Owners and creditors offered guidance on legalities of ship arrests Creditors can sometimes arrest vessels in de facto common ownership
Box Ships eyes further acquisitions Greece-based owner reiterates growth ambitions after profitable quarter
How to arrest 'deemed' sisterships South Africa is now the venue of choice for associated ship arrests for charter default
Rotterdam reports 4% increase in box throughput But numbers of empties are rising as Europe remains in the doldrums
Piling on the pounds Carriers must get tough with their customers to stamp out overweight, overstuffed boxes
China Shipping Development posts deeper loss Tanker and bulker operator knocked by lacklustre rates and lower tax rebates
MSC Flaminia awaits clearance in Romania Fire-damaged boxship heads for Daewoo Black Sea shipyard
China Cosco posts $324m first-quarter loss Troubled dry bulk and box giant reports a big increase in finance costs
CSCL suffers $112m first quarter loss Falling rates and limited non-operating income drive Chinese box firm into the red
OOCL revenues up in first quarter Carrier sees improvements in all tradelanes except the transatlantic
Asia-Europe box rates sliding fast as carriers reveal capacity cuts Latest SCFI shows 6.5% decline in a week
STX O&S lands fresh injection of funds Bank and creditors throw cash-strapped South Korean yard a lifeline
Weaker yen brings MHI shipbuilding unit back to black Japan giant benefits from focus on high-value orders
Secondhand product tanker values show rising trend Outlook for products market is increasingly bright
Chinese state shipbuilding giants post weaker first-quarter profits CSICL and China CSSC Holdings report dismal margins and falling revenues
Cargotec first-quarter net income plunges 75% Handling equipment maker hit by delayed deliveries
SHI rides out of the shipbuilding downturn South Korean giant benefits from strong offshore business
Capesize market hopes for second-half growth in China Credit influx will see importers restock low inventories, says Vale
Enrica Lexie marines may face the death penalty Tensions rise between Italy and India after court decides terms of trial for fatal shootings
Paragon chief sees better days ahead for dry bulk Lower rates push Bodouroglou-led company to first-quarter loss
Yangzijiang and Frontline 2012 shelve capesize order EXCLUSIVE: Move by Fredriksen-owned company may signal easing off from order spree
Owners will keep ordering despite eco-design doubts, says yard boss Yangzijiang Shipbuilding will ride on owners' desire for more intelligent ships, says Ren
Moore Stephens: learn from the airlines MOORE Stephens suggested today that shipping groups should learn from the airline industry in this period of tight financing
$743M Bayonne Bridge contract awarded in US NEW YORK'S plan to raise the Bayonne Bridge took a major step forward with the awarding of a $743M construction contract
Two cruise ships forced to skip Malta A SECOND Costa Crociere cruise ship this week cancelled a stop in Malta today because of adverse weather
ASAC's profits drop 46% SHANGHAI-listed Asian Star Anchor Chain said it had 1Q12 net profits of 18.44M yuan ($2.99M), down by 46.05% year on year
Paragon loses $3.5M LOSSES continue for Paragon Shipping, although debt restructuring has afforded the drybulk player a two-year runway
MacGregor shines among Cargotec's units CARGOTEC'S shipboard cargo handling equipment unit MacGregor outperformed the rest of the Finnish engineering group in 1Q
CSICL profits fall 28.7% SHANGHAI-listed CSICL, the flagship unit of government-owned CSIC, has posted a 28.7% year on year fall in profits in 2012
MES narrows 2012 losses JAPAN'S shipbuilder Mitsui Engineering & Shipbuilding told Fairplay today it narrowed its losses to ¥8.2Bn ($83M) in the full-year 2012
Siem: reefers on the rise EARNINGS across the specialist reefer ship sector have been rising in the first quarter, a leading operator said today
Mitsubishi HI's profits rocket by 300% MITSUBISHI HI said today profits shot up almost 300% year on year in the fiscal year ended on 31 March, to ¥97.3Bn ($979.4M)
GSI's profits fell in 1Q SHANGHAI and Hong Kong-listed GSI's profits fell 32% year on year to 54M yuan ($9M) in the first three months of this year, due to lower newbuilding prices and fewer orders
Changhang Phoenix sued SHENZHEN-listed Changhang Phoenix and its parent China Changjiang National Shipping (Group) are being sued by Export-Import Bank of China for repayment of 370M yuan ($59M) in loans, including interests
DNB: shipping bucks trend SHIPPING is bucking a trend of impairment loss reduction on loans and guarantees at DNB, the Norwegian banking and financial services group said today
Thome: Ship management gets more 'complex' COMPLEXITY and challenges are rising for shipmanagers amid a tough markets, a Thome Ship Management official told Fairplay today
Sale gains lift Skaugen IM SKAUGEN, the Oslo-listed LPG carrier operator, said today it raised profits for 1Q13 through asset sale gains
Bill Passed to End Air Traffic Controller Furloughs U.S. Congress has passed a bill that will halt furloughs of air traffic controllers as part of budget cuts related to sequestration. Airlines for America has commended the U.S. Senate and House for passing the Reducing Flight Delays Act of 2013, which allows the Federal Aviation Administration to use surplus Airport...
UPS to Expand Health Care Network With CEMELOG Acquisition UPS will purchase CEMELOG, a Hungary-based pharmaceutical logistics company, as part of its growth and investment strategy. UPS expects to complete the transaction in the second quarter of 2013, subject to customary closing conditions. Terms of the deal have not been disclosed. The acquisition adds three additional facilities of about 255,000...
JOC-ECRI Industrial Price Index Continues Decline JOC-ECRI Industrial Price Index, week of April 26, 2013 Full-size image A closely watched indicator of inflation posted a second consecutive week-to-week decline but remained ahead of its one-year average for the 21st consecutive week. The Journal of Commerce-Economic Cycle Research Institute index registered 126.5332 for the week ended April 26, down four-tenths...
Goodman to Build Logistics Facility in Japan Goodman Group's Goodman Japan Development Partnership has acquired a 26,000-square-meter (about 279,862-square-foot) development site in Nagoya, Japan, which it will develop into a four-story, 548,959-square-foot logistics and distribution facility. Goodman has separately entered into a 15-year pre-lease with a Japanese third-party logistics and transportation company for 290,626 square feet, representing 53...
From Dust to DC in KC Today, it's a vast, open expanse of concrete and gravel, a vista interrupted only by the occasional construction vehicle, freshly built gate complex and a series of imposing orange cranes - the distinctive color of BNSF Railway - in the distance. A half-hour drive south of Kansas City, there isn't...
Celadon's Profit, Revenue Dropped in Third Quarter Celadon Group reported its net income in the third quarter of fiscal year 2013, ending March 31, 2013, was $4.4 million, dropping 22.8 percent year-over-year. Quarterly revenue for Celadon, No. 35 on JOC's list of the Top 50 Trucking Companies, decreased 2.4 percent year-over-year to $149.6 million. Freight revenue fell 1.9 percent...
Retailers Praise Affordable Footwear Act The Footwear Distributors and Retailers of America has applauded the reintroduction of the Affordable Footwear Act in the U.S. House of Representatives, sponsored by Reps. Lynn Jenkins, R-Kan., and Joseph Crowley, D-N.Y., as well as 28 co-sponsors. If passed, H.R. 1708 will eliminate a hidden tax on about one-third of all...
Newer Ports in Canada, Mexico Lead North American Growth JOC Top 25 North American Container Ports - Imports Full table The United States may be the trade capital of the world, but if you're looking for North America's fastest-growing container ports, you'll have to look north and south of its borders. Among the Top 25 North American ports, only two U.S. ports...
American Railcar Industries' Profit Jumps Nearly 50 Percent American Railcar Industries reported profit in the first quarter of 2013 of $17.9 million, up 49.4 percent year-over-year. Total quarterly revenue rose 7 percent from $181.6 million in 2012 to $195.1 million in 2013, driven by increases in revenue for the manufacturing and leasing segments, the North American designer and manufacturer...
Southwest Airlines' Freight Revenue Rises Southwest Airlines reported freight revenue of $39 million in the first quarter of 2012, up 5.4 percent year-over-year. Net income in the first quarter of 2013 of $59 million, including $6 million of special items, compared with $98 million in the first quarter of 2012, which included $116 million of special...
ILWU Takes Grain Terminal Dispute to Public Longshoremen in the Pacific Northwest are intensifying their efforts to draw attention to the plight of International Longshore and Warehouse Union members that have been locked out of a grain elevator in Vancouver, Wash., since Feb. 27. Meanwhile, the organization representing grain handlers in the region said ILWU Local 4 members...
Fesco Raises $800 Million in Bond Issue Fesco, the owner of Russia's largest ocean container carrier, announced it has successfully priced $800 million of bonds. The net proceeds from two tranches of senior secured notes will be used to repay the company's outstanding debt and debt incurred in its takeover by the Moscow-based Summa Group in late 2012. The...
WCI: Steep Drops in Trans-Atlantic Westbound Rates World Container Index Between New York and Rotterdam Full-size image Trans-Atlantic westbound rates fell a combined 13.2 percent or $318 over the past two weeks, according to the latest release of the World Container Index. The rate from Rotterdam to New York fell 10.8 percent or $261 last week to $2,150 per 40-foot...
WCI: Europe-Asia Backhaul Rates Drop World Container Index Rates to Shanghai Full-size image Europe-Asia backhaul rates dropped for the first time since mid-March in the week of April 25, according to the latest release of the World Container Index. The Europe-to-Asia eastbound rate from Rotterdam to Shanghai fell 1.3 percent or $14 to $1,077 per 40-foot container, after...
Landstar's Profit and Revenue Remain Robust Landstar reported its net income in the first quarter of 2013 was $26.8 million, flat compared with the record profit that was achieved in the first quarter of 2012. Total quarterly revenue was $628.3 million, the second highest first quarter revenue in the supply chain management company's history. Revenue in the first...
Box Ships' Profit Down 15 Percent in First Quarter Box Ships reported net income in the first quarter of 2013 of $4.0 million, down 15 percent from $4.7 million in the first quarter of 2012. Quarterly net revenue, however, was $17.7 million, increasing 12.7 percent from $15.7 million in the same period last year, driven by increased fleet size and...
Bell tolls for Excel Investors are anxiously awaiting an update about the restructuring of Greek bulker owner Excel Maritime Carriers amid growing speculation that a bankruptcy filing may be imminent.
Bergen feels more pain Norway's Bergen Group is taking a further hit from a long-delayed cruise ferry order for Fjord Line.
Sisters still in John Fredriksen's daughters have no intention of pulling back from the family empire despite a string of resignations from the boards of listed companies this week, according to a leading insider.
Fund hikes Clarksons stake Mason Hill Advisors has emerged as a leading shareholder in the world's largest shipbroker, Clarksons.
Eimskip wins price cut Icelandic owner Eimskip has succeeded in delaying two Chinese boxship deliveries - and cut 20% from its bill.
CSDC stretches loss China Shipping Development Co (CSDC) has posted a bigger loss in the first quarter as markets stayed weak.
CSCL hopes for rerun China Shipping Container Lines has found itself back in the red in the first quarter.
Crew in dredger ordeal An Indian crew has made it back on to dry land after being stuck on a disabled dredger 50km off the coast since January.
Tide turns for reefers Reefer owner Siem Shipping returned to profit in the first quarter as freight rates more than doubled.
Rongsheng stays red China Rongsheng Heavy Industries continues to run in the red after turning in a loss for the opening three months of 2013.
Better start for China Cosco China Cosco Holdings has eased the flow of red ink on its balance sheet but still kicked off 2013 deep in the red.
Shipping charge rises DNB has seen impairments on its shipping book rise for a third successive quarter.
OOCL revenue climbs Hong Kong container line OOCL has posted a slight dip in first quarter volumes, but revenue grew.
Restis on IPO road TradeWinds digests the digits making the headlines this week.
Coastal cooperation India and Bangladesh could begin a new trial of coastal shipping services next month.
GSI curbed in the first Falling ship values and lacklustre orders have made a big dent in Guangzhou Shipyard International's (GSI) first quarter earnings.
Not so bad for Tamai Japan's Tamai Steamship has cut its loss forecast for the year ended 31 March, as revenue improves.
TransEuropa bankrupt Belgian's TransEuropa Ferries has filed for bankruptcy after talks to find a buyer failed.
MES crashes to loss Japan's Mitsui Engineering & Shipbuilding (MES) has plunged to an annual loss, but is expecting better things this year.
Cape crusaders Capesize newbuilding orders in the first four months of 2013 have already passed the total logged in the whole of last year.
Hijack suspected An offshore crew ship is missing off Nigeria amid fears of another pirate attack.
CAI expands fleet CAI International has expanded its fleet with the addition of 95,000 containers, the company has disclosed.
Diabolical dealings We take a look at what was said in the market over the past week.
Yangzijiang's profits slide Yangzijiang Shipbuilding has seen first quarter profits drop by 30% in the face of challenging industry conditions.
Ezra taps bond market Ezra Holdings has tapped the local bond market to raise SGD150m ($120m) to refinance existing debt.
Uni-Asia orders trio Uni-Asia Holdings has ordered a series of three handysize bulker newbuildings in Japan in a deal worth $73m.
Fined over tanker prang A trawler skipper has been fined by a UK court for colliding with a loaded aframax tanker off Milford Haven last year.
Strategic books a pair Strategic Marine has won repeat business from a Malaysian shipowner for two crew transfer vessel newbuilds.
Surrender your booty Asset values may be hovering at or near historic lows in the bulker and tanker segments but there is a corner of the sale-and-purchase market where prices are on the up.
NEWSFLASH: House gives FAA authority to end furloughs The measure, which follows similar action taken by the Senate Thursday evening, would give the FAA leeway to move money from a grant program for airport improvements to cover personnel costs and leave air traffic controllers in their jobs full time.
COSCO reports 1Q loss, but higher box volumes and revenues The Chinese liner company's report to the Hong Kong Stock Exchange said its container shipping business had revenue of 9.2 billion yuan in the first quarter, 14.3 percent more than in the first quarter of 2012.
U.S. economy grew 2.5% in 1Q
UPS, Teamsters reach tentative 5-year deals "The fact that we have reached agreements well before our current contracts expire is a testament to the skills and determination of all those involved in these negotiations," said Scott Davis, UPS' chief executive officer.
OOCL's revenue up 3.6% in 1Q Hong Kong-based OOCL had revenue of $1.36 billion in the quarter, 3.6 percent more than in the same 2012 period. Container volumes in the first quarter were 1,241,454 TEUs, down 0.3 percent from the same 2012 period.
Austrian forwarder signs up with CargoWise
Old Dominion grows in 1Q
Senate passes bill to end FAA furloughs The bill which was passed Thursday night will allow the agency flexibility to move funds between accounts and end furloughs of air traffic controllers that have caused flight delays since being implemented Sunday under a budget-cutting mandate.
Sea Star buying additional reefer boxes
Freight execs tie tax reform, infrastructure to environmental gains
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