Frontline 2012 posts higher Q2 profit Frontline 2012 has reported an improved second-quarter net profit, although its first-half performance sagged from the same period last year. Lifted by better earnings from its growing product tanker fleet, the company's second-quarter net profit totalled USD136.6 million, up from USD23.1 million
Tianjin cost set to eclipse Costa Concordia An explosion and fire that devastated the Chinese port of Tianjin could cost the insurance industry more than USD2 billion, its estimated bill from the Costa Concordia, according to ISA Surveys. For the Tianjin disaster, the marine cargo surveyor estimates that motor losses alone will top USD300
Tanjung Offshore returns to profit in Q2 Tanjung Offshore posted a net profit of MYR1.7 million (USD400,000) for the second quarter of 2015, reversing a loss of MYR1.2 million in the same quarter last year. But the Malaysia-listed offshore services provider's earnings have slipped with the completion of various engineering equipment
Suez Canal tailbacks from grounded bulker ease Suez Canal traffic is now moving freely in both directions, after the grounding of a southbound bulk carrier on 25 August had caused delays and tailbacks. Inchcape Shipping Services (ISS) told IHS Maritime that the 175,620 dwt Mineral Faith, which grounded at 14.30 at KM101, has yet to be refloated
Busan eyes 2.8 million cruise passengers by 2020 South Korea's Busan port has set a goal of welcoming 2.8 million visitors annually by 2020. The Ministry of Oceans and Fisheries and Busan Port Authority announced this target on 26 August with the inauguration of a new passenger terminal. "The opening of the new international passenger terminal
Havyard reports 'low expectations' with Q2 loss Havyard has reported a second-quarter loss, despite cutting its working week and diversifying production amid a tough market for offshore services. The listed Norwegian shipbuilding group posted a second-quarter net loss of NOK14 million (USD1.7 million), reversing a profit of NOK15 million a year
Vietnam to approve dredging project at Cai Mep Vietnam's shipping department has drafted a proposal to dredge Cai Mep via the Thi Vai passage for 100,000 dwt vessels. The department expects the dredging project to cost about VND6.4 trillion (USD283 million) and is seeking approval from Vietnam's ministry of transport. In the meantime, the
HHI yard at a standstill over wage freeze Hyundai Heavy Industries (HHI) suspended production at its Ulsan shipyard on 26 August after workers downed tools over a proposed wage freeze. HHI's management told the union during negotiations on 27 July that the company cannot afford to increase remuneration amid the current market. "It would
Frontline seeks M&A opportunities Frontline is looking to grow further through "acquisition and consolidation", its board has revealed after the listed VLCC and Suezmax operator swung back into profit. Part of John Fredriksen's business empire, Frontline had announced on 2 July its agreement to merge with Frontline 2012 to form an
Oriental Energy clinches VLGC deal with Hartmann Schiffahrts Shenzhen-listed Oriental Energy, a Chinese liquefied petroleum gas (LPG) trader, has secured a vessel chartering deal with Hartmann Schiffahrts, which was approved by its shareholders. The deal over five very large gas carriers (VLGCs) was approved by its shareholders in the first half of 2015, a
Coastal Contract's net profit tumbles 27.8% Malaysia-listed shipbuilder Coastal Contract's net profit for the second quarter of 2015 declined 27.8% year on year (y/y) to MYR34.8 million (USD8.2 million), while its revenue dipped 32.3% y/y to MYR164 million. Similarly, its gross profit also declined 36% y/y to MYR31.4 million. The company
China to cut seven shipping-related expenses The Chinese government will slash seven shipping-related charges beginning 1 October. The Ministry of Finance and National Development and Reform Commission (NDRC) on 24 August announced that the seven are: port fee, escort fee for special vessels and marine projects, temporary ship registration
Leading scientist questions IMO focus on black carbon regulation Black carbon is a health issue, but not a top cause for global warming, says WCRP chief
SFI hikes dividend for third consecutive quarter Mixed fleet owner gets profit boost from sale of Horizon Lines paper
CSSC Offshore & Marine Engineering losses widen Losses on impairment of assets surged nearly 378% year on year to Yuan230.1m
Cruiseships sail in Arctic waters with no charts Expedition cruise operators using crowd-sourced sonar data to gain picture of shallow water depths
Major losses up in first half, Cefor finds But overall casualty trend remains positive, says Nordic insurance trade body
Frontline to answer questions on its merger and markets ANALYSIS: Growing trend on Wall Street in favour of larger-cap shipping companies with homogeneous fleets
Svitzer orders six ASDs from Turkey's Sanmar Move designed to fulfil contractual commitments, says tug giant
Allianz hires Rathaur for marine risk role Former master has 20 years of industry experience
Papaeconomou strengthens Lloyd's List global value Experienced industry insider joins Lloyd's List to watch US shipping developments
Nordic Shipholding books first-half return to profit Tanker operator upgrades forecasts and looks to expansion
Frontline sails through second quarter as rates hold steady Frontline and Frontline 2012, merged this quarter, are 'in position to start returning cash to shareholders'
Dalgaard to head up Gulftainer's ambitious growth plans Former DP World executive switches to rival UAE group to develop overseas portfolio
Cosco Pacific records 12% growth in first half profit Total container throughput increased by 4.2% year on year
Hapag-Lloyd posts $181m first-half profit as CSAV benefits kick in Update: IPO on hold as stock markets collapse but German line lifts savings forecast from synergies with Chilean line
Record NY-NJ port volume bodes well for peak season The Port of New York-New Jersey posted double-digit container growth again in July, breaking the import record it set in May and illustrating how U.S. West Coast diversions are positioning the top U.S. East Coast port for a healthy peak season. The port saw overall traffic jump 14.1 percent on a...
Shippers reducing cargo footprint via mega-ships MSC Oscar, the largest container ship currently in service.It is common knowledge by now that shippers and carriers benefit from the lower transportation costs that large container ships offer, but a new report makes a strong argument that mega-ships are significantly reducing the carbon footprint of ocean shipping. This is important...
LTL trucker Holland expands, enhances terminal network Regional less-than-truckload carrier Holland is upgrading its terminal network, opening a new, built-from-the-ground-up 110-door facility in Grand Rapids, Michigan and working on systemwide improvements to improve freight flow as business levels rise "consistently." The new terminal, which replaces an older, smaller facility, will enhance Holland's service in southwestern Michigan but also...
NY-NJ port top loader operator accused of killing fellow worker while drunk New Jersey officials say the driver of a top loader was drunk when the heavy equipment struck and killed a dockworker at APM Terminals' facility in the Port of New York and New Jersey earlier this month. Victor Belo, 48, turned himself into the authorities Monday and faces a second-degree charge...
US intermodal volume growth hits fastest pace in months Last week U.S. intermodal volume growth hit its fastest pace in roughly two months. U.S. intermodal traffic for the week ending Aug. 22 rose 5 percent year-over-year, hitting 278,972 units, according to the Association of American Railroads, the largest U.S. rail lobby. It's the best growth American railroads have seen in...
G6 restores Sweden-Asia service as volume builds Port of Gothenburg, SwedenThe G6 Alliance is starting a new service from Asia to Sweden, a sign that there are some bright spots on the ailing Asia-Europe trade lane. The weekly service marks the first time the alliance has called the Port of Gothenburg since 2012. While the overall Asia-Europe...
Tianjin port explosions could be most expensive maritime disaster A building damaged by the Port of Tianjin explosion.An explosion and fire that devastated the Chinese port of Tianjin, the 10th-busiest global container gateway, could cost the insurance industry more than $2 billion, making it one of the most expensive maritime disasters ever, according to a London market underwriter. The catastrophe...
G6 restores Sweden-Asia service Port of Gothenburg, SwedenThe G6 Alliance is starting a new service from Asia to Sweden, a sign that there are some bright spots on the ailing Asia-Europe trade lane. The weekly service marks the first time the alliance has called the Port of Gothenburg since 2012. While the overall Asia-Europe...
Gulftainer taps former Maersk, DP World exec to lead global operations Gulftainer has appointed a former Maersk Line and DP World executive as CEO of GT International, its international operations division, as the container terminal operator expands its global footprint. Flemming DalgaardFlemming Dalgaard spent 22 years with Maersk Line in various positions before joining DP World as senior vice president/managing director for...
Vietnam moves closer to deepening channel serving Cai Mep Tan Cang - Cai Mep Container Terminal, VietnamVietnam's shipping department has drafted a proposal to deepen the Thi Vai passage, allowing Cai Mep container terminal to handle larger vessels. The department, which is seeking approval from Vietnam's Ministry of Transport, expects the dredging project to cost about $283 million and allow...
Delaware River ports seek to capitalize on growing volumes Come next April, only one container terminal along the Delaware River will be ready to handle the larger post-Panamax ships transiting the new Panama Canal locks. And, although the Packer Avenue Marine Terminal in the Port of Philadelphia is preparing to welcome the mega-ships, it won't be able to handle...
Hueneme gets $1.5 million in aid to boost Latin, Central Americas traffic Reefer operations at Port of HuenemeThe Port of Hueneme has been awarded nearly $1.5 million in U.S. federal dollars to its infrastructure in the hopes of boosting imports and exports - specifically to and from Central and Latin America - through the Southern California port. U.S. Secretary of Commerce Penny Pritzker...
China repeals shipping-related charges to galvanize trade The Chinese government will slash seven shipping-related charges beginning in October in an effort to jump start trade as the government grapples with an economic slowdown. The Ministry of Finance and National Development and Reform Commission Tuesday announced the seven areas would be: port fees, escort fees for special vessels and...
JNPT unable to shake congestion in lead up to strike Trucks lined up outside JNPT.Logistics providers out of Jawaharlal Nehru Port Trust continue to report excessive truck delays and serious yard congestion at the terminals in India's biggest container gateway, largely the result of a freight buildup following the week-long shutdown of APM Terminals-operated Gateway Terminals India. In its latest trade advisory...
CEVA launches direct Singapore-New York LCL service HONG KONG - CEVA Logistics is developing its global consolidation operations and less-than-container-load services, and has announced the launching of a weekly LCL offering from Singapore to New York.It is CEVA's first guaranteed weekly service direct to the U.S. from Singapore as part of the company's plan to grow its...
Hapag-Lloyd earnings up as CSAV makes its presence felt HONG KONG - Hapag-Lloyd's integration with CSAV dominated the new entity's first-half results, with the group posting $180 million in net profit and a 45 percent increase in revenue compared to the first six months of last year.The solid profit was a major turnaround from the first half of 2014...
Hutchison Australia unit explains midnight text message layoffs Maritime Union Australia workers gather outside a Hutchison Ports Australia port in protest at the firing of 97 workers earlier this month.HONG KONG - Hutchison Ports Australia has attempted to clarify its position in an increasingly bitter dispute with Maritime Union Australia and mounting outrage following reports that the 97...
Hapag-Lloyd earnings up as CSAV makes its presence felt HONG KONG - Hapag-Lloyd's integration with CSAV dominated the new entity's first-half results, with the group posting $180 million in net profit and a 45 percent increase in revenue compared to the first six months of last year.The solid profit was a major turnaround from the first half of 2014...
US port push to extend gate hours comes with cost The Port of Oakland's announcement last week that it intends to open its terminal gates an extra day each week demonstrates two hard, cold facts about U.S. port operations in this era of big ships. The traditional menu of five weekday gates each week is no longer adequate to handle...
Customs slowdowns have limited impact on Brazilian shippers Port of SantosStrikes, partial strikes and slowdowns by Brazilian customs officers are continuing this week, but the effect on most shippers has been muted. The impact of the slowdowns, dubbed Operation Tartarugas, or Operation Turtles, has varied by port. Federal officers at some ports such as at Santos and Vitoria were...
US cross-border truck traffic rises, but not like in 2014 The number of trucks that passed through the five largest U.S. border crossings rose 5.6 percent from the first quarter to the second quarter of 2015, as the U.S. economy defrosted and expanded at a faster pace, according to U.S. Bureau of Transportation Statistics data. The five largest U.S. ports of...
Stealth confirms tanker sale Greek owner Harry Vafias has confirmed the sale of a chemical tanker at a time when his group is busy taking delivery of newbuildings.
DSF profit slashed Danish Ship Finance (DSF) has seen its first half profit axed but it expects a small increase in lending for the remainder of the year.
Port cash for Vinalines State-owned Vinalines looks set to bank a substantial sum from selling shares in a port company.
SFI well ahead Ship Finance International (SFI) has declared an increased dividend for the second quarter as it outperformed analysts' consensus.
New engine needed Canada is sending back a new ro-pax to Damen's Romanian yard for a new engine.
Lines cut emissions Clean Cargo Working Group survey finds boxships emitting less CO2 in most global trade lanes.
Svitzer orders tug sextet AP Moller-Maersk's salvage division places contract for six vessels at Turkey's Sanmar.
Crewman crushed One seafarer has died and another three were injured after a research ship suffered a list in Italy.
Chemical formula working Chemical tanker owners are set for more good news as they enjoy the best market for six years.
Reaching for the sky Architects have drawn up a design for a sustainable skyscraper in India made out of shipping containers.
Havyard weak in Q2 Downsizing shipbuilder sees red and says more orders necessary to fill its yard capacity.
Worker dies in blast A worker has been killed in an explosion at a shipyard in Bangladesh.
Odfjell Drilling in the red Impairment write-downs result in more than $220m loss for drillship owner in the second quarter.
Austal hits new high Australian shipbuilder Austal has logged its best ever annual result as it revealed increasing interest in new ferries from European owners.
Don't believe the brokers Nordic American Tankers (NAT) CEO Herbjorn Hansson has launched a robust defence of the recent suezmax market.
Reach "proud" in Q2 Oslo-listed owner books increased profit and revenue in weak market with low rates.
CSAV merger lifts Hapag Hapag Lloyd has returned to profit in the first half of the year helped by its merger with Chilean liner operator CSAV.
Clipper takes ultras Denmark's Clipper Group has emerged as the buyer of two ultramax resales built and owned by cash-strapped Sainty Shipbuilding in China.
Frontline back in black John Fredriksen's Frontline has returned to profit in the second quarter as it slashed operating costs.
Nordic back in profit Denmark's Nordic Shipholding has posted an interim profit of $3.7m Wednesday, reversing a loss of $3.4m seen a year ago.
EURN gets Webber blessing Wells Fargo believes Euronav will be a major money spinner for investors as it becomes the latest bank to initiate coverage of the stock.
Bulker backlog slides Bulker newbuilding orders for the first seven months of 2015 have fallen by over 90% year-on-year, according to Clarksons Research.
Fleet growth boosts DLNG Dynagas LNG Partners has reported sizeable growth in its second quarter performance on the back of its larger fleet.
Ezra to offload FPSOs Further assets sales under discussion as Singapore firm looks to bring debt under control.
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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