Samsung Heavy to invest $940M in overseas facility South Korea-headquartered shipbuilder, Samsung Heavy Industries (Samsung Heavy) plan to invest KRW1Tn ($940M) in overseas facility by 2017 after its merger within the Samsung Group. Samsung Heavy, one of the "Big Three" shipbuilders in South Korea is reported considering Indonesia, Malaysia and
Vard wins $46.5M contract for OSV Singapore-listed offshore shipbuilder, Vard Holdings (Vard) has secured a new contract with Island Offshore for the construction of one offshore support vessel (OSV) at around NOK300M ($46.5M). The OSV is scheduled for delivery from Vard Brevik in Norway in 1Q16, with the hull of the vessel
Dynastic handover at MSC Mediterranean Shipping Co (MSC) has announced the appointment of Diego Aponte as president and CEO of the world's second largest deepsea box carrier. Diego Aponte, previously vice president, is taking over from his father, Gianluigi, who started MSC in 1970 with a single ship. MSC now operates 501
Skuld welcomes mass flow meter Oslo-headquartered marine insurer Skuld welcomes the introduction of the mass flow meter by 2017 in Singapore as a significant step in reducing disputes over fuel supply quantities. "Singapore will therefore be at the front of developments that all owners and charterers should welcome as a positive
Strikes disrupt DP World Australia operations Industrial action has disrupted DP World Australian eastern seaboard operations in Sydney, Melbourne and Brisbane this week. Rolling stoppages over pay, conditions and automation were held on Wednesday, Thursday and Friday. The 12-hour stoppages are legal industrial action as part of the
Yujin International reports $900,000 loss Singapore-headquartered tanker operator Yujin International reported a loss of $0.9M for 1H14 trading. Its shipping revenue dropped by 55% from $7.2M to $3.2M year on year, and the company reported no revenue from bunker trade, after selling all its bunker tankers in October 2013. "The decline in
Capesizes still ailing from low cargo volumes Capesize rates have declined for a fourth consecutive week as cargo volumes out of Brazil and Australia continue to disappoint. Although Western Australia-China rates exceeded $8/tonne mid-week, rates averaged $8.005/tonne on the the Baltic Exchange yesterday. However, brokers told IHS Maritime
Caution urged with VLGC newbuildings Norwegian broker Joachim Grieg & Co has cautioned that newbuilding investments in very large gas carriers are not likely to level off soon and this has implications for the freight market. IHS Maritime's Sea-web.com data shows there are 90 VLGCs on order, while the active VLGC fleet has 162 ships.
Housing demand drives up US wooden furniture imports U.S. imports of wooden bedroom furniture by dollar value have increased for four consecutive quarters, driven by an ongoing recovery in the real estate market and falling national unemployment numbers, and are expected to continue growing, according to JOC Economist Mario Moreno's latest JOC Insights report. The report showed U.S. imports of...
US 3PL expands in Florida to tap Port of Tampa Bay, Southeast growth A New York-based third-party logistics company is opening a Florida office, the third major expansion for the firm in two years. The opening of ROAR Logistic's sixth U.S. office in Clearwater, Florida, today will help the company tap growth at the Port of Tampa Bay and the U.S Southeast. ROAR - which...
Universal Truckload hikes revenue forecast as industrial output rises Stronger industrial output in the U.S. is fueling higher than anticipated growth at trucking companies, including Universal Truckload Services, and supporting bids for higher truck rates. Last week, the Detroit-based trucking and logistics company raised its third-quarter revenue forecast to $300 million to $310 million, a 4 to 8 percent...
US soybean exporters warn service failures jeopardize their global edge A coalition of soybean exporters urged the U.S. freight transportation industry Friday to invest in infrastructure, equipment and process improvements to maintain the role of the American farmer as the world's preeminent supplier of soybeans. A series of mishaps this past year, including equipment shortages, rail service failures and delays in...
UPS, FedEx ask online shippers for help avoiding holiday debacle As the holiday retail season approaches, major parcel services in the United States are pressuring retailers to be more realistic in shipping expectations in order to avoid a repeat of 2013, when over 2 million express packages were not delivered by the Christmas Eve deadline. Extreme weather and high volume growth...
Don't blame shippers for port congestion There is much discussion about the causes of the current port congestion crisis. Yet even when we think we've heard all the reasons that this situation exists, the JOC's article "Port congestion: 'You get what you pay for'" reports on something completely out of left field: a statement by a...
Nigeria aims to ease Lagos congestion by pushing use of other ports In an effort to ease congestion at the Lagos Port Complex, Nigeria is looking into ways to encourage shippers to use the country's underutilized eastern ports more. Senator Idris Umar, Nigeria's minister of transport, said the country identified better use of its eastern ports as one of the quickest ways to...
Daseke acquires Lone Star, expands heavy-haul trucking group Specialized truckload operator Daseke acquired Lone Star Transportation and will add the Texas-based heavy hauler to its growing family of trucking subsidiaries. The acquisition expands Daseke's tractor capacity by about 20 percent and expands its business in the energy sector and in Mexico, the Addison, Texas-based company said today. Terms of the...
LA-LB volume up 1 percent, ILWU hours up 20 percent Longshoremen in Los Angeles and Long Beach worked 20 percent more hours to handle a 1 percent year-over-year increase in container volume in August, illustrating the impact of port congestion on productivity. Cargo and labor data posted on the Pacific Maritime Association website showed total volume of loaded containers through West...
Veracruz port aims to quadruple capacity through $1.8 billion expansion Port of Veracruz General Director, Juan Ignacio Fernandez, presents the Port of Veracruz Expansion Project at the Port Terminals and Operators Association Summit in September.The Port of Veracruz plans to boost its total capacity by over 400 percent through a $1.8 billion expansion plan. The tender for the first of two...
UPS expands early morning service from Asia to US Shippers of air cargo from Asia to the U.S. can now reach more U.S. destinations in the early morning after UPS expanded the reach of its express plus service. UPS said it added 766 U.S. postal codes to its UPS Worldwide Express Plus network in the third quarter, after adding more...
Latest US jobs report bodes well for freight growth With an increasing number of U.S. workers finding and keeping jobs, the positive momentum for freight transportation will likely carry forward. The U.S. unemployment rate dropped to 5.9 percent in September, the lowest level since July 2008, according to the U.S. Department of Labor's Bureau of Labor Statistics. Full-size chart U.S. nonfarm payrolls advanced...
Trucking's hiring efforts make headway as US payroll numbers rise JOC For-Hire Trucking Employment Index rose to 97.7 in September. Full-size image Trucking employment rose 2.3 percent year-over-year in September, pushing the JOC For-Hire Trucking Employment Index up 0.3 percentage points to a reading of 97.7. Seasonally adjusted data released today by the U.S. Bureau of Labor Statistics shows for-hire motor carriers hired...
St. Lawrence Seaway traffic rises 5 percent Cargo traffic on the St. Lawrence Seaway rose 5 percent year-over-year between late March and late September, largely thanks to strong grain and steel shipments. Volume on the international seaway connecting the Great Lakes to the Atlantic Ocean hit 24.4 million metric tons, as Canadian and U.S. grain exports jumped 70...
ENAP makes legal move Chile's ENAP has secured a court order keeping an Empire Navigation products tanker in Chile as it seeks to determine the cause of an oil spill last week.
A win for Golar? Perenco's success on the Cameroon FLNG project could lead to a key contract win for Golar LNG Ltd, a financial analyst said today.
Princess brings aid A Princess Cruises ship will deliver relief supplies tomorrow to Cabo San Lucas, two weeks after Hurricane Odile slammed into Mexico's Baja California peninsula.
Tsakos extends trio Tsakos Energy Navigation (TEN) has inked charter extensions for three tankers, bringing $40m in additional contracted revenue.
Crude cargoes hit peak Crude output from Opec countries hit its highest level in nearly two years in September, despite sliding prices.
POSH seeks CFO PACC Offshore Services Holding (POSH) is looking for a new chief financial officer (CFO) following the resignation of Geoffrey Yeoh.
MSC succession sealed Diego Aponte is taking over from his father Gianluigi as president of Mediterranean Shipping Co (MSC).
SwissMarine grabs cape SwissMarine has stepped back into the period market as capesize rates continue to struggle at the start of the fourth quarter.
Tallin buying four Estonia's Port of Tallin is planning to buy four new ferries to service a Baltic islands contract.
P&O swings axe P&O is making 55 assistant managers redundant on its UK ferries to trim cross-Channel costs.
Petredec deal boosts BW A bumper deal with Petredec for two BW LPG vessels is good news for investors in the gasship owner.
Nikitin fights the freeze The UK high court has cleared the way for Russian shipowner Yuri Nikitin to pursue losses arising from the freezing of his bank accounts during the mammoth Sovcomflot (SCF) fraud case.
Island adds to Vard tally Haavard Ulstein led owner returns to its favoured shipbuilder with a NOK 300m contract.
More Korean cash Korea Development Bank (KDB) has announced a new fund for shipowners worth up to $1bn.
Has EMAS set a trend? EMAS Offshore may have broken fresh ground in becoming the first company to raise capital in both Oslo and Singapore but there is not a great deal of appetite for others to follow in its wake, owners and financial experts say.
Tallink sees Q3 fall Baltic ro-ro group Tallink has posted a drop in passenger numbers of close to 6% year-on-year for the third quarter.
Dof trumps the taxman Dof Rederi has won a repayment of tax and legal costs worth NOK 40m ($6.18m) after winning a court case against the government.
EMAS completes SGX float EMAS Offshore has completed the purchase of related company Ezra's offshore support fleet after closing the book on its Singapore listing.
PDVSA clears out six Venezuela's PDVSA has put six elderly products tankers and LPG carriers up for auction.
LD suspends routes France's LD Lines has suspended routes from France, the UK and Ireland to Spain as it reviews its operations.
The wolves circle We take a look at what was said in the market over the past week.
Prop work delays Veendam Holland America has been forced to delay the return to service of one of its cruise ships that was undergoing repairs.
Hafnia slumps to a loss Hafnia Tankers has posted a second quarter loss of $5.2m in only its second full quarter as a public company.
Essar capesize arrested An Essar-owned capesize bulker has been arrested for the second time in less than a year.
Suezmaxes monitor spread Suezmaxes are poised to cash in on the narrowing spread between the prices of Brent and West Texas Intermediate crude, a leading tanker broker told clients Thursday.
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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