The view far over the VLCC horizon Owners should enjoy the near-term outlook, but keep an eye on the bigger picture
Angelicoussis increases VLCC order at Daewoo Greek owner finally clinches four vessels plus two options at about $95m each
GasLog Partners sees profit fall amid higher financing costs Company posts second-quarter profit of $2.4m from $8.4m for the same time last year
SCS Multiport links Zeebrugge with Tilbury Twice-weekly offering will set sail this Sunday
Seanergy reports zero revenues as it awaits capesizes Second-quarter results see shipless Greek owner looking to the future
Two-tier market spurs need for the newest VLCCs Maran's order unlikely to be the last this year
BG Group's Queensland LNG export project on track for first cargoes by year end News of Curtis Island shipments will come as a relief to carriers
Fleet update: Inactive fleet up to 1.4% Inactive fleet increases slightly on a week ago but lags behind 2013 levels
Rongsheng predicts much wider net loss in January-June Troubled Chinese yard continues dismal performance with falling revenues
Top Ships finds improved deal for newbuilding tanker trio MRs signed up with Stena Weco for at least three years as EShips steps aside
Speed flexibility the key for boxships The requirement for flexible and efficient ships will drive the need for energy recovery systems
Russian sanctions add to cross-border trade risks Little time to comply with new restrictions imposed by the west
Middle East refinery expansion boosts LR2 tankers to earnings high Saudi Arabia's Jubail refinery is already on stream and two more will come on line in the second half of this year
Pacific Basin posts $91m first-half loss on writedown amid a weak market Failure to sell PB Towage costs $63.9m in writeoffs and provisioning
Attractive Dorian LPG keeps suitors at bay VLGC owner Dorian has just made itself an even more interesting takeover target - but it has other plans
Ports America takes 30% stake in K Line's Long Beach and Tacoma terminals Deal grants port subsidiary more opportunities to receive ultra-large boxships
Grand China Shipping officers fined for shortcut across Great Barrier Reef Capesize Bulk Ingenuity tried to sail through environmentally sensitive area
NYK increases profits by 19% in first fiscal quarter Despite profit growth, NYK warns of difficult environment in most sectors
Baltic Trading's capesizes support rise in revenue But Genco-backed dry bulk operator's losses grow
K Line posts weaker first-quarter results Stronger performance in container shipping offset by lower dry bulk rates
US sanctions North Korean shipping firms Sanctions have been imposed on two North Korean shipping companies that tried to smuggle military weapons from Cuba. The US Treasury Department sanctioned Chongchongang Shipping on 30 July, which is owned by the North Korean government, and Ocean Maritime Management. Chongchongang Shipping is the
Hong Kong's Jinhui issues profit warning Hong Kong-based dry bulk shipping company Jinhui Shipping has issued a profit warning, saying that the board expects the company to report a net loss for 1H14 in August, when its interim results are due. "The board wishes to inform the shareholders of the company and potential investors that, based
Progress reported on Antwerp reefers The port of Antwerp, one of Europe's major perishable-cargo hubs, has improved its performance on equipment provision for containerised reefer commodities. According to the latest report of the 'Plus 3 Reefer inspection' programme by Belgian reefer freight forwarder Foodcareplus, the proportion of
Box operator consolidates at Long Beach Ports America is buying a 30% stake in a rival Long Beach container terminal operator in a deal that both parties say will help them expand their box operations. The purchase of stock in ITS, announced on 31 July, will also allow ITS to handle ultra-large containerships. Ports America provides
Suez Canal deepening to begin A major dredging project that will deepen a 34km section of the Suez Canal's western channels by 1.2m to 15.8m is scheduled to get under way this week. "This project will allow giant container ships heading south to pass through these channels and reduce total transit time," the canal authority
Baltic Trading results fall short NYSE-listed Baltic Trading posted a greater than expected quarterly loss as dry bulk spot rates remained depressed. The Peter Georgiopoulos-chaired bulker owner reported a net loss of $5.7M for 2Q14 versus a loss of $4.6M in 2Q13. The loss of $0.10/share in the latest period compared to analyst
Acciona to sell Trasmediterranea Spanish infrastructure and energy group Acciona plans to sell its shipping subsidiary Trasmediterranea before the end of the year. Acciona corporate development officer Juan Muro Lara indicated that the group regarded the shipping company as a non-strategic asset and planned to sell it as part of
Pacific Basin in the red in 1H Hong Kong-listed Pacific Basin Shipping made a $90.7M loss during the first half of 2014, down from a profit of $300,000 for the same period last year. The figures were explained by a write-off and provision for its towage business, as well as the weak bulk freight in the second quarter, the company
Subsea7 reports strong interim results Subsea7, the London-based seabed to surface construction company that is listed in Oslo, has reported a marked improvement in interim results. The company launched a second $200M share purchase programme, the company said in two separate statements. Group net profit in 2Q14 amounted to $265M
HK crew fined for reef rules violation A bulk carrier at Abbot Point coal port in Australia has been detained for crossing the Great Barrier Reef without the required nautical charts. The second officer of Hong Kong-flagged Bulk Ingenuity was fined AUD85,000. The master was also fined AUD40,000,(USD116,000) Australian federal environment
Malaysia set to join MH370 seabed mapping Australia today released an updated map of the seabed survey area in the southern Indian Ocean where the missing Malaysian Airlines MH370 is suspected to have crashed. Two vessels - the Chinese PLA Navy vessel Zhu Kezhen and the Australian contracted Dutch specialised survey vessel Fugro Equator are
Hutchison Whampoa's port throughput up 1H14 Hutchison Whampoa reported that its ports and related services division's throughput grew 5% year-on-year to 39.6M teu in the first six months of 2014. The revenues grew 2% y/y to HKD17.3Bn (USD2.2Bn),mainly due to throughput growth in all segments, the company said. EBITDA and EBIT increased 4% and
Japan's 'big three' post positive 1Q14 earnings Japan's 'big three' shipping lines posted positive earnings for the first quarter, which ended on 30 June. Mitsui OSK Lines (MOL) posted a net income of JPY8.5Bn ($83.1M) for 1Q14, lower than its 1Q13 net income of JPY12.9Bn ($126M), ending on 30 June 2013. Similarly, Kawasaki Kisen Kaisha (Kline)
MPA Singapore launches safety campaign Maritime Port Authority of Singapore (MPA) launched an industry-wide campaign today to promote a safety-first culture at sea. "Singapore is the world's busiest port in terms of vessel arrival tonnage, and is located along the vital shipping lane and one of the world's busiest waterways," said Andrew
MES, ClassNK to research engine monitoring system Japanese shipbuilder Mitsui Engineering & Shipbuilding is working with compatriot classification society ClassNK to develop a condition-based engine monitoring system for the Mitsui-MAN B&W diesel engines. The system aims to detect abnormalities in diesel engines to enable preventive maintenance.
RCL restructures Manila-Singapore service Thai feeder operator Regional Container Lines has restructured its Manila-Singapore (RMN) service, adding Philippine port Batangas to the rotation to circumvent congested Manila. The new RMN will service the weekly Singapore/Batangas/Manila/Singapore route with two 1,700teu ships. RCL will deploy
Ezion posts strong 2Q14 earnings Singapore-listed offshore services provider, Ezion Holdings (Ezion), recorded strong earnings for 2Q14, thanks to the deployment of additional units of the company's liftboat and service rigs. Ezion's 2Q14 net profit, ending on 30 June, rose 25.5% quarter-on-quarter to USD45.47 million from USD36.2
Bigger ships for Asia-South America trades Box ships for Asia-South America services are getting larger, according to Shanghai Shipping Exchange (SSE). Mega container ships, such as the 14,000teu ships, are now plying the Asia-Europe routes, while super post-Panamax fleet between 8,000teu and 14,000teu are deployed for Asia-South America
Qingdao Port Group and subsidiaries receive writ Qingdao Port Group, its Hong Kong-listed subsidiary Qingdao Port International, and subsidiary companies, have received a writ of summons and a notice of responses to action from the Qingdao Maritime Court. This relates to a complaint by Citic Australia Commodity Trading that it suffered a loss of
CSSC-SSE losses narrow in 1H14 Shanghai-listed CSSC Steel Structure Engineering (CSSC-SSE)'s losses narrowed 11% year-on-year to CNY54.7 million (USD8.9 million) in the first half in 2014 due to lower losses incurred from its non-shipbuilding sector. Its revenues rose 7% y/y to CNY343.4 million during the same period due to
Pan Ocean books profit for 2Q14 South Korean bulker company Pan Ocean has made a USD303 million profit for 2Q14, showing that its restructuring programme is progressing well. Formerly called STX Pan Ocean, the company went into receivership in June 2013 after incurring debts of over USD5 billion due to heavy investment during the
Maritime education initiative launched Singapore maritime dialogue, launched on 30 July, is set to promote maritime education and scholarship opportunities among students, while engaging them on key issues relating to the shipping industry. The dialogue is an idea of MaritimeOne, an initiative by Maritime and Port Authority of Singapore
Appointment system helps APL clear LA terminal congestion Operations at the APL terminal at the Port of Los Angeles were back to normal this afternoon after several weeks of congestion that frayed the nerves of harbor truckers and tarnished the reputation of a terminal that had been considered a model of efficiency in the industry. The lessons to be...
Plan to protest arrival of Zim ships at Oakland postponed A group of pro-Palestinian activists will not be gathering en masse at Port of Oakland's Berth 57 on Aug. 2 to protest the arrival of ships belonging to the Israel-based carrier Zim Integrated Shipping Services, the group announced on its Facebook page. Protesters from a group calling itself Block the Boat...
NY-NJ port sets six-month cargo record The Port Authority of New York and New Jersey said port terminals handled record container lifts during the first half of 2014 despite winter storms that produced severe congestion during the year's first weeks. Containerized cargo volume through June totaled 1,583,449 container lifts of loaded containers of all sizes, up 5.4...
Target's Gabrielson named VP of transportation at Lowe's Rick Gabrielson, senior manager for import transportation at Target Corp., has been named vice president of transportation at Lowe's Cos. Lowe's spokeswoman Chris Ahearn said Gabrielson will begin his job on Aug. 18. He replaces Steve Palmer, who is retiring after 12 years as vice president of transportation. Gabrielson will be in...
European logistics giant Norbert Dentressangle expands in US Norbert Dentressangle's $750 million acquisition of Iowa-based Jacobson Companies not only gives the European logistics giant a larger footprint in a faster-growing economy but also one with more supply chain management outsourcing potential. The acquisition that will make the Jacobson the fifth-largest U.S. provider of logistics contract services will also allow...
LTL profits fueling expansion at Old Dominion, Saia The strength of the 2014 economic recovery isn't being questioned at Old Dominion Freight Line and Saia, two of the most profitable U.S. less-than-truckload carriers. As the U.S. economy expanded at a 4 percent rate in the second quarter, ODFL and Saia saw shipments and tonnage increase, driving revenue higher at...
Truckload rates, load ratios dropping DAT dry van and reefer spot rates have fallen for three weeks. Full-size chart Spot rates have remained high as the trucking industry recovers from a tough winter and works its way through a capacity tightening, but freight rates are starting to trend toward more typical levels. For the third straight week, both...
Echo Global Logistics lifts revenue target as truck capacity tightens After hitting record gross revenue and net revenue in the second quarter, Echo Global Logistics sees more opportunity in helping shippers secure space in an increasingly tightening market. In fact, it sees so much opportunity that the third-party logistic provider recently told investors that it expects to reach $2 billion in...
Con-way's profit jumps on growth in demand, higher rates The strengthening U.S. economy, a second-quarter surge in freight and higher rates boosted revenue and profit at Con-way's less-than-truckload, logistics and truckload divisions. Total revenue at the $5.5 billion transportation and logistics company climbed 8 percent year-over-year to $1.5 billion, with net profit rising 25.2 percent to $53.7 million. Menlo Worldwide Logistics...
MOL reports sharply lower 1Q container results Mitsui O.S.K. Lines Ltd. reported a sharp deterioration in its container-shipping financials for its fiscal first quarter ending on June 30th and said that rates during the remainder of its year would not recover to the degree it had projected. Container segment losses widened to 7.2 billion yen ($70 million) from...
Carriers cling to hopes of peak-season rate rises Interim result season is in full swing, and the financial reports reveal carriers in the container-shipping industry searching for a silver lining. Growing trade volumes on the major east-west routes have raised expectations of a solid peak season, and some lines are hoping that rates will rise along with demand. "Although the...
Acquisitions fuel surge in revenue at Roadrunner Roadrunner Transportation Systems reaped the benefits of an aggressive acquisition strategy in the second quarter, as truckload revenue soared year-over-year. Robust truckload and brokerage revenue helped compensate for weaker growth in less-than-truckload sales. Overall, Roadrunner increased revenue 38.6 percent year-over-year, or $128.3 million, to $460.2 million. Net profit increased by $800,000,...
US domestic carrier Horizon Lines sees volume up, but rates down Horizon Lines reported a 10.8 percent increase in its second-quarter container volume but said rates declined, largely because of growing competition on its Jones Act domestic trades. The carrier posted a $1.6 million net loss for its second quarter but said adjusted earnings before interest, taxes, depreciation and amortization increased 7.4...
Terminal operator Ports America buys stake in ITS Terminal operator and stevedore Ports America, with services in every major U.S. port, is expanding its footprint on the U.S. West Coast. The company purchased a 30 percent stake in International Transportation Service, a "K" Line subsidiary that operates in the ports of Long Beach and Tacoma. Ports America already works...
LA, Long Beach seek to balance expansion, capacity The ports of Los Angeles and Long Beach are aggressively expanding their cargo-handling capacity through multibillion-dollar capital programs, while at the same time being careful not to build excess capacity that will drive terminal operators' rates lower. The problem the nation's two largest container ports face is that automation is necessary...
China forecast to remain top US footwear source China will remain the clear leader in U.S. footwear imports even as Vietnam and other countries nibble away at its market share, according to a new forecast by the Footwear Distributors and Retailers of America. The association said China's 81 percent share of U.S. imports in 2013, measured in pairs of...
Lufthansa Cargo stays in the black as rivals stay in the red Lufthansa Cargo today posted another profitable quarter despite lower traffic and revenue, overcoming a weakening global air freight market that has trapped many of its leading rivals in the red. The German carrier booked an operating profit of €13 million euros ($17.4 million) in the three months through June, down 62...
Matson in the money Matson turned in a second-quarter profit Thursday that was in line with many Wall Street forecasts but a penny below analysts' consensus estimate.
Dorian shares dip A leading equity analyst is urging clients to accumulate shares of Dorian LPG (Dorian) on the heels of a drop that followed the release its second-quarter earnings report.
All eyes on ethane Enterprise Product Partners (EPP) made waves Thursday after lining up another long-term contract for an ethane terminal under construction on the Houston Ship Channel.
Fit for a king Efforts to maintain the size of Heidmar's VLCC pool seem to be bearing fruit thanks in part to what appears to be renewed support from co-owner George Economou.
AET will not lighter Malaysian tanker owner AET has extracted itself from the US legal wrangle over Kurdish oil claimed by Iraq on a Greek owned tanker.
Investor revealed 12 West Capital has emerged as the US investment fund that injected $40m into Diana Containerships this week.
Diana bags Bunge deal Diana Shipping has tied up period work with Bunge for one of its panamax bulkers.
Kirby up in busy Q2 Kirby Corp has posted a strong set of second quarter numbers in which it continued to grow its fleet.
GasLog Partners profit falls But ambitious newly listed LNG carrier owner highlights higher ebitda numbers as it talks of expansion.
Daiichi brightens projections Daiichi Chuo has lowered its loss projections for the full year after reducing its red ink in the first three months of its financial year.
Towage hurts Pac Basin A write-down on its towage business has helped push Pacific Basin Shipping to a loss of $90.7m for the first half of the year.
Jinhui heading for loss Leading supramax owner warns that weaker than expected freight market will result in red ink on the books.
'Triumphant Return' to Diaoyu Islands A Chinese rig is said to be headed for disputed waters in the midst of naval exercises.
Rongsheng fires warning Troubled shipbuilder Rongsheng Heavy Industries has braced investors for a loss in the first half of 2014.
Maran VLs confirmed John Angelicoussis has placed an order for four VLCCs at South Korea's DSME, the shipbuilder confirms.
NYK profit soars Profit of the biggest of the Japanese shipping groups soared almost 20% in the first quarter as cargo volumes increased.
MOL slices forecast Japanese owner lowers full-year projection after booking smaller Q1 profit.
Heavy discount for Cosig shares Shipbuilder Jiangxi Jiangzhou is raising cash to expand into financial leasing and add capacity.
Fresh work for Top trio Top Ships has secured period contracts for three of its vessels after existing charters with Emirates Ship Investment Company (EShips) were cancelled.
Garamendi bill seeks to promote export of LNG on U.S.-flag ships
Truck rates continue to fall
Japanese container business suffers from overcapacity, low rates Japan's three largest shipping companies - NYK, MOL, and "K" Line - reported mixed results for the fiscal first quarter, which ended June 30 for each of the companies.
Infrastructure fund eyes Maher Terminals Deutsche Bank recently put Maher on the sales block. Maher operates the largest terminal in the Port of New York and New Jersey, as well as the Prince Rupert intermodal container terminal on the West Coast of Canada.
Treasury sanctions North Korean shipping companies "The Chong Chon Gang episode, in which the [North Korean government] tried to hide an arms shipment under tons of sugar, is a perfect example of North Korea's deceptive activity," according to a Treasury official.
Congressman asks for review of Gulftainer-Port Canaveral deal Hunter said Gulftainer is owned by Crescent Enterprises, based in the United Arab Emirates, and that the deal with Port Canaveral "marks the first time a Middle Eastern company will fully operate a U.S. cargo terminal."
Ports America to acquire 30% of "K" Line's U.S. terminal subsidiary The two companies will introduce and utilize Ports America's expertise, technology and safety programs at ITS gate, yard and vessel operations, and seek to expand its container terminal business.
Redwood City port boasts 19% cargo increase for year
UPS hits green targets ahead of schedule
Virgin Atlantic adds lightweight containers
Old Dominion set operating ratio record in Q2
Crowley's project services established in Singapore
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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