Gener8 files for US IPO Gener8 Maritime has registered for an initial public offering and New York Stock Exchange listing, seeking to attract investors during a period of surging spot rates. Gener8 was created through the merger of Navig8 Crude Tankers and Peter Georgiopoulos' General Maritime, which closed on 7 May. A
BW Offshore profit hit by Brazil FPSO explosion BW Offshore, the Oslo listed floating production and storage (FPSO) vessel owner in the Singapore based BW Maritime group, has reported a sharp fall in profit in 1Q15, but says its business remains based on solid foundations. Group net profit fell to USD5.8 million in 1Q15 from USD12.7 million in
Chinese firms to buy stake in Fortescue Chinese companies Baosteel and CITIC are poised to buy a stake in the flagging Fortescue Metals Group, according to local media, with one IHS Maritime source also saying Fortescue ore ships on order were up for sale. Speculation has been mounting in recent days that buyers are circling iron ore
CNOOC overseas LNG base starts operation China National Offshore Oil Corporation (CNOOC), the country's largest offshore oil producer, announced on 25 May that its first overseas LNG supply base has started operation. Located in Queensland, Australia, the Curtis LNG project is expected to secure an annual LNG supply of 3.6 million tonnes for China
Hanjin Shipping posts quarterly profit Hanjin Shipping returned to the black for the first quarter of 2015, and further improvement can be expected from South Korea's biggest container shipping company, said analysts in a research note. KDB Daewoo Securities' analysts Jay JH Ryu and Kim Choong-hyun said, "Hanjin Shipping's first-quarter
Barakah receives LOA from Shell Malaysia-listed Barakah Offshore Petroleum has won a contract from oil company Sarawak/Sabah Shell to supply pigs and pigging accessories and related equipment and services. Pigs are devices for cleaning and inspecting pipelines.
JES executive director resigns Singapore-listed shipbuilder JES international holding (JES) has announced the resignation of its executive director Jin Xin in a filing to the Singapore Exchange. According to the filing, Jin Xin has tendered his resignation because of health issues. Prior to his resignation, he oversaw the
China Merchants to take larger stake in Colombo port China Merchants Holdings (International) Company (CHM), a subsidiary of China Merchants Group, is discussing investment in the still-under-construction East Container Terminal with the Sri Lanka Ports Authority (SLPA). CHM is expected to get a 49% stake of the East Container Terminal at most,
Ship recycling sales slow Ship recycling sales slowed last week as shipowners and cash buyers refrained from yielding to the falling prices in the face of a deluge of Capesize bulkers being offered for sale. No sales were reported last week, while prices remained steady at USD370-395/ldt in South Asia. Dubai-based cash
China Shipping Group to raise $166m to pay off debt China Shipping Group (CSG) plans to raise at least CNY1.03 billion (USD166 million) by disposing its shareholdings in Shanghai-listed China Shipping Haisheng, a Hainan-based bulker operating subsidiary of the group. CSG plans to dispose a total of 82 million shares in China Shipping Haisheng by a
Pilotage behind Maersk Garonne grounding A communication breakdown between the pilot and the bridge crew was behind Maersk Garonne's grounding at the entrance of Fremantle harbour in February this year, a preliminary report by the Australian Transport Safety Bureau (ATSB) has found. "It was apparent that the ship's bridge crew had not
Zhoushan Port Group raises $113m Zhoushan Port Group has raised CNY700 million (USD113 million) by selling a five-year term bond to pay back bank loans and replenish its working capital. The bond carries a coupon of 4.48% a year and is 3.84 times oversubscribed, a bond filing of the company said. The company plans to repay CNY364
Lamong Bay Terminal opens in Indonesia Lamong Bay Terminal in Indonesia's Surabaya port was officially opened by President Joko Widodo on 22 May, marking a milestone for the country's transportation development. The terminal, which will raise Surabaya's annual throughput capacity from 1.5 million teu to 3.5 million teu, can accommodate
SIPG moves ahead with overseas expansion in Haifa Shanghai's port operator to provide $17m guarantees to Israeli terminal-operating subsidiary
Stena Bulk shuns temptation to go public Tanker player says it might lose flexibility if it were to go public, despite this year's tanker IPO trend
US west coast labour dispute leads to permanent shift in cargo However, SeaIntel says it is 'too early' to determine its long-term impact
East Asia-Europe container trade hit by overcapacity, warns NordLB First quarter saw biggest plunge in rates in recent period
SITC and Qingdao in port and logistics pact Chinese players to look at investment opportunities at home and abroad
Southern focus more likely to pay when it comes to Singapore's LNG ambitions The city state wants to become Asia's gas trading centre but China, demand and supply factors and Indonesian opportunity indicate it might do better to position itself purely as a Southeast Asia hub
Avance Gas VLGCs repaired and ready to go The two newbuildings itching to get involved in one of the most robust spot markets in years
Clarifying US shale oil production Despite anticipated dips, experts say US shale oil production remains high, considering how many drilling rigs have been killed off
It's about building scale, says Thome's Nortun New chief executive of Singapore shipmanager sees better efficiencies as the edge in cost competition
Training - the way forward Best outcome in terms of the best educated and most competent personnel emerges from collaboration between marine employers and training establishments
CMA CGM taps rising trans-Atlantic demand via new, enhanced services CMA CGM is launching a trans-Atlantic service with Hamburg Sud and United Arab Shipping Co., and enhancing another service after the French carrier shipped 35 percent more volume between the U.S. East Coast and North Europe in the first three months compared to the same period year ago. Riding a surge...
Mobile app lets truck drivers simply 'ask' for freight Imagine picking up a smart phone and asking it to help you find freight. If you're using Carrier Dashboard 4.1, you don't have to imagine it. The mobile application from Total Quality Logistics uses voice technology to connect drivers with shippers with loads. Carrier Dashboard is one of a growing number...
Future of Ex-Im Bank in jeopardy WASHINGTON - It has become increasingly unlikely that the Export-Import Bank, the official export credit agency in the United States, will survive the 114th U.S. Congress. The 80-year-old federal agency is up for reauthorization this year and will expire June 30 if Congress does not act. Even if reauthorization musters enough votes...
Aging trucks, new technology fuel PacLease in Australia Olen Hunter, director PacLease Australia, at the Brisbane Truck Show earlier this month. In Australia, where highways are long and trucks, increasingly, are old, Paccar Leasing sees opportunity. The rental and leasing arm of U.S.-based truck manufacturer Paccar recently opened shop in Melbourne and plans to expand throughout the country, where...
Air cargo sector ascending on West Coast tailwind The air cargo industry is riding a tailwind right now. And while growth hasn't been spectacular by any means, industry insiders say it's been sustained and healthy - a vast improvement from where it was just a year ago. Global air freight grew 5.3 percent year-over-year in the first quarter of...
New services to heat up reefer cargo growth at Philadelphia port After a double-digit gain in refrigerated container volume in the first quarter, the Port of Philadelphia is set to gain even more reefer traffic as a result of two new services to Latin America and possibly grab more U.S. East Coast market share. Reefer container volume at Philadelphia, a hub for...
Norfolk Southern EVP and CIO Butler to present at Deutsche Bank 2015 Global Industrials and Basic Materials Conference NORFOLK, Va., May 26, 2015 - Norfolk Southern Corporation (NYSE: NSC) today announced that Deborah H. Butler, NS executive vice president and chief information officer, will make a presentation at the Deutsche Bank 2015 Global Industrials and Basic Materials Conference. What: Deutsche Bank 2015 Global Industrials and Basic Materials ConferenceWhen: Thursday,...
C.H. Robinson Celebrates 25 Years of Business in Mexico Confident and poised for future growth, C.H. Robinson is proud to be celebrating a quarter of a century of business operations in Mexico. Throughout the years, trade between the United States and Mexico has become increasingly important. Mexico continues to play a vital role across global supply chains due to the country's business culture,...
Dunavant wins presidential award for export excellence MEMPHIS, TN, May 18, 2015 - Dunavant Logistics Group, LLC was recognized by the United States Department of Commerce as the recipient of an "E" Award for Excellence in Exporting. The "E" Awards, established by the Executive Order in 1961, are the highest recognition any U.S. entity may receive for supporting...
Canadian containerized imports forecast to grow at faster clip Despite economic headwinds from the drop of oil prices and the resulting decline in consumer confidence, Canadian containerized imports are slated to rise 4 percent this year compared to last year, according to World Trade Services, a sisterproduct of JOC.com within IHS Maritime & Trade. Click to EnlargeInbound containerized traffic through...
Across-the-board gains propel Transport Corp of India profit Trucking and logistics giant Transport Corporation of India said across-the-board gains in freight volumes helped drive consolidated net income up 13.6 percent year-over-year in fiscal year 2014-15, which ended March 31. 2014 fiscal year net earnings totaled Rs. 81.39 crore (about $13 million), versus Rs. 71.62 crore ($11.2 million) in the...
US inland waterway project backlog persists amid funding uncertainty When a routine maintenance dredging project at two key navigation spots on the Snake River in America's Pacific Northwest finished in February, it was a welcome sign for commercial users of the waterway, part of the Columbia River system. Among these users are grain and wood product terminals in the region,...
Alphaliner: Idle box ship fleet declines in finely balanced market LONDON - The idle container fleet shrank slightly to 101 vessels with a total capacity of 323,000 20-foot-equivalent units on May 18 from 106 ships aggregating 348,000 TEUs two weeks earlier, according to Alphaliner. The 101 unemployed vessels above 500-TEU capacity represent 1.7 percent of the global fleet, the industry analyst...
Debate over TPP accord comes down to discord about free trade Two decades after the enactment of NAFTA, the debate over free trade has again risen to the top of the U.S. political agenda. This time, the controversy rages around the looming Trans-Pacific Partnership, a 12-nation trade bloc that would unite the U.S. and 11 other Pacific Rim countries in a...
Supply-demand ratios keeping lid on trans-Pacific rates Gary FerrulliIt seems like mere weeks since we heard TPM Conference speakers in Long Beach, including keynoter Karl Gernandt of Kuehne + Nagel, discuss low ocean rates in major trades and their relationship to subpar service - "discounted rates equal discounted services." Trans-Pacific eastbound rates, some speakers noted, would rebound...
Singapore competition body wants liner block exemption extended HONG KONG - The Competition Commission of Singapore has recommended extending the liner shipping block exemption for another five years, and this week launched an exercise to gauge public feedback on the controversial ruling.Known as the Competition (Block Exemption for Liner Shipping Agreements) Order, the rule gives shipping lines and...
Online fresh produce firm links up with China e-commerce giant HONG KONG - China's largest fresh produce e-tailer, FruitDay, signed off on a $70 million tie-up with direct online sales giant JD.com in the single biggest e-commerce fresh produce deal made in the country so far.As part of the investment, JD.com and FruitDay will enter into a strategic cooperation under...
Box Ships reduces loss Box Ships shrank its loss in the first-quarter, beating expectations on Wall Street.
Banker joins Paragon board Paragon Shipping has appointed a ship finance veteran to its board of directors.
FreeSeas sells bulker pair FreeSeas sold two of its ships on sale-and-leaseback deals as part of a wider financing package aimed at expanding through bareboat chartered vessels.
Stealth scraps two StealthGas today confirmed the scrapping of two vessels as it reported a first quarter profit a whisker below Wall Street forecasts.
Rieber fixes newbuild GC Rieber has chartered out its newly delivered seismic vessel to one of its favourite partners Dolphin Geophysical.
CMA CGM eyes $744m splash French container line CMA CGM is lining up a new debt sale to fund a potential $744m notes buyback.
ABG Shipyard loses $141m ABG Shipyard has racked up a much bigger annual loss as its revenue shrank dramatically in the final quarter.
Another bulker grounds A bulk carrier owned by Dubai's Emarat Maritime has become the third vessel to ground in the Parana river, Argentina, in a week.
Shreyas finishes strongly India's Shreyas Shipping & Logistics has ridden an improved fourth quarter performance to higher earnings for the full financial year ended March.
Evergreen teams with Arkas Taiwan's Evergreen Line is introducing a new service in the Mediterranean with Arkas Line.
OCBC's ray of light First quarter results season has been difficult for Singapore's offshore and marine companies but OCBC believes the number of buying opportunities will soon increase.
Nine saved in sinking All nine crew have been rescued from a cargoship that sank off Macao.
Bumi strong in Q1 Malaysia's Bumi Armada has started 2015 on a positive note as it improved its earnings for the first three months to March.
Attica on the mend Attica Holdings has trimmed its deficit for the first quarter of 2015 and saw its first positive operational result for eight years.
Meranti bulker arrested A Meranti Maritime bulker has been arrested in India on the order of the Madras high court.
Blue sells another capesize Blue Marine of South Korea is said to have sold its second capesize bulker in quick succession.
BTS reveals tanker buy BTS Tankers of Singapore has grown its fleet with the purchase of a vessel from Clipper Group.
Samudera eyes IPO Samudera Indonesia is considering listing its terminal unit in the near future.
Seamec plots buyback Shares in Indian offshore shipowner Seamec jumped 10% as it revealed a buyback plan.
Shell protest ends A protest against Shell's Arctic drilling plans has ended in the US after US Coast Guard (USCG) personnel helped an activist down from a support barge.
Duo in sweet spot Oslo's two largest public VLGC owners continue to reap the rewards of a flourishing VLGC market with bumper spot fixtures.
NOC condemns attack Libya's National Oil Company (NOC) has urged eastern forces to halt attacks damaging the country's economy after jets bombed one of its chartered tankers on Sunday.
BWO profit slips BW Offshore has seen its first quarter profit come down following a tragedy which put one of its FPSOs out of action.
Bumi Armada faces claim Malaysian shipping group Bumi Armada is facing a EUR 28.5m ($31.08m) claim in a row over a Caspian Sea contract.
JES tries again JES International Holdings has had an application to restructure its Chinese shipyard rejected.
Dorian trio's $1.3m bonus Three of Dorian LPG's top executives are set to take home a bonus worth over $1.3m between them, latest financial disclosures show.
Uni-Asia bosses keep buying A Uni-Asia Holdings director has snapped up more shares in the Singapore-listed bulker to hotels group.
Duo top PBR PSV rounds Farstad Shipping and Wilson Sons are said to have submitted the lowset bids in a Pterobras tender for the charter of multiple supply vessels.
LNG fuel-transfer system design receives US patent Technology 'to revolutionise' gas transfer between tug and barge'.
'Non-recoverable' oily sheen found in Vancouver Officials say quantity, origin and substance of material found is unknown.
Crude oil prices losing ground in Tuesday trading Slowdown in US oil production 'appears to have stopped.'
Fewer fuel oil cargoes going to China As bitumen blend proves a draw for 'teapot' refiners.
Cargo ship put under arrest in India Vessel believed to be controlled by Korea interests.
KPI Bridge Oil 'thrilled' by returned of Lana Rjedkin Rjedkin has extensive experience in the bunker and lubricant markets.
Traders: Singapore refinery plans maintenance shutdown Fuel oil supplies unlikely to be disrupted.
Port efficiences can cut bunker consumption 'Uncertain port slots leads to higher fuel consumption and higher carbon emissions.'
Otto Marine cuts staff in tough market But cheaper bunkers lower operational costs.
Firming bunker prices 'featuring on liner operators' radar' 'Some start-up services may now be looking marginal in a financial sense.'
Glander finds 'strategic location' offshore Brazil New service part of group's expansion plans.
Mauritius: Bunkering among 'economic pillars' Government targeting foreign direct investment, says Investment Mauritius spokesman.
New York-listed firm to introduce SCR system this year System designed for use with a range of high sulphur bunker fuels, says developer.
Cayman Islands lures bunker brokerage, maritime firms Move will make way for bunkering opportunities, says the head of Cayman Registry.
Hong Kong's new emission rules carry stiff fines, warns marine insurer 0.5% sulphur cap in force from July.
Little confidence that global cap will be enforced Responsibility would fall on flag states 'that may not have an interest in penalising their own customers'.
Expansion plans to cost Chinese port half a billion Dredging project will allow Guangzhou port to handle bigger ships.
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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