US inland port to boost Savannah trade Cargo volume through the Port of Savannah is expected to receive a lift from a new intermodal rail facility to be built 570 km inland. Plans for the USD24 million Appalachian Regional Port at Chatsworth, Georgia, were unveiled on 28 July by the Georgia Ports Authority (GPA), rail operator CSX, and
Finnlines posts best Q2 figures in a decade Passengers and freight transporter Finnlines has posted improved second-quarter results, defying an economic downturn in Finland. Although the Grimaldi Group subsidiary's second-quarter revenue slipped 5.6% to EUR135.3 million (USD149 million), its profit climbed to EUR15.8 million, up 7.3% or
Scorpio continues buying spree NYSE-listed Scorpio Tankers has finalised more newbuildings orders as it reports second-quarter results that exceeded analysts' forecasts. From Hyundai Mipo, the Emmanuele Lauro-led company has ordered two MR product tankers, each priced at USD34.5 million, and two Handymax product tankers, each
Sembcorp Marine's Q2 profit slips 17% Sembcorp Marine's second-quarter net profit sagged 17% year on year to SGD109 million (USD80 million) as revenues sank at its rig-building unit. The rig-building unit's turnover dropped to SGD622.6 million for the quarter, down from SGD873.6 million in the same period last year, the Singapore-based
News insight: Greece looks offshore The offshore sector has not so far been a factor in Greece's rich maritime history, but the country's debt crunch could change that. Greece's government said on 14 July that it has received three bids for undersea acreage in western and southern Greece. The names of the bidders
Celebrity ship captain is a cruise industry first For the first time in the cruise industry an American female will take the helm of a mega-tonne cruise ship. San Francisco native Kate McCue will command Celebrity Cruises' Summit, a 91,000 gt, 965-ft ship, sailing between the United States and Bermuda. McCue comes from Celebrity's
South Korea's 'Big 3' shipbuilders see red in Q2 Hyundai Heavy Industries (HHI), Samsung HI (SHI), and Daewoo Shipbuilding & Marine Engineering (DSME) have all posted second-quarter losses. Known as Korea's 'Big three' shipbuilders, the trio revealed results on 29 July in line with analysts' expectations they would all post shortfalls. HHI's
Malaysia Marine and Heavy Engineering profit halves Malaysia Marine and Heavy Engineering Holdings' (MHB's) second-quarter net profit halved year-on-year (y/y) to MYR18.03 million (USD4.7 million) amid a slide in its offshore construction and conversion business. Operating profit for MHB's offshore unit plunged 58% y/y to MYR6.46 million with the
Five vessels sink, one runs aground in South China Five Vietnam-flagged coal carriers sank and another ran aground on 27 July at the anchorage near South China's Qisha port. The vessels were caught in the southwest monsoon, which brought heavy winds and waves as high as 5 m. Chinese maritime officials have rescued all 48 crewmembers from the six
Seafarer charity blasts US visa demands Seafarers who fail to obtain shore leave in the US are generally stuck on their ships by visa issues, according to a new survey. The issue was highlighted by the 14th annual Shore Leave Survey, released on 28 July by the Seamen's Church Institute (SCI) Center for Seafarers' Rights. But the US's
'K' Line-Chandris JV fixes out two LNG carriers to BP A LNG shipping joint venture (JV) between Japan's 'K' Line and Greece's Chandris (Hellas) has fixed out two LNG carriers to BP. The two ships, which are under construction at Daewoo Shipbuilding & Marine Engineering (DSME), would be delivered by 2018. BP intends to use the 173,400-m³ ships to
Hyundai HI seeks to freeze wages as tough market bites Hyundai Heavy Industries (HHI), the world's biggest shipbuilder, has asked its labour union to accept a wage freeze this year, in anticipation of lower revenue amid tough market conditions. The proposal was put forth by the shipbuilder's management during wage negotiations with HHI's labour union
Townsville set for $403m upgrade as Australian trade shifts north Australia's Port of Townsville is set to receive a AUD55 million (USD403 million) berth upgrade, opening the way for 4,500 teu Panamax vessels to access to the port. The upgrade to berth 4 would add 20% to port tonnage throughput and enable another 2 million tonnes of product to trade through the
Bunker supplier's suit against MISC dismissed A Singapore-based bunker supplier's bid to get Malaysian shipping company, Malaysia International Shipping Corporation (MISC) to pay for fuel oil supplied through a third party has been dismissed by the Singapore High Court. Equatorial Marine Fuel Management Services sought USD21.7 million from
Nanjing Tanker returns to black with profit of $43.4m in 1H15 Nanjing Tanker returned to the black with a profit of CNY269.2 million (USD43.4 million) in the first six months of 2015 owing to a reduction in finance cost, lower bunker fuel cost, and pick-up in the oil shipping market. Revenue fell 10% year on year (y/y) to CNY2.6 billion during the same period
South Korean lawmaker: KDB must be responsible for DSME's situation A member of South Korea's Parliament has called on state-owned policy bank Korea Development Bank (KDB) to take responsibility for Daewoo Shipbuilding & Marine Engineering's (DSME's) predicament. DSME, South Korea's third-biggest shipbuilder, is in financial turmoil after it was discovered that as
Osaka's cargo traffic tumbles in April Cargo traffic at Osaka, western Japan plunged 12.8% in April from a year earlier to 6.711 million tonnes as both domestic trade and foreign trade sank at double-digit rates. According to preliminary figures released by the Osaka municipal government on July 28, of the 6.711 million tonnes, 2.923
CSCL seals deal for eight boxships Carriers inks contract for eight 13,500 teu vessels from Shanghai Jiangnan Changxing Shipbuilding
Marmaras snaps up three modern bulkers Greek owner's swoops epitomise market sense that bulker-buying interest is on the rise
Scorpio to splash out more than $500m on new product tankers Huge newbuilding order offers 'amazing opportunity' for New York-listed product tanker player
Offshore woes drive DSME to $2.1bn second-quarter loss Cost overruns and project delays to blame for deficit, says South Korean shipbuilding giant
DHT on $81,000 per day in third quarter Tanker owner to wait a little longer for asset values to climb higher before selling older ships
Samsung Heavy Industries loses $1.3bn in second quarter Struggling offshore sector has taken a huge toll on the yard
Earnings of Hyundai yards improve in January-June Operation of South Korean shipbuilding giant gradually comes back on track after corporate restructuring
VLCC one-year charters jump to $55,000 per day Owners expected to place more VLCCs on lucrative time charters
Chandris and K Line enter time charter with BP for two LNG carriers The 173,400 cu m vessels will carry LNG cargoes from the US Freeport project
Seaspan's net profits quadruple in second quarter NYSE-listed boxship owner and lessor enjoys stronger earnings as fleet size expands
Scorpio Bulkers sees 'encouragement' in dry bulk but remains cautious on market recovery New finance pledges from banks 'a reward' for owner's proactive action
Heartland Express profit hits speed bump of higher driver wages Higher driver wages and the lingering effects of a 2013 acquisition pulled down second-quarter profits at truckload carrier Heartland Express. Net income at the Iowa-based firm fell 11.9 percent year-over-year to $23.3 million in the second quarter. Operating revenue also decreased 15.5 percent year-over-year to $191.7 million. The second-quarter results are in...
The Suddath Companies designated as one of Northeast Florida's fastest-growing private companies JACKSONVILLE, Fla -- Suddath® placed third in the Top 10 Fastest-Growing Private Companies list based on revenue volume growth from 2012 to 2014. Through a continued focus on global expansion, strategic acquisitions and leadership enhancement, Suddath experienced a revenue gain of $62.6 million from 2012-2014, representing an 18.1% average revenue...
Hapag-Lloyd's container ship Cap Blanche repaired after engine fire Further to our CustomerInfo of July 21, 2015 we can now provide the following revised arrival and departure dates as repairs in Vancouver have been completed: ETD Vancouver July 27, 2015 ETA Tacoma July 28, 2015 ETA Oakland July 31, 2015 ETA Long Beach August 2, 2015 We regret the delay in the arrival and...
ATA opens registration for 81st management conference & exhibition Arlington, Va. - American Trucking Associations announced registration has opened for its annual Management Conference & Exhibition, scheduled for October 17-20 in Philadelphia. "Every year, the ATA Management Conference & Exhibition grows, improves and becomes more indispensable for trucking industry executives," said ATA President and CEO Bill Graves. "Last year's MCE...
As tonnage drops, profits rise at LTL trucker Saia U.S. trucking companies continue to make more from less, with less-than-truckload carrier Saia reporting bigger second-quarter profits year-over-year on reduced revenue and tonnage. The 10th-largest U.S. LTL carrier increased its net profit 42 percent to $19.2 million and operating profit 38 percent to $31.3 million despite a 2.1 percent drop in...
Port Canaveral builds inland hub to handle expected containers Port Canaveral this week broke ground on what will soon be the port's first multimodal inland facility, part of the Florida port's ongoing campaign to snag container traffic from other U.S. East Coast ports. Come 2016, the Canaveral Port Authority is to be the first tenant at Flagler Global Logistics' Titusville...
$450 million port near Paranagua, Brazil, proposed Port of Paranagua, BrazilBrazil could see yet another major container terminal rise in the south of the country, benefiting shippers but ratcheting up the already fierce competition between the eight existing terminals already operating in the region and the six in the Port of Santos, only 202 nautical miles north. A...
Port of Long Beach harbor commission elects new president The Long Beach Board of Harbor Commissioners Monday elected Lori Ann Farrell Harrison as its new president. The commission president chairs board meetings and represents the port before the public. Lori Ann Farrell HarrisonAlso, the commissioners elected Lou Anne Bynum as vice president and Tracy Egoscue as secretary. The five-member commission...
Dual drayage system promises LA-LB shippers will have enough capacity Port of Long BeachLos Angeles-Long Beach is moving slowly toward a dual system of drayage in which some drivers are becoming unionized employees, while others prefer to remain independent contractors. Eventually, the result could be a sufficient pool of drivers to serve the 13 container terminals in the largest U.S....
C.H. Robinson boosts domestic, global revenue, earnings C.H. Robinson Worldwide is reaping the benefits of its $365 million acquisition of Freightquote last year, as well as earlier acquisitions that expanded its scale and footprint in North America and globally. Freightquote, an online freight broker, gave C.H. Robinson's sales a significant boost in the second quarter, adding to its...
Australia's Townsville to upgrade berth to handle Panamax vessels Port of TownsvilleThe Port of Townsville is set to receive a $403 million berth upgrade that will allow the northeastern Australian port to handle Panamax vessels, highlighting the movement of the majority of Australia's trade from its southern to its northern ports. The upgrade to berth 4 would allow the port...
Finnlines beats flat market with best Q2 in a decade LONDON - Finnlines posted its best second quarter result in a decade as cost cuts offset the impact of a flat Baltic short-sea shipping market. The largest roll-on, roll off carrier in the Baltic region boosted profit by 7.3 percent to 15.8 million euros ($17.4 million) from 14.7 million euros in...
Russia aims to septuple Crimean port volume via investment, lower tariffs Port of SevastopolRussia aims to septuple container volume through Crimean ports by spending more than $100 million on terminals and reducing tariffs on shipments to the region that has been a geopolitical flashpoint since its annexation. The resulting Western sanctions and the isolation of the peninsula as fighting continues in nearby...
ANA Holding's profits up despite cargo revenue declines ANA Holdings Inc. saw its group net profit more than double year-over-year in the first quarter of fiscal 2015, which started in April, despite weaker revenue from cargo operations. ANA Holdings, the parent firm of All Nippon Airways Co., said on Wednesday that it posted a net profit of 8.377 billion...
India orders public ports to prioritize coastal cargo All of the major public ports in India will soon set up a green channel for the clearance of coastal cargo, another initiative by the Narendra Modi-led government to reduce supply chain bottlenecks. "Guidelines have been issued to all the major ports to earmark exclusive berths, storage areas and gates for...
LA-LB clean air efforts leave other ports green, with envy An electric truck at the Port of Los Angeles.California's Freight Advisory Committee met Tuesday in Sacramento to begin the process of implementing Gov. Jerry Brown's executive order to develop a statewide sustainable freight policy that will transition ports, motor carriers, railroads and other transportation modes toward zero emissions. Some transportation industries...
Toll Group plans logistics hub at new Singapore mega-port Australian logistics provider Toll Group is to build a hub in Singapore to capitalise on the new mega-port coming to the western part of the city-state. On July 27, Toll, now part of Japan Post, said it would build a 100,000 square meter, $166 million Toll City logistics hub that will...
GLP doubles US footprint with $4.55 billion logistics portfolio PHUKET - Singapore-listed logistics property developer GLP has made its second multi-billion dollar investment this month, acquiring a $4.55 billion U.S. logistics portfolio from Industrial Income Trust a week after leading a consortium of investors in establishing a $7 billion China-focused infrastructure fund.The new U.S. portfolio will be injected into...
Driver pay hikes pay off as Swift expands while profits rise Swift Transportation last year led the trucking industry in raising driver pay, and that pay raise, however costly, is paying off handsomely for the largest U.S. truckload carrier. Excluding fuel surcharges, Swift's truckload revenue rose 5.7 percent from a year ago in the second quarter to $485.4 million. Revenue per loaded...
Fred Olsen ships pack Bergen Fred Olsen Cruise Lines's four vessels formed a spectacular picture yesterday as the whole fleet snaked into Bergen for a historic event.
US objects to Esco sale The US government has objected to the planned sale of recycling yard Esco Marine to its top creditor, Canada's Callidus Capital, as part of a Chapter 11 restructuring.
Gazprom link drives Golar Golar LNG shares have gained traction amid suggestions of a breakthrough deal on its debut FLNG project.
Norman Atlantic raided Inspectors find out that thieves have damaged parked cars on the burnt-out vessel.
Subsea 7 profit slips Oslo-listed owner sees low utilisation and cost reduction charge take a toll on Q2 result.
CSCL inks $934m order China Shipping Container Lines (CSCL) has placed a contract for eight newbuildings at a domestic yard.
NCL seafarers injured Two seafarers were injured during an accident on a Norwegian Cruise Line vessel in Hawaii, yesterday.
Scorpio in potential $538m order Scorpio Tankers confirmed a potential $538m newbuilding order as it reported a stronger than anticipated second quarter profit today.
Finnlines boosts profit Finnlines has boosted its second quarter and boss Emanuele Grimaldi expects further progress in the months to come.
Deutsche spur for SALT Deutsche Bank has upgraded shares in Scorpio Bulkers after the company positioned itself for a long, bumpy market recovery.
Euronav expectations high Expectations are growing ahead of Euronav's second quarter report with the market forecasting a major profit for the shipowner.
Dof charters trio to Subsea 7 Dof Subsea has chartered out three vessels to compatriot offshore company Subsea 7.
Samsung losses over $1bn Seoul-listed Samsung Heavy Industry reports a $1.3bn operating loss in just one quarter.
DSME books $2.5bn operating loss Speculation of huge losses at DSME turn out to be right as yard reveals significant red ink in second quarter.
Mipo misses but avoids loss Hyundai Mipo Dockyard has bucked the trend of bottom line losses for South Korean shipbuilders in the second quarter but its results still lagged market expectations.
Apollo ups AKPS ante Private equity group Apollo has increased its shareholding in Aker Philadelphia Shipyard (AKPS) by nearly 5%.
Seaspan strong in Q2 A growing fleet has helped Seaspan to a higher profit in the second quarter of 2015.
Boa axes newbuildings Boa Offshore has cancelled two multipurpose platform supply vessels (MPSVs) under construction at Nantong Mingde Heavy Industry following long delays.
BP takes in two newbuilds A joint-venture between K-Line and Chandris has revealed contracts for two LNG carriers with BP.
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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