Drillship operator Noble fined $12.2M Offshore drilling contractor Noble Drilling has agreed to pay a $12.2M fine following a two-year investigation by the US into environmental practices aboard two of its vessels. The settlement with the US Department of Justice (DoJ), announced on 8 December, relates to operations and record keeping
Crédit Agricole and Sumi Trust set up $1bn ship finance facility France's Crédit Agricole CIB and Japan's Sumitomo Mitsui Trust Bank have announced plans to make up to $1Bn worth of credit available to shipowners for their vessel financing and other projects in the New Year. Under the terms of an agreement, signed in Tokyo on December 5, the two banks have set
Italian senators query Venice port investment Two Italian senators say they have cross-party support for a motion that would divert the money allotted to the construction of Venice's ambitious offshore port towards boosting existing cargo infrastructure not only in Venice but at other Adriatic ports. The Italian government is currently
Crew safety 'priority' in ICS rescue guidance Seafarers on ships involved in rescue operations at sea must be provided with personal protective equipment (PPE), including full protective suits, new guidance has clarified. Guidance on Large Scale Rescue Operations at Sea published today (www.ics-shipping.org/docs/largescalerescue) by the
Ambrey Risk ranked one of UK's fastest growing firms UK maritime security firm Ambrey Risk has been ranked as the eighth fastest growing company in the UK by Richard Branson's Sunday Times Virgin Fast Track 100. The league table ranks companies based on their sales growth over the past three years, and Ambrey Risk, even in the current depressed
Temasek buys into LNG tanker design specialist Singaporean investment group Temasek has bought a 10.4% stake in French liquefied natural gas (LNG) tanker specialist Gaztransport & Technigaz (GTT). Temasek acquired the remaining 10.4% holding in GTT of French oil group Total, which had already reduced its stake in GTT from 30% when the latter
Odfjell CEO departure linked to 'differences' over future plans The sudden departure of Odfjell CEO Jan A. Hammer is seen by shipping analysts as being the result of disagreements between the parties involved over where to focus earlier agreed cost cuts, and over how to address the company's poor performance. "Due to different views on the strategic direction
Mermaid Maritime drilling rig contract to end early Mermaid Maritime, the Singapore-listed subsea and drilling services provider, has announced that a contract for the deployment of its MTR-2 tender drilling rig is to be terminated earlier than planned by its upstream oil and gas client. Initially, the contract for MTR-2 was slated to end in May
Evergreen and CNC to launch Philippines route Taiwanese carrier Evergreen Line and Intra Asia liner service provider Cheng Lie Navigation (CNC) announced yesterday that they are working together to launch a new China-Philippines Service (CPH). Two 1,000teu box ships will be deployed on the new weekly service, one each operated by the joint
Zhongchang Marine to raise $146M Shanghai-listed Zhongchang Marine, a Chinese cabotage trade bulk carrier operator, plans to raise CNY900M ($146M) to repay debts and replenish its working capital by selling shares in a private placement. Zhongchang Marine plans to use the net proceeds from the share issuance to firstly pay back
US shipping stocks slump Publicly traded shipping shares were particularly hard hit amidst a wider Wall Street selloff on 8 December. While the Dow Jones Average fell 0.59%, multiple shipping stocks logged double-digit percentage losses and the overwhelming majority of US-listed shipping shares declined. The biggest
Diana buys capesize newbuilding for $50m Dry bulk operator takes delivery of China-built vessel next month
Sumitomo blazes a trail for Japanese banks into global ship finance Joint venture with Credit Agricole will invest up to $1bn over the next three years
New worries for tanker recovery as suezmax orderbook grows Nordic American bookings prompt fresh calls for restraint to promote a freight market upturn
Vessels avoid Aqaba call amid labour row Jordanian port suffers major delays as workers continue to protest
Asia-Europe growth slows in October Slowdown reflects a double-digit surge for the month in 2013
Founder retires from Stolt-Nielsen Boss leaves the board after 55 years but remains honorary chairman
Höegh LNG plans to double its FSRU fleet by 2019 Oslo firm will order one or two floating units every year to raise its fleet to 14
Nordic American Tankers adds two new suezmaxes to expanding fleet New York-listed owner builds modern fleet as suezmax market prospects improve
CSSC cuts its stake in Shanghai-listed unit Share price drops 10% after parent cashes in to raise funds
Odfjell chairman: 'We don't have the luxury to disagree' Odfjell chairman tight-lipped on shock Jan Hammer departure, but says announcements on company's direction to appear in New Year
New York court blocks arrest of LNG Finima US Federal judge issues restraining order on all competing claimants
Odfjell boss steps down over strategy clash with board Jan Hammer replaced by Tore Jakobsen
Scorpio Bulkers secures $235m credit facility, but investors are not impressed Sell-off continues in dry bulk sector as market responds to low rates and concerns over iron ore prices
Cass Freight Index hits post-recession high for November Both shipments and expenditures on Cass indices declined in November. Full size chart. U.S. freight shipments dropped slightly in November, falling 0.2 percent from October, but were still up 4.2 percent year-over-year, according to the Cass Freight Index. In fact, the Cass shipment index hit its highest point in November since the...
NY-NJ sees its trove of empty containers attracting export cargoes As a port with one of the largest surpluses of empty containers in the U.S., New York-New Jersey is attractive to agricultural and industrial exporters needing containers but who often have a hard time getting access to them in the non-urban areas where their cargo typically originates. NY-NJ has a higher...
Despite loss, new CEO says UTi Worldwide is past 'turning point' Less than a day after CEO and board member Eric W. Kirchner resigned, logistics operator UTi Worldwide posted weaker-than-expected results for its third quarter, reporting a $34 million net loss on a 6.6 percent year-over-year drop in revenue to $1.08 billion. The CEO resignation and deeper losses came a week after...
Port of Oakland planning to expand gate hours With its larger, consolidated terminals handling larger volumes from bigger ship calls, the Port of Oakland is considering officially expanding its gate hours for the first time, its head said today. Gate hours at the port are expanded on an ad hoc basis as demand warrants, but hours today encompass the...
Maersk, Hamburg Sud top carriers on Drewry reliability report Both Maersk Line and Hamburg Sud received top marks as the most reliable container carriers in the third quarter, Drewry's Carrier Performance Insight shows, as industry-wide reliability began to recover in October. Maersk Line ships were on time 80 percent of the time from August through October, while Hamburg Sud vessels...
US eases reporting rule, saving trucking industry $1.7 billion a year Starting Dec. 18, U.S. truck drivers in most cases will no longer have to file a report if an inspection of their equipment shows no maintenance issues and safety defects, saving the industry nearly $1.7 billion annually, according to the U.S. Department of Transportation. By no longer being required by the...
Retailers strategize to avoid pitfalls of West Coast congestion Beneficial cargo owners are still navigating the perils of U.S. West Coast port congestion, as they attempt to bring inventory in for the spring season. One of the hardest-hit retailers, New York & Company, saw revenue decline because of the late merchandise deliveries, CEO Greg Scott said in a Dec. 3...
Continuing US West Coast gridlock may lead to permanent loss of cargo The continuing congestion and delays affecting U.S. West Coast ports are reaching the point where it may leave the type of lasting negative impression that followed the 10-day work stoppage in 2002. Despite the peak holiday season ending as the holiday approaches shippers and forwarders are saying that dwell times are...
NY-NJ port gears up for bigger ships, volume NEWARK, New Jersey - The Port of New York and New Jersey is under the gun to improve productivity and truck turn times before the mid-2016 raising of the Bayonne Bridge "almost instantaneously" brings a new generation of larger ships to East Coast ports. Just a few years ago, the largest...
Battle rages over trucker hours as Congress readies $1.1 trillion spending bill WASHINGTON - The clock is ticking for the lame-duck Congress and the trucking industry's last, best chance this year to change truck driver hours of service regulations. A fierce battle over the HOS rules erupted this week on Capitol Hill as members of the House and Senate sweated the details of...
FMC to launch website to track congestion surcharges NEWARK, New Jersey - The U.S. Federal Maritime Commission will launch a website soon that will serve as a clearinghouse for port congestion surcharges, following industry confusion over planned U.S. West Coast surcharges, Commissioner Michael A. Khouri said today. "The commission is gathering information from the carriers to compare announcements and actual...
Mergers and alliances shake up container carrier rankings Mergers and acquisitions and soon-to-launch alliances are changing the rankings of the JOC Top 40 Container Carriers in U.S. containerized trade. Volume increased 2.7 percent year-over-year to 23.7 million 20-foot-equivalent units in the first nine months of 2014, with Maersk Line and Mediterranean Shipping Co. accounting for 21.4 percent of...
Operating ports have congestion advantage, shippers tell FMC FMC Commissioner Michael A. Khouri (left) and JOC.com Associate Managing Editor Mark Szakonyi discuss the FMC's findings from regional port meetings this fall at JOC Group's Port Performance Conference-North America.NEWARK, New Jersey - Part of the reason South Atlantic ports haven't seen as much congestion as their Northeast and Southern California...
DB Schenker expands in India to major industrial hub DB Schenker, the logistics arm of Germany's Deutsche Bahn, has opened a new sales office in Vapi, India, to serve its customers in the country's western region. Vapi is a major industrial location in the state of Gujarat. "The new office will be instrumental in strengthening our network and make us more...
No let-up in Asia port delays, CargoSmart finds HONG KONG - Almost half the container vessels arriving at the Asian ports of Ho Chi Minh City, Manila and Nhava Sheva between Oct. 15 and Nov. 15 were delayed more than 12 hours, and one third of the arriving ships faced delays of more than 24 hours, CargoSmart has...
MLPs target boxships A growing number of master limited partnerships (MLPs) are looking to expand their presence in the containership space, a top equity analyst told clients Tuesday.
Khanna's cautious optimism Pioneer Marine reported a third-quarter loss Tuesday but the Singaporean bulker operator's chief executive is confident that the dry-bulk segment will rally in the coming year.
Siem hatches buy-back Siem Shipping has joined the growing list of publicly-traded operators that are rewarding investors by repurchasing shares.
Navios MLP initiated A leading Wall Street equity analyst has initiated research coverage of Navios Maritime Midstream Partners, a master limited partnership (MLP) that sealed a New York listing last month.
FLNG rebuffs bid Norwegian shipping mogul John Fredriksen appears to have encountered an obstacle in the race to takeover Flex LNG.
Diana acquires cape Diana Shipping of Greece has acquired a capesize bulker under construction at Qingdao Beihai Shipbuilding Heavy Industry in China.
NWS turns it around Russian cargoship owner North-Western Shipping (NWS) has wiped out its 2013 nine-month loss with a strong rebound in 2014.
More tugs for Hedland After a year of strike threats and a rapid growth of exports, a new tug company has been introduced to Port Hedland by Australian mining giant BHP Billiton.
Lie costs claim The UK court of appeal has upheld a decision ruling a EUR 3.24m ($4m) insurance claim void after a cargoship manager lied to the insurers.
Zhongchang to sell Bulker owner Zhongchang Marine is lining up a share placement to refinance debt.
Neste wins Tallink deal Finland's Neste Oil has clinched a deal to supply new low-sulphur fuel to ferry group Tallink.
Jacob Stolt-Nielsen steps down Veteran shipowner Jacob Stolt-Nielsen has today stepped down from the board of Oslo-listed Stolt-Nielsen 55 years after he founded the company.
Svitzer extends contract Svitzer has extended its contract with Egyptian LNG in Idku for five years.
Seconds for Fredriksen John Fredriksen has ploughed another $15m into Seadrill stock.
Shepler expands US operator Shepler Mackinac Island Ferry has penned a contract for the construction of a 281-passenger ferry, its sixth ship.
Crewman drowns A seafarer has been found dead in Lake Huron after falling from a Polish bulker.
NAT books double order Herbjorn Hansson's Nordic American Tankers has joined the suezmax newbuilding bandwagon with a double order at Sungdong Shipbuilding & Marine Engineering.
Klaveness eyes Alcoa deal Norwegian shipowner Torvald Klaveness says it is closing in on a contract with Alcoa of Australia which will employ its Cabu fleet.
Arahura on its way New Zealand's Interislander line is retiring its veteran ro-pax Arahura next year.
GMS fixes newbuild Gulf Marine Services (GMS) of the UAE has won a charter of up to five years for its new self-propelled self-elevating support vessel (SESV).
Bulker runs aground A cement carrier has run aground on the St. Lawrence river in Quebec, Canada.
Baltic breakthrough Germany's Arkon Shipping is launching a new heavy-lift service in northern Europe based on feedership patterns to combat fuel price rises.
Hammer out at Odfjell A clash with the board has seen Jan Hammer exit the chief executive's chair at tanker owner Odfjell.
Jiro Nemoto dies Former NYK president Jiro Nemoto has died aged 86.
MEP ship joins supra pool Expanding owner Navig8 has announced another bulker addition to its Supra8 pool.
NOL back in favour Neptune Orient Lines (NOL) looks to have returned to investor's radar after its third upgrade in little under a month.
Noble receives Alaska fine Noble Drilling has been charged with committing "environmental and maritime crimes" in Alaska two years ago.
Temasek buys GTT stake Total has sold its remaining stake in Gaztransport & Technigaz (GTT) to Singapore's sovereign wealth fund Temasek.
Terminal IPO delayed Universal Terminals has reportedly postponed a potential SGD 1bn ($769m) initial public offering (IPO) in Singapore.
AMSC CFO gets top job American Shipping Company (AMSC) has promoted its chief financial officer to take over as chief executive come the New Year.
Dan-Bunkering adds new group credit analyst Morten Rosenberg Nielsen will be based in Copenhagen.
Condor Ferries to boost rates to help pay for scrubbers Freight vessels to switch to MGO until scrubbers are installed.
USMRC, ClassNK to cooperate on future marine R&D MoU signed by both firms highlights framework for joint R&D activities.
Serious legal risk linked to fuel switching Owners could face full liability for damages caused by loss of power if the cause was deemed to be incompatible fuels.
Gibraltar 'aggressively pursuing efficiency' Port has eased restrictions on the number of barges able to operate in the bay at any one time.
Total to sell remaining stake in GTT Singapore-based Temasek Holdings named as buyer.
Chinese firm moves forward with LNG-fuelled vessel orders 55 of 200 vessels currently being built at Dajin Heavy Industry's shipyard.
Ports of Stockholm offers new perks for eco vessels Discounts await vessels connecting to onshore power and LNG-fuelled ships.
Denmark to potential sulphur cheats: 'We are watching you' Government to award contracts for surveillance of ships sailing through Danish waters.
Testing for microbial contamination getting easier New IP standard method allows for 'simplified, reliable and cost effective' test in the laboratory, field or onboard.
Total supplying new, higher density, ECA-compliant MGO Product is available in German ports.
Neste in deal to supply ECA compliant product 'Our capability to produce cleaner traffic solutions now enables us to take foothold also in the marine sector.'
LNG carrier avoids arrest in OW debt dispute Bill for marine fuel to be temporarily held by US Court, says NLNG.
Mercuria starts Singapore bunker trading subsidiary Company in move to build its presence in the marine fuels market.
Ferry renewable energy technology project gains partner Move also means Japanese firm expanding operations to Greece.
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