Product rates lift Ardmore NYSE-listed Ardmore Shipping has posted much-better-than-expected results amid a strong product tanker rate environment. The company reported net income of USD13.6 million for the third quarter of 2015 against the USD117,298 it posted at the same last year. Earnings per share of USD0.52 were far
Port operator Cosco Pacific revenue down Cosco Pacific saw revenues tumble in the third quarter of the year after slower-than-expected throughput growth at its terminals and what it described as 'continuing weakness' in container leasing rates and resale prices. The group recorded a 6.6% decline in third-quarter revenue over the same
Calais claims rail 'motorway' first Top French passenger port Calais claims to have become the first European port to have its own rail 'motorway' terminal. The terminal, which was inaugurated on 23 October, will be used from January next year by a new rail motorway service that the port says will provide a direct link between Spain
DSME posts loss and defers drillship, SPP set to fold Embattled South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) on 27 October reported a third-quarter loss of KRW1.36 trillion (USD1.2 billion), reversing a KRW35.5 billion profit reported at the same period last year. DSME is undergoing restructuring and selling non-core assets
Antwerp port joins race to set up Iran trade links A delegation from the Port of Antwerp visited Iran last week, along with officials in the shipping and commerce sectors hoping to exploit relaxed sanctions. Led by port alderman and port authority chairman Marc Van Peel, the group of petrochemical and shipping experts met in Tehran with various
Daesan Port considers new name The Korea Port Economic Association has held a seminar to discuss the possibility of renaming Daesan Port to better reflect its location. The port is in the city of Seosan in South Korea's South Chungcheong province and mainly handles general cargoes. Due to this, there have been suggestions that
Cambodian port operator launches IPO roadshow Phnom Penh Autonomous Port (PPAP) has launched a roadshow to lure investors for a stock market listing planned for 11 December. The state-owned port authority and operator of Cambodia's second largest container terminal and largest river port is seeking to raise up to USD6.4 million by floating 20%
Fred. Olsen Energy cancels delayed rig at Hyundai Heavy Industries Bollsta Dolphin Pte., a wholly owned subsidiary of Fred. Olsen Energy in Norway, has notified Hyundai Heavy Industries (HHI) that it has exercised its contractual termination right under a newbuilding contract. The contract termination between HHI and Bollsta for the construction of a
Two more bulk carriers detained in Singapore Two additional bulk carriers were arrested in Singapore, amounting to five bulk carriers arrested in October alone. According to the Supreme Court of Singapore's records, bulk carriers Ocean Star and Archimedes were arrested on 25 October under the instructions of law firms Oon & Bazul and Asia
AAL sets up new office in Dubai Singapore-headquartered shipping operator Austral Asia Line (AAL) has set up a new office in Dubai, the United Arab Emirates. AAL Middle East is the company's third new office launch in the past two months, following South Korea and Canada. With the new office, AAL aims to provide the highest
Precious Shipping records net loss of $4.9m Thailand-listed shipowner Precious Shipping recorded a net loss of THB175.52 million (USD4.9 million) for the third quarter of 2015 that ended on 30 September 2015, although the company's earnings increased 8.7% year on year to THB1.24 billion. Precious Shipping was running an average of 45 ships
CMES posts fourfold increase in nine-month net profits The results are in line with its earlier earning alert
Mercator Lines hearing slips a week Court will decide course of owner's restructuring
Global gas glut good for LNG ships Oversupply creating lower prices to have positive impact on global LNG fleet
ING and China Eximbank pledge $1bn for Chinese-built vessels Two sides ink pact during Dutch King's state visit to China
Diana Shipping agrees panamax time charter with Glencore Glencore fixes a 2001-built ship at $6,800 per day for 11 to 14 months
Scorpio Tankers charters out three tankers on three-year terms Daily charter rates range between $20,500 and $28,000
Class, owners and shipbuilders agree common concerns Three-way meeting focuses on shipbuilding and classification survey standards and ship operating procedures
Softening demand to stem flow of new port capacity Drewry expects a number of capacity-enhancing projects to be pushed back
Navios Midstream rides firm VLCC market VLCC-focused MLP raises cash distribution by 2.4% aided by recent acquisitions
German owners defend 'European normal' tax breaks Merkel package brings country into line with rest of EU, insists VDR chief executive Nagel
Pyxis Tankers wins vote for LookSmart merger Greece-based owner of six tankers will trade under 'PXS' ticker symbol
DP World terminals increases volume in first nine months Europe and home terminals in the UAE drive volume growth
Rosenwasser leaves Gulfmark Company to merge executive roles on chief operating officer's departure
UK P&I Club announces 2.5% general increase But blow softened by mutual premium discount for 2014 year
Norton Rose Fulbright advises on $1.3bn financing for FPSO project Loan will finance unit built by Modec for Petrobras charter
SHI profit declines 71% in the third quarter Losses on offshore sector may continue
Fred. Olsen Energy terminates newbuilding and drilling contracts Oslo-listed Fred. Olsen Energy says it is entitled to a refund from Hyundai of $186.3m plus interest
China Shipping Group inks grain shipping pact with Cofco State-owned shipping giant aims to add four to five shipping routes and increase grain imports
China port consolidation speeds up but monopoly risks exist Provincial governments drive mergers between neighbouring ports to cut overcapacity
Nasdaq warns Globus Maritime of potential ejection from market Company has 180 days to bring value of publicly held stock up to exchange's minimum requirement
Green Shipping teams up with Moran Iron to build US box feeder vessels Joint venture targets Jones Act intra-coastal market
Cosco Pacific earnings weaken amid China trade slump Slowing global growth and dismal Chinese trade weigh on results
US railroads dodge service threat after House extends safety tech deadline WASHINGTON - The U.S. House of Representatives Tuesday approved a three-year deadline extension for U.S. railroads to install new safety technology, avoiding a catastrophe that railroads have said would cripple the network fluidity intermodal shippers depend on. Republican Rep. Bill Shuster of Pennsylvania, chairman of the House Transportation Committee, hitched the...
UASC names new head to North America division United Arab Shipping Co. has appointed a container shipping industry veteran who led the commercial organization at Hapag-Lloyd America to head its North America division. Stuart SandlinBefore serving as senior vice president of sales and customer service of the German carrier's America division, Stuart Sandlin held various management positions at Danzas,...
APMT Mumbai rolling out productivity boosting initatives APM Terminals-operated Gateway Terminals India at Jawaharlal Nehru Port Trust is aggressively working with truckers and container lines, and rolling out proactive measures aimed at setting new industry benchmarks for productivity and service levels. "What we are seeing is that more traffic is coming to our terminal as it can move...
UPS bullish on holiday business, Coyote acquisition UPS is expecting a short-term revenue bump from a double-digit increase in holiday shipments this year and a longer-term boost, to the tune of some $100 million, from its recent acquisition of freight broker Coyote Logistics, the company said Tuesday. The Atlanta-based parcel giant forecasts a strong holiday shipping season, predicting...
ILA endorses Clinton, will host event for her in Charleston The International Longshoremen's Association has endorsed Hillary Clinton for president and will host the Democratic presidential frontrunner at a rally Saturday in Charleston, South Carolina. ILA President Harold Daggett said the union's executive council unanimously endorsed Clinton. He praised her record as U.S. senator from New York and as secretary of...
DP World's nine-month volume edges up LONDON - DP World's container traffic increased 3.7 percent in the first three quarters of the year, driven by strong growth at its terminals in Europe and the United Arab Emirates. The Dubai-based company handled 46.5 million 20-foot equivalent units across its global portfolio of 65 terminals in the nine months...
Keep abreast of regs on hazmat shipments Q: I'm wondering if you may be able to help with a question I have, considering you seem to be the subject matter expert on this topic. Are you aware of any federal regulation requiring the shipper of hazardous commodities to submit/create the billing for freight rail moves? It's been suggested...
Hapag-Lloyd extends IPO offer period to Nov. 3 LONDON - Hapag-Lloyd has extended the share offer period for its initial public offering by a week to Nov. 3. The German carrier was due to set a price today ahead of trading in its shares on the Frankfurt and Hamburg stock exchanges on Oct. 30. The company said it would publish...
OSV day-rate woes to continue in 2016 BP says it will seek more price concessions from vendors due to weak energy prices.
APL strikes $9.8m False Claims Act settlement US announces civil penalty but says liner operator does not admit liability over shipments.
Eukor signs key Hyundai contract South Korean owner has secured a new four-year agreement to export Korean cars, Wilhelmsen says.
Boxship bonds bought Finland's Containerships raises another $6m through secondary debt issue.
NITC readies return Iranian tanker owner says it is in talks with European companies and insurers as sanctions end.
Bulker on the rocks Crew rescued after Mexican vessel forced aground by hurricane off Punta Graham.
Havyard Group delays subsea newbuilding Norwegian shipyard agrees to push back delivery of subsea unit in tough offshore market.
Kontainers.com is looking to innovate British start-up aims to simplify the ocean freight industry with the backing of London capital.
Havyard delays newbuild Norwegian shipyard agrees to push back delivery of subsea unit in tough offshore market.
Hedge fund raises stake in Golar LNG New York-based hedge fund Luxor Capital ups stake in Golar LNG by fivefold
Iran foils tanker attack Destroyer sent by the country's navy to prevent pirates from boarding unidentified vessel.
Kontainers looks to innovate British start-up aims to simplify the ocean freight industry with the backing of London capital.
Gurnee bullish after Ardmore's stellar Q3 Chief executive has a warm feeling for the winter market as profit races and dividend is hiked.
Navios Midstream boosts Q3 profit Angeliki Frangou-led tanker MLP posts positive result but falls short of the market's expectations.
ICG buys modern feeder quartet Irish owner builds containership capacity with $27m raid on German KGs.
Scorpio Tankers locks in trio for three years New York-listed owner fixes out an LR2 and a pair of MRs on period charters.
Hapag-Lloyd extends offer period German container line keeps IPO subscription open until 3 November, with updated prospectus on its way.
DeepOcean wins major cable deal Norwegian owner will send offshore ships to UK for work on DONG's Race Bank wind farm.
GSL scraps oldest ship Ian Webber-led company understood to have sent vintage vessel for green recycling in India.
UK Club seeks 2.5% A 2.5% general increase is to be sought by the United Kingdom Mutual Steam Ship Assurance Association at the February renewal of protection and indemnity cover.
DP increases throughput Ports operator handles more volumes from January to September; expects to meet annual expectations.
Bahri confirms VLCC pair from DK Maritime Saudi Arabian owner completes swoop for two tankers from DSME shipowning division.
CCS takes over Berlin German manager assumes complete control of veteran FTI Cruises vessel.
Bahri confirms VLCC brace Saudi Arabian owner completes swoop for two tankers from DSME shipowning division.
Cosco ready for Arctic boxship run Chinese giant plans regular liner services to Europe as global warming opens up northern route.
Wells: time to take a swing at Capital Analyst Mike Webber upgrades owner as crude and products exposure counter economic headwinds.
Delays hit DSME in third quarter Latest three-month loss brings Korean shipbuilder's net deficit to $4.2bn this year, but it expects improvement by year-end.
PSV set for conversion Norwegian-owned vessel set for new wind farm role following NOK 150m transformation.
'Bogus' piracy reports in Malacca Strait Indonesian admiral claims "90% of piracy cases" in strategic regional waterway had "ulterior motives".
Antwerp eyes return of Iranian cargoes Belgians quick off the mark in bid to restore status as top European port for Iranian cargoes.
Two crude-laden tankers stranded off China Sources say delay is due to a lack of storage availability onshore.
Eniram launches LNG 'fuel-saving' tool Firm says the Eniram Engine can reduce fuel consumption by '2% to 4%'.
AIP for LNG bunker barge concept 'Positive contribution to growth of LNG bunker market.'
Phillips joins Gulf Petrochem Appointment is to focus on delivering growth.
Monjasa to supply bunkers ex-pipe from Skagen To start up next month.
Ultra large container ship 'could run on electric motors' Turbines would use LNG as a fuel, says class society.
Ardmore posts quarterly profit With 'strong financial performanc', says CEO.
Academics call for new IMO approach to sulphur regulations Shipping could retain climate cooling effect by allowing use of HSFO on high seas, outside coastal ECAs and ports, study says.
Ex-pipe deliveries from Skagen, says Monjasa To start up next month.
Sulphur rules: MGO can only be a 'bridging solution' President of Singapore Shipping Association says owners have been able to 'hold back on investment decisions'.
'Magic pipe' cases exact heavy price As shipowners shell out $50 million over four years.
BV sets new LNG bunkering standards 'Vessels meeting the standards will be awarded the notation LNG Bunkering Ship.'
LR: LNG bunker tool provides 'initial feel' for adopters Players able to estimate LNG tank capacity required for vessel upgrades, says spokesman.
Algeciras bunker demand weakens Sales fall by almost 10%.
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