Confident Frontline 2012 to seek US listing FRONTLINE 2012, the commodity shipping growth vehicle in John Fredriksen's business empire, said today it will seek a listing in New York in the next 10-16 months
CMA CGM adds to profits CMA CGM today confirmed its return to profits in 2012 with a net income total of $361M, ahead of the $310M it announced for the first nine months
Two VLGC orders point to sector evolution GREEK owner Dorian Hellas has booked two VLGCs at Hyundai HI, according to broker sources
Havila weighs issuing unsecured notes HAVILA Shipping, the Oslo-listed offshore services vessel owner, said today it is weighing whether to issue senior unsecured notes
Five bodies of smuggled migrants found GREEK authorities have found the bodies of two women, two children and one man washed up on the island of Lesvos
Ningbo-Zhejiang coal deal expanded NINGBO Marine has renewed a coal shipping deal with Zhejiang Energy Fuxing Fuel
CS unit's profits dive 93% CHINA Shipping Development told the Shanghai stock exchange today that profits for FY12 plummeted by 93% year on year
'Single voice' debated for shipping groups SHOULD shipping mimic cruising and go for a one-association approach, delegates were asked at the opening of the Connecticut Maritime Association conference
Guards enable CMA to shove pirates into back seat GROWING use of armed guards is the main reason why piracy was absent at the opening sessions of the CMA conference, a ship management chief asserted
VLGCs keep slumping FREIGHT rates to ship LPG on very large gas carriers remain unprofitable, even as Indian charterers bought a few cargoes last week
SHI cancels ULCS orders SAMSUNG HI confirmed to Fairplay today it is cancelling orders for five ultra large container ships
RMT aims to raise $82M from issue RICKMERS Maritime Trust told Fairplay today it is offering a non-underwritten, renounceable rights issue of up to 424M new units
GPI sees tiny Cyprus impact GLOBAL Ports Investments has told bank analysts it expects little impact from the deposit levy proposed by the Cyprus government
MOL sells box ships en bloc MITSUI OSK Lines has sold four Panamax-sized box ships en bloc
VLCCs rise on firmer enquiry VLCC RATES have been rising, as fixing for April laycans get under way
Florida East Coast Railway Narrows Loss Florida East Coast Railway recorded a net loss of $13.3 million for the full year of 2012, improving $24.0 million, or 64 percent, from a net loss of $37.3 million in 2011. Annual operating income was $53.0 million, up from $35.0 million in the previous year. Operating revenue in 2012 was...
Logwin Sees 'Significant Growth' in Australia's Fashion, Lifestyle Sector Logwin Logistics has seen "significant growth" in the Australian high fashion and lifestyle sector. The company made the observation at the L'Oréal Melbourne Fashion Festival at Victoria State's Government House. "LMFF has expanded its program each year and is a good barometer of the health of the Australian fashion industry," said Thomas...
'K' Line to Add Mega-Ships to Fleet "K" Line is planning to add new "ultra-large container vessels" to its fleet as replacements for existing ships. The ocean carrier said it anticipates receiving five 13,870-TEU container ships from Japan's Imabari Shipbuilding Co., Ltd., in the spring and summer of 2015. Each ship will be approximately 366 meters long. "K" Line...
Charleston Container Volume Up 11 Percent Container volume handled by the Port of Charleston jumped 11 percent year-over-year in February to 131,634 20-foot-equivalent units. February container volume in TEUs was nearly 21 percent higher than the same month two years ago, and loaded container volume saw the strongest month since October 2008, according to the South Carolina...
US Intermodal Rates Ease on Lower Fuel Prices U.S. east-west, north-south and south-north intermodal rates fell in the week ending March 18, according to data on all-inclusive 53-foot door-to-door spot pricing quoted by railroads and provided by the 3PL IDS. Spot rates rose modestly in the west-east trade lane. IDS Executive Vice President Rick LaGore cited decreasing fuel prices...
CN, CP Officials Join Intermodal Transportation Institute Board The Intermodal Transportation Institute's board of directors at the University of Denver has elected two new members: Mathieu Faure from Canadian Pacific Railway and Keith Reardon from Canadian National Railway. They will serve three-year terms. With CP and CN joining the ITI board, all seven of the Class I railroads -...
Crowley Expands Service to the Bahamas Crowley Maritime will offer a second weekly southbound sailing from Port Everglades, Fla., to Nassau in the Bahamas, starting March 23. The new Saturday sailing enhances Crowley's current schedule, which includes a Friday sailing from Jacksonville, Fla., and a Tuesday sailing from Port Everglades. Crowley added the extra sailing after customers in...
Echo Global Logistics Acquires Open Mile Echo Global Logistics has acquired Open Mile, a Boston-based non-asset transportation service provider that combines high-tech automation with freight management services. "The acquisition of Open Mile enhances the technology solutions we offer clients and carriers, while also expanding our client base, sales force and carrier network in the northeastern United States,"...
UPS Now Wholly Owned in Vietnam UPS moped in Vietnam.UPS said today that it has become the first global express delivery company to be wholly owned in Vietnam, following its acquisition of the 49 percent interest of VN Post Express in the two companies' express delivery joint venture. In line with its global expansion strategy, UPS has...
Report: India's Energy Consumption on the Rise India was the fourth largest energy consumer in the world in 2011, topped only by the U.S., China and Russia, according to the U.S. Energy Information Administration's International Energy Outlook 2011. The nation's energy consumption has grown at an annual rate of about 7 percent since 2000, even proving to be...
CKYH Alliance to Revamp Asia-US East Coast Loops The four member carriers of CKYH Alliance will restructure the current loops in their Asia to U.S. East Coast trade, starting in the middle of April. Cosco, "K" Line, Yang Ming and Hanjin Shipping will provide five services - AWE1, AWE2, AWE3, AWE4 and AWE7 - between Asia and the U.S....
CMA CGM Swings to Black, Reports $361 Million Profit CMA CGM swung to a $361 million net profit in 2012 from a $5 million loss in 2011 as the French ocean carrier boosted volumes and freight rates and slashed costs. Revenue grew 7 percent to $15.9 billion from $14.9 billion, driven by a 6 percent increase in cargo traffic to...
Geodis Wilson Names Boyer Chief Marketing Officer Ivy Boyer, Geodis Wilson's new chief marketing officer.Geodis Wilson has appointed Ivy Boyer as its chief marketing officer. Boyer will be responsible for the business development strategy of Geodis Wilson worldwide. She succeeds Kim Pedersen, who recently became executive vice president of the Netherlands-based global freight management company. Boyer has more than...
Sequestration to Dramatically Reduce Customs Manpower WASHINGTON, D.C. - The federal sequestration could cut Customs and Border Protection's manpower to the equivalent of about 5,000 agents over the the coming months, a former chief of the staff of the agency said Monday. The agency has already begun reducing worker overtime and will begin furloughing its 21,000 Customs...
Infrastructure in South America: Fits and Starts On the vast plains of Brazil's Matto Grosso, farmers of wheat and soy are enjoying productivity rates that exceed those of their counterparts in the United States. But freight costs in west-central Brazil are also 50 percent higher than on the Great Plains of North America, dramatically undermining Brazil's productivity...
VPA to Decide on Terminal Privatization Next Week The Virginia Port Authority's board of commissioners will decide at their March 26 board meeting whether to pursue one of the two unsolicited bids to buy the leases of the VPA's container terminals and operate them, or to reorganize the structure of the current port authority and its terminal-operating subsidiary,...
Ireland's Kenny Pushes EU-US Trade Pact in Washington WASHINGTON, D.C. - A U.S.-EU free trade agreement would jumpstart global economic growth and could be signed within two years, Irish Taoiseach Enda Kenny told the U.S. Chamber of Commerce in Washington Monday. The Irish prime minister spoke to the business lobby on trans-Atlantic trade on the eve of a White...
US Average Diesel Prices Continue to Slide U.S. diesel prices fell for the third straight week during the week of March 18, according to the U.S. Energy Information Administration. The average price, $4.047 per gallon, is down 1 percent or 4 cents from the previous week, which fell at the same rate - 1 percent or 4 cents...
Hapag-Lloyd Loss Grows Despite Higher Volume Hapag-Lloyd's net loss grew to 128 million euros ($165 million) in 2012 from 29 million euros ($37.4 million) a year earlier, as surging fuel prices outweighed modest increases in volume and freight rates. However, the German ocean carrier, the world's sixth-largest, did post an operating profit of $33.5 million compared with...
National Report Card Finds Infrastructure Falls Short The American Society of Civil Engineers today released its 2013 Report Card for America's Infrastructure, which found that the U.S.'s cumulative GPA for infrastructure rose slightly to a D-plus from a D in 2009. The report, updated once every four years, assesses the nation's infrastructure across 16 sectors. The latest version...
Chinese consumers could hold the key Most of the ocean carrier 2012 full-year results have been declared. They make quite a mixed bag: the good, the bad and the ugly.In 2013 it appears that the problem ...
CMA CGM announces bumper 2012 results CMA CGM swung emphatically back into the black last year with a net profit of $361m on revenue of $15.9bn and a return on invested capital of 10.6%.The results ...
Hapag-Lloyd postpones ship deliveries as operating profit shrinks
Zim cancels five newbuildings ISRAELI line Zim has cancelled orders for five containerships and delayed delivery of others until 2016.No further details were released by the carrier, which will ...
Freight forwarder indexes point towards volume growth Two freight forwarder confidence indexes show the industry is expecting volume improvements in sea freight over the coming months. The Logistics Confidence Index, ...
Analyst flags 'steady decline' in carrier discipline Lars Jensen, chief executive officer and partner of Copenhagen-based SeaIntel Maritime Analysis, says despite a seemingly 61% success rate in mid-March Asia - Europe ...
MSC Flaminia en route to Romania After a stay of more than six months the fire-damaged MSC Flaminia finally left its safe harbour at the Jade-Weser-Port, Wilhelmshaven last Friday evening ...
Giorgi's guide to marriage More alliances between third-party managers and shipowners will be forged in the months to come, according to V. Ships president Roberto Giorgi.
Evensen on edge Peter Evensen is urging cash-strapped shipowners not to cut corners when it comes to safety and the environment.
Euronav loss to deepen Euronav is to shoulder an extra $32m loss on its 2012 balance sheet following the sale of its only newbuilding.
FRNT to hit triple figures? Frontline 2012 could see its fleet pass 100 vessels given the rapid expansion this year of the world's fastest growing shipping company, a leading analyst says.
Lines restore loop The Green Alliance group of container lines is starting up a new Asia to US loop to replace one it suspended in September.
HSH gets its money The state backers of German shipping lender HSH Nordbank have put their hands in their pockets again to shore up its finances.
Five star Tsakos Tsakos Energy Navigation (TEN) has found three-year period deals for five panamax long range 1 products carriers.
Star chops second cape Star Bulk has tossed its oldest capesize bulker on the scrap heap as it reported a reduced loss for the fourth quarter.
Hapag-Lloyd loss soars German container line Hapag-Lloyd has seen losses rise in 2012 as fuel costs increased.
CMA CGM leads pack CMA CMG trumpeted the widest profit margin in the liner business as it revealed a return to the black in 2012.
Axe to turn Zim red Axing of five giant containerships at Samsung Heavy Industries will send Zim to a loss in the fourth quarter.
Captain killed in capsize The master of a tug has died in a capsizing off the Dominican Republic.
Fesco sells 21 ships Russian container line Fesco has made good on its promise to chop its non-core fleet, offloading 21 vessels.
Evensen unties KNOT Peter Evensen has emerged as one of the many market observers who are anxiously awaiting the outcome of a crusade in which Knot Offshore Partners (KNOT) hopes to secure a listing on the New York Stock Exchange.
CSDC profit plunges China Shipping Development Co (CSDC) has posted huge slump in full year earnings as expected.
Zim cans giants Zim has axed five giant containership newbuildings at Samsung Heavy Industries.
Batista to sell? Brazilian billionaire Eike Batista is close to selling a stake in one of his companies to boost his collateral.
Evensen up close Many New Englanders dread the surprise snowstorms that have become increasingly common in the early days of spring, but the commodore of the Connecticut Maritime Association's (CMA's) Shipping 2013 conference in Stamford isn't one of them.
Zim rejigs from Asia Israeli line Zim is restructuring its Asia to US boxship run with the G6 alliance.
Frontline '12 in black It is not only in the newbuilding department that Frontline 2012 is leaving rivals in the shade right now.
Fredriksen FRNTs up John Fredriksen's Frontline 2012 has blazed a $1.5bn order trail penning contracts for almost 40 new vessels during the past three months, it revealed this morning.
Blame game A Danish council and a domestic shipyard have become engaged in a war of words over who's responsible for a faulty ferry.
Scandlines out to yards Baltic ro-ro operator Scandlines has drawn up a shortlist of yards for its ro-pax newbuildings.
Sinking kills 11 A Chinese cargoship has sunk in strong winds off Shandong province, killing 11 crew.
Robbers get organised Dryad Maritime says piracy in Southeast Asia has taken a sinister twist with a marked increase in targeted hijackings.
Jumbo job for Pheonix A Havila Shipping subsea vessel is set to undergo a 'jumboisation' project in advance of a long-term charter to DeepOcean.
RMT eyes fund raiser Rickmers Maritime Trust (RMT) plans to raise around SGD102m ($81.5m) from a 1-for-1 rights issue.
Statoil fixes Stena rig Statoil has chartered a Stena deepwater drillship for work off West Africa in a deal worth an estimated $700m.
Engineers give nation's infrastructure a D+ The American Society of Civil Engineers has given the nation's overall infrastructure a "D+," with roads and airports receiving low scores, and estimated the necessary infrastructure investment will reach $3.6 trillion by 2020.
Washington Notebook: C-TPAT data issue, plus conference tidbits
Census finalizes export reporting rules The U.S. Census Bureau has finalized and published 138 changes and corrections to a proposed rule regarding its foreign trade data reporting requirements and Electronic Export Information, effective Jan. 8, 2014.
CKYH restructures Asia-U.S. East Coast services Members of the CKYH - Green Alliance of container liner companies (COSCON, "K" Line, Yang Ming, and Hanjin Shipping) said Tuesday they will restructure their current Asia-U.S. East Coast loops, effective mid-April.
Hapag Lloyd reports loss, but operating profit for 2012 Hapag-Lloyd said it had a net loss of 128 million euros ($166 million) in 2012 compared to a net loss of 28.8 million euros in 2011. The German carrier also had revenue of 6.8 billion euros last year.
Zim will participate in 3 G6 services to U.S. East Coast
U.S., Russia reach bilateral trade plan for year
Commerce picks new head for U.S. manufacturing competitiveness
LNG powered barge launched in the Netherlands Vessel is first of two that will be chartered by Shell.
Bank levy: Fredriksen companies to lose 'less than $1 million' Cyprus-based banks used 'only for routine transactions.'
Firm trend in Fujairah Prices rise in South African ports.
MGO flat in Rotterdam and Gibraltar Crude futures were showing losses in Tuesday's trading.
Green agenda hitting companies 'already sinking in debt' Measures to protect the environment must be balanced against their impact on ship operators, warns chairman of ICS.
New supplier to begin operations in Algeciras Peninsula Petroleum to start deliveries when new oil terminal comes online.
US government to charge shipping firms for port pollution Firms alleged to have deliberately covered up pollution.
Brightoil hires new head of fuel oil trading in Singapore Former FAL Oil and Koch fuel oil trader Ong Eng Hian will join the Hong Kong-listed company in April.
Frontline 2012 ends Q4 and year in black Firm focused on ordering fuel efficient vessels on current historically low newbuild prices.
Asian bunker prices turn in mixed performance Most Tokyo Bay traders reported tight supplies at the port.
Brightoil takes delivery of fifth VLCC The 318,000 dwt vessel was delivered on March 18.
More orders for diesel-electric propulsion systems System claims to offer 'high flexibility' in the use of HFO, MDO, MGO, LNG, fuel cell and battery technologies onboard.
Shipping companies find 'strategies for survival' There has been a steady reduction in vessel speeds and 'an exemplary reduction in administrative costs'.
Wartsila, Alfa Laval forecast more scrubber orders Demand increasing as 2015 deadline looms.
Chemoil expands bunkering operations to Port Klang Flexible formula linked to Singapore pricing available, says Chemoil CEO.
Japanese yards developing fuel-efficient feeder vessels Mitsubishi Heavy Industries and Hakata Shipbuilding targeting 1,000 TEU feeder vessel market.
Wartsila unveils steam reforming technology Device turns flared gas into fuel.
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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