Navios Logistics inks 20-year deal with Vale Contract from iron ore giant worth up to $1.5bn in operating profits
DnB sells out of Genco position ahead of 2014 amortisation payment EXCLUSIVE: Unknown group of buyers snap up $520m stake
Yangzijiang posts a healthy shipbuilding profit margin Revenue and gross profits increase as Singapore-listed yard targets offshore orders
Overseas Shipholding Group turns a profit Result reflects reduced interest expenses
Dynagas takes a haircut to trade on Nasdaq Prokopiou's new LNG vehicle raises $225m despite small discount
HMM rights offering crosses the finish line Box carrier reins in its money-raising bid to service debt and support operations
Owners look to December loadings as VLCC rates surge grinds to a halt Recent spike has proved robust after three weaker years
Navios Maritime Acquisition buys three modern Chinese VLCCs Purchase confirmed as tanker owner reports a third-quarter loss
Maersk beats weak markets to lift third-quarter net profits to $554m UPDATE: Return on invested capital soars to 11% as fleet costs slashed
Concordia Maritime sails into the black Third-quarter spot freight rates improved
West Africa pirates release C-Retriever seafarers US State Department refuses to say whether the kidnappers received a ransom payment
Top shipping bankers expect brighter 2014 Petrofin charts surge of confidence in market despite shrinking lending
Asia-Europe capacity set for 6.5% increase next year Rise is equivalent to an extra 2.4 Asia-Europe services, if launched at the start of 2014
Gas Natural extends charter for Höegh's LNG Libra The 13-month deal will generate around $16m
Preparing for a new world order Maersk and MSC fight for pole position as the top container line
Banks will get tougher on loan defaults, Citi shipping boss warns European Central Bank review will stop lenders 'kicking the can down road'
Moving on up The second tier of shipping lines are continuing to expand their fleets despite tough market conditions brought on by the cascading of tonnage
Shipowners alerted to looming regulatory threats World Shipping Council's Koch warns of talk to impose operational efficiency standards
Norden extends dry bulk charter coverage to 2016 UPDATE: Confidence is high on dry bulk market balance despite third quarter dip in profit
Aegean acquires Hess' US east coast bunker business Move marks company's Stateside customer supply debut
Data Hub: Shipper and freight forwarder survey 2013 Shippers and freight forwarders have expressed their views on a range of topics, from the P3 Network to cargo safety
Eitzen Chemical reduces its losses Norwegian firm predicts a rosy longer-term outlook for chemtankers
Safe Bulkers launches $50m fundraiser More vessel acquisitions on the agenda but deals could wait until next quarter
Yangzijiang sets up first shipmanagement firm in Shanghai free trade zone Shanghai Run Yuan to manage 11 bulk carriers under Yangzijiang Shipping
Ports America heads effort to make US ports world-class Gap will close in five years, says CEO Michael Hassing
Baltic Trading goes 'eco' BALTIC Trading wasted no time today putting follow-on proceeds to work, announcing a deal to acquire two fuel-efficient newbuild resales and secure two options
BG sells Curtis stake for $2Bn UK LNG trader BG Group has sold more of its stake in the Queensland Curtis LNG project to China National Offshore Oil Corp for $1.93Bn
Norden adds bulkers NORDEN, the listed Danish drybulker and product tankers group, today said it has ordered five newbuilding drybulkers
Uni-Asia earnings rise 19% TONNAGE provider and investment company Uni-Asia said today net profits for 3Q13 rose 19% year on year to $2.5M
Follow-on pricing pressures Safe Bulkers SHARES of Safe Bulkers are falling today after pricing was revealed on its overnight follow-on offering
Baltic Trading prices its follow-on offering PETER Georgiopoulos-chaired Baltic Trading today priced a follow-on offering to raise proceeds for potential Ultramax acquisitions
Frangou seals Vale deal NAVIOS Logistics today confirmed a 20-year contract with Brazil's Vale, with a positive EBITDA effect of up to $1.5Bn over the lifetime of the deal
Dynagas LNG misses goal GEORGE Prokopiou's Dynagas LNG Partners has succeeded in its quest to go public, albeit at lower pricing than hoped
Navios Acquisition buys three VLCCs NYSE-listed Navios Acquisition today announced higher quarter losses and the purchase of three Chinese-built VLCCs
Long Beach Mayor's Actions Seen Threat to Port Shipping lines and terminal operators at the Port of Long Beach are concerned that an apparent attempt by the city's mayor to remove the president of the harbor commission from the port's governing body will have a long-term impact on Long Beach's competitive position in the industry. "Our members are stunned...
AirBridgeCargo's Reports Cargo Growth AirBridgeCargo Airlines transported 92,000 tons of cargo in the third quarter of 2013, a 3 percent year-over-year increase, partially driven by "strong inbound growth" generated on its main routes. In September, the Russian air cargo carrier transported 31,000 tons of cargo, increasing 2 percent from the same period last year. The airline...
Shippers Turn More to Intermodal for Mexico-US Moves The share of U.S.-Mexico surface trade by value being transported via the rails is increasing, suggesting shippers are shifting more loads to intermodal transport from the highway. The share of overall surface trade between the two neighbors has risen from 14.8 percent in August 2009 to 17.8 percent this August, according...
DeHaan Takes the Helm of IWLA The International Warehouse Logistics Association's board of directors named Steve W. DeHaan as its new president and CEO. DeHaan replaces Joel Anderson, who is retiring from the position he held for more than seven years. Most recently, DeHaan served as CEO of the National Home Furnishings Association, where he worked for more...
Descartes Systems Group, InfoSky Form Alliance Descartes Systems Group and InfoSky have formed an alliance to streamline logistics messaging for the Chinese air cargo industry. The alliance between Descartes, a software-as-a-service solutions provider, and InfoSky, a division of China TravelSky Holding Co. that provides applications and IT services for China's Civil Aviation Administration, federates the two organizations'...
US Ports See Highest West Coast Market Share Since 2011 Third Quarter 2011-2013 West Coast Market Shares By Country Full-size image North American west coast container ports experienced a slight increase in year-over-year traffic in the third quarter of 2013. Overall throughput to major west coast ports in the U.S., Mexico and Canada rose 1.7 percent year-over-year to 6,283,238 TEUs. Among North American west...
Settlement Would Clear Skies for US Airways, American Merger The U.S. Department of Justice has filed a proposed settlement with US Airways and American Airlines to resolve its lawsuit challenging their planned merger. Six state attorneys general - Arizona, Florida, Pennsylvania, Michigan, Tennessee and Virginia - and the District of Columbia joined in the department's proposed settlement, which was filed...
Asia-Europe Ocean Carriers Confident on Rate Hikes Conventional wisdom and economic logic, it seems, are two ideals shipping lines operating in the world's largest ocean trade really don't care to acknowledge. How else to explain Asia-Europe carriers' attempt to push through steep rate increases amid cargo growth that's advancing at a snail's pace, a persistent glut of...
Damco's Profit Collapsed in Third Quarter Damco's profit collapsed to $1 million in the third quarter of 2013, from $15 million a year ago, driven by higher restructuring and overhead costs. A.P. Moller-Maersk's freight forwarding and logistics unit booked quarterly revenue of $836 million, against $838 million last time. "The additional cost mainly relates to programs to adjust...
Drewry's Eastbound Trans-Pacific Rate Unchanged Drewry Container Rate Benchmark, Nov 13, 2013 Full-size image The Drewry benchmark rate for shipping from Hong Kong to Los Angeles remained flat in the week of Nov. 13 at $1,736 per 40-foot-equivalent unit. The rate has been unchanged since falling to this level in the week of Oct. 16. "Drewry expects the...
APM Terminals' Profit, Revenue Rise on Improved Traffic Port of SantosAPM Terminals boosted third quarter profit to $203 million, from $156 million a year earlier, driven by sharply higher earnings at associated companies and joint ventures. The port operating arm of Denmark's A.P. Moller-Maersk increased traffic by 4 percent, in line with global market growth, to 9.3 million 20-foot-equivalent...
Maersk Line Posts Higher Profit Despite Lower Freight Rates Maersk Line's third quarter profit rose to $554 million in the third quarter of 2013, from $498 million a year earlier, as steep cost cuts and double digit growth in container volume offset weaker ocean freight rates. The improved performance took the Danish carrier's nine month net income to $1.2 billion,...
US Diesel Prices Continue to Slide U.S. diesel prices through Nov. 11, 2013 Full-size image U.S. diesel prices decreased for a third straight week in the week ending Nov. 11, with the average price down roughly 15 cents over the three-week period, according to the U.S. Energy Information Administration. The national average price is $3.832 per gallon, down 0.6...
SeaIntel Sees Continued Growth in Asia-Europe Capacity Capacity growth in the Asia-Europe liner trade will increase 6.5 percent in 2014 unless carriers cancel services or introduce more blank sailings, according to the latest analysis by SeaIntel. Sixty-one vessels with a capacity in excess of 10,000 20-foot-equivalent units are forecast to be delivered to ship lines next year, with...
Truckload Capacity Shifts as Big Carriers Acquire Competitors The Journal of Commerce Truckload Capacity Index rose unexpectedly in the third quarter to a four-year high, but that doesn't mean more tractor-trailers rolled onto highways and up to shipper docks. Instead, the leap in the index reflects a gathering concentration of capacity at the top of trucking's food chain,...
Jumping to Conclusions We live in a society where jumping to conclusions without having all the facts is all too common. Case in point is another story about the bad boys of the National Football League, specifically, the behavior of the Miami Dolphins players and their conduct inside and outside the locker room. Clearly,...
China's Record Spending on 'Singles' Day' Puts Pressure on Local Logistics Providers China's domestic spending shot up this year on Nov. 11 in response to "Singles' Day" marketing promotions. For the fifth consecutive year, a massive wave of shopping nationwide has responded to big discounts offered online. Sales totaled RMB 35 billion (abount US$5.7 billlion) on Taobao.com and Tmall.com, the two key sales...
Baltic Trading books ultramax duo Baltic Trading has ordered a pair of ultramax bulkers at China's Yangfan Goup.
London P&I 'disappointed' The London P&I Club has expressed disappointment at what the insurer called a "baffling" decision on the 2002 spill from the tanker Prestige.
Maersk wins US charter Maersk Line has won a ro-ro contract from the US government worth as much as $143m.
d'Amico to fix four d'Amico International Shipping is hopeful of securing period contracts for four of its newbuildings shortly.
Varun slashes loss India's Varun Shipping has cut its third quarter loss despite seeing revenue tumble by more than half.
New deal for Zvezda Sovcomflot and DSME have been brought on board to develop Russia's big new far east shipyard.
NNA adds three VLCCs Greece's Navios Maritime Acquisition Corporation (NNA) has revealed a deal to add three modern VLCCs to its growing fleet.
Safe Bulkers aims low Shares in Safe Bulkers fell today after the Greek owner priced its follow on equity offering at a discount.
Navios' billion-dollar deal Navios South American Logistics has scooped a 20-year iron ore contract with Vale worth $1bn.
Concordia sneaks a profit Sweden's Concordia Maritime has reported a drop in third quarter earnings as revenue fell.
SCI tears up two Shipping Corp of India (SCI) has cancelled two offshore newbuildings due to late delivery.
Siem Offshore sells one Siem Offshore and compatriot OH Meling have sold a jointly owned platform supply vessel.
Mangouras cleared over Prestige spill Spain has absolved a trio of defendants in the Prestige case of criminal responsibilities for pollution.
Fredriksen fixes four John Fredriksen's Deep Sea Supply has won long-term charters for three PSVs and an anchor-handler.
Gulf Nav seeks support Gulf Navigation has called a make or break meeting with shareholders after racking up losses that threaten its existence.
Hoegh's veteran in demand Hoegh LNG has stretched a charter for an elderly LNG carrier by another 13 months.
Procopiou prices low George Procopiou's first attempt to access the capital markets with Dynagas has seen the Greek owner price its shares below its initial expectations.
Loss mounts at SCI Shipping Corp of India (SCI) has seen its loss grow further in the second quarter of 2013 as boxships slipped into the red.
SCI cash in limbo Shipping Corp of India (SCI) is facing a battle to get its hands on a refund for a cancelled boxship order in China.
Norden takes five Norden has continued its dry-cargo expansion drive with the addition of five more newbuildings to its catalogue.
AP Moller beats bets AP Moller-Maersk has raised its full year earnings forecast after surprising the market with a better than expected set of third quarter numbers.
Norden narrows range Norden has narrowed its full year forecast amid the expectation its dry-cargo division will make a positive contribution this year.
Krasnoye Sormovo drops Russian shipyard Krasnoye Sormovo has posted an 11% fall in nine-month net profit as revenue crashed.
Bharati further into red India's Bharati Shipyard has posted a bigger loss after third-quarter revenue collapsed.
Captive US duo freed Two US officers have been released by Nigerian pirates after being seized from a supply ship last month.
Eitzen trims losses Losses at Norwegian shipowner Eitzen Chemical saw its deficit improve in the third quarter, figures released Wednesday show.
Atlantic in the black Atlantic Navigation continues to improve its financial performance posting a positive result for the third quarter of 2013.
Aegean buys Hess arm Aegean Marine Petroleum Network has agreed to acquire Hess Corporation's US East Coast bunkering business for $30m.
GREE boosts war chest Greenship Bulk Trust has ordered two more ultramax bulkers at China's Dayang Shipyard taking its fleet to 18 ships.
Numbers up at Swiber Swiber Holdings has recorded a 15.4% increase in third quarter net income despite a sizeable jump in expenses.
Yangzijiang profit eases China's Yangzijiang Shipbuilding has seen its profit ease by only 6% in the third quarter, it emerged Wednesday.
With poor 3Q numbers, YRC enters contract negotiations Negotiations between YRC Worldwide and the International Brotherhood of Teamsters are officially on, as the carrier is looking for a new five-year contract, which would help stem its losses and reduce its debt.
China's e-commerce race
Diversification helping truck broker industry expand Non-asset based companies that manage domestic freight moves are a growing force within the trucking sector as they move beyond dry-van truckload and become a go-to resource for smaller shippers, analysts say.
Maersk reports higher profit Quarterly revenue of $14.6 billion for the group was down less than 1 percent, and the company said increased profit was achieved at all its businesses except Maersk Oil and Damco.
Global Aviation Holdings enters Chapter 11 In the bankruptcy filing, the company said the Air Mobility Command's decision to cancel expansion flying for next year will cut into revenues and create overcapacity in the military cargo charter industry.
AIIS taps new executive director
Adjusted revenues up for DHL
COSCO, Piraeus propose modification of agreement
Justice reaches settlement with American, US Airways The airlines will divest 52 slot pairs at Washington Reagan National Airport, 17 slot pairs at New York LaGuardia, and two slot pairs each at airports in Boston, Chicago, Dallas, Los Angeles and Miami.
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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