box lines in push to lift transpacific spot rates ahead of contract season Urgent need to halt the decline and avoid being locked into 12-month commitments at rockbottom prices
CMA CGM sole bidder for NOL as Maersk drops outs Update: NOLand CMA CGM confirm their exclusive takeover discussions hours after French line sees third-quarter net profit slide 75% to $51m
Piraeus sale delayed again Bidders ask for more time to go through the books
Stena Bulk slams bunker 'scandal' and warns of further arrest threats CEO Erik Hånell calls for clarity from the courts on messy OW Bunker fall-out
Bumi Armada earnings weighed down by weak offshore sector Negative short-term outlook for oil and gas sector to pressure OSV, subsea vessel utilisation
Spot market misery continues SCFI index falls to all-time low as rates plummet across the board
Northern Exposure In October, 1,500 delegates gathered at the Arctic Circle Conference in Iceland to discuss the northern sea route. How realistic is the concept, what are its benefits and pitfalls and what rules will govern the route?
Automation on trial It is widely acknowledged that automation will be the solution to handling ultra large container vessels - how will Rotterdam's Maasvalkte2 put this theory to the test?
What's driving the Baltic Dry Index to a fresh record low? An unholy mix of low demand and bad decisions by owners
Western Bulk posts $10.2m loss amid low freight rates Dry bulk operator launches a recapitalisation plan to bolster liquidity
Deep Sea Supply expects further lay-ups Brazil blocking troubles may ease but markets remain weak
Finland to become 45th signatory of the ballast water convention Ratification by just one of seven leading non-signatory states will now bring regulation into force
Rongsheng to settle with more than 10 major institutional creditors Settlement to be done via debt-to-equity swaps
Port Hedland introduces new system to expand export capacity Projected efficiencies could lead to 16% growth in shipments
Philippines signs maritime law enforcement pact with Taiwan Both nations agreed to avoid using unnecessary force when enforcing maritime law
Diana Shipping draws down $27.95m more from ING Bank credit facility Amount secured by New Orleans capesize dry bulk vessel
Chinese financial leasing firms increase role in global ship finance But is their expansion pushing whole sectors into overcapacity?
Scorpio Bulkers declares its fleet fully financed A $12.5m facility for Imabari-built ultramax delivered this quarter rounds off funding to support the 60 vessels in Monaco-based company's owned fleet
MISC seeks growth in low oil price environment Company looking to buy floating offshore units attached with charter contracts
Slide show: Top winners of US freight project grants The poor state of U.S. infrastructure is a source of regular frustration for both shippers and logistics companies because poor roads, highways and bridges cause congestion, raising the cost of transport. Congress has balked at passing a multiyear bill to increase surface transportation funding, causing states to rely more on...
CN Rail's intermodal push is latest move in Mobile expansion When the Alabama Port Authority opened a new warehouse for steel shipments in 2010, it added 400,000 square feet of storage space for other commodities. "We'd been storing steel almost everywhere we could find space for it," said Jimmy Lyons, CEO at the Alabama State Port Authority. "When we opened the...
LTL shipments increase, barely, in 2015 as revenue drops: SJ Consulting Less-than-truckload revenue may have slipped so far in 2015, but shipment volumes increased slightly, edging up 0.4 percent in the first nine months of the year, SJ Consulting Group said. Revenue for the total LTL market dropped 0.1 percent in the same period, the Pittsburgh-based research company told JOC.com, largely...
Long Beach port considers new way to reduce free container storage time The Port of Long Beach is considering a creative approach to reducing the amount of time that containers sit idle at marine terminals, a measure that could reduce congestion at the second largest U.S. port by changing how free storage time is calculated. By changing the measurement of free storage time...
Truckload rates hit brakes, intermodal rates fall The Cass Truckload Linehaul Index rose only 1.9 percent year-over-year in October, further demonstrating that contract truckload pricing gains are slowing amid excess capacity. The Cass Intermodal Pricing Index, which measures total intermodal costs, fell 3.2 percent in October, following a 2.3 percent drop in September. The index has been falling...
Long Beach terminal productivity high serves as mega-ship dry run Total Terminals International last month set what company executives say is a new North American record by working nine cranes against a vessel, completing 2,285 container moves over eight hours. But the Long Beach terminal operator was seeking more than just bragging rights. TTI was preparing for the future when vessels...
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