Tribunal suspends court proceedings against marines India and Italy yesterday were ordered to suspend all court proceedings involving two Italian marines accused of killing two Indian fishermen until a tribunal resolves an arbitral dispute. "Both Italy and India [should] suspend all court proceedings and refrain from initiating new ones which might
Rem Offshore interims weaken as conditions deteriorate Rem Offshore, the listed Norwegian offshore services vessel operator, has reported a fall in both 2Q15 and 1H15 interim profits and warned that the outlook remains challenging in the sector. Group net profit fell to NOK69.3 million (USD8.4 million) in 2Q15 from NOK105.8 million in the same period
Pyeongtaek-Dangjin channel expansion completed The project to expand the access channel of Pyeongtaek-Dangjin's West Port in South Korea has been completed. The KRW36.1 billion (USD30.5 million) project, which commenced in 2012, has enlarged the access channel by 6.4 km, stretching it from two traffic lanes to four, and enables the port to
Bunker prices plunge to 10-year low in Singapore Prices of CST380 heavy fuel oil fell (HFO) to USD205 per tonne in Singapore, the world's biggest bunkering port by sales volumes. Bunker prices in Singapore have not been this low since 2005. Fuel oil traders who spoke to IHS Maritime say it remains to be seen if prices would fall below USD200 per
COSCO Pacific's profit up 12% y/y in 1H15 Hong Kong-listed COSCO Pacific's profit rose 12% year on year (y/y) to USD164.4 million in the first six months in 2015 owing to cost cuts. The company's cost fell 10% y/y during the same period to USD244.8 million, a stock filing of the company said on 25 August. Revenues decreased 9% y/y to
Norway's DOF resumes bond repurchases DOF, the Norwegian-listed offshore services vessel owner, has resumed repurchasing of bonds that are due to mature soon. "DOF Subsea AS, a subsidiary of DOF ASA, has purchased NOK57 million (USD6.95 million) in its bond loan DOFSUB06. The net outstanding after the transaction is NOK504.5 million,"
Asian Star Anchor Chain 1H15 profit down 12% y/y Shanghai-listed marine equipment manufacturer Asian Star Anchor Chain's profit for the first half of 2015 declined 12.17% year on year (y/y) to CNY50.5 million (USD7.87 million). The company's revenue for the January-June 2015 period was CNY808.6 million, up 3.82% y/y. Asian Star Anchor Chain
Bintulu Port Holdings profit slides 31% Malaysia-listed port operator Bintulu Port Holdings' profit for the second quarter of 2015 dropped 31% year on year (y/y) to MYR20.8 million (USD4.9 million), while its revenue dropped 5% y/y to MYR131.9 million. The company's revenue of MYR60.38 million from construction services for concession
Shipping stocks battered US-listed shipping equities have fallen sharply amidst a broad market selloff driven by China fears. Almost all publicly traded shipping stocks were down, many in the high single digits or low double digits across the 21 August and 24 August trading sessions. The largest two-day declines were
New Panama lock cracked One of the newly constructed locks in the Panama Canal has sprung a leak, raising fresh questions on the expansion project's already delayed timetable. A publicly posted video (bit.ly/1U9wPDY) reveals water leaking through cracks in the Cocoli Locks on the waterway's Pacific side. Asked by IHS
DSME denies accounting fraud charge Law firm accuses shipbuilder of manipulating financial results to raise funds
TT Club could face payout on over 1,000 boxes after Tianjin blast But any claim manageable, Peregrine Storrs-Fox insists
Will the oil price crash spur a Saudi/Opec rethink? Tanker owners might suffer a double hit from Middle East oil producers cutting back oil exports to prop up prices against a background of falling global demand growth
India must suspend Enrica Lexie murder case, ITLOS rules But tribunal rejects Italy's call for charges to be dropped
MPA issues warning due to haze in Singapore Straits Maritime authority advises vigilance on lookout and navigation
Panama Canal Authority says it is on schedule to open locks next year despite cracks 'Water filtration' in new lock located on the Pacific side of the waterway will not delay planned 2016 launch
Partnership gives R+L Carriers access to most of Canadian LTL market R+L Carriers is partnering with Canada's Day & Ross Freight to expand its expedited services throughout Canada and gain access to roughly 90 percent of the Canadian market. The deal will give R+L Carriers access to Day & Ross Freight's network of 40 less-than-truckload terminals in all 10 Canadian provinces. Day...
Virginia port deploys hybrid shuttle carriers The Port of Virginia has deployed three hybrid shuttle carriers - the first of their kind in the U.S. - at its Virginia International Gateway terminal. The shuttle carriers' engines are the cleanest-running diesel engines available in the industry, according to Finland-based manufacturer Kalmar Industries. The newer, greener equipment has been...
G6 Alliance pulls two more Asia-Europe sailings The G6 Alliance has withdrawn two more sailings on the Asia-Europe trade as the alliance has blanked 16 sailings in the past three months to staunch the bleeding in the trade's freight rates. OOCL cited low projected October demand in announcing the cancellation of the Asia-Mediterranean sailings of the MOL Bellweather,...
Trucking, labor groups clash over hair-based drug tests for drivers When it comes to drug testing, the nation's largest trucking lobby wants to split hairs. Specifically, the American Trucking Associations wants hair-follicle testing, considered by many to be more accurate than urinalysis, to become part of motor carrier drug screening programs. Several labor groups, however, prefer cups to clippers. A coalition...
Nippon Express betting on Southeast Asia trade growth Nippon Express Co., Japan's largest international freight forwarder, is investing heavily in Southeast Asia, particularly Vietnam, to position itself favorably ahead of the inauguration of the ASEAN Economic Community at the end of the year. The 10-member Association of Southeast Asian Nations will establish a common market with some 610 million...
Bunker fuel price drop to lowest since 2005 gives carriers relief Bunker fuel prices in Singapore, the world's biggest bunkering port by sales volumes, fell to their lowest point since 2005, giving container lines suffering from low Asia-Europe spot rates a dose of good news. The price of CST380 heavy fuel oil fell to $205 per metric ton and prices could fall...
Bintulu Port Holdings warns of slowing Malaysian container traffic Port of Bintulu. Credit: Richard W. SinyemMalaysia-listed port operator Bintulu Port Holdings warned softness in the domestic container market could further crimp profit, which fell 31 percent year-over-year to 4.9 million in second quarter. Company revenue dropped 5 percent to $31.3 million in the same period, while it incurred a 9...
China, Kazakhstan aim to double container traffic to Europe via new route China and Kazakhstan are working to more than double containerized rail traffic bound for Europe via the launch of the Trans-Caspian international transport route connecting China, Kazakhstan, Azerbaijan, Georgia and Turkey. Both countries plan to increase volume on the Almaty-Lianyungang route from the current 100,000 twenty-foot-equivalent units per year to 250,000...
General strike to deal another blow to woozy JNPT Shippers and ocean carriers at Jawaharlal Nehru Port Trust are bracing themselves for more delays and disruptions next week as unionized dockworkers at India's biggest container gateway prepare to join a 24-hour general strike call issued by all major labor federations in the country. "We propose to go in for a...
Kerry Logistics warns of economic headwinds after posting profit HONG KONG - Kerry Logistics grew its net profit by 11 percent in the first half to $69 million, driven by strong growth in its core integrated logistics and freight forwarding segments, but raised concerns over weak economic conditions that are affecting the cargo handling business.In a statement to the...
Suspended Cosco, CSCL shares escape China stock meltdown HONG KONG - China's two main shipping lines and its second largest container port operator have neatly sidestepped the stock market rout of mainland stocks with their shares remaining suspended on the Shanghai and Hong Kong exchanges.Shares of Cosco and China Shipping Container Lines, and their listed subsidiaries, such as...
Stand by for a tough second half, Cosco Pacific warns HONG KONG - Cosco Pacific is expecting a volatile second half of the year amid fierce competition in the container terminals and leasing business and has warned that the challenging operating environment will slow its throughput.The mainland's second largest terminal operator recorded a first-half profit rise of 12 percent year-over-year...
US Southeast ports rev up competition for growing auto traffic As U.S. auto sales surge, U.S. Southeast port are shifting into high gear to win that highly profitable roll-on, roll-off cargo. Volume gains are coming from both directions at ports in Brunswick and Savannah, Georgia; Charleston, South Carolina and Jacksonville, Florida. And a lot of that growth is tied to the...
Terminal operators, carriers resist San Francisco pilot salary hike The Pacific Merchant Shipping Association and the Western States Petroleum Association are urging the California Legislature to reject a request from the San Francisco Bar Pilots for an 11 percent rate hike, a cost that would be passed onto shipowners. The duo says the pilots' current annual net income of more...
Sino-Global protected US-listed Sino-Global Shipping America has said any effect from the Chinese financial turmoil has been "negligible".
Torm deal okayed Torm's restructuring deal that will see US private equity firm Oaktree take control of the Danish tanker owner has been passed without any problem in an extraordinary meeting today.
Weco rings changes Lars Steen Rasmussen has exited Denmark's Weco Group as part of a restructuring that will see the Dannebrog and Nordana brands phased out.
MBC heads for first loss Malaysian Bulk Carriers (MBC) has admitted it is likely to post its first ever annual loss after a weak second quarter.
Dajmar out of IRISL Islamic Republic of Iran Shipping Lines (IRISL) chairman and managing director Mohammad Hossein Dajmar has left the company after ten years at the helm.
Coastal Contracts makes less Malaysian shipbuilder Coastal Contracts has made less during the second quarter due to slower order activity.
Rem slides in Q2 Rem Offshore has seen its second quarter result trimmed amid a weak North Sea spot market.
SinOceanic lands $690m Norway's SinOceanic Shipping has clinched $690m of export finance for its series of boxships being built at Jinhai Heavy Industry in China.
OSV scrapping to rise Demolition of unwanted offshore service vessels (OSVs) has been tipped to increase, but bigger European owners are proving reluctant to shed tonnage.
Marines court case halted An international tribunal has ordered India to suspend the murder trial of two Italian marines who allegedly shot two fishermen from a tanker.
Seanergy swoops for seven New York-listed owner renews fleet in $180m deal for seven bulkers with Victor Restis' sister.
GMS builds up profit Expanding Abu Dhabi-based owner sees net earnings and revenue grow in the first six months.
K Line raises $84m Japanese shipowner sells two tranches of bonds repayable at 0.69% and 1.05%.
Fisher tankers stronger UK shipping group James Fisher has posted better returns from its tankers despite a fall in revenue.
Buy on the dips Tsakos and Ardmore most undervalued stocks in sector after sell-off, says Morgan Stanley.
Seanergy swoops New York-listed owner renews fleet in $180m deal for seven bulkers with Victor Restis' sister.
Dof buys bonds Norway's DOF Subsea has spent NOK 57m ($6.93m) on purchasing a portion of its own bonds.
Solstad to sack 300 Offshore vessel operator to have over one-quarter of its fleet in lay-up due to weak market.
Dryad calls for action Security firm calls on littoral states to bolster efforts to combat Asian piracy resurgence.
Bunkers hit new low Singapore bunker prices have hit a ten-year low following the dramatic slump in crude futures.
Haze haunts Singapore Shipowners have been advised to use caution when operating in waters surrounding Singapore due to reduced visibility.
Ezra to redeem bond Ezra Holdings has told investors it plans to redeem its SGD 150m ($111m) 8.75% subordinated perpetual securites.
Crude at $40 per barrel 'unsustainable' in medium-to-long term WTI settled at $38.24 per barrel on Monday as production continues and China's economy slows, while Brent closed at $42.69.
Cheaper fuel comes to aid of intra-Asian players As low rates keep revenue down.
New fuels in focus at IBIA London event As part of International Shipping Week.
Bunker values stay soft 380 cSt dips below $200 pmt in Rotterdam, ample stocks in Singapore.
East Asia: Bunkering operations affected by typhoon Typhoon Goni will move across the Sea of Japan on Tuesday and Wednesday.
Singapore: Second auction for slot for chemical tanker Involved in bunker bill row earlier this year.
Malaysia, Indonesia beef up anti-piracy response Following attack on oil tanker MT Joaquim.
Malaysia: Vessels held in suspected illegal oil transfer Vessels involved were registered in Singapore and Malaysia.
Caltex Australia profit more than doubles But revenues fell almost 60%, impacted in part by weaker marine diesel sales performance.
China to pass tighter vessel emission standards this week Authorities reviewing final draft of the national Air Pollution Control Law.
Majority of Canada's oil sands crude 'produced at a loss' However, producers unlikely to halt operations due to high costs.
Iran: Emergency OPEC meeting could stabilise price of oil WTI fell below $40 per barrel on Friday during intra-day trading on the NYMEX.
Report: Busan LNG-bunkering terminal to open in 2020 Polaris Shipping will allegedly invest $500 million to construct the facility.
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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