Dry bulk rates help Navios Maritime Holdings swing to profit Stock responds in trading
Maersk Line to move away from long-term ship charters Carrier's lower cost of capital will dictate future fleet ownership structure
A question of timing Was Maersk right to sell its VLCCs this year?
P3 delays start date from July until the autumn UPDATE: Postponement should have no impact on 2014 results, says Maersk's Nils Andersen
A dating service for PMSCs Can the internet revolutionise maritime security?
Eitzen's losses worsen on first-quarter delays Oslo-listed chemical tanker owner remains sanguine about future prospects
DHT secures financing for four VLCC newbuildings New York-listed owner says it is supported by ship lending community
CSSC and Mitsui Engineering to co-operate in LNG shipping and offshore Chinese and Japanese shipbuilders to seek opportunities for mutual benefit
Stephen Hammond to address Containerisation International's Liverpool debate UK shipping minister to join business leaders to discuss Merseyside's maritime future
Polar Code milestone reached Latest IMO approval is step towards completion of key piece of regulation, says Danish Maritime Authority
Italy's antitrust authority sees shipping agency fines rejected Country's highest administrative court throws out appeal to have previous ruling overturned
American Phoenix rises to record earnings in redhot Jones Act market All-time high of $120,000 per day for this booming trade
CMA CGM orders three 2,500 teu boxships Brokers say French line is paying Jinhai Heavy Industry $33.5m apiece for 2016 delivery
Maersk Tankers returns to the black But resounding vote of confidence still lacking from group chief
Maersk Line shines amid flat group revenues for AP Moller-Maersk Lower bunker costs, cost cutting and $72m impairment reversal boost liner firm's profits
Passage is near for US port bill American ports and dredging contractors are a step closer to reaping approximately $12Bn in project authorisations after an agreement among US lawmakers on funding. On 20 May, the US House of Representatives passed a bipartisan conference report to the Water Resources Reform and Development Act,
Jordanian operator pleads guilty Arab Ship Management has been fined $500,000 in a US federal court for illegally dumping oil sludge. The Jordan-based company pled guilty on 20 May in a Wilmington, Delaware district court to one count of violating MARPOL regulations. The violation was discovered after US Coast Guard (USCG)
Navios takes over Asian JV Angeliki Frangou-led Navios Holdings has taken over the remaining stake in the Navios Asia joint venture and purchased a Capesize newbuilding resale. Navios Asia was formed in May 2013 as "an acquisition vehicle for Japanese-built dry cargo vessels". Navios Holdings initially owned 51% of the JV,
Bramer and ACM announce merger The merger between Braemar and ACM is a "great fit" providing lots of new opportunities, ACM's finance director, Ian Hartley, told IHS Maritime yesterday. The merged companies, to be branded Braemar ACM, will include approximately 420 brokers worldwide and is expected to be operating by the end of
Ferry safety lags in developing countries Not enough headway is being made to make domestic ferry operations safe in developing countries, Interferry's CEO Len Roueche told IHS Maritime yesterday. Interferry and the IMO are partners in a 10-year initiative called the Ferry Safety Forum, established in 2006. But Roueche told IHS Maritime:
Mein Schiff 5 for STX Turku? German ship owner TUI Cruises is thought to be close to ordering another cruise ship from STX Finland, which would be Mein Schiff 5. Mein Schiff 3 is due to be delivered by the end of this month, and Mein Schiff 4 is scheduled for delivery in April 2015. Both are being built at the Turku yard, and
Orion to dredge Houston Ship Channel in Q3 The Port of Houston Authority has awarded a $68 million contract to Orion Marine Group to deepen and widen the navigation channels and berthing areas for both the Barbour's Cut and Bayport container terminals along the Houston Ship Channel. Orion Marine said the work would start in Q3 2014 and would
Cummins adds QSK60 C Power genset to portfolio US based manufacturer of diesel engines, Cummins, has launched the QSK60 C Power genset that will service the offshore market and is compliant with the latest EPA and IMO emissions regulation. The 60-litre genset is driven by the QSK60 marine auxiliary engine with the MCRS fuel system. "With an
Rongsheng completes bond issue Hong Kong-listed China Rongsheng Heavy Industries (Rongsheng), China's largest private shipbuilder, completed the issuing of HKD470M ($60.6M) 7.0% convertible bonds due in 2016. All the conditions precedent to the issue of the first convertible bonds under the first subscription agreement have been
Australian dockworker killed in Melbourne An Australian dockworker was crushed to death on board the Toll Shipping vessel Tasmanian Achiever in Port Melbourne, yesterday. Anthony Attard, 42, was unloading cargo on the ro-ro vessel berthed at Webb Dock East around lunchtime yesterday when he was run over by a trailer loaded with two 20 ft
EMAS wins $95M worth of contracts Singapore-based offshore service provider EMAS Group said today it has won contracts around the world worth more than $95M across subsea services and offshore support services. The company's subsea service arm, EMAS AMC, was on winning streaks of securing contracts in the North Sea and Gulf of
IMO brings container weight verification closer Shippers will be compelled to have their container weights verified under changes to the SOLAS convention agreed on 20 May that will come into effect in July 2016 with the hope that these new measures will reduce accidents at sea, ports, and on roads. The Maritime Safety Committee (MSC) of the IMO
Joint venture to meet growing demand Offshore service demand is growing rapidly in the Middle East, Unique Maritime Group director told IHS Maritime today. Integrated offshore solutions company Unique Maritime has signed a joint venture deal with offshore equipment company OEG in the Middle East to meet growth. Sahil Gandhi, director
Hanjin Shipping's restructuring has been stalled Hanjin Shipping's self-rescue plans, such as the sale of overseas real estate properties and vessel assets and the liquidation of the terminal division, are moving along too slowly, an analyst said today. Daishin Securities analyst Katie Yu said the company is forecast to continue losing money in
Safe Passage pamphlet aimed at improving navigation A guide entitled 'Safe Passage: The Straits of Singapore and Malacca' was launched with the intention of being a handbook on Straits of Malacca and Singapore (SOMS) navigational guidelines and best practices. First proposed by BIMCO, the guidelines in the Safe Passage pamphlet adhere to the
UMW OG off to a strong start Malaysian-listed UMW Oil and Gas (UMW OG) started the year strongly with high utilisation from its four rigs, according to Noriziana Mohd Inon, analyst from CIMB Group. The company generated a net profit up 17% of CIMB's full-year forecast and 19% of the consensus number. The company, however, saw a
Ningbo maritime court closes 4,000 cases China's Ningbo maritime court closed a total of 4,363 cases during 2013, up 11.13% year on year, according to Zhejiang Maritime Trial Report 2013 published on Sunday. Ningbo maritime court accepted 4,317 cases in 2013, 7.31% more than the year before, among which 1,631 cases were maritime contract
Sewol owner's followers obstruct arrest Followers of a religious sect led by the owner of the South Korean ferry Sewol, Yoo Byung Eun, have been obstructing police attempts to arrest him. Today, hundreds of followers gathered at Gu Won Pa's (Salvation Sect) premises in Geumsuwon in Ansan City, Gyeonggi Province. Yoo, owner of Chonghaejin
Jurong Shipyard signs contract with Hercules Singapore-based company Jurong Shipyard was awarded a $236M contract to build a high-specification, tailor-made jack-up rig for new customer Hercules North Sea. The rig is scheduled for delivery in the 2Q16, designed for North Sea operations with 2,000,000lbs drilling capacity, 6,000 barrels mud
Charterers hesitant to fix Pan Ocean bulkers Despite winning legal protection against creditors' actions, some charterers are still unwilling to fix Pan Ocean's bulkers. Pan Ocean, formerly STX Pan Ocean, went into receivership in June 2013 after incurring over $5Bn in debt. Its management had to file applications in several jurisdictions like
Outlook looks bright for LNG shipping The long-term prospects for LNG shipping rates are looking positive after some bumps following a surge in vessel orders in 2011-12, said Italian broker Banchero Costa. In the wake of a post-earthquake surge in Japan's LNG demand and the controversy surrounding nuclear power after the March 2011
Drewry: GRI Raises Trans-Pacific Rates Drewry's Hong Kong-Los Angeles Container Rate Benchmark Full-size chart The Drewry benchmark rate for shipping from Hong Kong to Los Angeles rose by $150 in the week of May 21, the first movement in the rate in three weeks. Following a proposed $300 general rate increase from the Transpacific Stabilization Agreement carriers scheduled...
Charleston CEO: Port Cooperation Ahead? Rising capital needs in an era of carrier alliances and huge ships may force neighboring ports to put aside their differences and cooperate, said CEO James Newsome of the South Carolina Port Authority. Such cooperation could eventually happen even between longtime rivals South Carolina and Georgia, Newsome said in the keynote...
US Shippers Slow Intermodal Conversion After Rail Delays Severe intermodal delays during the harsh winter appear to have burned U.S. shippers, causing them to slow down on how much volume they will shift from the highway to the rails over the next 12 months. Shippers surveyed by Wolfe Research said they plan to shift 1.4 percent of their volume...
Ocean Carriers, Logistics Providers Target Electronic Billing Much of the attention paid to the container shipping industry in the last few years has focused on the relentless drive of carriers to cut costs by ordering bigger, more fuel-efficient ships. Now it's getting ready to tackle the next stage: automating the system by which carriers issue invoices and by...
Record Scrapping Won't Erase Oversupply on East-West Trades - Drewry The dramatic surge in the number of container ships scrapped in recent months is set to continue but will have minimal impact on the oversupply of vessels in the key East-West trades, according to Drewry Maritime Intelligence. Most of the ships sailing to demolition yards so far remain below 6,000 20-foot-equivalent...
UK Retail Giant Scraps London Gateway Logistics Hub The United Kingdom's largest retail food and clothing chain, Marks & Spencer, yesterday said it is not proceeding with plans for a $335 million distribution hub at London Gateway, dealing a major blow to the U.K.'s newest container port. M&S, which generated sales of $17.3 billion in the 2013/14 financial year,...
Maersk Line More Than Doubles Profit Maersk Line more than doubled its first quarter net operating profit to $454 million from $204 million a year earlier, as higher container volumes and lower unit costs offset softer freight rates. The world's largest ocean carrier said it now expects its full-year result to be "above" the $1.5 billion profit...
P3 Alliance Delayed Until Autumn The much anticipated alliance of Maersk Line, Mediterranean Shipping Co. and CMA CGM will not start operations before September this year as it continues to wait for regulatory approval. "CMA CGM now expects P3 to start operations in Autumn 2014," the French line said in a statement, confirmed by Maersk Line...
Port Freeport Ties Crane Investment to Rising Demand Port Freeport's new cranes are on their way from Shanghai.No one could confuse Port Freeport, Texas, with a large, mainline port with direct services by mega-ships capable of carrying 8,000 20-foot container units. Yet the tiny Gulf port, with its 60,000-plus TEUs of trade last year, representing not even one-tenth...
Topaz sparkles An affiliate of UAE offshore contractor Topaz Energy & Marine appears to be gearing up for a campaign to expand its fleet.
Turmoil continues A growing number of VLCC operators are reluctant to trade tonnage at current levels, a leading brokerage told clients Wednesday.
Cape canned The sale-and-purchase market is awash with rumours that another capesize bulker has been sold for recycling.
Let there be light All eyes were on the Jones Act product tanker market this week amid reports that day rates have reached a new all-time high.
Crimea port warning Ukrainian port authorities have warned the International Maritime Organization (IMO) they cannot guarantee navigation safety of in waters around Crimean ports.
DBB fixes out newbuild Denmark's DBB Jack-Up has won a three-year charter for a windfarm service vessel being built at Nordic Yards.
Partial backing for Dorian Underwriters have bought less than a quarter of the extra shares they were offered after New York-listed Dorian LPG's IPO this month.
Bulk boost for Navios Navios Maritime Holdings, the bulk carrier operating and owning arm of the group, has gone into the black in the first quarter of 2014.
DHT finances four Expanding DHT Holdings has brought in three new banks to fund four of its VLCC newbuildings ordered at Hyundai Heavy Industries.
CSC Jinling adds PCTC China's CSC Jinling Shipyard has won a second pure car truck carrier (PCTC) order from a domestic customer.
Essar losses rise again Increasing losses and low share prices at India's Essar Shipping are set to push its owners into delisting the company, according to reports from Mumbai.
Taiwan defends law change Taiwan's ministry of transport has defended a change to the rules governing transits by Chinese ships, after facing criticism that it would threaten national security.
Crew held over death Dutch police have arrested the 11 crew on a Greek tanker after a Ukrainian cook was lost overboard.
Sewol-linked sect raided South Korean authorities seeking the head of the family claimed to have operated the Sewol ferry raided a religious sect's rural commune today as part of their search for him.
Sealink pushes up profit Malaysia's Sealink International has improved first quarter earnings by keeping costs down.
TUI eyes new orders Germany group TUI is looking to add new cruiseships to its fleet.
Bergen falls to loss Norway's Bergen Group has recorded a loss in the first quarter as it nears an exit from conventional shipbuilding.
P3 delay confirmed P3 Network partners Maersk Line, MSC and CMA CGM have confirmed that their container shipping alliance will not start until the autumn at the earliest.
Worker crushed on ship A man has been crushed to death on board a ship at Toll Shipping's terminal in Port Melbourne.
Maersk profit tops a billion Danish shipping giant AP Moller-Maersk has lifted its first-quarter net profit to $1.02bn as Maersk Line improved its operations.
CSG sells another billion China Shipping Group (CSG) is plotting another short-term notes sale to raise CNY 1bn ($160m).
UACC rejoins Straits Tankers United Arab Chemical Carriers (UACC) has returned to the Straits Tankers Pool with their four LR1 product carriers.
Hercules in at Jurong Sembcorp Marine's Jurong Shipyard has secured a newbuilding order worth $236m for a jack-up rig from Hercules Offshore.
ASM cops magic pipe fine Arab Ship Management (ASM) has pleaded guilty to violating the Act to Prevent Pollution from Ships in a US federal court.
Talis Capital goes large Talis Capital has carried out another raid on the second hand market making its second ship acquisition in 2014.
Euroseas halves losses Euroseas has seen a major improvement in its financial performance, but remained heavily in the red in the first quarter.
American hustle Day rates for US-flagged product tankers involved in the coastwise carriage of domestic crude appear to have hit a new high.
Eternally optimistic Freight rates for bulkers trading in the spot market are well below levels seen in the fourth-quarter of last year but Greek operator Paragon Shipping believes the tides are starting to turn.
Fall start now seen for P3 Network The P3 Network, an operational and vessel-sharing alliance planned by Maersk, MSC and CMA CGM in the major East-West trades, now expects to start operations in fall of 2014 instead of in the second quarter of this year.
Report: Bakken crude same as other crude oil
Panama Canal to receive new lock gates in June
Carrier Transicold's debuts anti-tamper seal system
Pilots: UPS doesn't mitigate fatigue risk
Maersk Line results boost parent's Q1 earnings
Water resources reauthorization sails through House The U.S. House of Representatives on Tuesday passed water resources infrastructure legislation by an overwhelming margin of 412-4.
Customs chief: CEEs could take larger role U.S. Customs and Border Protection could eventually expand the role of its 10 Centers of Excellence and Expertise to include making decisions on how and when to release imported goods into U.S. commerce.
TPP negotiators to ramp up talks In the latest round of Trans-Pacific Partnership talks last week, the heads of 12 countries involved focused on "making meaningful progress on market access" in addition to smoothing out differences among the assembled parties.
BNSF enters Mexico intermodal market
Jordan ship manager pleads guilty to oily bilge dumping
Prices climb upwards across Europe Busy market reported in German port of Hamburg.
Mid-week prices show gains in Fujairah Suez IFO prices also climb.
European bunker demand 'slows' Turkish player says demand from cruise ships is 30% down on last year.
Danish bunker player adds team members Three new staff members join Monjasa.
P3 alliance start date delayed Approval still needed from a number of jurisdictions.
Norway navy ship goes electric Support vessel to operate hybrid system.
IBIA ready to participate in IMO quality debate 'I am delighted that we are getting visibility on this issue,' says IBIA chairman.
Asian bunker demand is climbing, say analysts 'We are seeing a steady growth in bunker demand in line with Asia's increasing trade with other regions.'
Bunker hedging could prove useful in a rising market Major commodity houses survey price control tools at their disposal.
Maersk Line reaps the benefits of fuel efficiency Freight volumes up and bunker consumption down as Q1 profits double.
TOTE: Investment in LNG-fuelled ships 'the right thing' 'We knew we were in a unique position to create major change in the US transportation industry.'
Mid-week IFO prices largely up in Asia Supplies of marine fuels were fine at key Asian ports on Wednesday.
Glander International Bunkering expands Dubai office Morten Langthjem 'was best person for the job'.
Sinopec Zhoushan to supply fishing fleets First time firm has won contracts for over 10,000 mt of MGO.
US Navy staffer makes guilty plea in bribery case Third to plead guilty in scheme involving Glenn Defense Marine Asia.
Malta: Bunker theft suspects named Stolen bunkers worth $103,000.
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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