VLGCs? remarkable rates streak is coming to an end Expect volatility in freight rate earnings, but summer should still be good for owners, say experts
Filipino seafarers are spared EU ban But Philippines authorities should report to European Commission quarterly, says Emsa
Turkish owner to load first crude to come out of Libya?s Zueitina port in 10 months Libya?s rebel-held eastern ports are opening ?one by one? Gungen Maritime chartering manager tells Lloyd?s List
Maersk Broker appoints new head of research Former PwC partner takes charge of research at Copenhagen-based firm
Capesize market quiets as iron ore demand softens Vale says supply has finally outstripped demand
Wan Hai plans $166m bond issue Taiwanese intra-Asia specialist seeks to replenish medium- and long-term working capital
Hapag-Lloyd plans congestion charge if unrest breaks out at US ports Carrier speaks out ahead of contract talks between dockers and ports
Tilbury wins Seago Line call Service between Morocco and Russia makes first call at the port this week
New dawn for Liverpool? Containerisation International and Lloyd?s List to host a debate to consider the future of the port and Merseyside as a leading maritime hub
BW Offshore signs $2bn FPSO charter Deal with Premier Oil has extension options for up to 18 years
Aker Philadelphia Shipyard posts record quarterly results Performance highlights the value of investing in Jones Act shipping
CSC Phoenix returns to profit in the first quarter Chinese state carrier is emerging from court-ordered restructuring
RBS cuts its shipping book by $2.5bn State-owned bank continues to shed industry loans despite stronger profits
Asia-Europe rates hit their highest level since mid-February SCFI index shows prices on Shanghai-North Europe services reach $1,305 per teu
Week on Wall Street | May 2 Free to read: Shipping?s letter from America
Hyundai Merchant Marine sells 80% of LNG tanker fleet Cash-strapped South Korean carrier in $971m deal with IMM Investment
Twell joins LISCR London office Former CMA CGM man will focus on IMO work
Transpacific lines target $400 per feu peak season levy Strong load factors as eastbound cargo volumes continue to recover
Winning bidder announced for Melbourne?s third container terminal ICTSI part of consortium that will operate Webb Dock facility
The need for speed Pressure to build eco-ships is creating vessels that are dangerously underpowered
Sewol disaster: 228 confirmed dead Rescuers today found two more bodies from the capsized Sewol ferry as the families of the missing victims turned up at the disaster site to encourage the divers and other rescue workers. The Sewol, carrying 476 passengers and crew, capsized around 1100hrs South Korean time on 16 April near Jindo
Maritime Maisie completes salvage in Ulsan The chemical tanker Maritime Maisie has safely offloaded its remaining cargo and fuel after being given a port of refuge in the South Korean port of Ulsan. The IMC-owned vessel was in danger of break-up after colliding with car carrier Gravity Highway on 29 December last year. Maritime Maisie was
Container trade market may weaken Spot freight rates in container trades rose by 11% in April on the previous month, but the market seems poised to show signs of weakness later on in the current year due to oversupply of tonnage, a senior shipping analyst has said. "Spot rates in April exceeded those in March by 11%. The rise is
Minaminippon, Shin Kurushima win Tokyo tankers Japanese shipyards Minaminippon Shipbuilding and Shin Kurushima have won orders for up to six stainless steel chemical tankers from compatriot operator and MOL subsidiary Tokyo Marine. The four firm 35,000dwt vessels are scheduled for delivery in 2016 and split between the two yards with two options
Taizhou Catic secures final two Oldendorff options Chinese shipyard Taizhou Catic Shipbuilding Heavy Industry has secured the final two Newcastlemax option conversions from German shipowner Oldendorff. Delivery of the two 208,000dwt vessels is scheduled for May and August 2017, and the owner now has a total of eight newcastlemaxes on order at the
COSCO Corp vulnerable as drillship order cancelled COSCO Corp, the Singapore-listed shipbuilding and bulker unit of the COSCO group, remains vulnerable as it has lost a drillship order, said analysts today. The firm posted net profit of SGD12.6M ($10.1M) for the first quarter of 2014, which was up 30% year-on-year (y/y) but with a margin of just
Frontline close to $100M share sale ceiling Frontline, the listed VLCC and Suezmax operator in John Fredriksen's business empire, is approaching the $100M ceiling of its at-the-market (ATM) share sale programme. "Frontline has issued 1,635,589 ordinary shares under that programme during the month of April 2014. Following such issuance,
ICTSI gains Australian foothold Manila-based International Container Terminal Services Inc has finally secured a foothold in Australian terminals after today's announcement that its joint venture with Anglo Holdings was the winning bid for Melbourne's new container terminal. ICTSI said its contract with the Port of Melbourne
Chonghaejin selling Sewol's 'sister ferry' Chonghaejin Marine, currently being investigated over the Sewol ferry disaster, is selling Ohamana, the ferry that alternated with Sewol on the Incheon-Jeju route, IHS Maritime has learnt. Chonghaejin Marine owns Sewol, which capsized on 16 April, killing an estimated 302 of the 476 passengers and
HPH Trust 'expected to perform better' Singapore-listed Hutchison Port Holdings Trust is expected to perform better this quarter despite rising labour costs, said UOB Kay Hian Securities. The trust, which holds units of Hutchison Whampoa's terminals in Hong Kong and China, posted a net profit of $98.2M in 1Q14, up 18.6% year on year. The
China Rongsheng HI proposes $129M bond issue Chinese shipbuilder China Rongsheng HI is proposing to issue HKD1Bn ($129M) worth of convertible bonds to the son of one of its shareholders to raise more cash. The subscriber, identified only as "Zhang" in Rongsheng's filing to Hong Kong Exchanges & Clearing, is the son of Zhang Dehuang, who has a
HHI suffers huge losses in 1Q Hyundai HI bled red ink for 1Q14, posting a KRW91Bn ($88M) net loss for the period. The loss reversed the KRW319.7Bn net profit for 1Q13. The world's biggest shipbuilder had an operating loss of KRW188.9Bn from its shipbuilding, offshore and plant businesses. Samsung Securities analyst Han Young Soo
Moody's revises global shipping industry outlook For the first time since 2011, ratings agency Moody's Investors Service has given the global shipping industry a stable outlook. Moody's assistant VP and analyst Mariko Semetko said: "The revision reflects our expectation that the global industry's aggregate EBITDA will rise by mid-single digits in
KSA president resigns over Sewol The president of the Korea Shipping Association has resigned over the Sewol disaster, amid growing concern in the country that the government is executing a witch hunt on South Korea's maritime community. The association, the trade body for South Korea's domestic passenger ships, said its president
Indonesian crewman faces people smuggling charges An Indonesian crew member apprehended off Christmas Island faced trial in Sydney, Australia, this week for alleged people smuggling. Safrudin Ansa was on board the SIEV 577 when Australian authorities intercepted the vessel on 21 January, 2013. It was Ansa's second trip to Christmas Island ferrying
China expected to remain major soybean importer Despite reports of Chinese soybean traders and importers defaulting on cargoes, China would remain a major soybean importer, said Italian broker Banchero Costa. China imported 63.4M tonnes of soybeans in the 2013 calendar year, an increase of 8.6% year on year from the 58M tonnes recorded in 2012.
UMW-OG takes rig ahead of schedule Malaysian offshore oilfield service provider, UMW Oil & Gas, has just taken delivery of $223M rig, Naga 5, from Keppel Corporation, one month ahead of schedule. The quick delivery surprised many as delays are common in the industry. UMW-OG has planned for Naga 5 to leave for the Philippines on 3 May
SMIT Singapore engaged in Sewol salvage The Singapore unit of towage and salvage service provider, SMIT, has been engaged to assist in the recovery of missing bodies from Sewol. According to a statement released by South Korea's Ministry of Oceans and Fisheries, written in Korean, "The families of the missing victims have been
UNESCO renews concerns for Great Barrier Reef The United Nations renewed warnings it may yet place Australia's Great Barrier Reef on the World Heritage Endangered List. While citing climate change as the most significant threat to the Reef, the UN Educational, Scientific and Cultural Organisation (UNESCO) also highlighted port development and
Adaro Energy's earnings rise sharply in 1Q14 Adaro Energy, Indonesia's second biggest coal producer, saw 1Q14 earnings rocket 344% year on year to $131M. It mainly comes from increasing income in several trading sectors of the company. Adaro benefited as rising coal demand encouraged it to ramp up production volumes by 22% y/y to 14M tonnes.
S Korea's coastal VTS centres to come under coast guard In the wake of the VLCC Hebei Spirit oil spill, South Korea's Prime Minister's Office has decided to transfer control of coastal vessel traffic systems to the Korea Coast Guard, from the Ministry of Land, Infrastructure and Transport. In the morning of 7 December 2007, a crane barge owned by Samsung
Ocean Carrier Rate Revision Roundup for May 2 Several carriers have planned general rate increases in multiple trade lanes in May and June, although any gains achieved could be temporary as overcapacity and sluggish global demand continue. Shipping lines in their global operations have lost billions of dollars in four of the past five years because of overcapacity fostered...
Chinese Urbanization Drives US Log Export Growth U.S. containerized exports of logs and lumber, 2007-2014 Full-size chart China?s relentless urbanization will likely keep imports of U.S. containerized logs and lumber brisk in the coming year. Exports of the building materials to China, the largest importer of U.S. logs and lumber by a wide margin, rose for 10 straight months on...
April Hiring Surge Boosts JOC Trucking Employment Index The JOC For-Hire Trucking Employment Index rose to 96.9 in April 2014. Full-size chart The JOC For-Hire Trucking Employment Index shot up to a new high of 96.9 in April, with truckload and less-than-truckload employment surging as winter weather receded. The 0.5 percentage point increase last month was the largest for the index...
ILA Presses Jurisdiction Claim at NY-NJ?s Global Terminal The International Longshoremen?s Association is claiming jurisdiction over operation of a safety device for truckers picking up containers from rail-mounted gantry cranes at Global Terminal?s new semi-automated facility in the Port of New York and New Jersey. ILA President Harold Daggett, who has criticized automation as a threat to union jobs,...
SCFI: Asia-Europe Rates Jump Spot container freight rates as measured by the Shanghai Containerized Freight Index jumped on the Asia-Europe lane this week, although Asia-U.S. rates saw little movement. The SCFI for North Europe jumped 20.4 percent in the week of April 30. Full-size image Asia-Europe rates increased about $200 per TEU for the week ending April...
Solis Partners, Leading East Coast Solar Integrator, Names Joe Joyce as Executive VP SEA GIRT, N.J. (May 1, 2014) -- Solis Partners Inc., a leading commercial solar photovoltaic (PV) developer and integrator, today announced that Joe Joyce has joined the company as executive vice president and head of sales. In this position, Joyce will lead the business development strategy and sales team, with...
Piracy Drops to Seven-Year Low The International Maritime Bureau reported the lowest first-quarter level of global piracy attacks this year since 2007, although the agency warned that the threat of piracy is still present. The bureau, a department of the International Chamber of Commerce, showed in its latest quarterly piracy report that 49 piracy incidents were...
ICTSI Fends Off Rivals to Win Melbourne Terminal Bidding International Container Terminal Services Inc. (ICTSI) will invest $500 million in the port of Melbourne?s third container terminal after holding off stiff competition for the 26-year contract. The Manila-based global port operator, through its subsidiary Victoria International Container Terminal Limited (VICTL), signed the deal with the Port of Melbourne Corporation to...
Cargolux Sees Little Improvement Ahead for Air Cargo Market Cargolux swung to an $8.4 million net profit in 2013 from a $35.1 million loss a year earlier as freight volume hit an all-time high, but the all-cargo carrier cautioned market conditions are unlikely to improve this year. The Luxembourg-based airline?s revenue was 14.4 percent higher at $1.99 billion against $1.74...
Rotterdam in Joint Venture to Develop New Port in Brazil The Port of Rotterdam Authority has signed a joint venture with a Brazilian consortium to develop a new deep-sea multi-purpose port in South America?s largest nation. Rotterdam will initially provide technical support to TPK Logistica, which is building the Porto Central port in the state of Espirito Santo in the industrial...
Number of Truck Drivers Rising, But More Slowly The number of truck drivers in the U.S. increased 1.9 percent in 2013, the slowest annual growth rate since driver numbers began rising after the recession, data from the U.S. Bureau of Labor Statistics show. At 1,585,300, the driver number is still 6.4 percent below its 2007 peak. Employment numbers for...
Can Chicago Prevent Next Rail Meltdown? CHICAGO - Chicago is living up to its reputation as the nation?s transportation bottleneck. Severe weather and a rise in freight demand this winter weighed heavily on the city of broad shoulders, creating a cargo backlog at the nation?s largest freight hub and the biggest North American cargo bottleneck - one...
Analyst endorses Yangzijiang A leading Asian equity analyst has upgraded shares of Yangzijiang Shipbuilding (Yangzijiang).
Algoma sees red Algoma Central turned in a first-quarter loss Friday despite a slight increase in revenues.
Board backs Bourbon deal Bourbon chairman Jacques de Chateauvieux's takeover offer for the French offshore giant has won the backing of the board.
Cosco set for 2014 loss Chinese shipping giant Cosco is set to post its third annual loss in four years, analysts believe.
Dolphin keeping Lexie The Italian aframax at the centre of a murder trial involving two marines in India is no longer for sale.
Tanker loads in Libya A Turkish suezmax has arrived to load the first cargo of crude in 10 months from Libya's Zueitina port.
Sembcorp Q1 profit up 3% A 3% increase in first quarter net profit despite a challenging operating environment is reported by Singapore rig builder and shiprepairer Sembcorp Marine.
Royce readies comeback? Joseph Royce is understood to be planning a capital markets comeback with a dry cargo company focusing on the smaller sub-sectors.
RBS stops the rot UK lender RBS has halted its run of shipping impairments in the first quarter, as it revealed another reduction in its marine portfolio.
Bulker seized over cartel ore Authorities have seized a panamax bulker as part of the Mexican government?s battle to shut down a suspected iron ore export operation by the Knights Templar drug cartel.
Tanker trio for sale German lender Commerzbank has won a court auction of three chemical/products tankers in Aruba.
Danish yard inks tug The UK's Lerwick Port Authority has ordered a new tug in Denmark.
Jensen cools DHT talk Frontline 2012 is not considering a takeover of DHT Holdings, a leading Fredriksen group executive says.
UDSC cuts loss Ukrainian Danube Shipping Company (UDSC) lost less money in 2013 despite a fall in revenue.
Rickmers slips in first Rickmers Maritime delivered a sobering view of the containership market as it reported a slip in first quarter profitability today.
Someet sells one Dubai owner Someet Shipping has sold one of its two tankers to a compatriot owner.
Deutsche downs HHI Deutsche Bank has downgraded a second South Korean shipbuilder in a week in what has been a disappointing first quarter for the yards to date.
HMM bulkers next? Hyundai Merchant Marine is readying the sale of its dry cargo fleet after cashing in its LNG assets, according to reports in its homeland.
Aframax fault found Aker Philadelphia Shipyard is working to fix a propulsion problem with the first of two aframaxes being built for ExxonMobil.
Namura expects more Japan's Namura Shipbuilding has raised its annual profit forecast as revenue rises.
GE ships out tanker Great Eastern Shipping of India has continued its fleet renewal effort with the sale of one of its older products tankers.
Stena pushes up profit Sweden's Stena AB is continuing to focus on cost-savings, despite stronger results for 2013.
The $125m lunch We take a look at what was said in the market over the past week.
10 hurt in ferry fire A fire has hit a DFDS ro-pax in Dover, injuring 10 people.
NYK sees cape rally NYK has forecast that capesize rates will rally to $23,000 per day in the second half of this year, more than double their present rate.
Beijing backs bond deal China Rongsheng Heavy Industries (Rongsheng) is looking to raise another HKD 1bn ($129m) from the sale of convertible bonds to affiliates of Bank of China.
Frontline hits ATM John Fredriksen?s Frontline Ltd (Frontline) is still taking advantage of an at-the-market (ATM) fundraising programme that launched nearly 12 months ago.
Chinese get Newcastle Port of Newcastle Investments has paid $1.6bn to a acquire a 98-year lease on the coal exports port of Newcastle, Australia.
USDA accepts claims resulting from cotton fabric tariffs
Safety feature becomes 'hot button' issue for ILA A safety feature that has been incorporated into the 70-acre expansion of the Global Container Terminal in Jersey City/Bayonne has set off a disagreement between the International Longshoremen?s Association and terminal management.
Strike disrupts Panama Canal expansion Work on the Panama Canal expansion project has suffered another setback, as construction workers building the new set of locks for larger vessels have gone on strike, according to a notice posted on the website of Grupo Unidos por el Canal.
Kimberly-Clark, Saltchuk can't close deal for private harbor
ArcelorMittal sells interest in port, logistics firm ATIC ArcelorMittal said it has signed a an agreement to sell its 78-percent stake in the European port handling and logistics company ATIC Services to H.E.S. Beheer, the owner of the other 22 percent of the company.
BNSF outlines investment plans
ICTSI, Anglo Ports win contact for Australian terminal
NY/NJ Port Authority improves roads around Elizabeth terminals
Maersk announces surcharge for Montreal, Halifax cargo
Ecu-Line adds Fremantle office
Weekly GRI roundup
Executive moves
Retailers stress need for quick labor resolution
PayCargo management completes spin-off from First Data The ocean freight payment software provider PayCargo said this week its management team has finalized spinning the company off its former parent company, the payment processing and credit card issuer First Data.
Bunker prices mostly down in Houston Average demand reported at the US Gulf port.
Weekly Global Market Report A weekly price roundup from bunkering hubs around the world.
Bunker prices fall as crude softens Prompt deliveries available in Fujairah.
Markets lack direction in most European bunkering hubs But prices firm in Rotterdam.
Strike fears grow US West Coast Unions and bosses start negotiations on May 12.
UK Chamber planning 'week of action' on sulphur Wants flexibility in transition to 0.10% sulphur limit in bid to reduce impact on industry.
New laws pave way to bunker ship arrests Bunker arrests rare in Brazil but that could change.
Stena profits climb as focus remains on fuel efficiency Group aims at reducing costs while maintaining quality.
Asian bunker market broadly weakening Busan and Tokyo Bay to close for a holiday on Monday.
Vessel air cavity tech firm rebrands Move 'represents an exciting and definitive new era'.
Crude oil prices expected to fall US crude stocks are at their highest level since weekly reports began in 1982.
'Bunker friendly' policy gets results for Indian port Sales almost double previous month's total.
Wind-powered ferry makes debut in San Francisco Vessel able to switch between wind power and fuel.
Employee re-joins Dan-Bunkering Staff returns to firm as group project manager.
Losses mount up for Titan Petrochemicals Firm's remaining activities in 2013 were its offshore storage and bunkering services.
Kirby Corporation stays in profit But growth stifled by costs related to Houston Ship Channel vessel collision.
Update: Language cause of vessel collision CMA CGM Florida and bulk carrier Chou Shan clashed in 2013, leading to a bunker spill in the East China Sea.
KPI Bridge Oil promotes staff to team leader Wong has been 'strong contributor' to the firm's Singapore office, says Managing Director.
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