Product tanker profit-sharing nudges Navios Acquisition into profit Tanker firm will grow responsibly, says Frangou
Tanker owners cautioned over offshore expansion Gap between traditional ship operating and offshore activities can ensnare unsuspecting owners
Asia taps demand for offshore wind vessel newbuildings Strategic Marine sees its business pick up
Shell revives Browse LNG gas venture Shell revives Australia gas venture - but at what cost to Woodside?
Greece shipowners learn to live with new laws and levies Threatened exodus a no-show as tonnage tax extends to foreign-flag ships
Greece waits for registry boost as flagging-out tax advantage ends Red-tape reputation makes owners reluctant to fly the sky blue-white
Picking a happy medium Midsize boxships are the perfect choice for emerging-market ports
Star Bulk targets $75m for eco-bulkers Greece-based owner unveils rights offering backstopped by Oaktree and others
Product tanker owners wait patiently for an upturn Although earnings are static, forecasts point to improvement
Box rate slide continues Latest World Container Index shows further erosion on Asia-Europe route
Sustained recovery in large capesize fleet is still 'a long way off' Overcapacity will persist even if surplus tonnage falls 25% by 2015 as DVB predicts
Bourbon's revenues rise as new ships enter fleet Demand for offshore vessels climbs
NewLead fixes five-year business for panamax Profit-sharing element adds to escalating rate for Newlead Victoria
Southeast Asian piracy drops but resurgence is still possible Pirates are 'small scale opportunists' compared to West African counterparts, says Gray Page
Hanjin narrows its losses South Korea boxline increases its volumes but at 'unsatisfactory' rates
Carriers slam Suez toll hike Shipowners threaten to reroute after 2% increase
BG Group sees LNG profits rise Company's major growth projects are on target
Hutchison and CMA CGM square up over Melbourne box terminal Winner to be named next year after four bids make the shortlist
Defining a terrorist Disputed ties between West Africa militant groups and pirates are troubling for insurers
Cuts reduce Horizon Lines' losses Profit eludes Jones Act carrier as it tackles fuel use, charter costs and salaries
Deadly shortcomings Scathing casualty report highlights Hong Kong's need for independent marine reform
What next for German ship finance? As the KG crisis continues, Rickmers seeks upside potential
Shipping can rise from deepest downturn to glory days, says Rickmers EXCLUSIVE INTERVIEW: Upturn likely from 2015, but access to capital will be key says German owner
DSV in the market for acquisitions Danish forwarder seeks ways to grow after poor first-quarter performance
China's ship plate output drops 35.5% CHINA'S steel manufactures produced 639,000 tonnes of ship plates in February, down by 35.51% year on year, CSSC said
Excel granted reprieve NYSE-listed shares of Excel Maritime are rising today on news that its 30 April debt-negotiation deadline has been extended until 31 May
Iran fuel oil export bonanza reported IRAN was reported today to have exported nearly 8.7M barrels of fuel oil in April, more than five and half times the April total a year ago
Orion reduces losses ORION MARINE GROUP reported today $1.1M losses in 1Q13 due in part to underutilised dredging assets
Waratah terminal scheme effectively frozen PORT Waratah Coal Services today said it has accepted voluntary reductions in contract tonnage from most Hunter Valley coal producers in Australia, according to IHS McCloskey
Private equity investing in Star Bulk PRIVATE equity firms Oaktree and Monarch Capital will take significant stakes in NASDAQ-listed Star Bulk through a backstopped rights offering and private placement
EC orders SNCM's Corsica aid repaid THE EC has ordered Paris to recover aid granted since 2007 to Mediterranean ferry operator SNCM for services to Corsica during peak holiday periods
Reeling Daiichi Chuo cancels charters JAPAN'S bulker operator Daiichi Chuo Kisen Kaisha has cancelled seven chartered-in vessels as it declared bigger losses
Hanjin cuts losses to $31M HANJIN Shipping posted 34.7Bn won ($31.4M) in net 1Q losses, vastly narrowing 338.4Bn won in net losses in 1Q12
BV newbuildings slump FRENCH classification society Bureau Veritas said today its 1Q maritime orderbook fell 27% year on year, standing at 15
Minsheng's IPO application terminated Minsheng Shipping's IPO application has been terminated, the China Securities Regulatory Commission said
HPH Trust keeps 'buy' WITH RESULTS from a fifth round of talks in Hong Kong between port contractors and dockers yielding no progress today, UOB Kay Hian maintained its 'buy' rating for HPH Trust shares
Stable year predicted for Yangzijiang YANGZIJIANG Shipbuilding's profit margins will remain decent as long as the yard works on orders secured before the financial crisis in 2008, analysts predicted today
SAS awards shortlist revealed THE SHORTLIST for this year's IHS Safety at Sea Awards has been announced
Box liners seen losing rates battle BOX LINERS are fighting a losing battle to revive Far East/Europe freight rates as new capacity cascades into the market, a sector analyst has warned
Virginia, Ningbo Ports Sign Cooperation Agreement The VPA's Russell J. Held (left) and Port of Ningbo's Chang Boaping signed the memorandum of understanding this week. Virginia Gov. Bob McDonnell (standing row, fourth from left) helped facilitate the agreement. The Virginia Port Authority and China's Ningbo Municipal Port Administration signed a memorandum of understanding this week to promote the all-water...
Obama Nominates Froman for Trade Post President Barack Obama today said he will nominate Michael Froman to serve as U.S. Trade Representative. The pick was welcomed by business groups, Politico reports. Peter M. Robinson, president and CEO of the United States Council for International Business, praised the selection of Froman. "This is an excellent choice," he said. "Michael...
US Trade Deficit Narrowed in March In March, the U.S. goods deficit shrank to $56.1 billion, down $4.6 billion from February, as imports declined more than exports. The total deficit, including trade in services, decreased $12.9 billion year-over-year to $38.8 billion. Capital goods and industrial supplies and materials led the year-over-year decline in exports, partially offset by...
Toyota Ships First Venzas From Brunswick to Russia The first Toyota Venzas departed the Port of Brunswick, Ga., today, bound for Russia and Ukraine. "The export of American-built Venzas to Russia and Ukraine further solidifies Toyota's commitment to establishing its U.S. manufacturing operations as a key supplier of vehicles for global markets," said Corinne Akahoshi, national manager of marine...
Hanjin Shipping Narrows Loss Hanjin Shipping cut its loss in the first quarter of 2013 to 34.7 billion won (approximately US$300 million), an 89.7 percent improvement year-over-year. Container volume grew 9.3 percent, to 1,109,285 20-foot-equivalent units. This resulted in a 14.1 percent year-over-year increase in revenue for the segment to $1.9 billion. Looking ahead, the shipping...
Mexican Intermodal Volume Down Nearly 12 Percent Mexican rail volumes through April 27, 2013 Full-size image Mexican intermodal volume fell 11.7 percent year-over-year in the week ending April 27, according to the Association of American Railroads. Combined North American carload volume, including all three North American Free Trade Agreement partners, dropped 1.7 percent from the same week in 2012 to 372,815 carloads...
Profit Plunges at Yusen Logistics Major Japanese international freight forwarder Yusen Logistics said its group net profit plunged 55.7 percent in fiscal 2012, which ended on March 31, from a year earlier to 1.119 billion yen ($11.42 million) despite sound revenue growth. The company saw its group operating revenue rise 9.7 percent in fiscal 2012 from...
IAG Cargo to Expand Capacity With Airbus Order IAG Cargo will be expanding its per-plane capacity when it adds at least 18 Airbus A350-1000s to its fleet beginning in 2018, subject to shareholder approval. These planes have three more pallets of cargo space apiece, providing for a maximum payload of about 30 metric tons, IAG said. In addition, the...
WCI: Rates to Asia from Northern Europe, West Coast Fall World Container Index Rates to Shanghai Full-size image Backhaul rates dropped from both northern Europe and the U.S. West Coast to Asia in the week of May 2, according to the latest release of the World Container Index. The Europe-to-Asia eastbound rate from Rotterdam to Shanghai inched down 0.4 percent or $4 to...
WCI: Trans-Atlantic Eastbound Rates Slide World Container Index Between New York and Rotterdam Full-size image Trans-Atlantic eastbound rates fell for the first time in six weeks, according to the latest release of the World Container Index. Rates were flat last week after rising 11.2 percent or $175 over the previous four weeks. This week's rate from New York...
MOL and PIL Partner on Indian Ocean Service MOL and Pacific International Lines have announced a new joint Indian Ocean Islands Express Service. The IOX/IOI weekly service, which is scheduled to begin on June 7, will employ four 1,100-TEU ships, with each carrier contributing two vessels. The port rotation will be: Singapore; Port Louis, Mauritius; Tamatave, Madagascar; Reunion; Singapore...
OOCL Adds Khalifa Call to China-Mideast Service Abu Dhabi Terminals has signed a contract with Hong Kong-based container carrier OOCL to include a call at the Port of Khalifa on its China-Middle East Express (CMX) Service, a weekly intra-Asia loop. The first OOCL vessel calling Khalifa Port Container Terminal is currently scheduled to arrive on June 11. The CMX...
Big Ship Orders Depressing Rates, Drewry Says New orders for ultra-large container ships are undermining carrier efforts to limit the surplus of capacity that is depressing freight rates this year. "While these latest new orders won't actually hit the water for years, their psychological impact is to keep the focus on capacity and the big question of how...
How Khalifa Port Could Evolve Into Mideast Hub Abu Dhabi's new Khalifa super port could eventually rival DP World's neighboring Jebel Ali for Middle East container shipping hub status. In December, the first phase of the United Arab Emirates' new port was opened offering state-of-the-art container-handling facilities, 2.5 million TEUs of capacity and the ability to serve the world's...
Descartes Acquires KSD Software Descartes Systems Group has acquired KSD Software Norway AS, an Oslo-based provider of electronic customs filing solutions for the European Union. The all-cash purchase price for the acquisition was 190 million kroner (approximately US$$33 million), with Descartes using approximately US$13 million of cash on hand and US$20 million from an acquisition...
DSV Reports Flat Revenue, Lower Profit DSV's profit fell and its revenue stalled in the first quarter on declining cargo volumes and increased competition, but the Danish logistics and freight forwarding group said it is still looking for acquisitions to spur growth. Operating profit dipped 8 percent to 509 million Danish kroner ($89.3 million) from 555 million...
Suez vs. Panama: A Canal Comparison Container shipping lines are shifting more of their all-water services from Asia to the U.S. East Coast to the Suez Canal route, instead of sailing through the Panama Canal, to take advantage of lower slot costs they can realize on the big post-Panamax ships they are cascading onto the route...
Q&A: Crossing Borders Into a Whole New World Q: I've been in transportation for quite a few years, and I thought I was pretty familiar with the industry. But we're just now opening up an international market, and I feel like I'm starting all over. We're shipping to an Asian subsidiary (a recent acquisition) in fairly large quantities, as...
Lufthansa Cargo Boosts Q1 Profit Lufthansa Cargo boosted operating profit by 35 percent in the traditionally weak first quarter and said it expects full year earnings to better its 2012 result as it continues to cull capacity in line with weak global demand. Profit rose to 27 million euros ($35.4 million) from 20 million euros ($26.2...
CargoSphere Launches New Rate-Tracking Service CargoSphere, the cloud-based rate management system, launched a new freight-rate quoting service that logistics providers can use to keep rate quotes up to date. CargoSphere said Floodgate Quote Refresh automates the tracking and management of freight rate changes on most global trade lanes, with quotes that reflect rate hikes, surcharges and...
Stage set for expansion US Shipping Corp is looking to expand following the successful completion of a financial restructuring.
TEN tucks away $50m Tsakos Energy Navigation (TEN) priced a public share offering that will bring $50m in gross proceeds.
GNK confirms paper trade Genco Shipping & Trading has confirmed reports that at least two of its lenders have offloaded nearly $300m worth of bank debt.
Genco faces heavy fire Genco Shipping & Trading found itself in the hot seat Thursday after reclassifying $1.4bn worth of long-term financing agreements as short-term debt.
NNA on the up Greek product tanker owner Navios Maritime Acquisition posted a modest first-quarter profit Thursday that topped Wall Street forecasts.
Bremer provisions jump Bremer Landesbank increased loss provisions on shipping loans to EUR 228m ($298m) in 2012, its highest-ever figure.
NewLead inks period pact NewLead Holdings has tied up one of its two remaining bulk carriers on a five-year period deal.
3 Maj sliced up The Croatian government has assumed control of four non-core units of tanker builder 3 Maj to speed the yard's sell-off.
Star Bulk targets $75m Star Bulk Carriers is preparing to arm itself with at least $75m to fund a raid for fuel-efficient bulkers.
Baltic to break away? Peter Georgiopoulos is laying the groundwork for the separation of his two listed dry bulk companies, according to one of Wall Street's most respected analysts.
Language lesson Ship crews must agree on a common language to avoid lapsing into native tongues during a crisis, an accident report said.
Hoegh LNG targets China Hoegh LNG is targeting more success in the burgeoning Chinese market after finalising a deal to operate the country's first floating storage and regasifcation unit (FSRU).
Horizon hopes for more Horizon Lines has trimmed its first quarter loss despite restructuring issues continuing to weigh on its bottom line.
Indian Ocean overhaul Container lines MOL and PIL are teaming up for two new runs from Singapore into the Indian Ocean.
Debt costs hurt Hornbeck Hornbeck's earnings took a $24m hit after the company refinanced a batch of bonds during the first quarter.
EU wants cash back The European Commision has found subsidies granted to French ferry company SNCM breached aid rules.
Jianlong challenge fails John Fredriksen linked companies have won a London high court ruling that paves the way for a high value dispute over charter defaults on five bulk carriers to be resolved in London rather than in China.
Cambie quits OOIL Ken Cambie has quit as chief financial officer at Hong Kong-listed Orient Overseas International.
Fire hits con-ro Firefighters are tackling a blaze on an ACL con-ro in Hamburg.
Mega merger complete Commodities trader Glencore International has put the finishing touches to its mega-merger with Xstrata.
Mipo takes dry dip Hyundai Mipo Dockyard has secured a rare bulk carrier order after a European owner turned to the yard for a trio of vessels which will employ a new fuel efficient design.
Hanjin slashes loss Korea's Hanjin Shipping has cut back its losses in the first quarter as container rates improved.
Machete maniac injures 18 A man has been arrested after hacking at passengers with a machete on an Indonesian ferry.
Genco's cash hole Genco Shipping & Trading will need to raise around $100m in equity if it can't extend its loan holidays, a leading analyst says.
Hanjin follows HMM South Korea's Hanjin Shipping is looking at following compatriot Hyundai Merchant Marine into the bond market.
Kexim comes through The Export-Import Bank of Korea (Kexim) has given struggling shipowners and shipyards a boost with a big new funding programme.
Pemex buying Barreras Mexico's Pemex has signed a deal to take a 51% stake in restructured Spanish shipyard Hijos de J Barreras.
Atlantska cuts loss Croatia's Atlantska Plovidba has cut its first quarter loss as revenue grew.
Bourbon numbers higher French offshore player Bourbon has reported a double-digit increase in revenues for a second consecutive quarter.
ADM ups GrainCorp offer Archer Daniels Midland (ADM) is to make an improved cash offer for the shares in grain handler GrainCorp.
Baltic's losses grow Baltic Trading has seen first quarter losses deteriorate by almost 15% to a shade over $5m, the company reported late Wednesday.
Obama nominates Commerce, USTR chiefs President Obama on Thursday nominated long-time campaign contributor and Chicago businesswoman Penny Pritzker to be secretary of commerce and Michael Froman to lead the Office of the U.S. Trade Representative.
Descartes acquires Norwegian customs solutions company
Hanjin records $31.5 million loss in 1Q The South Korean liner carrier predicted "even though some difficulties are inevitable due to supply growth, numbers in the second quarter will improve through continued rate restoration efforts and active cost reduction, etc."
IAG Cargo beefs up fleet IAG Cargo is planning to order 18 Airbus A350-1000 planes, which will enter service starting in 2018 given shareholder approval. The European air carrier, which is modernizing its fleet, also holds options for an additional 18 planes.
Drewry cites 'psychological impact' of big ship orders
Domestic intermodal rises by 10% in 1Q
TIA drops $8,000 bond deposit requirement
Greencarrier buys Trana Spedition
Virgin Atlantic reopens Chicago leg
Shippers bemoan proposed California ports tariff increase CAPA recommended the 11 ports in the state raise tariffs by 1.7 percent by July 1 as part of its annual rate increase guidelines. Recent or pending hearings on the increase are occurring in Oakland, Los Angeles and Long Beach.
Wilhelmshaven says rail rates will match other ports
Control of H2S may have led to other fuel quality problems High levels of sodium and potassium could be linked to use of H2S scavenges.
European prices follow softer trend MGO in Hamburg lost just under $20 per metric tonne.
Egypt raises canal tolls Spokesman for the Suez Canal Authority denies hike will cut traffic.
'Eco' orders proving attractive Two companies ordering newbuildings go for fuel-efficient option.
Surge in Iranian fuel oil exports Prices undercut Singapore benchmarks.
Sydney to get fuel-efficient ferry Catamaran passenger ferry built to Incat Crowther design.
Singapore fuel oil stocks at seven week high Influx of cargoes from the West.
Caribbean refinery faces calls for closure Plant closure would be third to go in region.
Asian bunker prices soft Offices at Tokyo Bay will be closed on Friday for a public holiday.
Fishing vessel owner faces bunker spill penalty Chief engineer 'failed to follow written instructions and spill plan', says Washington Department of Ecology.
Freight rates continue to tumble Analyst warns of 'structural overcapacity.'
International Bunkering promotes trader Jesper Porsmose has demonstrated 'his dedication to hard work', says CEO.
TOP Ships decrease losses for 2012 It has managed to reduce losses on the back of a $4.5 million reduction in bunker expenses.
Philippine tugboat firm upgrades fleet Bunker fuel accounting for 40% of Salvtug's operational cost, says Chairman and CEO.
Alaska: ECA could 'drive vessels away' Officials voice concerns as first cruise ship season under new regulations begins.
Dual-fuel gas engines a 'milestone', says MAN Diesel ME-GI engines allow shipowners to deal with stricter emission regulations and rising fuel costs.
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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