Call for China to form national shipping fund China should establish a national shipping development fund to promote the country's maritime industry, an industry insider said. Shouguo Zhang, executive vice chairman and secretary general of China Shipowners' Association, urged Beijing to make this move at the 2014 China Port & Shipping
SOL to operate three forest product carriers Swedish Orient Line (SOL), which is part of London-based Imperial Shipping group, said it will take over the operation of three large ice class roro forestry product carriers from Stora Enso. The move, which will take effect on 1 December, will add two routes to the portfolio of the company. The
Hoegh LNG wins Colombian FSRU deal Hoegh LNG Holdings, listed gas carrier owner, says it has been awarded a 20 year floating storage and regasification (FSRU) contract by Sociedad Portuaria El Cayao (SPEC) for an LNG import terminal in Cartagena, on the Atlantic coast of Colombia. "The contract is subject to SPEC obtaining necessary
Cutbacks remain challenge for MH370 search Cutbacks to Australian Transport Safety Bureau (ATSB) have made the search for missing Malaysia Airlines flight MH370 all the more challenging, the Bureau reported today. In the 2013-14 annual report, ATSB CEO Martin Dolan said the 12% staff reduction came in March before the aircraft went missing,
Mercator Lines' losses rise 11% y/y Singapore-listed, international dry bulk shipping company, Mercator Lines' losses rose 11% year on year to $13.4M in the first half ended 30 September, due to falling rates in the second quarter ended 30 September. Its revenues dropped 12% y/y to $30.9M during the same period, a statement of the
GSI plans $1.1Bn in shipbuilding acquisitions Guangzhou Shipyard International (GSI) aims to acquire its sibling CSSC Huangpu Wenchong Shipbuilding and shipbuilding assets of a privately owned yard in a CNY6.6Bn ($1.1Bn) share-and-cash deal. GSI, a subsidiary of China State Shipbuilding Corporation (CSSC), will issue about 339.9M shares at
CMES taking over Nanjing Tanker's VLCC fleet China Merchants Energy Shipping (CMES), a Chinese bulker and tanker operator, has started to take over the tanker fleet operated by Nanjing Tanker after teaming up with its parent company, Sinotrans & CSC. CMES had acquired the 2009-built 297,000dwt tanker of Yangtze Rhyme for about $60.3M
Nanjing Tanker reduces losses in 1Q-3Q14 Nanjing Tanker's losses narrowed 22% year on year to CNY767.8M ($125.3M) in the first three quarters of 2014 due to less finance costs. Revenues also declined 26% y/y to 4.1Bn yuan during the same period due to idled VLCC and MR tanker tonnage in the first half in 2014, a financial statement of
SIPG throughput increase drives profits up Shanghai International Port (Group) has recorded profits of CNY1.75Bn ($285M) in 3Q14, up 23.7% year on year, said its fiscal report on 30 October. Its total profit for the first three quarters rose by 18.1% compared with the previous year, standing at CNY4.7Bn, while the revenue during the same
CSIC profits plunged in 3Q14 Shanghai-listed China Shipbuilding Industry Corporation (CSIC) recorded profits of CNY860M ($140M) for the 3Q14, down by 31% year on year; and its total profits for 1Q-3Q14 amounted to CNY2.2Bn, a drop of 21% compared to the previous year. The company's revenue stood at CNY14.1Bn for the 3Q14 and
LR2 rates hit record high Freight rates to ship naphtha from the Arabian Gulf to Asia Pacific on LR2 products tankers have hit a record high. On 31 October, the Baltic Exchange assessed the rate at Worldscale 134.72 or $34,845/day, up from W118.94 or $28,456/day a week ago. This time last year, the rate was an unprofitable
Setback for new ILWU contract as employers take aim at union over work go-slows Seattle and Tacoma hit by labour disruption
Asprey buys Drum Cussac PMSC operation Clients should feel no operational impact
MR tankers still struggle to rise in value Recent secondhand sales show improvements in freight rate earnings are not leading to asset value increase
Is the Arctic a business and economic playground or battleground? Different agendas and differing stories paint a confusing picture of shipping's role in the Arctic, but the basic facts are simple
LA worst hit as boxships wait to berth No quick fix, say industry insiders, as congestion problems worsen
Investors positive on GSI's $899m expansion plans CSSC unit to increase capacity in defence, specialised vessels and handysize tanker sectors
Minsheng said to be behind DSME boxship order Chinese lessor exercises option in earlier deal to meet charter demand from MSC
Gloom continues to dog demolition sector Cheap imports of Chinese steel put downward pressure on rates
Automation row blamed for ILWU contract delays NYK tells customers that negotiations on a new labour contract 'stalled' over robotics at MOL's TraPac terminal
Star Bulk says Nobu Su suit 'without merit' Taiwanese owner launches US suit against Oaktree, Monarch, Pappas et al
VLGC spot rate back up and rising Market swings back in owners' favour as rates bottom out
Höegh LNG inks two FSRU charter contracts Long-term charters pull in earnings of more than $80m a year for Höegh
Intra-Mediterranean volumes to breach 17m teu by 2017 Western Mediterranean and Levant areas expected to lead the way as largest regions
Capital Product sees VLCCs as potential growth source Trio of Marinakis newbuildings could be future drop-downs
ClassNK's MOL Comfort report 'brings nothing new' But DNV GL's maritime chief welcomes rival's probe and see further advances of IACS discussions
Costamare lifts profit as fleet continues growing Greece-based owner buys another boxship in partnership with York Capital
China container exports to US accelerating even as its GDP growth slows China's containerized exports to the U.S. are showing significantly higher growth this year even as China's economy is expanding at its slowest pace since the financial crisis and when 2014 may show the slowest annual growth since the early 1990s. China's containerized exports to the U.S., which account for just under...
Indonesia aims to build three new ports via $1 billion bond offering A $1 billion offering next year will finance the construction of three new ports in Indonesia by 2017, the state-owned port operator said today. Port operator Pelindo II president Richard Joost Lino said the three ports were planned for Tanjung Api-Api in South Sumatra, Sorong in West Papau and West Kalimantan,...
Schedule reliability at LA-LB expected to improve, SeaIntel says Shippers are enduring the worst bout of congestion at Los Angeles-Long Beach in years, but some analysts who follow container shipping say the situation will soon improve. Morten Berg Thomsen of SeaIntel said congestion at the largest port complex in the Americas hit a peak last month, based on the firm's...
Skipped sailings being used by carriers in Asia to E.Coast South America Canceled sailings and shrinking volumes are injecting more volatility on the Asia-east coast South America trade, Drewry says. Volumes from Asia to the east coast of South America tracked by Datamar showed trade lane volumes dropped slightly, declining by about 4,500 TEUs January through August compared to the same time period...
Apparel, footwear importers urge FMC to push for ILWU-PMA deal The American Apparel & Footwear Association urged the U.S. Federal Maritime Commission and the ports of Los Angeles and Long Beach to press negotiators to agree on a West Coast longshore labor contract to help end "untenable congestion" at the ports. "This situation cannot be allowed to continue," AAFA President Juanita...
CP expects muted intermodal peak despite diversion gains Canadian Pacific Railway doesn't expect a "sharp seasonal peak" in intermodal volume this fall, even after seeing a modest bump in international intermodal traffic from diversions of U.S. West Coast traffic to Port Metro Vancouver and gaining domestic intermodal market share. In a Oct. 24 letter the U.S. Surface Transportation Board,...
Omnitracs completes $178 million acquisition of mobile computing rival XRS Trucking telematics supplier Omnitracs completed its $178 million acquisition of rival XRS, extending its product line and reaching deeper into the small fleet truck owner market. The acquisition is a sign of rapid evolution in the market for mobile transportation or telematics technology as a U.S. mandate for electronic driver duty...
Container ships still at anchor off LA-LB The mix of container ships backed up off the ports of Los Angeles and Long Beach is changing but the total count isn't, suggesting the congestion crisis at the busiest U.S. port complex isn't improving. Eight container ships were anchored in the waters off the ports this morning, according to the...
Waterfront employers accuse ILWU of slowdowns in Seattle, Tacoma The International Longshore and Warehouse Union is engaging in work slowdown actions at the ports of Seattle and Tacoma, waterfront employers say, raising fears that the tactics could spread to Los Angeles-Long Beach, the nation's largest container gateway. According to the Pacific Maritime Association, which represents shipping lines and terminal operators...
Port Everglades says record volume only the beginning A record-breaking year for Port Everglades is only the beginning, port director Steve Cernak said, as the East Coast's second-fastest growing port is embarking on several projects to add capacity and service bigger ships. Volumes at Port Everglades jumped 8.5 percent, hitting the 1 million TEU mark for the first time...
Shippers in JOC survey expect LA-LB congestion to worsen A whopping 97 percent of shippers surveyed by JOC.com say they have been hurt by congestion at the ports of Los Angeles and Long Beach, and most expect the pain to only deepen. Of the slightly more than 100 shippers surveyed from Oct. 30 through this morning, 65 percent expect congestion,...
Major Japanese container ports ride traffic gains TOKYO - Japan's five biggest ports saw their global container traffic rise in the first half of this year compared to the same period in 2013. The five ports - Kobe, Nagoya, Osaka, Tokyo and Yokohama - saw international container traffic gains between 0.4 percent and 4.5 percent. Within the same...
2015 growth forecast for intra-Mediterranean container trade Intra-Mediterranean container volume is expected to be flat this year at 14.9 million 20-foot-equivalent units, but rise to 15.6 million TEUs next year and 17.1 million TEUs by 2017, according to the Dutch consulting firm Dynamar. Trade between Mediterranean ports in the region is a subset of the estimated 56 million...
Drivers at FedEx Freight terminal in New Jersey join Teamsters The Teamsters union won a representation election at a New Jersey FedEx Freight terminal Oct. 31, but called off another vote at a less-than-truckload terminal in Pennsylvania. Road and city drivers at the FedEx Freight South Brunswick terminal in Monmouth Junction, New Jersey, voted 66 to 42 to join Teamsters Local...
Yusen Logistics swings from red to black in fiscal first half TOKYO - Major Japanese international freight forwarder Yusen Logistics Co. saw its net profit surge 146.8 percent year-over-year in the first half of fiscal 2014, which ended Sept. 31, to ¥695 million ($6.17 million). The sharp rise in net profit came despite an extraordinary loss of ¥1.478 billion the Tokyo-based company...
Global air cargo growth accelerates, but IATA notes challenges Growth in global air cargo accelerated in September, increasing 5.2 percent from a year ago. However, the market faces uncertainty because of faltering business confidence, according to the International Air Transport Association. Full-size imageSeptember's strong performance, driven by increased activity in Asia-Pacific and North America, followed monthly rises of 5.8 percent...
Navigator seals orders Navigator Holdings has firmed up a contract to construct a pair of handysize LPG carriers at a shipyard in South Korea.
Bugbee quits Dorian board The president of Scorpio Tankers (Scorpio) has relinquished his seat on Dorian LPG's board of directors.
Mims downs Matson Shares of Matson tumbled in midday trading Monday following the loss of an endorsement from FBR Capital Markets.
Atwood delays drillships Atwood Oceanics of the US has postponed delivery of two ultra-deepwater drillships that are under construction at Daewoo Shipbuilding & Marine Engineering (DSME) in South Korea.
GHS replaces Nokta Global Hunter Securities (GHS) of the US has filled a vacancy created by the recent departure of industry veteran Omar Nokta.
Locked and loaded A joint venture between Prime Tanker Management of Greece and Castlelake, a private equity firm based in the US, has secured the ammunition it needs to acquire up to five product tankers.
Busan's big vision South Korea's Busan port has revealed plans for a greater focus on transhipment cargo as it looks to expand its network worldwide.
Chuck and run German marine police are investigating the throwing of a 25kg object from a bridge on to a Peter Dohle cargoship.
GE wins MR race Great Eastern Shipping of India is being linked with the purchase of a Japanese MR tanker.
Newport charts recovery A sustainable recovery in the dry cargo market will begin to take hold next summer and work towards a peak in 2016 and 2017, a UK operator says.
Sinotrans seals loan deal State-owned Chinese bulker owner Sinotrans Shipping has clinched a $10m loan deal to sister operator CSC.
NCL in $680m issue Norwegian Cruise Line has unveiled a $680m notes offering to underpin its takeover of Prestige Cruises.
Crew hit by food bug A crew on a Greek bulker have suffered food poisoning after eating fish they had caught on a voyage to New Orleans.
Demand drives VLCC spike A nine-month high in VLCC chartering activity last week pushed rates up to a level not seen in the past year.
Cruiseship refloated A Greek cruiseship has refloated after going aground off Norway.
Halloween mystery A cruiseship sailing off the Bahamas hit an unknown object on Friday, forcing nearly 1,000 passengers to return to Miami.
Tallinn orders quartet Estonia's Port of Tallinn has opted for shipyards in Poland and Turkey for its new ferry order.
CMES calls a halt Expanding China Merchant Energy Shipping (CMES) is suspending its shares while it plots a "major issue."
Pac Rad secures contract Pacific Radiance has secured a long-term contract for one of its newly delivered vessels.
Stena teams with Mann Sweden's Stena Line and UK rival Mann Lines have signed a cooperation deal to boost North Sea and Baltic ro-ro operations.
GSI back with a bang Guangzhou Shipyard International shares came to life in their first trading day in seven months today.
Cosco Corp makes more Cosco Corp (Singapore) has increased its profit for the third quarter thanks to rising shipyard and dry bulk revenue.
Hoegh in FSRU clean-sweep Hoegh LNG Holdings has sealed employment for its final open FSRU newbuilding at the same time as finalising a deal for a third vessel in the series.
Princess crewman killed A seafarer has plunged to his death when a rescue boat fell into the water from a Princess Cruises vessel in Panama.
Jasper finds buyer Singapore owner Jasper Investments has managed to sell its floatel newbuilding after failing to fund its delivery.
Another two for DSME South Korea's DSME has won another contract for LNG carriers worth KRW 455.7bn ($425m).
Singapore haze worsens Haze continued to plague Singapore on Monday with air quality reaching an "unhealthy" for the second day in a row.
Collision master fined A master of a wind farm passenger transfer vessel has been fined after his vessel collided with a floating military target in the UK.
BOTL places rig orders The Bank of Tokyo-Mitsubishi UFJ has returned to Singapore to order two jack-up drilling rigs in deals worth $440m.
CMRE beats expectations Costamare reported a largely unchanged third-quarter earnings performance that was ahead of analysts' expectations.
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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