What's behind BW Group's interest in MR product tankers? BW builds leading product tanker company, showing a newfound focus
NewLead takes its first new ship since restructuring Price for handysize bulker has already increased, says owner
IMO gives go-ahead to mandatory container weight checks Final adoption of amended Solas convention expected in November
Modi's BJP election win buoys Indian demolition A string of high-priced deals reflects Alang's up-beat mood
Tui reveals binding agreement for Hapag-Lloyd listing Shareholder in the German carrier says a deal is in place to list the company next year
US postpones 100% scanning of inbound containers a second time Implementation delayed at least two more years amid concern over costs and disruption
Panama Canal expansion moves forward as lock gates leave Italy Quijano calls Trieste shipment 'a milestone' as project recovers from cost-row stoppage
Hartmann becomes VDR president from January Behrendt steps down from the German shipowners' association at year-end
Rome port starts truck-to-ship LNG bunkering Supply arrangements will become 'routine for ships worldwide', says LNGEurope
Zim finalises restructuring terms that include new equity from Israel Corp Major shareholder will also provide a liquidity line of $50m and forgo $225m of loans
OOCL expects Courtenay Allan manslaughter verdict on July 2 Transatlantic director's family awaits Le Havre court decision after 11-year campaign
Upgraded deal boosts Rongsheng's ultramax bookings Yard enlarges its earlier contract with an unnamed buyer from Europe
US dry bulk box anti-dumping probe targets CIMC and Singamas DOC acts after home-grown manufacturer claims China rivals benefit from subsidies
BW Group teams up with private equity to buy 10 MR tankers PAG joint venture aids gas-shipping firm's expansion into product tankers
LaNaval secures TESO ferry Spanish shipbuilder LaNaval has secured an order for a ro-pax ferry from Netherlands-based owner Texels Eigen Stoomboot Onderneming (TESO). Delivery of the 16,400gt vessel is scheduled for December 2015. It will have an overall length of 135.4m, a beam of 27.9m, and will be able to carry 1,750
Lauritzen raises full-year profit forecast J Lauritzen, the privately owned Danish bulk shipping, small LPG carrier, and offshore services group, has increased its full-year profit forecast after returning to profit in 1Q14, the company said in a statement. Group net profit in 1Q14 amounted to $1.9M, compared with a loss of $25.6M in the
Vard's Vietnam yard wins order Singapore-listed Norwegian shipbuilder Vard Holdings Limited has secured a contract for the design and construction of a platform supply vessel (PSV) for Carlotta Offshore. The major offshore vessel builder won eight new contracts in 1Q14, with five new orders for its Norway and Romania shipyards
India government urged to solve shipping infrastructure woes A shipping line has urged India's new government to tackle the problem of infrastructure. Many hope the new BJP government, which was elected over the weekend, will promote economic reform and encourage investment. Infrastructure and how it is managed has long been a problem for shippers, which are
Nam Cheong primed for growth Malaysian offshore vessel builder Nam Cheong Limited (Nam Cheong) is forecast to have an 19% increase in margin, allowing earnings to grow by 2.7% in 2014, according to Lee Yue Jer, offshore and marine analyst at DMG & Partners Securities. Lee also expected the firm's earnings to grow by 4.7% in
Modi victory boosts India ship recycling market The victory of Indian opposition leader Narendra Modi in national elections over the weekend saw ship recycling prices spike in the country, leaving Bangladesh and Pakistan unable to compete. Cash buyers are offering average prices of $470/lt ldt for bulkers and $500/lt ldt for tankers for
South Korean prosecutors form team to track down ferry owner The Incheon District Prosecutors' Office in South Korea has organised a team of 40 detectives to track down Yoo Byung-eun, head of the family behind Chonghaejin Marine, which operated the Sewol ferry. A preliminary arrest warrant has been issued for Yoo on suspicion of embezzlement and tax evasion.
Adani Ports posts 43% growth in quarterly profit Adani Ports & SEZ Ltd, India's largest port developer and part of Adani Group, today posted 43% growth in its January-March consolidated net profit to INR5.3Bn ($88M). The consolidated cargo handled by the company was 28.85M tonnes in the quarter, an increase of 12% year-on-year. Consolidated total
Taiwanese bulk carriers report 1Q14 higher income Taiwan's U-Ming Marine Transport, a bulk shipper and member of the Far Eastern Group, announced last week that its net income for 1Q14 is TWD360.39M ($12M), an increase of more than 80% year on year from TWD197.54M ($6.5M) in 2013. The giant growth was contributed to better freight rates over the
Bumi Armada posts robust FY2013 earnings Malaysia-based international offshore provider Bumi Armada has posted a 24% year on year increase in its revenue to MYR2.1Bn ($649.5M), its annual report has indicated. The company also notched an 11.8% hike in net profit from MYR385.8M ($119.3M) in 2012 to MYR431.2M ($133.3M) in 2013, marking the
Vessel discovered by Maersk Kure could be Cheeki Rafiki Four yachtsmen remain missing from the the Beneteau First 40.7, Cheeki Rafiki, which ran into trouble on 19 May when delivering the boat back from Antigua to Southampton. The container ship, the M/V Maersk Kure has discovered an upturned vessel in an area that is said to be consistent with where
Korea Coast Guard to be broken up South Korean president Park Geun-hye has announced that in the aftermath of the Sewol ferry disaster the Korea Coast Guard will be broken up. She added that key functions of Ministry of Security and Public Administration such as rescue work will be transferred to National Security Ministry which
US investigation 'may affect CIMC business' Shenzhen-listed China International Marine Containers (CIMC) stated today that the United State's initiation of investigations into antidumping and countervailing duties (AD and CVD) on containers made in China may affect parts of its business. The US Department of Commerce announced on 14 May that
ASEAN-India trade 'could grow with collaboration' Trade between India and the ASEAN bloc could grow if an upcoming joint working group (JWG) between the two countries is successful, a leading shipping industry source has said. "The key point of this JWG is to address the primary issue of rail/road connectivity between India and the countries in
Radiance starts year with strong quarterly results Singapore-listed offshore vessels company Pacific Radiance (Radiance) is off to a dream start for the year with gross profit surging to 91% in 1Q14. Radiance saw its 1Q14's profit after tax and minority interest (PATMI) hiked by 110% year on year to $17.8M, while its revenue jumped by 33% to $42M
Iron ore '30 benchmark' hit twice to China Last week marked the second straight week where 30 drybulk vessels were chartered in the spot market to ship iron ore cargoes to buyers in China, according to a research note from drybulk consultancy Commodore Research. Commodore noted: "This is a very significant amount; during all of last year,
BW Group to buy 10 MR tankers under JV The BW Group will purchase 10 MR product tankers under a joint venture with investment management firm PAG. Under the JV agreement, BW Pacific will buy the tankers from Elandra, a company associated with commodity trader Vitol Energy (Bermuda). BW Group CEO Andreas Sohmen-Pao commented: "BW is
Positive outlook for MR tankers Despite disappointing earnings for medium-range (MR) products tankers at the start of 2014, shipbroker EA Gibson believes fundamentals for the segment remain positive. The Baltic Exchange's TC2 assessment for the NW Europe - US Atlantic Coast averaged close to $10,000/day on round voyage basis
Pan Ocean profits since receivership Pan Ocean returned to black for the first time since it began its corporate rehabilitation programme in June 2013. The last time the former STX Pan Ocean, which dropped the "STX" from its name after the STX chaebol executed a debt-to-equity swap, was in the black, was in 2011. The company made
Reefer Trucking Remains Province of Small Carriers Trucking is a notoriously fragmented business. The Department of Transportation estimates there are 500,000 trucking companies in the U.S., with 97 percent of them operating 20 trucks or less. "The DOT says 90 percent of trucking companies have six trucks or less," says Kenny Lund, vice president of support operation for...
Warehouse Choice? It's Personal While some cold storage companies are growing rapidly, the head of one midsize warehouse company says that doesn't apply throughout the industry. "I don't know that we would do anything particularly different because our competitors are getting larger," said Larry Rauch, president of Los Angeles Cold Storage. Different food companies have...
A Shipper's Perspective: NITL's Carlton Opens Up About Trucking, Alliances, BCOs National Industrial Transportation League President and CEO Bruce CarltonFor the first time since the 2008-09 Great Recession, shippers have a "small smile on their faces" when it comes to the economy, National Industrial Transportation League President and CEO Bruce Carlton said. Their increasing optimism in the economy, however, doesn't quell...
Maritime Association of the Port of NY/NJ Raises Funds for Education with Annual Hall of Fame Dinner On May 14, 2014, the Maritime Association of the Port of New York and New Jersey will induct five industry leaders into the International Maritime Hall of Fame. The 21st annual Ship's Lookout Award dinner will be held at the Grand Hyatt New York. 2014's awardees are a diverse group, coming...
IMO OKs Mandatory Container Weighing Seven years after overweight containers contributed to the dramatic breakup of a vessel in the English Channel, the United Nations said today it will require all containers to be weighed starting in July 2016. The Maritime Safety Committee of the International Maritime Organization approved changes that would require container weights to...
Zim Finalizes $3 Billion Restructuring Zim Integrated Shipping Services today announced it has finalized terms of a $3 billion financial restructuring that will enable the Israeli ocean carrier to raise funds to buy new ships and enter joint ventures and strategic partnerships with other container shipping lines. The restructuring, which follows lengthy and complex negotiations with...
Koenig named VP Sales, Eastern U.S. Region for FreightCar America Chicago, Illinois, May 12, 2014 - FreightCar America, Inc. (NASDAQ: RAIL) announced today that Dana Koenig has joined FreightCar America as Vice President Sales, Eastern U.S. Region, effective today. She will be based in Jacksonville Florida and responsible for sales coverage and account management in FreightCar America's eastern region. "We are...
Global Ship Lease Expands Its Board of Directors With Appointment of Two Independent Directors LONDON, May 12, 2014 (GLOBE NEWSWIRE) -- Global Ship Lease, Inc. (NYSE:GSL) (the "Company") announced today the appointment of Alain Wils and John van de Merwe to the Company's Board of Directors, increasing the Board to six members. Mr. Wils and Mr. van de Merwe were appointed by the existing...
Florida Chamber President Mark Wilson Tells Florida Cabinet 150,000 New Trade and Logistics Jobs Can Be Created TALLAHASSEE, Fla. (May 13, 2014) - As Florida celebrates World Trade Month, Florida Chamber of Commerce President and CEO Mark Wilson today told members of the Florida Cabinet the Sunshine State has the potential to create 150,000 new trade and logistics-related jobs, which will pay 30 percent more than the...
Holland Recognized as 2013 Best Transportation Supplier by Avery Dennison HOLLAND, Mich., May 13, 2014 - Holland has been recognized as the Best Transportation Supplier for performance in 2013 by Avery Dennison, a global leader in labeling and packaging supplies and solutions. The award was given as part of Avery Dennison's inaugural Supplier Symposium, held March 6, 2014 at the...
Transplace Announces Carrier of the Year Awards at 12th Annual Shipper Symposium May 14, 2014 (Dallas, TX) - Transplace, a leading provider of transportation management services and logistics technology, today announced the winners of its Carrier of the Year Awards. Part of Transplace's Carrier Merit Program, the Carrier of the Year Awards recognize transportation service providers for consistent high performance and exemplary...
Warehouse Investment Increases Singapore's Regional Footprint Singapore's rising prominence as a strategic logistics hub for Southeast Asia was further illustrated by the recent investment in warehouse and distribution facilities in the city-state by DHL and Menlo Logistics. DHL Supply Chain broke ground last week on a $127.89 million logistics warehouse facility at Tampines LogisPark that will be...
Robust Growth for Japanese Economy The Japanese economy posted strong growth in the first quarter of this year as consumer spending, a key driver of expansion, surged ahead of the sales tax hike on April 1, according to a preliminary report released by the Cabinet Office last week. The Japanese economy grew 1.5 percent in the...
Expansion, Cost-Cutting Lift Nippon Express Expanding global operations and cost-cutting efforts lifted Nippon Express Co.'s group net profit 10.5 percent year-over-year in fiscal 2013, which ended on March 31, to ¥26.3 billion ($258 million), beating its own forecast of '25.0 billion. Japan's largest international freight forwarder said that its group revenue and operating profit in the...
NewLead gains steam Shares of diversified Greek operator NewLead Holdings soared in midday trading Monday after announcing the delivery of a handysize bulker.
FBR identifies 'cash cow' An analyst at FBR Capital Markets is urging clients to accumulate shares of Matson based on a bet that its share price could double in the coming years.
Braemar and ACM to merge? Talk is sweeping the market that UK-listed shipbroking companies Braemar Shipping Services and ACM Shipping are in merger talks.
Nigerian rescue succeeds The Nigerian Navy is reported to have rescued the crew of the hijacked 7,654-dwt products tanker SP Brussels (built 2007) killing two of the pirates in a shoot-out.
Hapag IPO in 2015 German container line Hapag-Lloyd will carry out its long-mooted IPO next year.
Handy hopes for Newlead NewLead Holdings has taken delivery of its latest handysize vessel which it says will generate $2m per year in earnings before interest, tax, depreciation and amortisation (Ebitda) from spot market trading.
NMB buys Primal bulker Bulgaria's Navibulgar has completed its set of modern domestically built handymaxes with a deal for a Greek-owned bulker.
SCI to sell out? Shipping Corp of India (SCI) is in talks to sell its stake in an Iranian joint venture to its partner Islamic Republic of Iran Shipping Lines (IRISL).
More again for Meiji Japan's Meiji Shipping has posted a bigger annual profit, but the current year is not looking as rosy.
Shih Wei saved by sales Taiwanese bulker owner Shih Wei Navigation has kept its first quarter profit stable thanks to asset disposals.
Havila fixes PSVs Havila Shipping has agreed three PSV charter contracts with Maersk Oil and one with Shell.
Tanker crewman missing French authorities have failed to find a crewman lost overboard from a Greek tanker.
ICG loss increases Ferry operator Irish Continental Group (ICG) has posted a higher deficit in the first four months of 2014.
Carlotta back with Vard Vard has won a contract for a platform supply vessel (PSV) from repeat Vietnamese customer Carlotta Offshore.
Signet snaps up eight US owner Signet Maritime Corporation has snapped up the towage fleet of compatriot Harvey Gulf International Marine.
Ship sinks off Angola A Greek-managed cargoship carrying 200 containers has sunk off Angola.
Glovis goes for Pan Ocean? Korea's Hyundai Glovis has been linked to a move for restructured compatriot Pan Ocean.
Korea to split coast guard South Korea's coast guard will be broken up and its rescue operations given to a new safety agency, the country's President Park Geun Hye said as she apologised over the sinking of the passenger ferry that left 300 people dead or missing.
Bulkers hit hot ore streak Shipowners fixed 30 bulkers to lift iron ore cargoes for Chinese buyers last week - the second week running the milestone was reached.
Zim secures 'golden' future Israeli container line Zim has struck a deal with the government that paves the way for shipping alliances and a long-promised IPO.
La Naval wins ferry Spain's La Naval shipyard has clinched a deal to build a new ro-pax.
BW teams with PAG BW Group and private equity outfit Pacific Alliance Group (PAG) are teaming up in a tanker joint venture.
Stena RoRo in China first Stena RoRo has chartered out a ferry acquired in Vietnam last year to China's Yantai Bohai Gulf Ferries.
U-Ming jumps in Q1 U-Ming Marine Transport Corp has reported an 80% year-on-year increase in its first quarter net profit.
Rongsheng brings in $1bn Rongsheng Heavy Industries say it has secured a newbuilding order for up to 36 ultramax bulkers in a deal potentially worth $1bn.
ZIM finalizes restructuring agreement The Israeli container shipping company ZIM says it has finalized a financial restructuring plan that will leave it "strongly positioned for growth."
UP undertaking $39M upgrade in Neb.
GPA boosts crane count The Georgia Ports Authority on Monday agreed to an $86.5 million purchase of four new ship-to-shore cranes and 20 new rubber-tired gantry cranes, the authority said.
MarAd rebrands security office The Maritime Administration has reorganized its Office of National Security into the Office of Strategic Sealift with three areas of focus - maritime workforce, and federal and commercial sealift, according to a MarAd press release.
Cargo revenues up at Avianca
TNT Express completes fashion segment sale
Southern California ports see double-digit volume growth in April The ports of Los Angeles and Long Beach both saw double-digit import container growth year-over-year in April.
WRRDA expands maritime system resources, Congress poised for vote
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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