Evergreen confirms mega ULCS deal Japan's Imabari Shipbuilding has secured an order for 11 ultra-large container ships (ULCS) that have been contracted by Shoei Kisen for long-term charter to Evergreen Line of Taiwan. The 18,000teu vessels will have an overall length of 400m and a beam of 59m. They will be fitted with MAN B&W
Kühne + Nagel vows to expand market lead The world's largest ocean freight forwarder Kühne + Nagel has vowed to expand its leadership position as it launched a series of global events to commemorate its 125th anniversary in Bremen today. "Our goal remains to grow faster than the market, as the world's No 1 in ocean freight, No 2 in air
Torm restructuring may wipe out shareholders DS Torm, the listed Danish product tanker and dry bulk carrier owner, has received a waiver regarding a covenant and says planned restructuring could leave existing shareholders with just a 2% stake in the company. On 29 November, Torm said it was not in compliance with milestone requirements under
Crippled bulker rescued in Bay of Algiers Panama-flagged cargo ship Zeus 1 has been brought safely to port after losing power off the Algerian coast. The action prevented "an environmental and human catastrophe", according to Algeria's Ministry of Defence (MDN). The 16,833gt bulk carrier, carrying a cargo of Canadian wheat, got into
Greece 'to review' China Piraeus port deal Greece's new government has halted the planned sale of a 67% stake in Piraeus Port Authority to China-based COSCO Group, the country's new deputy shipping minister confirmed. Thodoris Dritsas of the country's election winner Syriza announced the decision on Tuesday, adding that the deal would "be
Thailand reclaims top rice exporter crown Thailand is once again the world's biggest rice exporter, although problems with its supply chain remain, a senior official with a major Thai rice trade body said. Last year Thailand exported a record 10.9M tonnes of rice, with most going to Nigeria and Benin in west Africa, Sermsak Kuonsongtum,
Antwerp sets 199M tonne throughput record Second-ranking European cargo port Antwerp achieved a new cargo-handling record in 2014 as final throughput figures showed a 4.3% year on year increase in throughput to 199M tonnes. Both containers and liquid bulks produced solid growth rates but these were partially offset by a fall in dry bulk
Marine insurance 'may become uneconomic' The anticipated cost of capital under new regulations could potentially make certain classes of marine insurance uneconomical to transact. Patrizia Kern, chair of the facts & figures committee of the International Union of Marine Insurance (IUMI), said the new Solvency II regime that will regulate
Pharma producers ramp up ocean freight Suppliers of pharmaceuticals and healthcare products are pressing ahead with a modal shift from air to sea transportation in a bid to scale back freight costs, delegates at the IQPC Cool Chain Europe conference in Frankfurt heard today. US pharmaceuticals producer Pfizer is about to convert its
TAS Offshore sells three vessels at $39.7M Malaysia-listed shipbuilder TAS Offshore has sold three vessels for a total of MYR143.24M (USD39.7M). According to its stockfiling to Bursa Malaysia, TAS Offshore stated that its wholly owned subsidiary sold one unit of offshore construction vessel and two units of anchor handling tug supply vessels
Arkas Line carryings top 1M teu Turkish container line operator Arkas Line transported more than 1M teu for the first time in 2014 as its carryings for the year rose 30% over the 2013 total of 770,490 teu. The company, which is part of the family-controlled Arkas conglomerate, said last year's total took in both the regular
Singapore ship arrests drop in 2014 The number of ship arrests in Singapore fell last year, according to the country's Supreme Court figures. A total of 60 ships were arrested and 67 warrants of arrest filed in 2014, compared with the 2013 figures of 85 and 110, respectively. Last year's figures were also the lowest in two years,
Greece's new shipping minister named Thodoris Dritsas has taken the helm as Greece's new shipping minister following the electoral victory of the country's left-wing party Syriza. Dritsas, 68, is a constituency representative of Piraeus and has acted as a shadow shipping minister for the past three years. The shipping ministry has
Pelindo I issues $24M bond to develop Kuala Tanjung Port Indonesian state-owned port operator PT Pelabuhan Indonesia (Pelindo) I will issue bonds worth IDR300Bn ($24M) in 2H15 to develop Kuala Tanjung Port in North Sumatra. The Kuala Tanjung Port development is predicted to cost around IDR17Trn until 2019. For the initial stage, Pelindo I will allocate
Bohai Leasing completes Cronos acquisition Shenzhen-listed Bohai Leasing has completed the acquisition of 80% of Cronos, a container leasing company. The acquisition will complement Bohai's existing investment in the Seaco Group (Seaco), a statement of Seaco said. With the acquisition and the amalgamation of the two companies, Bohai will
HHI's 2014 orders down 27% Hyundai Heavy Industries has revealed that its 2014 orders fell 27% year on year to just over $19.8Bn, compared to over $27.3Bn in 2013. The world's biggest shipbuilder, which has embarked on cost-cutting measures to restore profitability after suffering record losses of KRW616.6Bn ($569Bn) and
Hanjin, HMM 2014 revenue likely to remain sluggish Due to low freight rates and their restructuring efforts, including the disposal of business divisions, Hanjin Shipping and Hyundai Merchant Marine (HMM) are expected to post disappointing 2014 results, said an analyst in a research note. Martin Song of NH Investment & Securities said, "While
Southeast Asia sees 21% y/y rise in maritime crime A series of ships being hijacked for oil products cargo resulted in a 21% year-on-year (y/y) increase in maritime crime in Southeast Asia. Maritime security consultancy Dryad Maritime, which compiled the data, noted that the incidents in 2014 culminated in the fatal shooting of a Vietnamese
China Exim Bank funds $184M for BSC newbuilds China Exim Bank inked a deal on Monday to provide state-owned Bangladesh Shipping Corporation (BSC) a loan worth $184M for six newbuildings. The loan will fund the construction of three bulk carriers and three tankers, local media reported. The newbuildings would be bought under the 'direct
Dublin Port inaugurates new box facility Opening of new $40m Alexandra Quay Container Terminal comes as Irish port sees trade return to pre-recession levels
Sea Destiny launched by OSG's former Greek head New company led by George Dienis starts with management of five LPG carriers
Torm on final leg to create restructuring plan Danish owner upbeat as Oaktree remains poised to take majority equity stake
Shell dominates list of charterers taking VLCCs on time charters Oil major has taken seven tankers on time charter so far this year
Restructuring remains on industry agenda No let-up seen in immediate future, says top law firm
Shipping faces new capital markets realities Conference hears owners discuss funding options
Savannah joins Charleston in posting double-digit growth West coast congestion and resurgent US economy drives southeast traffic
NewLead confirms bitumen tanker acquisitions Three vessels acquired outright and two more under hire-purchase deals
Chinese shipbuilders still face earning difficulties Low newbuilding prices, as well as rising labour and financing costs, dampen profitability, warns Cansi
Evergreen joins elite group with 18,000 teu newbuilding deal Update: Taiwanese line confirms plans to acquire 11 ultra large boxships through time charter deal with Shoei Kisen Kaisha
Dalian Shipbuilding Industry acquires South Korean yard in China The Dalian Daeyang Shipyard premises will be used to build LNG carriers and other hi-tech vessels
Russian Register of Shipping retains ice-class focus Market uncertainties, exchange rates and fuel prices all set to impact Arctic activity, but Russian Register newbuilding projects well under way
IUMI hoping to land Shanghai trade association SIMI expected to sign up by annual conference
Lower fuel prices, intermodal improvement boost Marten Transport profits The combination of low fuel prices and improved intermodal operations delivered record fourth-quarter profits to refrigerated truckload carrier Marten Transport. Lower fuel prices may have slowed revenue growth, but the company got more money out of its rolling assets. Net profit jumped 22.8 percent year-over-year in the fourth quarter to $9...
West Coast gridlock hits export opportunities, AgTC warns U.S. exports of several agricultural products including pork, beef, poultry, apples and forage products are shrinking, and some export opportunities could be lost permanently because of dockworker slowdowns and the gridlock that has emerged at West Coast ports, the Agriculture Transportation Coalition reports. The damage ranges from canceled orders to produce...
Canadian shippers see sailing reliability suffer as West Coast congestion ripples north VANCOUVER, British Columbia - Many Canadian importers are receiving shipments two to three weeks longer than usual and exporters are missing sailing windows because of container vessels delays at U.S. West Coast ports are rippling north. Canadian shippers "are loading in Asia and expecting a shipment in 30 days and then,...
Antwerp growth trails that of Rotterdam in 2014 Antwerp posted a 4.7 percent increase in container traffic in 2014, trailing a 5.7 percent rise at close rival Rotterdam but reversing a 0.7 percent decline in 2013. Europe's third largest port handled 8.98 million 20-foot equivalent units last year, the second fastest growing cargo sector after liquid bulk, to help...
New Greek government pulls privatization of Piraeus port Greece's new government, headed by the populist left wing Syriza Party, said it will scrap the planned privatization of the port of Piraeus, one of Europe's fastest-growing container ports, fueling uncertainty over its stance toward the nation's shipping community, which controls the world's largest fleet. "We will not sell a majority...
Dutch logistics firm expands trucking service for IAG Cargo European transport operator Jan de Rijk Logistics will provide trucking services, handling "Iberian traffic" for air freight company IAG Cargo, the companies said last week. The agreement strengthens Jan de Rijk's operations in the Iberian Peninsula, where the company says it already has a strong presence, and its relationship with IAG...
Lower fuel prices pressuring LTL margins and rates Falling fuel prices may please motorists, but not necessarily motor carriers. Lower diesel prices at the pump mean lower trucking fuel surcharges, and the loss of fuel surcharge revenue is cutting into the profit margins of less-than-truckload carriers. LTL carriers could see operating income drop as much as 7 or 8 percent...
Virginia battling congestion but was profitable in 2014 The Port of Virginia is battling congestion but at least is no longer being castigated by the state for lackluster leadership and generating losses. The port reported another profit and continued to move record-breaking cargo volumes in December, marking the sixth consecutive month in both areas on the Virginia waterfront. But as...
CN expects continued US West Coast diversion gains Canadian National Railway expects intermodal to stay strong as shippers frustrated with U.S. West Coast port congestion push U.S-bound loads through Canadian ports and onto its network running through Chicago and down to New Orleans. CN intermodal volume in the fourth quarter grew 10 percent year-over-year, thanks largely to U.S. shippers...
Heavy transit volume gets Cathay terminal off to a strong start The first year of operation for Cathay Pacific's new terminal was a good one.HONG KONG - Cathay Pacific's new air cargo terminal in Hong Kong handled 1.45 million tons during 2014 in its first full year of operation.Cargo volumes at Cathay Pacific Cargo Terminal (CPCT) - operated by Cathay Pacific...
Tight Hong Kong warehouse supply will test logistics budgets this year HONG KONG - A scarce supply of industrial land will continue to push up warehouse rentals in Hong Kong, keeping landlords in the pound seats while ramping up operating costs for third party logistics providers.In its annual market review of Hong Kong, CBRE said demand for industrial properties in the...
Hong Kong air cargo soars above sinking sea freight HONG KONG - The sharply divergent fortunes of the air and ocean cargo sectors in Hong Kong are illustrated in a chart from CBRE Research on container and air freight throughput during 2014.Using 2010 as the starting point, container volumes and air cargo tonnage closely follow a volatile supply and...
Robust 2-year forecast for US industrial real estate Demand for U.S. industrial property will remain strong for at least the next 24 months even though the market for manufacturing and distribution facilities has experienced four years of continuous growth, according to the U.S. Industrial Outlook published this week by CBRE Research. "I can't think of any client who's not...
Vancouver drayage tensions grow after 600 drivers left out of work VANCOUVER, British Columbia - The exclusion of roughly 600 drayage drivers from a new licensing system at Port Metro Vancouver has raised tensions here in what is increasingly looking like a showdown between truck drivers and the government. The largest Canadian container port on Friday notified 68 trucking companies that roughly...
Diversions lead to a record-setting year at Savannah The port of Savannah was a major beneficiary of West Coast congestion, handling 3.3 million TEUs during 2014.Labor disputes on the West Coast and a recovering national economy sent record-breaking cargo volumes to Georgia ports in 2014. The calendar year ended with growth across all cargo sectors for the Georgia Ports...
DHT sheds red DHT Holdings (DHT) posted a fourth-quarter profit Wednesday that exceeded the expectations of many industry analysts.
Paddy ponders private equity Private equity investors are not going to lose their shirts despite mixed results in their shipping investments so far, Paddy Rodgers says.
No buyer yet STX France boss Laurent Castaing says no prospective purchaser has so far visited the yard.
Pacific to trump Atlantic Shipowners will benefit from increased transport distances as trade patterns shift over the next 35 years, according to a new study.
Period pain Ridgebury Tankers has questioned the established logic that contracting a newbuilding against period contracts is better for the market than speculative orders.
Greece halts port sale Greece's new left-wing government has revealed its intention to freeze its predecessors' plans to sell a majority stake in the port of Piraeus to Chinese giant Cosco.
Euroseas to split? Greece's Euroseas has raised the possibility of separating its dry cargo and container fleets.
Torm wins more time Danish tanker owner Torm has gained more time to complete its financial restructuring.
Nanjing Tanker wins cargoes China's Nanjing Tanker has signed a strategic agreement with CNOOC to lift cargoes for its new Taizhou Petrochemical plant.
Aug Bolten adds to pool Germany's Aug Bolten Group has added one of its newbuilds to the Sea Stallion Pool, set up jointly in 2013 with Greece's Ariston Navigation.
Evergreen in giant charter deal Taiwan's Evergreen has signed a deal to charter 11 new giant boxships from Shoei Kisen Kaisha of Japan.
No IPO rush Euronav's successful float in New York has not signalled the opening of an IPO window for shipowners on Wall Street, a leading banker says.
Wartsila in Ostensjo deal Wartsila has reached an agreement with Norway's Ostensjo Rederi to supply three new escort tugs with dual-fuel engines.
New trio for Navig8 Expanding tanker and bulker player Navig8 has announced three additions to its pools.
Mercator loss grows Singapore-listed Mercator Lines has posted a bigger loss for its third quarter as revenue plunged.
Braemar sells iconic office Braemar Shipping Services is getting ready to empty its distinctive office in London's Marylebone to move to a bigger space following the merger with ACM Shipping.
GMS gets four years Gulf Marine Services (GMS) of the UAE has fixed out one of its large offshore ships for four years.
Reefer refloated A Triton Schiffahrt-managed reefer has been refloated off the US after grounding on Tuesday morning.
JES sells to settle Singapore-listed shipbuilder JES International Holdings is selling shares worth SGD 6.59m ($4.87m) to partially settle a loan made to acquire a share of an African forestry project.
Yinson wins FPSO deal Yinson Holdings has secured a contract to supply an FPSO for deployment off the coast of Ghana in a deal worth up to $3.2bn.
KNOP attracts hedge fund OppenheimerFunds has become the latest hedge fund to take a sizeable position in KNOT Offshore Partners (KNOP).
BG Group selects GAC GAC has been appointed sole provider of hub agency services for the worldwide LNG fleet of BG Group.
Navios aims to go long Navios group is aiming for potential longer period employment for its crude tanker fleet.
Jags driven off Osaka Discharge operations to offload more than 1,400 vehicles from the 52,000-gt Hoegh Osaka (built 2006) have begun.
Polish port wins EU funds for LNG bunkering Money will be used 'to prepare grounds for the construction of a liquefied natural gas bunkering facility.'
ULSFO being used 'without problems' Fleet bunker manager urges players to investigate 'dark gasoil' as a means of ECA compliance.
Evergreen opts for more fuel saving box ships Five more ultra large vessels are chartered.
LNG bunker supplier secures first contract Shipping company will be served by LNG bunkering barge in Zeebrugge.
Banks revise down their crude oil price forecasts Goldman Sachs has predicted that oil prices will remain close to $40 a barrel for the first half of 2015.
Wartsila dual-fuel units for oil sector tugs Equipment for mid-2016 delivery.
TOTE and partners will offer LNG bunker supply to market TOTE will only need about a quarter of the capacity of infrastructure being put in place to fuel TOTE vessels, executive tells Bunkerworld.
Plunging fuel prices disguise cost of ECA complaince The cost of carrying a container by ship has fallen despite the introduction of tougher sulphur rules.
Fujairah: Port expansion a challenge, conference hears But oil trading will grow.
Firm starts inland bunkering on US waterway Tauber Oil supplying low sulphur marine fuel along the Gulf Intracoastal Waterway.
Glander International Bunkering expands Dubai office Senior bunker and lubricant trader starts work at the branch.
Oil price fall wipes out LNG price advantage Investments may be delayed as LNG is currently no longer cheaper than MGO.
Analysts upbeat on Aegean's performance 8.7% sales growth projected for the full year 2014.
IMO's improved scrubber approval system applauded Development is 'a major step in the right direction', says DMA spokesman.
Staff promotions at Malik Supply Jorgen Hojgaard, Jesper Riis Christiansen move up the ranks.
Port of Antwerp posts 1.5% drop in annual ship calls Recorded 14,009 calls by OGVs in 2014.
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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