Economou weighs tanker IPO vs sale DryShips chairman George Economou has confirmed that a sale of the company's tanker fleet is possible if a stock offering does not receive a high enough valuation. NASDAQ-listed DryShips reported a loss of USD24 million for 4Q14 versus a loss of USD24.4 million in 4Q13. Excluding a one-off
Pacific Radiance full-year profit up 22% Singapore-listed integrated offshore marine services provider, Pacific Radiance posted full-year profit of $69.42 million, up 22% year-on-year for the financial year that ended 31 December 2014. Revenue increased slightly by 2% to $172.2 million in FY14, as compared to $168.58 million in FY13. The
Seadrill sees consolidation opportunities in downturn A weak cycle in the offshore drilling business may create opportunities for Seadrill, the London-based listed drill rig and ship operator in John Fredriksen's business empire, to consolidate the sector, it said in a statement. Group net profit fell to $150 million in 4Q15 from $283 million in the
BV reports 10.1% revenue rise French classification society Bureau Veritas (BV) has reported a 10.1% rise in its marine and offshore revenues to EUR323.8 million (USD368.1 million) last year as the group benefited from recovery in newbuilding activity. Excluding acquisitions, organic growth in marine and offshore was 7.1%,
Bangladesh ferry death toll rises to 79 The death toll in Bangladesh's MV Mostafa ferry disaster rose to 79, according to the latest official count of bodies recovered. On the river Padma, near Shivalaya Upazila sub-district, the motor launch Mostafa carrying over 200 passengers capsized after being hit on 22 February by the 330 gt cargo
Rickmers Trust Management posts full-year loss Singapore-listed container ship business trust Rickmers Trust Management (RTM) posted a loss of USD15.96 million for the financial year ended 31 December 2014, as compared with a profit of USD23.4 million in FY13. Revenue decreased 9% year-on-year to USD130.32 million in FY14 from USD143.49 million
Box lines attempt west coast rate increase Liner operators in the trans-Pacific trade will attempt to raise rates after losing money amid a prolonged labour battle at American west coast ports. The Transpacific Stabilization Agreement (TSA), a discussion forum of the 15 major container lines serving the trade, reaffirmed on 25 February its
World's latest large ro-ro box ship delivered The STX Offshore & Shipbuilding shipyard in Jinhae, South Korea, has announced the delivery of ro-ro container vessel Jolly Cobalto to Italian shipping company Ignazio Messina & Co. The new vessel, claimed by Messina to be largest such vessel in the world, will be Italian-flagged and will make its
Contract for first US LNG bunker barge signed Construction of the first dedicated LNG bunker barge for the US market has been announced. WesPac Midstream (WesPac) and its affiliate Clean Marine Energy (CME) said the newbuilding contract for the vessel had been signed with Conrad Orange Shipyard, a division of Conrad Shipyard. The Orange
Pacific Basin in the red in 2014 Hong Kong-listed Pacific Basin Shipping sank to losses of USD285 million in 2014 on non-cash impairments and provisions for significant changes in dry bulk and bunker fuel markets. Its revenues were little changed from 2013 at USD1.7 billion due to increases in fleet size and lower freight rates, a
Stage set for Frontline's comeback The board of Frontline, the listed VLCC and Surezmax operator in John Fredriksen's business empire, has set an objective to rebuild the company into a major tanker operator after clearing financial hurdles, despite losses both in 4Q14 and FY14. In 4Q14 and in the 1Q15, the company reduced the
Modern ports need 'more focused' welfare centres The imminent closure of a mission-run port welfare centre at the UK's Port of Milford Haven has called into question the impact of rapid port turnaround times on key shore services for crews. "Recent years have seen turnaround times rapidly increase, with seafarers often spending only 6-24 hours in
Impairment charge hits Frontline 2012 An impairment charge hit Frontline 2012, the John Fredriksen controlled company that will transform itself to a crude and product tanker owner. In 4Q14, the company booked a loss of $123.9 million compared to a profit of $12.5 million in the same period a year earlier. A $149.5 million impairment
EU sulphur non-compliance cases 'very few' Cases of non-compliance with the new 0.1% marine fuel sulphur limit in north west European sulphur emission control areas (SECAs) have been "very few" to date, the European Commission has told IHS Maritime. Commission environment spokesman Enrico Brivio said that 200 inspection results had been
Qube profits up 32.8% Australia's Qube Holdings boasted a 32.8% lift in net profit to AUD54.7 million (USD42.9 million) for the six months that ended in December 2014 through an aggressive growth and acquisition strategy at a time competitors were cutting costs. In its interim report to the Australian Stock Exchange,
Bumi Armada profit plunges 93% Malaysia-listed offshore services provider Bumi Armada posted full-year net profit of MYR224.36 million (USD62.07 million) for the financial year that ended on 31 December 2014, down 93% from MYR435.09 million the year before. Its revenue, however, increased 15.6% to MYR2.39 billion in financial
GSI wins 18 new vessel orders for 2014 Guangzhou Shipyard International (GSI) said it has won 18 new vessel orders for 2014, totalling 2.6 million dwt. The new orders were made up of MR tankers, as well as 50,000 dwt product and chemical tankers, a stock filing of GSI said. In its non-shipbuilding business, new orders comprising steel
FSL Trust back to the black in 2014 Singapore-listed First Ship Lease Trust (FSL Trust) posted a full-year net profit of USD4.05 million for the financial year ended 31 December 2014, contrasted with its loss of USD65.2 million in fiscal year 2013 (FY 2013). The company's revenue went up slightly by 3.8% to USD93.4 million in fiscal
Vessels laden with smuggled rice, firearms seized off Sulu Vietnamese vessel MV An Bien 89-ALCI and three Filipino boats loaded with 3,275 tonnes of smuggled rice and high-powered firearms were seized off Sulu on 23 February, Philippines military officials have confirmed. A naval task force unit headed by Lieutenant Commander Richard Rosales and Lieutenant
Zoullas poised to exit Sophocles Zoullas, founder of NASDAQ-listed Eagle Bulk, has threatened to leave the company, the board of directors has confirmed. Zoullas has delivered written notice that there is "good reason" to terminate his employment agreement, which was finalised upon the company's restructuring in October
Milaha rides high on strong year for gas and oil Profit for Qatari owner rises 10%
Ship Finance International posts $122m net income for 2014 Consistent performance from John Fredriksen company that holds dry bulkers, tankers, boxships and rigs
Capital Product Partners plans $520m fundraising Notes issue and additional credit facility will allow tanker and containership owner to repay outstanding debts
Navios signs $148m option for 13,100 teu boxship Company has until June 5 to take up the option for delivery in the third quarter
UK Defence Club gains 4.8m gt on renewal Premium freeze and continuity credits boost membership, says FD&D specialist
London Gateway handles ad-hoc Triple-E call Munkebo Maersk makes call to pick up empties before heading off to Asia
Senior APM Terminals' personnel depart after breaching 'internal business policies' Terminal operator's former CFO, CCO & head of global project implementation asked to leave the company
New Maersk Line ships could carry more than Triple-Es Vessels will be the same generation as Triple-Es but new technologies will allow for capacity increases
Yamal LNG 25% complete as Chinese money saves the day Some $10m per day being spent on construction of the ambitious LNG export project in Russian Arctic waters but delays to completion could occur
RBS cuts shipping book a further 9% One in five 'good bank' vessels in negative equity
Wisdom Marine to raise $80m with overseas bond issue Taiwan-based bulker owner will sell convertible non-guaranteed bonds
Rickmers Maritime slips into the red in 2014 Singapore-listed trust with focus on panamax boxships was hurt by impairment charges and lower charter revenue
Charles Taylor to manage Strike Club Move comes as part of strategy to expand in mutuals
Pacific Basin hit by $285m loss for the year Figure includes $130m in write-offs applied to dry bulk business and for bunker hedges gone sour
Hoegh LNG posts loss due to $44m impairment charges But Oslo-listed LNG player is sanguine as it believes lower energy prices should eventually lead to greater demand for LNG
J Lauritzen posts reduced losses for 2014 Danish dry bulk operator admits to 'very difficult year' following 'misplaced optimism' at the start
Frontline 2012 to exit gas and dry bulk to focus on becoming tanker giant Update: 'Various options' being considered, says Frontline Management chief as speculation grows over possible merger of two Fredriksen entities
TSA sets April GRI level at $600 per feu again Transpacific carriers say increase will cover higher operating costs as US west coast ports return to normal operation
First Ship Lease reports $7.3m profit for fourth quarter Singapore shipping trust's turnaround continues, as better tanker spot market supports results
DryShips narrows full-year losses to $47.5m Results driven by another excellent quarter by Ocean Rig, says Economou
ISIS could bring piracy back to Mediterranean, officials say Militants loyal to ISIS could bring Somali-style piracy to the Mediterranean, threatening the world's largest trade lane, European officials warn. It's been 200 years since pirates operated in the Mediterranean, but recent developments in North Africa suggest the Islamic State of Iraq and Syria could launch attacks on commercial and passenger...
Equipment, labor availability hamper West Coast port productivity Terminal operators are committed to return West Coast ports to normal operations as quickly as possible, but their ability to eliminate the backlogs of containers and vessels that are choking their facilities will be capped by constraints on the availability of dockworkers, harbor truck drivers and chassis. "Terminals are set up...
Port productivity is not improving, Maersk CEO says The fundamental industry problem identified as soon as mega-ships of 10,000 TEUs and above started hitting the waves remains alive and well -- and wholly unresolved. That is the problem of productivity. There has been little progress in carriers' and terminals' ability to get these ships quickly worked and sent back...
Survey asks truck drivers to rate treatment by shippers, consignees Shippers and consignees, prepare to be rated. Through Operation Upgrade, the Ontario Trucking Association will ask truck drivers to rate shippers and receivers based on how well they are treated at loading docks and delivery sites - and how often they're delayed. "The way truck drivers are treated by shippers and...
LA, LB approved to collaborate in tackling congestion WASHINGTON - The ports of Los Angeles and Long Beach can begin working together to address congestion after U.S. Federal Maritime commissioners on Thursday unanimously approved an amendment this week allowing the two largest U.S. container ports to work together. The amendment clarifies the roughly two-year-old discussion agreement to allow Los...
USA Truck signs stock agreement with investment partners Fresh from its first profitable year since the recession, USA Truck signed an agreement with two of its leading investors that will allow those firms to sell some of their stock. The $602.5 million truckload carrier agreed to let Baker Street Capital and Stone House Capital Management sell 2 million shares...
Los Angeles container traffic plunged 23 percent in January Container volume at the Port of Los Angeles declined 22.7 percent in January as the largest U.S. port was brought to its knees because of congestion, dockworker slowdowns and restrictions on night and weekend work imposed by employers. "The numbers aren't a surprise to us, and last week's announcement of a...
DFDS profit jumps on higher short sea freight volumes DFDS's pre-tax profit soared 56 percent in 2014, driven by increased short sea traffic on its key North Sea trades and reduced losses on the English Channel. The Danish shipping and logistics group's profit before special items grew to 571 million krone (US $ 86.9 million) from 367 million krone in...
No calm after the storm It's time for the healing to begin, but like a major surgical procedure, this recovery will be neither quick nor painless. The Feb. 20 tentative agreement between the International Longshore and Warehouse Union and the Pacific Maritime Association brought a measure of labor peace to the U.S. West Coast waterfront. But...
Overtime is 61 percent of ILA hours in NY-NJ port More than 61 percent of the hours worked by International Longshoremen's Association members employed by New York Shipping Association companies during the most recent ILA-NYSA contract year were paid at overtime rates. The NYSA's annual report for its October 2013/September 2014 contract year showed that ILA longshoremen, checkers and mechanics hired...
West Coast congestion boosted Expeditors volume, revenue Soaring air freight volume spurred by U.S. West Coast port congestion helped lift total revenue 9 percent year-over-year at Expeditors International of Washington to $1.8 billion in the fourth quarter, while net profit jumped 19 percent to $99.8 million. "Airfreight and ocean freight net revenues both managed double digit increases, up...
Rickmers Maritime slides into the red in 2014 Rickmers Maritime sank to a $16 million net loss in 2014 from a $23.5 million profit in the previous year as impairments and lower containership charter rates in the third quarter offset a profitable final three months. The Singapore-based company's charter revenue from its 16 ships was down 9 percent at...
Snowstorm closes Virginia port The Port of Virginia closed its Hampton Roads terminals Thursday after a winter storm dumped as many as nine inches of snow in some corners of the southeastern corner of the state. While inland ports in Front Royal and Richmond will reopen Friday, all other terminals will resume normal operating hours...
MSC to launch China-India service in late April To capitalize on the booming intra-Asia cargo trade, Mediterranean Shipping Co. plans in late April to launch a new container service directly linking India and China. The weekly intra-Asia loop, branded the Falcon, will also connect to MSC's network via Colombo, Sri Lanka. The port rotation will be as follows: Mundra and...
Shanghai, Shenzhen handle bulk of China's January throughput HONG KONG - The top 20 Chinese ports had a throughput of 15.5 million 20-foot containers in January, with Shanghai and Shenzhen terminals handling almost half of them, according to Shanghai Shipping Exchange data.China's busiest port of Shanghai handled 3.16 million TEUs in the first month of the year, up...
Nigeria to open inland ports to relieve pressure on Lagos The Nigerian government is poised to open more inland ports to help decongest the country's overwhelmed terminals in Lagos. President Goodluck Jonathan announced the news Saturday at a meeting with a delegation of ethnically Igbo market leaders at the State House Marina in Lagos. Jonathan, who faces a re-election contest on March...
Long Beach commissioners tap duo to enhance cargo flow, service The Long Beach Board of Harbor Commissioners appointed industry veterans Michael Christensen and Glenn Farren to newly-created management positions that were established to enhance cargo flow and improve service, as the second-largest U.S. container port recovers from months of congestion. Christensen, who served most recently as deputy executive director of the...
Economou's crystal ball The chief executive of DryShips believes Asian shipyards that are active in the construction of bulkers may be forced to slash prices in the months ahead.
IPO steals the spotlight The initial public offering (IPO) of Tankships Investment Holdings appears to be an increasingly important component of a campaign to shore up its parent's balance sheet.
Stealth secures fixtures Greek operator StealthGas of has firmed up period deals for three of its LPG carriers and an aframax tanker.
All in the family Capital Product Partners (CPP) of Greece made waves in the bond market today after announcing plans to raise $260m from the sale of secured notes.
Solvang finishes strong It appears that investments in the expansion of Solvang's very large gas carrier (VLGC) fleet are starting to pay off.
Capital seals charters Diversified Greek operator Capital Product Partners has lined up period deals for two of its suezmax tankers.
Samudera back to black Samudera Shipping has returned to the black for 2014 as lower costs outpaced a 7% decline in revenue.
Dream year for Vallianz Vallianz Holdings has produced a stellar performance in 2014 as it saw revenue surge and earnings double during the last 12 months to December.
StealthGas ups the ante Harry Vafias-led StealthGas boosted its share buyback plan as it revealed stronger than projected fourth quarter performance today.
SFL boosts 2014 profit A decline in fourth quarter earnings has not prevented Ship Finance International (SFL) from posting a bigger profit for the full year 2014.
NMM lines up box buy New York-listed Navios Maritime Partners (NMM) has acquired an option to buy a containership built in South Korea in 2012.
Sealink profit slashed Malaysia's Sealink International has seen both its revenue and profit trimmed during the fourth quarter..
PNSC weaker Pakistan National Shipping Corp (PNSC) has posted a drop in second quarter profit as revenue declined.
CPLP starts again Greek tanker and boxship owner Capital Product Partners (CPLP) is refinancing existing borrowings with a notes issue and a new credit facility worth $520m.
Eidesvik sees deep red Eidesvik Offshore has posted a big loss for the fourth quarter, leaving its full-year bottom line deeper in the red.
Grindrod edges up Grindrod has reported a marginally stronger performance for 2014 amid struggles for both its bulker and tanker operations.
Kerem S sinks A Turkish general cargoship has sunk six days after grounding on rocks off Greece.
Wilson finishes in red Norway's Wilson has seen red in its fourth quarter bottom line as it took a hit from increased voyage duration amid bad weather.
Merger talk intensifies Chatter surrounding a potential merger between John Fredriksen's Frontline and Frontline 2012 became louder today as the stars were further aligned by their respective fourth quarter reports.
Bulker crewman killed A crewman from a bulker managed by Greece's Edem Marine has died during offloading of cargo on Thursday, Greece's coastguard said.
Rickmers books Q4 profit Rickmers Maritime has bounced back from a loss in 2013, as it overcame lower charter rates to turn a profit in the fourth quarter.
Philly fixes two Aker Philadelphia Shipyard-owned Philly Tankers has fixed two ships under construction on long-term deals.
Avance boosts dividend Avance Gas has hiked its dividend in the fourth quarter as its VLGCs continued to rake in strong returns in a hot market.
Pacific Basin posts $285m loss A "dysfunctional" bulker market and impairments have plunged Pacific Basin into the red for 2014.
Siem profit soars Siem Offshore has finished 2014 strongly as it more than quadrupled fourth quarter profit, making its full year earnings jump.
Charles Taylor strikes deal The manager of the Standard Club is adding another shipowner insurance mutual to its portfolio of businesses.
DHT fixes duo US-listed tanker owner DHT Holdings has reportedly fixed out two aframax tankers on period charter to oil major Shell.
Portline talk quashed Portline sharply denies reports that it aims to sell as many as five of its 12 trading bulkers, including three modern supramax bulkers.
Loss grows at Hoegh LNG Hoegh LNG has fallen to a bigger loss in the fourth quarter after it took a hit on its unwanted Florida LNG terminal.
Tallink profit down 37% Tallink has seen its profit for 2014 fall almost 40% but the fourth quarter performance has left room for optimism, according to the company's management.
Frontline crosses bond bridge John Fredriksen's Frontline expects to have no problem clearing its convertible bond hurdle in April.
Ocean Yield adds profit Norway's Ocean Yield has produced higher earnings in the fourth quarter as revenue increased.
On the FRNT foot John Fredriksen's Frontline 2012 has continued to build up its newbuilding orderbook while deleting contracts that had run into trouble.
Skaugen falls to a loss Norway's IM Skaugen Group has posted a loss of $27.1m for 2014 as revenue was slashed.
Hy-Line orders fast ferry Hy-Line Cruises of the US has ordered a new high-speed ferry at Gladding-Hearn Shipbuilding.
Impairments down Swissco Swissco, the Singapore offshore vessel operator, has seen its fourth quarter profit all but wiped out by a series of impairment charges.
Pac Radiance down 63% Pacific Radiance has seen a dramatic fall in fourth quarter figures as revenue dropped and operating costs came in higher.
Lysblink to be moved The DFDS general cargo vessel that ran aground off Scotland last week was due to be moved Wednesday due to bad weather.
Low crude boosting LPG LPG shipping earnings are forecast to remain buoyant on the back of low oil prices and the absence of fuel substitution, say Drewry.
Statoil retains LNG PSV Statoil has extended its employment of the world's first LNG-powered PSV, the ship's owner Eidesvik confirms.
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