Svitzer boss urges lines to regard tugs as a saving, not a cost Robert Uggla says the right towage services can cut port turnround times
Fredriksen vehicles, K Line willing to take 90% debt haircuts for Titan Petrochemicals Settlements pending on success of oil logistics firm's restructuring
Rickmers Maritime reports modest decline in profits After loan paydowns, unit trust's gearing ratio falls to 47%
Buy or lease? Lessors set to expand but profits may be harder to earn
11 crew missing after their cargoship collided with MOL boxship Cargoship Zhong Xing 2 "suspected to have sunk," according to Hong Kong Marine Department
OSG changes course and favours equity holders Company terminates original plan with lenders
OSG switches restructuring plans After almost a year and a half in bankruptcy, Overseas Shipholding Group has abruptly dropped its previous reorganisation plan and adopted an entirely new one. Under the previous Chapter 11 plan, filed on 7 March, consenting lenders would receive equity in OSG and those lenders would backstop a
Sewol rescuers complete search of cabins Rescuers yesterday completed the search of 64 of Sewol's 66 cabins yesterday. Over the weekend, divers found 20 bodies, bringing the death toll to 248 people and reducing the missing people count to 54. A statement from South Korea's Ministry of Oceans and Fisheries, written in Korean, said the
Investigators identify Sewol search area A government-wide loss prevention task force plans to search a 284km² area of the seabed around the capsized Sewol ferry as efforts to locate the missing victims are intensified. As of yesterday, 54 people remain missing. The confirmed death toll has reached 248 people, while 174 people have been
Indonesian fisherman found guilty of people smuggling An Indonesian fisherman enlisted to crew a boat ferrying asylum seekers to Australia was found guilty of people smuggling in a Sydney criminal court on Friday. The court heard Safrudin Ansa was paid AUD166 ($154) to crew the fishing vessel, which was apprehended by Australian authorities on 21
Sewol salvage expected to 'run smoothly' There should be no problems arising from the salvage operations of the capsized Sewol, as South Korea's Ministry of Oceans and Fisheries refuted rumours that its representatives had to visit China to seek assistance. In a statement written in Korean, the ministry said: "We're concentrating on the
Rickmers Maritime Trust faces uncertainty With several of its existing charter agreements expiring during 4Q14 and 2015, the uncertainty surrounding the charter market for container ships presents challenges to the earnings of Rickmers Maritime Trust. The Singapore-listed trust, which is sponsored by Germany's Rickmers Group, had posted net
Amazon Aims to Take Control of Last-Mile Shipping Amazon has entered the French market with new investment in a parcel delivery company, another sign the e-commerce giant wants to take greater control of last-mile shipping to customers. The Seattle-based company has acquired a 25 percent stake in Colis Privé, a parcel delivery company that competes with France's state-owned La...
Hapag-Lloyd Introduces Two New Feeder Services in Americas Hapag-Lloyd is offering two new feeder services to Venezuela and Trinidad and Tobago, effective this month. The fortnightly Calypso service was scheduled to start with the 1,102-TEU Stadt Emden, voyage 1411, with an expected departure from Manzanillo, Panama, on May 4. The port rotation will be as follows: Manzanillo; Guanta, Venezeula;...
MSC Launches Direct India-USEC Service Mediterranean Shipping Co. said it will launch a direct service connecting India, the Middle East, the Red Sea and the United States, opening direct calls at ports like JNPT and Mundra that it previously served only via transshipment. The Indus Express service will employ nine 2,500-TEU vessels and will offer a...
Lawyers: Antitrust Law Doesn't Fit Puerto Rico Case Attorneys for Thomas Farmer claim the former Crowley Liner Services vice president's antitrust conspiracy indictment is invalid because Puerto Rico is neither a state nor a nation. Farmer's attorneys raised the novel argument in a motion to dismiss the former executive's indictment. They said the case is beyond reach of the...
Flat Growth Increases Pressure on Air Freight Industry to Reinvent Itself The global air cargo market has stalled but could start to grow again in the coming months due to rising export orders in the U.S. and Europe, according to the International Air Transport Association. But the stalled market is increasing the pressure on air cargo to deliver a stronger value...
NIT League Doesn't Expect ILWU Strike But Warns of Slowdowns WASHINGTON - The largest U.S. shipper group doesn't expect a strike or lockout at the nation's West Coast ports but is telling members to expect picketing and even labor slowdowns. Bruce Carlton, president and CEO of the National Industrial Transportation League, said he was encouraged that the International Longshore and Warehouse...
Outlook Brightens for Ro-Ro Carriers After suffering through the longest recession in the crisis-ridden eurozone since World War II, roll-on, roll-off carriers could use an injection of good news. With a long-stalled economic recovery gaining traction in Europe and the outlook improving for car and truck shipments, ro-ro carriers are finally getting it. That's not to...
G6 Gives London Gateway Its First East-West Service London Gateway at sundown.London Gateway has landed its first east-west liner service after the G6 Alliance announced it would call at the United Kingdom's newest container port. The container and distribution hub owned by Dubai's DP World, which opened in November, has been chosen as the U.K. port for calls on...
Yusen Logistics' Net Profit Soars Major Japanese international freight forwarder Yusen Logistics Co. said that its group net profit surged 17.5 percent in fiscal 2013, which ended on March 31, from a year earlier to ¥1.32 billion ($12.9 million). The Tokyo-based company saw its group operating revenue jump 19.8 percent year-on-year in fiscal 2013 to ¥406...
Rising Fuel Costs Weigh on Japanese Airlines Despite Cargo Growth Japan's leading air carriers saw their profits drop in fiscal year 2013, which ended on March 31, despite rising cargo revenue, as fuel costs surged thanks to a weakening of the yen. Japan's ANA Holdings Inc., the parent firm of All Nippon Airways Co. (ANA), said its group net profit dropped...
Profit, Revenue Rise at India's Gateway Distriparks Gateway Distriparks Ltd., India's leading port-based logistics provider, reported its consolidated net income in fiscal year 2013-14, from April 2013 to March 2014, was $22.5 million, climbing 7 percent year-over-year from $21 million. Consolidated yearly revenue was up 6 percent, totaling $168 million, compared with $158.4 million in fiscal year 2012-13. Operating...
Yang Ming Revamps Intra-Asia Services Yang Ming Marine Transport has revamped its intra-Asia service network by forming new vessel-sharing and slot exchange arrangements with other ocean carriers on the routes. Effective April 30, Yang Ming began operating its Pan-Asia Service II (PA2) in conjunction with Cosco Container Lines and Wan Hai Lines, deploying four ships with...
Asset price plateau Asset prices in many subsectors of the dry-bulk segment have skyrocketed in recent months but some believe the tides are starting to turn.
Best in class American Bureau of Shipping (ABS) has firmed up a contract to class a floating LNG (FLNG) production facility controlled by Petronas.
ICON torches tanker ICON Capital of the US appears to have parted ways with the last of its aframax tankers.
OSG changes horses Overseas Shipholding Group has fundamentally changed its plan to emerge from Chapter 11 bankruptcy organisation, ditching a previously favoured pact with its lenders in favour of a competing proposal from equity holders.
Fincantieri eyes $833m A long anticipated initial public offering (IPO) for Fincantieri inched closer today as shareholders voted to go ahead with the plan.
Tsakos extends Tsakos Energy Navigation of Greece has lined up a charter extension for one of its medium-range (MR) products tankers.
Seacor scoops PE cash Seacor Holdings has pocketed $150m from a private equity injection into its Jones Act tanker fleet.
Ship agent jailed A McKay Shipping employee has been jailed in New Zealand for an invoices fraud.
BSS profit slips Ukraine's Black Sea Shipyard (Chernomorsky) has posted a fall in 2013 earnings despite a rise in revenue.
Titan red again Titan Petrochemical has continued to bleed red ink as it battles to find a solution to its financial difficulties.
Tuofu weighs in bulker A bulker on which two crewmen died last month from suspected gas inhalation is heading for the breakers yard.
Cosco scraps another seven China Cosco Holdings Co (CCHC) has sold another seven vessels for demolition.
Ulstein into new territory Ulstein has broken new ground in securing a monohull accommodation vessel design contract.
Cargoship's near miss A German cargoship came within 15 minutes of grounding off Sweden after its captain fell asleep.
Greeks top table Greece has dethroned Japan as the world's largest shipowning nation in a way which contradicts the traditional view of the two countries, Clarksons says.
IHB eyes design work Industrial Holding Bulgaria (IHB) has set up a vessel design bureau to boost its business.
Pareto predicts TIL spending Teekay spin-off Tankers Investment Ltd could spend up to $200m on fleet expansion over the next few months as it looks to deploy its huge financial resources, Pareto predicts.
Arachnophobia A US car carrier was turned away from Guam after black widow spiders were found on board.
Greek ferry grounded A Greek ferry grounded off Santorini on Saturday, but was able to free itself and complete its journey.
Siem starts buyback Siem Offshore has set aside $10m for a fresh share-buyback programme.
ESL profit warming up Finland's ESL Shipping has posted a bigger profit thanks to a milder winter in the Baltic.
Construction score for Siem A contract for its fourth and final subsea newbuilding was the highlight as Siem Offshore reported its first quarter accounts today.
Shipyard worker killed A yard worker has died from severe burns at Hanjin's Philippines facility.
Ugland wins Statoil deal Norway's JJ Ugland has fixed a platform supply vessel (PSV) newbuilding to Statoil.
Hong Kong clash leaves 11 missing A search has been launched for 11 missing seafarers after a collision between an MOL containership and a cement carrier off Hong Kong.
Westports in strong start Westports Holdings has made a strong start to the new financial year with a 38% jump in first quarter profit.
RMT eyes bond issue Rickmers Maritime Trust (RMT) has reportedly has launched a high-yield offering of senior unrated bonds.
CHO sees strong result CH Offshore has reported its first positive growth in profit this financial year after two disappointing quarters.
Congressmen urge STB to help non-crude shippers Noting that crude oil shipment by rail has ballooned, three Congressmen have urged the STB to "work in concert with the railways to plan for the future needs of rail shippers in light of the projected growth in crude rail shipment."
NRF: More U.S. input in imports than revealed A large retail industry association said in a report that many imports sold in the United States may contain more U.S. parts and other content, in addition to supporting American jobs, than many consumers and policymakers realize.
11 missing after cargo, container ship collision
USDA aims agriculture exports at northeast China
Former transportation 'icon' Oberstar dead at 79
New MSC direct service connects U.S., India, Middle East MSC said it will start a new direct service connecting India, the Middle East, the Red Sea and the United States.
FreightWatch: Thefts down, but values higher The logistics security services firm FreightWatch International said in the first quarter of 2014, it recorded 206 full-truckload cargo theft incidents in the United States, with 82 thefts in January, 46 in February and 78 in March.
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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