Florida ports prepare for Erika Gale force winds generated by Tropical Storm Erika could force Florida container ports to close, US officials have warned. Austin Gould, the US Coast Guard Captain of the Port (COPT) for the Port of Miami, on 27 August set port readiness at 'Whiskey' - a condition in which gale force winds are
Bollore consortium wins Kribi box terminal concession A consortium comprising Bolloré Africa Logistics, CMA CGM, and China Harbour Engineering Company (CHEC) has been awarded the coveted 20-year concession to operate the new container terminal at the deepwater port of Kribi in Cameroon. A source close to the consortium told IHS Maritime that
Restructured Team Tankers seeks growth Oslo-listed chemical carrier group Team Tankers International says it is seeking growth opportunities after restructuring its business and gaining a strong balance sheet. "As a result of the restructuring on 27 January 2015, the debt leverage of the company's balance sheet is currently one of the
US exports lift bullish BW LPG's interims BW LPG, the world's largest VLGC operator, has reported a rise in interim results on the back of strong US exports and Asian imports, while the outlook remains bullish, the company said in a statement. Group net profit in 2Q15 rose to USD80.6 million from USD72.4 million in the same period last
CSSC Holdings profit up 43% yoy in 1H15 Shanghai-listed CSSC Holdings, the flagship listed unit of China State Shipbuilding Corporation (CSSC), posted a 43% rise in profit to CNY171.7 million (USD26.8 million) in the first six months in 2015 from a year ago. This increase was largely due to higher revenues from newbuildings. Revenues
Sundo Shipping files for receivership South Korean general cargo ship operator Sundo Shipping has filed for receivership. The company made the application to Seoul Central District Court on 25 August, and to secure an injunction to deter creditors from seizing its assets. Sundo obtained a licence from Korean authorities to run an
BHP profits dive 86.2% as Australia wins ore war BHP Billiton recorded an 86.2% profit plunge this week in its FY 2015 report, down USD1.91 billion. Following on similar profit slumps from miners Rio Tinto and Fortescue earlier this month, the company blamed the fall on lower commodity prices. However, it remained upbeat on weathering the storm,
Mitsubishi's investment in Olam reflects growing food demand Mitsubishi Corporation's decision to buy 20% of Singapore-based commodity trader Olam International reflects growing food demand in emerging markets, IHS Maritime has been told. Japan's biggest trading house will buy 12% of Olam through subscribing to 332.2 million new shares for USD915 million. It
ASL Marine wins USD100 million contract haul Singapore shipbuilder ASL Marine has revealed it has won SGD140 million (USD100 million) worth of contracts. The contracts, announced on 27 August, are to build tugs and barges for overseas customers in the mining and marine infrastructure sectors. The vessels will be built in ASL's yards in
Hutchison, MUA resolve to strike a deal Hutchison Ports Australia and the Maritime Union of Australia (MUA) on 28 August agreed to return to the negotiating table, adjourning a court hearing scheduled for next week. In a statement from the Australian Fair Work Commission, deputy president Anna Booth announced the parties had put
Wan Hai forms JV in Peru Taiwanese carrier Wan Hai Lines has partnered with Transtotal Agencia Maritima to set up a joint-venture (JV) company in Lima, Peru. Wan Hai Lines Peru SAC, operative since August, will provide direct services to local clients, said Wan Hai. The company chose Peru for the JV because the country
Uni-Asia forms JVs to grow dry bulk fleet Singapore-listed investment company Uni-Asia Holdings has formed four new joint ventures (JVs) with its major shareholder Yamasa to acquire four newbuilding Handysize bulk carriers. All four JV companies are incorporated in Panama and are known as Stella Bulkship, Tiara Bulkship, Unicorn Bulkship,
CIMC's offshore engineering unit 1H profit down 62% China International Marine Containers Group (CIMC)'s offshore engineering unit's profit has slumped 62% year on year (y/y) to CNY18.7 million (USD2.9 million) in the first six months in 2015 because of the slowdown in the international offshore market. The unit's revenues also decreased 11% y/y to
CIMC Enric to acquire Nantong Sinopacific Offshore Engineering for at least $109m CIMC Enric has struck a deal with Evergreen Holding and its subsidiaries to acquire Nantong Sinopacific Offshore Engineering (SOE) for at least CNY700 million (USD109 million) in cash and shares. The minimum value of the deal works out to be 71% of SOE's net asset as of end of 2014, a stock filing
Erika closes Puerto Rico ports Eastern and northern ports in Puerto Rico were closed early on 27 August by the US Coast Guard (USCG) due to the passing of Tropical Storm Erika. Ports that are affected by closure conditions, known as Port Condition Zulu, must suspend operations and are closed to all inbound and outbound vessel
SIPG's 1H15 profit up 5.65% Shanghai-listed Shanghai International Port Group (SIPG) posted a profit of CNY3.1 billon for the first half of 2015, up 5.65% on a year ago. The company's revenue and earnings per share also improved in the January-June period. Its revenue climbed 7.08% year on year (y/y) to CNY14.8 billion, while
Fujian Guohang Ocean Shipping plans to expand into oil shipping Fujian Guohang Ocean Shipping (Group), a Chinese dry bulk carrier owner, plans to expand into the oil shipping business by setting up an oil carrier in Tianjin, China. The company said it has taken into consideration its management experience, client resources, and the overall situation of the oil
Wan Hai sets up subsidiary in Peru Lima-based joint venture with Ultramar will watch over Taiwanese box carrier's operation in Latin America
CSSC Holdings net profit up 43% in the first half But mainly boosted by non-operating income and tax savings
Sovcomflot sheltered by long-term charter deals despite counterparty risks Russian state-owned tanker giant sees conservative strategy paying off
BW LPG earnings leap With positive market group turns down 10% stake in competitor Dorian LPG
Dynagas Partners eyes first potential FSRU investment Plans to convert a vessel have been readied but may not be utilised if LNG shipping rates rebound as partnership predicts
China Cosco expects no more scrapping subsidies in 2015 Concerns mount over the company's ability to make a sustainable profit
Rates weaken amid slack China demand Iron ore miners still increasing production, with consequences for capesize fleet
Skittish investors missed the ride of their lives Those who clung on to their stocks ultimately came out on top in a wild market shake-up
Attica posts first-half operating profit after five years Greek ferry operator eyes further diversification after gaining US-Cuba approval
GRI relief for Asia-Europe carriers But lines unable to achieve the jump in freight rates they sought
Team Tankers on top of its game Restructuring and positive markets give former Eitzen Chemical a good run
New Cool Pool focuses on better scheduling Combining 14 vessels from three owners is unlikely to boost ailing spot rates, says Lauritzen
Bocimar posts a deeper loss in the first half Exposure in capesize and handysize markets adds to CMB's dry bulk woes
CIMC posts stronger results Profits supported by container and financing business, but performance of offshore businesses weakened
South Florida ports prepare for Tropical Storm Erika South Florida ports are readying themselves for gale force winds and a downpour of rain as Tropical Storm Erika prepares to make landfall in the Sunshine State this Monday. Gov. Rick Scott declared a state of emergency Friday, as the hard-to-predict storm system made its way over Hispaniola. The U.S. Coast...
Eastbound trans-Pacific spot rates hit 45-month low Just days before trans-Pacific ocean carriers aim to implement aggressive general rate increases on eastbound services to North America, average spot rates from Shanghai to the U.S. hit their lowest level in almost four years. Spot rates on average from Shanghai to the U.S. West Coast fell 7 percent, or $133,...
US transport job openings, hiring both rise U.S. demand for transportation, warehouse and utility workers dropped in June from May, but the number of transport-related job openings at was still substantially higher than a year ago, according to the latest data from the U.S. Labor Department's Bureau of Labor Statistics. In addition, more of those transportation and warehouse...
Hutchison, Australian union pledge to strike deal over Brisbane, Sydney terminals Hutchison Ports Australia and the Maritime Union of Australia agreed Friday to return to the negotiating table, preventing a looming court action and paving the way to an end of a bitter fight over layoffs at Hutchinson's Brisbane and Sydney terminals. In a statement from the Australian Fair Work Commission, Deputy...
LA-LB port truckers: Terminal appointments must be backed by data The California Trucking Association tied its support of truck appointments at Los Angeles-Long Beach container terminals to creation of port-wide metrics to gauge the appointments' effectiveness. "Appointment systems are only as good as their performance and ability to be tracked and enforced," said Alex Cherin, executive director of the association's intermodal...
Amsterdam air cargo falls on weak Asian demand Weak Asian demand pulled down cargo traffic at Amsterdam Airport Schiphol in the first six months of the year, another sign of how China's slowing economy is curbing shipments of high-value products such as electronics and auto parts. Cargo volume through the third largest European air cargo hub slipped 2.1 percent...
Senior Tianjin port official dies after falling from building A senior transportation official in Tianjin, China was found dead Wednesday after falling from his office. The death of Dong Yongcun, director of the administrative approval department of Tianjin Transport Committee, comes in the midst of an investigation into the recent catastrophic explosions at the Tianjin port. The explosions at the...
Management shakeup signals future route for truckload carrier Werner Gregory L. Werner resigned as CEO of Werner Enterprises, handing the title over to his 78-year-old father and founder of the company, Chairman Clarence L. Werner. The resignation comes two weeks after another son, Gary Werner, surrendered the chairman's job. The $1.68 billion company said C.L. Werner will groom current President...
Questions of motive surround China's devaluation of yuan When China devalued its currency in mid-August after a 10-year run-up against the dollar, the People's Bank of China described the move as a natural step toward the creation of a market dominated Chinese exchange rate. No one in the market - not importers, exporters, manufacturers, investors or analysts -...
China's actions sure to impact trade and transportation China is back. No, not in the economic sense, where until the past year, it was the envy of the world for the better part of this century. But China is definitely back at the top of the international business news scene, sending perhaps the biggest shockwaves through the financial, trade...
Tyler to leave IATA after five years at the stick Tony Tyler, IATA director general and CEO.HONG KONG - The International Air Transport Association director general and CEO Tony Tyler will retire in June next year after serving five years in the position. Tyler came to IATA in 2011 after serving as Cathay Pacific chief executive officer, in which capacity...
Vet your brokers as well as your carriers Q: We're being sued by a carrier for unpaid freight charges amounting to just under $6,000. We arranged for these two loads through a broker, and duly paid the broker. It appears, however, the broker didn't pay the carrier. We aren't sure how to handle this. It was our understanding that...
Russia cracking down on port corruption after bribery allegations ST. PETERSBURG - The Russian government said it's cracking down on port and customs corruption by dismissing several St. Petersburg customs officials tied to a bribery investigation and beginning internal port inspections next month. The action comes after German prosecutors in 2013 began investigating Ford Motor Co. and DB Schenker, a...
Mauritius' Port Louis expands to handle rising African trade The development of Port Louis will not only accommodate increasing container traffic, but also mitigate the likely impact of the cyclonic weather to which the country of Mauritius is prone, giving shippers more reliability. Eleven years ago the port was forced to halt operations at its container harbor for eight days...
Debt-ridden domestic China carrier suspends operations Pan Peicong, president of Nan Tsing Container Line.HONG KONG - China carrier Nan Tsing Container Lines told employees it has suspended all business operations and was preparing to dismiss staff because of mounting debts amid a slowdown in domestic shipping.The note to staff said five of the company's 47 vessels...
Asia-Europe rates rise ahead of September GRIs HONG KONG - The wild ride in Asia-Europe container pricing continued this week in advance of the Sept. 1 general rate increases, with the spot rate rising 26 percent compared to last week, according to the latest reading of the Shanghai Containerized Freight Index (SCFI).It will cost $591 to ship...
Air cargo in Asia slumps in July, regional data shows Andrew Herdman, director general of the Association of Asia Pacific Airlines.HONG KONG - Air cargo demand among Asian carriers weakened in July as demand for exports fell along with global trade, according to the latest data from the Association of Asia Pacific Airlines.Traffic figures for the AAPA members showed that...
Turnaround for Air China Cargo on volume growth, cheap fuel An Air China Cargo freighter fills up in Anchorage. North America was one of the carrier's strongest markets in the first half of 2015.HONG KONG - Air China Cargo turned around its financial fortunes in the first half of the year with a 23.5 percent increase in freight carried on...
Anheuser-Busch expands CNG-powered truck fleet Diesel prices may be down 31 percent from a year ago this month, but that big drop isn't big enough to deter long-term investment in natural gas fueled vehicles. Anheuser-Busch this week said it is converting its 97-truck St. Louis, Missouri, delivery fleet to compressed natural gas. "Transitioning our entire St....
US economic uncertainty clouds outlook for shippers, truckers Shippers and truckers are traveling a bumpy road in the second half of 2015. Heightened economic anxiety, largely driven by events overseas, political uncertainty and the faster pace of regulatory activity all make forecasting truck capacity and freight demand more difficult, speakers said during a Journal of Commerce webcast on...
CSDC beats own forecast China Shipping Development Co (CSDC) has delivered a first half performance which saw its profit spike, exceeding the company's latest forecast.
Doehle rings changes India's Doehle Danuatic is renaming itself Elektrans Global Group to reflect its expansion.
WFW branches out UK shipping law firm Watson Farley & Williams (WFW) has launched an English-law litigation practice in Athens.
Results spur BW LPG stock Shares in BW LPG were on the rise today after the world's largest VLGC owner booked stronger than forecast second quarter numbers.
Olympic extends contract Norwegian offshore vessel owner stretches PSV deal with Statoil as Q2 profit takes a hit.
Offshore markets dip There was more bad news for offshore vessel owners in the North Sea on Friday as the devastating tonnage glut continued to force down rates.
Sovcomflot profit soars Russian owner Sovcomflot (SCF Group) has benefited from strong spot tanker markets to post a big increase in first half earnings.
Fesco mixed in first half Fesco has posted mixed results for the first half of the year as it saw shipping revenue up 45% but its liner division performance was weaker.
Missing man found dead A missing seafarer from a chemical tanker has been found dead in Greek waters.
Latvian sells assets Latvian Shipping Company (LSC) is looking to dispose of non-core assets as part of its restructuring scheme.
$11bn for "bad bank" The owners of Germany's HSH Nordbank are considering spinning off more than half its struggling loans into a "bad bank" to win European Union approval for state aid.
Shidao orders ro-pax China's Shidao International Ferry has picked a domestic yard for a ferry newbuilding.
Cargoship grounds A general cargoship has run aground on stones in the Netherlands.
Fire on UASC boxship A container on a boxship owned by United Arab Shipping Company (UASC) caught fire in Germany earlier this morning.
Eimskip hits new high Icelandic container line Eimskip has increased second quarter profit as it logged its best revenue figure since restructuring.
BWO strong in Q2 BW Offshore (BWO) has performed in line with expectations during the second quarter as an impairment charge from an FPSO fire in February has yet to be booked.
HSH chops loan loss German lender HSH Nordbank has reduced its loan losses in the first half, but admitted its shipping loan book is still weighing heavily on its operations.
Finnlines cleans up Finnish ro-ro owner pens scrubber contract with Wartsila as it continues $113m environmental programme.
Krasnoye Sormovo prospers Russia's Krasnoye Sormovo shipyard has boosted earnings in the first six months despite a fall in revenue.
Dof ships PSV out Skandi Flora heading from North Sea to Canada for one-year deal.
Improved results at Team Team Tankers continued to build on its positive start to the year with a profit of $4.6m in the second quarter.
DP World sees profit grow DP World has seen first half profit increase 22.3% on the back of its acquisition of Economic Zone World (EZW).
Bumi Armada in the red Bumi Armada has sunk into the red in the second quarter as the company was forced to make a number of write-downs on vessel values.
ASL seals newbuild deal ASL Marine secured new shipbuilding contracts worth about SGD 140m ($100m) for the construction of a series of tugs and barges.
MacGregor cuts more jobs MacGregor is to make a further 100 people redundant as it continues to battle weak shipping markets.
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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