Letter from the Editors: Richard Clayton and Neil Wiese Dear Readers, For over 130 years IHS Fairplay magazine has delivered news and analysis focused on the shipping industry to enable readers to make informed decisions about everything from day-to-day operations to long-term financial investments. Now we are taking an important next step in the
Pullmantur impairs Royal Caribbean Royal Caribbean has posted better than expected results as Caribbean sales by North American brands outweighed Latin American weakness for Spain's Pullmantur brand. The cruise major reported net income of USD228.8 million in 3Q15 versus USD490.2 million in 3Q14. Excluding a USD299.3 million
Stevedore killed in Helsinki port A stevedore died after becoming trapped between two containers in the port of Helsinki. The incident happened on 22 October at Vuosaari Harbour: the main cargo handler, dealing with box and ro-ro operations, at the Port of Helsinki, which consists of three harbours. The unnamed stevedore was
Icon Offshore clinches contract with ExxonMobil Icon Offshore has secured a short-term contract to supply two anchor-handling tug/supply vessels (AHTSs) to oil major ExxonMobil. The contract is worth MYR7.7 million (USD1.8 million). According to the Malaysia-listed offshore services provider's filing to Bursa Malaysia, ExxonMobil Exploration &
China to keep importing bauxite as aluminium demand grows China is expected to remain the world's largest consumer of aluminium and will thus continue importing huge amounts of bauxite. China is both the largest consumer and importer of bauxite in the world, accounting for approximately half of global imports of the aluminium-making ingredient. Italian
South Korea helps develop overseas ports South Korea's Ministry of Oceans and Fisheries (MOF) has signed a memorandum of understanding (MoU) with the Export-Import (EXIM) Bank of Korea on providing financial assistance for port development in developing countries. This would encourage greater exports and imports to and from South Korea
Tianjin blast continues to affect ports' throughput Throughput at China's top eight container ports showed a modest fall in September as the after-effects of the deadly August blasts at Tianjin port continue to weigh on the numbers. Volumes at Tianjin, which is China's sixth-largest container port and the tenth-largest in the world, dropped by more
EMS Energy signs LoI worth USD570 million Singapore-listed marine solutions company EMS Energy signed a binding letter of intent (LoI) worth USD570 million for the supply, testing, and commissioning of up to six sets of major equipment package (MEP) for rigs. According to its filing to the Singapore Exchange, the LoI was signed by newly
KDB offers help to DSME, with strings attached The Korea Development Bank (KDB) has voted to assist beleaguered shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME), but has imposed conditions. KDB on 23 October said it would provide a KRW4 trillion (USD3.5 billion) injection into the struggling company but DSME would have to undertake
APM shares slip to 52-week low Shares in Danish shipping giant AP Moller-Maersk (APM) slipped by 7% to a 52-week low after the company on 23 October issued a profit warning due to weaker-than-foreseen container shipping development. By mid-morning local time, APM shares traded at DKK9,740 (USD1,450.20), down 7% from the opening
Belships records more losses Belships, the listed Norwegian owner of four dry bulk carriers, has reported a deepening of loss for both the third quarter of 2015 and the first nine months of the year on weak markets and impairment charges. Group net loss in third quarter of 2015 amounted to USD4.1 million, compared with USD2.6
APM issues profit warning on worse than anticipated container market A.P. Moller-Maersk (APM), the Danish shipping giant, has issued a profit warning on worse than foreseen development of the container shipping market, which impacts its Maersk Line unit, the company said in a statement. "The container shipping market has deteriorated beyond the Group's expectations
Sembcorp Marine 3Q15 profit down 77% on sinking offshore rig market Singapore-listed Sembcorp Marine's third quarter of 2015 profits plunged 77.4% on a year ago amid a deepening slump in the offshore rig building business and higher finance costs. The offshore services provider posted a profit of SGD31.5 million (USD 22.75 million) for the third quarter that ended
Ezra posts 24% increase in profit after tax Singapore-listed offshore services provider Ezra Holdings' profit after tax increased 24% year on year (y/y) to USD67 million for the financial year (FY) 2015 that ended on 31 August 2015. However, the company's net profit for the FY 2015 dropped 3% y/y to USD43.7 million, although the company's
Hurricane Patricia shuts Manzanillo, Mexico, port As the strongest hurricane on record in the Western Hemisphere barrels toward Mexico's Pacific coast, the country's largest container port has suspended operations, thousands have fled the coastline and the nation is preparing for impact. Category 5 Hurricane Patricia was less than 100 miles southwest of the port of Manzanillo Friday...
Landstar revenue, profit increase despite headwinds Landstar System defied a drop in fuel surcharge revenue and a softer flatbed market by increasing total revenue and profit and raising truck capacity to record levels in the third quarter. With a weak freight outlook, however, Landstar may throttle back capacity expansion in 2016. Steady dry-van demand, increased truck revenue...
Savannah reports volume gains for September The Port of Savannah posted increases of 5.6 percent in full containers, 13.4 percent in full import containers, and 7.3 percent in total 20-foot-equivalent volume during September. The overall volume of 317,411 TEUs was the highest for any September at Georgia Ports Authority terminals, and represented Savannah's seventh consecutive month of...
US maritime regulators to re-examine contracting rules The U.S. Federal Maritime Commission has voted to seek comments on possible changes to rules covering contracts that govern most ocean container shipments to and from the United States. The FMC plans later this year to propose changes to shipper-carrier service contracts and non-vessel-operating common carrier service arrangements. The commission said...
As talks continue, UPS pilots authorize strike After four years of negotiations, an overwhelming majority of 2,500 UPS pilots voted to authorize a strike against the largest U.S. transport operator. The 2,252-to-8 vote gives the Independent Pilots Association the authority to request a release from federally mediated negotiations with UPS and to call a strike once talks are...
US maritime regulators approve new rules for intermediaries The U.S. Federal Maritime Commission voted 4-1 to change licensing and financial responsibility requirements for ocean transportation intermediaries, despite objections from one commission member. The new rules, more than two years in the making, require OTIs to renew their licenses online every three years beginning in late 2016. The rules also...
Watch XPO's Jacobs talk strategy, logistics with JOC.com XPO Logistics Chairman and CEO Brad Jacobs spoke with Alessandra Barrett, senior content editor, at the JOC Inland Distribution Conference in Memphis, Tennessee, about his company's fast growth through about $7 billion in acquisitions this year. Jacobs, a keynote speaker at the conference is close to completing the acquisition of...
Planned container hub aimed at easing Moscow congestion A planned $350 million container hub serving Moscow is aimed at handling increased cargo flows, reducing urban congestion and speeding distribution into central Russia. The 4.3 million square foot complex, dubbed Bely Rast, in the Dmitrov area, is intended to help shippers save on the estimated 10 to 12 percent in...
OOCL reports third-quarter drop in rates, revenue Credit: Nige BrownPlunging rates and excess capacity caused Orient Overseas Container Line's third-quarter revenue to fall 12.2 percent despite an uptick in volume. Orient Overseas (International) Ltd.'s latest quarterly operational update for its OOCL unit followed Maersk Group's announcement that it had cut its 2015 profit outlook by $600 million because...
Tianjin pulls down throughput at top China ports Throughput at China's top eight container ports showed a modest fall in September as the after-effects of the deadly August blasts at Tianjin port continue to weigh on the numbers. Volumes at Tianjin, which is China's sixth-largest container port and the 10th-largest in the world, dropped by more than 25 percent...
Saluting rail innovators, at a time innovation is needed Lawrence J. GrossI was saddened several weeks ago to hear the news of the major restructuring and downsizing of Norfolk Southern's Triple Crown Services, the sole remaining North American operator of the RoadRailer technology. I can't claim to be objective on the matter, because my involvement with RoadRailer spans the...
China-US spot rates decline with little appetite for GRIs HONG KONG - There was little to excite container shipping lines in the east-west trades in terms of spot rates this week, with the Shanghai Containerized Freight Index showing a weakening of Asia-U.S routes and flat prices on the China-Europe and Mediterranean lanes.Spot rates on the Shanghai-U.S. West Coast route...
Brad Jacobs' grand design for engineering growth For the last four years, Bradley S. Jacobs has been one of the more interesting people operating in the global freight supply chain. Like the portfolio of companies he's building, the XPO Logistics CEO is rapidly broadening that description to fit the global stage. Consider this: Since Jacobs and his private...
Blue Dart Express profit rockets on strong revenue, fuel cost savings Blue Dart Express, India's leading express air and logistics service provider, posted a 74.5 percent jump in net earnings in the second fiscal quarter, as operating revenue grew robustly, helped by lower fuel costs and new business strategies. The Deutsche Post DHL Group company earned approximately $8.3 million in the three...
Berth productivity: one way for carriers to keep cutting costs With container spot rates plummeting and contract rates weakening in their wake, ocean carriers, having essentially no control over pricing, are intensifying their efforts to uncover cost savings. That's why improving productivity at the berth, which allows lines to maximize slow-steaming while remaining on schedule, is taking on a higher...
APL drops Fujairah from India-Mideast feeder rotation Singapore-based container carrier APL announced it is discontinuing an existing call at Fujairah, United Arab Emirates, on its Middle East Express, or SMX, service, effective this month. As a result, the intra-regional loop now has the following port rotation: Jebel Ali, United Arab Emirates; Sohar, Oman; Karachi, Pakistan; and back to...
AirBridgeCargo traffic growth continues to outpace Europe rivals LONDON - Russia's AirBridgeCargo Airlines continues to outperform its European rivals with traffic soaring 28 percent in September despite the steep slump in its domestic economy. The all-cargo airline transported 46,826 tons last month taking traffic for the first three quarters of the year to 379,338 tons, an increase of around...
Auto parts import growth from Mexico drives steady recovery Cross-border shipments of auto parts from Mexico are outpacing growth in containerized imports through U.S. ports in a market roiled by West Coast port congestion and diversion to air freight during the first half of this year. Mexico's share of the value of U.S. auto parts imports rose to 33.8 percent...
Maersk slashes 2015 profit outlook on weak container shipping market LONDON - The Maersk Group today slashed its 2015 profit outlook by $600 million due to a deteriorating global container shipping market. The owner of Maersk Line, the world's biggest ocean carrier, said it now expects a full-year underlying profit of $3.4 billion, down from a previous estimate of $4 billion. This...
Weak global trade drags down air cargo HONG KONG - Asia's air cargo markets weakened in the third quarter, hampered by slowing global trade and tough comparisons with last year, with the industry still holding thumbs for a pre-Christmas bump to push up full-year traffic figures. "The region's carriers experienced a 1.1 percent year-over-year decline in air cargo...
G6 suspends a trans-Atlantic service as spot rates fall G6 Alliance carriers have suspended a trans-Atlantic service, the latest sign liners are pulling back capacity after spot rates hit the lowest level in more than a year. The move follows the downgrading of a trans-Atlantic service by members of the 2M Alliance. G6 carriers - APL Logistics, Hapag-Lloyd, Hyundai Merchant...
Key Brazilian box port Itajai closed as heavy rain makes channel dangerous Shippers are facing delays at the port of Itajai after local pilots closed the southern Brazilian container gateway because of strong currents from the River Itajai-Açu and massive silting they caused. Itajai - Brazil's second-largest container port and a major chicken export gateway, with more than 1 million 20-foot equivalent units...
Firm orders Jones Act compliant vessels Green Shipping Line (GSL) orders vessels from US builder for cabotage trade
Ports brace for Patricia Mexico's Manzanillo Port remains open, but ship transits slow as hurricane nears.
Merkel votes for shipping support Shipowners welcome positive pledges from German chancellor at Bremerhaven national conference.
Fain says 'double-double' getting done Royal Caribbean chief executive says effort to bolster profitability is on track.
UK broker alleges fraud by Dubai outfit Century Marine goes to police after accusing Malin Marine of replicating website.
Savannah sees record September throughput Georgia port reports 7.3% increase in container volumes in strong year for facility.
Bahri buying VLCC pair in $157m swoop Saudi company set to pick up two tankers at a price which suggests firming asset values in the sector.
G6 suspends US run Group of lines halts AX4 service from Europe due to seasonal demand changes.
Bahri buying VLCC pair Saudi company picks up two tankers at a price which suggests firming asset values in the sector.
RCCL sees another profitable quarter Cruiseship owner posts strong Q3 result as it launches $500m share buyback.
RCCL profit keeps growing Cruiseship owner posts another strong quarterly result as it launches $500m share buyback.
Cable-layer for sale US marshall to auction off laid-up OPI offshore barge.
Tanker on the block Turkish vessel arrested in Malta will be sold by mortgagee.
Dolphin returns Sanco ships Oslo-listed company receives notice of termination for the charter of two seismic survey vessels.
Golar nets FSRU funds China Merchants Bank steps in with loan for newbuilding and refinancing package.
Monjasa adds hotel ship Danish owner reveals new offshore wind farm design being built at Fayard.
HNA boosts its Dorian stake with $7m buy Chinese group grows its holding in New York-listed VLGC owner with second major acquisition.
DryShips makes $120m offshore play George Economou lending his US-listed company $50m to buy six-ship fleet of Nautilus OffShore Services.
Ferry double for US shipyard All-American Marine to build two 150-pax vessels funded by Deepwater Horizon pay-out.
OW Bunker appeal fails UK Appeal court again turns down plea, leaving owners open to having to pay twice for fuel.
Jefferies hikes fourth quarter VLCC forecasts Analyst Doug Mavrinac's sums show Wall Street tanker giants will beat expectations in 2015.
Cosco agrees to FPSO delay Chinese shipbuilder says unit ordered in 2012 will be handed over in 2017 due to technical changes.
London Club seeks 5% A general increase of 5% is to be sought by the London Steam-Ship Owners' Mutual Insurance Association, the second of the International Group protection and indemnity clubs to announce its renewal strategy.
OOCL revenue hit in Q3 Asia Europe decline takes toll on Hong Kong-listed container line's third quarter income.
Icon ships out AHTSs Malaysian-listed offshore vessel owner enters short-term agreement for two ships with ExxonMobil.
Pelni in haze evacuation Worsening smoke levels in Indonesia could see state owner PT Pelni take children from most toxic areas.
Ezra finishes strongly Subsea vessel owner books positive annual result as it sees challenges and lower rates ahead.
Maersk issues profit warning; shares crash Trouble in the container shipping market sees Danish heavyweight slice its full year forecast.
Docker dies in Finland Finnlines says worker for stevedoring subsidiary trapped between two boxes on ship in Helsinki.
Boxship runs aground BF Fortaleza towed to Maloy, Norway, after incident on Thursday morning.
AP Moller-Maersk fires profit warning Trouble in the container shipping market sees Danish heavyweight slice its full year forecast.
Maersk fires profit warning amid box slump Trouble in the container shipping market sees Danish heavyweight slice its full year forecast.
TGS earnings shrink Seismic survey player hit by cuts to exploration spending in third quarter.
Fleet write-down bashes Belships Norwegian owner increases Q3 loss as it takes impairment hit on value of its bulkers.
Fire strikes Royal Caribbean's Splendour After engineroom blaze on cruiseship, 21 people are treated for smoke inhalation.
GATX preps sale of some shipping assets Railcar leasing company plans to divest much of marine portion of portfolio management division.
Panama reaffirms open date for widening All signs point to April startup for expansion of the Panama Canal, agency says.
Profits climb for cruise line Bunker costs down even as fuel purchases climb.
OW: Most assets tied up in oil deals Which will now go to company estate.
Maersk Line slashes earnings outlook 'The container shipping market deteriorated beyond the group's expectations.'
OW: London appeal decision raises 'more questions than answers' P&I Club says industry deserves better.
MPA: LNG bunker licences linked to demand But can expect more than one to be issued in run up to pilot programme.
Dry bulk operator struggling despite emergency loans 'The company is in a difficult situation, but it is operating and earning some money.'
Piraeus port strike: Bunkering unaffected. Two-day action having little impact on ship fuel supply.
Enagas developing LNG bunkering at Euskadi LNG bunkering tests currently being conducted, says company president.
Global Risk Management hires staff Fuel hedging firm adds to Danish team.
Firms eyeing Nigerian state bunkering contract NNPC starts bidding exercise.
Global Risk Management hires Controller Andri Stefansson is based in Middelfart, Denmark.
Greek, French bunker players team up 'Our new operational scheme will be ready in November.'
EU MRV: 'Amount of data required is daunting' Shipping industry understands need for CO2 monitoring but fears documentation requirements will make it an expensive and onerous regulation.
No talk of cutting oil production at OPEC meeting Russia is 'not going to change position' and cut production, says OPEC delegate.
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