Paragon secures $69m loan from CDB Funds will finance two 4,800 teu containerships for Greek owner
Nordic ship banks better placed than Germans, argues Fitch Scandinavians have lower proportional exposure and avoid toxic KG legacy
A soft landing for shipbuilding Surge in offshore orders eases shipyards' pain, BIMCO argues
Steamship Mutual investment gains offset adverse underwriting result Results are consistent with the club's 'normal' experience
Cost-cutting success sets Maersk apart from the pack But Andersen demands more rates discipline on east-west trade from rivals
Laskaridis inks contracts for 10 bulkers from Jinglu yard Greece-based owner also enters accord with yard for rare reefer newbuilds
Vegoil fleet utilisation forecast to reach 96% in 2015 Palm oil boom spells charmed outlook for owners, though some fear tonnage influx
Charting hostile territory Knowledge is power when it comes to unfamiliar environments
TT Club improves net result despite MSC Flaminia and Sandy losses Insurer's combined ratio drops more than 3%
Improved cost control sees Maersk post a $204m profit Positive result bolsters carrier's prediction it will top last year's performance
Germany passes private maritime security accreditation laws Firms must pay a minimum $10,000 fee under new national rules
Improved supply-demand balance shrinks Maersk Tankers' losses But the company loses $15m despite vessel sales and cost savings
Drewry: rate increases will not stick Carriers need to cut capacity on Asia-Europe trade, says analyst
Capesize rates drop despite pick-up in fixtures Brokers expect strong continued strong iron ore demand from China through 2014
Maersk warns rivals on market share Andersen predicts liner success despite price battle on Asia-Europe route
Look north It's good news that China and five others are now Arctic Council observers
APM Terminals' posts flat throughput as box volumes fall in US and Europe Despite lower first-quarter revenues, port firm should 'grow ahead of the market'
Shipowners gain protections in spill case A PRECEDENT-setting case in the US has provided shipowners expanded protections when chartering their vessels
Two VLCCs booked on period charters TWO VLCCs have been booked on period charters as freight rates began firming last week, said brokers
Euroseas: no recovery till 2014 NASDAQ-listed Euroseas today reported widening adjusted losses and founder Aristides Pittas expressed pessimism on near-term rates
NYK sets up consortium for Cameron LNG JAPAN'S NYK and compatriot Mitsubishi Corporation have set up a consortium, Japan LNG Investment, to possibly participate in the Cameron LNG project
ICTSI eyes $200M from stock offer PHILIPPINES port operator ICTSI has set out to raise about 8.2Bn pesos ($200M) from the sale of up to 90M shares
Slow growth ahead for liner shipping THE CONTAINER shipping industry will face years of slow growth and even when the global economy starts to accelerate, liner trades will not reach the fast growth rates of the pre-crisis era
India's steel majors get charter freedom NEW DELHI has given freedom to state-owned Steel Authority of India (SAIL) and Rashtriya Ispat Nigam (RINL) to undertake direct chartering of ships without going through the centralised chartering organisation under the ministry of shipping, Transchart
Davie seals LNG ferry order CANADA'S newly reactivated Davie Shipyard has signed a C$125M ($123M) order for two dual fuel LNG ro-pax ferries with Saint Lawrence River ferry operator Société des Traversiers du Québec (STQ)
Lauritzen makes expected interim loss J. LAURITZEN Holding, the privately owned Danish product tanker, drybulk carrier and gas carrier group, has reported a deep loss for 1Q13, in line with its board's expectations
Better performance tipped for STX Pan Ocean EMBATTLED STX Pan Ocean could see earnings improve for 2Q13 as it takes delivery of ships tied to long-term contracts, amid a seasonal uptick in coal demand
Mariners missing in 3-ship collision SEVEN seafarers are missing today after a three-vessel collision in the section of the Yangtze River in east China, Xinhua News Agency reported
Senate passes harbour bill US LAWMAKERS passed for the first time in six years a bill that helps maintain and improve US harbours
Bulker crew 'seriously injured' A FILIPINO mariner sustained "serious injuries" while doing maintenance work on board bulk carrier Nordic Visby at Tauranga Port in New Zealand
Cost cuts help Maersk Line profit MAERSK Line has reported a profit for 1Q13 compared to a loss a year earlier
Rickmers taps bond market HAMBURG shipowner Bertram Rickmers plans to raise hundreds of millions of euros in the public bond market in a pioneering move for German shipping
Cosco, ANL to Operate Joint Sino Australia Service Starting June 9, Cosco and ANL will jointly operate Sino Australia Service with six vessel deployments, including five vessels from Cosco and one from ANL. The new loop will enhance Cosco's existing service network in the Japan, South Korea, China, Hong Kong, Taiwan and Australia trade. The SAS port rotation is Ningbo,...
Precision Bearings Maker SFK to Expand in Charleston SFK Group will expand its existing operations in Charleston County, S.C., representing an investment of $3 million. "It's the SKF philosophy to try to have production close to its customers, and we have the sufficient volumes today to make these investments, with the prospects for good growth in the future," said...
APL to Implement Rate Hikes in South America Trade APL will boost rates for dry and refrigerated cargo in its trade from Asia, Australia, East Africa, the Middle East and West Asia to Chile, Colombia, Ecuador and Peru, starting June 1. The hike will be $500 per 40-foot reefer and dry container. Effective June 15, the container line will also increase...
MSC Eyes Asia-Europe Rate HIke Mediterranean Shipping Co. will increase rates on three of its trade routes, effective June 1. The increase will be $100 per dry container on the following routes From North Europe and the Baltic Sea and Scandinavia to Asia, including Japan. From the west Mediterranean and Adriatic to Asia, including Japan. From the east Mediterranean...
Cosco Set to Boost Asia-South America Rates Cosco Container Lines will hike rates for all shipments, including refrigerated cargo, in its trade from the Far East to South America's east coast, starting June 14. The increase will be $500 per 20-foot container and $1,000 per 40-foot and 40-foot high-cube container, the carrier said....
Hapag-Lloyd Plans Asia-Mideast Rate Hike Hapag-Lloyd plans to boost rates for all cargo and container types on its trade from East Asia, excluding Japan, to the Persian Gulf, effective June 1. The hike will be $300 per 20-foot-equivalent unit. The German carrier also will implement a congestion surcharge, starting June 1, for Tema, Ghana....
Amber Road Lands Kahala Posts Group Contract Amber Road, a New Jersey-based platform that automates and streamlines global trade, has been selected by the Kahala Posts Group, an alliance of 10 postal administrations around the world, to increase their competitiveness in the international delivery market. KPG member organizations include the Australian Postal Corp., China Post Group, Correos y...
Shippers, Transport Providers Urged to Crack Down on Bribery Federal bribery investigator Charles Connolly doesn't have to look far from his Virginia office for a cautionary tale on why greasing hands is bad for business - and one's freedom. Nathan Dunn, a former Coast Guard petty officer, was sentenced to more than seven years in prison earlier this month in...
Buggy Shipment Rejected by Baltimore Customs U.S. Customs and Border Protection agriculture specialists in Baltimore discovered a Horvathiolus superbus seed bug in a shipment of Italian ceramic tiles. A U.S. Department of Agriculture entomologist confirmed that this interception was a first regional discovery of the species.Agriculture specialists with Baltimore U.S. Customs and Border Protection have intercepted...
SCFI: Asia-Europe Rates Fall Despite Mid-May GRIs The Shanghai Containerized Freight Index saw further rate erosion in European lanes, pulling the overall SCFI index below the $1,000 per 20-foot container mark for the first time since February 2012, to $990.78. Proposed May 15 general rate increases of between $500 and $600 per TEU by Hapag-Lloyd, Cosco and UASC...
SCFI: Trans-Pacific Rates Inch Up After Five-Week Slump Shanghai Containerized Freight Index spot rates for U.S.-bound trade lanes slightly increased in the week of May 17, following five weeks of declines. "The US trades unexpectedly jumped this week albeit very minimally. Unfortunately for carriers despite this, signals still remain bearish, especially with the recent reports from the National Retail Federation suggesting...
Fraudulent JOC Article Circulated at NY-NJ Terminals A fraudulent article purporting to have been published by The Journal of Commerce was being circulated at Global Terminal and New York Container Terminal in the Port of New York and New Jersey on Friday. The article falsely quotes Jim Devine, president and CEO of Global Container Terminals, the parent of...
NJ Legislators to Vote on Employer-Driver Bill A bill to create a presumption that port and parcel delivery drivers are employees and not contractors and allow allegedly misclassified drivers to sue for damages is up for a vote Monday in the New Jersey General Assembly. Business groups including the New Jersey Motor Truck Association are fighting the legislation,...
Canada Invests in Technology for Atlantic Gateway The government of Canada is investing in the Atlantic Gateway to improve the supply chain efficiency and competitiveness of transportation in New Brunswick, according to Keith Ashfield, Canada's minister of fisheries and oceans, minister for the Atlantic Gateway and regional minister for New Brunswick, on behalf of Denis Lebel, minister of...
Transnet Concludes Two-Year Wage Deal With Unions South Africa's Transnet has concluded a two-year wage agreement this week covering all of its employees in the bargaining unit, represented by the SATAWU and UTATU-SARHWU unions. The settlement includes an 8.5 percent across-the-board increase in basic pensionable pay for this financial year and a 9 percent increase for next year....
Mullen Group Acquires Jay's Moving & Storage Mullen Group has signed an agreement to acquire Jay's Moving & Storage, a private, less-than-truckload transportation corporation owned by Dennis Doehl, based in Regina, Saskatchewan. The transaction is expected to close on June 1, 2013, subject to the completion of conditions typical for a transaction of this nature. Jay's operates 11 full-service...
Euroseas Reduces Loss Despite Weaker Revenue Euroseas today reported a net loss of $4.6 million in the first quarter of 2013, improving from a net loss of $9.0 million in the first quarter of 2012. Quarterly revenue for the Greek vessel operator and cargo transportation provider was $10.9 million, dropping 21.7 percent compared with $13.9 million in...
MSC Belgium Introduces More Secure Container Release System MSC Belgium has introduced a new container release system that allows customers in the Port of Antwerp to collect their containers quickly in a secure environment. The container release system offered by the Mediterranean Shipping Co. subsidiary enables users to log into an independent, secured portal Web site. The logging-in process...
FedEx Freight Canada Opens Center in British Columbia FedEx Freight Canada's new service center for the Vancouver area.FedEx Freight Canada, a subsidiary of FedEx, has held an opening ceremony for its new service center for the Vancouver, British Columbia, area. Representing a mult-million dollar investment, the facility, located in Surrey, British Columbia, will connect Western Canada's less-than-truckload industry and...
Fesco in Fresh $75 Million Bond Sale Fesco, the operator of Russia's largest ocean carrier, has successfully sold $75 million of corporate bonds, just weeks after it closed on a $800 million bond sale. The privately held company sold the bonds in two tranches: one $50 million issue with an 8 percent coupon due 2018 and one $25...
Freeport bags export OK The US Department of Energy (DoE) has issued a preliminary export license for the Freeport LNG project in Texas.
PRGN lands $69m loan Paragon Shipping of Greece has secured a $69m loan that will be used to partially finance the construction of two containerships on order at Zhejiang Ouhua Shipbuilding in China.
TDW launches buyback US offshore titan Tidewater has declared a dividend while also announcing plans for a new share buyback programme.
Euroseas remains hungry Euroseas of Greece carded a first-quarter loss Friday that was deeper than many Wall Street forecasts.
Rieber turns it round Oslo-listed GC Rieber has returned to the black in the first quarter as revenue grew.
Yang Ming chops loss Taiwan's Yang Ming has cut its first quarter loss as costs were reduced.
China backs Greek orders Greek shipowners are continuing to cement relationships with Chinese banks and shipping organizations, with a several significant agreements signed this week.
Mermaid to bounce back Mermaid Maritime should bounce back from a disappointing quarter to see a much stronger second half of the year, according to analysts.
Celebrating wealth We take a look at what was said in the market over the past week.
Fujian seals six China's Fujian Crown Ocean Shipbuilding has clinched an order to build six offshore service vessels (OSVs).
Bulker blocked
Crew ultimatum Twenty seafarers on a Vinashinlines cargoship in Pakistan say they will leave the ship to "save their lives."
Greek splash TradeWinds digests the digits making the headlines this week.
NSC cuts losses Russia's Northern Shipping Company (NSC) has reduced the red ink in the first quarter as costs fell.
Going direct India is likely to allow two steel makers to bypass state-owned chartering group Transchart to book bulkers.
China's Greek loan pledge Chinese banks have promised to provide more cash to support Greek shipowners' newbuilding efforts following the visit of a star-studded trade delegation to one of the world's largest shipbuilding nations.
Exit delayed? Germany's Commerzbank is to buy and operate vessels from its struggling clients despite pledging to quit shipping last year.
Gulf Nav defaults Dubai tanker owner Gulf Navigation is in talks with banks after defaulting on covenants in the face of mounting losses.
Maersk Line back in profit Maersk Line returned to profit in the first quarter with a result of $204m compared to loss of $599m through the same period of last year.
Tragic tanker sold The Pratibha Shipping tanker involved in a fatal grounding last year has been sold by an Indian court.
Cover your ears Pop star Sting is to bring a musical about the decline of British shipbuilding to Broadway in New York.
Novoship rebounds Russia's Novoship, posted net earnings of RUB 89.99m ($2.85m) in the first quarter.
Cochin stake sale planned Cochin Shipyard has been tipped to become the first Indian state shipbuilder to be part-privatised.
Oldendorff owns up German shipowner Oldendorff Carriers has confirmed that it has ordered more handysize bulker newbuildings in China.
Safe books bulker pair Safe Bulkers says it has ordered a pair of eco-design panamax bulk carriers at an unnamed shipyard in Japan.
'Sold' tanker arrested A product tanker reportedly purchase by Greece's Paradise Navigation has been arrested by Singapore's admiralty sheriff.
US volumes to weaken Growth in US container imports could "trickle to a standstill" by the end of the summer, a leading trade association has warned.
Davie seals STQ deal Canadian shipbuilder Davie has firmed up a contract to build North America's first dual-fuel LNG powered ferries for the province of Quebec.
Aljex and AES Logistics integrate on intermodal rates
FMC proposes OTI reforms Under the proposed rule, licensed OTIs, which include non-vessel-operating common carriers (NVOs) and freight forwarders, would have to renew their licenses every two years with the agency. Currently, OTIs have no such requirement.
Contractor picked for Miami dredge project The U.S. Army Corps of Engineers on Wednesday awarded a $122 million contract to Great Lakes Dredge & Dock Corp. for deepening the entrance to the Port of Miami to 50 feet. Excavation is expected to commence in August.
Group calls for supply chain accountability Investors and stakeholders from more than 115 organizations have banded together under the Interfaith Center on Corporate Responsibility to ask global shippers to ensure the safety and welfare of their workers.
UPS releases new iPad app
Ex-Im Bank's $500 million loan helps Mongolian mine Once developed, the mine, which is located about 550 kilometers south of the capital city Ulaanbaatar, will be one of the largest copper mines in the world. It will also count as one of the most important projects in Mongolia.
Weekly global market update A weekly price round up of bunkering hubs from around the globe.
Bunker prices in the Americas end week mixed Demand was said to be average on the US Gulf, players confirmed with Bunkerworld.
NGO welcomes IMO resolution on technology cooperation Resolution has 'unlocked the door to serious consideration of further measures' to reduce GHG from shipping.
Fujairah prices hold steady Prices rising in Suez.
Big gains seen across Europe as week ends MGO records a double digit rise in Hamburg, Gibraltar.
Castrol's slow-steaming engine oil 'more widely available' Availability extends from five to 35 ports.
MEPC 65 clears important GHG agreement hurdle Hopes expressed that adopting resolution on technology transfer can allow IMO to move forward on work to control GHG emissions from shipping.
Bunker premiums still narrowing in Singapore Bunker demand could spike if prices soften further.
Diesel spill in Florida Fishing boat fire leads to spill.
Bunker price movements end week mixed Offices in Hong Kong and Busan closed.
Maersk group Q1 profit 'stronger than expected' Maersk Line swung to profit on higher freight rates and lower bunker expenses.
Norwegian owner in 'eco' bulkers play Design offers savings of five bunkers a day per vessel.
MBM debate kicked into the long grass at IMO Tug of war over principles continues to hinder progress, focus shifting to technical energy efficiency measures.
Noble pulls out of bunker sector, say market sources Less than a year ago the Group had announced plans to become a global bunker player.
Dan-Bunkering relocates another trader to Dubai Arjun Sundar to support firm's Dubai office.
Dual-fuel LNG ferries to be built in Canada Ro-Pax ferries to enter service in 2015 and operate on the St. Lawrence River.
d'Amico excerises options for 'eco design' tankers Vessels able to save between 6 to 7 mt of bunkers per day, says firm.
Aegean's 'conservative' credit policy limiting sales 'One of our concerns is extending too much credit to people in this kind of environment,' says Chairman.
MHI seals sixth LNG order Shipyard to sign agreement with MOL this Friday.
Bunker suppliers seeking vessel claims at Malta Suppliers among marine firms seeking arrest warrants for
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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