Callao strike continues There is no sign of a breakthrough in the indefinite dockworkers' strike at the general cargo facility in Callao, Peru, now into its second week. The industrial action by members of the Sturamporpc union, an affiliate of the International Transport Workers' Federation (ITF), at the APM Terminals
Tsakos profits surge Greek tanker owner Tsakos Energy Navigation (TEN) has posted higher than expected profits and confirmed it is on the hunt for acquisitions. The NYSE-listed company reported net income of USD37.3 million for the first quarter 2015, up 156% from USD14.6 million in the same quarter last year. Earnings
Panama Canal chief unfazed by competition The Suez Canal is scheduled to be wider and deeper by the end of the northern summer, but the potential time and cost savings for shippers and carriers is not a concern for Panama Canal Authority CEO Jorge Quijano. Quijano, who views the Suez as a primary competitor with the Panama Canal for US
HMM plans to sell dry bulk business in doubt Hyundai Merchant Marine (HMM) may call off plans to sell its dry bulk business division. South Korea's second biggest shipping company had invited offers for the unit in March, with Seoul-based SK Shipping and Taiwanese securities firm Yuanta said to be interested. However, South Korean media
Coastal Contracts boasts record quarter Malaysian offshore service provider Coastal Contracts posted a record-breaking profit of MYR65.9 million (USD18.3 million) for the first quarter of 2015, up 34% year-on-year (y/y). Revenue was up 56% to an all-time high of MYR351 million in the first quarter 2015 from MYR224.7 million in the same
Canada won't be rushed on ballast treatment Canada will not require domestic shipowners operating on the Great Lakes to equip their ships with costly ballast treatment systems until effective technology exists, Canadian transport minister Lisa Raitt said on 21 May. Canada will only require ballast treatment on the Great Lakes "once it is
Top three Taiwanese carriers post 1Q15 profit Wan Hai, Yang Ming, and Evergreen Marine, the top three container carriers in Taiwan, have all posted profits for the first quarter of 2015. Wan Hai recorded a profit of TWD2.07 billion (USD68.13 million) for the period, a more than 200% jump in its profit for the same period last year (TWDO.65
Seoul launches Sewol salvage tender South Korea's Ministry of Oceans and Fisheries posted a tender notice on 22 May for selecting a salvage company to hoist the capsized ferry Sewol. In a press statement, the ministry said, "To work with a company equipped with the best available technology, experts will scrutinise applicants'
Chinese yards' new orders down 78.1% Chinese shipyard new orders slumped 78.1% year on year (y/y) to 6.63 million dwt from January to April, the China National Association of Shipbuilding Industry (CANSI) said. The orderbook of the Chinese shipbuilders fell 6.8% y/y to 139.96 million dwt at the end of April, or 6.3% down from 31
Alam Maritim net profit down 43% Malaysia-listed offshore services provider Alam Maritim Resources posted a net profit of MYR8.65 million (USD2.41 million), down 43% year on year (y/y) for the first quarter ended 31 March 2015. The decline in profit was followed by lower revenue, which dropped 6% y/y from MYR79.2 million in
South Korea's Mokpo New Port seeking terminal operator As South Korea's Mokpo New Port opens a new car carrier terminal in June, the port will be choosing a terminal operator through a competitive bidding process. In a press statement, Mokpo regional maritime affairs and fisheries office said, "In the land area of 96,000m², the terminal will be a 30,000-tonne
Incheon proceeds with Golden Harbor project The Incheon Port Authority (IPA) is developing an international ocean tourism complex called the Golden Harbor, with a vision to attract 3 million annual tourists by 2018. The Golden Harbor development will comprise a new international passenger wharf, terminal, and harbour hinterland complex at
Petra Energy doubles its profit in 1Q15 Malaysia-listed Petra Energy posted a profit of MYR2.08 million (USD0.57 million) for the first quarter that ended on 31 March 2015, a two-fold jump from MYR1 million in the same period last year. The company's revenue increased slightly by 2% to MYR119
Technics Oil and Gas secures EPCI contracts worth $3.97m Singapore-listed Technics Oil and Gas has secured Engineering, Procurement, Construction, and Installation (EPCI) contracts worth SGD5.3 million (USD3.97 million) on 21 May. The EPCI contracts were signed by Technics Steel, one of the subsidiaries of Technics Oil and Gas. The project will be
Nanshan Group plans to buy second-hand bulkers Nanshan Group, a Chinese private-run conglomerate, plans to buy second-hand bulk carriers to meet the demand of its electricity producing unit for coal shipping capacity. The planned acquisitions of second-hand bulkers include two to four Panamaxes, two to three Supramaxes, and two to three
High VLGC rates unlikely to persist While freight rates to haul LPG on very large gas carriers (VLGCs) continue to exceed USD100 per tonne, this situation is untenable, a report suggests. IHS Energy's Waterborne Commodity Intelligence, which tracks seaborne LPG movements, said in a recent report that congestion in Indian ports, especially Haldia, has
Economou converts four newcastlemax orders in China Deals will see Greek owner take two suezmaxes and two boxships instead
Aronnax: Next generation ships will require next generation training Crew training demands are set to increase just as the debate on unmanned ships heats up
Mercator Lines records three consecutive annual losses Singapore-listed bulker arm of India's Mercator Ltd plagued by weak rates, impairments and provisional losses
Data Hub: Freight Rate Monthly Low fuel price hinders carriers' attempts to raise rates
Industry viewpoint: Shipping struggling to maintain standards and quality The new money invested in shipping is incapable of improving companies' income and so focuses on cutting costs, with serious repercussions
The ups and downs of Oslo bonds Market can be a famine or a feast, but is worth considering
Shipping Corp of India eyes expansion in managed fleet of LNG carriers Indian state carrier anticipates Gail tender within weeks
Crude tanker rates cool off from recent highs Expectation is that charterers will attempt to seize the momentum next week and push harder for lower rates
Owners face difficult decision on tanker types Which vessels represent the best investment for owners looking to capitalise on changing global trade in oil products?
Diana raises $55m from bond Chief executive and other executives take nearly one-quarter of offering
Industry viewpoint: Containers ruling brings welcome clarity for insurers Spanish court revisits Institute Cargo Clauses on inadequate packing
Asia-north Europe rates continue to tumble Freight rates on key east-west trade down 32.5%, a record in percentage terms
Oslo bonds are back with a bang Spate of recent issues seen after market collapse at end of 2014
Luck and judgement behind Steamship's star performance, says Rynsard Combined ratio below 79% is one of best in P&I sector in recent years
ILWU ratifies five-year agreement, stabilizing US West Coast ports The membership of the International Longshore and Warehouse Union Friday voted overwhelmingly to approve a new contract that should ensure labor peace at West Coast ports for at least the next four years. The five-year contract, which is retroactive to July 1, 2014, will expire on July 1, 2019. The ILWU...
Free-flow program finds success in Los Angeles port If marine terminal operators had their way, the days of individual truckers entering their facilities in search of specific containers would be over, replaced by a model in which containers are peeled off the top of a stack and delivered to truckers without regard to consignee or destination. This free-flow model...
Expected high-tech export growth good for air cargo, less for ocean High-tech companies around the world expect exports to grow over the next two years, but air cargo freight and passenger jets are set to gain not container lines. According to a new study published by UPS, 74 percent of respondents were bullish on exports. Of the 516 high-tech executives surveyed, 46...
The Suddath Companies taps Michael Brannigan as CEO The Suddath Companies announces a key change to its executive leadership team with the appointment of Michael J. Brannigan as president and chief executive officer. Mr. Brannigan assumes the CEO position from his previous role as executive vice president and chief operating officer following the retirement and formal transition of...
Sandler Travis Firms Hires Former Senior Customs Official Douglas Browning Leading international trade law firm Sandler, Travis & Rosenberg, P.A. and its related global trade compliance management company STTAS welcome former Deputy Commissioner of U.S. Customs and Border Protection Douglas Browning to the firms. Browning serves as Of Counsel to ST&R and Executive Vice President to STTAS. "STTAS & ST&R are...
Chinese carriers, logistics providers embrace e-shipping Shipping businesses in China are finally emulating their Western peers by embracing the opportunities and challenges brought by the internet, cloud computing, and big data. The past two years have witnessed the introduction and growth of dozens of e-shipping platforms. While shipping companies in the West were early in adopting new...
Mexico containerized exports forecast to rise 5 percent Mexican exports this year are set rise 5 percent on increased demand for automobile shipments and other manufactured goods built in Latin America's second-largest economy. Click to EnlargeThat 5 percent equates to roughly 53,310 more 20-foot-equivalent containers moving out of Mexico ports than in 2014, according to World Trade Service, a...
US Senate bill would set standards for 'hiring' trucking companies A bill introduced in the U.S. Senate would set national standards for shippers and third parties contracting or hiring trucking companies, requiring them to check a carrier's federal safety rating, registration and insurance coverage before tendering freight. The goal is to define in law the responsibilities of a shipper or truck...
India's Allcargo Logistics net earnings rocket on cargo growth Strong gains across multiple segments, especially international cargo activity, helped India's Allcargo Logistics deliver impressive earnings results in the fiscal year ended March 31. In a filing to the Bombay Stock Exchange, the Mumbai-based logistics provider said fiscal 2014-15 consolidated net earnings jumped 61 percent year-over-year to Rs. 240 crore (about...
World's greenest mega-ship sets sail for United Arab Shipping United Arab Shipping Co., a member of the Ocean Three Alliance, has taken delivery of the world's greenest ultra-large container ship. The 18,800 20-foot-equivalent-unit capacity Barzan, built by South Korea's Hyundai Samho Heavy Industries yard in Mokpo, South Korea, instantly became the largest ship in UASC's fleet and the longest in...
Brazilian shippers set to gain via China-backed infrastructure deals Chinese Premier Li Keqiang this week visited Brazil and other South American countries and offered to spend billions of dollars on major infrastructure projects, including in the ports and railroad sectors. During his first trip to Latin America, Li offered Brazil's beleaguered President Dilma Rousseff up to Reais 53 billion ($17.43 billion)...
IMO study highlights carbon dioxide emissions dilemma A new report from the International Maritime Organization warns that shipping emissions could spike 250 percent over the next 35 years. Shipping emissions declined from 2007 to 2012, according to the recently released Third IMO Greenhouse Gas Study 2014. For the period, shipping accounted for about 3.1 percent of annual global carbon...
MercuryGate launches global omni-modal freight index CARY, N.C. - (BUSINESS WIRE) - MercuryGate International, Inc., a global provider of cloud-based transportation management solutions, today announced the launch of RateFriendTM, the first freight index to provide global rate data for Road, Air, Ocean, Rail, and Intermodal transportation. Available for a low monthly subscription, RateFriend is embedded within the...
Evergreen honors ContainerPort with Yard of the Year award COLUMBUS, Ohio - May 22, 2015 - ContainerPort Group has been awarded the Container Yard of the Year Award from Evergreen Shipping for its efforts throughout the past year. "Evergreen Shipping Agency Corp. places great emphasis on providing high-quality service," President Roy Amalfitano said. "Our goal is to satisfy our customers...
Heller, Booth take on bigger roles at Norfolk Southern Norfolk Southern has announced changes in management responsibilities in its intermodal department, with expanded roles for Jeffrey S. Heller and Cary G. Booth. Heller, currently vice president intermodal and automotive marketing, is now vice president intermodal and automotive, and will report to Alan H. Shaw, executive vice president and chief marketing...
Infrastructure investment vital to US manufacturing growth Kathy MazzarellaOver the last several years, companies have made news for shifting all or part of their manufacturing production back to the United States, a process known as reshoring. This is a positive trend that offers real advantages to many manufacturers and to the U.S. economy as a whole. Although...
Labour deal ratified The International Longshore & Warehouse Union (ILWU) said its members voted overwhelmingly to approve a labour agreement that ended the standoff at 29 container ports on the US west coast.
TEN outlook lifted Stifel lifted its forward earnings estimates for Tsakos Energy Navigation (TEN) after the tanker owner posted better-than-expected quarterly results.
More to strike Workers in the Argentine grain export port of San Lorenzo have voted for an indefinite strike beginning 1 June, adding to a weeks-old strike already in force in the Rio Plate region and navigation delays fuelled by groundings.
TEN mulls fleet moves An upbeat Nikolas Tsakos today placed Tsakos Energy Navigation (TEN) among a small group of tanker owners who are realistic buyers of fleets on the water.
Atlantska loss widens Croatian bulker owner Atlantska Plovidba has logged a higher loss in the first quarter as revenue slipped in tough markets.
Solstad to let 50 go Solstad Offshore is to cut around 50 people from its payroll following its latest dealings in a depressed market.
Canfornav bulker free A Canfornav bulker which ran aground earlier today at the Parana river has finally been refloated by its own means.
Barfleur's brush A UK probe has found a Brittany Ferries ro-pax cut the chain of a smaller ferry after going too close.
Difficult diagnosis We take a look at what was said in the market over the past week.
TEN tops the Street Nikolas Tsakos continued to champion a strong outlook for the tanker market as Tsakos Energy Navigation posted a forecast-topping first quarter profit today.
Bulker wreck leaks About 800 litres of oil have been collected after a leak from a wrecked bulker off Canada.
"Bad bank" for HSH Major shipping lender HSH Nordbank could adapt a new business model in its effort to get rid of bad shipping loans and assets.
Sinokor snaps up VLCCs South Korea's Sinokor Merchant Marine appears to have picked up two modern VLCCs from compatriot owner Hyundai Merchant Marine (HMM).
Sewol salvor sought The Korean government has opened the bidding for the salvage of the Sewol that sank last year, killing 304 people.
Three years in the red Mercator Lines of Singapore has been left in the red for the third year in a row, placing the company closer to Singapore's watch-list.
VLGCs hit six figures VLGC rates yesterday broke the $100,000 per day barrier as the LPG market continued to be the industry's number one performer.
Tanker bashes bridge A Singapore tanker robbed by pirates last year has run into more trouble in Thailand.
Esvagt for sale? Rumours have again arisen that AP Moller-Maersk is closing in on the sale of safety and support vessel owner Esvagt.
Laid-up bulker leaving A bulker stuck in Canada for two and a half years in a legal dispute was due to leave on Friday.
Stolt and Sungas sell Stolt-Nielsen and Sungas Holdings have completed the sale of stock worth almost $85m in Avance Gas.
GSL falls short New York-listed Global Ship Lease (GLS) has fallen short of its expectations to buy back bonds worth up to $20m as bondholders did not seem willing to sell.
Colombo ups earnings Sri Lankan shipbuilder Colombo Dockyard's profit has improved in the first quarter despite a drop in revenue.
Look-out failure Boskalis has been criticised over its safety culture after a dredger hit a yacht off the UK, killing the wife of its skipper.
Masters plan Li Jun is the first and so far only Chinese captain of an LNG carrier - but that's changing, as the government prioritises this strategic sector. Bob Rust reports
Hunting the hunter A tragic shipwreck, tonnes of bullion, a pioneering salvage, legal battles... now Eric Martin charts the latest incredible twist in America's greatest treasure tale.
Saviours in a sea of tears In the past few months, hundreds of migrants have died crossing the Mediterranean to seek a better life. But thousands more have been saved by merchant vessels. Paul Berrill finds out what it is like for the seafarers making the rescues
In a class of their own When Remi Eriksen became head of maritime and oil & gas at Norwegian classification society Det Norske Veritas (DNV) three years ago, people were already talking about him as a future leader of the organisation.
Grieg's star is run off her feet Injury has forced Grieg Star's chief executive to rest up and take things easy for a change. It is not a familiar situation for Camilla Grieg, and she doesn't like it.
Learning to fly the flag for Frontline Robert Hvide Macleod has a curious name for a Norwegian citizen born and raised in Bergen.
A man of many arts To put a label on Lucien Arkas would be close to impossible and certainly an injustice to a man whose professional and personal interests are so wide-ranging it is difficult to imagine how he finds time for everything.
Spring in his step Lucien Arkas is looking on the bright side. The eternal optimist tells Gillian Whittaker how he expects his company to ride the recovery.
Operation Car Wash: the ticking time bomb Joe Brady's personal impression of two men central to the Petrobras scandal who were pitted against each other well before corruption was alleged.
Passing the test Three years ago, the Institute of Chartered Shipbrokers was almost out for the count. Paul Berrill talks to Julie Lithgow about how the organisation got its mojo back
Sail of the century: BP's 100 years at sea BP Shipping is in celebratory mood, opening its photographic archives in a discreet corporate way to mark its 100th anniversary.
The town that refused to be held to ransom Women's groups and traditional elders joined community and Islamic leaders - and a Christian aid organisation - to rid a Somali town of piracy.
Empire State of mind Each year, a fleet of government-owned training ships gives future US mariners their first taste of careers at sea.
The TW+ guide to...The nine-dash line Is that Morse code for 'O Tom?
Ships that pass An art installation in Dublin conjures up interesting combinations of vessel names
Family manager Dan Sten Olsson runs one of Sweden's largest family-owned corporations, but the 67-year-old is known for being reclusive.
Secrets of a whistle blower Kim Sangwoo believes he could have been a professional footballer. Instead, writes Lucy Hine, the HHI manager has become the next best thing
Merger mystery Why has shipping proved largely immune to the consolidation that has transformed so many other industries? Joe Brady investigates
ODL lays up one Oslo-listed Odfjell Drilling is laying up one of its drillships as its first quarter profit declined.
Havyard boosts profit Norwegian shipbuilder Havyard has pushed up profit in the first quarter thanks to a lower tax bill, but it needs new orders to fill its yards.
Min Sheng starts India link China's Min Sheng Lines has launched a new liner service between ports in Southeast Asia and those in the Bay of Bengal.
Norden bulker refloated A Norden bulker that ran aground earlier this week on the Parana River in Argentina has been salvaged.
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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