Scramble to buy shipping debt buoys prices as banks unload Hedge funds seek to control restructured companies, warns CIT Maritime's Engh
Company results round-up Free to read: Hamburg Süd, Anek and Euronav results reflect a year of cutting costs
StealthGas finalises bank finance for 17 newbuildings Vafias sees more bank interest albeit for gas shipping and offshore sectors
Private equity owner will keep hold of Wrist for the foreseeable future Altor has no plans for a listing or an exit, Kledal tells Lloyd's List
Top Evergreen executive defends fleet-expansion strategy Marcel Chang defends orders for 8,500 teu ships as competitors opted for larger tonnage
Hamburg Süd posts drop in annual revenues as overcapacity takes its toll German group blames weak freight rates and devalued dollar and expects more of the same
MPC Group and Thien & Heyenga take over struggling Ahrenkiel Pressure mounts on family firms as merger creates a top 10 managing owner
Hansen to replace Jacobsohn at Skuld New chief executive at P&I club from February 2015
Aker Philadelphia Shipyard sells interests in new hulls to Crowley Shareholders are promised a payout as $40m cash deal generates 'significant' profit
Bunker association's new chairman slams fuel quality Off-spec bunkers are a serious problem, says Oldendorff's Jorgensen
Five years on, Japan's shipowners are still singing the tonnage-tax blues Firms claim they face a heavier burden than rivals from other major shipping states
Seaspan takes four more 10,000 teu boxships New York-listed company exercises options at two Yangzijiang Shipbuilding yards
Southampton opens $166m box berth UK hub port can now berth three ultra-large container carriers at the same time
Anek posts smaller loss thanks to reduced costs Ferry firm in the red predicts further improvement this year
Improving crude markets help Euronav to reduce its annual losses Fresh capital helps Antwerp-based tanker owner to add Maersk tonnage to its fleet
MPA bans Coteam from bunker trading in Singapore Supplier violated bunker licence, says port authority
'Quintana 2.0' plots IPO The second incarnation of bulker owner Quintana has filed a registration for an initial public offering and listing on the New York Stock Exchange under the symbol 'QSP'
Hamburg Süd sheds market share Booking volumes were down 1% to 3.3M teu in 2013, while turnover slipped by almost 4% to €5.3Bn ($7.29Bn), weighed down by weaker freight rates and the depreciation of the dollar against the euro
Eagle Bulk debt buyers revealed Eagle Bulk's annual report confirms ongoing losses and discloses who took over the company's bank debt in late 2013
Klaveness orders Kamsarmax and combo options Norwegian Torvald Klaveness group has exercised three options at two Chinese shipyards, which includes two Kamsarmax bulkers at Jiangsu Newyangzi Shipbuilding and one combination carrier at Zhejiang Ouhua Shipbuilding
MOL seeks stability via LNG and offshore Mitsui OSK Lines said today it wanted to stabilise its earnings by focusing on the LNG and offshore sectors, which rely more on long-term contracts
Evergreen predicts better 1H14 Taiwanese carrier Evergreen Marine is expecting a better first half in 2014 because of dropping bunker prices and a rate increase for Asia-Europe services
Singapore strikes out another bunker supplier The Maritime and Port Authority of Singapore (MPA) has cancelled the bunker supplier and bunker craft operator licences of Coteam Petroleum Trading Pte Ltd with effect from today for contravening the terms and conditions of the bunkering licences
Bank Mandiri branches into Singapore Two subsidiaries of Indonesian bank PT Bank Mandiri Tbk have opened offices in Singapore, targeting the commodities and export businesses
Pacific Radiance fixes $100M contract for offshore vessel Singapore-based offshore oilfield service provider Pacific Radiance has bagged a contract worth up to $100M for its latest maintenance work vessel (MWV)
Shagang arrests another HNA Group ship Hong Kong company Shagang Shipping has arrested another ship owned by HNA Group
Genco in final bid to avert bankruptcy Peter Georgiopoulos-chaired Genco has received waivers from lenders allowing it to a avert Chapter 11 bankruptcy - but that relief will only last a single day
Vancouver Trucker Settlement Sets Up Big Reforms Port Metro Vancouver is confident that the revised 14-point action plan that convinced truck drivers in late March to end their four-week strike will establish the framework for a long-term solution to the port's frustrating drayage problems. If the agreement reached by truckers, the federal and provincial governments and the port...
STB to Hold Hearing Addressing Shippers' Rail Service Complaints WASHINGTON - Following many shippers' complaints of poor rail service, the U.S. Surface Transportation Board said today it will hear on April 10 from Class I carriers and their customers on what can done to improve service. Carload shippers have suffered more in recent months than their intermodal counterparts, as the...
Descartes Acquires US-Based Air Freight Solutions Firm Descartes Systems Group has acquired Computer Management USA to expand its software-as-a-service offering for logistics clients, particularly those in the U.S. air freight industry. Descartes, a global logistics technology solutions provider, purchased Computer Management USA for $6.6 million. Computer Management, which has offices in Florida and New York, provides security information...
Interroll Revamps Distribution As e-Commerce Grows Tim McGillInterroll, a maker of pallet rollers, drives, conveyors and other components that keep products flowing through modern distribution centers, is expanding its own distribution network to meet growing e-commerce-fueled demand from its customers. The Swiss company last month opened a 100,000-square-foot manufacturing and distribution center in Hiram, Ga., just outside...
Gloomy Outlook for Asian Air Cargo HONG KONG - Forget about steady growth in the air cargo markets. That was the blunt advice given by Denis Ilin, executive president of AirBridgeCargo Airlines, at an air cargo conference in Hong Kong today. In the best-case scenario, growth is going to be flat. This gloomy outlook was shared by other...
Hamburg Süd's Revenue Declines on Sluggish Traffic Growth, Lower Rates Hamburg Süd's revenue declined 3.9 percent in 2013 on subdued demand in its key South American market, falling freight rates and a weaker US dollar. The German container and bulk shipping company posted revenue of €5.3 billion (US$7.3 billion) as its liner shipping division grew traffic by just 1 percent from...
Knowler to Expand JOC's Asia Coverage Greg KnowlerVeteran transportation journalist Greg Knowler joined the JOC today as senior editor for Asia. Knowler's responsibilities will mainly focus on enhancing JOC.com's timeliness and scope of Asia-sourced news and analysis relating to the container shipping, logistics and freight transportation industries. His coverage will also appear in The Journal of Commerce...
MPC Takeover of Ahrenkiel Creates Top 10 Container Ship Manager MPC Group and Thien & Heyenga, the leading German ship management companies, have taken over the financially troubled Ahrenkiel Group in the latest consolidation in the nation's crisis-ridden charter shipping sector. MPC didn't release financial details of the takeover of the family-owned group, which has a 40-strong fleet of container ships,...
Werner Enterprises Named to Forbes 2014 Most Trustworthy Companies List OMAHA, Neb.--(BUSINESS WIRE)--Mar. 31, 2014-- For the second time in five years, Werner Enterprises (NASDAQ: WERN), a premier transportation and logistics company, has earned a spot on the Forbes list of America's Most Trustworthy Companies. Companies featured on the prestigious list earned the top 100 highest scores for trustworthy conduct over the four quarters...
Triton Overseas Transport Appoints New Office Manager HOUSTON, TX (Mar. 31, 2014) - Triton Overseas Transport, an industry-leading non-vessel owning common carrier (NVOCC) and international freight service provider, today announces the promotion of Vicki Matthews to the position of office manager. In her new role, Matthews will further Triton's commitment to unparalleled customer service and tailored transportation solutions...
Kane Is Able Recognized By PPL Electric for Energy Savings SCRANTON, PA - March 31, 2014 - Third-party logistics provider Kane Is Able, Inc. (KANE -- www.kaneisable.com) has been listed on the E-Power Energy-Smart Business Honor Roll by Pennsylvania Power and Light (PPL) Electric Utilities Corporation of Allentown, Pennsylvania. This award notes KANE's recent measures to make its Scranton campus distribution centers more energy...
Carrier Transicold Program Focuses on Refrigerant Quality SYRACUSE, N.Y. (USA), April 1, 2014 - To help raise standards of service and quality in refrigerant-handling operations for the container shipping industry, Carrier Transicold has launched the CareMAXTM program, a comprehensive refrigerant management recognition program for its authorized service centers. Carrier Transicold helps improve global transport and shipping of temperature-controlled cargoes...
Agricultural Shippers Told to Prepare for US West Coast Port Disruptions WASHINGTON - A group representing agricultural shippers and forwarders has warned members to prepare for labor disruptions and slowdowns at U.S West Coast ports starting in June and to make contingency plans Peter Friedmann, executive director of the Washington-based Agriculture Transportation Coalition, said he doesn't expect the International Longshore and Warehouse...
BMW's $1 Billion Expansion Seen Boosting Charleston Volume South Carolina's new inland port at Greer will get a big increase in the volume of autos and containers it handles for rail shipment to and from the Port of Charleston over the next couple of years. The leg up will come from the $1 billion investment that BMW announced...
US Auto Parts Imports Inch Up Containerized auto parts imported through U.S. ports reached 205,139 TEUs in the fourth quarter of 2013, increasing 1.0 percent year-over-year, according to PIERS, the data division of JOC Group. U.S. waterborne containerized imports of auto parts in the fourth quarter rose 1.0 percent year-over-year. Full-size image The increase marked a rebound from the...
TPM 2014 Sponsored Video: CenterPoint Properties Adam Roth, director of NAI Global Logistics, discusses projected changes in capacity, especially in trucking; rapid growth in Mexico and the transportation network for moving cargo from that nation; rising use of intermodal and railroads; and anticipated increases in the cost of transportation versus the cost of real estate....
What's the Cost of Drayage? It Depends Pricing for drayage is like many other aspects of the business - chaotic. "No one seems to have a handle on what standard pricing for drayage should be. It's tough to find a formula that a shipper can use as a guide," said Charles W. Clowdis Jr., managing director for global trade...
Investor unveils Genco stake A distressed investment firm has unveiled a sizeable minority stake in Peter Georgiopoulos' Genco Shipping & Trading.
Quintana reveals finances Quintana Shipping revealed in initial public offering (IPO) papers that it narrowed its annual loss in 2013 as revenue rose.
Scorpio rejigs newbuilding loan Scorpio Tankers has struck a deal to convert a $92m term loan into a revolving credit facility.
Sovcomflot under review Moody's Investors Service has placed the credit ratings of Sovcomflot (SCF) under review for a potential downgrade over what the agency views as the Russian tanker giant's deteriorating financial position.
Quintana back in $100m IPO Corbin Robertson has confirmed plans to take the Quintana name back to the US capital markets with the first stateside dry cargo IPO in almost four years.
The TW+ guide to... The Eighty-Eight
Never-ending story There are certain things you've come to expect from TradeWinds. How about "a rain-soaked night of passion", "a cursed sunken treasure", "long-hidden family secrets".
Transports of delight After 15 years of travelling to shipyards round Asia, a sudden rush of business for South Korea's shipbuilders gave me a chance to see more of the country.
Reborn from the ruins After being almost obliterated by Japan's most devastating natural disaster, Yamanishi shipyard is well and truly back in business, writes Adam Corbett
Anek losing less Greek ferry group Anek has reduced its 2013 deficit after cutting costs in tough markets.
Swissco in rig move Singapore-based offshore vessel owner Swissco is venturing into the rig arena through its latest acquisition.
Merger dream not dead Hamburg Sud may yet become part of the Hapag-Lloyd/CSAV containership merger, according to chief executive Ottmar Gast.
Keep the faith ICAP has issued a positive message to panamax bulker owners who have seen earnings collapse in the early part of the year.
Cadet jailed for smuggling A Jamaican cadet has been jailed for 13 years for drug trafficking on a Harren & Partner ship.
The family that ships together sticks together Singapore's efforts to expand in the shipping finance sector have not found much traction, mainly due to cultural issues.
Subsea 7 man helms Forland Forland Shipping has named Subsea 7 veteran Tore Larsen as its new chief executive officer with immediate effect.
Boxship sinks after clash An Indonesian feedership has sunk after a collision with a Pelni ferry early on Tuesday.
Tankers top the list Shipowners have invested over $7.7bn in second hand deals in the first quarter of 2014 at an average of almost $90m per day, according to data from VesselsValue.com.
Pirates and privations Running a radio ship when you're operating outside of the law isn't easy.
MPC buys Ahrenkiel Hamburg's MPC Group has taken over compatriot CF Ahrenkiel Group to create a new combined company with 62 boxships under technical management to see it through the prolonged downturn.
BWO inks Premier deal BW Offshore is set to order a new FPSO after clinching a charter contract in the UK North Sea.
Avance issue a hit Avance Gas has wasted no time in attracting investors to support its initial public offering (IPO) in Oslo.
Three dead in crash Three fishermen were killed and two more were missing after a collision off Spain involving a Wallenius Lines car carrier.
New CEO for Skuld Skuld chief executive, Douglas Jacobsohn, is to step down from the top job in the Norwegian marine insurance group with finance chief, Stale Hansen, taking the helm from February next year.
Aker Philly cashes out Aker Philadelphia Shipyard (AKPS) of the US has sold its profit-sharing interest in two tankers it built for Crowley for $40m.
STNG execs' $90m slice Scorpio Tankers' top three executives are sitting on shares in the shipowner worth almost $90m today.
ABG wins debt battle India's ABG Shipyard has clinched its INR 110bn ($1.83bn) debt restructuring after a cash injection from its main shareholders.
Klaveness back for more Norway's Torvald Klaveness has confirmed a move for three more newbuildings in China and has resold contracts for two of the vessels on order.
Eagle extends red run Eagle Bulk Shipping has posted a third successive annual loss in a run of red ink which extends to almost $190m.
Dorian lowers sights Dorian LPG has sliced more than $100m off the target for its initial public offering.
Dry double China's Shanhaiguan Shipbuilding has won its first new order since last November.
Bumi wins Kraken cash Bumi Armada has secured a $750m syndicated loan to help finance an FPSO for the Kraken oil and gas field in the North Sea.
Five more for Cosco China Cosco Holdings Co is continuing its order spree by lining up a deal for its biggest boxships yet.
Cape coup for Hanjin Korea's Hanjin Heavy Industries has won a deal to build a capesize costing KRW 60.44bn ($57.1m).
NYK eyes better margins NYK is to shift its investment emphasis towards the LNG and offshore sectors and downsize its bulker and containership activities.
Paragon secures funds Paragon Shipping says it has secured a firm commitment for a new $120m senior secured amortizing credit facility.
Genco talks extended Genco Shipping & Trading says it has has succeeded in securing more time for debt restructuring talks with its creditors.
Hedland faces strike Port Hedland, the world's largest iron ore export facility, could face disruption from possible industrial action.
Seaspan books four more Seaspan Corp has returned to China to exercise options for a further four 10,000-teu containerships.
Lufthansa pilots to strike Wednesday Lufthansa is facing "one of the biggest walkouts" in history starting Wednesday, it said, forcing the carrier to cancel a reported 3,800 flights. According to Vereingung Cockpit, employees will hold a demonstration and rally Wednesday.
FMCSA shuts down Texas carrier The FMCSA has ordered Texas-based FTW Transport to shut down operations, declaring the trucking company an imminent hazard. Officials said they have shut down 75 bus and trucking companies so far this year.
AA Cargo, US Airways link up in Phoenix American Airlines Cargo and US Airways Cargo have linked operations at Phoenix Sky Harbor International Airport, moving into one facility while still separate carriers, allowing customers to tender air waybills for both in one place.
XPO closes $335M Pacer deal
Evergreen joins CKYH alliance
Rep. Camp decides not to seek re-election Rep. David Camp, chairman of the House Ways and Means Committee, said Monday he will not seek re-election in November, leaving uncertainty over his recent proposal for comprehensive tax reform.
Washington Notebook: U.S. Customs to add 2,000 officers, accept more local donations
Descartes purchases air cargo security solutions provider
US crude oil shipper faces fine Accused of shipping more than its permit allowed.
Dynamic Oil Trading expands Singapore team Suzanne Lim has four years of bunker trading experience.
Set back to Sinopec's storage ambitions Indonesian project delayed by a year.
Prices soft across Europe Main grade fuel oil down $5 in Rotterdam.
Fujairah terminal to open on time Expected to come online at the end of the year.
Prices soften in Fujairah Demand average in Middle East hub.
MEPC 66 hears support for starting sulphur review Correspondence group to work on draft methodology, meaning study may get set in motion later this year.
Oil prices could tumble as market fundamentals shift Oil prices could fall to $75 per barrel over the next five years, according to Citigroup analyst.
Rotterdam: Shape of MGO demand to emerge before 2015 Imported cargoes will meet ECA-derived demand.
Asian bunker prices falling Prices have softened across all ports.
Chemoil exit offer 'fair and reasonable' Delisting move reflects 'lack of a need for access to capital markets'.
Fuel distributor sees profits rise Distribution main business including some bunkers.
IBIA has 'commitment to quality' New chairman seeks collaboration on off-spec bunkers.
South China fuel oil imports drop in March Due to Brightoil delaying its 100,000 mt fuel oil cargo to April.
Andatee reports annual loss Fall cushioned by 30% increase in bunker sales volumes.
Seaspan exercises options for fuel efficient ships Firm orders four boxships to be built in China.
Bunker player struck off Singapore suppliers' list Port currently has 63 licensed suppliers.
Tests on hybrid bunker fuel show lower emissions However, the product has lower energy density and requires increased fuel consumption.
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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