Pacific Basin buys newbuildings HONG KONG-listed Pacific Basin today bought two newbuilding handymaxes and five new handysizes for a combined $168
Awilco LNG plunges to loss on low vessel utilisation AWILCO LNG, the listed Norwegian LNG carrier owner, plunged to a loss in the latest quarter and suffered a sharp fall in profit during the first nine months of the year, largely due to weak vessel utilisation, the company said in a statement
STX O&S delays delivery of Frontline tankers STX Offshore & Shipbuilding said today it is pushing back the delivery of the remaining five of its six products tankers ordered by Frontline 2012
Coastal Contracts' profits up 29% MALAYSIAN shipbuilder Coastal Contracts posted a 29% rise in profits for the third quarter ended 30 September 2013
More LNG carriers financed by MLPs MASTER Limited Partnerships are becoming a more common financing means for LNG carriers
Mermaid profits hike 389% MERMAID Maritime reported a 389% rise in profits to $15.7M for the full year ended 30 September
Sembcorp issues $159M notes SEMBCORP Marine parent, Sembcorp Industries, said today it has issued S$200M ($159M) fixed rated notes under its S$2Bn ($1.59Bn) multicurrency debt issuance programme
TTA's losses widen THORESEN Thai Agencies reported heavier losses of 5Bn baht ($156M) for its financial year ended 30 September
Long Beach Fills One Board Seat LONG BEACH, Calif. - Lori Ann Farrell, former controller and chief financial officer for the city of Long Beach, was appointed to the Port of Long Beach Harbor Commission to replace Nick Sramek, who resigned last week. Lori Ann Farrell. Long Beach Mayor Bob Foster said Farrell is the "ideal candidate who...
Trucker Protests Fail to Disrupt Oakland Operations Protesting truckers briefly interfered with cargo-handling operations at the Port of Oakland on Wednesday, but longshoremen crossed the picket lines and truckers that wanted to work went into and out of Oakland International Container Terminal without incident. "It was a non-event," said Ed DeNike, chief operating officer of SSA Marine, which...
Drewry's Eastbound Trans-Pacific Rate Erodes Post-GRI Drewry Container Rate Benchmark, Nov 27, 2013 Full-size image The Drewry benchmark rate for shipping from Hong Kong to Los Angeles dropped 5.0 percent or $100 per 40-foot-equivalent unit in the week of Nov. 27 to $1,886, a sign that a Transpacific Stabilization Agreement-recommended general rate increase was, again, unsustainable. This decrease...
Bermuda Container Line to Shift US Call to Philadelphia Port of PhiladelphiaBermuda Container Line will shift its U.S. port call from Elizabeth, N.J., to Philadelphia in the first quarter of 2014, The Royal Gazette reports. The carrier operates a single ship, the Oleander, with capacity of 360 20-foot-equivalent units and 44 vehicles, between the U.S. and Bermuda. The service has...
Crowley Orders Two LNG-Powered Ships Crowley has ordered two LNG-powered ships that will each carry up to 2,400 20-foot-equivalent units of containers and nearly 400 vehicles to replace triple-deck towed barges in the carrier's U.S. mainland-Puerto Rico service. The ships are scheduled for delivery in the second and fourth quarter of 2017. They will replace triple-deck...
Royal Mail's Profit Surged in First Half Royal Mail reported its operating profit almost doubled in the first half of the year, driven by higher revenue at its parcels division, as the 497-year-old postal operator celebrated its maiden results as a private company. Profit surged to £283 million (about US$461 million] in the six months through Sept. 29,...
Inland Waterways Woes Threaten Growth in US Exports Through Gulf Midwest grain and soybean exporters who ship by barge down the inland waterways system will gain an advantage over global competitors at the end of 2015. That's when the Panama Canal's big new locks open to commercial traffic, allowing larger ships to carry more product from the U.S. Gulf to...
Japan's New Anti-Piracy Law Set to Take Effect Japan's new anti-piracy law will take effect on Saturday, 17 days after it was enacted by the Diet, the nation's parliament, the transport ministry announced this week. The new law will allow private armed guards to board Japanese-registered oil tankers and other cargo ships in waters off Somalia and elsewhere. Under the...
TPM Asia 2014 Our 2013 TPM Asia Conference attracted 550 notable shippers, carriers, 3PLs and government officials. Returning to Shenzhen again in 2014, this event promises to be a must attend, highlighting the latest predictions for the container shipping industry, best practices, economic forecasts and trends in China...
Holt Logistics Statement on Impact of PA Trans Bill for Port of Philadelphia PHILADELPHIA (November 25, 2013)- Holt Logistics Corp today released a statement on the impact of the PA transportation funding bill on the Port of Philadelphia and related industries. Representatives from Holt Logistics Corp attended a ceremonial signing event with Pennsylvania Governor Tom Corbett in King of Prussia where details were presented...
Danish delegation led by Minister for Trade and Economic Affairs, Denmark visits APM Terminals CFS facility in Dadri Mumbai, November 26, 2013: Mr. Nick Haekkerup, Minister for Trade and Economic Affairs, Denmark and Mr Freddie Svane, Denmark's Ambassador to India, along with an eight member delegation, visited the Dadri facility of APM Terminals India Pvt. Ltd recently. The visit provided the delegation an opportunity to tour the APM...
Oakland Truckers Urged to Call Off Strike Port of OaklandThe Port of Oakland and the California Trucking Association are urging independent truck drivers not to carry through with a yet another strike in the harbor that is planned for Nov. 27. Owner-operator truck drivers today distributed flyers asking all truckers to support the strike, which is being called...
Polarcus shares wanted A mystery investor is looking to buy close to 10% of Oslo-listed offshore owner Polarcus, it has emerged.
Restructuring riddle tackled Hope Frontline will strike a second post-crash restructuring deal has led RS Platou Markets to lift its sell tag on the owner.
Hope for Attica Greek ferry group Attica Holdings has returned to profit in the first nine months thanks to rigorous cost-cutting in the domestic economic crisis.
SFL sights twin targets Ship Finance International is looking to continue a growth spurt which has seen it invest nearly $1bn this year.
NOCC in top gear Norwegian Car Carriers (NOCC) reversed out of the red in the third quarter thanks to a firmer car carrier charter market.
Nord/LB provisions jump German lender Norddeutsche Landesbank (Nord/LB) has revealed loan-loss provisions of EUR 642m ($873m) in the first three quarters as the shipping slump looks set to last.
HUBLine falls to loss Malaysian liner company HUBLine has been hit by soaring costs as it plunged to a loss in the year to 30 September.
Frontline 2012 ready to pay John Fredriksen's Frontline 2012 is set to hand out its first quarterly dividend it announced today as it offered clarity on its long-anticipated US listing.
Owner wins CTL battle The owner of a handysized bulker has won a fiercely contested battle over the total loss of the vessel following a grounding off India four years ago.
Fredriksen deletes final VL Frontline 2012 has cancelled the last of its VLCC newbuildings at Jinhaiwan it revealed today as it laid out further details of its expansion plan.
Swissco fixes newbuilds Swissco Holdings has lined up charter deals worth over $20m for a pair of offshore newbuildings.
Earnings up at Gotland Swedish owner Rederi AB Gotland has posted a bigger profit so far in 2013 as revenue grew.
Nordic on the mend Nordic Shipholding has revealed a huge drop in quarterly losses just days after securing a rescue package.
New deal for Louis Cyprus-listed owner Louis has returned to profit in 2013 as it nears an agreement with banks on restructuring its debt.
Pac Basin swoops for seven Pacific Basin Shipping has splashed out nearly $170m on seven newbuildings to continue an expansion drive stretching back to last September.
Four pirates face trial Nigeria is to prosecute four suspected pirates captured after a bloody gun battle to free a tanker in August.
Inchcape barred by navy The US Navy has suspended Inchcape Shipping Services after accusing it of "significant overcharging" on contracts.
ALNG slumps to a loss Lower freight rates and higher costs combined to send Awilco LNG to a second consecutive quarterly loss.
Somali suspect not guilty A US federal jury has cleared a Somali man of piracy, but he still faces two lesser charges.
Hansson hits OTC jackpot Nordic American Tankers' entry into the offshore space has proved a hit with initial investors in the new venture.
NITC steps it up National Iranian Tanker Company (NITC) is planning talks to boost its operations after the easing of western sanctions.
Dragon looters nabbed Vietnamese authorities have caught a group of thieves who were raiding containers on a stricken Heung-A boxship.
Navig8 adds two more Expanding shipowner Navig8 Product Tankers has declared its final two LR2 newbuilding options in China.
Thoresen tumbles Thoresen Thai Agencies has reported a full year loss of THB 5bn ($155m) thanks largely to a write-down in the value of its bulker fleet.
Thoresen seeks cash Thoresen Thai Agencies, the struggling Thai shipowner, is looking to investors to bail it out for a second time in less than a year.
Jinhui profit doubles Jinhui Shipping and Transportation has seen third quarter net income double compared to a year ago thanks to a series of one-off gains.
Gard targets Singapore Gard is set to join the growing number of P&I clubs setting up shop in Singapore.
Street sides with Diana Greek bulker owner Diana Shipping made waves Wednesday when it warned investors that a charterer was walking away from a contract inked at the height of the market.
Tanker disabled by fire An elderly products tanker has been abandoned off Vietnam after reportedly suffering an engine room fire.
Mexican move praised Seadrill's recent charter deal with Mexican state oil company Pemex has received the tumbs up from Cowen & Co analyst JB Lowe.
Prices soften in European ports Tight avails in Rotterdam.
Russian player reports Q3 profit of $1.6 million FESCO-Bunker LLC has been supplying in the Russian far East.
Clarkson Research: 'Admit you cannot forecast oil prices' Shipping industry must instead build ships with flexibility to cope with unpredictable future, says president of Clarkson Research.
Stopford: Be inspired by Apple for smarter shipping 'The technology you're working with sucks' and there is little room left to improve diesel engine says president of Clarkson Research.
Contract with Qatar makes LNG bunkering more 'feasible' Qatargas to deliver 10 bcm of LNG to Rotterdam's Gate Terminal.
Methanol has been 'overlooked' as alternative fuel Commercially viable with similar environmental profile as LNG, methanol deserves a closer look, conference is told.
Players say bunker sales have been 'lacklustre' 'Demand has taken a hit'.
Singapore fuel oil stocks up week-on-week Middle distillates down nearly 19%.
IFO prices still rising at major Asian ports Supplies of marine fuel tight at Hong Kong, Busan and Tokyo Bay.
LR report to focus on LNG as marine fuel 'It is exciting to see how fast the marine industry in North America is turning to LNG.'
US Navy suspends contracts with Inchcape Shipping Services Suspension based upon evidence of 'questionable business integrity'.
China fuel oil inventories fall on week Sinopec received 30,000 mt of bonded bunker fuel at Zhoushan.
Titan enters 'second stage' of HKSE delisting procedures Titan request for extension of deadline to submit resumption proposal denied.
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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