Cyprus promises shipping undersecretary 'within weeks' New ministerial post part of higher profile for the industry after island's crisis
Danaos moves for first secondhand boxship acquisition Owner already has a $27.5m agreed kitty for renewal purposes
Cexim's ambition faces an uphill march Pledge to help quality shipowners ride out the current crisis raises eyebrows
Cexim buys stake in leasing firm to lure foreign owners China ship finance giant moves to boost the country's shipyards
Burma-China pipeline will cut VLCC demand Alternative outlet presents a further blow to a struggling tanker market
New threat to product tankers if third Caribbean refinery is closed Route already looks vulnerable to market slide
Under pressure If spot rates continue to weaken, container lines could once again find themselves under pressure from customers to renegotiate annual contract terms
Leopard crew freed after 28-month ordeal Somali pirates release six hostages for 'considerable millions'
Anger at Gothenburg tariff hike AMP Terminals' move could force carriers to switch ports, say shippers and freight forwarders
StealthGas raises $115m from shares offering Vafias family to chip in $5.8m as firm targets five LPG carriers
Unsure of Shell Energy giant positions itself to wrest control of Browse LNG from Woodside
MacAndrews launches rail service Shortsea specialist runs reefer trains through Spain
CSAV approves capital increase to finance boxship order Chilean carrier will buy seven Samsung-built wide-beam boxships
Capacity adjustments not enough to lift rates Service withdrawals and void sailings will not offset new tonnage, says Alphaliner
Kidnapping highlights piracy threat to commercial shipping West African attacks expand from thefts of oil and gas to seizures of seafarers
Gulf of Guinea kidnappings not linked to terrorism, say intelligence firms A perceived link could restrict insurers' ability to cover ransom payments
Top cuts its losses EVANGELOS Pistiolis-led Top Ships today reported much smaller losses for 2012, despite logging less than half the voyage revenues of the year before due to weaker rates
CSAV plans share sale CHILEAN liner CSAV has announced a plan to sell $500M in equity to fund newbuildings and repay debt.
Broad Growth in Industrial Real Estate ustained nationwide growth in the construction and absorption of warehouse space indicates that the recovery in the industrial real estate market is here to stay. In fact, the boom can no longer be described as the industry recovering from the 2008-09 economic recession. Rather, declining vacancy rates and steady expansion of...
Roadrunner's Truckload Revenue Rises Nearly 50 Percent Roadrunner Transportation Systems reported net income available to common stockholders in the first quarter of 2013 was $10.6 million, increasing 33.4 percent from $7.9 million in the first quarter of 2012. Meanwhile, operating income for Roadrunner, No. 15 on JOC's list of the Top 25 Less-Than-Truckload Carriers, was a record $19.1...
Con-way Profit Skids Con-way, the Ann Arbor, Mich.-based trucking operator and logistics provider, on Monday reported first quarter net income of $14 million, down from $25.6 million a year earlier. Operating income declined to $31.6 million from $55.7 million a year earlier as revenue was essentially flat at $1.34 billion vs. $1.37 billion in...
Horizon Posts Loss, Improved EBITDA Jones Act domestic carrier Horizon Lines reported a first quarter net loss but a 25.7 percent increase in adjusted earnings before interest, taxes, depreciation and amortization from continuing operations. Horizon's net loss narrowed to $20.1 million from $26.8 million a year earlier, as operating revenue declined to $244.5 million from $263.4...
Bahri Receives Second of Six New Ships Bahri Hofuf, a new general cargo vessel of 26,000 deadweight tons.Bahri, formerly known as the National Shipping Company of Saudi Arabia, has received delivery of the Bahri Hofuf, a new general cargo vessel of 26,000 deadweight tons, in South Korea. It is the second vessel delivered in a series of six ordered...
D.J. Powers Opens Branch in Virginia D.J. Powers Co. has opened a new branch office in Norfolk, Va., in line with its expansion strategy. "We are delighted to open the Norfolk office and continue to move forward with our strategic multi-phase plan to expand globally," said Rhett Willis, president and CEO, in a written statement. "Norfolk has...
Hong Kong Dockworkers Take Part in May Day Protest Striking dockworkers were among thousands who rallied in Hong Kong on May 1 against poor wages and working conditions. Organizers pegged the crowd at about 5,000 people, but police estimated just 3,700, South China Morning Post reports. The dockworkers were "treated like VIPs," the news organization said. "So what we are demanding today,...
NITL Convenes 2013 National Policy Meetings The National Industrial Transportation League is taking its acclaimed spring policy program outside Washington, D.C., to the greater Chicago area on May 23-24 to convene the nation's leading decision-makers from industry and government to explore the key challenges confronting the freight transportation industry. Structured around the NITL's major standing modal committees,...
Suez Canal Tolls Increase Toll increases for ships transiting the Suez Canal took effect today. Container ships got off relatively easy, with increases of about 2 percent, Middle East Monitor reports. Oil tankers and other bulk vessels incurred the greatest hikes, at around 5 percent. In the first quarter of 2013, 1,479 container ships passed through...
Kenco Appoints New VP Operations Logistics provider Kenco named Todd A. Johnson to the position of senior vice president of operations with Kenco Logistic Services. In addition to his operations responsibilities, Johnson will focus on account management, business development and strategic planning in his new role. Johnson has 29 years of experience in the supply chain industry,...
Working Together at NASSTRAC If attendance at industry events is an economic indicator, we're doing better in early 2013 than you might think. Approximately 600 people attended the NASSTRAC Shippers Conference and Transportation Expo in Orlando this week, a gain of more than 100 attendees from 2011. The number of exhibitors - motor carriers,...
Profit Slides at Hutchison Port Holdings Trust Hutchison Port Holdings Trust reported its first quarter 2013 profit fell to HK$642.0 million (approximately US$82.7 million), down 6.5 percent from HK$686.7 million in the same period a year ago. Revenue and other income rose slightly year-over-year, up 1.1 percent to HK$2,866.5 million. Operating expenses climbed 3.8 percent, to HK$2,027.0 million. First quarter...
Container Volume Grows at Port of Rotterdam Container throughput at the Port of Rotterdam rose 4 percent year-over-year in the first quarter of 2013 to 2.8 million 20-foot-equivalent units. Total container tonnage fell slightly, however, to 30 million metric tons, as the port handled substantially more empties than loaded containers. The port expects that condition to persist because...
UPS Sees Strong Growth on Expedited European LCL Service UPS is experiencing "significant" growth in its expedited less-than-containerload service since it was launched in March from four northern European ports to delivery destinations in the U.S. The new service, which UPS calls Preferred LCL, is drawing the biggest interest from U.S. importers of German-made industrial automotive products, which includes auto...
ILA Maintenance-Repair Workers Ratify Metro Contract International Longshoremen's Association employees of equipment maintenance and repair contractors in the Port of New York and New Jersey voted overwhelmingly to ratify a six-year labor contract. ILA members approved the contract by a margin of 542-17 Tuesday. The new contract between ILA Locals 1804-1 and 1814 and the Metropolitan Marine Maintenance...
Genesee & Wyoming's Profit, Revenue Mount Genesee & Wyoming Inc. reported profit in the first quarter of 2013 of $82.7 million, up from $22.2 million in the first quarter of 2012. The company's net income for the quarter was boosted by the retroactive short-line tax credit for 2012 and a net gain on the sale of assets, partly offset...
Tactical Logistics Solutions Leases Facility in California Tactical Logistics Solutions shares the building with Complete Logistics Control.Tactical Logistics Solutions has leased 192,000 square feet of industrial space in Ontario from landlord Riverside Bluffs Realty, an affiliate of Sares Regis-J.P. Morgan. The signing marks New Jersey-based Tactical Logistics Solutions' expansion into the Inland Empire marketplace. The company specializes in...
Profit, Revenue Soars at Agility Agility's first quarter profit soared 46 percent as the Kuwait-based logistics and infrastructure company overcame a sluggish global economy to expand its customer base in emerging markets. Net income grew to 10.1 million dinars ($35.6 million) from 6.9 million dinars ($24.3 million) in the first three months of 2012, as revenue...
Drewry's Trans-Pacific Benchmark Flat Ahead of GRIs Drewry's Hong Kong-Los Angeles Container Rate Benchmark was flat this week, leading up to May 1 general rate increases, following three weeks of declines in the trade lane. Drewry Container Rate Benchmark, May 1, 2013 Full-size image During the prior three weeks, the benchmark dropped 15.2 percent or $379. Trans-Pacific carriers Cosco, U.S. Lines and MOL plan to...
Genco debt reclassified Genco Shipping & Trading revealed that it has reclassified $1.4bn in long-term debt due potential covenant breaches, as the shipowner reported a 44.8% jump in first-quarter losses.
Excel extends Ailing bulker owner says negotiations with lenders, investors and strategic partners are ongoing.
NewLead sounds alarm NewLead Holdings emerged as one of the 'worst performers' on the TradeWinds Shipping Index Wednesday after warning investors that it expects to post a deep annual deficit.
Nam Cheong awaits wave Malaysian offshore vessel builder Nam Cheong has been tipped to cash in on an anticipated chartering wave.
LPG rates pushing up Higher activity in the LPG market has pushed up earnings for VLGCs by more than a tenth during the past 24 hours.
Top remains red Top Ships remained rooted in the red in 2012 as impairments on vessel values took a toll.
Two bodies found Two corpses of crewmen from the sunken North Korean cargoship Tae Gak Bong have washed up in Japan.
Making a million Anchor-handler rates have hit NOK 1m ($175,000) per day as the supply of prompt vessels ran out entirely in the North Sea.
Bank to back STX Group Korean Development Bank (KDB) is likely to launch a comprehensive restructuring of troubled shipping conglomerate STX Group, its chief executive said today.
Orderbook cheers NOCC Norwegian Car Carriers is expecting the charter market to dodge poor economic news and continue to improve as newbuilding deliveries drop to the lowest level in a decade.
ESL starts positively Finnish bulker owner ESL Shipping has returned to profit in the first quarter.
Stealth strikes it rich StealthGas has walked away with $115m from its fundraising visit to Times Square.
CSAV lines up $500m Compania Sud Americana de Vapores (CSAV) shareholders have given the green light to a huge fundraiser to pay for the company's fleet expansion.
Ocean Breeze free again A battered Philippines bulker has been refloated from a Chilean beach after eight months.
More cash for Titan Restructuring FPSO and yard group Titan Petrochemicals has secured another cash injection - this time from its chairman.
Arpeni exits capes Arpeni Pratama of Indonesian has packed its only capesize bulker off to the scrap yard.
Milaha eyes expansion Qatari shipowner Milaha is lining up new additions to its fleet but is coy on the details.
Greeks get taste for capes Hellenic capesize ordering at highest level since 2008, broker says.
Write-down clobbers NS Japanese bulker owner NS United has posted a much bigger annual loss after writing down the value of its fleet.
Tanker sinks off Myanmar Seventeen crew have been rescued after their tanker sank off Myanmar following a collision with a car carrier.
Seaspan's loan hope Seaspan is confident of securing funds to support its recent spending after netting a credit facility to pay for the first two 14,000-teu vessels it has ordered in league with Yang Ming.
KDM eyes second issue Ukraine's KDM Shipping is selling more shares as it continues its fleet expansion.
STX funding fixed The Finnish government has agreed to hand over EUR 31m ($40.81m) to ensure the completion of two cruiseships being built at STX Finland.
Algoma wins yard fight Canada's Algoma Central Corporation has won its $35.4m dispute over cancelled tankers in China.
Long Beach eyes ore Long Beach, best known as a container port, is looking to tap iron ore as a promising new export cargo.
Steel output growth soft Growth in global steel production continues to remain weak with last month seeing little or no increase.
Reshuffle at V Group OMERS Private Equity has carried out a management shake-up at majority-controlled ship manager V Group.
Taxi assault broker jailed A Norwegian shipping executive has been jailed in Singapore for assaulting a taxi driver in a dispute over a SGD4 ($3.20) surcharge.
C Whale crew paid Cargo interests are said to have played a part in the crew of a TMT OBO under arrest in Singapore getting paid.
CSAV shareholders approve share sale to raise $500 million The Chilean liner shipping company said shareholders meeting in Valparaiso this week approved a plan to increase capital by $500 million that will be used to purchase seven 9,300-TEU ships and prepay a loan from AFLAC.
Iron ore exports moving via Long Beach SA Recycling, a long-time exporter of scrap metal through the port, is working with CML Metals Corp. to send iron ore from mines in Utah, California, Arizona and Nevada to Asian steel makers.
Hong Kong dock talks expected to resume Thursday
Alphaliner sees 'rate war' in Asia-Europe liner trade
ABF hit with $13 million loss in 1Q
Raytheon cited for lax ITAR compliance
NCBFAA protests Customs plan for disciplining brokers The association has come out against a U.S. Customs proposal to improve due process procedures for suspending a broker's entry-filer code, saying that going after the code is a back-door way to take away a broker's license and is unconstitutional.
Forwarders support foreign NVOs using NRAs The Washington-based NCBFAA wants exemptions pertaining to non-vessel-operating common carrier negotiated rate arrangements (NRAs) extended to foreign-based, unlicensed NVOs as well as U.S.-licensed companies.
Agility sees boost in 1Q revenue
INTTRA, Maersk extend strategic partnership
ITS to release ACE analytics tools
Cross to lead Maher Terminals
Advancing 'small package' outcome at Bali trade gathering
Prices soft across Europe 380 cSt in Gibraltar down by $10 a tonne.
Prices fall in Fujairah Prices sluggish in South African ports.
New mindset required in challenging market, says WFS chief Scale of challenges 'tremendous' but opportunity 'broad'.
MAN Diesel: Scrubbing technology is mature 'Everything that was problematic has been fixed,' IBC 34 is told.
Slow steaming could hurt profitability, shippers warn What's good for shipping is bad for shippers.
Shell 'will make LNG available' where needed In discussions with potential LNG fuel users and says 'we need to look at STS delivery' and 'de-risk' the price.
Crew of bunker arrest tanker receive overdue wages Shipping company owed crew members $300,000.
Bunker prices soften in Tokyo Bay Offices were closed in Singapore, Hong Kong and Busan.
'Decoding' the Polar Code The highly contentious issues of increased black carbon emissions and the potentially disastrous effects of an HFO spill in the Arctic seem to be difficult pills to swallow.
Gulfmark Offshore back in profit in first quarter But earnings were partially offset by 'higher than estimated' fuel expenses in Southeast Asia and the North Sea.
Bahri receives fuel-saving ro/con vessel Four similar vessels to be delivered between 2013 and the first half of 2014.
Rapid growth at Monjasa despite 'careful credit policy' Turnover grew by more than 20% in 2012 but 'could have almost doubled' if the company had been less conservative.
Nautic Africa, DAFF team up on bunkering Government dept chooses shipyard over navy for bunkering operations.
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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