Newbuilding orders surge 207% in July NEWBUILDING orders totalled 335 vessels worldwide in July, up 207% from the 109 ships ordered in July 2012, Greek broker Golden Destiny said today
BIMCO warns over monetary tightening PROSPECTS of tighter monetary policy in the US and China are likely to outweigh economic development in Europe and looser monetary policy in Japan, BIMCO warned today
Two-tug Alaskan tanker escorts codified DOUBLE-hull tankers of more than 5,000gt will be required to use two tugs to escort them through Prince William Sound in Alaska, the US Coast Guard said today
Cruise tax threat dismissed as 'unlikely' SENATOR Jay Rockefeller's recent cruise tax proposals are "highly unlikely" to proceed, Wells Fargo analyst Tim Conder predicted today
COSL, Norway settle on taxes CHINA Oilfield Services Ltd and Norway's tax office settled their dispute over COSL Drilling Europe
Clarkson's stresses finance opportunities CLARKSON'S, the London-based shipping services group, said today it is trading in line with its expectations and sees finance opportunities despite a challenging maritime outlook
Sonata starts takeover of Belships SONATA, an investment company that is the biggest shareholder in the Norwegian drybulk and product tanker company Belships, today began compulsory purchase of shares
CSDC losses nearly double CHINA Shipping Development said today 1H13 losses nearly doubled year on year to 949M yuan ($154M), mainly because financial costs rose 80% and the bulk shipping sector remained depressed
Box sector switch urged BOX SHIPPING needs to switch from its asset-heavy, one-stop-shop approach to instead stress core services, a report urged today
CSSC shuffles yard bosses CSSC, ONE of China's two government-owned shipbuilding conglomerates, said today it has taken a first step in merging Guangzhou units
KOMIPO signs coal deals with HMM and SW KOREA Midland Power, part of Korea Electric Power, said today it has awarded a 400Bn won ($359M) contract of affreightment to compatriot shipping companies Hyundai Merchant Marine and SW Shipping
MISC's profits fall 20.8% MALAYSIAN carrier MISC's net profits fell 20.8% year on year in 2Q13 to 300.9M ringgit ($91.57M), as the depressed crude oil tanker sector hurt its earnings
Ultrabulk raises forecast ULTRABULK of Denmark today increased its forecast for full-year operating profits and said 1H13 net profits almost doubled year on year
Breaking falls as rupee slides to historic low BREAKING has almost ground to a halt in the Indian subcontinent, as the rupee slid to a historic low of 62 to the dollar, amid flat steel prices in the region
Capesize rally boosts sales THREE Capesizes were sold last week, as the surprising rally in the Baltic Capesize Index continues to encourage investment in the sector
Japanese Exports to US Jump 18.4 Percent Japan's exports to the United States rose for the seventh straight month in July on a year-on-year basis, surging 18.4 percent to ¥1.106 trillion ($11.3 billion), according to preliminary figures released by the Finance Ministry on Aug 19. The July jump in U.S.-bound shipments was led by autos, batteries and motors,...
Asian Exports Expected to Surge After contracting in June, total exports from Asia last month accelerated, and double-digit growth is likely in the months ahead, according to analysis by Nomura. The investment bank said total Asian exports excluding Japan fell 2.5 percent year-on-year in June, but July data from China revealed a rebound to 5.1 percent...
Drewry: Cash-Strapped Carriers Returning to Core Services Cash-strapped container carriers are retreating to port-to-port operations from door-to-door services, allowing freight forwarders to increase their ocean market share, according to industry consultant Drewry. Maersk's sale of its U.S. trucking unit Bridge Terminal Transport is the latest evidence that "a mixture of financial necessity and commercial reality is further forcing...
Maritime Labour Convention 2006 to Enter Into Force on Aug. 20 The Maritime Labour Convention, an International Labour Organization agreement established in 2006 to embody all existing global maritime labor conventions and recommendations, is set to enter into force on Aug. 20. When the MLC enters into force, it will become binding international law for the first 30 countries with registered ratifications...
Tso Joins Modern Terminals as CFO Vivian Tso, Modern Terminals' new CFO.Modern Terminals has hired Vivian Tso as chief financial officer. Tso will lead Modern Terminals' next phase of development, according to the Hong Kong-based container terminal operator. Tso has experience in strategic development, joint ventures, acquisitions, shareholder communications and international business management. Prior to joining the group,...
Index Shows Minimal Decreases in Truck Freight Capacity FTR Associates' Shippers Conditions Index for June fell "only marginally" from the previous month to a reading of negative 8.1, reflecting a "relatively weak" freight environment, offsetting increased capacity constraints in advance of the hours of service implementation. The SCI is expected to remain in a tight range close to the...
Recalls of Chilean Chicken Products Expanded The U.S. Department of Agriculture's Food Safety and Inspection Service has expanded the amount of chicken products being recalled by the Chilean Ministry of Health. After official notification from the Chilean government of the positive result for dioxin in chicken products produced at a facility in San Vincente on May 30...
Oakland Terminal Gates Reopen After Protest Marine terminal gates at the Port of Oakland were beginning to reopen at noon Monday following a morning-long blockade by owner-operator truck drivers protesting slow turn times at marine terminals. Port spokesman Isaac Kos-Read said TraPac was the first of the five container terminals to reopen, and the Oakland Police Department...
Tampa Port, CSX to Develop Reefer Transload Facility Rendering of completed on-dock transloading facility that will accommodate a variety of reefer cargoes that will be delivered by ship to the Port of Tampa and then transported by train to the Midwest market.Tampa Port Authority has signed a letter of intent with Green Express for the development of an...
Wallenius Wilhelmsen Logistics Expands Mexico Service Wallenius Wilhelmsen Logistics has expanded its ocean transportation service from Veracruz, Mexico. Starting in September, WWL will offer two to three sailings per month from Veracruz to service the U.S. East Coast and connect with other routes. Service calls include the ports of Veracruz; Galveston, Texas; Brunswick, Ga.; Charleston, S.C.; and...
Report: US Industrial Real Estate Market Reflects Positive Trending The U.S. industrial real estate market performed "well" during the first half of 2013, highlighted by year-over-year increases in transaction volume and revenue in many markets, as well as a widely sustained positive outlook for the remainder of the year, according to John Morris, Cushman & Wakefield's leader of industrial...
Confusion Over China VAT Dissipates; Fear of Abuse Lingers WASHINGTON - The transportation and logistic industry's confusion about China's new value added tax of 6 percent appears to be dissipating, but there is still concern that some misguided or bad actors are taking advantage of shippers. The majority of the industry uncertainty about the tax concerns how it applies to...
Rocket Science If we can put a man on the moon, why's it so hard to fix the congestion at the Port of New York and New Jersey? It was a good question from a frustrated shipper, and two answers quickly come to mind. First, the 1960s space program had a virtually unlimited budget....
NY-NJ Port Focuses on Fixing Problems That Make It 'Fragile' When it's working right, the Port of New York and New Jersey is an effective gateway for one-third of the containerized cargo moving through U.S. East Coast ports. But when things go wrong they can really go wrong. That was demonstrated this summer, when computer problems at Maher Terminals set off...
Recipe for Disaster: What Went Wrong at NY-NJ A change in computer systems at Maher Terminals was the rock that started the avalanche, but it was only one of several contributors to this summer's delays at the Port of New York and New Jersey. The mess began on June 8, when Maher launched a new Navis N4 system designed...
Extended Terminal Gate Hours at NY-NJ? Perhaps The lines form at 4 a.m. or earlier. Port drayage drivers snooze, sip coffee or listen to music as they wait for gates to open at New York-New Jersey container terminals. They're there to beat the rush. With an early start, they have a better chance to pick up a load...
BIMCO: Demolition Counterbalances New Ship Deliveries Demand in the container shipping segment is "hobbling forward," as a "healthy level" of demolition counterbalances the inflow of new and larger ships, according to the BIMCO Shipping Market Overview & Outlook report for August. Demand was positive on the intra-Asia and trans-Pacific trade routes, as well as the Europe-to-Asia backhaul...
UN Security Council Addresses Piracy in Gulf of Guinea The United Nations Security Council has called for a comprehensive regional approach to combat the threat of piracy and armed robbery at sea in the Gulf of Guinea, urging its member states to prosecute perpetrators in accordance with international laws. "The Security Council expresses its deep concern at the reported number...
Oakland's New Port Chief to Develop Action Plan to Boost Reliability Over the past few years, delays and port shutdowns, sometimes caused by the International Longshore and Warehouse Union and sometimes by outside forces, have given Oakland a reputation as being one of the most unreliable ports on the West Coast. Work stoppages by longshoremen and gate congestion following a consolidation of...
Damco Swings to Loss Damco slumped to a second quarter loss of $8 million from a $28 million profit a year earlier, as lower ocean container traffic more than offset strong growth in its air freight and supply chain management operations. A.P. Moller-Maersk's freight forwarding and logistics unit also reported a 5 percent decline in...
Owners fear fatal cargo Bulker owners appear be growing increasingly concerned about the carriage of Indonesian nickel ore, a cargo that has been linked to nearly half a dozen deadly sinkings since late 2010.
NCL wins a new fan Norwegian Cruise Line (NCL) won a thumbs up on Wall Street as a leading analyst upgraded her rating on the company's shares.
Great depressions relived A wave of newbuilding investment this year means shipping risks reliving the painful depressions it experienced during the 1970s and 1990s, a new report claims.
Cecon narrows loss Norwegian offshore vessel operator Cecon has slashed its second quarter deficit as revenue jumped.
DNB down on boxships DNB Markets has dimmed its view for a recovery in the containership market.
CSDC earnings slump China Shipping Development Co (CSDC) has fallen to a deeper loss in the first half of the year as rates remained weak.
A victory for Victor A Greek civil court has given entrepreneur and shipowner Victor Restis what amounts to his first victory in the case against him for embezzlement and money laundering.
Platou sees Suez spur VLCC owners could once again benefit from dramatic world events should unrest in Egypt lead to the closure of the Suez Canal, RS Platou Markets says.
Navig8 unit plans IPO Navig8 is looking to raise $140m from a private placement to support a six strong product tanker order as the flurry of activity on Oslo's over-the-counter market continues.
Platou's UK tanker dream UK shop RS Platou LLP has kicked off its long-dreamed of tanker business with a four-strong dedicated team in its London office.
Dry divide Opinion is split as to whether a surge which saw capesize rates race up by over one third last week can be sustained.
Hanjin Heavy chops loss Korea's Hanjin Heavy Industries & Construction (HHIC) has returned to profit in the second quarter of the year.
Samho down in Q2 Hyundai Samho Heavy Industries has fallen into the red in the second quarter of the year.
Tidemand launches takeover Sverre Tidemand has launched a mandatory takeover of Belships after a rights issue which divided the owning family forced his hand.
Case cheers S&P A stronger than expected showing from its sale and purchase department helped Clarksons to what chief executive Andi Case is calling a robust first half performance.
Northern eyes new rigs Northern Offshore says it might be looking to sell-off some of its existing rigs and invest in new tonnage.
Temasek sells LNG stock Temasek Holdings, the Singapore sovereign wealth fund, has surprised many by selling its stake in Cheniere Energy.
Siemens takes two Esvagt has secured a chartering agreement from Siemens Energy for the supply of two offshore wind service vessels.
Kiani Satu refloated Salvors have succeeded in refloating a general cargo vessel that went aground off South Africa earlier this month.
Ugland bulker robbed An LT Ugland handymax bulker has been targeted by robbers at the Samarinda anchorage, Indonesia it has emerged.
Oiltanking sells stake Oiltanking has agreed to sell a 45% stake of its Helios terminal facility in Singapore to Macquarie Capital.
ITC continues trade investigation of oil pipe imports "We are concerned that in using the trade laws to disrupt a number of legitimate, responsible and long-term supply relationships, the ITC has allowed domestic industry OCTG producers to misuse the trade laws again," AIIS warned.
Johnson to stay as Port Miami director
U.S. reiterates Japan's importance to trade deal Emphasizing Japan has a large part in writing "the rules of the road" during TPP negotiations, the USTR chief said a strong relationship between Japan and the United States is critical to the success of the partnership.
ILA to meet over Hampton Roads local contract Harold J. Daggett, president of the International Longshoremen's Association, will meet with members of the union Monday evening. ILA members rejected the local contract by a vote of 520 to 483 on Aug. 12.
Teamsters drop pursuit of AA employees Teamster officials tie their decision to drop pursuit of the airline's mechanics to the Department of Justice's recent announcement that it will not approve the proposed merger between American and US Airways.
Fralin switches from VPA to state transport board
Jefferies: New ship orders could delay recovery
Damco excels at air freight in first half
XPO closes 3PD purchase
C.H. Robinson names Aris European forwarding director
Authorities respond to diesel spill in South Carolina Responders deployed two layers of boom to absorb potential release of diesel fuel.
IFO prices display mixed trend in Fujairah Cape Town had the biggest price gains on Monday.
Bunker prices generally firm in Northwest Europe Price changes in Europe mostly moderate.
Regional energy giant readies new fuel oil terminal Sinopec expects fuel oil storage tanks to become operational in October.
IFO prices climbing in Asia MGO prices also strengthened in most key markets.
NYK looking for deeper cuts in sailing speeds Japanese shipping giant wants further cuts in bunker consumption.
Monjasa expands American office Hires three traders to 'ensure that the growth can continue'.
Bangladesh Shipping Corporation modernising fleet Old ships are becoming more expensive to operate with rising fuel and other costs, says Managing Director.
Reports: Bunker fuel drifts from scene of fatal collision Leak coming from wreck of the ferry MV St. Thomas Aquinas.
China approves Zhoushan LNG bunker project $780 million facility to be build by ENN Energy Holdings.
Link between sea state and ship fuel consumption analysed Study will be able to reduce bunker consumption of vessels, says authors.
MISC profits below market expectations Despite fall in bunker costs.
Talks continue for disposal of Titan Quanzhou shipyard With intention to dispose 95% of shares in Titan Quanzhou shipyard to Grand China Logistics.
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