Maldives to shift main port to landfill island More details have emerged about the deal signed 10 days ago between DP World and the government of the Maldives for a deepwater port on the industrial island of Thilafushi. The first phase of the project will see construction of a container terminal, and this will be followed by a free trade zone
P&O Ports name revived as Dubai eyes new markets Dubai is extending its ports and terminals empire globally through a new company specialising in multi-purpose ports. Dubai's Ports, Customs and Free Zone Corporation (PCFC) last week revived the P&O Ports name with a view to starting operations in Madagascar, Somaliland and Albania. PCFC chairman
Boxship charter market climbs higher Charter rates for medium-sized container vessels continued to surge last week, fuelling hopes that a broad-based recovery in the boxship charter market is well under way. The ConTex market index went up by 3.2% or 14 points to 454 last week, this increase driven by improvements for ships of between
Hamburg Bulk Carriers adds 11 vessels German Handysize operator Hamburg Bulk Carriers (HBC) is expanding into the Supramax and Panamax segments with the award of third party management contracts for 11 ships of 53,000 to 82,000 dwt. The company said today that it was put in charge of the new tonnage by institutional investors and
CMA CGM profits up 43% French container line operator CMA CGM has announced that its 2014 net consolidated profits rose by 43% over the previous year to USD584 million thanks to a growth in volume and significantly reduced costs. Volumes carried rose by 8.1% year on year (y/y) to 12.2 million teu and revenues increased
Piraeus privatisation back on as COSCO China bids COSCO China is to bid for a majority stake in Greece's port of Piraeus following an apparent change of heart regarding the port's privatisation by the country's new socialist government. The Chinese company is an "active participant" in the bid for a majority stake in Piraeus and can make a "very
Ukraine slump hits German port operator HHLA Hamburg's state-owned container terminal operator HHLA managed to increase turnover and profits last year despite a collapse in cargo volumes at its terminal subsidiary in Ukraine. Volume gains at its flagship facilities in Hamburg and in intermodal inland operations saw the group lift its revenues
China MSA tells Chinese ships to avoid seas off Yemen China's Maritime Safety Administration (MSA) issued a safety alert to Chinese carriers over the weekend that they should immediately notify their vessels to avoid the seas off Yemen due to the continuing political crisis in the country. All the relevant Chinese carriers should emphasise relevant
Sembcorp Marine consultant linked to Petrobras corruption scandal A consultant linked to Sembcorp Marine's drill rig construction contracts with Sete Brasil, a subsidiary of Petrobras, has been arrested over alleged bribery charges, according Sembcorp Marine's statement to the Singapore Exchange. Sembcorp Marine received a copy of a plea bargain between the
Buying trend returns to ship recycling markets Cash buyers showed a willingness to acquire ships for demolition last week, amid talks that the Indian government would impose import taxes on Chinese steel. Improving local steel prices and a stabilising Indian rupee also saw scrap prices rising by at least USD20/ldt. Dubai-based cash buyer
Shanghai International Port Group profit up 29% Shanghai-listed Shanghai International Port Group (SIPG) announced on 28 March that it recorded a profit of CNY6.77 billion (USD1.09 billion) for 2014, up 28.75% compared with 2013. The company's revenue last year totalled CNY28.78 billion, growing by 2.19% from CNY28.26 billion in 2013, and its
Yinson posts full-year profit up 75% Malaysia-listed offshore marine services provider Yinson Holdings posted a full-year profit of MYR251.1 million (USD68.1 million) for the financial year that ended on 31 January 2015, up 75% from its MYR143.1 million profit for the previous year. The increase in profit is supported by higher
China Shipping Development back in profit Shanghai- and Hong Kong-listed China Shipping Development announced on 26 March that the company has recorded profit of CNY309 million (USD49.6 million) for 2014, returning to black from the loss of CNY2.23 billion in 2013. The company's revenue stood at CNY12.27 billion, representing an increase
Offshore insight: OSVs defy bear market Many shipowners in the offshore sector are struggling to stay afloat amid the market downturn, but a group of offshore support vessel (OSV) companies are defying the odds. They are capitalising on expansion and investment opportunities, which are generating strong profits despite the sector's
Epic Gas sells two ships Singapore-based pressurised gas carrier owner Epic Gas has sold two of its older ships. The company said 1997-built Epic Cebu and 1996-built Cefalu have been sold to buyers engaged in Southeast Asian cabotage trades. Epic Gas said, "The transaction demonstrates Epic's commitment to proactively
Japan's toluene exports hit record high Japan's exports of toluene hit a record high of 98,400 tonnes in January this year, according to data compiled by IHS Chemical. The amount beat the previous high of 73,700 tonnes in January 2014. Japan's toluene exports have been boosted by demand from the paraxylene plant that opened in Ulsan,
Economou buys DryShips' tankers as Tankships IPO is shelved Greek owner will pay up to $536m for suezmax quartet and optional six aframaxes
MSC takes delivery of second 19,224 teu boxship MSC Oliver to enter Albatross service later this week alongside MSC Oscar
HHLA full-year revenues up 5.4% Hamburg operator also reports double-digit growth in its operating result, yet overall volumes remain flat
Aronnax: Is big data, good data? Shipowners are right to be wary of letting all and sundry get hold of key information
China Cosco plans to order 11 19,000 teu boxships Company makes inquiries at several major Chinese shipyards to build the vessels
Stena unveils converted methanol-powered ro-pax Lloyd's Register and Wärtsilä join in work on world's first methanol-powered vessel
Carriers and not lower BAFs to blame for fall in Asia-Europe rates Drewry attributes latest rate slump to shipping lines' failure to cope with lower utilisation levels
Black Sea bounty as China favours Ukraine for grain Smaller vessel operators may switch their focus as China shuns US supplies
CSAV returns to the black following Hapag-Lloyd deal Chilean shipping line records profits of $389m in 2014
CMA CGM profits up 43% as order for 20,600 teu trio finalised Update: French line considers M&A and IPO after posting net profit of $584m, up 43%, and return on invested capital of 9.9%
Hellenic Carriers sells oldest bulker for $3.8m AIM-listed owner will book $3.9m loss on deal that is part of fleet renewal
Star Bulk sees gradual recovery in dry bulk markets Industry-wide efforts to curb oversupply and bottoming commodities prices means the worst might be over soon, says president Hamish Norton
Clustering nicely Integration in all the elements that go to make up a safe and efficient marine transport system are needed as ship design goes forward
LA, Long Beach ports could be back to normal sooner than mid-May Terminal operators in Los Angeles-Long Beach are beginning to reduce the vessel backlog built up during the longshore labor negotiations, raising the possibility that the largest U.S. port complex will be back to normal before mid-to-late May as originally expected. The Marine Exchange of Southern California reported Monday that 11 containerships...
Egypt expects August finish to Suez widening The Egyptian government expects to meet its goal of completing the $4 billion widening of the Suez Canal within a year, allowing shippers to access a second channel starting in August. At the Common Market for Eastern and Southern Africa in Abbis Ababa, Egyptian Prime Minister Ibrahim Mahlab on Monday confirmed...
Panama Canal vessel backlog persists Officials at the Panama Canal on Monday were still working their way through a significant vessel backlog after an "unusual" increase in the number of ships awaiting transit began to back up outside the waterway weeks ago. On Monday afternoon there were 19 container vessels awaiting transit on either side of...
Injunction brings Santos dredging program to a standstill Port of Santos users and operators were hit by a bombshell Friday when an injunction was imposed, halting the port's much-needed dredging program. Angelino Caputo e Oliveira, president of the port authority, Codesp, appeared shocked by the news when interviewed in his office, but he did have some ideas as to...
HHLA profit jumps 10 percent on strong ocean, intermodal growth HHLA's operating profit jumped 10 percent in 2014 as it handled record volumes of containers at its three Hamburg terminals. Hamburg's biggest stevedore earned 169.3 million euros [$182.8 million] before interest and tax against 153.9 million euros in 2013 on revenue 5.4 percent higher at 1.2 billion euros. The Hamburg terminals handled...
Cosco seeks majority stake in Piraeus port after Athens' privatization U-turn China's Cosco Pacific will bid for a majority stake in Greece's port of Piraeus after the country's new socialist government apparently reversed course on its opposition to port privatization. The Chinese company is an "active participant" in the bid for a majority stake in Piraeus and can make a "very competitive"...
TOTE to launch first LNG-powered container ship in April TOTE Inc. has scheduled an April 18 launching for its first container ship built to operate on liquefied natural gas fuel. The new ship will be operated by Sea Star Line between Jacksonville, Florida, and San Juan, Puerto Rico. The Marlin-class vessel is one of two 3,100-TEU ships that General Dynamics...
Nhava Sheva sets record in fiscal year container volume Despite the long-term landside congestion and intermittent labor troubles that led to some traffic diversions, Jawaharlal Nehru Port Trust achieved an all-time high in container-handling in fiscal year 2014-15, which is set to end March 31, according to the latest port data collected by JOC.com. The three terminals at India's busiest...
CMA CGM to seal order for three 20,600-TEU ships this week CMA CGM will sign an order for three 20,600-TEU container ships this week, the French carrier's vice chairman said. The vessels will be built by South Korean shipbuilder Hanjin Heavy Industries for delivery in the third quarter of 2017, according to Rodolphe Saade. CMA CGM is the second carrier to break through...
Made in Mexico Volkswagen had it all figured out. After scouting locations for a new North American production facility, it settled in 2008 on Chattanooga, Tennessee, and acquired additional land that could be the future site of a plant for its Audi unit. The VW factory opened in 2011, but as the Wall Street...
Mexico evolves into trade giant, but corruption remains The "boot" was locked firmly onto the left rear wheel of our van, immobilizing it on a busy street near the historic center of Mexico City. The police had clamped the rectangular device on the van despite the vehicle being parked in a space that was clearly legal and the...
CMA CGM net profit soars as revenue, traffic hit new highs CMA CGM's profit soared more than 43 percent in 2014 as the French carrier transported a record number of containers, cuts costs and trimmed its debt. Consolidated net income rose to $584 million from $408 million in 2013, which was bloated by a $200 million gain on the sale of a...
New Chongqing logistics park leads Goodman's west China portfolio HONG KONG - The first 1.2 million square feet of Goodman Chongqing Airport Logistics Park has been developed as part of a $400 million investment being rolled out in western China over the next two to three years by the Australia-based property group.Another 860,000 square feet of logistics space will...
Steady rate slide may end bunker benefits to shippers HONG KONG - Carriers that have been passing on the benefits of lower fuel costs to shippers may not be so generous as freight rates continue their steady decline, is the view of Drewry in its latest Container Insight Weekly. The London-based analyst said Shanghai-to-Rotterdam rates assessed in the World...
Economou buys from DryShips DryShips has struck deals worth $536m to sell its 10 tankers to George Economou, its chief executive and largest shareholder.
Fesco sees earnings grow Fesco Transportation Group delivered a 30% jump in reported earnings during the fourth quarter, helping limit its decline for the full year.
Euronav shares swapped Euronav said 45% of eligible shareholders swapped the tanker owner's Brussels-listed shares for stock covered by its recent New York Stock Exchange (NYSE) listing.
Piraeus profit slips With chatter about the Greek government's plans to privatise the port of Piraeus intensifying, the management company of the country's biggest hub saw its profit fall for 2014.
Guoyu series swells Finland's Containerships has sold a EUR 45m ($48.78m) bond to finance two more LNG-fuelled boxship newbuildings in China.
Yang Ming back in black Taiwan's Yang Ming has returned to profit for 2014 as revenue rose and finance costs fell.
Debt relief for Rand Rand Logistics has taken an important step in increasing its liquidity as it managed to close a $170m revolving loan facility.
GasLog plots share sale New York-listed GasLog is planning a sale of stock to boost its funds for fleet expansion.
Tankers unimpeded Crude tankers from Kuwait have reported no problems passing through the Bab-el-Mandeb strait between war-torn Yemen and Djibouti.
Crew saved after clash Four fishermen have been rescued off Turkey after a collision with a cargoship sank their boat.
Heerema orders giant Heerema Offshore Services has ordered what it claims to be the world's largest crane vessel at Jurong Shipyard.
For sale or not? Greece's deputy prime minister has said the sale of Piraeus will be completed within weeks, refuting a recent statement from the shipping minister about halting the privatisation process.
CMA CGM profit soars French container line CMA CGM has posted a big rise in 2014 earnings as it closes in on an order for three huge containerships.
Boa extends deal Norway's Boa Offshore has added 60 days to a term charter for an offshore support ship.
Crimean crime? Ukrainian authorities have arrested a Turkish cargoship after it visited the Russian-annexed territory of Crimea.
Megaships boost HHLA Hamburger Hafen und Logistic (HHLA) has ridden an all-time record container throughput to higher earnings for 2014.
India's Yemen mission Two ferries are heading from India to bring home Indians stranded in war-torn Yemen.
Merger lifts CSAV Compania Sud Americana de Vapores (CSAV) has been boosted by the recent partnership with Germany's Hapag-Lloyd and posted a big profit for 2014.
Greek ferry refloated A Greek ferry with 227 passengers and 55 crew aboard has been refloated after getting stuck near the port of Kasos island.
Soechi Lines adds profit Indonesian tanker owner Soechi Lines has increased profit in 2014 as revenue rose.
Viking fixes AHTS Viking Supply Ships has tied up one of its anchor-handlers on a $100m long-term deal with an oil major.
Three more for CSDC China Shipping Development Co (CSDC) has lined up another bulker order in China.
Hellenic confirms disposal Hellenic Carriers has confirmed the sale of its oldest bulker in a statement released first thing Monday morning.
Back by the summer A Danish ferry damaged while undergoing repairs at Remontowa shipyard in Poland is expected to return to service in the summer.
Asian lines team up Singapore's Pacific International Lines (PIL) says it is to launch a new liner service from Asia to the Middle East.
Monsoon to drydock Avance Gas is to drydock one of its new VLGCs after the vessel suffered what was described as a "technical irregularity".
MAN Diesel & Turbo tests methane engine concept 'Successful' demonstration of technology was held earlier this month.
LNG terminal expansion begins in Rotterdam Expected to become operational by the end of H1 2016.
Containerships orders gas-fuelled ships 'Huge leap for a family owned company,' says CEO.
Scrubbers see cruise ship return to US port 'We are thrilled to be returning to Baltimore,' says Carnival president.
Indian owners under pressure despite bunker falls Low freight rates make profit making difficult.
Knock-on effect from Houston channel delays Bunkering among services affected.
VPS issues bunker alert Evidence of 'elevated sediment content.'
Green group unconvinced by Gibraltar STS gas transfer Safety an issue, even if conducted offshore.
Shipowners should be transparent, says UAE bank 'We want to get more information [from shipowners] but, at the same time, we also want their business,' says Fujairah bank spokesman.
Quadrise losses extend into H2 But company remains confident of bringing alternative bunker fuel product into the market this year.
Taiwanese boxshipping firm returns to black Revenues rose 13%.
BP Shipping: No problems with ECA Company preparing for transition since June 2014, says its Global Chartering Manager.
Malaysian bunker supplier to go public Company planning further expansion with funds raised on the equity market.
Experts highlight issues with 'hybrid' fuels Big challenge is availability at worldwide locations.
Malaysian MGO, services provider in acquisition talks 'We have identified the companies,' says firm's director.
First LNG STS operation completed in Gibraltar 'I certainly want to see more of this in the future,' says Port Captain.
Bunker crew offered support after crew member dies Welfare organisation says it was able to show that 'it shared and understood the seafarers' grief.'
Turkish cargo ship arrested in Ukraine For calling at a Russian-controlled Crimean Port.
African shipbuilder developing hybrid-electric systemIeri 30 marzo 2015, 4.00.00
Company anticipating an increase in demand for the propulsion type.
Bulker held in SingaporeIeri 30 marzo 2015, 4.00.00
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