Only 57% of Sewol victims have sought compensation With less than a week to go before applications close for compensation relating to the Sewol disaster, only 57% of eligible victims or survivors have applied for compensation. Applications close on 30 September and 28-30 September is a nationwide holiday for Chuseok, or Korean Thanksgiving Day,
Australia's Incat supplies ferries for London and Sydney Harbour Australian vessel builder Incat Tasmania will soon have a showcase for its passenger ferries in both central London and Sydney Harbour. The Hobart-based company yesterday won an AUD50 million (USD34.75) contract to build six new catamarans for Sydney. Meanwhile, two of its fast ferries are due to
Viking Supply Ships lays up three PSVs A weak market has forced Viking Supply Ships, a listed Gothenburg-based offshore services vessel operator, to lay up three platform supply vessels. A company statement said that due to a continuing weak PSV market it had decided to lay up the vessels Idun Viking, Frigg Viking, and Nanna Viking.
HPH extends Barcelona concession The Port of Barcelona has announced a deal with Hutchison (HPH), the operator of its Tercat container terminal, to extend the current 30-year concession by a further 15 years. The port authority said it had agreed the deal conditional on HPH investing up to EUR5.8 billion (USD6.5 billion) during
Reclamation works for Busan New Port Phase 2-4 gets jumpstart Phase 2-4 of the Busan New Port development is getting back on track, with the submission of application documents to commence reclamation works, South Korea's Ministry of Oceans and Fisheries (MOF) announced on 24 September. Work on Phase 2-4 ran into financial difficulties as it tried to take off
Tropical storm halts Sewol salvage work Salvage work on the capsized Sewol ferry has been halted for a second time by bad weather. South Korea's Ministry of Oceans and Fisheries said today that divers and other personnel working on the ferry had begun to take shelter from tropical storm Dujuan. Forecasts are that this could strengthen
China cracks down on port fee overcharging The Chinese government is tackling port-related fee overcharging, in an effort to curb irregular charges reported in foreign trade. Four Chinese companies were found to be excessively charging for port services and violated national rules on port fees, a statement of China's National Development
Shandong Shipping to IPO VLGC unit Shandong Shipping is planning a Hong Kong stock market launch for its very large gas carrier (VLGC)-owning unit. The Singapore-based unit, Pacific Gas, is likely to be floated in one or two years, industry insiders told IHS Maritime on 24 September at the International Shipping Strategic
Nanjing Shenghang Shipping to raise funds Nanjing Shenghang Shipping, a small-sized Chinese chemical and products tanker owner and operator, will raise a total of CNY20.25 million (USD3.16 million) in a private placement. The proceeds reaped by the deal will be used to replenish its working capital and help mitigate the liquidity
China Exim Bank finances billion-dollar Teekay China yard order The Import & Export Bank of China (China Exim Bank) on 23 September signed a deal with Teekay to provide USD1 billion in financial support for Teekay's orders for high-end ships at major Chinese yards in the coming three years. The deal is a move to promote the Implementation Plan (2013-2015) on
Rena fate divides Maori Three weeks into the hearings over the fate of the Rena wreck on New Zealand's Astrolabe Reef, local Maori communities remain divided on whether the Rena should stay or go. Owner Daina Shipping has submitted that the remaining wreck is benign and should remain. It now holds significant heritage
India dumps 'archaic' shipping rules India has begun to phase out archaic shipping rules and procedures in earnest, Director-General of Shipping Deepak Shetty told the INMEX SMM India 2015 Conference in Mumbai on 23 September. The country is keen to improve its image in terms of making it easy to establish and run businesses, Shetty
Caribbean consolidation continues Crowley Maritime has signed a letter of intent to acquire Florida-based SeaFreight Agencies, further evidence of consolidation in the Caribbean container sector. "Both companies are currently working through the due diligence process in anticipation of executing a purchase sale agreement by
Danaos joint venture buys trio NYSE-listed Danaos Corp has launched a new joint venture to acquire second-hand container ships at the bottom of the cycle. The joint venture, Gemini Shipholdings, is 49% owned by Danaos and 51% owned by Danaos founder Dr. John Coustas. Danaos paid USD7.35 million for its Gemini stake. Gemini has
Suezmax rates more than double on Nigerian order, European activates Fewer owners willing to call in Nigeria due to reluctance to provide "letters of comfort"
Capesize FFAs in contango till end-year on expectations of push by China Market participants predict more iron ore flows from Brazil to China in the fourth quarter
Libya oil budget cuts will hit output, MAST warns Production now at 20% of capacity and set for further fall, says maritime security outfit
LNG shipping stops speculative orders and joins commodity world Fleet will grow 'at a pace' but speculative orders will be restrained, as the industry grows up
HSH bailout deal could boost secondhand vessel availability Sell-off on cards if ships change hands near market value, German ship finance fears
VLGC spot rate stifled as charterers step back National holidays in Middle East and Japan could keep market heading lower
Cexim offers Teekay $1bn loan to place orders at China yards LNG carriers, offshore projects and VLCCs are particular targets
West Africa's ports gear up The West African ports sector has come a long way in a short time
China LNG Group inks leasing agreement for 200 LNG-fuelled vessels Beijing's desire to promote clean shipping fuel is strong
ACE gives Littooij small marine market segment responsibility New role for marine insurance veteran
West Coast ports claw back market share lost to diversions Port of SeattleWest Coast ports rode a wave of Asian imports in August to take back market share they had lost to East Coast ports during the year-long labor issues associated with the International Longshore and Warehouse Union contract negotiations. According to PIERS, a sister product of JOC.com within IHS, U.S....
NY to Rotterdam spot container rate slips Port of RotterdamThe spot rate for shipping a container from New York to Rotterdam fell slightly for the week ending Sept. 25, but continued to hold relatively steady after a nearly 31 percent drop in late August, according to the World Container Index. It now costs $626 to ship a 40-foot...
Ebeling named CEO of American Roll-On Roll-Off Carrier Eric P. Ebeling will become president and CEO of American Roll-On Roll-Off Carrier, whose principal business is providing U.S.-flag ro-ro service for the military and other customers. His elevation to CEO is one of several executive changes that include the retirement at year-end of his father, Raymond P. Ebeling, as chairman...
Cracks could delay opening of new Panama locks, official says Cracks in a sill of one of the new Panama Canal locks is "likely" to risk a delay in the scheduled April 2016 opening of the new locks, a Panama Canal Authority executive told Reuters. Manuel Benitez, the canal authority's deputy administrator, spoke in response to a question and added that...
Georgia unveils $142 million capital spending plan for fiscal 2016 Port of SavannahThe Georgia Ports Authority plans $142 million in capital spending on cranes, empty-container storage, a new terminal gate, and other infrastructure and equipment during its 2016 fiscal year. "Georgia is making the investments necessary to maintain and strengthen our position as the premier gateway for trade to the U.S....
Philadelphia port seeks private developers for Southport terminal The Southport site the Port of Philadelphia is seeking to develop.The Philadelphia Regional Port Authority has issued a request for qualifications for proposed private-sector developers of a long-contemplated marine terminal on the site of the former Philadelphia Navy Yard. The port authority has twice tried to interest developers in building the...
McDermott to retire as Philadelphia port director James T. McDermott Jr., executive director of the Philadelphia Regional Port Authority since 1994, said he will retire effective next April 15. The port authority plans a national search for a new port director. McDermott said he agreed to stay on through April 15 to allow time for his successor to...
Crowley Maritime to acquire SeaFreight Agencies Crowley Maritime has signed a letter of intent to acquire SeaFreight Agencies, a Florida-based operator in the Caribbean and and South American trades in the latest example of consolidation in the region's container sector. "Both companies are currently working through the due diligence process in anticipation of executing a purchase sale...
Severe weather shuts down Port Botany Shippers using Port Botany and reeling from the impacts of labor strife in August took another blow as the facility was shut down Wednesday due to wild weather. Strong winds and heavy seas shut down Australia's Port Botany terminal with the Bureau of Meteorology issuing a marine wind warning for the...
China punishes port service providers for overcharging The government of China has begun to punish port service providers who overcharge for services, giving teeth to a previously announced measure prohibiting excessive port fees in a bid to boost slumping trade volumes. Four Chinese companies were found to be excessively charging for port services and violated national rules on...
Brazil undergoes policy shift it hopes will spur port investment With few exceptions, Brazilian ports have been a basket case in recent years, and the initially heralded - and now derided - port law of 2013 that was supposed to lead to the investment of some $10 billion into the country's ports has floundered. Political instability and an unpopular government...
Congestion or no congestion, that appears to be the Manila question HONG KONG - Philippine business and government officials appear to be at odds over whether Manila will experience a return of port congestion when container volumes increase ahead of the Christmas season.Cabinet Secretary Rene Almendras, who heads Task Force Pantalan that is charged with finding solutions to port bottlenecks, told...
Mega-ships: Are they maxing out in size? One would be tempted to think the era of the mega-ship is in full swing after reading ship industry news headlines. On Sept. 9, Cosco ordered 11 19,000-TEU ships. In just over three years, there be 97 18,000- to 20,000-TEU ships in service, based on the current order book, with...
Jones Act taught Matson how to compete in the trans-Pacific Matson learned years ago in its mainland to Hawaii service the importance of on-time performance, and it's a lesson that has served the carrier well in operating its weekly express service from China to Long Beach. On those rare occasions when Matson's mainland U.S. to Hawaii services did not arrive on...
Congestion or no congestion, that appears to be the Manila question HONG KONG - Philippine business and government officials appear to be at odds over whether Manila will experience a return of port congestion when container volumes increase ahead of the Christmas season.Cabinet Secretary Rene Almendras, who heads Task Force Pantalan that is charged with finding solutions to port bottlenecks, told...
Ocean carriers' next big challenge: north-south routes HAMBURG, Germany - The cascading of ever-larger ships from east-west liner routes to the north-south trades is the biggest problem confronting container shipping, according to an industry analyst. Carriers are transferring vessels made redundant by the arrival of larger ships to routes running from Asia, North America and Europe to South...
Competition fierce as NVOs fix sights on Asia-US routes HONG KONG - Deteriorating market conditions on the Asia to Europe and Asia to South America trade lanes have seen NVOCCs focusing their efforts on the better performing Asia-U.S. trade, leading to intense competition on the long-haul routes.Greg Howard, CEO of CaroTrans, was blunt in his assessment of the current...
Hapag-Lloyd adds Durban to Asia-Africa service Hapag-Lloyd announced it is upgrading its West Africa Express, or WSX, service by adding a direct westbound call at Durban, South Africa starting Oct. 17 with the arrival of the Busan Trader at the South African port. The German container carrier operates the fixed-day, weekly service in conjunction with NYK Line...
Carriers oppose Vietnam plan to make freight tariffs public HONG KONG - Foreign shipping lines have expressed concern about a proposed Vietnam government decree that will require shipping companies to publicize their freight tariffs to protect exporters and importers.The proposal follows an investigation last year by the country's finance committee that found foreign shipping lines were hitting customers with...
Competition fierce as NVOs fix sights on Asia-US routes HONG KONG - Deteriorating market conditions on the Asia to Europe and South America trade lanes have seen NVOCCs focusing their efforts on the better performing Asia-U.S. trade, leading to intense competition on the long-haul routes.Greg Howard, CEO of CaroTrans, was blunt in his assessment of the current market. "Asia-Europe...
LA-LB rail opening advances shipper, environmental interests The Port of Long Beach announcement last week that the $93 million Green Port Gateway rail project had been completed was yet another step forward in a multi-year effort by the ports of Long Beach and Los Angeles to invest well over $1 billion to expand rail infrastructure at the...
Carrier capacity battle moves to trans-Pacific The general rate increases and capacity cuts that have defined the Asia-Europe trade for most of 2015 seem to be making their way to the trans-Pacific as carriers try to cope with overcapacity. MOL and Zim have both announced a GRI from Asia to the U.S. MOL is seeking $540 per...
Globus sinks deeper Globus Maritime reported a deeper second-quarter loss as a soft market combined with an impairment loss during the period.
BLT 'recalibrates' Berlian Laju Tanker (BLT) said it is aiming to shift its focus to the Indonesian cabotage market after its restructuring effort puts most of its fleet in the hands of private equity.
LNG slump in New York LNG stocks are leading a broad decline in New York shipping equities, with Teekay LNG and GasLog swapping places for the day's most punished names.
Windcarrier wins work Fred Olsen Windcarrier International has tied up a fresh deal with Adwen Bremerhaven.
Great expectations Soren Huscher has challenged Norient Product Pool to be number one among the three pools attracting tonnage from Wilbur Ross-backed Diamond S Shipping.
Handy deal for NewLead NewLead Holdings has secured employment for one of its eco-type handysize bulkers at a rate above today's spot market.
India to spend $15bn India could invest more than $15.2bn in Iranian infrastructure like ports in return for cheaper gas.
Crewman drowns A seafarer has died after falling from a Turkish cargoship in Germany.
India to cut scrap prices Indian ship recyclers have set up a new body in an attempt to control the speculative buying of ships and halt the recent escalation in scrap prices.
DFDS finds ally DFDS has teamed up with Finnlines to jointly operate the Russia-Germany route, which has been affected by a decline in trade due to sanctions.
Scorpio nets larger loan ING cuts fatter cheque for tanker owner which has said farewell to its last non-eco vessel.
MSE to build 30 ships Myanmar Shipyard Enterprise (MSE) has signed a deal to construct 30 small cargoships for a domestic operator.
ABG Shipyard seeks $300m India's ABG Shipyard is trying to raise INR 20bn ($302m) to boost its finances.
China LNG gets busy China LNG has agreed a sale-and-leaseback deal with LNG Power Shipping for up to 200 LNG vessels.
KoreaExim tightens up Lender will insist on higher advance payments before handing over cash for ship orders.
Hoegh: weapons for UN Norway's Hoegh Autoliners has said weapons found on board one of its car carriers in Kenya were legitimate arms intended for use by the United Nations (UN).
More LR1s for STX Korea's STX Offshore & Shipbuilding has announced a new order for LR1 tankers from Greece.
Execs share $2m Oslo-listed Subsea 7 has handed out about $2m of performance shares to its management.
Diamond S joins MR pools Diamond S has emerged as a new participant in both the Norient Product Pool (NPP) and the Handytankers pool.
NOL shares under scrutiny Singapore Exchange advises investors to be cautious when trading in company stock.
Happy to build tonnage Positive product tanker fundamentals were behind d'Amico's latest decision to exercise options for two more LR1 tankers.
MEPs agree on targets for Paris climate talks Call for taxes on shipping emissions and IMO to agree on GHG measures in 2016.
Competition between bunker players becoming 'more intense' 'Decline in oil prices has given the small and medium sized bunker companies a little breathing space,' says Bunker Holding CEO.
Game Changer Lifting sanction on iran would have major implications for the bunker industry.
'China's slowdown has really affected the shipping sector' Bunker demand is 'bad' says trader as fuel oil stocks stay close to record high.
Stricter pollution controls 'put cruise sector at risk' 'I think we need to be very sensible and realistic,' says cruise industry lobbyist.
Fuel switching device to be marketed in the United States System claims 'quick and reliable' switchover from high to low sulphur fuel.
Marine fuel switchover device enters the US System claims 'quick and reliable' switchover from high to low sulphur fuel.
Software company developing new bunker monitoring tool Firm completes joint study from which results 'could revolutionise fuel efficiency'.
European shipowner buys 'eco' pair Vessel design claims 'highest fuel efficiency' among 'latest eco designs'.
WTI crude settles below $45 per barrel Amid renewed concern over global demand.
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