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Shipping News

Attracting cargo insurers
THE marine cargo insurance market in Singapore is currently one of the smallest components of the general insurance market, but it continues to attract new players who believe it has lots of growth potential.
Hanjin reports Q3 loss on weak won, fuel
Hanjin Shipping Co, South Korea's largest shipping line, slumped to a third-quarter loss because of a weaker won, higher fuel costs and waning demand. The company plunged 15 per cent in Seoul trading.
Robbers raid tug towing S'pore barge
AN Indonesian tug towing a Singapore barge was attacked and the crew robbed off Batu Berhenti in the eastbound lane of the Singapore Straits on Monday morning.
Int'l Shipholding sued over takeover
Traffic up 9% in Mauritius hub
Airline consultancy sets up Asia unit
QE2 runs aground on final farewell voyage

Strait Talk

Sailing through stormy seas
A COMEDY sketch I saw recently summed up the financial pickle we have managed to get ourselves into. A financier explained: 'Of course it's a golden rule that markets can't just keep going up. Never happens, never. Only a fool would think otherwise.'

web site

Shipping News

Attracting cargo insurers
THE marine cargo insurance market in Singapore is currently one of the smallest components of the general insurance market, but it continues to attract new players who believe it has lots of growth potential.
Hanjin reports Q3 loss on weak won, fuel
Hanjin Shipping Co, South Korea's largest shipping line, slumped to a third-quarter loss because of a weaker won, higher fuel costs and waning demand. The company plunged 15 per cent in Seoul trading.
Robbers raid tug towing S'pore barge
AN Indonesian tug towing a Singapore barge was attacked and the crew robbed off Batu Berhenti in the eastbound lane of the Singapore Straits on Monday morning.
Int'l Shipholding sued over takeover
Traffic up 9% in Mauritius hub
Airline consultancy sets up Asia unit
QE2 runs aground on final farewell voyage

Strait Talk

Sailing through stormy seas
A COMEDY sketch I saw recently summed up the financial pickle we have managed to get ourselves into. A financier explained: 'Of course it's a golden rule that markets can't just keep going up. Never happens, never. Only a fool would think otherwise.'

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Volumes fall at Neptune's APL, but revenue up per FEU TNT widens Pearl, Yangtze road networks despite global downturn Fujian's trade value up 21.9 pc in first nine months Industry leaders gather in Dalian for Global Shipping Summit Seaspan sees slow steaming, scrapping, postpanamax order cuts PortCheck to begin LA-LB truck tax collection November 17 Climate change in credit, currency markets bring down US meat exports Hactl's air cargo throughput falls 9.8pc in October Volga-Dnepr's nine-month results show 75pc sales hike Former Aloha Airlines CIO made Aloha Air Cargo president DHL's US parcel business shrinkage prompts restructuring Lufthansa Cargo to offer electronic bookings through Cargo Portal Services

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Domestic shipping industry now wants Transchart's support back OOCL opens Gandhidham office to serve customers better Indian Navy repulses pirates attacking GE Shipping's vessel Ajeya Kallam takes over as VPT Chairman MICT sets new parameters ChPT & Zeebrugge ink cooperation MoU CII sees need for infrastructure monitoring agency October exports down by 15 pc to 5-yr low Meltdown impact on exports seen Exporters need govt help asap, stresses Fieo chief 'We're alive to the slowdown' Global financial bodies need permanent monitoring & early warning system-PM North Block ear for industry's views on global meltdown Govt takeovers of pvt. sector stakes must only be temporary, underscores IIF

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NOVEMBER 11, 2008
Delta and Northwest complete merger

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NOVEMBER 11, 2008
Bourbon Sagitta crew members freed Northrop Grumman names shipbuilding VP Second Stolt ship hijacked Two acquitted in marine hose price fixing case

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NOVEMBER 11, 2008
Boxship owners' compensation plan could fall foul of EU laws A COMPENSATION scheme for the owners of idle containerships could be thwarted by European antitrust rules. Speculation mounts over Eagle Bulk newbuilding orders OWNER rumoured to have joined list of companies forfeiting deposits on newbuilding orders.

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NOVEMBER 11, 2008
Chemical tanker hijacked STOLT Tankers confirmed today that one of its chartered chemical tankers has been hijacked in the Gulf of Aden by Somali pirates DryShips' slide deepens SHARES of DryShips, the largest US-listed drybulk company in terms of capacity, plunged another 21% on Tuesday Court clears Greek terminal deal A TAKEOVER deal for two box terminals at Piraeus, Greece's main port, between Hong Kong-owned China COSCO Holdings and the Piraeus Port Authority was approved today by Greece's Court of Audit QE2 freed to make final UK bow LUXURY cruise ship Queen Elizabeth 2 ran aground today near Southampton during its final voyage before becoming a floating UAE hotel Asia/Europe fall drags down Hanjin HANJIN Shipping has reported operating profits of 78Bn won ($58M) for this year's third quarter, down 25Bn won from 2Q08

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NOVEMBER 11, 2008
Horizon Lines to cut workforce by 10% The largest Jones Act carrier said it expects difficult economic conditions to continue in 2009. Domestic intermodal traffic turns in solid gains US hopeful on trade pact Hanjin OKs Jaxport lease NYCT upgrades train service Ports America appoints Chief Development Officer Vessel operator pleads guilty in US dumping case HK air cargo off 10% OOCL opens India office Japan, Philippines in FTA BDP Project Logistics forms engineering unit

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NOVEMBER 11, 2008
US electronics giant falls in wake of slowdown Pavement Management System testing by AMP T DP World to invest in Algeria Horizon Lines' job cuts to save USD7 million OOCL opens up in Mundra

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NOVEMBER 11, 2008
Eagle stalls? Speculation mounts that Sophocles Zoullas' Eagle Bulk has cancelled order for a dozen bulkers in China. Saudis escape Indian Navy to the rescue again as NSCSA chemical tanker reportedly attacked by Somali pirates. Lily in the lead Surge of votes from colleagues and compatriots gives Eletson entrant narrow lead in TradeWinds' Cartoon Capers contest. Building up Arrival of six newbuildings and 7% rise in charter rates will lift Eitzen Chemical in the third quarter, says top analyst. Buyer for NEMI US Insurance group set to acquire Norwegian marine underwriter. Maersk mulls Danish boxship giant has reportedly not ruled out bid for Hapag-Lloyd in a few years after economic gloom lifts. Magical money Use of oily water separator bypass leads to "disappearance" of $1.75m of Dowa funds. And finally... Battle over Anders Jahre's estate - the world's longest-running legal case ' settled after 67 years. EATech hungry Malaysian owner orders three tankers and two support ships at domestic shipyard for oil major contracts. Currency crash Norway's Eidesvik Offshore plunges to loss in first nine months after dollar's rise increases value of debts. Dropping anchor Second-hand AHTS values could dive by 50% in the next six months, top researcher says. GE 'attack' foiled Indian Navy steps in to thwart suspected pirate attack on Great Eastern panamax in Gulf of Aden. STX dry warning South Korean bulker and tanker giant warns market could get worse before it gets better as profit falls. Swift OK European Commission blesses Maersk's buyout of partner Teekay's share in products tanker pool. Stolt hit again Plethora of piracy reports flood IMB as another Stolt-chartered ship taken and UK-operated reefer attacked. Inui ahead Japanese bulker owner edges up six-month profit, but full-year forecast not so rosy. Yangzijiang up Singapore-listed Chinese shipbuilder's third quarter profit soars on higher revenue. Hanjin sees red Foreign exchange losses and weaker liner market take their toll at South Korean shipowner. QE2 grounds Historic liner freed from sandbank off Southampton as it prepares for final voyage. Saevik for Davie? Per Saevik-connected Havyard Group rumoured to be eyeing slice of struggling Canadian Yard. Smyril axes Faroe Islands ferry line chops Bergen run to save money in tough financial conditions. Courage sells Singapore-based bulker owner appears to have the S&P market to itself as it offloads old handysize. Horizon to cut US container line to axe 10% of 700-strong workforce in bid to cut labour costs by up to $10m. Partners South American owners Wilson Sons and Magallanes are merging their Brazilian offshore fleets. EU plans taskforce The European Union has agreed to send a fleet of warships to help combat piracy off Somalia. Lagos log-jam More than 23 boxships awaiting berth in Nigerian port as congestion continues.

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NOVEMBER 11, 2008
Horizon plans to eliminate 70 jobs OOCL opens office in Mundra DHL interested in smaller outsourcing deal with UPS Former Cathay CEO Turnbull joins Seabury Asia "10+2" could be served day before Thanksgiving Former DHL executive named APL Logistics' VP of contract logistics DP World assumes control of Algiers container terminal Philadelphia short-lists bidders for container terminal Hanjin sweetens deal for Jacksonville terminal Marseilles Fos: bulk up, containers down Antwerp port executive travels to India to promote two-way trade

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NOVEMBER 11, 2008
Lindøvarvet close to shutdown Lindøvarvet in Odense can be wound up, according to Business.dk. The decision will be made in a few weeks. The shipyard's direction and management hope to find new business areas, in order to be able to keep some of the ... Skuld follows suit The Norwegian P&I Club has decided to follow other clubs and increase premiums for the 2009 policy year. Skuld announces a 15 per cent general increase for mutual classes of P&I and FD&D ... EU force to Somalia On Monday November 10 the European Union confirmed the implementation of a naval operation off Somalia. The aim is to launch the EU NAVOR Somalia operation "Atalanta" in December. "It aims to contribute to the protection of vessels of the ...

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NOVEMBER 11, 2008
Bunker spill 'poses no environmental concern' Tugboat runs aground off US East Coast. Appropriate authorities' should enforce MARPOL Annex Discussing MARPOL procedures like 'playing a game without a referee' until port state authorities make their rules clear. Refinery maintenance triggers surge in fuel oil output 200,000 metric tonnes of extra residual product heading for Mediterranean market. Bunker spill after ship driven ashore Fuel oil leaked from fractured hull. Alternative bunker fuel 'not as eco-friendly' as claimed Naval architect says LNG releases methane into the atmosphere. EU committee backs bunker players Environmentalists fail to win support for investigation of oil transfer operations. Prices fall in key Asian ports Demand weak across the region. Asian fuel inflows surge in November Western fuel inflows up a third from October levels. Bunker supplies improve in Keelung More 380 cst IFO in northern port as refinery output swells. COSCO ships to sail solar Solar-powered sails can harness energy from the wind and sun to cut a ship's energy needs. Cochin cruise calls may dip Unfavourable tax regime and high bunkering costs deter cruise calls.