Genco seeks restructuring advisors Jefferies and Evercore are in the frame, according to market reports
Southeast Asian LNG demand tipped as the one to watch Singapore stands out as a regional gas shipping and trading hub
Eletson tests bond market with $290m roadshow Product tanker operator aims to pay down debt and purchase secondhand vessels
Hapag-Lloyd and CSAV hold merger talks Proposed tie-up could create the world's fourth-largest box line, overtaking Evergreen
Greece is open to proposals for any port, says Varvitsiotis EXCLUSIVE INTERVIEW: Shipping minister tells Lloyd's List that government will work with investors in ports
The consolidation conundrum COMMENT: will Hapag-Lloyd and CSAV merger talks succeed where others have failed?
Agent banks are not obliged to share default information UK High Court ruling has major implications for syndicated shipping loans
Insurers flock to Singapore Competition heats up in the Southest Asian marine market
Stena Bulk mulls a return to VLCC ownership Swedish firm eyes large tonnage after more than a decade out of the market
Nigeria approves new box port at Lekki Philippines port giant ICTSI will develop the terminal with Tolaram of Singapore
Hyundai Merchant Marine orders two very large bulk carriers South Korea-based carrier plans to pay $107m for two 210,000 dwt ships
Singapore releases Coscol heavylift vessel after two-day detention Da Cui Yun is freed after the owner settles its debts
NewLead confirms newbuild bulker acquisition Debt-for-equity deal paves way for addition to the fleet
USC looks to Novorossiysk shipyard State-owned United Shipbuilding Corporation, backed by the Russian Navy, is making a bid for government support to take over the Novorossiysk shipyard and turn it into a major site for repairs
DryShips suspends ATM offering George Economou-led DryShips has halted the sale of shares through the 'At The Market' offering launched in early October
Color Group to raise finance Color Group, parent company of the Oslo-based cruise ferry operator Color Line, is planning to issue unsecured four-year notes in order to refinance maturing debt, the company said in a statement today
DFDS waits for final MyFerryLink ruling Danish Dover Strait ferry operator DFDS Seaways has cautioned against taking as final the Competition Appeal Tribunal's decision regarding Eurotunnel's sponsored rival MyFerryLink
Finland makes icebreaker U-turn Finland has reversed a decision in principle to order a new icebreaker from Aker Arctech
Fall in China shipbreaking seen The number of old vessels bought and dismantled by major Chinese ship demolishers fell 8.9% year-on-year to 1.85M light tonnages in the first ten months in 2013, a report of China National Ship-recycling Association (CNSA) said today
COSCO unit lands $54M deal COSCO Corp (Singapore) clinched orders for two Panamaxes for an aggregate of $54M
Overcapacity may hurt offshore Overcapacity could trouble the offshore industry in China, the same way it is currently hurting China's shipbuilding sector, warns Xu Xiulong, deputy manager and chief engineer of COSCO Shipyard at Marintec 2013
China Huarong settles suits China Huarong Financial Leasing, a Hangzhou-based financial leasing company, has reached an agreement with compatriot Zhejiang Qinfeng Shipping and its affiliated parties to settle lawsuits involving 262M yuan ($43M) over overdue hire payment
European naphtha flows to Asia Arbitrage for European naphtha cargoes into Asia has been enabled, as low margins on gasoline blending have made European refineries disinclined to blend naphtha
Order surge spells shipbuilding trouble The increase of orders in Chinese yards this year may not be a good thing for the Chinese shipbuilding industry, said Zhang Shengkun, president of the Shanghai Society of Naval Architects and Ocean Engineers at Marintec 2013
Industry's P3 Verdict: Mostly Positive WASHINGTON - The majority of public comments sent to the Federal Maritime Commission regarding the proposed P3 Network were supportive of the vessel-sharing alliance among the world's three largest global container lines. The unprecedented vessel-sharing agreement involving Maersk Line, Mediterranean Shipping Co. and CMA CMA, if approved by the FMC and...
FMC Seeks More Information From P3 Carriers WASHINGTON - The Federal Maritime Commission today voted to ask the three largest global container lines for more information on their proposed P3 alliance, stopping the clock on the agency's review of the unprecedented vessel-sharing agreement. Maersk Line, Mediterranean Shipping Co. and CMA CGM can take as long as they want...
Survey Finds Little Impact on Shippers From HOS Rules New federal rules that cut into trucking productivity did not push rates up for most shippers in the third quarter, according to a survey by Wolfe Research. The third quarter survey found 68 percent of shippers saw no change in truckload spot rates after revised hours of service rules took effect...
NY-NJ OKs $105 Million for Port Roads The Port Authority of New York and New Jersey authorized $105 million for design, construction and realignment of parts of five main access roads to marine terminals in the Newark-Elizabeth port complex. The road improvements are part of a years-long, multibillion-dollar infrastructure investment program that also has included dredging port channels...
Asian Shippers' Council Applauds Sri Lanka Ban on THC Collection The Asian Shippers' Council believes the Sri Lankan government has struck a blow for shippers by making the collection of terminal handling charges and other fees by container shipping lines illegal, effective in 2014. The ban on the charges in the South Asian nation is set to be introduced in January,...
Tension Over Dockworker Hiring Mounts in Port of NY-NJ Who controls dockworker hiring at the Port of New York and New Jersey? The answer may be decided in court. The New York Shipping Association and the International Longshoremen's Association filed a lawsuit seeking to enjoin the Waterfront Commission of New York Harbor from "interference" with the NYSA-ILA contract's hiring provisions. Both...
China's Elemental Monopoly What started as a rather innocuous blip on supply chain radars within the high-tech industry a couple of decades ago, the topic of rare earth minerals has grown into a true strategic concern for U.S. manufacturers and security. Not to be confused with conflict minerals, rare earth elements, or REEs,...
KKR Seeks Buyer for Turkish Ro-Ro Carrier U.S. private equity group KKR is seeking a buyer for its majority stake in U.N. Ro-Ro, the Turkish roll-on, roll-off shipping line it acquired in 2007. Goldman Sachs has been hired to sell KKR's 97.6 percent holding in the Istanbul-based carrier, which it bought for €910 million (about US$1.24 billion), Bloomberg...
Drewry's Eastbound Trans-Pacific Rate Drops Again Drewry Container Rate Benchmark, Dec. 4, 2013 Full-size image The Drewry benchmark rate for shipping from Hong Kong to Los Angeles eroded further this week, holding on to only $50 of the $250 per 40-foot-equivalent unit increase seen in mid-November. The rate dropped 5.3 percent or $100 per FEU in the week of...
Q&A: Filling the Gaps on Shipper Insurance Q: You recently wrote about readers' suggestions that shippers purchase their own cargo insurance for goods moving by rail and motor carrier. In debunking the idea you made reference to the Carmack Amendment. The Carmack Amendment isn't what it used to be, for railroads and motor carriers now can limit their...
Hapag-Lloyd, CSAV in Talks Over Possible Merger Headquarters of Hapag-Lloyd (left) and CSAVHapag-Lloyd and CSAV are in talks over a possible merger that would create the world's fourth largest ocean carrier. The German and Chilean companies are weighing whether "a possible business combination or any other form of association would be of mutual interest," Hapag-Lloyd said in a...
NYK Scholarships Offered for 13th Consecutive Year in China On November 13, an awards ceremony was held at Shanghai Maritime University(SMU), where 36 students were recognized for their academic excellence andfine demeanor and encouraged to develop themselves into sociallyresponsible and intelligent young Chinese filled with an internationalvision. Those in attendance included Keizo Nagai, NYK corporate officer andchief representative for...
Dynagas bags $33.8m George Procopiou's Dynagas has lined its pockets with more cash after underwriters exercised options for shares in its New York-listed LNG carrier spin-off.
Golar shares hit block Golar LNG Partners is putting a major block of its shares on the market as it raises funds for a newbuilding and its parent sells down its stake.
TMT wins trio's restart A US judge has given the green light to restart two combination carriers (OBOs) and a VLCC owned by Today Makes Tomorrow (TMT).
SALT scoops resales Scorpio Bulkers has firmed up an agreement to acquire seven kamsarmax bulkers that are under construction in China.
Genco looks for help The recent sale of $520m in bank debt to a group of hedge funds has accelerated efforts by Genco Shipping & Trading to hire a restructuring advisor.
CMA CGM hits the road CMA CGM appears to be lining up a fundraiser in which it plans to issue EUR 300m ($409.7m) worth of senior unsecured notes.
Diana hit with $1m fine Diana Shipping has been sentenced to a $1.1m fine in a US oil pollution case, just a fraction of the fine sought by government prosecutors.
DB upgrades MLPs Two of the most notable master limited partnerships (MLPs) in the shipping arena have landed a nod from an equity analyst at Deutsche Bank.
DRYS unplugs ATM Shares of George Economou's DryShips gained traction in early trading Thursday after Greek bulker and tanker owner announced plans to suspend an at-the-market (ATM) equity offering.
LDC scores again Louis Dreyfus Commodities (LDC) has launched its second raid of the year on the Eurobond markets.
Two lost from cargoship A search has begun for two seafarers swept from a Wagenborg-managed cargoship off Sweden.
Anchorage stake slips Anchorage Capital Group has seen its stake in DHT Holdings diluted after a private placement which raised $107m for the tanker owner.
Logindo lowers sights Indonesian offshore shipowner Logindo Samudramakmur has drastically lowered its expectations for its upcoming IPO.
Canada tougher on tankers Tanker owners should face unlimited liability for oil spills in Canada, according to a government-appointed panel.
UN Ro-Ro up for grabs US private equity fund KKR is looking to sell its stake in Turkish shipowner UN Ro-Ro, with a domestic group interested in the holding.
PNG in ro-pax fight Papua New Guinea (PNG) prime minister Peter O'Neill has ordered the seizure of a new multipurpose vessel from "rogue" state forces in an ownership row.
Epic ups the ante Epic Gas has placed an order for a pair of gas carriers that will become the largest vessels in its fleet by some distance.
Teekay threatens again Teekay Corp is still evaluating possible legal action against South Korean yard STX Offshore & Shipbuilding over a delay in receiving refund guarantees and construction contracts on up to 12 tankers.
Pirates face trial Nine Somali men suspected of attacking the Torm Kansas last month are to be tried in the Seychelles.
HMM books VLOCs Hyundai Merchant Marine (HMM) is the second struggling Korean owner in as many weeks to place a surprise order for large bulkers.
Cargoship hard aground A Finnish general cargoship has gone hard aground off the island of Kemio, Finland, but no pollution has been reported.
G6 plus one Israel's Zim is in talks to deepen its cooperation with the G6 group of container lines.
Fire in the hold A German general cargoship has been hit by a blaze in the port of King's Lynn in the UK.
Jadrolinija in fuel deal Croatian oil and gas company INA has signed a new bunker supply deal with ferry group Jadrolinija worth close to HRK 350m ($62.2m).
IMO alters BWMC dates The IMO has agreed to revise the implementation schedule for the Ballast Water Management Convention (BWMC).
Lines in merger talks Hapag-Lloyd and CSAV have confirmed they are in talks about a possible merger.
SDLP prices offering Seadrill Partners has revised its recently announced fund raising exercise in a move that will see its parent contribute more.
Extra SALT Scorpio Bulkers has snapped up five kamsarmax newbuilding resales at China's Hudong-Zhonghua in advance of its New York initial public offering, market sources say.
Pan Ocean drops STX STX Pan Ocean is to drop the STX pre-fix from its name as part of its restructuring effort.
Congress introduces gas tax hike "The Update, Promote, and Develop America's Transportation Essentials Act" calls for a 15-cent gas tax to be phased in across three years. It is expected to raise $170 billion over the next decade.
Public comments to FMC mixed on impact of P3 The Federal Maritime Commission has released 83 pages of comments from shippers, ports, government officials and others about the proposal by Maersk, MSC and CMA CGM to create a global P3 Network on the major East-West trade lanes.
NEWSFLASH: FMC asks for more information from P3; delays effective date The Federal Maritime Commission voted Thursday to approve a request for additional information from the parties to the proposed P3 Network Vessel Sharing Agreement - Maersk, MSC and CMA CGM.
Zim, G6 discussing expanded transpacific cooperation "Joint ventures are part of Zim's ongoing strategy," Rafael Ben-Ari, Zim's vice president, shipping, said. "Our aim, as always, is to improve the services to our customers." Any cooperative agreement will be subject to FMC approval.
Teamsters to meet to discuss YRC contract
Millard Maritime partners with HELM
UPS automates C.O.D. process for customers
U.S. exports reach $192.7 billion in October The U.S. Commerce Department on Wednesday reported that the country's exports of goods and services for October reached an "all-time monthly high" of $192.7 billion, up from $189.3 billion in September, with record petroleum exports.
Sweden offers trade facilitation training in Africa
Countries step up fight against illegal ivory trade
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