Ocean Rig refinances debt GEORGE Economou's Ocean Rig UDW, which is majority-owned by DryShips, today announced a new $1.8Bn credit facility to repay several existing loans
22 rescued in tanker fire TWENTY-TWO mariners were rescued and one remained missing after their tanker caught fire off Johor, southern Malaysia, Fairplay was told today
Magna moves on NewLead NEW YORK'S Magna Group has acquired 9.92% of NewLead Holdings, complementing its rising stake in FreeSeas
Seadrill places orders worth $2Bn SAMSUNG HI and Daewoo Shipbuilding & Marine Engineering said today Seadrill has ordered two ultra-deepwater drill ships from each of them
GEDEN returns tanker to FSLT FIRST Ship Lease Trust said today that Action, one of two Aframax tankers that suffered a default from Turkish carrier GEDEN Line, has been redelivered
Smugglers stubbed out THE SMOKING lantern was lit at Marsaxlokk Freeport in Malta over the weekend, but not in the usual way
NCSP mirrors its 2008 cargo collapse NCSP, the London-listed Russian port on the Black Sea, has reported its worst six months since the trade collapse of autumn 2008
Boy drowned, 8 sought in capsizing SEARCHERS are looking today for eight migrants missing since a capsizing off Australia's Christmas Island, where a boy of 8 was confirmed drowned
Chinese coal imports fall CHINA imported 22.31M tonnes of coal and lignite in June, down 17.9% year on year and a 19% drop from May totals, according to customs data
K+N's growth defies gloom KUEHNE + Nagel, the world's biggest ocean freight forwarder, said today it defied poor trade growth and volatile freights in 1H13
Sinokor gets financing for Shell charter deal KOREA Development Bank has arranged syndicated financing of $294M for 10 of the 20 MR tankers that Sinokor is building for a long-term charter to Royal Dutch Shell
Grindrod's shares spike SHARES in Grindrod, Africa's biggest shipping group, have spiked in value as much as 3.1% to 23.01 rand ($2), their highest since 8 September 2008
Oz recognises STX Pan Ocean's receivership STX PAN Ocean's ships will not be arrested in Australian waters, after a federal court Down Under recognised the South Korean company's application to protect its assets from arrest
Mariner sought in sinking SEARCH teams are looking today off Korea for a mariner missing since an explosion aboard a general cargo ship
Chinese steel rebound boosts scrap prices PRICES of ships sold for demolition into China showed some signs of life last week, as steel prices began firming after months of decline
Work on Port of Long Beach Bridge Moves Forward Construction is progressing on the $1 billion Gerald Desmond Bridge at California's Port of Long Beach. Crews are demolishing the final sections of a U-shaped freeway off-ramp west of the existing Gerald Desmond Bridge. The ramp removal was needed to clear the path for the final sections of a six-lane bridge...
China's GDP Growth Continued to Slow in Second Quarter China's gross domestic product growth slowed in the second quarter of 2013 to 7.5 percent year-over-year, making it the ninth quarter in the last 10 quarters that China's growth has slackened, Reuters reports. The slowdown results from weak overseas demand impacting output and investment. Other figures also showed that industrial output...
Hot Summer at NY-NJ Port How bad has this summer been at the Port of New York and New Jersey? So bad that some truckers are comparing its impact with Hurricane Sandy. There's been no physical damage to compare with last year's hurricane, but container terminals' recent operating delays have taken a severe financial toll on...
Ports of Virginia, Salalah to Exchange Best Practices Russell J. Held, the Virginia Port Authority's deputy executive director of development, and Peter Ford, CEO of the Port of Salalah, signed the memorandum of understanding in Portsmouth, Va.The Virginia Port Authority and the Port of Salalah have signed a memorandum of understanding to share information aimed at generating new...
Creditor Deal Lowers Integrated Freight's Outstanding Debt Integrated Freight Corp. has reached an agreement with its single largest creditor group, thereby reducing its total outstanding debt. The investment group, led by Tangiers Investors, reached a deal with Integrated Freight that lowered the motor freight company's outstanding debt by more than $5 million or about 35 percent of its...
Pacific Harbor Line, Union Sign Labor Deal Pacific Harbor Line, Inc., and the Brotherhood of Locomotive Engineers and Trainmen have signed a new five-year labor agreement covering the short line railroad's nearly 120 operating and maintenance of way employees. The pact, which was ratified and signed by PHL employees on July 4, includes wage increases; employee contribution to...
High Sulfur Bunker Fuel Prices Jump to 14-Week High Bunker fuel prices - Rotterdam Full-size image Spot prices for high sulfur bunker fuel extended their surge in the week ending July 12, nearly touching the $600 per metric ton line, according to daily BunkerVision price data via international marine fuel oil broker LQM Petroleum Services. The average price for high sulfur bunker...
German Canal Lock Strike Over A strike by canal lock workers that disrupted container and bulk shipping in large sectors of Germany's inland waterway network for more than a week is over. The remaining strikers returned to work this morning following colleagues who called off their industrial action over the weekend. The strike was called by the...
India's Trade Deficit Widened in June In June, India's exports were valued at $23.8 billion, falling 4.6 percent from $24.9 billion in June 2012, and imports were valued at $36.0 billion, down 0.4 percent from June 2012's $36.2 billion, according to the country's Ministry of Commerce & Industry. India's trade deficit in the first three months...
Drewry: US Export Target Won't Be Met for Years After a strong start in the first part of this decade, the slowdown in export growth means the U.S. will not meet President Obama's goal of doubling exports by 2015 from 2009 levels. Because export growth to its major overseas markets slowed so steeply last year and so far this year,...
J.B. Hunt Transport Services' Profit Rises 9 Percent J.B. Hunt Transport Services reported net earnings in the second quarter of 2013 were $87.70 million, improving 9 percent compared with $80.45 million in the second quarter of 2012. Total operating revenue in the second quarter for the No. 3 U.S. trucking carrier and top truckload carrier, according to JOC's 2012...
Freight Likely to Take Back Seat With New DHS Chief WASHINGTON - The next secretary of Department of Homeland Security will likely focus on immigration issues to the detriment of Customs and Border Protection's push to move goods and materials faster and more efficiently through ports of entry, an international trade attorney said on Monday. The successor to Janet Napolitano, who...
Lynden Air Cargo Names Zerkel President Lynden Air Cargo has promoted Richard Zerkel to president. Zerkel succeeds Judy McKenzie, who is retiring as president of the Alaska-based domestic and international cargo airline. Zerkel began his career with Lynden Air Cargo in 1999 as a first officer on the company's Hercules aircraft. He was promoted to captain and then...
GSC Logistics Adds Super Chassis to PNW Fleet GSC Logistics has added super chassis to its U.S. Pacific Northwest fleet to accommodate heavier load, 40-foot containers, according to Scott Taylor, president of the third-party logistics provider. "Since our acquisition of Seattle-based Best Way Trucking on June 1, 2011, we have seen enormous growth in that region and recognized the...
Container Volume Drops at Port of Los Angeles The Port of Los Angeles, the nation's largest container port, reported a 7.2 percent year-over-year decline in June cargo volume. Imports in June fell 7.2 percent year-over-year to 353,930 20-foot-equivalent units. Exports fared worse, diving 15 percent from 174,418 TEUs to 148,203 TEUs. Total loaded imports and exports dropped 9.8 percent in...
Kerry Logistics Acquires Brazilian Brokerage Kerry Logistics has acquired a majority stake in Braservice, a Brazilian logistics and customs brokerage, to expand its services in the South American nation and strengthen ties with China and Asia. Founded in 1991, Braservice focuses on the Brazilian and Latin American markets, specializing in fast-moving consumer goods, automotive, fashion and...
Somali Piracy Sinks to Seven-Year Low Somali pirate attacks have fallen to the lowest level since 2006, but ships face a surge in violent incidents off the coast of West Africa, the International Maritime Bureau said. The London-based IMB recorded 138 acts of piracy in the first six months of 2013, down from 177 in the same...
SBS Worldwide Appoints Chris Paulz as Regional Vice President South East SBS Worldwide has appointed Chris Paulz as its Regional Vice President South East, based in Atlanta. Paulz, who will report to Christian Marz, Director of Operations USA, will focus on the company business plan, ensuring growth targets are met in the south-eastern region of the United States. CEO of SBS Worldwide Lars Kloch...
New Penn Sets One-Year Injury-Free Safety Milestone at Three Terminals LEBANON, Pa., July 15, 2013 /PRNewswire/ -- (NASDAQ: YRCW) - Employees at New Penn terminals located in Rochester, N.Y.; Springfield, Mass. and Buffalo, N.Y. were recently honored for achieving new safety milestones. These facilities have all passed the one year mark injury-free--a record that continues to hold true today. These safety accomplishments were achieved by the attentive focus...
Obama unfulfilled US President Barack Obama's plan to double exports from the country over five years is poised to fall short of its target, a shipping consultancy says.
APL suit restored A federal appeals court has given APL the green light to continue its lawsuit against a US labour union over the hiring of longshoremen in Alaska.
Dockers decry 'safety' zone A dockers union holding an on-water protest at Portland have decried the US Coast Guard's proposal to set up a temporary safety zone as a move that would "all but eliminate" their free speech rights.
VL festival Forty years ago owners partied during the greatest summer of VLCC earnings on record - and the market has not got close to such red hot levels again, Clarksons says.
A dim view of Vard Analysts have downgraded Vard after the Norwegian offshore vessel builder delivered a below par set of financial results.
Bahri profit plunges National Shipping Company of Saudi Arabia (Bahri) has posted a big drop in second quarter earnings as rates fell.
OMC sells out? Switzerland's Overseas Maritime Carriers (OMC) has reportedly sold off its last ships - two asphalt/bitumen tankers.
Grandweld grabs another Dubai's Grandweld Shipyards is building another fast crew vessel for Zamil Offshore.
ORIG nets giant loan Ocean Rig has secured loans running to $1.8bn which which could have positive implications for its leading shareholder, DryShips.
Tanker crew held Nigerian soldiers have arrested 14 men on a domestic tanker alleged to have been conducting illegal bunkering operations.
Hoegh clearout goes on Hoegh Autoliners has sent another pure car truck carrier to breakers in China.
Brit buys Topaz wing Topaz Energy and Marine looks to be getting back to basics after its oil and gas business was bought by a British investor.
Round the world weekly French container line CMA CGM is stepping up the frequency of its round-the-world Panama Direct service.
Brownrigg departing Mark Brownrigg is to leave the UK Chamber of Shipping after a 40-year career with the association.
Nakilat suffers dip Qatar Gas Transport Company (Nakilat) has reported a weaker start to the year as it was hurt by financial items.
SwissMarine took exile Star Bulk Carriers wasted no time in putting a capesize bulker to work in the spot market after its period deal with STX was shredded.
Albedo crew "alive" Eleven crew from the sunken boxship Albedo are still alive in Somalia after being moved from the vessel by their pirate captors.
Split strategy for FSL First Ship Lease is adopting a split strategy with two tankers taken back from Geden Lines.
Keppel rides rig wave Singaporean giant Keppel has bagged yet another order for a jack-up drilling rig from a Mexican owner.
One missing after blaze A seafarer is missing and feared dead off Malaysia following a fire on a tanker heading to a demolition yard.
Navibulgar bins another Navibulgar has scrapped its fourth bulker this year, brokers say.
GOS returns to Havyard India's Global Offshore Services (GOS) is expanding its fleet with a supply ship newbuilding.
RCL bags over a billion Royal Caribbean Cruises has tied up the funds for its third Oasis-class cruiseship.
Greek get-together Representatives from the Greek Shipowners Union are scheduled to meet the Prime Minister of Greece in Athens this afternoon.
Gold for Daewoo? Korea's Daewoo Shipbuilding & Marine Engineering (DSME) has been linked to a sale of its gold mining business.
Petrobras pact in place SBM Offshore has seen a major FPSO project with Petrobras in Brazil come to life.
Pirates spread the net Pirates in the Gulf of Guinea are targeting a wider variety of ships as activity in the area escalates, a new report warns.
Phoenix to cut loss Struggling Chinese bulker owner CSC Phoenix has forecast a reduction in its loss in the first half.
Seadrill confirms four Seadrill has ordered four drillship newbuildings at yards in South Korea worth $2.4bn in total, the company confirmed Monday.
Cargoship lost after blast One crewman has been reported missing after an explosion sank a cargoship off Korea.
Greek tanker arrested Singapore authorities have reportedly detained an aframax tanker belonging to LL Energy.
Drill double for Samsung John Fredriksen's Seadrill has signed up for two new drillships at Samsung in Korea.
787 Dreamliner fire raises new concerns A fire Friday aboard a Boeing 787 Dreamliner parked at London's Heathrow International immediately led to concerns that lithium battery problems on the new aircraft had resurfaced, but British investigators have ruled this out.
XPO acquires non-asset last mile-focused 3PL The truck brokerage and third-party logistics company said Monday it acquired 3PD Inc. in a deal worth $365 million. Based in Atlanta, 3PD was founded in 2001 to capitalize on the last-mile logistics segment serving retail shippers.
K+N achieves profitable first half The Swiss forwarding giant achieved a 3.3-percent, year-over-year revenue increase during the first half of 2013, ending the period at CHF 10.39 million ($10.94 million). For the second quarter, revenue increased 1.4 percent.
Analyst: HOS has lead to reduced utilization Some private fleets have seen a 10-percent degradation in utilization since the federal government's new hours of service regulations were imposed on July 1. The hit seems to have less of an impact on the over-the-road fleets.
CMA CGM upgrades round-the-world service
Silk Way to buy 747-8 freighters
Yusen starts Hong Kong-to-Rotterdam LCL service
First round of transatlantic trade talks concludes
LA volume falls again in June
U.S. brings dolphin-safe tuna labeling in line with WTO
Rotterdam bunker prices climb in line with crude But bunker prices softer in Hamburg.
KPI Bridge Oil appoints team leader Company says it is a new position at its London office.
Singapore monthly bunker sales down But 500 centistokes material sees a rise in demand over last year.
Study: Hong Kong air quality getting worse Data suggest sulphur emissions from ships rose in first half of 2013, with 1,606 premature deaths attributed to air pollution.
Bankruptcy hangs over Chinese carrier Bunker supplier petitions court for company to start bankruptcy proceedings.
Argos Bunkering hires new trader Says latest addition is an expansion of its bunker team.
IFO prices move little at start of week Tokyo Bay offices were closed for a public holiday on Monday.
Bunkering firm arrests vessel in Malta Malta-flagged Blankenese owes a total of about $1.8 million to various companies.
Reports: Chinese shipping firm goes bust Several ships belonging to inland Anhui Wuhu Shihui Jianghai Shipping have received bankruptcy notices.
South China fuel oil production up during July South China based refiners are expected to produce 43% more fuel oil month-on-month.
CPC resumes bunkering ops at all Taiwan ports Typhoon Soulik left country on Saturday.
Vancouver-based firm considers methanol-fuelled engines Waterfront Shipping signs letter of intent for four MAN ME-LGI engines.
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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