Ship Power pushes up Wärtsilä's results FINLAND'S Wärtsilä engineering group said today the outlook in its Ship Power unit is improving on the back of strong counter-cyclical ordering
GSI ties 52% profits to subsidies, investments PROFITS rose 52% year-on-year to 65.8M yuan ($10.7M) in 2013's first nine months, GSI said today
SHI's profits dive 39% SAMSUNG HI, South Korea's second-biggest shipbuilder, said today its 3Q13 earnings dropped 39% year on year due to orders taken at lower prices
Nanjing again predicts losses for full 2013 NANJING Tanker today maintained its warning of full-year losses for 2013, citing depressed freight rates for oil shipping and high finance costs
FD&D insurer's numbers fall AN FD&D insurer in Hamburg said today the number of vessels it covers has dropped by 7.5% to 1,939 units since October 2012
Losses swell for Mercator (Singapore) MERCATOR Lines (Singapore) said today its losses for 2Q of its 2013 fiscal year swelled by 2,021% year-on-year
Rickmers expands bond scheme HAMBURG shipping company Rickmers Holding has launched a private follow-up offering to its €175M ($241.4M) corporate bond
Exmar doubles profits BELGIAN gas carrier operator Exmar more than doubled consolidated net profits for the first nine months to $96.8M, along with 3Q13 net profits of $6.6M
Adani profits climb 24% ADANI Ports & Special Economic Zone said today 3Q13 consolidated net profits rose 24% year-on-year
Skaugen cuts losses IM SKAUGEN, the Oslo-listed LPG carrier owner, cut its losses in 3Q13 and predicted that trading conditions are improving
China Shipping to issue bonds CHINA Shipping issued 2Bn yuan ($328M) super short-term commercial paper on 23 October, Shanghai Clearing House said yesterday
GATX Reports Little Change in 3Q Profit GATX reported its net income in the third quarter of 2013 was basically flat year-over-year at $53.8 million. The railcar leasing company's profit in the first nine months of 2013 was $116.0 million, up from $107.6 million in the same period last year. GATX's Rail North America segment profit was $57.9...
Profit, Revenue Rise at India's Adani Ports Adani Ports and Special Economic Zone, India's largest private port infrastructure developer, reported its consolidated net income in the second fiscal quarter, which ended Sept. 30, was $56 million, rising 24 percent year-over-year. Total quarterly income jumped 81 percent from a year earlier to $230 million. The Ahmedabad-based group's various cargo terminals,...
US Goods Trade Deficit Expanded in August The U.S. trade deficit in goods expanded to $58.2 billion in August, up $0.1 billion from July, as exports decreased by $0.3 billion to $132.4 billion and imports slipped $0.1 billion to $190.7 billion. Texas, California and Washington as single states were the Top 3 exporters in August. Full-size image The total deficit,...
Ocean Carrier Rate Revision Roundup for Oct. 25 Major container lines have announced planned rate increases for a variety of trades, as detailed below, slated to take effect in November and December. Asia-Europe United Arab Shipping Co. intends to boost rates for shipments from the Mediterranean to Asia by $200 per 20-foot-equivalent unit, effective Nov. 1. On the same date,...
UPS Reports 3Q Revenue Growth UPS reported its revenue in the third quarter of 2013 was $13.5 billion, up 3.4 percent year-over-year, driven primarily by U.S. e-commerce shipments and strong European export growth. UPS delivered more than 1 billion packages worldwide in the third quarter, increasing 4.6 percent compared to the same period last year. Daily...
Former MEBA President Jesse M. Calhoon Dies Jesse M. Calhoon with President Nixon.Jesse M. Calhoon, the longest-serving president of the Marine Engineers' Beneficial Association, died this week at the age of 90 in Naples, Fla. Calhoon was MEBA's top executive and chairman of the board of trustees for more than 20 years. He was the maritime labor union's longest-serving president. "Jesse...
NYSA, ILA Criticize Hiring Delays at NY-NJ Port The New York Shipping Association and the International Longshoremen's Association said "bureaucratic delays" by the Waterfront Commission of New York Harbor are jeopardizing productivity at the East Coast's busiest port. The NYSA and ILA issued a joint statement criticizing the commission for "inaccurate statements" in advance of three hearings the agency...
Big Ships a Challenge - and Opportunity - for LA, Long Beach The ports of Los Angeles and Long Beach together this year will spend more than $1 billion for deeper channels, taller cranes, terminal automation, intermodal connectors and environmental enhancements, and most of the record spend is being driven by bigger ships. "We are reacting to industry pressures as to where we...
DP World Warns Union About Nehru Strike as Delays Mount MUMBAI, India - DP World management at India's Port of Jawaharlal Nehru is appealing to local labor groups and dockworkers to help restore normal operations at the terminal. "The management earnestly appeals to the trade union and all workmen in their own interest, as also in the overall interest of all...
Panalpina Continues to Increase Ocean, Air Market Shares Panalpina's profit in the third quarter of 2013 increased 6 percent year-over-year, as the Swiss global logistics giant continued to grow its ocean and air freight market shares. Quarterly gross profit rose to 403.1 million Swiss francs (about US$452 million), even as net forwarding revenue slipped 1.2 percent year-over-year to 1.7...
Echo Global Logistics Posts Record Profit, Revenue Echo Global Logistics reported record profit of $4.4 million in the third quarter of 2013, a 90.8 percent jump from $2.3 million in the third quarter of 2012. Quarterly revenue for the transportation and supply chain management company also reached an all-time high, totaling $234.8 million, compared with $192.7 million a...
Port of Antwerp's Container Traffic Declines Container terminal in Antwerp harbor.Despite the Port of Antwerp's cargo volume increase of 3 percent year-over-year in the first nine months of 2013, the gain was offset by a decline in its key container traffic. Total traffic was more than 143 million metric tons from January to September, buoyed by a...
SCFI: Shanghai-to-US Rates Down for Sixth Week Shanghai Containerized Freight Index, U.S. West Coast, week ending Oct. 25, 2013 Full-size image Spot container rates Asia to the U.S. East and West coasts measured by the Shanghai Containerized Freight Index declined slightly in the week ending Oct. 25, a sixth straight weekly decline in these lanes. The spot rate from Shanghai...
Pacer's Profit Jumps Despite Slump in Revenue Pacer International, the Dublin, Ohio-based light-asset freight transportation and logistics services provider, overcame weak revenue to post third quarter profit of $2.8 million, up 155 percent from $1.7 million a year earlier. Revenue declined 28 percent year-over-year to $250.0 million, largely because of the company's revised cross-border agreement with Union Pacific, under which Pacer...
SCFI: Asia-Europe Spot Container Rates Inch Up Shanghai Containerized Freight Index, North Europe, week ending Oct. 25, 2013 Full-size image Spot container rates from Asia to European ports measured by the Shanghai Containerized Freight Index rose for the first time in 11 weeks in the week ending Oct. 25. The spot rate from Shanghai to Mediterranean ports edged up 0.4...
Knight Transportation's Profit Drops More Than 9 Percent Knight Transportation reported third quarter net income of $15.2 million, down 9.1 percent from a year earlier. Revenue at the truckload operator, which ranked 23rd on the JOC's list of Top 50 Trucking Companies for 2012, inched up 0.6 percent in the period to $239.3 million from $237.9 million in the third...
As Real as It Gets, Even When Fake On the afternoon of Sept. 8, 1989, 50 employees of Wilhelmsen Shipping Lines, including half of the company's head office, board flight PAR 394 in Fornebu, Norway, for Hamburg, Germany. Wilhelmsen has chartered the plane so key employees can participate in the launching of the company's newest ship. At 3:59:50,...
KMTC to Open India Agency Ocean carrier Korea Marine Transport Co. is establishing its own shipping agency in India to help expand operations in the country. The new local subsidiary, KMTC (India) Pvt. Ltd., will start operating on Nov. 1. The carrier in a trade notice said the Indian unit will initially handle agency functions at Mumbai...
Diana tied to cape buy Diana Shipping has reportedly snapped up a year-old capesize bulker from Chinese's Henghou Industrial.
US irked by P3 A late request by the P3 Global Alliance for permission to operate to the US may have grave repercussions, a leading US regulator says.
Siem back in profit Norwegian reefer owner Siem Shipping has edged back into profit in the third quarter as rates improved.
STX PO's rescue plan revealed Korean bulker owner STX Pan Ocean has unveiled its plan to emerge from rehabilitation by converting huge chunks of debt into new shares.
Samudera slips to red Indonesia owner Samudera Shipping Line slipped to a third quarter loss as its two biggest segments declined.
Varun's move pays off India's troubled Varun Shipping is turning around its offshore division by re-flagging vessels overseas.
Fredriksen's replacements John Fredriksen's latest capesize newbuilding move is being interpreted as replacement contracts for vessels at STX Offshore & Shipbuilding.
Grangemouth reprieved Refiner Ineos is reopening its petrochemicals plant in Grangemouth, Scotland, after workers accepted a pay freeze and changes to pension terms.
Mercator sees turnaround Mercator Lines (Singapore) plunged deeper into the red in the second quarter of the year off the back of lower freight rates and the sale of one vessel.
Ardmore tipped to return Newly-listed Ardmore Shipping has stepped into the second hand market for the first time in a couple of years to buy a products tanker, brokers suggest.
Turk tucks into bulkers TradeWinds digests the digits making the headlines this week.
Antwerp volumes up 3% The key Belgian port of Antwerp has posted a 3% rise in cargo volumes in the first nine months as oil business soared.
GSI back in black Guangzhou Shipyard International (GSI) returned to profit in the third quarter of the year after slashing costs.
OEL seeks freedom Orient Express Lines (OEL) has filed a petition in India to avoid having a sistership arrested following an alleged clashed between its OEL Freedom and a fishing boat.
Prestige victory for P&I club A notable victory upholding the right to limit liability in the case of the costly Prestige tanker spill has been won by the London Steam-Ship Owners' Mutual Insurance Association.
Earnings up at ESL Finland's ESL Shipping has cut fuel use to boost its nine-month profit.
GEMC firms VLCC order Global Energy Maritime Corp of Taiwan today signs a hotly-anticipated VLCC newbuilding contract at Japan Marine United.
Master missing A search has been launched for the captain of a bulker who fell overboard off Palau.
North to seek 7.5% A general increase of 7.5% has been set by the North of England Protecting and Indemnity Association with the club to again defer payment of the final instalment to help shipowners' cash flow.
Rickmers back for more Rickmers Holding is returning to the capital markets for fresh investment after completing a fundraiser this summer.
BW sights $300m IPO BW LPG has laid out details of a potential $300m initial public offering which will cut the Sohmen-Pao family's stake in the company in half.
DNB's shipping pain eases Norway's DNB has reported lower impairment losses from shipping loans in the third quarter as rates improved.
Samsung weaker in third Korea's Samsung Heavy Industries has posted lower profit in the third quarter as it failed to meet analysts' expectations.
Iran sanctions returning? European governments are plotting to reimpose sanctions on Iranian owner IRISL after a court freed its funds in September.
Frontrunning We take a look at what was said in the market over the past week.
Norfield seals seismic deal Norway's Norfield has ordered two seismic support ships in Turkey.
Evercore ups VLCCF Knightsbridge Tankers has been upgraded by Evercore Partners on the back of its recent share offering.
Muller to lead ISU Captain Leendert Muller has been named as the new president of the International Salvage Union (ISU).
Bulker held over MLC A Japanese-owned bulker has been detained in Quebec for flouting the Maritime Labour Convention 2006 (MLC).
Exmar slides in Q3 Exmar, the Belgian gas carrier specialist, has reported a near 27% decline in third quarter operating profits.
Jutha raises funds Thailand-based shipowner Jutha Maritime has raised THB 101m ($3.2m) from a private placement.
Belships books loss Belships' balance sheet was covered with red ink in the third quarter but the loss does not appear to have disrupted a campaign to expand its fleet of bulkers.
US 'monitoring' C-Retriever The administration of US President Barack Obama is closely monitoring the situation off Nigeria after two US seafarers were kidnapped from an Edison Chouest Offshore (ECO) vessel.
Hearings to scrutinize NY/NJ longshore hiring The Waterfront Commission of New York Harbor will hold November hearings on the New York Shipping Association and International Longshoremen's Association's request to add longshoremen, and checkers and clerks to area terminals.
Former MEBA president dead at 90 The Marine Engineer's Beneficial Association said Jesse M. Calhoon, its longest-serving president "who is widely credited with ushering the union into the modern era," died October 22.
OOCL volume, revenue lower in third quarter
Panalpina profit grows 6% in 3Q
House and Senate water bills separated by key provisions Grant programs to assist with local levee safety and a loan guarantee for governments completing water infrastructure projects are just two differences between the Senate's water bill and the House version.
Forwarders warn of tight airfreight capacity from Asia
Port of Virginia to vote on new CEO The Virginia Port Authority Board of Commissioners has scheduled a special meeting next Thursday to vote on the recommendation of its search committee for a new executive director. The VPA, in a statement, did not name the winner of the job search, but indicated that Chief Financial Officer Rodney Oliver, who has led the port on an interim basis for the past year, was not selected.
Wireless device distributors combined in bankruptcy deal Quality One Wireless, LLC, has acquired $2 billion competitor Personal Communications Devices, LLC, for more than $125 million through a bankruptcy auction.
FedEx, UPS project solid growth for peak-day numbers
Cargolux expands Hong Kong-Vienna service
Cold treatment allowed at MidAmerica-St.Louis airport
Weekly global market report A weekly price round up from bunkering hubs around the world.
Fuel prices continue falling in the Americas Demand was said to be average in Cartagena on Friday.
STX Pan Ocean files restructuring plan Part of deal will see debt converted into equity.
Tight avails in Fujairah Product avails were tight due to cargo loading schedules in Fujairah.
Prices falling across Europe Avails were sufficient in Hamburg.
New trader for Monjasa Singapore Kristensen is being transferred from Monjasa headquarters in Denmark.
Security vessel formally charged Crew held and charged with illegally buying subsidised bunkers.
Owner cuts fuel use and pushes up profits Schedule and speed optimisation contribute to improved results.
Low viscosity IFO market tightening in Singapore Viscosity price differential widening in cargo trades.
Asian bunker prices end week on further falls Deliveries now fine at Tokyo Bay as typhoon makes shift in direction.
SSI: Sustainability 'won't fly' unless it makes business sense Industry can respond to regulations and market forces or be proactive while defending its bottom line, conference is told.
Wartsila eyes two-speed, dual fuel market Company to launch new product by end of the year.
Infrastructure for LNG bunkering 'lagging behind' Environmental regulations open potential for 'large' LNG marine fuel market.
Questions raised about 'eco' goals Normal ship life-cycle of 25 years may no longer be possible as industry strives toward more fuel efficiency.
Triple-E vessel to bunker in Russian Far East Operations to take place this Sunday.
Fuel oil stocks in China up Cargoes of bonded bunkers arrived at Zhoushan and Shanghai.
LNG carriers to use dual fuel electric propulsion Configuration will produce greater efficiency with lower emissions.
Chinese firm buys five dual fuel ships Ships to operate in South China.
Total's marine fuels restructure nearly complete Customers will see changes in billing details of invoices from November.
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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