Euronav grabs four VLCCs for $342m Taps private placement equity for $100m as it goes for "four of the best" from the secondhand market
German owners pessimistic on recovery HSH survey shows clear differences with recent poll by PricewaterhouseCoopers
Hatching the LNG egg Securing LNG bunkering should alleviate supply concerns but many steps remain
Aframax tanker charter points to Canada's clout Canada is an intriguing source of cargoes for crude tankers that is poised to exert considerable influence on the tanker community
Trident Alliance members revealed Shipowner and operator group aims to create level playing field on sulphur regulations
Nicaragua canal route approved Project gets green light for route almost three times as long as its counterpart in Panama
Ukraine bans international shipping from Crimea ports Kiev cannot uphold safety obligations in breakaway region, government warns
Three-day break for west coast labour talks ILWU and PMA extend existing contract during interlude
TSA plans further rate hike next month Member lines to announce next GRI guideline in mid-July
Aronnax: Gas bunker right Let's not blow up a chance now the egg has hatched
China Shipping Development and MOL book Yamal LNG carriers Three 172,410 cu m vessels ordered at DSME for $932m
Brazil's oil exports disappointing for tankers Maersk Oil exits Brazil as country fails to meet expectations, but hopes are alive for future exports
Tanker engineer missing in US Gulf Coast Guard search and rescue crews in the US Gulf of Mexico continue to look for a chief engineer who has been missing from a tanker for two days. Corpus Christi, Texas watchstanders said that at 13.55 local time on 6 July the crew of the Aframax International-operated, 115,338dwt Elia reported the
Ocean Rig UDW aims for debt swap George Economou's drilling rig and drillship company Ocean Rig UDW has launched a new proposed $500M senior secured note offering in the US that the company expects to use to extinguish an existing term loan facility. NASDAQ-listed Ocean Rig UDW, controlled by Economou's separately listed DryShips,
German owners in the doldrums Sentiment in Germany's shipowning community has not recovered to the same extent as in other international shipping centres, a survey by ship financier HSH Nordbank has revealed. Only about 20% of all German respondents in its expert market survey said they expect profits to rise this year, versus
HMM moves on Hyundai Securities stake sale Hyundai Merchant Marine is proceeding with its plans to sell its entire stake in Hyundai Securities, it confirmed today (8 July). HMM's parent Hyundai Group needs to raise KRW3.3 trillion ($3Bn) to boost its liquidity and repay debts. So far, it has generated more than KRW2 trillion from selling a
Kattupalli Port and ICTSI split L&T Kattupalli Port and Philippines-based International Container Terminal Services India (ICTSI) have agreed to end their alliance just three years after signing a contract to develop a container terminal at the Tamil Nadu port. Kattupalli has already removed all mention of ICTSI from its website
Seadrill plans convertible bonds Seadrill, the listed London-based company at the centre of John Fredriksen drillship and rig operations, says it is planning to issue $1.0Bn in convertible bonds and to make a voluntary offer for holders of a $650M convertible bond issued earlier to convert their paper for shares in the company. The
China, Russia to co-develop Zarubino Port Russia's Summa Group will work with Chinese companies on the development of Zarubino Port in Russia to attract more business from China, stated Alexander Vinokurov, Summa Group CEO, at the first China-Russia Expo. The project is implemented by FESCO Group (controlled by Summa Group). The first phase
Strikebound SNCM ferry flees Corsican port An SNCM ferry was forced to flee the port of Porto-Vecchio in Corsica after striking seafarers came under attack from angry customers of the company. French radio station France Info reported that up to 200 local business people approached strikebound ro-pax vessel Jean Nicoli and began throwing
China vessel exports narrow fall China's vessel exports narrowed their year-on-year fall in the first five months of 2014 on market pickup. During this period the exports decreased 11.2% y/y to $10.7Bn, according to customs statistics. The reduction was four percentage points lower than that in the first four months of 2014, thanks
Thoresen Shipping buys another Supramax Thoresen Shipping Singapore has bought another secondhand Supramax bulker, bringing its total fleet size to 24 ships. The company, led by MD Ian Claxton, said in a filing to the Stock Exchange of Thailand that it has bought Orient Rose, renaming it Thor Monadic. Thoresen Shipping Singapore is a
Icon Offshore incorporates new subsidiary Malaysia-listed offshore support vessel (OSV) provider, Icon Offshore (Icon) announced that its wholly-owned subsidiary, Icon Fleet has incorporated a subsidiary company, Icon Bahtera, on its press release dated 7 July 2014. Icon Bahtera was incorporated in Brunei with the proposed principal
Paradip container terminal tender floated "All necessary formalities have been taken care of and I think the contract will be awarded in less than two months," Paradip Port Trust (PPT) chairman Sudhansu Sekhar Mishra told a press conference on 4 July. The new container terminal is part of PPT's overall expansion programme to enhance its
Damen ice-class PSVs for Atlantic Towing US company Atlantic Towing has ordered four newly-designed ice-strengthened PSV 5000 vessels from Damen Shipyards Group that will be put to work in the sub-Arctic waters of the Hibernia and Hebron oilfields, off Newfoundland and Labrador. Atlantic has a 10-year offshore support contract with
SapuraKencana to tap growth in Americas Malaysia-listed oil and gas services company SapuraKencana Petroleum is off to a flying start in Brazil, according to Norziana Mohd Inon, an analyst from CIMB Securities. She has forecast a target price of MYR7.00 ($2.19) per share price, while SapuraKencana's shares are currently traded at MYR4.40
UMW OG on expansion path Malaysia-listed oil and gas services provider, UMW Oil and Gas Corporation (UMW OG) has plans for aggressive fleet expansion, according to Norizana Mohd Inon, an analyst from CIMB bank. Inon predicted UMW OG's share to hike to a target price of MYR5.18 ($1.62) from the current trading price of MYR
Firm prices belie weak ship recycling sentiment Despite the South Asian monsoon season, cash buyers have been offering firm prices for vessels bound for demolition in India. This is due to a slowdown in the number of vessels offered for sale by shipowners. Although bulkers are assessed at $450/lt ldt and tankers at $480/lt ldt for recycling in
VLGC rates back up again Freight rates to ship LPG on very large gas carriers have begun moving up again, after softening last week. As of yesterday, the Baltic Exchange assessed the benchmark Ras Tanura-Chiba rate at $129.688/tonne, up from $128.188/tonne a week ago and up 25 cents from 4 July. At current bunker prices in
HHI stocks least attractive among 'Big Three' Shares of South Korean shipbuilder Hyundai HI (HHI) would be the least attractive among the country's 'Big Three' shipbuilders due to weak profitability, said Samsung Securities' analyst Young-soo Han in a research note today. The Big Three refers to HHI, Samsung HI (SHI) and Daewoo Shipbuilding &
Employers sue Baltimore ILA local for $3.8 million Employers at the Port of Baltimore have asked a federal court to force an International Longshoremen's Association local to pay $3.8 million in damages for a three-day strike last October. The lawsuit adds a new dimension to a protracted dispute between ILA Local 333 and the Steamship Trade Association of Baltimore...
Industry to study use, safety risks of liquefied natural gas Industry professionals will study the ramifications of liquefied natural gas leaks to get a better handle on the scope of accidental incidents. DNV GL Oil & Gas announced today that liquefied natural gas stakeholders and several exploration and production companies would work on a joint industry project to identify and develop...
Cosco to shutter regional US offices A major restructuring move at Cosco Container Lines Americas will result in most regional offices closing in favor of a larger, more centralized North American Operations Center to be opened early next year, the location of which is yet to be determined. Cosco Americas announced the move today, saying it would...
New US Customs' program meant to address C-TPAT criticism WASHINGTON - Think of it as C-TPAT on steroids. A new program by U.S. Customs and Border Protection's integrates its two largest trusted trader programs - Customs-Trade Partnership Against Terrorism and Importer Self Assessment - and includes additional perks meant to offer tangible benefits in return for the effort that...
Arbitrator rules ILWU workers must return to work at LA LONG BEACH, Calif. - An arbitrator has ruled that ILWU members at LA-Long Beach must return to work after refusing to cross picket lines set up by the Teamsters union at two terminals at the Port of Los Angeles, according to the Long Beach Press Telegram. Members of the International Longshore...
Who's really eating the PNW's lunch? There's been no shortage of turbulence on the West Coast lately, and more is in store with the midnight June 30 expiration of the ILWU contract. In addition, there has been mounting pressure on Pacific Northwest ports, seemingly caught in a vise between the western Canadian ports to the north...
Rail option for temperature-controlled cargo deemed a success Rail is a long-distance transport alternative to road, ocean and air freight for temperature-controlled goods, according to the results of a two-year project that included a trial shipment from the Port of Antwerp to Kazakhstan. The Flanders Institute for Logistics measured and monitored the temperature, location and security of temperature-controlled products...
Israel Corp. backs Zim 'golden share' ruling Israel Corp., the parent of Zim Integrated Shipping Services, has backed a court ruling that modifies the scope of the state's "golden share" in the ocean carrier. A Haifa court ruled that approval of the Israeli government is only required when a transfer or sale of shares in Zim gives a...
Air France-KLM trims profit outlook on 'persistently weak' cargo demand Air France A380Air France-KLM trimmed its 2014 profit forecast by up to 12 percent, citing "persistently weak" cargo demand, as well as overcapacity and falling yields on North American and Asian passenger routes. The Franco-Dutch airline said it now expects earnings between €2.2 billion and €2.3 billion (US$3 to 3.1 billion)...
Nicaragua canal route gets official approval A Nicaraguan government committee today approved the route of a proposed $40 billion canal project that will bisect the country and rival the Panama Canal waterway linking the Pacific Ocean and the Caribbean. Environmental and social impact studies need to be completed, but both Nicaraguan government officials and HKND expect work...
72-hour break briefly reinstates ILWU contract The International Longshore and Warehouse Union and U.S. West Coast waterfront employers have agreed to take a 72-hour break from negotiations to allow the union to attend "an unrelated negotiation" in the Pacific Northwest. The six-year contract, which expired July 1, was be extended during the break from 8 a.m. today...
Suez fails to see anticipated gains in traffic The number of container ships passing through the Suez in May was the highest since May 2013. Full-size chart The number of container ships passing through the Suez Canal in May was higher than in April but was down year-over-year for the 33rd straight month. The Suez Canal reported that 526 container ships...
Korean, Chinese export-import banks back Minsheng mega-ship deal Minsheng Financial Leasing will receive $295 million from the Korean and Chinese export-import banks to build three 18,400-TEU ships that will be leased to Mediterranean Shipping Co. in the second half of 2015. Korea EximBank and the China EximBank agreed to provide the financing to Minsheng in a deal signed before...
Teamsters actions fail to disrupt LA-LB cargo on July 7 Cargo-handling and gate operations at marine terminals in Los Angeles-Long Beach continued without interruption today despite threats by the Teamsters union to initiate an "indefinite strike" against three trucking companies that serve the United States' largest port complex. Protesters for Teamsters-affiliated Justice for Port Truck Drivers distributed informational flyers in the...
TSA carriers aim for second rate increase Carriers in the eastbound Pacific intend to increase their freight rates effective July 15 by $200 per 40-foot container for cargo moving from Asia to Los Angeles-Long Beach. The Transpacific Stabilization Agreement, a discussion group of carriers in the eastbound Pacific, said the $200 general rate increase / peak-season surcharge is...
Drayage drivers again threaten to strike at Vancouver Roughly 400 unionized truck drivers at Port Metro Vancouver are threatening to strike, alleging that they are being paid less than the minimum rate established by the government, CBC.ca reports. Port Metro Vancouver told CBC that it is already taking steps to enforce minimum pay rates. In mid-June, the port authority and British...
Euronav strikes again Euronav made waves in the sale-and-purchase market Tuesday after announcing plans to acquire four more VLCCs.
EU backs scrubber initiative DFDS lines up state aid that will be applied toward the installation of exhaust scrubbers.
Longhe in the crosshairs Sino-Global Shipping closes in on acquisition of Qingdao Zhenghe's management unit.
Billion-dollar blunder AP Moller oil offshoot turns back on Brazil as it prepares to book $1.7bn write-down.
LSC sheds tonnage Lithuanian Shipping Company to book loss from the sale of ageing cargoship.
ORIG oils bond press Ocean Rig has lined up a fundraiser that will set the stage for the repayment of a billion-dollar loan facility.
Sinotrans buys from parent Hong Kong-listed shipowner Sinotrans is spending CNY 901m ($145.23m) on buying companies from its parent Sinotrans & CSC.
Canal plan on track Nicaragua has approved plans for a new $40bn canal linking the Pacific and Atlantic.
HSH: owners optimistic Germany's HSH Nordbank says shipowners are generally optimistic about their prospects this year, but remained concerned about vessel over-supply.
Ukraine "closing" Crimea Ukraine is aiming to close all Crimean ports after Russia seized the breakaway region earlier this year.
CSDC, MOL sign for three Yamal ships China Shipping Development Co (CSDC) and Japan's MOL have signed for three LNG newbuildings for the Yamal gas project worth a combined $932m.
Fjord Line banks loan The European Investment Bank (EIB) is handing over EUR 124m ($168.5m) to Fjord Line for its new cruise ferries.
Stena ferry holed A Stena ferry took on water after sustaining a five-metre crack in its hull in a collision with a breakwater in Denmark.
Gulf Nav clears decks Dubai's Securities & Commodities Authority has approved a $300m share reduction by restructuring tanker owner Gulf Navigation.
Greenship on the rise Jacques de Chateauvieux's Greenship Bulk Trust has recorded an improved profit for 2013.
CSDC to buy again? Another 20% of Chinese tanker owner Shanghai Northsea Shipping is up for grabs.
Star rating Fearnley Securities has taken up coverage of Star Bulk with a buy rating amid expectations of a sharp rise in profit following its merger with Oceanbulk.
Google Sea View After photographing much of the known world from cameras strapped to the tops of their cars, Google's Street View team have tried out their sea legs.
Arson accused guilty A UK passenger has pleaded guilty to arson on a DFDS ferry after drunkenly trying to light a cannabis bong.
CSBC chases $600m order Taiwan's CSBC yard group is closing in on a deal for four new semi-submersible crane vessels.
GasLog takes a hit Shares in US-listed LNG company GasLog lost almost 10% of their value at one point in trading on Monday.
Trio hit off Indonesia Three more ships have been subjected to robbery attempts in Indonesian waters latest intelligence reveals.
Breaking News: ILWU workers return to work after brief work stoppage The ILWU and PMA said Monday that they had agreed to extend their previous six-year contract for three days through 8 a.m. PDT on Friday while they suspended their negotiations on a new contract. The extension allows the ILWU to attend to other contract matters.
Miss. could stop transport construction projects this month If Congress doesn't come up with a plan to infuse the Highway Trust Fund with cash, Mississippi will pull all of its transportation projects currently up for bid, according to the executive director of the Mississippi DOT.
Swing Transport upgrades tracking technology
WLS: Transpacific capacity rebounds in Q2 2014
Washington Notebook: Sen. Rockefeller presses for oil-by-rail safety regs
Transpacific carriers: More rate hikes coming "With the overall uncertainty already seen in the eastbound freight market, the central issue for shippers and carriers alike is maintaining service and schedule reliability," explained TSA Executive Administrator Brian Conrad.
LA/Long Beach terminals continue to operate as Teamsters strike
Trident Alliance to shine light on vessel-emission rules The group held organizational meetings this spring and has now received commitments from the charter members to support the mission of ensuring industry-wide compliance with environmental air quality rules.
Israel Supreme Court to consider Zim 'golden share' In a filing with the Tel Aviv stock exchange, Israel Corp. said a district court agreed to change the terms of the Israel government's "golden share" so that state approval would be required only for transfers of more than 35 percent.
IFO prices on downward path in Fujairah Suez: No price movement reported.
Prices continue falling across Europe Hamburg market busy.
EU gives cash to help pay for scrubbers $8.6 million allocated to DFDS.
Oils Overseas is to 'cease bunker trading operations' Bunker player to gradually transfer operations to Integr8 Fuels.
Study to look at consequences of accidental LNG release DNV GL says uncertainties remain when trying to predict LNG behaviour in the event of a system failure.
Liner operator holds bunker consumption at last year's level Evergreen says overall tonnage increase has been matched by fuel efficiencies.
Operators advised to prepare fuel tanks for 2015 Changing tank use from HFO to MGO requires cleaning to avoid potential filter blocking and non-compliance.
Supplier says 2013 revenue was hit by 'availability' issues But parent group of UK-based bunker and marine services supplier has seen annual profits climb.
Asian prices continue downward trend Mixed demand seen in Singapore.
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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