OSG secures finance and exits Chapter 11 Jefferies deal comes a day after the tanker firm posted a second-quarter loss
Pateras buys Sea Urchin in Singapore auction Greek firm buys two bulk carriers arrested after Alphabank foreclosed on Alert
Caribbean to US Gulf aframaxes shine Earnings high on robust demand for ships
Lessors will expand their box market share, says Drewry Divesting carriers turn to leasing companies to supply the containers they need
Canal, plus - Egypt unveils plans for a second waterway through Suez Cairo proposes a parallel route that would eliminate the need for convoys
Offshore vessel contract points to South American tanker opportunities A region that benefits platform-supply units could also reshape the global tanker trades
Panama Canal expansion back on track GUPC and ACP finalise third lock contract
Hapag-Lloyd switches Loop 4 from Rotterdam to Antwerp German carrier cites congestion at Dutch port
BW Offshore borrows $800m for North Sea FSPO project Ten-year credit facility supports a venture on Catcher oil field
Badly built hold ladders on newbuildings put crew in danger Owners face financial risk from defects, P&I club warns
CSAV share sale nets $108m to fund seven boxships Second sale starting on Thursday expected to take financing to $202m
Sinotrans Shipping sees near-term oversupply in bulker market Recovery will be slow and modest
Box ports play for high stakes as alliances change industry landscape DP World's Ganesh Raj spells out challenge of shrinking customer base for neutral terminal operators
Expanded Panama Canal poses new risks Insured value of cargo transiting the canal to increase by up to $1.3bn per day
Caution urged on cyber risk insurance The insurance industry is gearing up to provide cover for maritime cyber risks. But maritime risk experts have told IHS Maritime that insurers need more ship-specific information. At a maritime cyber security conference in London recently, Stephen Wares, the cyber risk practice leader for EMEA for
CSAV raises newbuild cash Chilean liner company CSAV has partially completed a rights offering to fund newbuilds prior to its proposed tie-up with Germany's Hapag-Lloyd. CSAV said on 4 August that it had garnered $108M, 53% of the $202M it plans to raise to complete financing for its seven 9,300teu newbuilds being
Shipping bodies issue Ebola advice Three global shipping organisations issued a joint guidance to their members on the risks posed to ships' crews calling in countries affected by the Ebola virus. The ICS (International Chamber of Shipping), IMEC (International Maritime Employers' Council), and the ITF (International Transport
UK to invest in northern 'powerhouse' UK Chancellor of the Exchequer George Osborne has announced his readiness to invest in transport infrastructure to turn the north of England into an economic "powerhouse". The timing of the minister's announcement coincides with the launch of a report commissioned by the north's main cities calling
Pareto raises share price targets for four VLGC owners Recent fall in share prices of VLGC owners BW LPG, Aurora LPG, Avance Gas Holding, and Dorian LPG has created buy opportunity for investors. The positive long-term outlook in the business outweighs short-term woes, according to shipping analysts at Pareto Securities in Oslo, who have also raised
BW Offshore signs FPSO credit agreement BW Offshore has signed the facility documentation for a $800M, 10-year senior secured credit facility for the Catcher FPSO project. The equity ratio covenant in the Catcher facility is 25%, which is in-line with BW Offshore's three bond loans. "BW Offshore has also received consent from all lenders
Idle box fleet at three-year low The idle container ship fleet has fallen to its lowest level for three years, according to container shipping industry analyst Alphaliner. As of 28 July, just 119 vessels over 500teu, representing a combined 230,900teu, were idle, the lowest number since August 2011, the analyst said. The biggest
Shipping targeted by web scams Shipping Australia Limited has warned its members to watch out for scammers setting up fake shipping company web sites in their name. The scammers have targeted Australian and New Zealanders, advertising second hand goods sourced overseas. The websites seek payment for goods including large
Ningbo Port estimates volume up 5.3% Shanghai-listed Ningbo Port estimated that it handled 1.76M teu in July, an increase by 5.3% year-to-year. The port's cargo throughput for July is also estimated to be 44.35M tonnes, up by 0.3% y/y. Throughput in Ningbo kept increasing in the first half of this year, amounting to 265M tonnes, up by
One dead, four missing in Fujian ship collision Panama-flagged bulk carrier Ultra Vanscoy collided with a fishing boat in Zhangzhou, Fujian Province, on Sunday morning, leaving one dead and four missing. The accident took place 30 nautical miles east of the Gulei Peninsula. There were eight crew members on the fishing boat, which sank after the
Sinopacific wins PSV order Sinopacific Shipbuilding Group (Sinopacific) has recently signed a contract with Mexican shipping company Naviera Petrolera Integral for the construction of three SPP17A platform supply vessels (PSV). All vessels will be built at Sinopacific's Zhejiang Shipyard and are expected to be delivered
Ferry carrying 200 capsizes in Bangladesh A ferry capsized in the middle of Padma River, Bangladesh yesterday, carrying around 200 passengers on board. Ferry Pinak 6 was heading towards Mawa terminal from Kawrakandi ferry terminal, before sinking in the middle of the Padma near Mawa ferry terminal at about 1100 hours local time. Some of the
Mencast to see growth in share prices Singapore-listed offshore service provider, Mencast Holdings, is poised for growth, according to Lee Yue Jer, offshore and marine analyst from DMG and Partners Securities. Lee has set a target price of SGD0.62 (USD0.49) per share for Mencast, while the stock prices are currently valued around
EMAS AMC bags jobs worth $110M Singapore-headquartered offshore service provider, EMAS AMC, the operating brand of Ezra Holdings, has won contracts around the world worth around USD110 million, including options. The scope of work for the projects include the transport and installation of subsea structures in Africa; inspection,
Sembcorp sees rise in earnings Singapore-listed offshore service provider, Sembcorp Marine, saw a jump of 19% quarter on quarter (q/q) in its turnover to SGD1.34 billion (USD1.07 billion) in 2Q14. The company's gross profit rose 36% to SGD194 million in 2Q14 as compared to SGD143 million ($114.7 million) from the same period last
Sinotrans Shipping profits surge in 1H14 Hong Kong-listed Sinotrans Shipping's profits surged 521% year on year (y/y) to USD10 million in the first half of 2014 due to a rebound in the dry bulk shipping market and the cut in operating costs. Its revenues also rose 21% y/y to USD112.7 million during the same period, a stock filing of the
US fruit imports moving south With the pending expansion to the Port of Savannah of a U.S. Department of Agriculture pilot program, three southern U.S. ports will be able to receive South American blueberries and grapes. Beginning Sept. 1, citrus fruits, grapes and blueberries from South America can enter the U.S. market through the Port of...
US states target cold-chain transport violations Some U.S. states aren't waiting for federal rules but are increasing inspection and enforcement actions related to temperature-controlled transport on their own, mainly targeting temperatures and conditions of refrigerated trucks. The California Department of Health ordered food distribution giant Sysco to pay almost $20 million in fines and restitution for storing...
PNW terminal presses USDA for inspectors so it can export grain The United Grain export terminal in Vancouver, Washington, which has been picketed by the International Longshore and Warehouse Union since dockworkers were locked out the facility in February 2013, is urging national farm interests to join the company in convincing the U.S. Department of Agriculture to assign inspectors so grain...
Maersk to impose Hamburg congestion surcharge Traffic and congestion at the Port of Hamburg have led to major truck wait times, and Maersk Line in consequence has announced a congestion surcharge on containers heading to the port. The surcharge, which will go into effect on Aug. 14, is due to what Maersk called "severe traffic disruption" that...
Save a trip: TSA to mail TWICs to approved applicants Applicants for Transportation Security Identification Credential cards now can have them mailed directly to their homes or other locations instead of having to make a second trip to pick up the cards at a TWIC enrollment center. The Transportation Security Administration's new policy addresses a long-standing complaint by workers, many of...
US East Coast-West Coast import market share shifts Marginal changes in container imports market share show U.S. East Coast ports slowly took business away from their West Coast competitors in the first half of 2014. Data from PIERS, the data division of the JOC Group, shows East Coast ports gained 0.3 percent of the market share during the first...
India's Gateway Distriparks sees jump in fiscal 1Q profit Growth in intermodal rail activity helped Gateway Distriparks Ltd., India's leading port-based logistics provider, book higher profit in its firscal first quarter, which ended June 30. The Mumbai-based company reported its consolidated net income in the three-month period surged 23 percent from a year earlier to Rs. 36.9 crore (about $6...
PwC reports jump in transportation, logistics M&A activity Global merger and acquisition activity in the transportation and logistics industries picked up the pace in the second quarter, paving the way for a modest recovery for the rest of the year, according to a PwC U.S. report released today. There were 51 transportation and logistics deals worth $50 million or...
Air cargo growth slows despite strong Asia-Pacific The growth in global air cargo traffic slowed in June as a strong performance by Asia-Pacific and Middle East carriers was offset by declines in Europe and North and South America, according to the International Air Transport Association. The year-on-year increase more than halved in June to 2.3 percent from 4.9...
Clean Energy Completes and Opens 27 Stations Year-to-date; Signs Multiple Additional Fueling and Station Development Agreements EWPORT BEACH, Calif. (August 5, 2014) - Clean Energy Fuels Corp. (NASDAQ: CLNE) today announced the completion and opening of 27 natural gas fueling stations in the first half of the year, nine of which are truck-friendly America's Natural Gas Highway stations. Upgraded equipment and additional compression capacity have also been added to 10 existing stations to keep...
Southeastern Freight Lines Promotes Brian Schulz to Regional Vice President of Operations LEXINGTON, S.C. (August 4, 2014) - Southeastern Freight Lines, the leading provider of regional less-than-truckload (LTL) transportation services, today announced that Brian Schulz has been promoted to regional vice president of operations, overseeing operations for 14 service centers located in Louisiana and Texas.As a 15-year veteran Southeastern employee, Schulz has served...
MOL Receives Green Flag Award and Vessel Speed Reduction Award from both Long Beach and Los Angeles Ports TOKYO-Mitsui O.S.K. Lines, Ltd. (MOL; President: Koichi Muto) today announced that the company has earned recognition from the ports of both Long Beach and Los Angeles, California, for its efforts to ensure compliance with standards that call for vessels to slow down within 40 nautical miles (nm) of the shore. The...
Maritime Anti-Corruption Network Kawasaki Kisen Kaisha, LTD ("K" Line) is pleased to announce that it has become a member of the Maritime Anti-Corruption Network (MACN).MACN is a global business network dedicated to achieving the vision of a maritime industry free of corruption, one that enables fair trade to the benefit of society at...
YRC Freight Sends 23 State Champion Drivers to the 2014 National Truck Driving Championships OVERLAND PARK, Kan., Aug. 4, 2014 (GLOBE NEWSWIRE) -- YRC Freight announced today that it will be sending 23 state champion drivers to participate in the National Truck Driving Championships (NTDC) to be held August 12 - 16 at the David L. Lawrence Convention Center in Pittsburgh, Pennsylvania. YRC Freight drivers have a long history of competing...
Argenzio Joins ECU Line /Econocaribe Vince Argenzio has been appointed Vice President of Business Development as of August 1, 2014 for ECU Line/Econocaribe. According to John Abisch - President of Econocaribe, "Our organization is excited to have Vince become part of our management team, his experience in business development and operations will undoubtedly assist us...
Canaveral Allocated $1.6 Million in 2014 Port Security Grant Funding PORT CANAVERAL, FL- August 4, 2014 - Canaveral Port Authority will utilize the $1.6 million awarded from 2014 Port Security Grant Funding for a new port-wide cyber-security program, software that integrates existing security systems and resources into a single uniformed platform and CCTV expansion into new cargo facilities. With $225,000 of...
Global shipping bodies issue Ebola virus advice Three global shipping organisations today issued guidance to their members on the risks posed to ships' crews calling in countries affected by the Ebola virus. The ICS (International Chamber of Shipping), IMEC (International Maritime Employers' Council), and the ITF (International Transport Workers' Federation) urgently advise that on all such vessels: 1. The Master...
International Seafarers Center Appoints New Executive Director Guy Fox, president of the International Seafarers Center Board of Directors, has announced the appointment of Capt. Dick McKenna as the new executive director of the International Seafarers Center (ISC) - Long Beach and Los Angeles. McKenna was formerly chief-of-staff for U. S. Navy operations in Southern California and was the former executive director of...
Polsteam scraps panamax A leading European operator appears to have parted ways with another ageing bulker.
Economou the optimist DryShips reported a second-quarter loss Tuesday evening but the diversified Greek owner's chief executive appears to be pleased with the results.
Fredriksen firms fined The US Commodities Futures Trading Commission (CFTC) appears to have emerged victorious in a lengthy legal battle with affiliates of Norwegian shipping tycoon John Fredriksen.
Wilson cans cargoship Wilson ASA (Wilson) of Norway appears to be making progress in its campaign to offload ageing tonnage.
PRGN readies bond offering Greek bulker owner Paragon Shipping has returned to the capital markets for the cash it needs to slash debt.
Ebola guidance issued Global seafarers and owners' organisations have urged crews to take precautions against the possible spread of the deadly Ebola virus on ships visiting West Africa.
OSG exits Chapter 11 OSG has exited Chapter 11 after almost two years under court protection.
Egypt in $8.4bn Suez upgrade Egypt plans to invest $8.4bn to create a waterway running parallel to the Suez Canal, it revealed today.
Alternative investments What would you do with the money from the sale of the world's most expensive ship?
Boxships in new idle low Severe port congestion in Manila and Tunisia has helped push the idle containership fleet to its lowest level in three years.
Vard in tax riddle Brazil has hit Vard Holdings with a NOK 200m ($31.92m) tax bill which the shipbuilder is contesting.
TEN lines up six Tsakos Energy Navigation has whetted investor appetite for newbuilding orders amid suggestions at least six new tankers will be added by the close of 2014.
OSG in $204m Q2 loss OSG has booked a heavy loss for the second quarter.
DOF PSV stays in Brazil Petrobras has agreed to extend its employment of a platform supply vessel (PSV) owned by Norway's DOF.
BWO bags $800m loan BW Offshore has penned a new $800m loan to cover one of its FPSOs operating in the North Sea.
CSAV notches up $108m Compania Sud Americana de Vapores (CSAV) has raised $108m to go towards a series of containership newbuildings.
EMAS in $110m top up Singapore's EMAS AMC continues to bolster its order backlog with new contracts worth $110m, the company confirmed Tuesday.
Double arrest in Singapore A products tanker controlled by Elmira Tankers Management of Greece and a general cargo ship controlled by Intersee of Germany have both been arrested in Singapore.
Nolde out from Deilmann Christopher Nolde, the man brought in to turn around the ailing fortunes of German luxury cruise operator Peter Deilmann Reederei, has left after less than two years on the job.
Scrap prices plummet The recycling industry was reeling this week on the heels of a steep drop in prices paid for tonnage torched in India.
DHL has solid second quarter Net profit for the second quarter rose by 9 percent to 461 million euros. Operating earnings ended the quarter at 654 million euros, up by almost 6 percent, year-over-year.
International traffic leads intermodal growth in Q2 "The second quarter results were indicative of a rebounding economy and higher-than-predicted import shipments," said Joni Casey, president and chief executive officer of the Intermodal Association of North America.
IATA: Air cargo demand up in June, but growth rate slows International air cargo demand ticked up in June by 2.3 percent, when compared to June 2013, after showing a 4.9-percent rise in May, according to the latest figures from the International Air Transport Association.
Report: More M&A activity in transportation industry There was more merger and acquisition activity in the transportation and logistics industry in the second quarter of 2014 than in the first quarter of this year, according to PricewaterhouseCoopers.
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.
King Ocean moving cargo from Miami to Port Everglades King Ocean moved approximately 140,000 TEU through Port Everglades in the fiscal year that ended Sept. 30, 2013, and recently added a 7.3-acre Midport marine terminal to its existing 33.8-acre Southport terminal.
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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