RBS punts its position in Eagle Bulk Sale of that bank debt would allow a new buyer a controlling position in any future negotiations with dry bulk owner
Genco optimistic on spot rate rebound UPDATED: capesize rates could reach $30,000 a day in the first quarter 2014, Wobensmith says
Betting on LPG Investing in new LPG tonnage may be a risk - but many are willing to take it
Baltic Trading secures new borrowing capacity for future acquisitions Losses narrow for Genco-owned dry bulk operator
Small cargoship sinks after collision with OOCL boxship near Hong Kong All 11 crew rescued and reported to be unhurt
Teekay LNG's income rises as it focuses on growth Third quarter marked by new deals
Fredriksen firm sells two VLCCs to sidestep an expensive survey Frontline will pay Ship Finance $90m as compensation for ending charters
Senior Cosco executive in graft investigation Fourth Cosco executive to face corruption probe
Wilbur Ross looks for LPG opportunities Private equity giant eyes export terminals and dry bulk investments
Clarksons sees rates and asset values improve Positive indicators in shipping markets have started to bear results, says shipbroker
Vale's third-quarter profits double due to China's iron ore demand Brazil-based miner benefits from higher prices and growth in volume
London Gateway opens for business First scheduled arrival the 4,922 teu MOL Caledon arrives from South Africa
Exmar strikes deal to sell LNG to Gazprom Firm hails deal with energy major as a coup for its barge-based floating gas liquefaction strategy
Opec tips global products demand to grow 18% by 2030 Predictions spell soaring prospects for specialist tanker segment
Teekay Tankers might sue STX NYSE-listed Teekay Tankers said today it has yet to receive any acceptable refund guarantees for its newbuilding contracts at STX Offshore & Shipbuilding and is considering legal action
Box volumes keep rising but prices slip SEAGOING box volumes continued to grow in September, but pricing - which rose the previous month - got weaker again, a UK consultancy said today
Seadrill again rolls forward Sevan shares SEADRILL said today it had rolled forward accords tied to its shareholding in Sevan Drilling
Qatar, UK agree to $7.1Bn gas deal QATARGAS has agreed to a £4.4Bn ($7.1Bn) deal with the UK's Centrica, IHS World Markets Energy reported today
COSCO figure investigated BEIJING is investigating the fifth-ranked corporate official of COSCO Group, its flagship unit China COSCO said today
Navigator sets IPO goalposts WILBUR Ross-controlled Navigator Holdings has announced the target price range for its IPO and revealed the size of the sale
Wilson recovery spoiled A RISE in capital costs caused by currency fluctuations wiped out any operating performance gains, Norway's Wilson said today
Matson signs $418M deal JONES ACT carrier Matson has signed a $418M contract with Aker Philadelphia Shipyard for two boxships
Singapore to mandate use of mass flow meters SINGAPORE has disclosed plans to make the use of mass flow metres mandatory at the world's largest bunkering port
MISC's profits rocket 189% MALAYSIAN carrier MISC's net profits for 3Q13 have rocketed 189% year on year to 401M ringgit ($126M)
Smuggled cocaine worth $218.6M seized in UK BRITISH authorities have reportedly found a huge cocaine cache being smuggled among bananas boxes on a reefer ship in Portsmouth
HHI's profits seen rebounding HYUNDAI HI's profits should rebound as low-priced orders are cleared out, analysts said today
China Shipping expands to Sao Paulo CHINA Shipping has set up a wholly owned subsidiary, China Shipping (South America), in Sao Paulo, Brazil
HHIC wins Capesizes, box ship HANJIN HI & Construction continued its run, winning orders for five Capesizes and a 9,000teu boxship
Pacific Radiance launches IPO for expansion SINGAPORE-based offshore support vessel owner Pacific Radiance has launched an IPO for its Singapore Exchange listing
Inaugural Long Beach Call of CMA CGM Corte Real Brings Home Mega-Ship Demands on Ports CMA CGM Corte Real calls at the Port of Long Beach.LONG BEACH, Calif. - The arrival in Long Beach this week of the CMA CGM Corte Real, with a capacity of 14,000 20-foot containers, will produce a new North American record for cargo-handling as more than 10,000 container moves will...
Zenith Global Logistics Expands Vietnam Warehouse Zenith Global Logistics' dehumidifiers at its expanded Vietnam warehouse.Zenith Global Logistics has expanded its Ho Chi Minh City, Vietnam, warehouse. Humidity gauge at Zenith's warehouse. Full-size image The specialized furniture carrier and third-party logistics provider said the expansion will help it keep up with growing demand for humidity-controlled warehousing in Vietnam. The new bonded facility,...
US West Coast Container Volumes Rise Container volumes at West Coast ports increased 2 percent in September compared to the same month last year, according to numbers published on the website of the Pacific Maritime Association. Also, both containerized imports and containerized exports were up 2 percent compared to September 2012. The increase in exports was a...
Ports of Long Beach, Busan Sign Sister Port Deal Representatives from California's Port of Long Beach and South Korea's Busan Port Authority have signed a "sister port" agreement to enable the exchange of technical and engineering information, best practices and professional expertise. "Sister port" deal signing in South Korea.The deal, which is not legally binding, aims to help the ports...
PIERS: US Containerized Imports See Largest Increase in Six Months U.S. containerized imports through August 2013 Full-size image U.S. containerized imports climbed 5.2 percent year-over-year in August, according to advance figures from PIERS, a JOC sister company. U.S. containerized imports totaled 1.62 million 20-foot-equivalent units in August. This was the largest year-over-year jump since February 2013. "U.S. containerized imports via ocean picked up...
US Intermodal Average Rate Inches Up Despite Drops in Top Lanes Top 36 U.S. lanes, week of November 4, 2013 Full-size image An index of U.S. intermodal rates saw a slight increase in the week ending Nov. 4 after two consecutive weeks of decline. The overall index rate of the top 36 U.S. lanes inched up 0.4 percent, or $9.03, to $2,145, according to...
Envirotainer Names Angeldorff as Interim CEO Envirotainer has named Simon Angeldorff as its interim CEO. Angeldorff, who succeeds Gustaf Ljunggren in the role, is currently chairman of the board and will assume the position of executive chairman. With Envirotainer now entering a "new and intensive growth phase," the board of directors has initiated a search for a new...
Canton Fair Highlights Fluctuations in China's Trade The mixed messages evident from China's latest PMI readings were confirmed by the value of export contracts signed at the Canton Fair, China's huge import and export jamboree. State media reports said $31.7 billion of export deals were agreed at the latest instalment of the twice-yearly event that closed earlier this...
Flights, Port Operations Canceled Prior to Typhoon Landfall With the Philippines bracing for super Typhoon Yolanda, Philippine Airlines and several other air carriers canceled domestic and international flights today. Operations at several ports were also suspended to minimize the impact of the super storm, which is headed toward the central Philippines with sustained winds of 190 mpg. ...
YRC Worldwide Asks Teamsters to Extend Contract YRC Worldwide has asked its International Brotherhood of Teamsters employees to engage in formal negotiations for a contract extension, in order to secure restructuring debt financing from its lenders. As a result of these developments, YRC said it will postpone its third quarter conference call until Nov. 12 at 4:30 p.m....
Slowdowns Expected If ILWU Contract Isn't Reached Expect to see work slowdowns at West Coast ports next summer if employers and the International Longshore and Warehouse Union do not reach agreement on a new contract by the time the old one expires on June 30. "The issues are tough, so prepare for a slowdown in July and August,"...
C.H. Robinson's Results Mixed in Third Quarter C.H. Robinson reported its net income in the third quarter of 2013 was $107.7 million, decreasing 8.0 percent year-over-year from $116.3 million. However, quarterly revenue for the third-party logistics provider rose 7.1 percent to $463.3 million, from $432.7 million in the third quarter of 2012. Ocean transportation revenue jumped 168.6 percent,...
Fact and Fiction at LA-Long Beach The ports of Los Angeles and Long Beach have made tremendous strides in accelerating container movement in and out of the marine terminals. Most significantly, night and Saturday off-peak shifts run by PierPass at the 13 port terminals now handle as many as 17,000 container moves per shift compared with...
Textainer's 3Q Profit Slid 18 Percent Textainer Group Holdings reported its net income in the third quarter of 2013 was $41.3 million, dropping 18.0 percent year-over-year from $50.4 million. However, total quarterly revenue for the intermodal container lessor was $132.6 million, increasing 8.5 percent from $122.3 million in the third quarter of 2012. Revenue from lease rental...
NY-NJ Port Authority 'Optimistic' About Hiring The Port Authority of New York and New Jersey said it is "optimistic" about success in its effort to broker a deal to settle a dispute over the hiring of additional longshoremen at the port. The New York Shipping Association and the International Longshoremen's Association have been arguing with the Waterfront...
Driving Under the Influence - of Religion Q: I read recently that the Equal Employment Opportunity Commission requires that trucking companies make accommodations for drivers whose religion prohibits them from handling certain types of shipments. The case I read about involves Islamic drivers who refused to haul loads of alcoholic beverages because it violates their religion. The carrier...
DHL Global Forwarding appoints Nikola Hagleitner as new Head of Industrial Projects MIAMI, Fla. November 7, 2013: DHL Global Forwarding, the air and ocean freight specialist within Deutsche Post DHL, announced the appointment of Nikola Hagleitner as the new global head of its sub-division Industrial Projects. Effective from October 22, 2013, she will be responsible for the worldwide expansion of DHL's already solid...
FedEx People Using 'Local Expertise' to Provide Solutions to Customers in Asia Pacific HONG KONG, November 7, 2013 - In Asia Pacific's thriving business environment, it's not just the new products, services and innovations which are the catalyst for growth; more often than not, the greatest change is brought about by people. FedEx Express, a subsidiary of FedEx Corp. (NYSE: FDX) today announced the...
Box Ships earns more, pays less Michael Bodouroglou-led Box Ships slashed its payout to shareholders despite improved results in the third quarter.
All eyes on US orderbook A freshly minted contract to construct two containerships at a leading US shipyard may lend support to tonnage involved in the coastwise transportation of crude, according to an equity analyst at Arctic Securities.
AAL fights failure of US bid American Auto Logistics (AAL) is fighting back after losing a car carrier contract renewal with the US government.
Follow the leader The demolition of two Frontline VLCCs may be indicative of a broader industry trend, a leading New York equity analyst told clients Thursday.
Guards thwart MR attack Armed guards on board a product carrier have won a firefight with pirates off the coast of Kenya.
Teekay LNG profit dips Teekay LNG Partners' (TGP) recent expansion boosted cash flow in the third quarter but the company reported a dip in earnings.
Rem expects CSV deal Rem Offshore is confident of securing period work for a construction support vessel which is nearing completion at Kleven.
Pareto sells $150m fund Pareto Project Finance in Oslo has sold one of its funds to Morgan Stanley.
TNK keeps options open Teekay Tankers (TNK) has declared options for four more LR2 tankers at Korea's troubled STX Offshore & Shipbuilding despite major question marks hanging over the original $188m quartet.
TMT loan loss hits TNK A $10.39m provision for loans made on two TMT VLCCs has seen Teekay Tankers' third quarter deficit grow.
Solstad down on costs Solstad Offshore suffered a dip in third quarter earnings as finance costs wiped out higher revenue.
Daughters paying back Teekay Corp has reported a smaller than expected third quarter loss with the owner expected to see increased payback from its daughter companies from early next year.
Fredriksen scraps VL pair John Fredriksen has made good on a pledge to start removing teenage VLCCs from the market rather than taking them through a third special survey.
Cement carrier grounds Salvor Smit has been brought in to refloat a grounded cement carrier that has taken on water off Norway.
MISC soars in the third Malaysian shipowner MISC has reported a threefold rise in third quarter income as cash from a completed offshore platform began rolling in.
Cosco executive arrested A leading Cosco executive has been arrested amid allegations of corruption.
Sale joy for Rieber A hefty gain on an ice-breaker sale has helped GC Rieber to the best quarterly showing in its history.
SBM fires COO Mystery surrounds SBM Offshore's sudden decision to dismiss its chief operating officer.
Forex woes for Wilson Norwegian mini-bulker owner Wilson has been hit by currency exchange losses as it posted a third quarter deficit.
Exmar JV books two more Exmar and Teekay have chalked up a couple more LPG newbuildings at Hanjin Heavy Industries.
Banana cover blown UK authorities have seized a huge haul of cocaine hidden in banana pallets on an NYKCool reefer at Portsmouth.
Kyoei profit down Kyoei Tanker reported an almost 50% drop in first half earnings despite a big jump in operating profit.
Iraq seeks tanker Iraqi Oil Tanker Company (IOTC) is trying to find an owner willing to sell a small products tanker - by Sunday.
Commerzbank on the up Commerzbank has chopped third quarter ship finance losses as it continues to cut its exposure to the sector.
Clarksons sees orders climb Clarksons delivered a positive message to the City this morning boasting an encouraging performance in the late summer and autumn period as weak shipping markets showed early signs of a recovery.
Siderfly shifted The damaged Estonian cargoship Siderfly has been towed from the Kiel Canal more than a week after a collision with an LPG carrier.
Vietnam volumes down Vietnamese-controlled vessels have seen cargo volumes fall so far in 2013.
Navigator prices IPO Wilbur Ross-backed Navigator Holdings has priced its planned New York initial public offering (IPO).
Sinotrans in bond bid Chinese bulker owner Sinotrans Ltd is to sell CNY 2bn ($328m) of bonds to boost working capital.
The end of the road The eight-year pursuit by Sovcomflot (SCF) of Dmitry Skarga and Yuri Nikitin in a massive bribery case is finally over.
IPO effort launched Pacific Radiance is looking to raise around SGD 154.7m ($124m) from an initial public offering (IPO) in Singapore.
Baltic cuts its losses Higher freight rates and more ships have helped Baltic Trading to cut its third quarter losses figures from the shipowner show.
Keppel in clover Keppel Corp has won a potentially multi-billion dollar deal from US drilling rig giant Transocean.
Robbers up the stakes Gangs of robbers targeting shipping in the Indonesia archipelago look to be upping their game if the latest incident is anything to go by.
Genco sees red Genco Shipping & Trading's balance sheet was covered with red ink by the end of the third quarter despite the recent rally in the dry-bulk market.
Spill proves painful Matson turned in a third-quarter profit Wednesday that would have been higher had it not incurred costs related to a recent molasses spill in Honolulu Harbor.
Matson mints notes The owners of ships that trade in markets governed by US cabotage law have a variety of options to choose from when they are in need of cash but many continue to believe bonds are among the most attractive.
Aker lands $418m order Aker Philadelphia Shipyard of the US has emerged victorious in the race to secure a contract to construct two fuel-efficient containerships for Matson.
CBP's Trade Symposium moved to spring U.S. Customs and Border Protection announced Wednesday that its annual Trade Symposium, postponed last month due to the government shutdown, has been rescheduled for March in the Washington, D.C., area.
Matson orders two new containerships
Schneider launches new cross-border intermodal service The company's first service began two weeks ago, and Schneider will have the new program, which links three cities in Mexico to Chicago via a new interchange point, fully up and running by the end of next week.
'Progress' reported on plans to add NY/NJ dockers At a meeting with the New York Shipping Association and Waterfront Commission of New York Harbor over hiring additional longshoremen there was "a great deal of progress," according to the area port authority.
FedEx and Ex-Im Bank partner to increase exports
Steam Logistics using CargoSphere for rate quoting
Walker SCM to use CargoWise for enterprise platform
YRC, Teamsters to work on contract extension In a Nov. 5 meeting between the two parties, YRC Worldwide and the International Brotherhood of Teamsters agreed to enter into formal negotiations to extend their current contract.
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