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| MAY 17, 2005 |
Shipping News
- Nymex, LCH boost freight futures trade
THE freight futures market for seaborne commodities is finally coming of age as big clearing houses enter the fray, opening up new channels for growth in an already booming market.
- Oil tanker industry sees more M&A in pipeline
EXPECT more mergers and acquisitions in the oil-tanker industry, where shares of companies such as Overseas Shipholding Group and Frontline are regarded as undervalued, tanker company executives said at a Bear, Stearns & Co Inc conference.
- PIL to start new China-S America service with MOL
TAPPING China's ever-expanding export growth, Singapore-based Pacific International Lines has announced a new container service between China and South America.
- MISC's profit triples to RM2.2b on ship sales
- Hanjin Heavy's Q1 profit plunges 68%
- Crippling congestion at LA port expected to recur
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| MAY 17, 2005 |
- MOL to leave WTSA, CWTSA
- Argentina joins CSI programme
- RPONL withdraws appointment of two executives
- APL opens office in Ireland
- Schenker steps up European food distribution
- Chris Bourne bows out as MD of MOL in Europe
- Korean Air spreads wings to Urumqi
- Delta opens new passage to India
- Boeing, Ryanair complete agreement for 737-800s
- Lufthansa Cargo to move Ground Zero memorial
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| MAY 17, 2005 |
- Globelink WW in rapid growth mode
- Ship (dry bulk & liquid) charter rates plunging
- No hazardous wastes on board Danish ship at Alang scrapyard-Minister
- Maersk Sealand named ‘Best Global Shipping Line’ for 12th running year
- 3 domestic shipping firms bid for IOC’s crude charter contract
- Chilli remains importers’ hot favourite despite contamination reports
- Wider market for textiles opens up as US slaps curbs on Dragon’s imports
- Hair-raising! That mop on your head is worth a fortune for exporters
- Heartening surge in textile exports to US
- Gujarat Maritime Board in corporate reforms mode to sharpen competitiveness at 41 ports
- Gujarat HC clears way for Adani Group to merge port entities
- World ports conference to be held in China
- Forex reserves dipped by $ 648 million to $ 1,41,898 million
- Official clarifies certain points on service tax
- Industrial production increases by 7.2 per cent in March
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| MAY 16, 2005 |
- LA port congestion affects charterers, other US ports
As a result of port congestion, charterers are considering reimposing a congestion charge. Some importing companies are planning to use other ports in the United States to import their goods from Asia
- ExxonMobil responds to Hong Kong terminal leak report
- US: SEAaT encouraged by regulators' approach
SEAaT representatives have expressed concern about a tendency in the US for local, perhaps short-sighted pressures to influence legal proceedings, but have found the interest from US regulators in abatement technologies and emissions trading encouraging.
- US refinery margins up, Mediterranean & Asia profits shrink
Refiners in the United States (US) have seen profit margins widen in the last week, meanwhile counterparts in Europe and Asia were not reaping such huge benefits.
- Renewed Chinese buying interest amid government subsidies
Guangdong Province will grant 1.6 billion yuan as subsidies to 94 oil-fired power plants in the province to help them overcome their financial problems caused by rising fuel oil prices amid low government controlled electricity prices.
- Oil major announces MGO supply in Istanbul
ExxonMobil Marine Fuels, one of the world's biggest suppliers of marine fuels, adds Istanbul to comprehensive supply network.
- Chemoil clarifies position on Marpol VI and sampling
Chemoil has reiterated the company's intention to be fully compliant with the requirements of Marpol Annex VI, but says it will charge vessels if they require a supplier's representative to come onboard to witness Marpol sampling.
- Bunker activity intensifies at Mediterranean ports
Over the past one year, the Mediterranean ports have been experiencing a chain of development that made bunkering an important and competitive business.
- Two new appointments to the NOL board
Tim Harris and Peter Wagner join the NOL board following the retirement of three non-executive directors.
- OPEC: Spare capacity of over 2 million bpd
OPEC's spare production capacity is well over two million barrels per day (bpd), according to a cartel official.
- Teekay tankers running at full capacity
Teekay Shipping Corp is running its tankers at full capacity to meet rising demand for fuel as OPEC keeps up its oil output.
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| MAY 16, 2005 |
- NOL’s good Q1
- MOL pulls out of WTSA, CWTSA
- Boulanger heads FMIUG
- NOR-SHIPPING UPDATE www.nor-shipping.com
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| MAY 16, 2005 |
- AAPA still seeks higher port security grant funding
- DHS announces $140.8 million port security grant program
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| MAY 16, 2005 |
- Tulalip Tribes give Ok to Everett Rail-Barge Facility
- Homeland Security Department sets list of grant fund hopefuls
- Port of Seattle helps deliver national J/24 championships
- House subcommittee sets $15 million for Columbia Channel dredging
- First South American port joins Customs' security program
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| MAY 17, 2005 |
- UK P&I revises its own cover after rise in large marine claims
UK P&I Club, the world’s largest mutual providing shipowners with liability insurance, has revised its own purchase of insurance cover to take extra shelter from the spate of large marine claims, writes James Brewer.
- MISC leaves dry bulk behind to smash $1bn profit mark
MALAYSIA International Shipping Corp smashed through the billion dollar profit mark last year, powered by hefty gains from its exit from dry bulk shipping.
- Harris joins NOL as director
FORMER P&O Nedlloyd chief executive and James Fisher chairman Tim Harris (above) has been appointed as a director of Neptune Orient Lines, writes Marcus Hand in Singapore.
- Qatar Shipping unveils historic $380m order for LPG quartet
QATAR Shipping has confirmed intentions to splash out $380m in the liquefied petroleum gas market in a four-ship newbuild project.
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| MAY 16, 2005 |
- Lack of oil waste facilities in Med
SHIPS are discharging oil waste at sea because ports in the Mediterranean do not have sufficient waste reception facilities, according to an advisory body to the UN and IMO
- MISC profit surges to $1.2Bn
BOOSTED by hefty returns from the sale of ships, Malaysia International Shipping Corp (MISC) achieved a record profit before tax ( PBT) of RM4.76Bn ($1.25Bn) for the financial year ending 31 March, 2005
- Ezra to sell five vessels
SINGAPORE listed offshore support and marine services provider Ezra Holdings Limited has concluded agreements to sell five vessels for $59.2M to group associate Intan Offshore Sdn Bhd
- Seyang sees sharp fall in profit
BULK operator Seyang Shipping of Korea saw a sharp fall in profits despite an increase in turnover for the first quarter 2005
- Union fights against 'slave ship'
THE Maritime Union of Australia is fighting to ban a ‘slave ship’ which remains anchored 30 n-miles off South Australia’s coastline growing and harvesting shellfish
- Collision in Antwerp approaches
A LOADED Aframax tanker was in collision with a small LPG carrier at the entrance to Antwerp in Belgium at about 0300 this morning
- US imposes Chinese textile limit
- US Seaman's Wage Act targeted
- No Celebration for Thomson
- Re-lets prompt boxship rate rise
- China to restrict coke exports
- 13 hours at sea off Australia
- SK Shipping 1Q profits fall
- Canada faces rail disruption
- MOL posts record profit
- Harris appointed to NOL board
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| MAY 16, 2005 |
- UPS to buy Overnite
Acquisition of trucker for about $1.25 billion in cash will expand UPS portfolio of ground- and logistics services.
- Analysis: WCO plan for global trade faces hurdles
- Yellow Roadway in China talks
- NOL names two board members
- Trailer Bridge profits rocket
- Exel appoints two for ocean
- Bid to avert Canada rail strike
- April record for Frankfurt cargo
- Tuticorin increases handling capacity
- All Nations chooses IES
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| MAY 16, 2005 |
- Canadian National Railway locomotive engineers threaten strike
Shippers today expressed alarm after the union representing 1,750 locomotive engineers at Canadian National Railway(CN) announced plans to launch a country-wide strike following the breakdown of negotiations late last week.
- Kritikos in court fight to hold onto Paragon share
Christos Kritikos, a 50% shareholder in Amsterdam’s Ceres Paragon Terminal, will defend his right to maintain his share in the terminal in court on June 1.
- MISC returns prompt bonus share issue
- Russian Customs promises transition to inspection of documents, not cargo
- End of partnership with Norasia sees CMA CGM Asia-Europe reshuffle
- Tim Harris appointed to NOL board
- Two disputes hit Marseilles and Fos April figures
- DHS sets aside US$140m in port security funds
- Security comes back to shippers, insists ECMT report
- Increased volumes at Suape and Manila boost ICTSI Q1 earnings
- April container volumes down year-on-year, though earnings increase
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| MAY 16, 2005 |
- Aries wants $275m
Greece-based outgrowth of Magnus Carriers comes to market with mixed fleet of dozen products carriers and boxships.
- Seabulk pair in play
Florida owner has decided to sell off its two international-trade products tankers under new direction from impending Seacor takeover.
- UK Club rings up deficit
Record level of claims spills red ink on the books of the largest of the P&I clubs.
- MISC feeling generous
Free share windfall for investors as Malaysian giant announces huge annual profit.
- Big role for Biggi
V Ships chief to be first ship manager chairman of top P&I Club.
- Danbolt leads Bassoe exodus
Norwegian broker’s boss takes four colleagues with him to form new company.
- Maas lives on
Dutch yard declared bankrupt in March to resume building Dahl and Wagenborg cargoships.
- Lasco in the money
Strong tanker earnings set to accelerate Latvian Shipping's fleet renewal programme.
- Aframax holed in collision
No pollution reported after Phoenix tanker involved in clash with Hartmann LPG carrier outside Antwerp.
- Harris joins NOL
Ex-P&O Nedlloyd CEO and James Fisher & Sons chairman Tim Harris appointed to board.
- STX suffers
Korean shipbuilder’s profits fall in first quarter as costs take their toll.
- Costs cushion IHI
Falling manufacturing expenses lifts annual profit forecast at Japanese shipbuilding giant.
- Eighteen held in Oz
Golden Union, Zodiac, Cosco, Nomikos, Ugland, Fesco and Exmar all make April detention list.
- Chong eats up more Vita
Former Links Island Holdings chairman continues to buy stock in fledgling Singapore shipowner.
- Profits shrink at Seyang
Higher first quarter revenues can’t prevent earnings erosion at Korean bulker owner.
- Ship sale boosts Halim Mazmin
Disposal of capesize bulker helps first quarter profits improve five-fold at Malaysian owner.
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| MAY 16, 2005 |
- CP Ships: Traffic boom, lines’ practices exacerbate port congestion
- CP Ships plays down chain reaction after Maersk-P&ONL takeover
- U.S./China trade frictions hit Japanese shipping stocks
- P&O Nedlloyd to pay dividend to stockholders
- Former P&ONL, Danzas CEOs join NOL's board
- UPS to buy Overnite trucking company for $1.25 billion
- Steady intermodal growth in U.S.
- DHS awards more than $140 million in port security grants
- House subcommittee spends money on Columbia River
- P&O Ports sole operator of Crowley Gulfport facility
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| MAY 16, 2005 |
- New Paris MOU members
The port state control co-operation Paris MOU has at a committee meeting in Helsinki awarded full memberships to Estonia ...
- No improvement for shipping in Norwegian budget
In spite of good market conditions and positive market expectations, Norwegian shipping faces an unlucky development with companies and ships ...
- New passenger service Russia-Finland
On 14 May a new passenger service was opened between St Petersburg and Kotka. The route is serviced by the ...
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