Death-trap container prompts insurance fears Insurers are studying the implications of last weekend's incident where one man died and 34 others were rescued from a container unloaded at Tilbury Docks in the UK. Shipping and haulage firms, concerned about future similar incidents, are looking hard at their insurance policies. Neil Smith head of
Indian shipping leader returns to profit India's biggest shipping company has reported a profit in 2Q14, ending five consecutive quarters of losses. State-owned Shipping Corporation of India (SCI) delivered a net profit of INR475M ($8M) for the quarter, against a loss of INR987M in the same period last year. Comparative pre-tax operational
Sungdong secures LR1 Tanker pair South Korean yard Sungdong Shipbuilding & Marine Engineering has secured an order for two long range one (LR1) tankers from a European owner. The two 74,500dwt eco-vessels have improved fuel-efficiency by using the "G-Type" engine and eco-friendly ship design, which has a fuel economy effect of
Turkey to send powership to Gaza Turkish energy group Karadeniz plans to station a ship equipped with electricity generating capacity off Gaza to help the enclave meet its energy supply needs following damage sustained during recent Israeli bomb attacks. The group, which has already supplied "powerships" to Iraq, Lebanon and
ESL Shipping bottom line up Aspo's maritime subsidiary, ESL Shipping, announced an improved 1H 2014 operating profits yesterday. The Finland-based, Nasdaq OMX Helsink-listed Baltic dry bulk cargo carrier's 1H bottom line rose to €6M ($8M) yoy from €1.7M. Revenues crept up just €2.2M to €40.4M.
Shootings at sea caught on film A video showing four men gunned down at sea posted on YouTube on Monday by a Fijian University student has become the centre of a police investigation. In the 10-minute video an armed man shoots and kills four men clinging to wreckage in the water. Other fishing vessels appear nearby. The crew on
Concordia Maritime confirms spot market focus Concordia Maritime, the Swedish listed tanker owner, says it has revised its strategy to become a spot market operator instead of seeking long-term contracts to employ most of its tonnage. "We have in recent months worked to align the fleet with our new employment strategy. Ten out of the total 11
More migrants found in reefer UK police have reported a second incident in which migrants suffering from dehydration have been found inside a container. Avon and Somerset police said they found 15 people inside a refrigerated container lorry at a service station at Ilminster, Somerset. Police arrested the truck's German driver
Arrium profits up 83%, BHP 23% Whyalla-based Australian miner and steel manufacturer Arrium listed a $296M net profit for FY14 yesterday, up 83% on the previous year. The BHP company OneSteel's reported earnings reflected increased mining growth, which despite falling ore prices, offset its depressed steel manufacturing industry.
Changhang Phoenix profited $30M in 1H14 Changhang Phoenix, a listed bulk carrier operating unit of Sinotrans&CSC, reported today that it returned to the black with profits of CNY186M ($30M) in the 1H14. Revenues fell 30% year on year to CNY527M due to cuts in capacity under restructuring, a stock filing of the company said today. During
Fortescue profits up 56%, more ships on order Fortescue today announced a $2.74Bn profit for FY14, record shipments of 124.2M tonnes, up 53% on FY13 and a new order of four VLOCs, bringing its fleet to eight ships by 2018. Company debt was reduced from $12Bn to $7.2Bn and shipping volumes for FY15 are forecast at 155M to 160M tonnes. The June
Boustead signs MoU with Malaysian government Malaysia-listed investment holding company Boustead Holdings's subsidiary Boustead Naval Shipyard (BNS) has signed a memorandum of understanding (MoU) with the government of Malaysia to develop local businesses. Under the MoU, BNS will train local entrepreneurs in the manufacturing and services
Port Kembla reopens after shutdown Port Kembla on Australia's southeast coast reopened operations at 08.30 AEST today, after severe winds and heavy swell had closed the port on Sunday morning. All waiting ships, including four bulk carriers are scheduled to be cleared by 21.00 EST, according to Harbour Master Kell Dillon. "The port's
Victims' families oppose Sewol bill A South Korean government bill on how the Sewol tragedy should be investigated and giving student victims preferential university entry is meeting resistance from their families. The ruling Saenuri Party and the main opposition party, New Politics Alliance for Democracy (NPAD), have agreed to
Wheat cargoes lift Supramax rates The Supramax market is seeing a long-awaited uptick in freight rates, as a surge in wheat cargoes from the Black Sea is raising shipowners' hopes. The Cannakkale-Singapore-Japan rate gained $156 to $14,525/day on the Baltic Supramax Index yesterday, helping to lift average timecharter rates to
Evergreen, Yang Ming return to black in 2Q Taiwanese carriers Evergreen Marine Corp and Yang Ming Marine recorded profits in the second quarter of 2014, returning to black from losses from the previous quarter and the same period last year. Evergreen posted a net profit of TWD150.2M ($5M) in 2Q14, compared to a loss of TWD400M in 2Q13 and a
Bumi Armada to supply FPSO worth $1.18Bn Malaysia-listed offshore oilfield services provider Bumi Armada has been appointed as the FPSO lease contractor for the Madura BD Field, Offshore Indonesia, via a letter of intent issued by Husky-CNOOC Madura (HCM). Bumi Armada's wholly-owned subsidiary, Bumi Armada Offshore Holdings (BAOH), with
SBI Offshore clinches $24M rig contract Singapore-listed offshore marine solution provider, SBI Offshore, has secured a $24M contract to provide design and engineering services for a jack-up drilling rig that can operate in water depths of up to 110m. SBI Offshore's wholly-owned subisidiary SBI O&M signed the contract with a Middle
OOIL could lose growth momentum in 2015 Hong Kong-listed Orient Overseas International (OOIL), the parent of Orient Overseas Container Line (OOCL), is estimated to lose its profit growth momentum in 2015 due to fewer deliveries of new tonnage, a research note of CIMB Securities said. "With fewer newbuildings left to deliver, it will be
Manila acts to cut congestion in ports As part of an ongoing bid to decongest Manila ports, the office of the president has cut port charges at Batangas, a statement on the website of the Philippines Port Authority said. There was no immediate confirmation on President Benigno Aquino's website. The move is to attract more direct callers
New Orleans expanding intermodal terminal The Port of New Orleans is revamping its Mississippi River Intermodal Terminal to the tune of $21 million after a bid was awarded to a Louisiana-based construction company.The Port of New Orleans is revamping its Mississippi River Intermodal Terminal to the tune of $21 million after a bid was awarded...
Damco expects to end 2014 in red after big 2Q loss Damco expects to end the year in the red after the logistics arm of Maersk Group lost $32 million in the second quarter, grappling with a restructuring effort and less forwarding business. Damco said the restructuring that began in 2013 has been trickier than anticipated, resulting in delays of productivity gains....
'Uber'-like truck, load-matching system being tested in NY-NJ market Cargomatic is in a New York state of mind. The Venice, California-based firm is testing its "Uber"-like truck and shipment matching technology - currently offered in Southern California - in the tri-state trucking market of New York, northern New Jersey and Connecticut. "We are moving east," Brett Parker, chief operating officer...
Maersk Lines' latest earnings show it pulling farther away from the pack In reporting its second-quarter and first-half 2014 results this week, Maersk Line again showed how its financial fortunes are diverging from most of the rest of the container shipping industry. And Maersk is diverging in another way: Its outlook for the year is bullish, while those of other major carriers that...
Air transport fears of Icelandic volcano eruption grow There are increasing signs that an Icelandic volcano could erupt, potentially disrupting shippers transporting goods via the freighters and in the bellies of passenger planes - much like an eruption on the island did in 2010. Roughly 1,000 small earthquakes were detected in the vicinity of Baroarbunga, one of the northern...
CKYH Alliance membership pays dividends for Evergreen The cost benefits of Evergreen Marine joining the CKYH Alliance were reflected in its second-quarter earnings, which saw the Taipei-based carrier returning to profitability. Taiwan's largest container shipping line joined up with Cosco, "K" Line, Yang Ming and Hanjin Shipping in March just as it posted a first-quarter loss of $56...
Expanded services boost container traffic at NC Port of Wilmington Containers at the Port of Wilmington, North Carolina.The North Carolina State Ports Authority's fiscal year is off to a strong start its fiscal year is off to a strong start, thanks to increasing container volume at the Port of Wilmington resulting from carriers' service expansions. July container volumes at Wilmington were...
Automakers, imports, housing starts boost US truck tonnage Strong gains in factory output, especially automotive manufacturing, helped drive U.S. truck tonnage up in July, the American Trucking Associations said. The ATA For-Hire Truck Tonnage Index rose 1.3 percent in July from June, and 3.6 percent year-over-year. The trucking association's index supports claims by motor carrier executives such as Eric...
Brazil approves $1.7 billion for port infrastructure Brazilian waterways regulator Antaq approved $1.73 billion in upgrades for ports in Rio de Janeiro and Santos. BN Americas reported the plan will allow local steel company CSN to extend its port terminal concession contract in Rio de Janeiro, and will also extend Santos' port contract in São Paulo. Both contracts...
Top container lines' capacity continues to rise Overall capacity operated by the Top 21 container carriers increased 5.6 percent or 847,000 TEUs in the last 12 months, according to industry analyst Alphaliner's latest newsletter, furthering chronic overcapacity in the container shipping market. The Top 21 carriers, which control 86 percent of the total global liner capacity, received a...
NOL doesn't deny, but downplays reports that APL Logistics is for sale Neptune Orient Lines said Wednesday media reports that it plans to sell its logistics business, APL Logistics, for up to $900 million are "preliminary and exploratory in nature." Without specifically denying the reports, the shipping group said in a filing to the Singapore Exchange that there is "no assurance that any...
TMW Systems, 3GTMS to blend asset-, non-asset transport software Changing supply chains demand changing technology, and a more multimodal, integrated supply chain require a blend of asset- and non-asset-based transportation systems. That evolving demand led location-based technology firm Trimble and its TMW Systems subsidiary to partner with 3GTMS, which offers non-asset transportation management and optimization software. Trimble, a $2.3 billion company,...
APMT's facility investments drove 2Q growth APM Terminals saw volume and profit rise in its second quarter, thanks to some of its terminals becoming fully operational and the addition of new terminals in growth markets. The terminal operating division of Maersk Group reported container volume of 9.8 million TEUs in the April-to-June period, an increase of 8...
China's largest port is also the largest in world Shanghai port.For the first six years of The Journal of Commerce global container ports ranking, Hong Kong was king. When Singapore toppled Hong Kong in 2005, it began a five-year run at the top for the Southeast Asian giant. And now another juggernaut, Shanghai, has enjoyed a four-year run as...
Backing the bond Q: You've defended the new $75,000 bond requirement for motor carrier brokers in the past, and I disagree. I can assure you the bond hurts the small broker. I'm a commodity trader. We employ a lot of trucks, some through direct contact with the trucking company and others through brokers. I have...
Arctic passage for ships: Slow going The melting polar icecap is reheating ages-old dreams of cross-Arctic shortcuts for deep-draft ships sailing between the Atlantic and Pacific oceans. But logistics managers shouldn't count on it happening next year - or even in the next decade. The bulk carrier Nordic Orion grabbed headlines last September with a Vancouver-to-Finland voyage...
Purge continues IM Skaugen has agreed to sell another gas-carrier to one of its joint ventures under a broader bid to free up cash.
Icemen cometh What do Bill Gates, David Beckham, Justin Bieber and the chartering manager of Gemini Tankers have in common?
Progress for Restis? A long drawn out clash between Greek shipowner Victor Restis and US lobbying group United Against a Nuclear Iran (UANI) has once again bubbled to the surface.
Star shuts off Eagle swoop Star Bulk has ruled out the purchase of Eagle Bulk Shipping in the wake of its $634.91m move for Excel Maritime's fleet.
RWE takes another Greece's Diana Shipping has won another bulker charter from German company RWE.
Coal terminal ditched The construction of a coal terminal on the Columbia River in the US has been blocked by Oregon state regulators.
Star shines in Q2 Star Bulk has reported a stronger than projected second quarter profit just 24 hours after the purchase of Excel Maritime.
Marine Stars hits again Bulk carrier Marine Stars hit a rock off the small island of Oinousses, Greece, yesterday - only two days after it ran aground in the Dardanelles, Turkey.
Sungdong adds one South Korean yard Sungdong has won an order for an LR1 tanker from an unnamed Asian owner.
GasLog profit grows GasLog has rounded off a busy second quarter by reporting an improved profit for the period.
State to the rescue? UK shipbuilder Ferguson, which entered administration last week, may be nationalised, according to Scottish finance secretary John Swinney.
FMG prices VLOC order Fortescue Metals Group paid $70m apiece for its second round of VLOC newbuildings placed at Yangzijiang Shipbuilding, it revealed today.
Ananda turns owner Bangladesh's Ananda Shipyard and Slipways is planning to charter out two boxships cancelled by their previous owners in 2010.
Less profit for Vopak Netherland's Vopak has recorded a 15% decrease in its profit as revenue remained almost unchanged in the first half of 2014.
$100m for AOS Offshore company AOS Cyprus has had a $100m debt facility underwritten by Investec Shipping and Marine Finance.
Senior pirate busted An important Somali pirate leader has been arrested by local security forces in the capital Mogadishu, African media report.
Lukoil extracts crude Russia's Lukoil has succeeded in loading its first cargo of crude from the new West Qurna-2 field in southern Iraq, despite the escalating violence in the country.
Waiting over for Cecon Norwegian owner Cecon's long wait has come to an end as the 10,000-dwt offshore support vessel Cecon Pride has completed its sea trials and will soon commence a 10-month contract.
Pan Ocean arrest lifted The high court of Singapore has rescinded the arrest of a Pan Ocean boxship held there since June 2013.
Clarksons fills a hole UK broker Clarksons has brought in Swire grandee James Hughes-Hallett as its new chairman.
Condor buys Austal ferry Australian shipbuilder Austal has finally succeeded in shifting a ferry built for stock that it has been marketing since 2010.
NOL ponders sale Singapore's Neptune Orient Lines (NOL) is plotting a potential sale of its logistics unit, but could also spin it off in an IPO.
Nuclear comeback The Russian government is planning to refurbish the 34,000-gt nuclear-powered LASH containership Sevmorput (built 1999) and return it to commercial service.
Tallink extends charter Estonian ferry owner and operator Tallink says it has extended the charter of its 30,285-gt ro-pax ferry Atlantic Vision (built 2002) to Marine Atlantic of St John's, Newfoundland.
Karadeniz in Gaza relief Turkish shipbuilder and energy producer Karadeniz Holdings will deploy one of its giant floating powerships to Gaza within the next three months.
U.S. agencies conduct trade outreach in non-border states Much of the support for free trade agreements - such as the multilateral Trans-Pacific Partnership and U.S.-European Union trade pact currently being negotiated - comes from states that export a lot to the U.S.' neighbors.
STB to hold public rail service hearing Representatives from CP and BNSF have been directed to attend, and the Surface Transportation Board has invited shippers and other carriers to deliver testimony, provided they file their intentions with the board by Aug. 25.
Canada safety group releases Lac-Megantic findings The group found that 18 factors, including improperly applied hand brakes, played a role in the accident. It also reported that the railroad had a "weak" culture of safety and did not conduct enough reviews of its safety systems.
APL evaluating logistics business sale or IPO NOL said it "continually evaluates all available options to improve the strategic positioning and performance of its businesses. These include considerations of a potential sale or initial public offering."
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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