Genco misses coupon but receives waiver from lenders Company has 30 days' grace allowing managers and senior lenders to negotiate
Seanergy wipes slate clean for growth Deal with final lender foresees sale of last bulkers and discharge of $145m debt
VLCC spot earnings stabilise as charterers hold back Free to read: But Chinese crude imports could deliver robust earnings this year
Navios clinches seven more Japanese-built bulkers Mix of acquisitions and long-term charters planned despite 2013 loss
Paragon raises $42m for acquisitions Bulk player adds $5.5m to offering proceeds as underwriters take additional shares
CMA CGM annual volume growth tops 7% French carrier announces further sailing cancellations
Evergreen confirms talks over joining CKYH Alliance Taiwanese line says discussions continue as carriers reshuffle operations to counter P3
MOL orders three more methanol tankers to back long-term charter Free to read: Latest deal raises the number of such vessels ordered since December to nine
G6 lines eye 18,000 teu ships Hapag-Lloyd's Kranich predicts ultra-large boxships for consortium to compete with P3
Los Angeles and Long Beach report mixed fortunes for January Top US box hub reports growth as its neighbour sees volume slow
Tally of Svendborg Maersk lost containers raised to over 500 Bay of Biscay storm thought to have inflicted line's worst loss of boxes in one single incident
Panama Canal peace talks end in deadlock Negotiations resume today to resolve cost row that has halted construction on third locks
DryShips books a $223m net loss But Economou remains upbeat as fourth quarter shows signs of improvement
Seanergy sells remnants of fleet NASDAQ-listed Seanergy is divesting its final four bulkers to extinguish its remaining debt
Woodside profits slump in 2013 Woodside profits slumped 41% for the 2013 calendar year to $1.75Bn net profit, the Australian LNG giant announced on Wednesday
LR launches class app Lloyd's Register Marine has created an easy-to-use app enabling its clients to access ship and fleet data from anywhere in the world
Trieste expands to meet demand Trieste is becoming a key Adriatic port for both Mediterranean and trans-European cargo and last week the Port Authority announced new infrastructure initiatives to meet anticipated future demand
Sesoda orders six bulk carriers Taiwan's largest sulphate of potash manufacturer Sesoda announced yesterday that its four sub-subsidiaries SEDC, SEGC, SEPC, SERC and two 50%-controlled joint ventures SEEC and SEFC have placed orders for six 34,000 to 38,000dwt bulk carriers
Thoresen Shipping buys another ship Thoresen Shipping Singapore, the dry bulk shipping subsidiary of Thoresen Thai Agency Agencies said today it has bought another secondhand Supramax to take its fleet to 20 vessels
STX O&S gets more help from banks Beleaguered South Korean shipbuilder STX Offshore & Shipbuilding will receive more financial support from its creditor banks
China fund reportedly books VLGCs A Beijing-based fund is said to have ordered four very large gas carriers at Daewoo Shipbuilding & Marine Engineering
Hanjin Shipping to scrap 13 box ships Hanjin Shipping has confirmed to IHS Maritime that it has sold 13 container ships for demolition
STX, Pan Ocean in corruption probe Seoul prosecutors raided the offices of cash-strapped STX Corporation and its shipping subsidiary Pan Ocean on 17 February as part of a corruption probe, said the Seoul Central District Prosecutor's Office
MOL to build more methanol carriers Mitsui OSK Lines said today it has won a newbuilding charter contract for two methanol carriers from Atlantic Methanol Production Company LLC (AMPCO)
Two Found Dead on Maersk Alabama Two U.S. security officers have been found dead on the Maersk Alabama, according to a statement by Seychelles police today, CNN reports. The Alabama is the U.S.-flag container ship that was hijacked by Somali pirates in 2009, which inspired the 2013 movie "Captain Phillips," starring Tom Hanks. The two Americans - Jeffrey...
G6 Expansion Could Get US Regulatory Approval by Early April WASHINGTON - The G6 Alliance could have the go-ahead from U.S. regulators to expand its vessel-sharing agreement into the Asia-U.S. West Coast and trans-Atlantic routes by early April. The G6 Alliance responded to the Federal Maritime Commission's questions on the expansion of the VSA on Tuesday, said FMC spokesman Rack Dickon....
Teamsters Claim Most Port Drivers Are Misclassified The Teamsters union and its allies say they're scoring a series of recent victories in cases claiming port owner-operator drivers are misclassified as independent contractors instead of employees. Drivers "are filing complaints, and they're winning at every forum," said Rebecca Smith of the National Employment Law Project. A group of organizations including...
Virginia Creates Port Truck Task Force The Port of Virginia is forming an industry task force to find solutions to problems that have caused delays at Hampton Roads container terminals during recent weeks. One of the first items on the Motor Carrier Task Force's agenda will be implementation of the port's planned appointment system for drayage drivers...
US, Chinese Apple Growers Seek Equal Market Access U.S. beef, Chinese solar panels, genetically modified corn and U.S. software were high on the agenda at annual trade talks the U.S. and China held in mid-January. Chinese officials also revealed the top item on their agriculture wish list: access to the U.S. market for apples grown in China. "It makes...
FDA Proposes New US Food Safety Transport Regulations Transportation companies soon may have new food safety regulations to follow in hauling foodstuffs in the U.S. The Food and Drug Administration's proposed regulations would require motor carriers and railroads to use what are now considered industry best practice standards. The FDA met its court-ordered deadline, producing the final set of proposed...
Retailers Urge Action on NY-NJ Port Delays The Retail Industry Leaders Association urged the Port Authority of New York and New Jersey to take immediate steps to ease delays and clear backlogs that are playing havoc with supply chains. "The disruptions that have been taking place at the port have had damaging consequences on the delivery of retailers'...
Totem Ocean chooses Wärtsilä technology for largest LNG ship conversion in North America February 18, 2014 - Federal Way, WA - Totem Ocean Trailer Express (Totem Ocean) has announced that Wärtsilä will supply main engines, generators and integrated LNG storage and fuel gas handling systems (LNGPacTM) for the largest LNG conversions ever undertaken in North America. In making this decision John Parrott, President of Totem...
HMS Manufacturing Relies on Accellos to Keep Business Organized COLORADO SPRINGS, Colorado - February 19, 2014 - Accellos, a leading provider of supply chain execution software solutions, today announced that it has issued a case study of customer HMS Manufacturing, Co. This case study explains the benefits experienced by HMS Manufacturing after implementing AccellosOne Warehouse Management System (WMS) and AccellosOne...
Container Ship Chartering Déjà Vu A depressing air of déjà vu enveloped the Hamburg shipping community when Greek container ship owner Danaos announced that it is taking a $19 million hit on the debt restructuring of Zim as it cuts the charter rates of six ships on hire to the Israeli ocean carrier. For German shipowners,...
Container Ship Fleet Growth Slowing, But Overcapacity Persists The global container ship fleet this year is expected to grow at the slowest rate in a decade, but large and small shipping lines continue to order more new ships than the forecast growth of global container cargo can fill over the next two years, especially on the Asia-Europe trade. This...
COSCO, China Shipping Sign Cooperation Agreement Not a great deal is known yet about the "Strategic Cooperation Framework Agreement" signed this week by COSCO and China Shipping. But the very fact an agreement of any kind was publicly unveiled in Beijing (at the COSCO headquarters), shows how times have changed in China and worldwide. According to the...
No January Surge for Cathay Pacific Airways Cathay Pacific Airways saw further declines in air cargo throughput in January despite the shift in timing of Chinese New Year, which started Jan 31 this year, compared with Feb. 10 in 2013 and was expected to prompt a major rush of expedited deliveries in mid-January. Cathay Pacific and Dragonair carried...
Emerging India Has a Long Way to Go NEW DELHI, India-A yellow truck festooned with black tassels and hex symbols to ward off bad luck passed our van on the right as we jounced over the potholes that slowed us to a crawl on the road between Jaipur and Jodhpur. The truck was similar to many of the...
US to Hear Complaints From Both North and South Cross-border trade among the U.S., Mexico and Canada is increasing, but President Obama is likely to hear complaints about U.S. trade barriers when he meets his Mexican and Canadian counterparts Feb. 19. The Keystone XL oil pipeline and Mexican trucking are among the thorny issues likely to complicate talks between Obama...
Equinox suffers delays Algoma Central is suffering delays in its Equinox bulker newbuilding programme, the owner's top executive said today.
SEALS found dead in cabin Authorities in the Seychelles have launched an investigation into the sudden death of two security contractors who were members of a team hired to protect the Maersk Alabama from pirates.
Risky business Wall Street may be worried about the future of Genco Shipping & Trading (Genco) but charterers don't appear to share the same concerns.
Genco mulls Chapter 11 Wall Street was reeling Wednesday after learning that Genco Shipping & Trading (Genco) missed a bond payment.
Economou talks tougher DryShips chief executive George Economou spoke more firmly today about the prospect of cancelling a troubled newbuilding order at Rongsheng Heavy Industries.
Chevron keeps Farstad ships Oslo-listed Farstad Shipping has extended important charter options worth NOK 775m ($128m) in its key Australian market, where the company is the nation's largest offshore owner by far.
Navios swoops for seven Navios appears to have added another seven vessels to its fast expanding stable of bulkers.
Navios disappoints Greek bulker owner Navios Maritime Holdings has delivered a below par set of fourth quarter numbers.
No debt, no ships Restis-backed Seanergy Maritime Holdings has extinguished its remaining debt by selling the last four bulkers in its fleet.
KNOT Offshore profit up New York-listed KNOT Offshore Partners has pushed earnings higher in the fourth quarter as revenue rose.
Genco misses payment US-listed Genco Shipping & Trading has missed a bond interest payment as it revealed it remained in talks with lenders over fundraising and debt restructuring.
Hurtigruten on the mend Hurtigruten's far-reaching reorganisation appears to be paying off after the company revealed a big improvement in its 2013 accounts.
Better for Bumi Bumi Armada of Malaysia has posted increased profit for 2013 as it steps up FPSO and offshore activity.
Bumi locks in $380m Malaysia's Bumi Armada has sealed contract extensions worth $381m for an FPSO in Nigeria.
Saevik plots Havyard IPO Capital markets veteran Per Saevik has revealed plans for the long-anticipated initial public offering (IPO) of his Havyard Group in Oslo.
Italy's patience fraying Italy's ambassador to India has been recalled in protest at delays in bringing two marines to trial for the alleged shooting of two fishermen from a tanker in 2012.
Bulker bashes buoy A Cosco bulker has hit a buoy off Brazil after losing power.
More methanol for MOL Mitsui OSK Lines (MOL) has placed its second order for methanol carrier newbuildings in under a week.
More for Chipolbrok Chinese-Polish owner Chipolbrok has added another four ships to its newbuilding programme.
Davie's denial Chantier Davie Canada has "categorically" denied allegations that a former employee of rival Irving Shipbuilding passed it confidential information.
Algoma profit slips Algoma Central has recorded a dip in fourth quarter profit due to a weak domestic bulk market.
Cosco and CSG strengthen ties State giants Cosco and China Shipping Group (CSG) have signed a new deal promising a "comprehensive strategic alliance" to combat the slow recovery.
Lorenzo buys MPP Philippines owner Lorenzo Shipping Corp (LSC) has acquired a German multipurpose (MPP) vessel as it renews its fleet.
Sesoda books six-pack Sesoda Corp has ordered up to six bulker newbuildings at shipyards in Japan in deals worth over $150m in total.
Thoresen buys again Thoresen Shipping has made its second raid on the second hand bulker market in less than a month, it said Wednesday.
Pan United buys China port Pan United has bought a majority stake in a second port in China in a move that expands its port handling capacity by 60%.
EOC in sale and leaseback EOC has sold a pipelay and heavy lift construction vessel to Chinese bank ICBC for $200m in a sale and leaseback deal.
Boxes lost top 500 An armada of containers emblazoned with the Maersk Line logo is adrift in the Bay of Biscay it has emerged.
US volumes to drop Container volumes heading into the US are expected to slow down considerably this month, a trade body has forecast.
AMSC endorses OSG American Shipping Co does not appear to be worried about the future of bankrupt US tanker operator Overseas Shipholding Group (OSG).
Negotiations on Panama Canal project remain stalled The Panama Canal Authority and Grupo Unidos por el Canal remain far apart on a deal to resolve a long-simmering billing dispute that would resume work on new locks that are part of the $5.2 billion expansion project.
DOT: Highway Account balance fell in January DOT provides updates on the Highway Account each month. For February, it predicts the account will climb a bit to $8.9 billion, but will start falling precipitously after April. A shortfall is expected to occur sometime in August.
Container imports up at ports of Los Angeles, Long Beach The ports of Long Beach and Los Angeles said container imports last month were higher than in January 2013.
Wärtsilä to convert Totem Ocean engines Totem Ocean Trailer Express has selected Wärtsilä to supply main engines, generators and integrated systems for the storage and handling of liquefied natural gas and fuel gas for the retrofit of its two Orca-class ro-ro vessels.
Maersk container loss tops 500 An examination by cargo surveyors of the Maersk container ship Svendborg Maersk showed that around 520 containers were lost overboard. Around 85 percent of those lost containers were empty.
Mid-week prices rise in Fujairah Markets were mainly firm in South Africa.
Prices firming across Europe Strikes in Piraeus see avails tighten.
DNVPS: ISO 8217:2005 inadequate for today's requirements 'Growing understanding' of the advantages of 2010/2012 editions, especially lower cat fines limit.
'Large independents' are growing their market share OW Bunker claims growth rate of around 20%.
TOTE and Wartsila hook up on dual-fuel engines Finnish engine maker to supply ro-ro vessels.
Asian bunker prices climbing Prices end day higher at most key ports.
US offshore firm: LNG marine fuel has bright future Firm investing in LNG more than government or private firms, says CEO.
'Improved' marine fuel to enter Chinese domestic market Fuel has lower sulphur content than marine distillates, Sinopec claims.
Study: Benchmark for bunker consumption needed Methodology must be able to assess current techniques and retrofit technology.
New bunker trader for Bomin's Shanghai office Ian Zhang starts work on February 19.
Cruise line's annual profits slip Bottom line hit by bigger bunker bill.
AWT: Avoid Puerto Rico ECA and save money Change in navigational course can produce 'reasonable savings'.
Indian shipowner has vessel seized Bunker dispute sparked arrest, source says.
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