USCG, EPA to conduct joint boardings The US Coast Guard (USCG) has confirmed plans to co-ordinate with the US Environmental Protection Agency (EPA) on enforcement of new fuel rules. The requirement that vessels use 0.1% sulphur fuel with 370km of US and Canadian shores begins 1 January 2015, as does the same sulphur limit for fuel
Sovcomflot rebounds in first nine months Russia's state-owned Sovcomflot (SCF) has reported a positive performance over its first three quarters. The shipowner, operator, and charterer attributed its year-on-year recovery to an improvement in rates and operating environment, which it expects to continue in view of its new long-term
World's biggest box ship unveiled CSCL Globe, the world's largest container ship, was named this week at Hyundai Heavy Industries (HHI) in a ceremony attended by dignitaries and 150 other guests. The 183,800dwt vessel is the first of five 19,100teu box ships for China Shipping Container Lines (CSCL). At 400m in length, 58.6m in
Neptune Orient Lines gets 'buy' rating on cheap valuation UOBKay Hian is putting a 'buy' rating on Neptune Orient Lines (NOL) shares, saying the market has overreacted to the challenges facing the Singapore-listed shipping and logistics group. The Singapore broking house said the current pricing "is not justified", as the market has failed to factor in
South Korean banks support marine projects Busan Bank, a regional bank in South Korea and Korea Export-Import (EXIM) Bank, have recently signed an agreement to offer financing for offshore marine projects aiming to support maritime policies in Busan. According to the agreement, Korea EXIM Bank will offer loan guarantee to Busan Bank. With
Mixed signals on China's Yangzijiang shipbuilding margins Strong shipbuilding margins that helped shore up Yangzijiang Shipbuilding's (YZJ's) earnings in the first nine months of 2014, may be a thing of the past for the Chinese shipbuilder. From financial year 2015, that trend could reverse as lower margin jobs start to kick in, says CIMB analyst Lim Siew
Hyundai Mipo to sell off stakes in POSCO South Korean tanker-builder specialist, Hyundai Mipo Dockyard will sell its entire stake in steel-making company POSCO for KRW286.4Bn ($260.38M) in a bid to improve its balance sheet. Hyundai Mipo, an affiliate of world's largest shipbuilder, Hyundai Heavy Industries (HHI), said it will sell
CMES to raise $327M for 11 newbuildings Shanghai-listed China Merchants Energy Shipping (CMES) announced yesterday to raise CNY2Bn ($327M) from its largest shareholder, China Merchants Steam Navigation via private placement for 4+1 VLCCs and six bulk carriers. A total of CNY2.99Bn will be needed for these new VLCCs, and CNY479M has been
Jiangsu yard orderbook up 55.4% y/y The orderbooks of shipyards in Jiangsu Province in China stood at 1,189 vessels, or 69.68M dwt, as of the end of October, up 55.4% year on year, showed data released by the provincial authorities on Monday. In the first 10 months of 2014, the output of newbuildings in Jiangsu province reached 197
Bunker trader DOT files for liquidation Singapore-based bunker trading company, Dynamic Oil Trading Singapore (DOT) has filed for liquidation following sister company OW Bunker Far East (Singapore). The filing was documented today, with accounting firm KPMG appointed as the provisional liquidator for DOT as well as for OW Bunker Far
Japan cargo ship sinks off Okinawa after collision with Chinese vessel A Japan-flagged cargo ship has collided with a Chinese general cargo ship and capsized off Okinawa Port in Nakagasuku Bay, Japan. Hokuei 18, the 1997-built vessel operated by Hokuei, has since suffered sustainable damage upon colliding with the Panama-flagged Yong Sheng VII at around 14.45 hours
South Korea creates new safety ministry The South Korean government has set up the Ministry of Public Safety, consisting of more than 10,000 officials, to respond to future disasters more efficiently. The establishment of the new agency was a result of the Sewol incident. The Sewol incident occurred on 16 April when the ferry capsized
SHI-Samsung Engineering merger cancelled Samsung HI's (SHI's) plan to acquire its affiliates Samsung Engineering has been finally called off due to opposition from shareholders. According to SHI, the world second-biggest shipbuilder, the claims for stock purchase from shareholders who are against the merger exceeds an expected limit based
China VLCC has doubled its fleet size in under two months and looks set to become world's largest VLCC operator Joint venture between CMES and Sinotrans & CSC on track to dominate with fleet of around 40 very large crude carriers
Container trade is going to increase 7% trade in 2015, according to latest Clarkson forecast Quarterly forecast expects intra-Asia boost to trade figures, but long-term freight rate impact for larger vessels
Civil unrest has halved Libya's oil production just as OPEC is talking cuts EXCLUSIVE: Lloyd's List Intelligence data shows crude exports slow to a trickle ahead of OPEC meeting to decide output reduction
OW Bunker trade debts 'total $730m', according to a leaked document 'Frenzy' of legal action as owners are squeezed by unpaid oil suppliers
Public or private shipbrokers: Howe Robinson shares its thoughts as consolidation fever breaks out amongst brokers Both models have track records of success and challenges, say Kerr-Dineen
Boxship lay-ups rise as winter looms and seasonal slumps kicks in Lloyd's List Intelligence data confirms that slowing demand is pushing major players to take ships out of service
VLCC earnings flatten as other crude tanker segments soar The big tankers take a back seat as others hog limelight this week
Improved crude tanker rates boost Sovcomflot's third quarter Russian owner eyes crude and gas shipping opportunities
ICAP and Howe Robinson confirm merger talks Duo aim to have combined new company up and running in first half of 2015
Top box players find strength in numbers The largest carriers see merit in global alliances as cost-cutting pressures intensify and solo status loses its allure
Port of Charleston saw double-digit growth in October The port of Charleston saw double-digit increases in container traffic in October, marking another month of what the head of the South Carolina Ports Authority says is "exceptional" above-average growth. The SCPA today reported that Charleston's container traffic jumped 17 percent year-over-year in October to 164,672 TEUs, driven by a 20...
ILWU reiterates that its focus is on bargaining table The Pacific Maritime Association said work slowdowns continued in the northern ports, while the International Longshore and Warehouse Union was not dispatching sufficient skilled labor to handle cargo volumes in Los Angeles-Long Beach. The ILWU said its focus is on the bargaining table in San Francisco. Negotiations continued Wednesday for a...
CMA CGM reinstates citrus service between Mediterranean and Black Sea CMA CGM will use at least some of its new reefer fleet to serve growing produce trade between countries bordering both the Black Sea and the Mediterranean. The world's third-largest company announced the re-launch of its Citrus Express service, which will call Syria, Turkey, Egypt and the Black Sea. CMA CGM...
NY-NJ port extends truck-replacement program The Port Authority of New York and New Jersey approved $2.42 million to continue a four-year-old program to help port truckers replace older, higher-polluting vehicles with newer, cleaner burning ones. The funds, which include a $2 million federal congestion mitigation and air quality grant, will help pay for the replacement of...
Global dock unions back ILWU, criticize PMA Representatives of global dockworkers' unions pledged "active solidarity" to the International Longshore and Warehouse Union and questioned the Pacific Maritime Association's willingness to reach a contract with the U.S. West Coast union. The dockers' section of the International Transport Workers Federation, meeting in London, accused the PMA of breaking a "gentlemen's...
China Shipping to launch world's largest container vessel this month China Shipping Container Lines said it will launch the first of five 19,100-TEU container ships by end of the month, supplanting Maersk Line as the operator of the world's largest container vessel. China Shipping, the seventh-largest global container line, in May 2013 ordered the new mega-ship, named CSCL Globe, from the...
US retailers worry West Coast port delays will hurt post-Black Friday restocking Retailers hope West Coast port congestion won't impact impact their holiday sales.Major U.S. retailers don't expect U.S. West Coast port congestion to hamper getting Black Friday products on the shelves, but they're far less confident on their ability to keep stores stocked through the entire holiday season. Home Depot doesn't expect...
Striking drayage drivers turn focus to Port of Long Beach The Port of Long Beach today will be the focus of attention by a Teamsters-affiliated group that is attempting to organize drayage drivers in Southern California. Justice for Port Truckers scheduled a protest at noon Pacific time at the ITS terminal in Long Beach. The group will also congregate this evening...
Liverpool port seeks to reclaim 'traditional market' Peel Ports CEO Mark Whitworth says a $480 million container port rising along the river Mersey will provide the port of Liverpool with "a fantastic opportunity to take back its national market share." Once a dominant U.K. port, Liverpool lost market share between the 1960s and 1980s to competitors Felixstowe and...
Ports expected to be at center of container shipping strategy LONDON - Ports are set to dominate container shipping strategy with the focus on terminal productivity and capacity expansion, industry analysts said at the JOC Group's Port Performance Conference Europe in London. "Ports are coming back to the center, as they strive to keep pace with the growth in ocean container...
Slow global growth to make US strongest weak economy FORT LAUDERDALE, Florida - The good news is the U.S. economy will continue to expand through at least 2017. The bad news is it won't expand that much. That's the message William Strauss, senior economist and economic advisor for the Federal Reserve Bank of Chicago, delivered to shippers, carriers and logistics...
NITL shippers warned to expect 'significant' US rate increases in all modes FORT LAUDERDALE, Florida - Shippers who came to the National Industrial Transportation League's annual conference here hoping to hear U.S. freight rates would moderate after rising significantly in 2014 are heading home disappointed. Surface freight rates in North America are only moving in one direction, analysts and economists told shippers at...
Supply chain collaboration increasing as capacity tightens, costs rise FORT LAUDERDALE, Florida -Collaboration, cooked with perspiration and flavored by imagination with a dash of desperation, is the main course being served at the National Industrial Transportation League's annual conference and TransComp Exhibition here. Faced with taut inland supply lines, unprecedented delays and uncertainty at the largest U.S. port complex and...
UAE's Khorfakkan terminal prepares for more big ships Terminal operator Gulftainer is a step closer to readying its Al-Sharjah Emirati terminal for mega-ships after it received $60 million of new crane equipment for the Khorfakkan Container Terminal. The four ship-to-shore cranes and 12 rubber-tire gantry cranes are already in use following a ceremony at the terminal. Khorfakkan Container Terminal...
Trans-Pacific carriers gain only half of attempted GRI Drewry's benchmark spot rate from Hong Kong to Los Angeles jumped 16.4 percent, or $300 per 40-foot container this week to $2,125 per FEU. Full size chart. Trans-Pacific carriers only achieved half the general rate increase gain they hoped to via a $600-per FEU hike, Drewry Maritime Research said today. Drewry's benchmark spot...
Terminal operators expect shipping alliances to improve schedule reliability LONDON - The new ocean carrier alliances set to launch in 2015 will operate more reliable schedules, removing a major factor behind the congestion that has plagued major container ports this year, marine terminal operators said at the JOC Group's Port Performance Conference in London today. "Carriers put schedule reliability at...
Obama confident ILWU-PMA can reach a deal WASHINGTON - Amid pleas of major shippers for a federal mediator, President Obama says he's confident U.S. West Coast longshoremen and waterfront employers can reach a labor contract. The International Lonshore and Warehouse Union and the Pacific Maritime Association, which represents U.S. West Coast waterfront employers, would both have to request...
Air cargo shippers unaffected by carrier drive for profit, AAPA head says TOKYO - Asia's competitive airline environment is placing intense profitability pressure on carriers in the region, but the focus on costs will not see air cargo shippers facing the wide scale route cutbacks, reduced frequencies and rolled shipments that have afflicted their ocean freight counterparts. Asked by JOC.com whether services would...
No speedy resolution to Manila congestion, port summit hears TOKYO - There is still no end in sight to the port of Manila congestion more than six months after an ill-considered truck ban quickly began to see containers stacking up at the two main terminals in the Philippine capital. A Port Summit in Manila this week heard that yard utilization...
GLDD ups the ante Great Lakes Dredge & Dock Corporation has returned to the bond market for cash to cut debt and fund expansion.
Seaspan pens ferries Seaspan Ferries Corporation has inked a contract to construct a pair of dual-fuel ferries at a leading Turkish shipyard.
USCG readies crackdown The US Coast Guard (USCG) and Environmental Protection Agency (EPA) are gearing up for a coordinated campaign to enforce regulations designed to reduce air pollution.
Blue Wall bags financing Blue Wall Shipping of Greece has turned to CIT Maritime Finance for ammunition to acquire a pair of bulkers.
CMA CGM starts new run A seasonal service between the east Mediterranean and the Black Sea will be introduced by CMA CGM this month, the French owner said.
Three more for OSM OSM Hamburg has won a deal to manage three feederships reportedly sold by Erwin Strahlmann.
Daiichi keeps cash flowing Japanese owner Daiichi Chuo Kisen is believed to have sold its second bulker in a week.
Stena's methanol first With the new low sulphur regulations approaching, Stena Line will start using methanol as a fuel on one of its vessels.
New vessels, more costs An expanded fleet has brought more operating costs at Fjord Line, which saw deeper red in its third quarter bottom line.
Monjasa takes tanker Danish bunker and tanker group Monjasa has bought a 2005-built vessel from Eships of Abu Dhabi.
Red Box orders duo Two polar-class vessels able to operate in severe ice conditions throughout the whole year have been ordered at Guangzhou Shipyard International (GSI).
Watch this space Peter Kerr-Dineen has promised a big impact in the market from Howe Robinson's proposed merger with ICAP Shipping.
LSC loss grows Lithuanian Shipping Company (LSC) has revealed a bigger loss in the first nine months as revenue fell.
Marenave takes a hit Germany's Marenave Schiffahrts has fallen to a loss over the first nine months of 2014 due to an impairment charge.
SHI scraps merger plan Samsung Heavy Industries (SHI) has cancelled a $2.5bn merger deal with Samsung Engineering as share buyback requests exceeded the set limit.
Uljanik adds another Croatian shipbuilder Uljanik has clinched a deal to build a jack-up platform vessel for Belgium's GoSea.
Galapagos ship sinks All 13 crew have been rescued after their cargoship sank en route to the Galapagos Islands.
SCF profit soars Russian shipowner Sovcomflot (SCF) has posted a big jump in earnings for the third quarter as crude tanker rates improved.
Brokers to merge Howe Robinson Group (HRG) of Singapore and ICAP Shipping have confirmed market rumours that they are working towards a new shipbroking alliance.
Cold US bad for VLGCs LPG exports are dependent on the severity of winter in North America, according to the latest research published by Drewry.
Floatel sale falls through Plans by Jasper Investments to sell a converted accommodation vessel look to have all but floundered.
Arctic Sunrise detained A vessel belonging to environmental protest group Greenpeace has been detained by Spanish authorities.
PBR fixes five OSRVs Compagnie Maritime Monegasque (CMM) has secured long-term charters from Petrobras for five oil spill response vessels (OSRV).
Jumbos replacing boxships A US logistics company is resorting to hiring 747 Jumbo jets to overcome the congestion at major US ports.
Strike threat remains Industrial action by marine engineers operating tugs in Port Hedland looks set to go ahead after they rejected a revised pay deal.
Rise in US crude stockpiles drags down WTI crude Supplies rose 2.61 million barrels to 381.1 million last week.
US Coast Guard, EPA to step up ECA-compliance efforts Will make sure'everyone plays by the rules.'
Charterers look at shipping firms' eco friendliness SSI points to the rise of the 'sustainable shipper'.
OW management 'knew about credit to Tankoil' Lawyer for head of Singapore subsidiary says the risk exposure was known to top management.
EU ready to move ahead of IMO on ship CO2 monitoring Shipowner's association sees 'global potential' for EU's MRV system, which includes elements rejected at recent IMO meeting.
Monjasa buys bunker tanker to be deployed in West Africa.
Shipping company seeks court guidance over OW invoice Precious Shipping wants Singapore's High Court to clarify whom it should pay.
ECA compliance: EU-wide information system under development System provides 'common platform for reporting and sharing of information'.
No signs of significant shift in Asian bunker demand OW Bunker's collapse unlikely to trigger change in buying patterns.
ECA compliance: EU to level the playing field New measures to be enforced from March.
ICG earnings rise despite bigger bunker bills Fuel bills expected to climb in 2015.
Bunker supplier's expansion to Labuan 'timely', says partner Development will boost firm's bunker sales at port to 25 million litres per year.
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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