Star Bulk exceeds expectations STAR Bulk Carriers has restored normalcy to its bottom-line, reporting a 3Q13 net loss of $168,000 versus the impairment-induced net loss of $308.68M from a year ago
MarAd sees gaps from Panama widening COSTS imposed on US ports must be better understood to gauge investment decisions hinging on the expanded Panama Canal, MarAd said
Northern losses hit share sale Northern Shipyard of St. Petersburg has plummeted in value following three successive quarters of lossmaking this year
Two held in Sweden grounding The RUSSIAN master and first mate of general cargo vessel Fri Wave were breathalysed and arrested by Swedish police after the vessel ran aground off Torsö, according to the Swedish Coast Guard
Vallianz wins $150M in deals SINGAPORE'S Vallianz Holdings said today it has clinched $150M worth of chartering contracts with a leading Middle East group
Saverex completes Exmar share sale SAVEREX NV has reduced its stake in listed Belgian gas carrier operator Exmar from 54.33% to 46.09%
Greeks hold 196 in migrant smuggling cases GREEK officials are today holding 196 people in connection with attempts to smuggle migrants during the past week
MPM's 3Q profits rise 18.3% SINGAPORE'S offshore support vessel owner Marco Polo Marine said today its 3Q13 profits rose 18.3% year on year to S$25.2M ($20.3M)
Songa finishes placement SONGA Offshore said it has completed a private placement of shares and convertible bonds
Perdana buys three offshore vessels for $50M MALAYSIA's Perdana Petroleum Berhad said it has acquired two AHTSs and one work vessel for an aggregate $50M
Three-year VLCC rate high triggers orders OWNERS are starting to order VLCCs, with spot freight rates hitting three-year highs, Pareto shipping analysts have noted
Bumi Armada tipped to win Madura FPSO project MALAYSIAN FPSO operator Bumi Armada is expected to win Husky Energy's Madura FPSO project in Indonesia, sector analysts have said
GO upbeat on turning to profits GOLDEN Ocean, the drybulk shipping group in John Frederiksen's business empire, said the sector's outlook remains positive, as it reported turning to profits in 3Q13
Teamsters Set Date to Review YRC Proposal Teamsters leaders will meet next week to review a contract proposal from YRC Worldwide and decide whether to submit it to the membership for a vote. The trucking giant today announced the International Brotherhood of Teamsters had chosen Dec. 6 as the date for "Two Man Committee" meetings with local union...
Flagship Logistics Group Calls for Veterans Flagship Logistics Group is looking for a few good people to staff its new customer contact center in Indianapolis: veterans and members of the U.S. armed forces. The Williamstown, N.J.-based logistics subsidiary of Flagship Food Group built the center with one goal in mind: to hire as many veterans, including those...
ILA Asks FMC to Block P3 Network The International Longshoremen's Association asked the Federal Maritime Commission to block implementation of the P3 vessel-sharing agreement on grounds it would present "an unprecedented risk of anticompetitive practices." ILA President Harold Daggett said in a letter to the commission that the proposed global alliance of Maersk, Mediterranean Shipping Co. and CMA...
Dachser Opens Joint Venture in Indonesia Dachser has established a joint venture in Indonesia as part of its global expansion strategy. The Germany-based logistics provider, No. 40 on JOC's list of the Top 50 Global Transportation and Logistics Companies, said PT Dachser Indonesia opened for business on Nov. 18. The co-owner of the joint venture is shipping professional...
Ocean Carrier Reliability Improves Slightly, SeaIntel Says Container ships reached their destination ports around the world on time 81.2 percent of the time in September, a small increase of 0.4 percentage point from August, according to the latest Global Liner Performance report from SeaIntel Maritime Analysis. "This is a very positive development as schedule reliability has declined for...
Sinotrans Shipping Chairman Resigns SHANGAI, China - In the latest shake-up of senior management at a Chinese shipping company, Zhao Huxiang, chairman of Hong Kong-based Sinotrans Shipping, has resigned, the company announced. It attributed his departure to other work allocations from the parent company, Sinotrans Group. Zhao will retain the role of chairman of Sinotrans ...
US Ports Dangle New Incentives to Lure Services The plan by Maersk Line, CMA CGM and Mediterranean Shipping Co. to form the world's largest vessel-sharing alliance, which would control about 25 percent of the container volume in the trans-Pacific, presents great opportunity for U.S. ports, but also significant competitive risks. In an attempt to influence the world's three largest...
Giving Freight a Voice My column this month comes to you from Boston, well actually from Newton, Mass, where just a few months ago this community and the country itself was shocked by a domestic terrorism attack at the conclusion of the Boston Marathon. I wasn't in Boston for anything related to that horror,...
Star to make it 10 Star Bulk Carriers is poised to add 10th third-party bulker as it continues to grow its managed fleet.
Navigator seals IPO All eyes on Navigator Gas as shares gain traction in the wake of Wall Street debut.
Earnings impress The containership industry does not appear to be disappointed by the performance of CMA-CGM in the third quarter.
Zim delays earnings Zim Integrated Shipping Services (Zim) appears to have postponed the release of its third-quarter earnings report.
Battle of the bulge American Petroleum Tankers (APT) of the US appears to be closing in on the final leg of a campaign to list shares on the New York Stock Exchange by way of an initial public offering (IPO).
CSAV sinks to loss Compania Sudamericana de Vapores (CSAV) turned in a third-quarter loss Tuesday and warned that volatility in the containership segment will likely continue in the foreseeable future.
VL goose cooked? Owners flocking to ink VLCC newbuildings threaten to scramble the market even before the recovery has taken hold, ACM Shipping says.
Star Bulk turning around Star Bulk Carriers has logged an improved set of third quarter results, reversing the red ink reported for the same period a year ago.
Yang Ming sells again Taiwanese line Yang Ming could earn up to TWD 986m ($33.29m) from selling off containers.
Finnlines' flooding failure A UK accident report has criticised a Finnlines crew following the flooding of a pump room after a ro-pax collision at Holyhead.
Don't fight the cycle Credit Suisse has initiated coverage of Costamare with a neutral rating amid suggestions a recovery in the boxship market is still over a year away.
KLC coughs up Bulker owner Golden Ocean is to bank $1.1m as rehabilitated Korea Line Corp (KLC) moves to settle its debt to the Norwegian company.
Indonesia spurs Marco Marco Polo Marine's entry into the Indonesian offshore market helped push the company to an improved showing in 2013.
Crewman crushed A seafarer has died after being trapped on top of a lift on a DFDS ro-pax off Sweden.
Remoy triggers offer Rem Offshore CEO Age Remoy has pledged to launch an offer for the 21.37% of the company he doesn't own after increasing his holding this week.
Vallianz to double up Singapore-based offshore services contractor Vallianz aims to double its fleet within the next three years.
Billung aims for exposure Norway's Golden Ocean Group has revealed a more "aggressive" focus on the spot market as its third quarter result turned positive.
Three more for Golden Golden Ocean Group of Norway has boosted its supramax orderbook with three more ships in China.
Golden Ocean ditches kamsarmaxes Norway's Golden Ocean Group has axed the last two of its kamsarmax newbuildings in China, but faces more arbitration over the cancellation.
Samsung nets five Samsung Heavy Industries has bagged a huge shipbuilding order from a mystery Asian owner.
Norwegian giants clash A new report from DNB Markets has suggested the crude tanker market may be brighter than previously expected.
ACM back in black London broker ACM Shipping Group has returned to profit in the first half of 2013 following a big impairment hit last year.
Precious scores four Thailand's Precious Shipping has swooped for four bulk carriers at favoured Chinese shipyards.
LSC further behind Lithuanian Shipping Company (LSC) has posted a bigger loss in the year to date, but is hoping for better in the fourth quarter.
BW Group refinances BW Group has arranged a new term loan facility worth $866m which it has used to pay down existing debt.
Lorenzo loses more Philippines feedership owner Lorenzo Shipping has posted a big increase in its net loss as revenue fell in the third quarter.
Titan unveils new plan Troubled Hong Kong shipyard and fuel group Titan Petrochemicals has revealed details of a revised restructuring plan that offers creditors up to 40 cents in the dollar.
No escape for banks Losses from shipping portfolios are likely to remain high next year according to Fitch Ratings.
UASC eyes Asia growth United Arab Shipping Company (UASC) is introducing two new feeder services to expand its coverage of Asia.
Steel at 5-month high Global steel production reached a five month high in October figures from the industry's trade association show.
IPO window open Navios is already one of the most recognizable names in the shipping industry and Wall Street appears to be growing increasingly interested in one of its lesser-known affiliates, Navios South American Logistics (Navios Logistics).
Transportation construction to rise 5% in 2014 The construction market for domestic transportation infrastructure will grow to $135.8 billion next year, up 5 percent from $129 billion in 2013, according to the American Road & Transportation Builders Association.
Crowley to build LNG-fueled ships for Puerto Rico trade The 26,500-DWT ships, which are being built by VT Halter Marine, will have a cargo capacity of approximately 2,400 TEU, with additional space for nearly 400 vehicles. They are due for delivery in the second and fourth quarter of 2017.
Europe to promote alternative-fuel infrastructure
JF Hillebrand buys Satellite Logistics
WTO backs EU's seal trade ban The World Trade Organization released a final report this week backing the European Union's ban on trade in products of commercial seal hunts. In 2010, Canada and Norway initiated a WTO challenge against the European Union's ban.
UASC increases intra-Asia service
Deep Dredge begins at PortMiami
Washington Notebook: Railroads propose tank car changes for flammable materials
CSAV reports loss in third quarter The company said transported volume reached 493,512 TEU in the third quarter of 2013, an increase of 5.6 percent compared to the second quarter of 2013 and of 0.8 percent compared to the third quarter of 2012.
Biofuels could help 'smooth out' oil price spikes US Navy's commitment to biofuel is not driven by environmental concerns, rather by costs and energy security.
Prices firm in Fujairah In South Africa, intermediate fuel oil (IFO) prices were soft.
Tight avails in Rotterdam North European ports see prices firm.
Curoil extends supply operations Now supplying in port in Aruba.
New bunker manager for Rudder Bunker trader says new addition to focus on Asian growth.
Russian fuel oil exports fall in October Overall fuel oil output, however, remained steady.
Russian oil major sees profit slip But revenue up at OAO Lukoil.
Operations resume at Qingdao terminal VLCC unloading fuel oil caargo four days after deadly pipeline explosion.
Court orders payment to bunker supplier Outstanding bunker bill amounts to $14 million.
Bunker prices firming in Asia Supplies of bunker fuels were tight at Asian ports.
LNG-fuelled box vessels 'will cut bunker costs' Operators will be able to 'make savings of around $10 per TEU.'
Asean shipowners support IMO emissions monitoring scheme But have concerns regarding use of fuel consumption and emissions data.
Tight avails to persist at Busan Earliest bunker deliveries from early December onwards.
P&I Club issues bunker rule change reminder New Californian sulphur limit to start from 2014.
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