Shaky start for Ardmore 'ECO' TANKER owner Ardmore Shipping priced its IPO below the target range last night and saw its shares drop in today's NYSE debut
Box rates get off seesaw? SPOT BOX rates are continuing to seesaw, but the outlook has become a little more robust as the peak season began today, a senior shipping analyst said
KSS Line profits rise 265% SOUTH Korean LPG and chemical shipping specialist KSS Line said today 2Q13 net profit surged 265% year on year
Rongsheng issuing bonds CHINA Rongsheng HI said it has conditionally agreed to issue HK$1.4Bn ($180.54M) in 7% convertible bonds, due 2016
APSEZ profits rise 51% HIGH GROWTH in revenues helped Adani Ports & Special Economic Zone post a 51% increase in consolidated year-on-year net profits for its April-June quarter
CSAV improves cost efficiency CHILEAN liner CSAV cut its adjusted losses during the latest quarter, buoyed by a one-off gain from a loan prepayment and improved operating returns
Zhongchang to invest in two units CHINA'S Zhongchang Marine said it plans to invest 150M yuan ($24.48M) in its two wholly owned subsidiaries
'K' Line diversifying ro-ro cargo mix 'K' LINE told Fairplay today that flat growth in vehicle cargo shipments is prompting Japan's third-biggest shipowner to seek breakbulk cargoes for its pure car & truck carriers
COSCO (Singapore) profits slashed by 56% COSCO Corp (Singapore) posted a 56% fall in net profits for 2Q13, ended 30 June
Pacific Basin returns to profits HONG KONG-listed Pacific Basin said today it returned to the black in 1H13, as its drybulk business outperformed the weak spot market
Frontline pares ATM volume FRONTLINE, the listed VLCC and Suezmax operator in John Fredriksen's business empire, said it issued 329,532 new ordinary shares in July
SINOPEC starts building Guangxi LNG scheme SINOPEC, China's second-largest oil giant, said today it has started construction at its LNG terminal in the Guangxi region
Strike sparks delays GERMAN shippers face severe material delays, premium freight expenses and missed sailings because of a continuing strike by inland lock operators
BH swings to losses SINGAPORE shipbuilder BH Global Marine posted losses of $0.28M in 1Q13, ended 30 June
FSL confirms 6-month loan relaxation FIRST Ship Lease Trust today confirmed its loan covenants have been relaxed for another six months
Hutchison Port Holdings' Throughput Rises 2 Percent Hutchison Whampoa reported its throughput for its ports and related services division was 37.9 million 20-foot-equivalent units in the first six months of 2013, up 2 percent year-over-year. From January to June, revenue for Hutchison Port Holdings rose 6 percent to HK$16.9 billion (about US$2.2 billion), compared to the same period...
Yusen Logistics Posts Fiscal Year First Quarter Loss Major Japanese international freight forwarder Yusen Logistics Co. said that it slipped into the red in the first quarter of fiscal 2013, which started on April 1, despite a big jump in operating revenue. Yusen Logistics suffered a group net loss of 592 million yen ($5.98 million) in the April-June quarter,...
DB Schenker to Test China-Germany Intermodal Run DB Schenker will launch a new China-to-Germany intermodal pilot service on Aug. 14 in conjunction with partners in China, adding to the growing number of rail options available to shippers seeking faster delivery times to Europe from China than currently possible using slow-steaming ocean liner services. The company is also examining the...
Singapore Builds for the Future The same focus on innovation in manufacturing and logistics that made Singapore a global powerhouse will allow the island to capitalize on Asian trade growth, the executive director of logistics at Singapore's Economic Development Board. Asia's trade may be slowing, but it's a temporary phenomenon because trade's key drivers - including...
Atlas Air Worldwide Reports 32.8 Percent Drop in Profit Atlas Air Worldwide's net income plummeted 32.8 percent from $31.2 million in the second quarter of 2012 to $21.0 million in the second quarter of 2013. Quarterly revenue for the American cargo and passenger charter airline was $403.6 million in total, down from $424.7 million in the same quarter last year. However,...
FMC Seeks Public Input on 2014-2018 Draft Plan The U.S. Federal Maritime Commission is inviting public comment on its initial draft plan for fiscal years 2014 to 2018, which replaces and updates the current plan for 2010 to 2015. One major difference between the FMC's current strategic plan and the initial draft plan for 2014 to 2018 includes the...
Fewer Infrastructure Deals in 2013, But Higher Values Infrastructure "mega deals" continued to drive up deal value in the transportation and logistics industry in the second quarter of 2013, despite subdued merger and acquisition activity overall, according to PwC US, the U.S. firm of PricewaterhouseCoopers. In the second quarter, there were 31 transportation and logistics transactions worth $50 million...
DOT Proposes to Cut 'Burdensome' Trucking Paperwork Anthony Foxx, U.S. transportation secretary, has announced a proposal to eliminate a "burdensome" daily paperwork requirement for professional truck drivers, in order to reduce costs to the industry by an estimated $1.7 billion. Current federal regulations require commercial truck drivers to conduct pre- and post-trip equipment inspections and file driver vehicle...
Report: Volume of Mexico Cargo Thefts Drops FreightWatch International, a logistics security services company, reported a total of 295 cargo thefts in Mexico in the second quarter of 2013. Although the number is notably lower than the 401 thefts recorded during the same period in 2012, the "lack of consistency" in cargo theft reporting in Mexico "precludes an...
Joint US-China Customs Operation Cracks Down on Counterfeiters U.S. Customs and Border Protection and China's General Administration of Customs have jointly seized more than 243,000 counterfeit consumer electronics products as part of their month-long intellectual property rights enforcement operation. The operation was the first of its kind between the two customs agencies, resulting from a commitment between CBP and...
Lawsuit Challenges Bayonne Bridge Project A coalition representing environmental and community groups and the Teamsters union has filed a lawsuit seeking to invalidate a permit to raise the Bayonne Bridge in the Port of New York and New Jersey until a more thorough environmental study is done. The Coast Guard issued a permit in May to...
US Intermodal Traffic Continues to Climb U.S. intermodal volume for the week ending July 27 grew year-over-year for the fourth consecutive week, totaling 256,379 trailers and containers, according to the Association of American Railroads. The last streak of growth in this lane lasted 12 weeks, prior to a decline in the week of June 29. Combined North American carload volume...
Report: North Europe Imports, Exports to Fall in 2013 North Europe's import volume is projected to fall by 8.9 percent to 12.2 million 20-foot-equivalent units in 2013, despite a 3.9 percent increase in Europe's overall import volume, according to the North Europe Global Port Tracker, released by Hackett Associates and the Institute of Shipping Economics and Logistics. Furthermore, the report...
NY-NJ Delays Hit Drayage Company Still Reeling From Sandy ARL Network's Container Transport Services operates from a cramped trailer in a gritty industrial section of South Kearny, N.J., in the shadow of the Pulaski Skyway. The surrounding scenery is recognizable to Sopranos viewers. The trailer has a battered look, but the computers, phones and bottom four feet of paneling are...
Brokers vs. Carriers Q: I just came across a report of a court decision in a case entitled Infinity Air v. Echo Global Logistics decided by the U.S. District Court for Oregon on June 20, 2013, in which the judge ruled Echo was a broker and not a motor carrier and was therefore...
Tuscola Industrial Rail Park Receives CSX Select Site Designation JACKSONVILLE, Fla., /PRNewswire/ -- CSX Corporation announced today that the Tuscola Industrial Rail Park inTuscola, IL, has been designated a CSX Select Site. Select Sites are locations for manufacturing projects along the CSX network that can progress rapidly because standard land use issues have been addressed, and the site is ready...
Carrier Transicold Keeps Martin Brower UK Cool During Deliveries Carrier Transicold UK has secured an order for 30 VectorTM 1950 MT (multi-temperature) units and eight SupraTM 950 MT units from Martin Brower UK. The new equipment will be used to deliver a mixture of ambient, chilled and frozen produce to restaurants nationwide. Carrier Transicold helps improve global transport and...
WCI: Trans-Pacific Eastbound Rates Strengthen World Container Index Rates to Shanghai Full-size image Trans-Pacific eastbound rates from Rotterdam to Shanghai rose fin the week of Aug. 1 for the second straight week, according to the latest release of the World Container Index. Westbound rates from Los Angeles to Shanghai saw little movement in July. The Europe-to-Asia eastbound rate...
Saint John's promise Canadian energy players Irving Oil and TransCanada have mooted a $300m oil export terminal for the country's east coast.
ISC scoops up $30m International Shipholding Corp (ISC) has pocketed $30.2m in net proceeds after underwriters added to the pot of a preferred shares sale.
Analysis: Ardmore did enough Ardmore Shipping's New York IPO was a success. Ardmore Shipping's New York IPO was a disappointment.
Sanko has a plan Sanko has filed its long delayed action plan to return from bankruptcy with the Tokyo District Court.
Golar wins Jordan job John Fredriksen's Golar LNG has tied up a deal to supply a floating storage and regasification unit (FSRU) to Jordan.
Waste ship grounds An initial bid to refloat a Danish waste carrier aground off Norway has failed.
Diana nets Rio deal Diana Shipping has tied up a long term contract for a panamax bulker it bought in the spring.
Blank Rome expands Blank Rome, which boasts the largest maritime law practice in the United States, has added to its muscle after sweeping in to empty out a smaller Houston firm.
Home loan hit for Restis Beleaguered Greek tycoon Victor Restis was once again hauled before the public prosecutor and investigating magistrate today to answer charges in connection with a loan taken from First Business Bank (FBB).
UK to finally sign MLC The UK is finally poised to sign the landmark Maritime Labour Convention (MLC) as soon as next week at the end of a drawn out process that had threatened to undermine the country's reputation as a well-regulated and high quality flag.
Cosco earnings chopped Cosco Corp (Singapore) has pledged to plough on with its venture into the offshore sector after posting a less than stellar set of second quarter numbers.
Rongsheng running hot A much needed cash injection sent shares in China Rongsheng racing upwards today.
Uljanik in reverse Croatian shipyard Uljanik has slumped to a loss in the first half as revenue shrank.
UANI targets Messina US pressure group United Against Nuclear Iran (UANI) has targeted another European shipowner over its Iranian operations.
Cosco nets offshore orders Cosco Corporation (Singapore) has bagged a pile of fresh offshore orders worth approaching $300m.
Big John richer than Batman Shipowners are often cast in the role of comic book villain.
Seavoss fleet for sale Struggling German owner Seavoss Schiffahrt has put its fleet of four general cargoships on the market to clear debts.
Hornbeck doubles up Hornbeck Offshore Services doubled its second quarter profit off the back of a reinvigorated offshore support vessel (OSV) market in the Gulf of Mexico.
PB profitable Pacific Basin Shipping has turned in a tiny profit in the face of the worst dry cargo market in almost three decades.
Huangpu wins bulk duo CSSC group yard Guangzhou Huangpu Shipbuilding has added to its orderbook with a deal for two new big handymaxes.
Pac Basin ramps it up Pacific Basin Shipping has continued a huge expansion drive which will see its owned fleet all but double this year.
US tightens Iran net The US has passed a new bill aimed at cutting Iranian crude exports to near zero, but success depends on Asian cooperation.
Scorpio scores again Scorpio Tankers has collected $190m from a share issue to fund its next round of fleet expansion.
Sea Diamond master guilty The master of the Louis cruiseship Sea Diamond has received a suspended jail sentence of 12 years and two months for his role in its fatal sinking off Greece in 2007.
Namura profit soars Namura Shipbuilding of Japan has pushed up first quarter earnings as revenue strengthened.
Njord makes it eight Njord Offshore has exercised options for two more windfarm service vessel newbuildings at Australia's Strategic Marine.
Ardmore shoots low Ardmore Shipping looks to have been forced to cut the price of its initial public offering (IPO) in the US in a bid to get it away.
Seadrill back at Dalian Seadrill has returned to China's Dalian Shipbuilding Industry Offshore for another pair of high-spec jack-up drilling rigs.
FSL back in action First Ship Lease Trust (FSL Trust) resumed trading on the Singapore Exchange Thursday after a month long suspension.
CSAV back in black Compania Sudamericana de Vapores (CSAV) has returned to profit in the second quarter on the back of a major costing cutting effort.
China rolls out country-wide transport and logistics VAT
CSAV records 2Q net profit The Chilean liner carrier on Thursday reported a net profit of $34.3 million in the second quarter of 2013, the second profitable quarter for the line since it was taken over by the Luksic Group in 2011.
Steel drives breakbulk growth in Charleston New steel business helped the Port of Charleston experience an 85 percent increase in breakbulk volume during the fiscal year fourth quarter ended June 30 from the first nine months, according to the South Carolina Ports Authority.
May brings rise in NAFTA trading
Suit seeks environmental study of Bayonne Bridge heightening Several environmental groups have filed a lawsuit in federal court against the Coast Guard and Port Authority of New York and New Jersey, challenging a permit amendment authorizing the raising of the Bayonne Bridge.
American Airlines creditors approve reorganization AMR has been soliciting approval for its regorganization plan since early June, when the court authorized the new direction. A confirmation hearing is scheduled with the U.S. Bankruptcy Court in New York on Aug. 15.
Cruise lines eyeing post-2015 itinerary changes Carnival's move out of two US ports seen as a sign of things to come as cost of operating in ECAs rises.
Fujairah prices lacklustre Incremental gains seen at Suez but 180 cSt at Durban flat for second day.
Prices steady across Europe 380 cSt material adds $4 in Rotterdam pushing it past $600 a metric tonne.
LA: Bunker market stays volatile Average monthly bunker prices have shown bigger moves than elsewhere in the past six months.
New player could 'reverse decline' in LA bunker sales Volatility, not sales in Russia's Far East, behind lower volumes, says storage operator.
Singapore fuel stocks see slight draw down Inventories fall for fifth time in six weeks.
Bunker prices end day mixed in Asia Hong Kong traders reported mixed demand on cyclone threat to deliveries.
New trader at Monjasa Wong joins Monjasa's Singapore office from APL.
Island Oil hires new bunker trader Virginie Lafage is based at firm's new liaison office in Nice.
VAT cut boosts bunker sales at Indian port HPCL says Kochi has 'tremendous potential' as a bunker hub.
COSCON makes BAF revision Changes will affect shipments from the Far East and Indian sub-continent to Europe and the Mediterranean.
Fuel oil imports to China fell in July Volumes down by 17%.
WFS performance beats analyst estimates The firm is 'pleased with our overall performance especially in our marine segment', says CEO.
Bunker trader and broker returns to KPI Bridge Oil Felber returns to firm's New York office 'with an extended knowledge', says spokesman.
Typhoon threatens bunker deliveries at Hong Kong Deliveries at South Lamma Anchorage to be 'extremely vulnerable', says Fratelli Cosulich.
New Managing Director at Hong Kong bunkering firm Edward Cheng to take position at Endeavour Bunker from September 1 onwards.
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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