Golar LNG 'drops down' FSRU Analysts are reacting positively to the sale of another Floating Storage & Regasification Unit (FSRU) by Golar LNG Ltd to its spin-off, Golar LNG Partners. Golar LNG Partners will pay $390M to Golar LNG Ltd for the FSRU Golar Eskimo using a mix of cash, $220M new debt, and the assumption of $162.8M
Barreras named winner of €125M ferry order Spain's Barreras shipyard has won a €125M ($156M) order for a car ferry from state-owned Algerian operator Algérie-Ferries, according to Spanish media. The yard told IHS Maritime that there was no one immediately available to confirm the report, but Spanish news website Atlantico said it had
Parana reopened after collision Navigation on the River Parana in Argentina has been restored following a collision between a bulker and products tanker. According to Prefectura Naval Argentina (PNA), the Argentine coast guard, the collision occurred at 17.40 on 13 December. The 38,278dwt, 2011-built bulk carrier Octbreeze Island
US amends cruise crime reporting law The United States has passed legislation that requires all alleged crimes committed on cruise ships to be reported publicly, regardless of the investigative status of the incident. Until this most recent law, known as the Coast Guard Reauthorization Act, only crimes that were no longer under
Capesize rates face bleak year ahead Freight rates for Capesize dry bulk carriers are headed for their second worst year in 12 years, with 2015 offering only a glimmer of hope, shipping analysts said. "Assuming Capesize freight rates remain at around $4,500/day for the two last weeks of 2014, the full year average is set to come in at
Harim-JKL consortium to be new Pan Ocean owner A consortium comprising South Korean poultry processor Harim Group and compatriot private equity fund JKL Partners Co is poised to be the new owner of bulker operator Pan Ocean. The Harim-JKL consortium was the sole bidder when bids closed today. Samil PricewaterhouseCoopers is the lead manager of
Kotug and Boskalis merge towage operations Kotug International BV signed a memorandum of understanding (MoU) with Royal Boskalis Westminster NV to merge their European harbour towage operations operating in northwest Europe, it was announced yesterday. "The combined operation will allow us to meet the increasing demands of our international
Sri Lanka PE fund established New York-based Zephyr Management and emerging markets investors such as IFC, DEG, and FMO are setting set up a US$50 million Sri Lanka private equity fund. Among others, Emerald Sri Lanka Fund will invest in fast-growing small logistics firms deriving a competitive advantage from the island's
Ship collision slick threatens UNESCO site Authorities are today battling a giant oil spill caused when two tankers collided in Bangladesh last week. A seafarer died in the 9 December collision between domestically-flagged products tanker Total and OT Southern Star 7. The incident happened in dense fog in the Sela river area of Bangladesh
KR to deliver statutory services to Luxembourg Korean Register (KR), an International Association of Classification Societies member classification society, has signed a Memorandum of Understanding (MoU) governing the delegation of statutory certification services for vessels registered in Luxembourg. KR is fully authorised by the government of
China's coal imports drop 7.6% China's coal imports declined 7.6% year on year to 243M tonnes in the first ten months of 2014, due to destocking of coking coal and a record surge in hydropower generation, according to Italian broker Banchero Costa's recent report. In the first six months of 2014, China imported 160M tonnes, up
'Be responsible for bunker quality' says industry body International Bunker Industry Association (IBIA) chairman Jens Maul Jorgensen said both operators and shipowners need to take responsibility on the long-term maintenance issues related to dirty fuels. "Bunker fuel quality issues are a serious problem that our industry must get to grips with, and
ClassNK signs MoU with USMRC Japanese ship classification society ClassNK has signed a Memorandum of Understanding (MoU) with the United States Maritime Resource Center (USMRC) to develop LNG bunkering simulation tools. The joint project will focus on the development of practical LNG bunkering simulation tools to further
Frontline chips away at debt overhang Fredriksen cuts down looming payment to a more manageable sum, but analysts still question liquidity issues
Data Hub: World Fleet Update The number of vessels in use remains largely the same in 2014 but capacity increases sharply
Pan Ocean's chickens come home to roost South Korean poultry processor pecks at grain trade by picking up bulk fleet
Evergreen fights back - former top carrier reasserts itself in global box trades The Taiwanese carrier has changed its mind about alliance membership and larger ships
Marenave divorces König & Cie Operator pays $1.9m to buy out its contract with its KG issuing house
Wärtsilä buys SAM Electronics owner L-3 Helsinki-listed firm moves away from enginemaking into marine services and engineering
Korean Register gets new boss after seven rudderless months Former KR chief resigned in wake of Sewol ferry disaster, but election of replacement has only just taken place
Can VLCCs break the $100,000 per day barrier? Ships last hit six-figure daily earnings in July 2008
Tanker Investments buys six secondhand suezmaxes for $315m Oslo-listed owner expands its fleet without adding to the global orderbook
ATA survey finds median truck driver pay higher than $46K and rising How much are truck drivers paid? The answer depends on who a driver works for and who you ask, but a recent study suggests some truck drivers make more than might be expected. According to the American Trucking Associations, the median pay for drivers ranges from just over $46,000 a year...
Hapag, joins Maersk, MOL in $1,000 per FEU rate hikes in January Hapag-Lloyd became the latest carrier to announce a large general rate increase on trans-Pacific eastbound cargo for January, following Maersk Line and MOL. Hapag-Lloyd's GRI will go into effect on Jan. 15, as the carrier attempts to increase rates by $850 per 20-foot container, $1,000 per 40-foot container, $1,125 per 40-foot...
Decline forecast in US container exports to Latin America U.S. containerized exports to most Latin American markets will contract this year, while imports, reflecting the strengthening U.S. economy, will be up. JOC Economist Mario Moreno forecasts that U.S. exports to the east coast of South America will drop 6.7 percent by the end of 2014, but will grow 4.8 percent...
NY-NJ port terminals outline Christmas schedule Container terminals in the Port of New York and New Jersey will close on Christmas Eve and Christmas Day but will be open for regular hours on Friday, Dec. 26. The holiday schedule announcement is among the first steps in the port authority's new plan to avoid a repeat of the...
Gate installation brings Panama Canal closer to expansion The installation of new gates at a Panama Canal expansion site will bring the project to 84 percent of completion ahead of an estimated early 2016 opening date, the canal authority says. The gates, located on the Atlantic side of the canal, are 10 meters (30 feet) wide and 30.2 meters...
Two week faster transit time in Maersk India-Africa service Maersk Line plans to launch a direct weekly service from India to Africa in late January 2015 in a move to provide faster service on that trade lane. In a trade advisory, Maersk said the direct service will help cut the transit time from Nhava Sheva, India's largest container port, to...
India's trade deficit hits 18-month high India's trade deficit in November rose to its highest level since May 2013, as industrial and capital goods imports accelerated amid signs of a budding recovery in the country's manufacturing sector. Merchandise exports in November expanded 7.27 percent year-over-year to $25.96 billion, reversing a declining trend seen over the past few...
China's manufacturing activity contracts 1st time in seven months A preliminary reading of an index shows Chinese manufacturing activity in December shrank for the first time since May, the latest sign of weakening European and broader global demand. The flash HSBC/Market manufacturing purchasing manager's index slipped to 49.5 in December from a reading of 50 in November. A reading below...
Dynamar: Carriers had 2009-13 operating margin of 1.6 percent The 25 largest container lines had estimated net losses totaling $2.6 billion in 2009-2013 and had an operating margin of 1.6 percent during that span, Dutch consulting and research firm Dynamar said in a report. Carriers enjoyed a rare year of profits in 2010, when a post-recession rebound in volume coincided...
Indonesia may have to scale back marine highway plan HONG KONG - Indonesia's marine-highway program - a bold $55.4 billion plan to develop 24 commercial seaports, over a thousand non-commercial seaports and procure vessels - is facing a revision as some ports in the proposal may not be suitable for handling containers. The National Development Planning Board (Bappenas) is behind...
US intermodal trains speed up but service restoration far down the track U.S. intermodal trains on average are moving faster, suggesting the major railroads are finally gaining some significant traction on service improvements. But they still have a ways to go before delivering the level of service shippers had come to expect before last winter. Declining intermodal volume growth due to the winding...
PIERS: MSC poised to overtake Maersk as No. 1 carrier of US imports Mediterranean Shipping Co. is already the largest carrier of U.S. containerized exports and the largest overall carrier in the U.S. market. Now it's about to add the title of largest carrier in the import market, solidifying its dominance of the U.S. market. MSC would become the largest carrier of containerized imports...
With GENCO acquisition, FedEx turns to returns With the acquisition of GENCO, everything old is new again for FedEx - or at least resellable. FedEx is expected to make bigger inroads into retailer supply chains and overseas e-commerce markets through its acquisition of GENCO, a leading reverse logistics specialist. The deal opens a new market for the FedEx,...
Germany works to curb union power following air, rail strikes The German government has drawn up a draft law to curb the power of small but powerful niche labour unions than have mounted frequent strikes, mainly in the transport sector, paralyzing the nation's economy throughout this year. The draft legislation, to be debated by Parliament in early 2015, will make a...
Japan-Australia trade pact set for January start A free trade agreement (FTA) between Japan and Australia will begin on Jan. 15, either eliminating or drastically cutting import tariffs on most products traded between the two Asia-Pacific nations, the Japanese government announced today. The FTA was signed in Canberra in July by Japanese Prime Minister Shinzo Abe and his...
Bunker prices continue descent, down 40 percent since September High and low sulfur bunker fuel, along with low sulfur marine gas oil, all dropped this week. Full size chart. The price per metric ton for both low and high sulfur fuel dropped almost 10 percent during the week of Dec. 12, the second consecutive week of large losses. High sulfur bunker fuel prices out...
Tanjung Pelepas passes 8 million TEUs HONG KONG - Malaysia's port of Tanjung Pelepas (PTP) passed the 8 million 20-foot container mark at the beginning of December, although with less than a month left and volumes slowing down, the 2014 throughput target of 9 million TEUs looks well out of reach. No port in the Southeast Asian...
Logistics benefiting from China's rapid e-commerce growth Online sales are soaring in China as shopping over the internet enters mainstream behavior.HONG KONG - A compound annual growth rate of 24.7 percent is welcome in any business sector, but when that business is e-commerce in China, the numbers being generated quickly reach incredible levels. Last year, China's online sales...
Cosco Pacific heads into December with throughput up 10 percent HONG KONG - Cosco Pacific, the port operating arm of China's largest shipping company, has growth its throughput by 10 percent from January through November this year, a reflection of strong export volumes that kept its terminals busy during the second half. The port operator handled 61.7 million 20-foot containers in...
Parakou's prospects Interest in shares of the blank-cheque that is pursuing a merger with Parakou Tankers appears to be on the rise as a result of the recent surge in rates for medium-range (MR) product tankers.
Duo identified Compagnie Maritime Belge (CMB) has emerged victorious in the race to break into the containership market.
CMB's shopping spree Compagnie Maritime Belge (CMB) has firmed up a contract to construct a pair of containerships at Hanjin Heavy Industries in South Korea.
Bocimar seals cape sale Bocimar has confirmed reports that it recently parted ways with a bulker under a broader bid to reduce its exposure to the capesize segment.
Container coup takes shape A diversified Belgian transportation conglomerate is moving forward with a campaign to break into the containership segment.
BigRoll back for more BigRoll Shipping has taken its newbuilding catalogue at Cosco Dalian Shipyard to four.
NewLead settles spat Greece's NewLead Holdings has ended its share row with investment fund Ironridge Global.
Fredriksen ups Flex stake John Fredriksen has boosted his holding in FLEX LNG beyond 50% with just two days to run on his mandatory offer for the company.
Frontline swaps again John Fredriksen's Frontline has knocked another $22.5m off its looming bond repayment bill with a second debt-for-shares exchange.
Technip extends deal Technip has exercised its first option to stretch the deal for a newbuilding with Reach Subsea and Eidesvik Offshore.
Somalis cleared The Seychelles court of appeal has acquitted three Somali men involved in an attack on a Danish naval vessel.
Wartsila buys L-3 MSI Wartsila Corporation has acquired Germany's L-3 Marine Systems International, a specialist supplier of complete electrical systems.
Tanker and bulker clash A collision between a tanker and a bulker has resulted in an oil spill in the Parana River, Argentina.
Insurance brokers merge Two leading marine insurance brokers have strengthened their cooperation by forming a joint venture with turnover of $450m.
Sweater success A seasonal cold snap in London provided the perfect backdrop for City workers to don a Christmas jumper in the name of charity.
DFDS bids for Polferries Denmark's DFDS has confirmed its interest in taking over Polish state ferry company Polferries after its price was cut.
Hijacked tanker grounds An Indonesian tanker hijacked in October has been forced aground in a storm off Thailand.
Global Carriers delisted Malaysian tanker owner Global Carriers has been delisted from the country's stock exchange after failing to submit a restructuring plan in time.
Harim buying Pan Ocean Chicken processor Harim looks to have succeeded in entering shipping by winning the race to buy Pan Ocean's fleet of 90 ships.
Avance in the ascendancy Avance Gas continued to reap the rewards of a strong VLGC market in what would have been the fourth quarter of its 2014 fiscal year.
Italy interested France has confirmed the Italian government could buy into STX France, following rumours of a Fincantieri takeover.
Ferry workers strike Ferry mates in Scotland are carrying out industrial action every week until March in a pay dispute.
Seajacks seals finance Korea's K-Sure is providing $250m to finance the world's biggest wind-farm installation vessel.
Ferd builds PGS stake Petroleum Geo-Services (PGS) has a new major shareholder after Norwegian group Ferd AS acquired more shares in the company.
Sonangol orders tankers Sonangol, the Angolan national oil company, has finally placed orders for two suezmax tanker newbuildings in South Korea.
Golar drops down FSRU Golar LNG is dropping down the 160,000-cbm FSRU Golar Eskimo to Golar LNG Partners (GMLP), it was confirmed Monday.
Technip drops CGG bid Technip has confirmed that it no longer intends to file an offer for seismic survey vessel operator CGG.
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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