ECB set to ruin shipping bankers' Sunday Uncertainty prevails ahead of stress test results on October 26
Shipowners' P&I holds increases after strong half-year Combined ratio at healthy 95.5%
Shipping's fuel bill plummets as oil price falls Bunker price down to $511 per tonne in Fujairah
Venezuela's oil import is a milestone on a downhill path Deal to buy Algerian crude likely to be the first of many as PDVSA struggles with declining production
Master limited partnerships rise above market gloom MLP market 'consistent' while other equity raising exercises have fallen victim to charter rates
Mexican port plans expansion Veracruz plans for a five-fold increase in capacity
Box throughput set to reach 1bn teu come 2020 Continued growth throughout Asia will lead to 40% increase in global traffic, says Drewry analyst
Gazprom's LNG dream could become a nightmare Russian gas giant will face stiff challenges as it boosts LNG presence
Private equity can help shipping's discipline deficit 'Smart money' won't spoil container sector, conference hears
Data Hub: Load factors Utilisation rates continue to fall
Eimskip wins access to competition raid documents The shortsea operator said it received the documents related to the competition authority's investigation on October 8
VLCC rates hold steady November could be busy month for the 2m barrel tankers
Israel Corp to spin off share in Zim Plans will see 32% stake in Zim transferred to New York- and Tel Aviv-listed subsidiary Kenon
Euronav secures $340m loan Proceeds to refinance four suezmaxes
Shipping braced as Chinese coal tariffs come into force Early reports that shipowners are struggling to secure bookings as cargoes are cancelled
Owned vessels soften Pacific Basin's freight rates blow Company feeling effect of falling handysize and handymax rates but says it has strategy to cope
Rio Tinto savours iron ore export growth Third quarter shipments totalled 78m tonnes, up15%
Ocean Rig launches master limited partnership with eye on $300m IPO Spin-off unveiled as parent DryShips races to refinance bond
Dry bulkers lift Panama Canal in FY13 Grain cargo flows from the US Gulf to Asia helped drive a 2% increase in cargo tonnage moving through the Panama Canal in fiscal year 2013 (FY13). Volume moving through the canal increased from 320.6M to 326.8M tonnes during its latest fiscal year, which runs from 1 October to 30 September. The
China's iron ore prices drop again China's weak demand for steel products continued to weigh down on iron ore prices, forcing dealers to stockpile inventories, said the China Iron and Steel Association (CISA) on 14 October. The China Iron Ore Price Index dropped by 8.81% m/m to 282.24 points at the end of September, according to
Liners scramble for 'survival' cash The world's largest box carriers are competing based on their ability to access capital and survive an extended period of losses, according to SeaIntel CEO Lars Jensen. Addressing the Caribbean Shipping Association conference in the Dominican Republic, Jensen said "key players would have gone
Kitanihon wins tanker quartet Japanese yard Kitanihon Shipbuilding has won two orders for a total of four chemical/product tankers from compatriot shipowner ITOCHU Corp and Panama registered Canal West. The two 35,000dwt vessels for ITOCHU are scheduled for delivery in September and December 2017 and will be Hong Kong-flagged.
Container ship stranded off Singapore A container ship was left stranded off Pulau Sebarok, Singapore, yesterday. The 80,108dwt Panama-flagged Hyundai Jakarta is en route to Port Klang, Malaysia, from Singapore before stranded in the Jong Fairway near Monggok Sebarok reef, Singapore, in Lat. 01 12N. Long. 103 48E. at 09.02 hours. The
LNG 'the future' for cruise sector German cruise line AIDA sees LNG as the future for greener cruise calls and regards shoreside electricity as only an intermediate step until the LNG distribution system is sufficiently deployed. "I see LNG as the future for cruise ship design," said Dr Monika Griefahn, chief sustainability officer
Australian ports closed by collision and wild weather All three NSW ports along Australia's eastern seaboard were closed today due to wild weather, 100kph winds and driving rain. At Port Botany container terminal, two box ships collided after coming free of their moorings, an industry source told IHS Maritime. The terminals were closed from 20.00
Banks renew interest in Italy shipping sector Italy's shipping fraternity was relieved to hear last week that banks are again interested in the sector. Opening the way for confirmation from the banks present at the Naples meeting 'Shipping And The Law', Fabrizio Vettosi, MD of Venice Shipping and Logistics, said: "I get the feeling that here in
GSI to acquire Huangpu Wenchong Shipbuilding Shanghai-listed Guangzhou Shipyard International (GSI) announced yesterday that it will acquire 100% equity of CSSC Huangpu Wenchong Shipbuilding and restore stock trading within one month. GSI suspended its shares trading as of 8 April this year for material assets reorganisation, which is
Singapore braces for bunker transformation The bunkering industry has to grapple with a challenging environment ahead, said Lui Tuck Yew, Singapore minister of transport, in his opening speech for the Singapore International Bunkering Conference and Exhibition (SIBCON) 2014. Lui urged the industry to adopt new technologies and modes of
Triyards to buy Strategic Marine for $20.36M Singapore-listed offshore services provider Triyards has entered purchase agreements to acquire the entire issued share capital of Strategic Marine Singapore and the entire charter capital of Strategic Marine Vietnam for AUD23.3M ($20.36M). The deal was inked with Australia-based Henderson Marine
Skuld remains upbeat on MFM development All stakeholders in the bunkering business will keenly watch the effective and successful implementation of the Singapore-developed Mass Flow Meter (MFM) on bunker barges, said Skuld Singapore's VP Christian Ott. Ott said this yesterday at a pre-conference symposium on the eve of the opening of the
CMA CGM Elbe on maiden voyage CMA CGM Elbe, a 9,400teu container ship, set sail from Dalian, China, where it was built at the DSIC yard as the second in a series of 28 vessels ranging from 9,400teu to 10,900teu. All 28 vessels will be named after famous rivers and will be delivered through to 3Q/2016. Ordered by the world's
RSHI's Kyrgyzstan project starts production China Rongsheng HI (RSHI) said two new oil wells of a petroleum project it acquired in Kyrgyzstan had already started production. One of the new oil wells has been conducting fracturing operations and recorded a daily production volume of approximately 174 barrels of oil, a stock filing of RSHI
Teamsters intensify organizing efforts at FedEx Freight, Con-way The Teamsters union is intensifying efforts to organize truck drivers and other workers at FedEx Freight and Con-way Freight, the two largest U.S. less-than-truckload trucking companies. In the past month, the Teamsters have won representation elections at a FedEx Freight terminal in Pennsylvania and at a Con-way Freight terminal in...
Charleston's container traffic rises 13 percent again The port of Charleston's container traffic rose 13 percent year-over-year for the third month in a row in September, ending the first quarter of its fiscal year on a high note. The South Carolina Ports Authority today reported that the port of Charleston handled 150,790 TEUs in September, jumping 13 percent...
Chinese firms establish port investment group Two major Chinese conglomerates have joined forces on a joint-venture port investment company with nearly $1 billion in capital. Port Technology reports that Chinese energy firm Zhejiang Energy Group and Zhejiang Provincial Financial Holdings will form the Zhejiang Haitou Group, which will focus its efforts on port improvement projects and offshore...
CSX expects continued growth in domestic intermodal CSX Transportation expects growth in domestic intermodal for many years ahead, driven in particular by highway-to-rail conversions, although that effort could be hurt by continuing congestion challenges. The CSX network experienced a 7 percent year-over-year increase in volume in the third quarter, with intermodal traffic in the same period growing 5...
Singapore funds initiative to improve port operations A new, $54 million initiative in Singapore will research port management and urban congestion to help boost the country's port efficiency. The Urban Computing and Engineering Centre of Excellence, a joint venture by the country's Agency for Science, Technology and Research (A*STAR), Singapore University and Fujitsu, will research sustainable options for...
LA-Long Beach urged to be proactive to improve truck turn times Transportation specialists are urging the Los Angeles and Long Beach port authorities to rise above their landlord status and initiate immediate changes to improve truck turn times, or risk a total meltdown in the harbor. "The landlord operation doesn't work," said Jon DeCesare president of WCL Consulting. "There has to be...
EU's port funding plans under fire Europe's top container hubs have slammed the European Union's plan to focus investment on peripheral ports in a bid to shift traffic from the dominant Le Havre-Hamburg range to the Mediterranean. The northwest European ports group was responding to the launch last week of the first phase of a bidding process...
Drewry: Spot rates tick upward on back of mid-October GRI Full-size chartDrewry's benchmark spot rate from Hong Kong to Los Angeles rose as a result of a mid-October trans-Pacific general rate increase this week, though analysts with Drewry Maritime Research believe the eastbound spot rate will remain stable in the coming weeks. The spot rate from Hong Kong to Los Angeles...
Drewry forecasts volatile east-west spot rates through end-2015 The east-west ocean container trades will experience volatile spot freight rates through the end of 2015, according to Drewry Shipping Consultants. This is the most likely time table for structural overcapacity, the main driver of volatile prices, to be eradicated on these key trade lanes, according to the London-based firm. Weekly spot market...
India trade deficit widened in September Full-size chartIndia's trade deficit widened to $14.25 billion in September, up from $10.84 billion in August and $6.12 billion in September 2013. According to provisional trade statistics released by the Ministry of Commerce and Industry, the country exported $28.9 billion worth of goods, up 2.73 percent year-over-year, and imported $43.15 billion,...
Officials still assessing damage; Visakhapatnam port closed India's Port of Visakhapatnam is likely to remain closed to vessel traffic for a few more days, after sustaining what local sources said was severe damage from Cyclone Hudhud's winds and tidal surge on Oct. 12. "The harbor is still without power, and authorities are now in the process of assessing...
INTTRA data shows containers staying longer in ports Port of RotterdamIt's taking longer for containers to move through U.S., European and Asian ports served by ever-larger container ships, according to data from INTTRA, the world's largest multicarrier e-commerce network. INTTRA statistics show double-digit percentage increases in the time before import containers are available for pickup, and before they exit...
Pressure mounting as ports battle to improve productivity SHENZHEN, China - Asia's transshipment hubs are under increasing pressure to achieve a sustained level of productivity as mega-vessels and the alliances drive up competition, TPM Asia Conference delegates heard today. Kicking off a panel port productivity, Jonathan Beard, vice president and global lead ports and logistics for ICF, said this...
Reefers to dominate China-Europe rail routes SHENZHEN, China - Reefer containers will form a huge part of the cargo carried on the New Silk Way rail network between China and Europe as shippers are forced to counter the extreme temperatures found on the route. Darryl Hadaway, a senior consultant for Kazakhstan's KTZ Express, told delegates at the...
Why China isn't losing its sourcing edge SHENZHEN, China - Manufacturing isn't migrating from China as rapidly as most experts expected, despite wages that are rising at nearly 20 percent a year, researchers focusing on sourcing trends told the TPM Asia Conference in Shenzhen on Wednesday. One reason the migration has slowed is that few countries with the...
Asian middle class growth full of promise, challenges SHENZHEN, China - Growth expectations for the Asian middle class are staggering, but so is the scale of supply chain upgrades that will be needed to meet demand. By 2030, there will 2.7 billion new Asia middle class consumers, accounting for 90 percent of global middle class growth, Steve Saxon,...
FEC's Hertwig expects rapid rise of Miami port's intermodal share The completion of an on-dock rail facility at the Port of Miami will result in a large and rapid increase in the percent of the port's overall volume that moves by rail, according to the head of a Florida railroad. The percent of the port's rail volumes will grow from 10...
Hapag-Lloyd's CEO: Some carriers better at dealing with congestion than others sSHENZHEN, China - Some container lines are better than others at dealing with port congestion irrespective of whether they have stakes in marine container terminals, Hapag-Lloyd CEO Rolf Habben Jansen said, referring to recent woes at the Los Angeles-Long Beach port complex. Although he said there's isn't much the industry can...
VLGC market rallies Rates for very large gas carriers (VLGCs) that trade in the spot market appear to be gaining momentum.
CSAV revises slings CSAV is moving forward with a campaign to overhaul a loop that connects parts of India to the Middle East and Northern Europe.
Coastal catalysts for KEX A leading Wall Street equity analyst is urging clients to accumulate shares of Kirby Corporation, the world's largest operator of Jones Act tugs and tank-barges.
Euronav ices IPO Euronav made waves on Wall Street Wednesday after announcing plans to postpone the proposed pursuit of an initial public offering (IPO) in the US.
Genco mulls merger Wall Street is rife with rumours that the dry-bulk sector may see further consolidation in the months ahead by way of a merger between Genco Shipping & Trading and its US-quoted compatriot.
Vinalines verdict upheld Vietnamese state shipowner Vinalines has failed to appeal a VND 65bn ($3.1m) award for damages over a delayed port project.
Asia takes 70% European shipowners keep sending their vessels for demolition to South Asia despite recently introduced anti-beaching regulations, NGO Shipbreaking Platform says in its quarterly report.
ALG sells oldie All Leisure Group (ALG) has sold a loss-making vessel to Bahamas-based company Liberty Resources of Nassau.
Epic Gas fixes finance Epic Gas has secured another $31.8m from CIT Maritime Finance to fund its fleet expansion.
Vard cut to sell Investors in Vard Holdings have been told to watch out for falling trees after the offshore shipbuilder issued a profit warning.
Tanker stuck in Amazon Salvors are attempting to refloat a Seychelles tanker that has run aground in Brazil.
Bonds to settle debt Dubai tanker owner Gulf Navigation has won approval for $60m of convertible bonds to be used for debt settlement.
Apollo buys Baltic stake Apollo Management has deepened its ties with Peter Georgiopoulos after taking a major holding in Baltic Trading.
Eimskip denies 'violation' Icelandic container line Eimskip has rejected allegations of anti-competitive behaviour as its CEO was reported to prosecutors.
Vessels collide in Sydney Three vessels have been involved in an accident on Tuesday night at Sydney's commercial port due to severe weather conditions.
Venezuela imports first oil The first ever cargo of crude bought by Venezuela is heading to South America on a new VLCC.
Orderbook uncomfortable Bimco has expressed discomfort at the rising crude tanker orderbook given the latest VLCC and suezmax contracts placed.
CSC Phoenix rises again Restructured Chinese owner CSC Phoenix is expecting to return to profit for the first nine months.
SITC upgrades services Boxship owner SITC International Holdings has revealed plans to upgrade its Asian shipping network starting from this month.
P&O takes another Finnish ro-ro owner Bore and P&O Ferries are boosting capacity in the North Sea.
Grupo Aleman scraps deal Mexico's Grupo Aleman has cancelled a deal to acquire 75% of offshore support firm Oceanografia due to its debts.
Helpful STNG in the tale Scorpio Tankers has braced investors for a loss in the third quarter but its profit warning could prove beneficial for the shipowner.
HMM seeks coal deal South Korean shipowner HMM is assessing the viability of importing Russian coal through North Korea.
Statoil CEO quits for BG Helge Lund has unexpectedly quit as chief executive of Statoil to take the top job at UK-listed rival BG Group.
Carnival eyes China first US giant Carnival Corporation is teaming up with China State Shipbuilding Corporation (CSSC) to develop the first "world-class" cruiseship to be built in China.
Indian yard wrecked Hindustan Shipyard (HSL) in India has suffered huge damage as a cyclone hit Visakhapatnam on Sunday.
Vard shares down 20% Vard Holdings has seen almost 20% wiped off its share value after the company said it expects to post negative earnings for the third quarter.
Rio Tinto ships more ore Rio Tinto saw a 15% increase in iron ore shipments for the third quarter of 2014, operational figures released Wednesday show.
ORIG files MLP IPO Ocean Rig Partners has filed a registration statement for an IPO in the US of shares in the master limited partnerships (MLP).
Triyards snaps up assets Triyards Holdings has sealed a deal to acquire assets in Singapore and Vietnam from Australian shipbuilder Strategic Marine.
Port Kembla closed Fifty knot winds have brought shipping to a halt at Port Kembla - Australia's second largest coal export facility.
Statoil CEO resigns Helge Lund will move on to BG Group as chief executive.
Dynamic Oil Trading appoints new bunker trader Nikita Miroshnik will be based in Singapore.
Bunker prices drop 5% in one day Crude prices still tumbling.
Denmark eyes top job at IMO Current Secretary General Koji Sekimizu to step down at the end of 2015.
Key supplier backs early deadline for global sulphur cap BP Singapore says 2020 deadline for 0.50% sulphur cap is feasible.
ARA: Third of samples 'off spec' Compared with a tenth of Singapore's samples.
Fuel use data collection proposal causes controversy at IMO Any sign that data could be used to establish operational efficiency standard for ships resisted.
Storm closes Australian ports Bad weather to last three days.
MFM technology 'will lift Singapore bunker volumes' MFMs will improve efficiency, says spokesman for government agency.
US West Coast sales still strengthening year-on-year But Los Angeles and Long Beach sales down month-on-month.
Brittany Ferries' decision hits UK port New ferry would have been a boost for Plymouth.
Singapore explores new bunkering technologies Minister backs use of new technologies in port's progression.
LNG bunkering in Singapore 'by 2020' Singapore planning pilot programme to test safety procedures and standards.
Greek owner makes fuel efficency his business Secondhand is the better business risk.
Singapore revises bunkering standards Port seeks to enhance bunkering processes.
Philippines' oil spill compensation law 'unenforced' Lawyers question authorities over lack of oil spill compensation fund.
DNV GL expands LNG consultation operations Establishing offices in North America and 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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