Carnival shares surge on strong profits Cruise giant Carnival Corp has announced better-than-expected 1Q15 results, prompting its NYSE-listed stock to rise in heavy trading. Carnival reported net income of USD49 million for 1Q15 versus a net loss of USD20 million in 1Q14. Excluding non-cash items, Carnival had adjusted net income of
'K' Line executive jailed for price-fixing scam Japanese shipping executive Toru Otoda has been sentenced to 18 months in a United States prison and fined USD20,000 after admitting taking part in a scheme to rig bids and fix prices on ro-ro cargo. Otoda, a general manager of the car carrier division of Kawasaki Kisen Kaisha ('K' Line), conspired
Cross-Med container service upgraded Italian shortsea container carrier Tarros and Turkish ship operator Arkas Line have upgraded their joint intra-Mediterranean service by adding a fifth vessel - the geared 1,736 teu EM Spetses. Marketed as 'Great Pendulum Service' (GPS) by La Spezia-based Tarros, the loop connects ports across the
China clears way for auction of arrested bareboat charter vessels China's Supreme People's Court has made it clear for the first time that arrested vessels on bareboat chartering can be auctioned at the request of creditors. The new ruling came as the latest sign that China's maritime courts are tapping into international conventions in their trials. Before
Hapag posts USD660 million loss German container line Hapag-Lloyd closed 2014 with a huge net loss of EUR604 million (USD662 million) despite solid cargo volume growth and savings from lower fuel costs. The result marks a sharp deterioration from 2013 when the line lost EUR97 million. The company blamed the loss on special items
Golden Ocean, Knightsbridge shareholders approve merger Shareholders of Golden Ocean Group and Knightsbridge Shipping, both listed dry bulk carrier operators in John Fredriksen's business empire, have agreed to a proposed merger. The new company will be called Golden Ocean Group Limited and its shares will be listed on both the New York and the Oslo
India fears the pirates it cannot prosecute Somali pirates are moving closer to India, defence minister Manohar Parrikar has claimed. "Somali pirates ... are shifting their locations towards India. Because their [shipping] lanes are heavily guarded, they have slightly moved to this side. They are still 450 n miles away from India," he
Cyprus ready to launch Limassol Port privatisation The Cypriot government has announced plans to transfer all commercial operations at the Port of Limassol to private sector operators by the beginning of April next year. Minister of Communications and Works Marios Demetriades told IHS Maritime he intended to open the bidding for commercial services
Wan Hai Lines to launch new Asia-Middle East service Taiwanese carrier Wan Hai Lines announced today that a new Asia-Middle East string called China-Middle East Service II will be launched in April, which will be the second loop of Wan Hai Lines' Asia-Middle East service. The new service, jointly operated by Wan Hai Lines, Yang Ming, Cosco Container
Chinese commodity imports remain weak Most Chinese commodity imports remained weak in February, stated Italian shipbroker Banchero Costa in its latest research report. China imported 68 million tonnes of iron ore in February, up 11% year on year (y/y), but due to the Lunar New Year holidays, the import volume dipped in comparison to
Franbo Lines secures USD32 mil. to order three newbuildings Taiwan-listed bulk carrier Franbo Lines announced on 26 March that the company has borrowed USD32 million from five financial institutions to order three eco-ships. As the first listed bulk carrier in Kaohsiung, Franbo Lines currently operates a fleet of nine vessels, and it expects to take the
Sewol victims' families urge prompt salvage Families of the nine Sewol victims who remain missing have urged the government to hoist the vessel ahead of the first anniversary of the tragedy on 16 April. On that date last year, Sewol, carrying 476 passengers and crew, capsized during a routine Incheon-Jeju trip. More than 300 of them were
Plant outage in China prompts benzene imports A series of suspensions and turnarounds in Chinese benzene and aromatics plants has seen the country stepping up imports from its Asian neighbours in the first quarter of 2015. Singapore-based chemical tanker brokerage SPI Marine noted that South Korea's benzene exports surged 77% month on month in
MPA dismisses allegations on Noble Group The Maritime and Port Authority of Singapore (MPA) has dismissed claims that commodities trader Noble Group was involved in "illegal activities" as part of its commercial practices in Singapore, and links to the collapse of the OW Bunker in November 2014. MPA stressed that the closure of OW Bunker
China COSCO's profit up 54% y/y on subsidies China COSCO Holdings' profit jumped 54% year on year (y/y) to CNY362.5 million (USD58.5 million) on government subsidies for scrapping old tonnage. Excluding one-off gains, its loss narrowed 81% y/y to CNY1.4 billion due to slump in fuel costs and contraction of its chartered-in fleet, according to
Tanjung Offshore drops legal suits after cancellation of EGM Malaysia-listed offshore marine services provider Tanjung Offshore has withdrawn its civil suit against Tan Kean Soon, a non-independent and non-executive director of the company, and five others. According to Tanjung Offshore's filing to the Malaysian stock exchange or Bursa Malaysia, the legal
Canadian 'waste' in Manila sparks controversy The Canadian embassy in the Philippines has sidestepped criticisms made by BAN Toxics, an alliance of environmental and public health groups, over containers in Manila Port containing waste exports. The dispute has arisen over 50 containers of waste, including used adult diapers, exported to Manila
Carnival Corp tightens shipyard ties Carnival Corp has announced plans for nine additional newbuilds and sealed strategic partnerships with Italy's Fincantieri and Germany's Meyer Werft. Memorandums of agreement were signed for five newbuilds at Fincantieri to be built at the Monfalcone and Marghera yards for deliveries in 2019-2022.
Minimal changes made to ISO 28007 standards for maritime security But revised document offers clarification for PMSCs, according to rules body
Greek officials underline interest in Chinese land-sea bridge Syriza government ponders policy on Piraeus as Beijing underlines port's importance
China Shipping Development returns to the black Reversal of fortune is due to a rebound in the tanker division and an accounting manoeuvre in 2013
Avance Gas to seek compensation from yard for delivery delays of first China-built VLGCs Significant delays at CSSC yard in delivering at least four of the eight VLGCs on Oslo-listed owner's orderbook
Henderson sheds light on Shell's vetting practices World's second-biggest tanker charterer reveals what it looks for in a ship, and says it is willing to work with owners
Seanergy is back in business after cape delivery First ship has already been fixed as Nasdaq-listed owner pursues further acquisitions
Yemen conflict having limited impact on tankers for now An escalation could result in closure of an important oil passageway and may force vessels to divert around Cape of Good Hope
Freight rates continue downward spiral Carriers pin hopes on April GRIs as east-west rates reach new lows
Hapag-Lloyd to order 12,000 teu ships as it prepares for IPO German line expects to make decision on ultra large tonnage later this year
LPG shipping attractive for banks and export credit agencies But it's not always easy dealing with export credit agencies, experts advise
Hapag-Lloyd loss balloons to $654m in 2014 as CSAV integration costs hit bottom line Update: Results 'extremely disappointing', says Habben Jansen but new ship orders to be placed within weeks
TEN plans VLCC and LNG carrier orders But Tsakos-led owner will only build vessels tied to long-term charter contracts
CSCL ekes out $8.5m in core profits as fuel prices decline China Shipping unit giant faces fragile recovery due to ship oversupply and fiercer competition
China Cosco Holdings sees net profits rise 54% to $58.5m But excluding one-off items, underlying losses still stand at Yuan1.4bn
New shipper coalition blasts carriers for focusing on price instead of service A week after announcing its formation, a new shipper coalition in Shanghai lambasted container lines for focusing on price to the detriment of service. The Global Shippers' Alliance - which consists of membership from the European Shippers' Council, the Asian Shippers' Association and the American Association of Exporters and Importers -...
Agreement would allow West Coast stakeholders to tackle congestion together Terminal operators and equipment managers on the West Coast intend to form a discussion agreement that will allow them to work with industry stakeholders such as shipping lines, motor carriers and railroads to reduce congestion and improve cargo velocity. The West Coast Marine Terminal Operators Agreement (WCMTOA) and the Ocean Carrier...
Yemen shuts down ports after Saudi airstrike Yemen has shut down its major seaports after a series of airstrikes from neighboring Saudi Arabia against rebels fighting Yemen's Western-backed government, according to various reports. Port of Aden officials, however, have publicly denounced the claims, saying the country's largest container gateway is still operational despite the crisis. Industry and local reports...
Port of Tokyo to reward environment-friendly ships The Port of Tokyo will become Japan's first and Northeast Asia's second port to join the international Environmental Ship Index program and reward environment-friendly container ships. The Port of Tokyo, Japan's largest container port, will start providing discounts on port dues for ocean-going ships with ESI scores of 20 or higher...
Depth restrictions at Santos limiting container capacity New depth restrictions on container ships calling at the port of Santos, supported by pilots citing dangers to navigation from shallow channels, is sparking criticism from carriers and terminals affected by the restrictions. According to a senior executive of a global carrier with several services operating out of Brazil, all major...
Top Rotterdam barge operator to levy congestion surcharge A leading European barge operator will levy a congestion surcharge on containers shipped to and from Rotterdam next week. Contargo said it will introduce a surcharge of 6 euros [$6.50] per full and empty 20-foot container on March 30 because of "increasing" bottlenecks at Europe's largest container port. The German company...
Houston laden container imports rocket 40 percent The Port of Houston's volume of loaded import containers in February jumped 44.2 percent from a year earlier, boosted by shippers seeking an alternative to congested West Coast ports. Houston's February volume of loaded containers during the month totaled 139,532 twenty-foot-equivalent units - 66,518 TEUs of imports and 73,014 TEUs of...
OOCL, Yang Ming upgrade China-Pakistan Express with Hazira call OOCL and Yang Ming Line have expanded their joint China-Pakistan Express (CPX) Service by adding a direct call at Adani Hazira Container Terminal, a private facility in West India, starting in mid-April. The intra-Asia service will now offer the following port rotation: Shanghai, Ningbo and Shekou, China; Singapore, Karachi, Pakistan; Mundra...
Shift in traffic from West to East and Gulf Coast ports could be permanent It wasn't supposed to be this way. For U.S. West Coast ports, 2015 was going to be a year to solidify market share in the competitive U.S. container trades as ports on the East Coast prepared for completion of the Panama Canal expansion project. Instead, the first quarter of 2015...
West Coast market share slide tied to more than ILWU-PMA debacle East and Gulf Coast ports have been winning the market share battle in the U.S. containerized ocean trade since 2008. What happened? To examine the shift, let's go back to 2000, a neutral year in that it was before the aftershocks of the September 11 terrorist attacks and the 2002 U.S....
India moves forward on rail-port connectivity initiative The Indian federal government has approved a special-purpose company with equity participation of all major ports to implement rail connectivity projects aimed at improving supply chain services. The move is part of the new Narendra Modi-led government's much-publicized "sagar-mala" project designed to upgrade connectivity between port sites and hinterland points. The proposed...
Hapag-Lloyd loss soars to $652 million on CSAV merger costs Hapag-Lloyd, Germany's biggest container line, slumped to a net loss of 603.7 million euros [$652 million] in 2014 largely due to the one-off cost of acquiring and integrating Chilean carrier CSAV. The impairment charge for a portfolio of aging container ships also contributed to the six-fold increase from a 97.4 million...
SCFI: Rate falls for eighth straight week on Asia-Europe, Med trades HONG KONG - The slow season continued to exert its negative influence on spot rates across major east-west trades, with Asia-Mediterranean leading the way down this week and hitting lows not seen since October 2013, according to the latest reading of the Shanghai Containerised Freight Index (SCFI).It will cost $735...
China's top two carriers report mixed results HONG KONG - It was one up and one down for China's two largest carriers as China Cosco Holdings reported net profit tumbling 46 percent, while China Shipping Container Lines (CSCL) stepped back into profitable territory.The lines reported their annual results for 2014, during which CSCL posted an sharp turnaround,...
Venezuelan exports fall Venezuela has cut its subsidised crude exports to Cuba and the Caribbean by half since 2012.
Carnival starts strong Carnival Corp has followed up a nine ship newbuilding order with a return to profit in the first quarter.
TTA to rebound Earnings for Thoresen Thai Agencies (TTA) should recover from a first quarter blip in the second three months, according to Bualuang Securities.
NAO nets more cash Herbjorn Hansson's Nordic American Offshore has added $90m to a credit facility with DNB Bank and Skandinaviska Enskilda Banken (SEB).
A $60m special John Fredriksen's Frontline 2012 has today dividend out almost $60m worth of shares in VLGC owner Avance Gas.
DFDS sheds freight ferry Denmark's DFDS has agreed to sell a 2000-built freight ro-ro after rejigging its North Sea network.
Opening for owners The Philippines is preparing to ease cabotage restrictions preventing foreign vessels from operating in domestic trades.
New boxship S&P record set Clarksons says tide of German disposals and hike in panamax deals leads to new benchmark.
Hapag posts big loss Germany's Hapag-Lloyd has sunk to a deficit of EUR 604m ($655.3m) in 2014, a year during which it became the fourth largest liner company in the world.
Gotland sells trio Sweden's Rederi AB Gotland has sold shares in three MR tankers to its domestic partner Laurin Maritime after buying into three newer tankers.
Ferry takes hit A Danish ferry needed a tow back to port after hitting an underwater obstruction.
Vinalines mulls stake sale Vietnam's Vinalines is planning to sell more than half its shares during an initial public offering (IPO) promised by the end of the first quarter.
Hugo on 20 years as boss Mogens Hugo says he is sad to leave the chairmanship of Norden at a difficult time but content with the way the company has handled market fluctuations.
Shikoku adds two Japan's Shikoku Dockyard has clinched a new order for its biggest bulkers yet.
Moller sets special dividend AP Moller-Maersk investors are set for a DKK 1,671 ($242.104) per share special dividend after the shipowner completed its offer of Danske Bank stock.
Mipo wins car carriers Korea's Hyundai Mipo has won its first car carrier order for a year.
Everybody out! We take a look at what was said in the market over the past week.
Solstad CSV retained Italy's Saipem has declared its final optional year for a chartered Solstad ship.
Duo died in ferry leap Two deportees were killed after jumping from a Stena ferry in the North Sea last year, a UK inquest heard.
Nine crew feared dead Nine seafarers are feared dead after their general cargoship sank off Indonesia.
Epic Gas offloads duo Epic Gas has sold two of its oldest and smallest LPG carriers as it looks to modernize its expanding fleet.
SapKen downgraded SapuraKencana Petroleum (SapKen) has been downgraded by UOB Kay Hian following a disappointing fourth quarter.
Third K Line man jailed A third K Line executive faces jail time in the US for his part in a long running ro-ro cargo price fixing scandal.
Disposals boost CSCL China Shipping Container Lines (CSCL) has returned to profit in 2014 thanks to a combination of factors.
GSI cools merger talk Rumours of a potential merger between two major Chinese shipbuilders have been dismissed by one of the parties involved.
Carnival readies spending spree Carnival Corp made waves today after unveiling a multibillion-dollar newbuilding campaign that will involve the construction of at least nine cruiseships over the next four years.
Security concerns cause Yemen to shutdown ports Including: Aden, Al Mukalla, Al Mokha and Al Hudayadah.
Australia looks to invest in Port Louis's marine fuels sector Investment bank expresses interest to finance port's first offshore bunkering facility.
Methanol-fuelled ferry 'is setting an example to the world' European Commissioner praises Stena Line as 'innovative and brave'.
CSCL books annual profit But result more down to subsidy, market observers say.
Carnival reports 'significantly higher earnings' Results boosted by lower bunker prices and higher demand.
ECA-related engine failure 'ongoing problem' LR's marine director says blackout can be avoided if correct advice is followed.
Bunker supplies 'back to normal' at Brazilian port Operations were suspended replenishment delays.
Hapag-Lloyd records biggest loss in five years Fall in bunker prices came too late to make an impact.
Caltex Australia up for sale 50% stake going in Australian refiner.
Caribbean island to get bunkering facilities As part or world-scale dry docking yard.
Cruise giant buys series of fuel-efficient newbuilds 'These will be the most efficient ships we have ever built,' says company head.
Bunker tanker joins Black Sea fleet To refuel oil tankers and boxships transiting the area.
Skuld highlights risks involved with HK's low sulphur rule 'Vessels should be prepared,' insurer says.
HFO 'could disappear' from marine fuels market in 2025 If output level from oil producers continues downward trend, says DNV GL business director for LNG-fuelled ships.
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