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02 April 2020 The on-line newspaper devoted to the world of transports 06:18 GMT+2




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The Business Timesweb site
FEBRUARY 1, 2011
Shipping News
  • Mitsui OSK cuts annual profit forecast
    Mitsui OSK Lines Ltd, the world's largest merchant fleet operator, cut its annual profit forecast as Australia's worst flooding in 50 years disrupted cargoes this month and dragged down rates.
  • NOL's container volume rises in Dec
    Neptune Orient Lines (NOL) said on Monday that its container shipping volumes for the seven weeks to Dec 31 rose 26 per cent from a year ago, helped by higher traffic on the intra-Asia and Asia-Europe routes.
  • Operations slow at Suez
    Shipping operations in Egypt are carrying on as usual despite the unrest in the country but vessels at the port of Suez are unable to pick up military escorts for protection through the pirate-prone Gulf of Aden, a senior industry official said yesterday.

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Sched Netweb site
FEBRUARY 1, 2011
  • 'K' profit soars 11 fold to US$407.9 million, but sees a slowdown
  • Maersk declares Port Said a no-go area as Egyptian riots rage
  • Carriers tell FMC of impact of 2008 EU conference ban
  • Maersk group to focus on emerging markets
  • US Federal Maritime Commission votes to probe slow steaming
  • Costamare founder dies after long illness at 75
  • MISC relaunches Philippines service, adds Haiphong call
  • German freight and passenger trains collide head on, killing 10
  • US considers authorising global 'trusted shipper' scheme
  • Nigerian anti-corruption inspections cause delays, demurrage
  • Hainan Air extends cargo partnership with ECS Group in Europe

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Exim Indiaweb site
FEBRUARY 1, 2011
  • Argentina attacks Falklands box trade with bureaucratic blockade
  • CMA CGM's $500 million bonds subscribed by Yildirim
  • DCI achieves 'Excellent' MoU rating
  • GATI Coast to Coast commences service connecting Kandla with Cochin & Colombo
  • Info-X Software offers streamlined ocean e-commerce services thru' integration with INTTRA
  • MAERSK LINE to resume seasonal NZ relay service
  • MSC launches direct Central America-North Europe link
  • Slot-sharing cuts N. & E. Asia-Australia capacity over Chinese New Year
  • UASC commences own agency in Poland
  • ZIM launches direct Tampa-Mexico container service
  • JNPT adjudged container handling port of year at Northern India Multimodal Logistics Awards
  • KPT observes R-Day with vigour
  • No oil pollution, human casualty following vessel collision in Mumbai Harbour-DGS
  • GDL Groups consolidated net profit surges by 40 pc in Q3
  • One of the world's best fairs
  • Swiss to bring in new law from Feb. to recover illicit wealth

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International Transport Journalweb site
JANUARY 31, 2011
  • Hainan Airlines extends European cargo GSSA partnership with ECS Group
    China's Hainan Airlines has extended its general sales and services agent agreement with the ECS Group in Europe by awarding a new contract to the company in Hungary and Austria. T...
  • CMA CGM and Yildirim: equity note issuance finalised
    CMA CGM has now issued USD 500 million in redeemable bonds, all of which were subscribed by Turkey's Yildirim Group, in accordance with agreements between CMA CGM Group and the gro...
  • Maximus adding converted Airbus freighters to fleet
    Maximus Air Cargo, the UAE's largest dedicated cargo aircraft operator, is significantly expanding its fleet. Three additional Airbus A300-600 regional freighters, which each offer...
  • European railfreight body calls for improvements in German network
    Netzwerk Privatbahnen, an alliance encompassing 24 private and local freight railways from the whole of Europe, has said that the liberalisation of Germany's railway sector had led...
  • Future of German inland waterways not clear
    The German inland shipping organisation (Bundesverband der Deutschen Binnenschiffahrt BDB) has severely criticised the transport ministry's inland waterway concept, questioning the...
  • Loxxess changes ownership structure
    Loxxess, a German logistics group that specialises in complex outsourcing projects, has changed its ownership structure. The company has now announced that Christina Amberger, the ...
  • Maersk joins UN disaster relief team
    The A.P. Moller-Maersk group is the newest member of the logistics emergency team, having recently joined a disaster relief support network run by the United Nations World Food Pro...
  • PSA registers strong recovery
    PSA International handled 65.12 million teu at its ports around the world in 2010. The group's performance showed a marked increase of 14.4% over 2009, on the back of contributions...
  • ATR booked orders for 80 aircraft in 2010
    The Franco-Italian regional turboprop manufacturer ATR booked orders for 80 new aircraft in 2010, plus options for 33 more. ATR generated a turnover of USD 1.35 billion in the year...

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Marine Logweb site
JANUARY 31, 2011
  • Washburn & Doughty building new Moran tug
  • Conservancy takes title to SS United States
  • GAC Protective Services issues Suez Canal crew change advice
  • Atwood Oceanics orders $600 million drillship at DSME
  • Warning: "Citadels" no absolute guarantee of crew security against pirates
  • Resolve in OPA 90 firefighting coalition with T&T Bisso

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World Wide Shipperweb site
JANUARY 31, 2011
  • Port Metro Vancouver posts numbers for 2010
  • Port of Seattle stars on financial news program
  • IMO Secretary General talks security with Napolitano
  • Drinking water study completed at Washington ferries headquarters
  • Wallenius Wilhelmsen Logistics expanding Europe to Gulf service

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Lloyd's Listweb site
JANUARY 31, 2011
  • Rates will face spike if Suez Canal closes
    The canal and Sumed pipeline carry between 4% and 5% of world's daily oil consumption
  • Capesize values drop $1m in one week as market worsens
    Brokers see no sign of recovery as bulk carrier prices fall across sectors
  • VLCC sale price signals 'new low' in double-hull values
    Japanese-owned, very large crude carrier Tajima has been sold to Greek shipowners Dynacom Tankers Management for $28.1m, in what brokers have called a new low in values for 1990s-built double-hulled VLCCs
  • Baltic Index drops by 38% during month given 'Black January' label
    The Baltic Dry Index fell 30 points to 1,107 yesterday, closing 38% lower than a month ago, in what brokers are now labelling as 'Black January'
  • Chinese New Year brings freight rates relief
    Increased shipments on boxships ahead of the Chinese New Year have helped arrest any further drop in freight rates on the route from Shanghai to northwest Europe
  • Box lines draw up Suez contingency plans
    To deviate around Cape of Good Hope if Suez Canal is blocked
  • Tanker shares tumble on Egypt fears
    New York market reacts to realities of the Suez Canal situation after Friday spike
  • Paragon Shipping admits Korea Line exposure
    Dry bulk and boxship owner has a panamax on hire to the troubled South Korean giant until late 2013
  • Japanese box giants warn over earnings
    Lines warn over impact of rate declines and overcapacity on revenues and profits
  • Military takes control of Suez Canal
    Waterway to remain open although all other port activity likely to be at a standstill
  • Le Havre develops multimodal infrastructure links
    La Breque link plugs port directly into national rail network
  • Suez Canal shipment delays likely
    Just in time deliveries to be worst hit but marine insurers remain calm amid crisis
  • Former Hartmann boss launches shipmanagement firm
    Dietrich Schulz sets up own shipmanagement company
  • Indian frigate stricken in Mumbai collision
    INS Vindhyagari and Cyprus-flagged boxship collide
  • Long wait ahead for fruits of reform
    French ports may soon be better able to compete with European rivals, but will foreign exporters return?
  • Le Havre looks to freshen its image
    Leading French container port keen to alter reputation as nexus of labour unrest brought about by Nicolas Sarkozy's national port reforms
  • Normal accident, exceptional loss
    It is time for the maritime industry to redouble its thinking about safety, worse loss scenarios and decoupling of risk
  • MAN Diesel to design engine to run on organic liquid gas
    Move in response to order from Scandinavian shipowner for a small dry cargo vessel to run on organic liquid gas
  • Rush to install ecdis puts price and functionality pressure on makers
    Prices for Ecdis systems are dropping, while shipowners demand more functionality as the IMO deadlines for installation approach
  • Beluga Shipping slams failed rescue mission
    Crew member shot by pirates as patrol boat and Dutch frigate attack captured Beluga Nomination
  • NOL sees steady erosion in box freight rates
    Freight rates at the end of 2010 continued to slide but above 2009 levels
  • Daewoo posts record $697m profit
    Shipbuilder's net income up 35% on 2009 numbers
  • Delays hit Egyptian ports
    Disruptions reported as workers stay away due to civil unrest
  • TBS wards off bankruptcy threat
    Management to inject up to $10m in loan deal as deadline expires today
  • International Group defends release call policy
    P&I clubs warn any attempt by Brussels to impose a formula will restrict competition
  • SCCT severely restricted by curfew
    Shutdown from 1500 hrs to 0800 hrs leaves staff at container terminal with 'a very narrow window of working time'
  • Just in time may be worst hit by Egypt crisis
    Just in time shipments could bear brunt if Suez Canal closes
  • Oil traders warned over spread of Egypt unrest
    Market jitters unfounded but spread of protests to other countries could pose risk
  • Capital Product talks up prospects despite profit fall
    Average product tanker spot earnings for fourth quarter improved compared with 2009
  • Keep Suez Canal open
    Egypt has a clear self-interest in ensuring the continuing safe passage of merchant shipping in the Suez Canal

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Fairplayweb site
JANUARY 31, 2011
  • EU NAVFOR clarifies Beluga rescue
    BELUGA Shipping and EU NAVFOR have rejected media reporting of last week's attempt to free the Beluga Nomination from Somali pirates.
  • Usiminas of Brazil wins Panamax steel bid
    TRANSPETRO said today it will buy 13,000 tonnes of steel plate from Brazilian steelmaker Usiminas to build tankers to carry oil and refined products.
  • Paragon reveals KL risk
    NYSE-listed Paragon Shipping today confirmed that it could potentially suffer a material hit from Korea Line's receivership.
  • LB expansion gains steam
    LONG Beach is accelerating $4Bn worth of expansion schemes as it comes off a record year of box growth.
  • APM shuts non-oil operations in Egypt
    DANISH shipping and oil group AP Møller-Maersk has reportedly suspended its terminal operations at Egyptian ports and closed its shipping offices in Egypt.
  • Russia's UCL mulls IPO
    THE OWNER of Russian port and stevedoring company UCL Holding is considering an IPO with a target valuation of $2Bn, Fairplay has been told.
  • CPP results fall short
    EVANGELOS Marinakis-controlled Capital Product Partners reported disappointing results today but assured that sector fundamentals were improving.
  • Cruises give Egypt a miss
    CRUISE lines that operate eastern Med and Red Sea routes are altering itineraries because of the escalating violence and turmoil in Egypt.
  • DSME profits rise in 2010
    SOUTH Korea's DSME today posted a 35.1% year-on-year rise in net profits to 780.1Bn won ($695M) for 2010.
  • China box shipments rise
    CONTAINER shipments from China surged last week as shippers saw a spike in export demand before Chinese New Year begins on 3 February.
  • Ship sinks off Seychelles
    A GENERAL cargo/passenger ship has reportedly sunk in the Seychelles.
  • Shares settle as Suez fear subsides
    SHARES in listed tanker shipping companies lacked direction this morning, after they rallied last week on fear that the Suez Canal could be closed because of the Egyptian government's crisis.
  • Less coal, iron ore shipped within China
    INTRA-China coal and iron ore shipments dipped last week as factories stockpiled ahead of the week-long Chinese New Year that begins on 3 February.
  • Russian fishing booms
    RUSSIA'S fish sector is booming, with Russian consumers increasing consumption level of cool, salted and dried fish at almost the country's growth rate for fruit.
  • 'K' Line swings to profits
    'K' LINE announced today that it recorded net profits of '6.9Bn($84M) for the third quarter of the 2010 financial year, reversing losses of ¥18.7Bn a year earlier.

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The Journal of Commerceweb site
JANUARY 31, 2011
  • Napolitano Calls for Trusted Shipper Program
    Homeland Security Secretary Janet Napolitano is gathering international support for an all-modes "trusted shipper" program similar to the trusted traveler...
  • Diesel Edges Up to $3.438 per Gallon
    Retail diesel prices edged up eight-tenths of a cent last week to a national average of $3.438 per gallon, according...
  • Long Beach Port to Build on Recovery
    The Port of Long Beach this year will progress in the development of four key infrastructure projects that will prepare...
  • NOL Container Volume Grew 24 Percent
    Neptune Orient Lines said Monday container volume for its APL subsidiary grew 24 percent in 2010 over the previous year...
  • Federal Judge Orders Carrier to Restore Teamster Pay
    A federal judge ordered an Indiana concrete company to restore pay and benefits to 23 cement truck drivers who were...
  • 'K' Line Returns to Profit
    Container shipping provided most of the profits that put Japanese carrier "K" Line back in the black during its October-December...
  • Mississippi River Pilots Limit Vessel Draft
    Pilots who guide ships on the Mississippi River from its mouth to New Orleans last week put a new restriction...
  • US Steel Imports Jumped 47.2 Percent in 2010
    U.S. steel imports last year rose 47.2 percent from recession levels in 2009 and signs point to further improvement this...
  • Wallenius Wilhemsen Adds Europe-U.S. Gulf Ports
    Wallenius Wilhelmsen Logistics will add port calls at Santander, Spain; Veracruz, Mexico, and Cartagena, Colombia, on its pure car/truck carrier...
  • FMCSA Wants Black Boxes for Trucks
    The Department of Transportation on Monday proposed all trucking companies be required to install electronic onboard recorders to monitor driver...
  • Higher Rates Raise Profit for Covenant
    Higher rates and better utilization of its equipment helped Covenant Transportation pull out of the red and post a profit...
  • French Port Strike Stalls Activity for Fourth Day
    French ports were at a standstill for the fourth successive day Jan. 31 as dock unions and port employers prepared...
  • MOL Cuts Forecast Despite Container Profits
    Japanese shipping group MOL reported higher container shipping profit but cut its earnings forecast for its fiscal year ending March...
  • Rockefeller Introduces FAA Authorization Bill
    Long-stalled legislation to fund operations of the Federal Aviation Administration got under way again in the 112th Congress. ...
  • Unrest Affects Egypt Ports; Suez Remains Open
    Egyptian ports were closed or operating at sharply reduced capacity amid a seventh day of anti-government protests Monday, but the...
  • NYK Profit Jumps More Than Tenfold
    NYK Line's net profit jumped more than tenfold in the Japanese shipping company's October-December fiscal third quarter as improved container...
  • EMD Sells Locomotives to Mexico, Canada
    Caterpillar-owned locomotive builder Electro-Motive Diesel locked in orders to sell 44 freight power units to Ferrocarril Mexicano, and five more...
  • Cargotec to Buy Navis for $190 Million
    Finland-based Cargotec said it will acquire Navis from Zebra Technologies for about $190 million. Cargotec markets cargo handling equipment...
  • ANA Earns $457 Million Profit in Nine Months
    Japan's All Nippon Airways swung to a net profit of $457.3 million in the first nine months of fiscal 2010,...
  • Ships Collide Off Mumbai
    A Cyprus-registered container vessel collided with an Indian naval warship off the Mumbai harbor Sunday. No injuries or oil...
  • Crandall Joins Southern Air Board
    Freighter operator Southern Air named Robert L. Crandall, the former American Airlines chairman credited with revolutionizing airline industry management, to...
  • ProLogis, AMB Property Announce Merger
    Distribution center giants ProLogis and AMB Property announced an agreement Monday to merge their businesses, bringing 600 million square feet...
  • Transloading, Part II
    Thanks to the recession, transloading is rapidly evolving from a tactic shippers used to avoid high rail rates for intact...
  • Credit Terms: Lost in Translation?
    Q: We're a maritime freight forwarder that does business with a client who imports from Hong Kong under credit arrangements....
  • Union Pacific Powers Into 2011
    When Union Pacific executives consider how to build on big 2010 gains, they increasingly talk about the 'value proposition' North...
  • Simpler Pricing No Priority
    There's one area where FedEx Freight will stick to the LTL playbook: pricing. Although it's redefining its services as priority...
  • FedEx Freight Gets an Overhaul
    Bill Logue will launch a new trucking company Jan. 31 - FedEx Freight. It will look much the same as...
  • Ports Digging Deeper
    On Jan. 3, The Journal of Commerce published a commentary by Asaf Ashar ('Paying for Benefits,') that included several misleading...
  • A Deeper Vision
    Florida is something of a bystander when it comes to handling container trade with Asia, but the state's business community...
  • Infrastructure Pandemic
    U.S. infrastructure in rough shape, you say? Bridges collapsing and highways congested? Financing and investment lacking? We're not alone. ...
  • Whacked on the Waterfront
    The Christmas list keeps getting longer. A new round of federal indictments for alleged mob activity added several names to...
  • Breathing Easier, Nationally
    There's been no shortage of argument and legal battling over the clean-trucks programs at Southern California's ports, but there's no...
  • Cold Water on the Recovery
    Welcome to the first year of the second decade of the 21st century. Happy New Year to you all. ...
  • Making Connections in Michigan
    Barely two weeks into his first term, Michigan Gov. Rick Snyder threw his support behind a new bridge between Detroit...
  • Shippers Climb the Hill
    When it comes to transportation policy issues in Washington, freight shippers want it all. From heavy industry groups such as...
  • Hours-of-Service, Hours of Trouble
    What's most likely to keep trucking executives awake in the early hours of the morning this year? If you said...
  • Layering Capacity
    Truckers trying to keep a tight grip on capacity are rethinking how they use it. Innovative equipment designs could help...
  • Trucking Recovery 2.0.11
    The fragile state of the retail supply chain became clear to Wayne Spain in December as he went from store...
  • Fuel Comes Back
    It's not quite 2008 again, but heads up: After two years of relative stability, transportation fuel prices are creeping back...
  • Words, Actions
    To say infrastructure and trade have never been as prominent in a presidential State of the Union address as they...

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Containerisation Internationalweb site
JANUARY 31, 2011
  • Egypt in meltdown
  • Jacques Saade returns to helm of CMA CGM
  • Hanjin back in profit following strong transpac and Asia/Europe trade
  • Waldhof casualty 'explosion threat'
  • Europe/Cote d'Ivoire trade in turmoil

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TradeWindsweb site
JANUARY 31, 2011
  • Beluga blasts 'failed' navies
    Niels Stolberg-led owner says forces "entirely malfunctioned" as crewman executed on Beluga Nomination.
  • CSDC chasing cash
    Hong Kong-listed owner plots $600m bond issue to back up order binge.
  • Latvian goes after exes
    Riga tanker owner's new board seeks "compensation for losses" incurred by departed Imants Sarmulis and others.
  • Western Bulk in legal win
    Norwegian dry cargo operator wins dispute with Ispat over supramax charter hit by insurgency at Indian port.
  • TBS strikes it lucky
    US owner rewrites terms of seven troublesome loans with the help of its top managers to remove bankruptcy fears.
  • Pace slowing at NYK
    Japanese giant still erasing 2009's losses, but things are getting tougher in the fourth quarter.
  • Capital profit cut
    Evangelos Marinakis-led owner sees fourth quarter bottom line dip as revenue declines.
  • Paragon sounds KLC alarm
    New York-listed owner says there is "no assurance" ailing Korean firm will pay up on panamax charter.
  • Ferry smashes quay
    Veolia's Moysalen slammed into the side at Lokta, Norway, by strong winds.
  • Fain flogs RCCL shares
    CEO Richard Fain collects almost $10m after sells shares in cruise giant following its bumper 2010.
  • MSC boxship "spills oil"
    Dominican Republic starts probe into small leak from MSC Ronit at Caucedo.
  • Grain ban bites NCSP
    Russian port blames export block and falling crude oil volumes for weaker 2010.
  • 'Execution' on Beluga ship
    Two other crew members unaccounted for as failed Seychelles rescue bid sees one crew member and pirate killed.
  • Cape sale sets bar lower
    Cyprus Maritime said to have paid only $24m for capesize bulker in deal which looks likely to set a new benchmark.

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American Shipperweb site
JANUARY 31, 2011
  • U.S. economy gains momentum
    The U.S. economy grew 3.2 percent in the fourth quarter of 2010, up from 2.6 percent growth in the third quarter, the Commerce Department said Friday. The results are based on preliminary data and are likely to be refined late next month. The impr...
  • IMS Rail handles containers from Rotterdam
    Basel-based IMS Rail Switzerland will take over railed container transport at the Dutch port of Rotterdam from ICF West, effective Tuesday. In early January, container operator IMS Intermove Systems Speditions- und Transport GmbH in Vienna agreed t...
  • Kansas City Southern profit up
    Kansas City Southern reported fourth quarter net profit of $55.6 million, compared to $35.2 million in the same 2009 period. Revenue for the quarter ending Dec. 31 was $479 million, up 18 percent from the year-earlier period on a 12 percent increas...
  • Official reiterates White House gas tax position
    White House Chief of Staff William Daley on Sunday ruled out a raise in the gas tax to help pay for transportation infrastructure, holding true to the Obama administration's position held since taking office two years ago. "I don't think raising t...
  • Crandall joins Southern Air's board
    Southern Air Holdings has appointed Robert L. Crandall, former chairman and chief executive officer of AMR Corp. and American Airlines, to its board of directors. "Southern Air is one of the most experienced and fastest growing air cargo carriers i...
  • WWL expands Europe/U.S. Gulf service
    Wallenius Wilhelmsen Logistics has added regular, direct calls to the ports of Santander, Spain; Veracruz, Mexico; and Cartagena, Colombia; as part of its Europe to U.S. Gulf service. This new service will offer shippers, freight forwarders and exp...
  • Report raises short sea shipping concerns
    The environmental group Friends of the Earth (FOE) last weekreleased a report detailing the environmental challenges associated with short sea shipping . "Short sea shipping has the potential to be greener than other types of freight transport. How...
  • Japan lines profit through 3 fiscal quarters
    Japanese container shipping lines "K" Line, MOL and NYK all reported improved financial results through three quarters of their fiscal year. "K" Line said its container shipping division saw operating profit of $383.8 million through the first nine...
  • OOCL 2010 revenue up 46%
    Liner carrier OOCL said last week in an operational update that its fourth quarter revenue grew 41.9 percent to $1.5 billion, compared to the same period in 2009. That growth was slightly lower than the container line's revenue growth for the whol...
  • Saadé returns as CEO, CMA CGM attains investment
    Saade French liner carrier CMA CGM said Friday it has formally ceded a 20 percent share of the company, worth $500 million, to the Yildrim Group, a Turkish conglomerate. The announcement comes two months after CMA CGM first finalized the deal, endi...

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The Scandinavian Shipping Gazetteweb site
JANUARY 31, 2011
  • Keel laying at Rauma shipyard
    On January 31, 2011, the keel was laid for an Antarctic research and supply vessel ordered by the South African Department of Environmental Affairs at STX Finland Rauma shipyard. The
  • Esbern Snare rescued crew from Beluga vessel
    The Danish warship Esbern Snare rescued two crew members from the German owned heavy lift carrier Beluga Nomination, which last week was hijacked by Somalia pirates in the Indian Ocean
  • New HSC for Bornholm service launched in Australia
    The Austal shipyard at Henderson, Australia, has launched the HSC ferry (hull no. 246) for F'rgen A/S. The ferry will later this year officially be named Leonora Christina after
  • Clipper employees in tax trouble
    Around 200 employees at Clipper's Copenhagen office are facing fines and even imprisonment due to violations against the Danish tax legislation. The first case of many has recently been handled

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The Bunker Bulletinweb site
JANUARY 31, 2011
  • Fears of more bankruptcies as rates slip
    Analysts say more shipping firms could fold as Baltic Dry Index falls to two-year low.
  • Fujairah market firm amid Suez concern
    IFO still unavailable in Durban.
  • Fuel oil cargo commands 'highest premium for five years'
    Buyer takes position that 'low density cargoes will be tight going forward'.
  • Prices firm in key ports
    The bunker market was very busy in Gibraltar.
  • High fuel costs are a 'driver for change'
    'New technologies are entering the market, enabling novel designs to become reality,' says DNV.
  • Containership detained following oil spill
    Spokesman for Dominican Republic's environment agency says 'penalties' will be sought.
  • Slow steaming remains part of K Line strategy
    Company President warns of 'uncertain' economic outlook.
  • Asian bunker prices at fresh two-year highs
    Bunker supplies mostly "tight" at key Asian bunker ports, traders say.
  • Crew of vessels involved in illegal bunkering to face charges
    For transferring 14 mt of marine fuel oil without approval, according to Malaysian police reports.
  • SK Energy scraps heavy oil upgrading project
    Fall in supplies of bunker product in South Korea may not be as great as feared, traders say.
  • Bunker market last 'redoubt' of Asian fuel oil demand
    Demand for fuel oil diminishing from the industrial, residential and commercial sectors, says energy consultancy.
  • Sinopec (HK) to launch oil terminal in 2011
    A quarter of the 2.08 million m' terminal will be used to store bonded fuel oil, when fully competed in 2012.




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