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MAY 10, 2024

Major Ports improve performance in key parameters in FY24 India's GDP grew at 8 pc in FY24, says CEA INDIAN PORTS ASSOCIATION Clarification on the applicability of 3% amount on account of non-achievement of minimum Value Addition as mentioned in para 4.49 (b) and amount equivalent to 10% of the CIF value in Para 4.49 (a)(ii) of HBP 2023 Ane Maersk, world's first large green methanol-enabled vessel, makes maiden call in Dubai DGFT notifies free import of yellow peas till Oct. New tariff rates at GSFC jetty Improvement in vessel delays may release more capacity Port of Salalah's viable alternative to Red Sea route India-Bhutan joint Customs meet discusses improved trade facilitation,transit issues World trade growth seen doubling in 2024 Israel blames Turkey for port blockade Russia goes for rupee investment, not repatriation Export of lab-grown diamonds seen reviving in FY25

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MAY 9, 2024

Capacity problems loom as transhipment boxes clog major West Med hubs Flexport under fire as Peloton claims 'unfair D&D fees' cost it millions Analysis: As Shopify tumbles, distress mounts at Flexport Baltimore plans explosive end for collapsed bridge to free trapped box ship Conf call redux: XPO the best of the lot - by a wide margin India's air cargo market flying as volumes hit record high Maersk draws up contingency plans for rail strike in Canada Odin Cargo set to replace Bluebird Nordic, which has flown to Slovakia

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MAY 9, 2024

Island Offshore orders innovative ocean energy construction vessel Island Offshore has placed an order at Fincantieri Group member Vard for a 120 meter ocean energy construction vessel that includes options for two further vessels. The vessels will be built to VIDEO: Precision explosive charges will be used to cut bridge section pinning Dali Precision cuts made with small explosive charges will be used to remove a large section of bridge wreckage that is pinning down the bow of the M/V Dali, the vessel whose strike Ship Repair USA: Pitfalls in vessel construction and repair contracts Drafting a new ship repair or construction contract can be a daunting task with potential pitfalls, but it's a crucial step toward improving a new or used vessel. To go into more

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MAY 9, 2024

Maersk launches air freight gateway in Miami Maersk expanded its air freight operations footprint with the April activation of a full-service, in-transit gateway solution in Miami, US. The Danish company said this new air freight facility underscores its commitment to providing "seamless and competitive connectivity" to major Latin American markets. "Our Miami expansion is a vital and strategic addition to our global gateway network, provid GCMD, NYK Line cooperate to address concerns of long-term, continuous biofuels use on ship operations The Global Centre for Maritime Decarbonisation (GCMD) has teamed up with NYK Line to launch Project LOTUS (long-term impact of continuous use of biofuels on vessel operations). This six-month project will trial the continuous use of a biofuels blend comprising 24% Fatty Acid Methyl Esters (FAME) and very low sulphur fuel oil (VLSFO) onboard a short-sea vehicle carrier that will call at multiple p GHG regulation forces rethink of shipping commercial relationships Fast changing greenhouse gas (GHG) regulations are having a profound effect on shipping companies' commercial relationships with increasing costs seeing investors with a longer-term outlook replacing the traditional asset play model, according to Danish Ship Finance (DSF). Fundamental change in the maritime business model, said DSF, is driven by global emission targets that are shaking up the inv First large green methanol vessel makes first call in UAE Maersk's first large vessel that can run on green methanol arrived in Dubai for the very first time and was welcomed by DP World at Jebel Ali. The Denmark-flagged container ship Ane Maersk underscores Maersk's ambition to achieve Net-Zero greenhouse gas emissions by 2040, according to the company's statement. Serving the AE7 string, which connects Asia and Europe, Ane Maersk arrived in the United Saudi ports see lower container volumes in April The ports of the Saudi Ports Authority (Mawani) recorded an increase in cargo throughput tonnage by 8.58% during April 2024, handling 27,107,961 tons, compared to 24,965,272 tons in the same month of 2023. The statistics of handled containers reached 557,681 TEUs, marking a decrease of 19.54%, compared to 693,087 TEUs last year. Transshipment containers also decreased by 53.49%, reaching 123,194 ONE, Ancotrans reduce CO2 emissions with first Volvo FH e-trucks in Hamburg Ocean Network Express (ONE) announced that together with their long-term partner Ancotrans, they will deploy state-of-the-art Volvo FH e-trucks, to serve the transportation needs of ONE's customers. Since becoming ISO 14001 certified for inland operations in 2021, ONE has been offering their customers greener transport options. One of the first deployments of FH e-trucks in the Hamburg region, th Box lines start Asia-Mexico services as rates hit 20-month high Mainline operators have been starting services connecting China with Mexico as freight rates have reached a near two-year high. Freight rates for containers from Chinese ports to Mexico's main container port, Manzanillo, are now around US$2,000 per TEU. This has caused CMA CGM, COSCO and MSC to start China-Mexico connections. On 6 May, COSCO and its subsidiary OOCL started the Transpacific Latin Workers at Canada's two largest railways vote to strike The Teamsters Canada Rail Conference (TCRC), a union representing more than 9,000 employees at Canadian National Railway Co. (CN) and Canadian Pacific Kansas City Ltd. (CPKC), announced that their membership voted in favor of a strike with a high percentage of 95.3%. The contract between the rail lines and the union workers expired on 21 December 2023. Teamsters said, "As an update on the next st Improved vessel delays may release more capacity: Sea-Intelligence In March, the fleet absorption from vessel delays was 5.7% of the global fleet, translating to an improvement from the recent peak of 7.5% in January, according to the latest report by Danish shipping data analysis company Sea-Intelligence. "When vessel delays occur, a percentage of the global vessel capacity is effectively absorbed and hence unavailable to the market," explains Alan Murphy, CEO

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MAY 9, 2024

Nicaragua officially buries canal plans Canals have been in the headlines this week. One waterway project being officially buried however is a Chinese dreamt-up creation in Central America. Nicaragua has officially cancelled a 50-year concession it granted to Chinese billionaire Wang Jing more than a decade ago, bringing to a close long-held plans to give the Panama Canal a run ... Mermaid awarded $125m extension in the Middle East Thai offshore specialist Mermaid Maritime said its local joint venture had secured a one-year contract extension with an oil major in the Middle East. The extension, in direct continuation to its current contract for offshore inspection, repair and maintenance services which commenced in 2012, is worth around $125m to Mermaid. Mermaid will continue to utilise ... Somali pirate mothership seen hunting vessels far out to sea Reports have surfaced of a pirate mothership being spotted operating in the Indian Ocean, some 1,000 km from the Somalia mainland. According to Seagull Maritime Security, the mothership has been sighted about 650 km east of Socotra Island. "Shipping companies and masters need to remain vigilant and increase their security on board their vessel as ... Island Offshore orders hybrid ocean energy construction vessel from Vard Norwegian shipbuilder Vard has signed a contract to design and construct one hybrid-powered ocean energy construction vessel (OECV) with options for two more with compatriot shipowner Island Offshore. The vessel is designed and equipped to continue the transition from oil and gas-related activities to more work in new sea-related energy markets. The first ship will ... Panama's president-elect vows to make canal water security top priority The incoming new president of Panama has put water levels at the country's canal as one of his most important items on his agenda. Jose Raul Mulino won last Sunday's elections and will take office for a five-year term from July. Interviewed by Reuters, Mulino said he would try and get lawmakers to approve a ... China Merchants spends $1.4bn to take global newcastlemax orderbook past 100 units China Merchants Shipping has lined up a massive newcastlemax shipbuilding programme at two domestic yards. Shipbuilding sources report the group's Ming Wah Shipping forking out nearly $1.4bn ($1.385bn) for up to eighteen 210,000 dwt units spread across New Times Shipbuilding and CSSC Qingdao Beihai Shipbuilding. New Times will take on eight firm and two optional ... Nakilat pens deal for nine more LNG newbuilds with QatarEnergy Qatari gas shipping giant Nakilat has signed a long-term agreement to charter and operate nine QC-Max class LNG vessels, as part of QatarEnergy's program to expand its fleet of LNG carriers. These nine vessels, each with a capacity of 271,000 cu m, the largest-ever units ordered, will be 100% owned and operated by Nakilat and ... Pantheon Tankers in for VLCC brace at Dalian Greece's Pantheon Tankers has emerged as the latest owner with orders for VLCCs in China. Brokers report the Anna Angelicoussis Kanellakis-backed owner of nearly 40 tankers signing up for a pair of 307,000 dwt newbuilds at Dalian Shipbuilding Industry Co (DSIC) with deliveries in 2027. Genoa-based shipbroking group Banchero Costa has placed the price tag ... Europe takes action against Russian-linked tankers Moving Russian oil through Europe has come under far greater scrutiny in recent weeks with the bloc widely expected to take further measures against the so-called shadow fleet when further European Union sanctions are unveiled shortly. In the southeast of the continent, the Greek navy has this month made ship-to-ship transfers impossible at one of ... Euroseas fixes charter and financing for feeder newbuilds Nasdaq-listed Greek boxship owner Euroseas has entered into a time charter contract for a newbuild feeder boxship. The charter was signed for the 1,800 teu feeder Monica for a minimum period of ten to a maximum period of twelve months at the option of the charterer, described only as one of the largest liner companies. ... Explosives to be used in Baltimore to help free Dali boxship Explosives will be used to remove a section of the bridge pinning the Dali containership to the riverbed in Baltimore. The Key Bridge Response Unified Command is scheduled to use precision cuts made with small charges to remove a large section of the Francis Scott Key Bridge wreckage from on top of the boxship, which ... Future of fixing stirs debate in Geneva It was a captivating final debate at the opening day of the inaugural Geneva Dry event a week ago, which saw panellists examine the future of fixing ships and the future of broking as a long-lasting integral part of the shipping industry. Hosting the panel, Tim Huxley, head of Mandarin Shipping and one of the ...

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MAY 9, 2024

Product tanker owners savour heady mix of geopolitics, strong demand, shrinking debt Earnings of product tanker owners have been juiced by trade disruptions from the Russia-Ukraine war and the Houthi attacks in... High-flying Teekay Tankers primed for TMX pipeline boost Midsize tanker specialist Teekay Tankers is primed to capitalise on the new TMX pipeline as emerging routes should boost demand... Bauxite becoming 'meaningful' for tonne-miles, says Genco Amid the proxy battle with Greek magnate George Economou, Genco reported strong earnings in the first quarter, propelled by strong... Tankers shipping Russian oil defy regulators as UK-sanctioned shipping companies disband New technical, commercial and shipmanagement structures established to move tankers, underscoring what many describe as a giant game of regulatory... Greek Navy extends warning to shipping off southern coast The Laconian Gulf had become a hotspot for ship-to-ship transfers of Russian crude before shipping was told to avoid an... Shipping's green fuel gold rush could create up to 4m jobs The bulk of new jobs to be created in the energy industry will be to build the necessary renewable infrastructure... Houthis are targeting MSC due to perceived Israeli affiliation The latest string of Houthi attacks targeting more MSC ships has been justified by the Yemeni militants on the basis... MLC complaints down 18% in Australia in 2023 Australia says complaints about breaches of the Maritime Labour Convention fell in 2023, which suggested seafarers trusted its regulator to... Swedish Club back in black Managing director Thomas Nordberg 'quietly pleased' with performance and looking to regain its A rating with Standard & Poor's Containerised trade continues rally through first quarter Box volumes maintained upward trajectory in March, but the latest figures flatter to deceive the long-term trend Australia bans Indian bulker for serious engine defects India-flagged bulk carrier banned from Australia for 180 days after inspectors at Melbourne found a litany of deficiencies, including defective... Rising demand and cheaper prices boosted LNG bunker market in China Liquefied natural gas bunker prices in China were competitive with Singapore last year Guy Platten to step down as International Chamber of Shipping secretary-general After seven years at the helm Guy Platten has announced it is time to step aside and let someone else... Huangpu Wenchong wins landmark order for ammonia dual-fuel gas carriers The two 25,000 cu m newbuildings are capable of carrying liquefied petroleum gas and ammonia Stena confirms ro-ro jumboisation project in China Upgrading of the vessels Stena Foreteller and Stena Forerunner will include the addition of a fourth vehicle deck and shore... GCMD and NYK to launch six-month biofuel trial on shortsea vessel The biofuel blend consists of very low sulphur fuel oil and fatty acid methyl esters, which may lead to corrosion... Daily Briefing Shipping's crystal ball: The low-demand, low-rate, high-cost 2050 scenario | Two MSC vessels the target of missile attacks in Gulf...

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MAY 9, 2024

Public-private backing pushes Delaware's Edgemoor terminal project forward The private-equity backed Enstructure unveiled a public-private partnership with Delaware that will eventually increase Wilmington's annual capacity to more than 1.5 million TEUs. FMC clarifies ocean carriers can still bill contracted truckers for D&D US maritime regulators seek to clear up what container lines saw as contradictory language on billing responsibility under detention and demurrage rulemaking finalized in late February and taking effect May 28. Wan Hai swings to profit in Q1 on rising rates, revenues Container spot rates on the key markets Wan Hai serves, including Asia-North America, intra-Asia and Asia-Latin America, have been steadily rising this year, helping push the carrier back into the black in the first quarter. Rising volumes, larger ships overwhelm West Mediterranean container hubs Carrier attempts to mitigate the extended transit times of sailing around southern Africa by increasing the use of transshipment in the Mediterranean are being frustrated by growing port congestion. Norfolk Southern CEO survives proxy battle Alan Shaw will remain in his position as CEO of Norfolk Southern, but Ancora Holdings gained leverage on the railroad's board of directors, winning three seats. Large US truckload carriers cutting more deeply into capacity The Journal of Commerce Truckload Capacity Index dropped to its lowest level since 2017 as large truckload carriers cut trucks loose, but excess capacity remains. Expedited freight specialist targets food shippers with new service Candor Expedite's new service is designed to let perishables shippers use lower-cost freight modes and reduce product spoilage. 'Resilience' to container shipping shocks fades in post-COVID era Despite the multitude of threats facing ocean shipping, there are indications those disruptions - active or potential -- are not influencing the behavior of shippers nearly to the degree some may have hoped after the chaos wrought by the pandemic. Peloton slams Flexport over 'millions' in D&D charges in FMC complaint The exercise equipment maker alleged in a complaint to the Federal Maritime Commission that the forwarder failed to meet its obligations under a carrier haulage agreement.

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MAY 9, 2024

Pangaea Logistics pounces on two supramaxes in another profit-making quarter US bulker operator also expands port and logistics business with Florida investment Giant Carnival ship shows how far cruise titan has come two years after environmental probation Green features of operator's largest ship in Miami highlight key prongs of sustainability strategy MSC-controlled Log-In's shipping arms fire on all cylinders with best first-quarter revenue ever But rising costs eat away at profit for Brazilian container ship and terminal operator Clarksons survives pay vote but shareholder disquiet remains after big revolt Shipbroker lives to fight another day over huge rewards for top two bosses Target reached: Scorpio Tankers prepares to share the wealth with investors Share buybacks to take priority, but company is not done reducing operating costs Brian Gallagher emerges at Capital Product Partners after Euronav shake-up Greek shipowner snaps up Belgian tanker owner's former investor relations chief as it readies for transformation Anglo-Eastern-linked bulker banned from Australia over 'serious' engine defects 'When ship operators play fast and loose with engine maintenance, the consequences can be dire' MSC-controlled Log-In shipping arms fire on all cylinders with best first-quarter revenue ever But rising costs eat away at profit for Brazilian container ship and terminal operator Joakim Hannisdahl's Gersemi fund grabs stake in Idan Ofer's CoolCo in dash for gas Norwegian fund sees further gas opportunities as its views on earnings diverge from consensus Excelerate Energy targets 12 LNG import projects in Asia-Pacific and Americas Seven on regas specialist's hit list require FSRUs Euronav eyes more lucrative short-term deals for new hydrogen offshore vessels Belgian owner's Windcat unit has five new ships delivering in the next two years Costs saving: Petrobras switches suezmax to clean trade to import ship fuel from India Brazilian oil major taking advantage of lower prices in Asia and economies of scale Emanuele Grimaldi plots newbuilding swoop to expand $2.5bn orderbook Shipowner says his Naples-based group is hatching plans for nine more ropax vessels Scorpio Tankers tops profit forecast as market awaits capital returns plan Product tanker giant sells 2015-built MR for $40.8m as company nears net-debt target Gradual seafarer release from hijacked MSC container vessel begins Full release will be a step-by-step process, to ensure minimum crewing requirements on vessel held in Iran Cost-saving: Petrobras switches suezmax to clean trade to import ship fuel from India Brazilian oil major taking advantage of lower prices in Asia and economies of scale Alex Hadjipateras steps up as Dorian LPG succession plan unfolds US VLGC owner also says John Lycouris is now head of energy transition Accelerate Energy closes in on new investments and partnerships Company's focus is on FSRU operations, terminal ownership, gas marketing and LNG supply Hill Dickinson poaches Clyde & Co shipping team in UK Addition of maritime lawyers in Newcastle marks another phase of expansion Euroseas strikes first deal with UAE-based lender to fund newbuildings National Bank of Fujairah grants sustainability-linked loan for newbuilding fixed on a one-year charter US oil giant Chevron denied $57m insurance claim for tanker seized by Iran Armed forces boarded Advantage Sweet in tit-for-tat sanctions battle with US Livanos-backed GasLog plans to clear bond debt early in $82m deal Greek LNG carrier owner serves notice it will take out Norwegian debt maturing in November NYK to test impact of biofuels on ship engine performance Previous trials have tended to focus on combustion and emissions, not engine performance 'Everybody has money': Capital competes for very few projects in shipping industry awash with cash Healthy markets for most sectors have left owners in the driving seat when it comes to funding, TradeWinds Shipowners' forum hears HD Hyundai Marine Solution goes public as it eyes booming retrofit market Conglomerate's ship repair and maintenance company IPO pulled in strong interest Euronav 'still interested' in dry bulk newbuildings as rumours swirl of $80m newcastlemax price tag Owners still contracting dry bulk vessels as prices rise, Belgian company says Vard wins deal to build ocean energy construction fleet for Island Offshore Norwegian owner signs up for hybrid ships at domestic yard Houthis claim new Indian Ocean attack amid repeat targeting of MSC ships Rebels say they have taken aim at three MSC vessels, in a mix of long and short-distance strikes Shipping provides the key as German bank Warburg returns to profit Maritime bosses Christian Speer and Jens Dose targeting more growth in 2024 Watch US and Philippine missiles sink Chinese-built tanker in 'clearly provocative' exercise China claims 'provocation' as disused bunker vessel is bombed in military drill Teekay Tankers hands investors $68m special dividend after wiping away debt Balance sheet strength and fleet renewal remain a priority for US-listed owner Russian cargoes stuck on tankers as buyers get cold feet Kpler says 2m barrels of refined products have been held on ships for more than a week Greek navy extends war games exclusion at notorious Russian oil transfer hotspot Laconian Gulf is shut down for naval exercises until 16 May China Merchants Energy lines up near $1bn newcastlemax bulker newbuilding spree Chinese shipowner is said to be in final talks with two domestic shipyards Anglo-Eastern-link bulker banned from Australia over 'serious' engine defects AMSA says when ship operators play fast and loose with engine maintenance, the consequences can be dire NYK Line upbeat on prospects, despite major slump in profit Japanese shipowner says the impact of disruptions caused by the pandemic have largely faded away Chinese shipowner Tianjin Southwest Maritime breaks new ground with dual-fuel LPG newbuilding brace The 25,000-cbm gas ships are capable of carrying LPG and ammonia gas Excelerate Energy closes in on new investments and partnerships Company's focus is on FSRU operations, terminal ownership, gas marketing and LNG supply Swire's Susana Germino champions mangrove forest regeneration in the South Pacific Confessing herself to be 'crazy about sharks', Germino describes coastal mangrove forests as 'nature's miracle'

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MAY 9, 2024

NTSB to deliver findings on FedEx-Southwest near miss The NTSB is now investigating two incidents involving FedEx Boeing 767 cargo jets, one in Texas and the other in Turkey this week when a plane landed on its nose. Boeing quality issue delays Alaska Airlines' converted freighters The date for entry into service of two Alaska Airlines aircraft continues to slide because of problems with Boeing's modification to a cargo configuration.