Tallink's CEO resigns Tallink's CEO, Enn Pant, will leave his post as CEO of Tallink, the Estonian ferry company, at the end of 2014. His replacement is CFO Janek Stalmeister, who comes from within Tallink Grupp. Pant will be elected to the Tallink Grupp board and is likely to assume the chairmanship because he controls
Suez Canal security boosted after Damietta attack Ships transiting the Suez Canal are being shadowed by military helicopters in response to Wednesday's attack on a naval patrol vessel off Damietta, Egypt. Turkish paper Haberler quoted a military source saying that border guards had increased security co-operation with the Suez Canal Authority and
Indian Ocean islands bank on bunkering bonanza Mauritius and Seychelles are both planning to grab a bigger share of the Indian Ocean's booming bunkering market. Mauritius is positioning itself as a regional hub able to offer bunkers at lower prices than neighbouring countries. In 2013 1,500 vessels took on 270,000 tonnes of bunkers in Port
Ambrey Risk 'doubling' focus on maritime security More signs of the pressure under which the maritime security industry is currently placed were evident this week with sale of Drum Cussac's maritime transit security division to Ambrey Risk. Speaking to IHS Maritime today, John Thompson, senior adviser for Ambrey Risk, said the stresses of the
European dredging groups aim to break US ban A former US ambassador to Belgium has advised European dredging groups to present themselves as construction contractors rather than shipping companies as a means of getting access to the US domestic market. European Union dredging groups are barred from the US domestic market by the Jones Act and
Hapag-Lloyd losses climbing German container line Hapag-Lloyd saw its net result deteriorate further during the third quarter despite efficiency-raising measures and increased carryings. The company posted an operating profit of €33.1M ($41.2M) for the July-September period, down by 50% from the corresponding period in
Great Eastern Shipping records 2Q net profit rise Great Eastern Shipping Co, India's largest private ocean carrier, has posted a net profit after tax of INR2,066.40M ($33.6M) for the quarter ended 30 September 2014 compared with INR1,606.30M a year earlier. The Mumbai-based firm, which runs a fleet of 54 ships, said its revenue for the quarter
Gard explains network consolidation P&I and marine insurer Gard has announced that it will concentrate its activities in the Nordic marine insurance market at its Norwegian home base, terminating local operations in Sweden in 2015. Speaking at the Gard members and brokers evening in Hamburg on Thursday, chief executive officer Rolf
DP World to delist in London DP World has announced its intention to delist from the London stock market, where its shares barely trade and focus instead on the emerging Nasdaq Dubai exchange, where it also has a listing. The port operator explained that 99% of its shareholders hold stock via the Dubai listing. A statement by
Clarksons in talks to acquire RS Platou Clarksons, the London shipping services group, has announced that it may acquire all the issued share capital of Platou, the Norwegian shipping and offshore services company. "Given the complementary activities, in terms of geographic locations, operations and industry specialisation, the boards of
South Korean suppliers to offer 0.10% LSFO South Korean suppliers are slated to begin offering 0.10% low sulfur fuel oil (LSFO) supply beginning mid-November, according to Platts. SK Energy will take the lead in offering LSFO, with S-Oil, Hyundai Oilbank and GS Caltex following in December. South Korea's refiners are expected to produce
ASEAN Summit: More can be done for ASEAN shipping Maritime leaders said today that effort is still needed to realise the goal of a single ASEAN shipping market, although they agreed good progress has been made. They were commenting on opportunities for shipping from the ASEAN dream of creating an ASEAN Economic Community (AEC), just as the 25th
Terminal and port key to large container success The performance of terminals and ports is critical to achieving benefits of mega-size container ships, said a sector analyst today. Speaking at the Busan International Port Conference in South Korea today, Drewry director and head of maritime adviser Tim Power told delegates that liner economics
Eight Sewol crew members file appeals Eight of the 15 surviving crew members of the South Korean ferry Sewol are appealing against their convictions on negligence charges. The eight, who had been given prison sentences ranging from five to 30 years, filed their appeals on Thursday, according to a Reuters report. The captain was
Australia bans dredge dumping near Great Barrier Reef Australia this week adopted a bipartisan policy banning the placement of any capital dredge material off the coast near the Great Barrier Reef. "The ban on capital dredge spoil being dumped in the World Heritage Area is an immediate measure that will reduce the pressure on the Great Barrier Reef,"
Courage Marine losses up 271% in 3Q14 Singapore-listed Courage Marine's losses surged 271% year on year to $2.3M in the third quarter ended 30 September on slumping revenues. Revenues fell 48% y/y to $2.6M during the same period due to lower fleet utilisation, a stock filing of Courage Marine said yesterday. In addition, the company's
SSA: No disruption in Singapore bunker supply The Singapore Shipping Association (SSA) has given a vote of confident to the industry that no report of disruptions to bunker supply and bunkering operation has occurred in Singapore. "The bunkering industry here is a well-regulated one. While I urge my members to seek professional and legal
ASL Marine profits down 79.4% Singapore-listed offshore services provider ASL Marine posted 1Q15 earnings, down by 53.8% year on year to SGD68.5M ($53M). Profits for the first quarter that ended 30 September 2014 (1Q15) dropped 79.4% to SGD2.7M from SGD13.1M in 1Q14. The decrease was primarily due to lower revenue generated
JadeWeserPort pitching to win Chinese carriers German politicians meet Cosco and China Shipping on trade mission
Record price drop on Asia-Europe routes Freight rates fall 20.5% to $934 per teu on key trade
Expanded Panama Canal to open in first quarter of 2016 New work schedule sees completion date pushed back to 2016, says Canal Administrator Quijano
Maersk and Evergreen bosses urge lines to stick with slow steaming Carriers should resist the temptation to speed up ships as fuel prices fall, say Skou and Hsieh
Bankers predict further delays to shipping recovery Money men gloomy on dry bulk in particular, poll finds
ESC's new maritime chairwoman calls for greater alliance monitoring Speaking to Lloyd's List for the first time since her appointment, Anne Lexelius calls for greater scrutiny of the impact of alliances on services
Platou's London brokers cold on Clarksons deal Potential deal highlights divisions over whether shipbrokers should be public or private companies
Wan Hai quadruples net profit Taiwanese box carrier posts strong performance for January-September
US port employers call for temporary labour deal as west coast negotiations continue PMA says contract extension will give shippers and consumers confidence for the Christmas period
Evergreen Marine flips to the black in January-September Taiwanese container line reduces costs while receiving large-size vessels
Week on Wall Street | November 14 Crisis? What Crisis? Shipping is no longer distressed
Capes make their last stand After a bold sortie in the second half of October, the cape market appears to have dropped away
Navios' newest MLP fails to inspire Company's move to price deal below pre-marketing targets met with muted investor reaction
Hanjin Heavy Industries wins 1,900 teu reefer order South Korean yard to build two ships at $34.1m apiece
Near-record volume is main driver of LA-LB congestion, study finds The deterioration in truck turn times at the ports of Los Angeles and Long Beach the past six months was due primarily to near-record container volumes at the ports. Chassis shortages, a truck capacity crunch, labor slowdowns and a half-dozen other events were simply irritants that made the problem worse. "There...
Huge surcharge push by carriers to offset West Coast congestion costs Evergreen container ship at the port of Los Angeles.Multiple container lines operating in the trans-Pacific lane have plans to implement some of the largest port congestion surcharges ever - up to $1,000 per 40-foot container - on cargo moving via U.S. West Coast ports, signaling the extent to which carriers...
New China infrastructure bank to support "Maritime Silk Road" A new China-based development bank and separate infrastructure fund, created by Chinese government to reinforce its trading relationships in Asia and Europe, is being seen as a major new funding source for port expansion. China's so-called "Silk Road" initiatives, including the Silk Road Economic Belt and the 21st century Maritime Silk...
NY-NJ considering ways to cut truck congestion The Port Authority of New York-New Jersey will spend the next four months finding out from shippers, carriers and other port users how to reduce truck transport across the Hudson River and New York Harbor. The port authority and the Federal Highway Administration are evaluating 11 alternatives, including building a rail...
Diversions from West Coast expected after Panama Canal expansion A just-released study commissioned by the Pacific Maritime Association argues that West Coast ports stand to lose significant volumes of cargo in the years following the Panama Canal expansion due to lower freight rates that will be offered on all-water Asia to East and Gulf coast services. The study estimated that...
Con-Way terminal in New Hampshire rejects Teamsters Employees at a Con-Way Freight facility in Manchester, New Hampshire, yesterday rejected calls to join the Teamsters union in National Labor Relations Board elections. Employees at the less-than-truckload company voted 29 to 15 against union representation. The vote came after employees at two Con-Way Freight terminals in Santa Fe Springs and...
How will Horizon's exit affect the Puerto Rico trade? Horizon Lines' exit from the U.S mainland- Puerto Rico trade routes later this year could give the ailing Jones Act lane some much-needed stability by allowing the three remaining major carriers to raise rates. The trade lane between Jacksonville, Florida, and San Juan, Puerto Rico - the route for most container...
Ocean carrier rate revision roundup for Nov. 14 Multiple container lines have planned general rate increases in numerous trade lanes in November and December, although any gains achieved could be temporary as overcapacity and sluggish global demand continue. Asia-Europe OOCL aims to increase rates on cargo from the Far East, excluding Japan, to North Europe, the Mediterranean and the Black...
McKay TransCold ends reefer rail service, citing cross-dock issues A refrigerated rail provider has ended operations only five months after launching boxcar services between Selma, California, and Wilmington, Illinois, sending perishable shippers scrambling for transportation alternatives. McKay TransCold ended its two weekly services Nov. 1, citing inadequate cross-dock operations provided by an undisclosed logistics provider. While McKay did have to...
Criminal behavior in trade? Many trade associations are grappling with declining membership, in part because of the absence of pressing issues grabbing industry-wide attention - export reform and the rollout of the Automated Commercial Environment, notwithstanding. A quite different phenomenon is occurring in the expansion of criminalization of civil violations. Two recent cases serve as...
Freight forwarding lifts profit at India's Allcargo Logistics Freight forwarding and logistics services growth fueled a 51 percent year-over-year increase in Allcargo Logistics's consolidated net profit in its the fiscal second quarter, which ended Sept. 30. Second-quarter net income at the Indian logistic provider rose to Rs. 63.83 crore (US $10.4 million) from Rs. 42.12 crore ($6.9 million) for...
Clarksons in talks to buy rival shipbroker Platou Clarksons, the world's largest shipbroker, is in talks to acquire its Norwegian rival RS Platou as the consolidation of the maritime services sector gathers pace "Given the complementary activities, in terms of geographic locations, operations and industry specialisation, the boards of both Clarksons and Platou believe the enhanced offering of the...
DB endorses TNK A leading equity analyst has upgraded shares of Teekay Tankers based on a bet that the operator is poised to cash in on rising demand in the months ahead.
ISC seals COA A leading US utility has renewed a contract-of-affreightment (COA) with International Shipholding Corp (ISC).
Clarksons-Platou: who wins? A deal for London shipbroking giant Clarksons to buy Norwegian rival RS Platou could be a rare thing in the world of mergers & acquisitions: a deal where everyone wins. Well, everyone inside at least.
Live after death? A slump in success for shipping in the capital markets this year has led one analyst to question if investors need to update their musical preferences.
Snow stacks up shares Investor reveals a near $120m holding in US offshore shipowner, Tidewater.
POSH takes Mexican hit PACC Offshore Services Holdings (POSH) has taken a hit from its joint ventures in Mexico and saw its profit slip during the third quarter.
Great Eastern stronger Indian tanker and bulker owner Great Eastern Shipping has increased earnings in the second quarter as revenue improved.
Coscol buys into Total China's Cosco Shipping Co (Coscol) is investing $76m in the restructuring of Total Lubricants (China).
Yang Ming ups earnings Taiwan's Yang Ming has posted higher third quarter profit as revenue grew faster than operating costs.
Gotland inks new LNG ferry Sweden's Rederi AB Gotland has signed a deal with Guangzhou Shipyard International (GSI) in China for a new LNG-fuelled ro-pax.
Fulford split taking shape Richard Fulford-Smith expresses support for Clarksons' deal with Platou as his exit plan is outlined.
Rimau buys OSG VLCC Rimau Shipping of Singapore has snapped up a veteran OSG VLCC for petrochemicals storage work in Asia.
SSA joins "calming voices" The Singapore Shipping Association (SSA) has joined the Maritime and Port Authority (MPA) in calming fuel fears over the OW Bunker bankruptcy.
Farstad earnings fall Norwegian owner Farstad Shipping has recorded a drop in third quarter earnings as financial costs rose.
Essar loss widens VLCC and bulker owner Essar Shipping has posted a bigger loss in its second quarter despite higher revenue.
Tsakos takes the reins Intertanko members have voted in Nikolas Tsakos as its new chairman.
Clarksons plans to buy Platou Clarksons is lining up a takeover of Norwegian shipbroker RS Platou.
Hanjin wins box duo Korea's Hanjin Heavy Industries said on Friday it has won a contract to build two containerships for KRW 74.93bn ($68m).
Gas gamble We take a look at what was said in the market over the past week.
Otto profit drops 51% Otto Marine has seen its third quarter net profit slashed in half due to a lack of vessel disposals which boosted the year ago figures.
OW Bunker files in US Denmark's OW Bunker has placed its US subsidiaries in Chapter 11 bankruptcy late Thursday, court filings show.
Epic Gas stays in the red Epic Gas has posted a third quarter loss of $3m as higher operating costs ate into its increased revenue during the quarter.
DOF Subsea boosts backlog DOF Subsea has secured what it describes as "multiple contracts" which together are worth around NOK 400m ($59m).
DOF down one third in Q3 DOF has reported a deterioration in its third quarter results with the possibility of worse to come in the final quarter.
Report: OW Bunker investors contact Belgian law firm Firm claims to be in touch with roughly 15-20 investors that may seek legal action.
Fresh concerns about manner of OW Bunker's IPO Investors were not told about company's Singapore subsidiary Dynamic Oil Trading.
HSFO desulphurisation trials show promise Canadian developer hopes to be a supplier of low sulphur residual fuel by 2020.
IEA predicts MGO will rise to 30% of European bunker market Fuel oil to gas oil ratio to change as result of new ECA sulphur limit.
Chemoil piles on pressure To secure money owed.
Crude oil prices firmed on Friday but oulook remains 'bearish' 'Barring any new supply problems, downward price pressures could build further in the first half of 2015,' said IEA.
Dan-Bunkering makes Singapore hire New staff member has financial services background.
OW Bunker debtors advised to 'sit tight and pay no-one' But maintain dialogue to make it clear that payments are only held back until situation is more clear, maritime arbitrator tells Bunkerworld.
Singapore: 'Small traders are suffering the most' But some players suggest market will eventually resume 'business as usual'.
India scraps cabotage bunker tax Marine fuel grades 380cSt, 180cSt are tax exempt.
Quarterly profit down at Viking Line The firm saw 'positive effect' on operations due to lower bunker prices.
Credit insurer: 'No such thing as risk-free trade' Euler Hermes comments on OW Bunker bankruptcy in an exclusive interview with Bunkerworld.
Singapore players told to 'stay calm' MPA issues its second message of reassurance to the bunker market in four days.
Staff promoted at Trumf Bunker Promotion puts Pedersen as Head of Trading Europe & Americas.
ECAs offer 'opportunities for fuel-saving innovation' 'Sometimes changing even the smallest factor can add up to big savings.'
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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