CMA CGM reports lower third-quarter consolidated net profits Marseilles-based carrier reports record volumes
StealthGas misses third-quarter street estimates on weakened spot market But the market is strengthening, says Vafias
TEN curbs loss in third quarter Tsakos sees brighter signs for crude tankers after significant improvement in results
Brussels lodges antitrust probe into box lines Investigation will ask whether carriers act together by announcing rates rises
Legal limbo With no time limit to a competition probe, container lines face a long and bumpy ride
Flex LNG considers full sale or assets Oslo-listed gas specialist on course to run out of working capital next year
Port drivers end Mumbai go-slow Backlog cleared this weekend to allow ships to meet agreed slots early next week
Court approves STX Pan Ocean rehabilitation plan Shake-up includes capital reduction and debt-to-equity swaps
Hyundai Mipo secures a higher price for newbuilding product tankers South Korean yard lands order for five 50,000 dwt ships at $37.5m apiece
Asia-Europe spot rates lose ground Prices falling as carriers prepare for December restorations
Western Bulk's first quarterly report since listing shows dip in poor market Group posts third-quarter falls in net profit and revenues
KDB drives new downsizing at STX Offshore & Shipbuilding Update: State bailout comes at a price as lender takes control over troubled shipyard
Poor weather blamed for falling box line reliability Fog and wind caused more port closures in China, says Maersk Line
TSA lines aim for two-stage $500 per feu eastbound rate hikes Carriers hope to benefit from seasonal cargo bounce
Ballast water rules will boost tankers if more older tonnage is scrapped Capacity benefits if owners ditch rather than upgrade older vessels, says McQuilling
Disasters require muscle The sight of a US aircraft carrier helping typhoon victims offers governments a lesson
StealthGas profits fall 37% NET PROFITS at StealthGas for 3Q13 dropped by 37% year-on-year, as ship repositioning and drydock costs ate into fleet utilisation and revenues
Paris also to appeal Prestige verdict FRANCE said this afternoon that it would also challenge a Spanish court's verdict on damages in the Prestige tanker spill
CMA CGM profits crash THIRD-ranking box liner CMA CGM had profits of $70M in 3Q13, even though revenue growth fell slightly
American Club ups rates P&I INSURER American Club has warned that challenges in shipping will persist in the near term, although an eventual upswing is ahead
TEN's losses drop LOSSES at NYSE-listed Tsakos Energy Navigation have declined sharply, as better earnings from shuttle tankers and product carriers have boosted revenues
GSI to issue shares to buy Longxue yard HONG Kong-listed Guangzhou Shipyard International said it will issue shares to raise about 2.5Bn yuan ($408M) to acquire Longxue Shipyard
NAT raises $65M for offshore push NYSE-listed NAT has lined up an underwritten secondary share sale that would realise gross proceeds of $65M
Green monitoring backed - but not verification ASIAN shipowners today backed a push for global monitoring of carbon dioxide emissions and fuel consumption by ships
Sri Lanka leader targets foreign shipping SRI LANKA's president told Parliament he intends to bar foreign shipping companies from levying terminal handling charges and other special costs
Liners to seek new rate rises as talks near TRANS-Pacific box carriers will use recent rate increases to help jockey for leverage in next year's contract negotiations with shippers, a liner group has asserted
STX PO's rehabilitation plan ratified STX PAN Ocean's corporate rehabilitation plan has been ratified by a Seoul court, after two-thirds of its creditors approved the scheme
SCF still running at loss SOVCOMFLOT'S results show that it continues to lose revenues and run at a loss
SCFI: Shanghai-to-US Spot Container Rates Dip Shanghai Containerized Freight Index, U.S. West Coast, week ending Nov. 22, 2013 Full-size image Spot container rates from Asia to the U.S. East and West coasts measured by the Shanghai Containerized Freight Index saw slight declines only one week after moving higher around a general rate increase recommended by the Transpacific Stabilization...
SCFI: Asia-to-North Europe Lanes Give Up Nearly Half of Recent Rate Gains Shanghai Containerized Freight Index, North Europe, week ending Nov. 22, 2013 Full-size image Spot container rates from Asia to northern European ports measured by the Shanghai Containerized Freight Index have given up much of the increases achieved around the Nov. 1 general rate increase. Both Mediterranean and northern European lanes have declined...
ILA, NYSA Sue Waterfront Commission UPDATED: THE WATERFRONT COMMISSON RESPONDS The New York Shipping Association and the International Longshoremen's Association filed a lawsuit Friday seeking to enjoin the Waterfront Commission of New York Harbor from "interference" in hiring of dockworkers. The lawsuit in U.S. District Court in Newark, N.J., was the latest development in a bitter dispute...
DOT Proposes Highways for Freight Network The U.S. Department of Transportation has proposed a group of highways to serve as a highway Primary Freight Network, a requirement under the Moving Ahead for Progress in the 21st Century Act. "Freight movement is the lifeblood of the American economy," said U.S. Transportation Secretary Anthony Foxx, in a written statement....
CMA CGM Posts Lower Profit in Volatile Market French container line CMA CGM reported its operating profit more than halved in the third quarter of 2013, compared with the same period last year, as a double-digit decline in average freight rates outweighed the impact of record cargo volume. Earnings before interest and tax fell to $238 million in the...
UPS, DHL and FedEx Hike Rates for 2014 UPS, DHL Express and FedEx have published new rates for 2014. UPS Ground, Air and International and Air Freight rates within and between the U.S., Canada and Puerto Rico will increase an average net of 4.9 percent, effective Dec. 30, 2013. Last year, UPS hiked its rates by an average of...
Truckers' Lost Hours Cost Shippers More Than Money HOUSTON - Businesses that ship goods are starting to feel a pinch from changes to federal regulations that limit how much time truck drivers spend on the road, though more from service problems than from higher shipping rates. However, the hours of service rules may push up the cost of...
Report: Feds Investigating Caterpillar Unit for Dumping Train Equipment Federal investigators are determining whether a Caterpillar subsidiary dumped train parts into the Pacific Ocean to conceal evidence of charging railroads for unneeded repairs, people familiar with the matter told The Wall Street Journal. A grand jury investigation by the U.S. Attorney for the Central District of California is looking into...
Logistics Leaders Partner Around Relief for the Philippines ATLANTA, Nov. 21 /CSRwire/ - Logistics leaders Agility, Maersk, TNT Express and UPS are offering vital warehousing, transport, and logistics support in the current emergency in the Central Philippines, to ensure that critical relief supplies reach those affected by Typhoon Haiyan/Yolanda. The four companies make up the Logistics Emergency Teams...
Newly Appointed Los Angeles Harbor Commission Meets for First Time SAN PEDRO, Calif. - Nov. 21, 2013 - The newly assembled Los Angeles Board of Harbor Commissioners held its first meeting today, with four of the five-member panel newly appointed by Los Angeles Mayor Eric Garcetti. Three of the commissioners are Harbor Area residents. The Harbor Commission is expected to elect...
Kane Is Able Names Logistics Industry Veteran Greg Wells as Senior Director of Operations SCRANTON, PA - November 21, 2013 - Third-party logistics provider Kane Is Able, Inc. (KANE -- www.kaneisable.com) has named Greg Wells as the new Senior Director of Operations with responsibility for Kimberly Clark distribution centers across the United States. He reports to Mike Marlowe, KANE's Senior Vice President of Operations. Wells joins KANE with nearly 20...
Crane Worldwide Logistics Partners with Manhattan Beachwear to Provide Assistance to Philippines Houston - November 21, 2013 - Crane Worldwide Logistics recently partnered with Manhattan Beachwear to deliver relief goods to Manila - Philippine Red Cross to support disaster relief efforts following Typhoon Haiyan. "Crane Worldwide is a global organization, our staff and the people we've built relationships with come from every corner of...
OnTrac Named One of SDCE's 2013 Green Supply Chain Award Winners CHANDLER, Ariz., Nov. 21, 2013 (GLOBE NEWSWIRE) -- OnTrac is proud tobe one of Supply and Demand Chain Executive's 2013 Green Supply ChainAward winners.The sixth-annual awards honor sustainability efforts that impact thesupply chain, and are meant to recognize companies making green effortsand sustainability a core part of their supply chain...
Magna Tyres Group receives Terex OEM approval for 16.00R25 Magna M-Straddle Magna Tyres Group received the OEM approval from Noell Mobile Systems, part of Terex Port Solutions, for Magna's newest port handling tyre 16.00R25 Magna M-Straddle. With this approval, Noell Mobile Systems confirmed that this tyre can be fitted on the Terex Noell Straddle Carriers. This acknowledgement means that Magna Tyres...
ITF launches guide to fighting violence against women Global union the ITF (International Transport Workers' Federation) is launching a guide on how to combat violence against women as part of its support for the UN Day for the Elimination of Violence Against Women on Monday, 25 November. The 50 page ITF action guide on violence against women is designed...
Cargotec's MacGregor receives USD 77 million order for high efficiency cargo handling solutions from Hyundai Heavy Industries MacGregor, part of Cargotec, has received an order worth USD 77 million for optimised cargo handling systems for five A-14-series and five A-18-series container vessels from Hyundai Heavy Industries Co Ltd in South Korea.The 14,000 TEU and 18,000 TEU ships are built for the United Arab Shipping Company (UASC) and...
NYK Volunteers Participate in Revitalization Activities in Area Devastated by the Great East Japan Earthquake NYK Group volunteers comprising current and former employees participatedin a series of support activities during the months of September throughNovember to assist in the revitalization of the area devastated by the 2011Great East Japan Earthquake and ensuing tsunami.As done in previous volunteer activities by NYK Group members, the 59participants helped...
The Grimaldi Group Receives The 2013 Logistics Supplier Award From Fiat-Chrysler NAPLES, Italy, Nov. 21, 2013 /PRNewswire/ -- On the 13th of November 2013, in the framework of the Supplier Qualitas Convention, the Grimaldi Group received from Fiat-Chrysler, The Qualitas Award 2013 in the Supply Chain/Logistics Supplier category. (Photo: http://photos.prnewswire.com/prnh/20131121/NY22055) The Awards ceremony took place at the "Gianni Agnelli" Auditorium at Turin's Fiat-Chrysler Headquarters with the presence of the top management of Fiat-Chrysler...
EU Opens Formal Anti-Trust Probe of Asia-Europe Carriers The European Union today announced it has launched a formal anti-trust investigation into several ocean container carriers to address concerns they have co-ordinated freight rate hikes on the Asia-Europe trade since 2009. The European Commission, the EU's executive arm, said the method used by carriers to announce price increases may be...
Banks fill up with GASS StealthGas has secured finance commitments for two-thirds of its orderbook, company executives said.
Hansson in the hot seat Nordic American Tankers turned heads on Wall Street yesterday when it unveiled plans to finance its foray into the offshore sector with funds from a follow-on equity offering.
Eagle Bulk lawsuit targets pilot Eagle Bulk Shipping has sued a Delaware River pilot over the grounding of a bulker two years ago.
CMA CGM slides CMA CGM of France managed to shore up its balance sheet in the third-quarter but growing volatility in the containership market still took a toll on its bottom line.
Limarko plan foiled Shareholders have rejected plans by Lithuanian reefer owner Limarko's parent to buy more shares and delist the company.
Strike two for Coustas Danaos Corp is being linked with its second dip into the sale and purchase market in under a month.
Nordic Shipholding saved Philip Clausius will take the helm at Nordic Shipholding after the company clinched a deal to stay afloat.
Braemar bearish on crude Braemar Seascope has dismissed thoughts of a tanker market recovery at the end of a week which has seen interest in the sector come to life.
StealthGas held back Greek LPG carrier owner StealthGas has seen third quarter profit dip as ships came off charter deals.
TEN tops Street Tsakos Energy Navigation noted the first glimpses of a crude tanker market recovery as it posted a smaller than expected loss for the third quarter.
Trouble at the works We take a look at what was said in the market over the past week.
Siem newbuild nets charter Siem Offshore has secured a long-term deal for a subsea construction newbuilding.
Five more for Mipo Hyundai Mipo Dockyard in Korea has added to its recent run of tanker orders with five more products carriers.
EU probes liners again The European Commission has launched another probe into potential price fixing by the world's major containerlines.
Fearnleys downs Golar LNG Fearnley Securities has cut its rating on Golar LNG amid a belief the market is expecting too much from the shipowner.
Cosco firms $400m order Cosco Corporation (Singapore) has firmed up a deal to build a pair of accommodation vessels for a Norwegian owner.
Eimskip falling behind Icelandic container line Eimskip is behind last year's profit figure for the first nine months as third-quarter earnings dipped.
VLs still burning for now VLCC rates have reached the highest level in almost four years but there is further suggestion today the fire is starting to cool.
STX PO seals rescue deal STX Pan Ocean has won approval for its huge debt-to-equity rescue plan as creditors emerge as its new biggest shareholders.
Hurtigruten goes deeper Norwegian cruiseship operator Hurtigruten has pledged to shave a further NOK 100m ($10m) off its annual outgoings by streamlining on board operations.
Strike Club raises rates The Strike Club has declared a 10% general increase in the cost of insuring delays to a ship caused by labour disputes in ports or other shore based problems.
Marinakis joins VL wave TradeWinds digests the digits making the headlines this week.
CSCL selling again Chinese container line CSCL is offloading more non-core assets to boost its finances.
Navy to the rescue? New Zealand's KiwiRail wants to charter a navy ship to replace a damaged ro-pax.
"Ghost master" exec jailed The crewing chief of a collapsed UK ship manager has been jailed for siphoning off cash into the account of a "ghost captain."
Western profit slashed Norway's Western Bulk has posted a big drop in earnings in its first results statement since its Oslo IPO.
FSL Trust cut at S&P Standard & Poor's (S&P) has opted to downgrade the long-term corporate credit rating of First Ship lease Trust (FSL Trust).
STX PO culls more ships STX Pan Ocean has cut a further $300m from its kamsarmax bulker and open-hatch general cargoship newbuilding programme.
China Nav orders again China Navigation Co's (CNCo) appetite for newbuildings continues unabated with the shipowner ordering four more bulkers.
Symphony books six Ferus Smit has won a newbuilding order for six multi-purpose vessels from a Singapore-based start-up backed by private-equity.
Tanker sale canned d'Amico International Shipping has cancelled a deal to sell one of its older handysize tankers to a Chinese shipowner.
Concord plans terminal Concord Energy has unveiled plans for a new dedicated crude oil and petroleum product storage terminal in Pengerang, Johor.
NAT in need of $65m Nordic American Tankers (NAT) is lining up a follow-on equity offering aimed at raising the cash it needs to complete a foray into the offshore sector.
EC launches liner shipping investigation The European Commission said it has "opened formal antitrust proceedings against several container liner shipping companies to investigate whether they engaged in concerted practices, in breach of EU antitrust rules."
ITC to investigate windshield wiper imports
U.S., Morocco agree on customs transparency The U.S. and Moroccan governments Thursday signed a Trade Facilitation Agreement with a focus on improving transparency of customs practices between the two countries. The deal builds on the United States-Morocco Free Trade Agreement.
DOT loan to improve Atlanta's interstates
Cleveland-Europe express steams forward A Port of Cleveland official said the service will be the "fastest and greenest route" between Europe and North America's heartland, allowing regional companies to potentially ship goods four days faster than using routes via East Coast ports.
CSX helps fast track industrial sites in Ala., Ga. CSX has designated the Wasden Road/I-65 industrial site in Montgomery, Ala., a CSX Select Site, and announced that a counter manufacturer will build its first U.S. facility at the Belfast Commerce Centre, a new site in Bryan County, Ga.
DHL, UPS announce 2014 rate increases
Jaenichen wants U.S. Merchant Marine revitalization
Cold Train partner expands at Port of Quincy
Cathay Pacific selects new chief operating officer
ATA: Truck tonnage dipped in October "Despite October's month-to-month decrease, we saw a very robust year-over-year increase; I'm seeing some good signs out of the trucking industry that suggests the economy may be a little stronger than we think," ATA's Bob Costello said.
U.S. regulators stop imports of hazardous toy dolls
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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