Wärtsilä wins ferry design contract Finland-headquartered marine power provider Wärtsilä today signed a contract for the design of an environmentally sound Gulf of Bothnia ferry as part of the Midway Alignment of the Bothnian Corridor project. "The project has been initiated to develop a multimodal logistics corridor across the Gulf
Damen delivers seismic guard vessel Damen Shipyards Group has delivered the first of three 35m seismic research guard vessels to Netherlands-based offshore services company Rederij Groen in what it describes as "a new milestone in offshore support vessel construction". Named 7-Oceans and built at Damen's Maaskant Shipyards Stellendam,
TEN bullish on crude prospects NYSE-listed Tsakos Energy Navigation (TEN) believes escalating geopolitical unrest could boost crude shipping rates. The Nikolas Tsakos-led company posted net income of $249,000 for 2Q14 versus a net loss of $2.4M in 2Q13. However, after dividends to preferred shareholders are taken into account,
Chennai looks to revive megabox project On Wednesday Chennai Port Trust (ChPT) board will consider a proposal to again seek bids for a 5M teu container terminal, along with two other expansion projects. The move follows the split between nearby L&T Kattupalli Port and Philippines-based International Container Terminal Services India
Meyer Werft acquires 70% of Turku yard Meyer Werft has acquired all shares in STX Finland, which owns a shipyard in Turku. TUI Cruises in Hamburg has ordered two ships to secure the immediate future of the yard, Jan Vapaavuori, Finnish minister of the economics and employment, has announced. Meyer will hold a 70% stake in a new company
COSCO (Guangdong) wins PSV quartet China's COSCO (Guangdong) Shipyard has won an order for four wave-piercing platform supply vessels (PSVs) from returning Singapore-based Chellsea, which is a subsidiary of Hong Kong shipowner Chellaram Shipping. The four 4,4000dwt UT 771 WP-designed vessel order is made up of the final two options
Tallinn's profits climb 16% The Estonian port of Tallinn has announced 1H14 figures showing a net profit of €20.2M ($27M), up 16% on the same period in 2013, with turnover increasing by 7% to €59M. Led by continuing growth on the Tallinn-Helsinki ferry route, as well as increasing calls by bigger cruise ships, the
Italy takes lead on Med emissions control Italy's parliament has proposed reducing the sulphur content of marine fuels used in its waters from 2018, according to a statement by its environment commission. This would bring Italy in line with north European waters. "The Environmental Commission of the Chamber [of Deputies] has asked and
South Korean ro-ro ship collides with berth South Korea-flagged passenger ro-ro ship C-K STAR collided with a berth at China's Lianyungang Port on Saturday afternoon, injuring one crew member. The ship suddenly lost all electricity supply when entering the port, hitting the berth under construction. The vessel was carrying 104 passengers,
Mencast ends 2Q14 on high note Singapore-listed offshore service provider Mencast Holdings posted a 59% increase quarter-on-quarter (q/q) to SGD43.9M (USD35.2M) in its revenue for 2Q14 ended on 30 June. Similarly, the company's gross profit surged 27% to SGD12.42M ($9.95M) in 2Q14 compared with SGD9.74M in 2Q13. Mencast's profit
China to build three berths in Kenya China Communications Construction Company (CCCC) signed a USD480M deal on Friday with the Kenyan government for the construction of the first three berths at Lamu Port. The three berths are part of the Ethiopia Transport Corridor Project (LAPSSET) Corridor Program, and are designed to handle general
COSCO posts earnings for 2Q14 Singapore-listed shipping company, COSCO Corporation (Singapore) Limited saw a rise of 19% quarter-on-quarter (q/q) to SGD14.3M (USD11.5M) in its net profit in 2Q14, ended on 30 June 2014. The company has a 29% increase q/q in its turnover to SGD1.1Bn from SGD890.3M in 2Q13. COSCO's 2Q14 pre-tax
Hijacked oil tanker released off Nigeria Hijacked oil tanker MT Hai Soon 6 carrying 21 crew was released yesterday in waters off Nigeria, according to South Korea's foreign ministry. The owner of the vessel, Hai Soon Diesel & Trading, confirmed with IHS Maritime Fairplay that the tanker was released and all on board are safe and unhurt.
China LNG imports up 19% y/y in 1H14 China's liquefied natural gas (LNG) imports climbed 19% year on year (y/y) to 9.9 million tonnes in the first six months in 2014, according to customs statistics. The average import prices also gained 7% y/y to USD623.4 per tonne. In January 2014 the LNG imports reached a record monthly level of 2.6
King Ocean's service shift from Miami to boost Port Everglades Port Everglades officials say they expect the port's container volume to increase by as much as 47,500 20-foot-equivalent-unit containers annually following the recent transfer of two of King Ocean's eastern Caribbean services from PortMiami. The additional services have begun operating weekly from King Ocean's Sun Terminal at Port Everglades to St....
US antitrust suit weighs on Nippon Express Nippon Express Co., Japan's largest international freight forwarder, saw its group net profit sink over 30 percent in the first quarter of fiscal 2014, which started on April 1, due to an extraordinary loss related to an antitrust class-action lawsuit in the United States. The Tokyo-based company said that its group...
Proposed Mexican rail line short on details An announcement last week that a Chinese consortium would build a rail line connecting a planned port on Mexico's Pacific Coast to a manufacturing hub along the U.S. border was heavy on fanfare but short on details. The Mexican state of Chihuahua in a statement announcing the deal didn't outline the...
Strapped container carriers rely on lessors for boxes Weak finances are forcing ocean carriers to rely more heavily on lessors to provide them with containers. Lessors' share of the global container fleet rose to an eight-year high of 46 percent last year, according to the Container Leasing report published recently by Drewry Maritime Research. The lessors' share was 40...
ABF boosts revenue, profit; Panther expands When ArcBest, the company formerly known as Arkansas Best, reported its most profitable fiscal quarter in years last week, Wall Street reacted swiftly. The company's per share price plummeted 25 percent July 31, as investors reacted to news that at 63 cents per share, ArcBest's earnings were short of a...
Progress in PNW grain talks as two parties schedule more meetings Negotiations between the International Longshore and Warehouse Union and the Pacific Northwest Grain Handlers Association, which represents a half-dozen export facilities in Oregon and Washington, are not concluded, though both parties say weekend bargaining has gone well. The Federal Mediation and Conciliation Service issued a statement today confirming that the two...
Intermodal traffic on track to outpace 2013 growth, IANA says North American intermodal volume growth this year appears to be on track to exceed the 4.6 percent gain seen in 2013 after traffic rocketed 8.2 percent year-over-year in the second quarter. The intermodal traffic growth rate in the April through July period, the healthiest since early 2011, was driven by the...
Spare some thought for the seafarers Peter Tirschwell came to town last week. I've known Peter for many years, and given that he might write my obituary one day, I offered to buy him lunch. Not having seen him for a while, once we got past insulting each other, as old friends do, the conversation settled down...
US industrial real estate market continues growth One of the nation's top real estate firms says the United States' industrial real estate market continued major growth in the second quarter, but noted this growth is more responsible and less speculative than the pre-recession boom. Commercial real estate firm JLL released its quarterly report this week, saying the U.S....
Miami opens $668.5 million port tunnel A $668.5 million tunnel that allows drayage trucks to bypass congested downtown streets opened with minimal fanfare yesterday at PortMiami. Florida Gov. Rick Scott joined port officials in dedicating the tunnel's 4,200-foot twin tubes on Feb. 19, but the full opening was delayed by replacement of malfunctioning jet fans in the...
Researchers target ways for world's farmers to stem food loss Ending world hunger has been a goal of governments, charities and charitable businesses and people for as long as there have been hungry people. Efforts have ranged from producing or donating massive amounts of food to reducing food waste and food loss. A number of corporations and trade organizations are working...
Wal-Mart turns attention to reducing food waste As the world's largest corporation, Wal-Mart holds hefty leverage over its vendors. When the retailer wanted RFID - even on perishables - vendors helped find a technical solution and complied. When Wal-Mart insisted on a certain type of pallet, vendors complied. The next mission of Wal-Mart, No. 1 on the JOC's...
Pamana Canal, contractors confirm agreement to keep work going The Panama Canal Authority and the consortium hired to build a third set of locks have amended their construction contract to reflect a March settlement of a payment dispute that interrupted work for two weeks. "What remains now is to continue working with the commitment to complete the expansion," said Administrator...
Consignee or Not Consignee? Q: I'm working through a situation and would like your professional opinion on the most accurate solution. We work as a lead logistics provider for a U.S. importer (Company A). To that end, we manage its freight forwarders and the transactional shipments. Company A places a purchase order to Company B....
Steady trans-Atlantic ocean trade offers respite for carriers Consider the trans-Atlantic market an oasis of calm. For a container shipping industry focusing on the opportunities and pitfalls in the much larger Asia-Europe and trans-Pacific trades, or the rapidly growing north-south trade linking Asia to Africa and Latin America, that's not necessarily a bad thing. The trans-Atlantic gets little respect,...
Declining European rail performance threatens intermodal growth Declining operating standards across Europe's rail network are threatening the future of intermodal transport, a leading combined transport company warned. Switzerland-based Hupac said it overcame a weak European economy and flat traffic in its key Italian market to carry almost 340,000 truck loads on unaccompanied combined transport in the first half...
All eyes on DRYS A leading equity analyst believes diversified Greek operator DryShips will turn in a loss when it reports second-quarter earnings Wednesday morning.
Are yards cutting corners? A leading protection-and-indemnity club is urging owners of bulkers and general cargoships to proceed with caution when taking delivery of newbuildings.
Design deal sealed Wartsila has lined up a contract to design a 'green' ferry that is going to be deployed on a loop linking Finland to Sweden by way of the Gulf of Bothnia in the Baltic Sea.
Sinotrans defies downturn Sinotrans Shipping of Hong Kong generated a relatively healthy profit in the first-half of 2014, a period in which many of its rivals struggled to keep their heads above water.
Two for TUI TUI Cruises has made good on its promise of fleet expansion with the addition of two more newbuildings to its orderbook.
TEN's new crude hope Tsakos Energy Navigation spoke of its belief in a tentative crude tanker market rebound as it reported a marginal second quarter profit today.
Gail emerges for LNG ships A tender for up to nine LNG newbuildings has finally been issued by Gail (India) after months of delays and discussions.
Atlantic Nav nets more Offshore owner Atlantic Navigation has seen its first half profit climb by one fifth.
Turku takeover sealed German shipbuilder Meyer Werft has agreed to purchase a majority stake in STX Finland.
Bibby builds offshore fleet Bibby Ship Management has secured contracts to manage two platform supply vessels (PSVs) and an FPSO.
SMM profit inches up Singapore's Sembcorp Marine has reported a modest 4% growth in its half year results released Monday.
Suezmax price in focus Peter Livanos's JM Maritime Investments is reported to have secured a strong price for one of its suezmax tankers.
Supra8 tops 50 ships Navig8 has seen its Supra8 supramax pool surpass the 50 ship mark following the addition of four more bulkers
Moody's ponders MOL cut Moody's could cut its issuer rating on Mitsui OSK Lines after the Japanese owner lowered its profit forecast last week.
Vale faces Subic ban Subic Bay Metropolitan Authority (SBMA) has suspended iron ore transshipment operations by Vale over complaints about pollution.
Merger of dry duo tipped Two dry bulk companies founded by Peter Georgiopoulos have been put forward as merger candidates by Norwegian bank Arctic Securities.
CHO back in black CH Offshore has put a bad 2013 behind it to return to profit for latest financial year, figures released by the shipowner show.
CMES scraps panamax Shanghai-listed shipowner continues clearout of elderly tonnage with sale of bulker.
CMES scraps in China Scrappers are paying just $327m per ldt for a Chinese-owned panamax
We'll take three Maritime Assets Corporation (MAC) of Dubai has sold three platform supply vessel newbuildings to Grup Servici Petroliere (GSP), Rumania's largest offshore player.
Hijackers free tanker West African pirates have released the 5,500-dwt products tanker Hai Soon 6 (built 1993), which was hijacked one week ago while in the Gulf of Guinea.
Ghana gets gas Idan Ofer's Quantum Pacific and John Fredrikesen's Golar LNG have joined forced on a $500m project to build a liquefied natural gas import terminal near the Ghanaian city of Tema.
BREAKING NEWS: Agreement between Panama Canal, contractors on financing The Panama Canal Authority and the consortium working on the expansion project have signed an agreement that incorporates a variation reached in March to the original 2009 contract.
Big alliances may help lines control capacity
Norbert Dentressangle acquires Jacobson Companies Hervé Montjotin, Norbert Dentressangle's CEO, said the deal "is a key milestone in Norbert Dentressangle's development strategy to become a top-tier player in global supply-chain management."
Energy company raises coal delivery concerns The president and chief executive officer of Xcel Energy, Ben Fowke, Thursday sent a letter to the STB outlining his "concern over the ability of the BNSF to deliver sufficient coal to our electric generating stations."
PostNL experiences revenue rise in Q2
HP pays $32.5 million to settle with Postal Service
Maersk doubles down on transpacific rate hike
ILWU, grain companies to continue negotiations next week FMCS said in a statement issued Monday morning that bargaining that began last Wednesday continued during the weekend with assistance from FMCS Acting Director Scot Beckenbaugh.
PortMiami tunnel open for business The tunnel is expected to shave 25 minutes from a port shuttle truck's round trip to the port, making it possible for drivers to add at least one more revenue-bearing trip to their 11-hour driving day.
Container lessors expand their market share London-based consulting firm Drewry said this contrasts with the preceding five years (2004-08), when operators' fleet growth outpaced that of the lessors.
Boeing to build new 787 model in S.C. When the plant opened in 2011, Boeing said it was diversifying its supply chain, but the machinists' union charged the company with trying to intimidate it by moving production to a right-to-work state.
Bunker Holding names chief sales officer Jan Obel was former CEO of the KPI Bridge Oil Group.
New player in bunker market DoJi Marine Trading to focus initially on the US, ARA and Singapore markets.
Sanctions could hit Rotterdam terminal project Calls for Russian company to be boycotted.
Prices start week soft in Fujairah Prices unchanged in Suez.
IFO prices on downward path in Northwest Europe Rotterdam: Market was quiet.
Fuel oil prices 'under long-term pressure' China's energy reforms could dent regional demand for fuel oil.
Hong Kong shows successful transition to low sulphur fuel Port with MGO that previously wouldn't even meet upcoming ECA limit, has largely met locally imposed 0.05% sulphur limit.
Sources: 'Five Aframaxes chartered to store fuel oil' Move comes as arbitrage inflows slacken.
'Two-tier' bunker market in run-up in mass flow meter rules Players could to see pricing anomalies in the run-up to 2017.
Asian prices stay on narrow trading path Operations in Busan threatened by second typhoon.
Boxship owner orders dual-fuel quartet Contract includes options for five more newbuilds.
Project started to track vessel engine performance Technology will focus on MAN B&W engine systems.
Update: Pirates free MT Hai Soon 6 Vessel held captive for a week.
Titan Petrochemicals debt restructuring produces results Firm expects to record 'substantial profit' for first half of 2014.
Chinese shipping firm enters 'LNG' buying spree Orders placed for 200 LNG-powered river vessels.
Finnish firm starts fleetwide scrubber installations Company adding system to four other vessels.
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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