GenMar, Navig8 crude fleets merged General Maritime and Navig8 Crude Tankers have finalised a merger agreement that will create a new industry giant called Gener8 Maritime. The combined fleet will comprise 46 tankers with more than 11 million dwt in capacity, including 28 VLCCs (seven on the water, plus 21 newbuilds), 11 Suezmaxes,
Samsung unlikely to realise 2015 order target South Korean shipbuilder Samsung Heavy Industries is unlikely to achieve its 2015 order target given current offshore market conditions, an analyst said in her research note. Korea Investment & Securities analyst Kyungja Lee said, "Although SHI management's new order target for 2015 is USD15
Harris CapRock offers 'multi-medium' connectivity service Harris CapRock Communications has launched the maritime industry's first unified, fully managed satellite, wireless and terrestrial connectivity service called Harris CapRock One. It is designed to reduce customers' voice, data and equipment management costs by offering an "intelligent,
Portuscale drops out of classic cruise market Lisbon-based Portuscale Cruises has told IHS Maritime that it has given up its attempt to establish itself as an operator of classic cruises. Company founder Rui Alegre said that, in future, the company would concentrate on finding employment for its four vessels through long-term charter to other
HSH kicks off another box ship portfolio Hamburg ship manager Ahrenkiel and institutional investors have taken over eight distressed container ships financed by HSH Nordbank. The transaction, involving four baby Panamax 4,300 teu and four feeder/Handysize vessels with intakes of between 1,300 and 2,500 teu, is based on the bank's Nautilus
Seafarers crushed in Australian port Two seafarers have been hospitalised after being crushed between a 1.5-tonne load and the bulkhead of a heavy lift vessel in Port Hedland, Australia, on 23 February. The Australian Transport Safety Bureau (ATSB) yesterday released an initial report on the casualties with the final report due after
Maybulk full-year profits down 60% Malaysia-listed drybulk shipowner Malaysian Bulk Carriers (Maybulk) posted full-year net profit of MYR17.46 million (USD4.8 million) for the financial year ended 31 December 2014, down 60% from MYR44.4 million in fiscal year 2013. The decline in net profit in FY 2014 was attributed to a weaker
Maersk Line 2014 profit soars 50% Maersk Line, the container shipping unit in AP Moller-Maersk (APM) group in Copenhagen, has reported a 50% rise in 2014 profit and the parent company board forecasts a further rise this year. Maersk Line net profit rose to USD2.34 billion in 2014 from USD1.51 billion the preceding year. "The EBIT
K+N posts 7% cargo growth The world's largest ocean freight forwarder, Kuehne + Nagel (K+N), continued to grow faster than the market last year but negative exchange rate effects took their toll on earnings. The volume of cargo it handled increased by 7% to more than 3.8 million teu, whereas global loaded container traffic
Shortsea dry cargo market holding up Freight rates in the intra-European shortsea bulk and breakbulk trades are defying the slump in the deepsea dry cargo sector, with tonnage supply particularly tight in the Baltic Sea. Spot market earnings for larger coasters and general cargo ships of 3,500 and 6,500 dwt are at their highest levels
Russian ship tries to jump arrest in India Sevastopol, the Russian cargo vessel that unsuccessfully tried to jump arrest in India last week, is involved in litigation with a local logistics company that has been awarded damages of INR14M (USD224,715), IHS Maritime has learned. The Madras High Court heard a petition from Chennai (formerly
Brightoil Petroleum profits up 3% Hong Kong-listed Brightoil Petroleum's profits rose 3% year on year (y/y) to HKD561.1 million (USD63.6 million) in the six months ended 31 December, 2014, due to gains in fair value of derivative financial instruments. Its revenues also increased 11% y/y to HKD44.9 billion during the same period, a
Analyst: 'Buy' for Hanjin Shipping stocks There is currently an opportunity to buy Hanjin Shipping stocks as investors can take advantage of dips caused by seasonally weak freight, said an analyst in his research note. KDB Daewoo Securities analyst Jay Ryu said, "Hanjin Shipping's 4Q14 earnings beat our expectations." Hanjin Shipping
'Difficult' negotiations ahead for Greece Speakers at the 6th Greek Shipping Forum in Athens welcomed the spirit of compromise between the Greek government and its international lenders last week, making possible a four-month extension of its loan deal. "It's good that the two sides have come closer together, that a short-term
Netwave VDR receives German agency approval Netwave Systems BV announced that its new NW-6000 VDR (voyage data recorder) has received a Type Approval Certificate from BSH in Hamburg [the German Federal Maritime and Hydrographic Agency]. The NW-6000 is certified to meet MSC 333 (90) requirements and can be installed on vessels requiring a VDR
CSSC raises USD575 mil. China State Shipbuilding (CSSC) has raised EUR500 million (USD575 million) by selling three-year term bonds to replenish its working capital. The euro bond has a coupon of 1.7% per year, a statement of CSSC said. It was the first time that the group had raised funds by issuing euro bonds. The bond
Vallianz doubles net profit in FY 2014 Singapore-listed offshore services provider Vallianz Holdings (Vallianz) has doubled its full-year net profit to USD20.4 million for the financial year ended 31 December 2014 as compared with USD10.3 million in FY 2013. The strong net profit was backed by the company's revenue, which surged 669% to
South Korea strengthens maritime safety inspection South Korea's Ministry of Oceans and Fisheries has assigned 22 safety inspection officers at the headquarters of the ministry and regional offices of maritime affairs as a follow-up measure after the Sewol disaster. Through a press statement on 16 February, the ministry said, "The newly appointed
Missing tanker found off Mati City, Philippines Singapore-headquartered anti-piracy watchdog ReCAAP information sharing centre has reported that missing tanker MT Rehobot had been found off Mati City, Philippines. According to the report, the Philippines Coast Guard received information about a grounded ship in Barangay Cabuaya, Mati City, on 23
Shipowners' claims 99% renewal retention Net gain in members and premiums for small vessel specialist
US rail firm buys Freightliner UK largest container rail operator acquired in a deal worth $755m
Maersk Tankers hits profit while oil division struggles Long range two product tankers are the saviours for Maersk Tankers, but picture is less promising for Maersk Oil
Ahrenkiel picks up eight boxships from HSH distressed debtors German bank looking for more platform deals in 2015
Spanish ports brace for industrial action Ports fear strike action as negotiations between the Spanish government and unions over port employment reforms get underway tomorrow
Siem cuts quarterly losses but warns of uncertain future Dramatic fall in oil prices and Russian sanctions of grave concern for reefer industry, says Norwegian operator
China State Shipbuilding Corp's bond sales in euro are more than five times oversubscribed Chinese state yard group raises $567m for working capital amid falling financing costs in Europe
Banks nervous about lending to offshore supply sector Oil price crash is making banks think twice about providing finance to offshore supply industry
Gard sees biggest renewal gains since 2007 Double-digit growth in owners' tonnage, says P&I club
Kuehne+Nagel ocean volumes continue to grow ahead of market Meanwhile ocean profits come under pressure from currency fluctuations and freight rate pressure
Nigerian pirates free three VLCC hostages Kalamos crew members held since February 3 to be repatriated after hospital check-up
APM Terminals net profit jumps nearly 17% Virginia sale and healthy volume growth helps profits climb to $900m
MOL prepares for big impact of Panama Canal on its growing LNG fleet Canal will be cheaper than other routes but challenges exist for LNG carriers transiting the expanded canal next year
Tough year for Damco Freight forwarding unit records worst return on invested capital performance of all Maersk businesses
Genco and Navig8 Crude Tankers agree to merge to form tanker giant Georgiopoulos to lead new company, which will have 28 VLCCs once newbuildings are delivered
Maersk Line raises the bar with record fourth quarter as full-year profit soars Update: Danish carrier signals even stronger 2015 performance: no plans to increase vessel speeds despite lower fuel prices
Surplus tonnage will eventually be soaked up by wave of new LNG cargoes 'Don't panic' says senior LNG expert at Informa LNG conference
Maersk group posts record $5.2bn profit as container line powers ahead Update: Divestments, shipping and ports underpin group result as oil business slips into red, record fourth quarter for container sector
Matson posts 31% profit growth in 2014 Market growth in Hawaii and Guam underpinned results
Seaspan sets terms for 18,000 teu charters Lines would have to commit for at least 15 years because of greater risk, says Gerry Wang
Fitch says disruptions will lead to permanent loss for West Coast ports The credit ratings of major West Coast ports will not be significantly impacted in the short to medium term by the cargo-handling disruptions that occurred during the protracted dockworker contract negotiations, but continued labor problems would cast the ports as unreliable, and would likely lead to permanent cargo diversion, Fitch...
US short line acquires largest UK container on rail firm Genesse & Wyoming has agreed to acquire 95 percent of the shares of Freightliner, the UK's second largest rail freight company, in a £490 million ($760 million) deal that significantly expands the US rail operator's European footprint. Freightliner, which is majority owned by Bahrain-based Arcapita, is the UK's largest hauler of...
Kuehne+Nagel now the largest NVO in U.S. import trades Kuehne+Nagel in 2014 became the largest non-vessel operating common carrier serving the overall U.S. import market, knocking longtime leader Expeditors International out of the top spot, according to PIERS, a sister product of JOC.com within IHS. K+N, the Swiss-based third-party logistics provider that is the world's largest ocean freight forwarder, handled...
Marad: Loose lips could sink Jones Act ship orders Merely suggesting that U.S. domestic ships might be built overseas is enough to jeopardize U.S. orders for ships in Jones Act trades, U.S. Maritime Administrator Paul "Chip" Jaenichen told a congressional budget hearing Wednesday. "Even the discussion of potentially changing the build requirement is enough" to make financiers wary of backing...
65 percent of shippers in JOC survey say they'll divert from West Coast The last two months of U.S. West Coast congestion appear to have cemented many shippers' plans to divert cargo to other ports, according to a recent JOC.com survey. Sixty-five percent of 138 shippers surveyed this week said they plan to ship less cargo through U.S. West Coast ports this year and...
Home Depot adds $1 billion in e-commerce revenue Home Depot hammered home a big gain in e-commerce in 2014, increasing online sales by 36 percent or $1 billion after overhauling its e-commerce direct fulfillment network. The Atlanta-based retailer, No. 3 in JOC.com's ranking of the Top 100 U.S. Importers, opened two direct fulfillment centers dedicated to e-commerce last year,...
Rep. Hahn: FMC should investigate PMA actions Rep. Janice Hahn, D-Calif., urged the Federal Maritime Commission to investigate the Pacific Maritime Association's "unilateral" curtailing of night, weekends and holiday hiring of dockworkers during recent West Coast longshore contract negotiations. The PMA suspended hiring of International Longshore and Warehouse Union workers for premium-pay shifts in response to what employers...
North American intermodal volumes plummet in runup to West Coast settlement North American intermodal volumes plummeted as U.S. West Coast port congestion came to a head last week before union and waterfront officials at last brokered a deal Friday evening. Intermodal traffic on U.S., Canadian and Mexican rail networks dropped 32,049 units last week, down 13.3 percent year-over-year, according to the Association...
Savannah continues investment with new rubber-tired gantries The port of Savannah will add 10 electric-powered rubber-tired gantry cranes this summer, increasing the number of RTGs in the port's container yard operations to 146. The RTGs continue a pattern of heavy investment that is credited with helping the port sidestep congestion that has plagued other U.S. ports over...
Brazil trucker blockades enter second week, disrupt soy exports A week of road blockades and protests by Brazilian truck drivers is delaying deliveries to ports, reportedly causing fuel shortages in some areas and threatening key exports. Protests over fuel tax hikes spread to 10 of Brazil's 26 states last week, with truckers using their rigs to block more than 70...
Kuehne+Nagel posts record results on strong air and ocean volumes Kuehne+Nagel posted a new record result in 2014 driven by a return to profit from its inland division and what it described as market-beating growth in sea and air freight traffic. The Swiss-based global freight forwarding and logistics group's earnings before interest, tax, depreciation and amortization grew 4.5 percent to 17.5...
APM Terminals, most profitable Maersk Group unit, aims for $1 billion 2016 profit APM Terminals restated its target of booking a $1 billion net operating profit after tax in 2016 as it emerged as the Maersk Group's top performing division last year. The Hague-based company, which operates 64 container terminals around the world, achieved a 14.7 percent return on invested capital in 2014, compared...
DRYS sees red DryShips racked up a loss in the fourth quarter but George Economou is confident that the diversified Greek operator will triumph over turbulence in key markets.
Suezmaxes sparkle Asset values are on the rise in many corners of the tanker market but some segments are seeing greater gains than others.
'No value' in Copenship arms Copenship's subsidiaries, including its dry-bulk and multipurposeship (MPP) arms, have been written off as providing no value for the company as its bankruptcy continues in Denmark, the latest filings reveal.
Ridgebury's strong finish Ridgebury Crude Tankers (Ridgebury) made waves Wednesday after reporting a fourth-quarter profit that exceeded gains generated by some of its closest competitors in the same period.
Egos aside The big VLCC merger between General Maritime and Navig8 Crude Tankers was not as driven by a common partnership with Oaktree Capital Management as might be assumed in the market.
Milaha makes more Qatar Navigation (Milaha) has posted a rise in profit for 2014 as its tankers and gas carriers improved.
Lauritzen slashes loss Danish bulker and gas carrier owner J Lauritzen has cut back its 2014 loss despite big one-off impairments and provisions in the final quarter.
ABG to be sold? The controlling shareholders of loss-making ABG Shipyard are in talks to sell the business, Indian reports claim.
Tankers boost FSL Singapore's First Ship Lease Trust (FSL) has benefited from higher spot tanker rates to post stronger fourth quarter and full year earnings.
Rem held back in Q4 Norway's Rem Offshore has seen profit fall in the fourth quarter as financial losses rose.
Ahrenkiel buys eight Hamburg's Ahrenkiel Steamship has taken on eight boxships from the distressed loan portfolio of HSH Nordbank.
Gener8 ready to roll General Maritime (Genmar) and Navig8 Crude Tankers have confirmed a tie-up that will run 46 ships, including 28 VLCCs.
Algoma on the rise Canadian owner Algoma Central Corporation has posted stronger fourth-quarter earnings as profit jumped for products tankers and domestic bulkers.
DFDS ups earnings Danish ro-ro group DFDS has posted an improved profit for 2014 as North Sea freight operations boosted its bottom line.
Kalamos crew freed Three seafarers kidnapped from a Greek VLCC off West Africa earlier this month have been released.
Wisdom ordering again Taiwan's Wisdom Marine has lined up another bulker newbuilding contract in Japan.
Maersk to sell bank stake AP Moller-Maersk is lining up another huge asset disposal as it finally decides to cash in on its holding in Danske Bank.
Maersk posts record profit Danish shipping giant AP Moller-Maersk has unveiled its best-ever annual profit in 2014 as Maersk Line prospered and Maersk Tankers rebounded from a loss in 2013.
Write-downs dog DESS Deep Sea Supply (DESS) has sunk to a loss of $12.2m in the last quarter of 2014 hurt by over vessel impairment costs.
Golar LNG posts loss Golar LNG has reported a fourth quarter loss of $38m driven mainly by write-downs of $32.7m, the company confirmed Wednesday.
Tanker giant born General Maritime and Navig8 Crude Tankers have finalised terms of a merger that will create one of the world's largest owners of VLCCs, market sources tell TradeWinds.
Diamond six dumped Diamond Offshore has received notices to cancel up to six long-term rig charters in a move that could cost it $750m in lost revenues.
Solstad ends in the red Foreign exchange losses have pushed Solstad Offshore to a fourth quarter loss of NOK 363.4m ($48m), figures just released show.
Bunkers to be unloaded Work to remove bunkers from a DFDS general cargo vessel that ran aground off Scotland last week is expected to begin Wednesday.
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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