Trans-Pacific lines to hike clean-fuel rates Container lines in the Asia-US trades plan to increase significantly low-sulphur fuel charges due to rising fuel prices. The Transpacific Stabilization Agreement (TSA) announced on 21 September that it is recommending its 15 liner members hike low-sulphur fuel charges from $17 to $67 per 40ft
New Frontline CEO seen as first step in merger with Frontline 2012 The appointment of new CEO for Frontline indicates first step in restructuring of the company and its merger with Frontline 2012, shipping analysts at Arctic in Oslo say. Frontline, the listed VLCC and Suezmax operator in John Fredriksen's business empire, on Monday appointed Robert Hvide Macleod
Chinese yards calls for shipowner's patience Norwegian shipowners should be patient with Chinese shipbuilders who are on a learning curve to shift to the building of offshore vessels, a Chinese yard executive said. "Even if we are learning very quickly, Chinese yards have to follow a learning curve to find a commercial basis for innovation
US warns vessel owners on Ebola risks Vessel owners and operators are "highly encouraged" to report how long crew members have been on vessels that have visited Ebola-affected countries within its last five port calls, US regulators have warned. In a US Coast Guard advisory issued on 17 October, information provided to the agency, as
Dredger fitted in just six weeks Damen Dredging Equipment (DDE) has completed the fitting of a complete dredger instrumentation package in just six weeks. The work was carried out for Belgium-based De Cloedt Group's dredging arm to enable it to meet a contract in Germany using its 835m3 trailing suction hopper dredger (TSHD)
Ship beached off Vietnam A Vietnam-flagged general cargo ship beached off Quy Nhon, Vietnam, after taking in water. The 934dwt, 2005-built Truong Hai took water in its cargo hold and was later listed to port six miles (10 kilometres) northeast of Quy Nhon in Lat 13 49N, Long 109 18E at 16.03 hours local time on 18 October
VLGC rates edge up again A week after falling below $100/tonne, rates to haul LPG on very large gas carriers have once again, exceeded $100/tonne. The Baltic Exchange assessed the benchmark Ras Tanura-Chiba rate at $107.214, up from $98.571/tonne a week ago. At current bunker prices in Fujairah, UAE, that translates into
Largest vehicle terminal coming to East China The ro-ro terminal in Dafeng, Jiangsu province, started construction on Monday; it is expected to be East China's largest vehicle import port once completed. The project, with investment of CNY120M ($19.6M), will take a year to complete, and the terminal will be able to transport 400,000 vehicles
Samsung HI unlikely to reach new order target Although the uncertainties about Samsung HI's (SHI's) profitability have been eased, the world's second largest shipbuilder is unlikely to hit its 2014 target for new orders, said analysts in a research note. True Friend Korea Investment & Securities analysts, Kyung-ja Lee and Hyung-jun Ahn said,
Yinson secures $39.1M contract extension Malaysia-listed offshore services provider, Yinson, has secured a MYR127.49M ($39.1M) contract extension from Addax Petroleum Development (Nigeria) for its floating production storage and offloading (FPSO) vessel, FPSO Knock Adoon. Previously, Yinson's contract with Addax for the FPSO was awarded
Icon Offshore wins $19.4M long-term charter Malaysia-listed offshore services provider Icon Offshore has been awarded a long-term charter contract from upstream oil and gas company Tailsman Malaysia for the provision of one anchor handling tug supply (AHTS) vessel worth MYR63.5M ($19.4M). The charter contract is for a firm period of two
Ship recycling markets paralysed Cash buyers found themselves having to renegotiate ship sales at lower prices as scrap steel prices in South Asia fell amid cheap billet imports from China, resulting in paralysis across South Asian ship recycling markets. Among the affected ships was HOSCO-controlled 1995-built VLCC Hebei
RSHI's key subsidiary loses $548.74M Jiangsu Rongsheng Heavy Industries, a key shipbuilding subsidiary of China Rongsheng Heavy Industries Group Holdings (RSHI), posted total net losses of CNY3.36Bn ($548.74M) in the first nine months in 2014. The net losses was primarily due to the low prices of shipbuilding orders in a depressed
Triyards profits down 15% Singapore-listed offshore services provider Triyards Holdings (Triyards) today reported its full year profits after tax ended 31 August 2014 (FY14) is down by 15% to $26.7M. Revenue dropped 2% to $268.6M from $275.1M since 31 August 2013. The decline was mainly attributable to lower revenue
Japan yard orders plunge 62% in September Japanese shipyards saw a sharp drop in orders during September, as investment appetite for newbuildings dropped amid a sluggish freight market. Figures from the Japan Ship Exporters' Association (JSEA) show that its members won just 12 orders totalling 453,970gt last month, compared to 33 orders
Transpacific Stabilization Agreement unveils low-sulphur charge Stricter regulations push the carrier group to recommend a hike in fees from January
Clague joins Stephens to lead London business unit Privately owned US investment bank boosts mergers and acquisitions with new base in Europe
Britannia limits its general rate increase to 2.5% $35m in calls waived or discounted in last two years
Scorpio Tankers' new product tanker starts $18,000 per day contract New tanker joins fleet and starts 120-day time charter immediately
Regional spread of Ebola would spell catastrophe for container shipping SeaIntel predicts a crisis should the disease hit West Africa's largest box-port nations
Private equity steps back from shipping 'Fingers have been burned' but now is not the time to exit, say experts
Lidinsky calls for an internal investigation of Ocean Three filing FMC commissioner 'troubled' by the way staff handled the alliance's antitrust process
Aframax earnings on the Kuwait-Singapore crude trade hit a two-month high Improving market pushes tankers' daily rates up to $17,500 per day
Panalpina box volumes outpace market growth Swiss freight forwarder benefits from ocean volume growth but its profits fall
CKYHE eyes expansion into US trades next spring Alliance seeks regulatory approval after FMC's 45-day clock started to tick on Monday
Western Australia grain trade should shrug off storm damage Large export quantities will be available despite fears of reduced grain production
Low market share could fast-track Ocean Three approval CMA CGM, China Shipping and UASC hope to avoid 45-day review because of small scale in US trades
CMA CGM beefs up reefer fleet to meet demand With reefer volumes surging, the world's third-largest carrier says it bought new refrigerated containers as part of a larger effort to handle 1 million reefer TEUs annually by 2015 CMA CGM said it bought 7,000, 40-foot high cube refrigerated containers, the newest to hit the market, including 6,000 low-consumption engines, as...
Expert dismisses Sydney, Nova Scotia container terminal idea A container terminal in Sydney, Nova Scotia in Eastern Canada is unlikely to be built because of poor rail connections, a slow recovery in container shipping, and lack of ability to attract transshipment cargo, a shipping expert told the Herald News this week. Of the roughly 23 international container lines that...
Details of polar shipping code released by IMO Shipowners operating in the Arctic and the Antarctic caught a glimpse of the first set of international regulations on the trade today, the first full draft of laws aimed at reeling in the shipping's Wild West. The International Maritime Organization today released only limited details of the draft International Code for...
Port woes threaten toy importers with unhappy holidays Sean Schipper normally can expect an import container to arrive at Aeromax Toys' Chicago-area distribution center within seven to 10 days after a ship arrives from China at the Port of Los Angeles. "Now it's taking seven to 10 days just to get the container off the vessels and onto a...
Guangdong taking steps to enhance port competitiveness Pearl River Delta container terminals in south China. Full-size image Guangdong Province in south China is working in several ways to improve its port competitiveness, by encouraging collaboration among Pearl River Delta container terminals, easing customs rules and establishing more robust rail and waterborne connections into the interior, said Liu Xiaohua, Vice...
CKYHE expanding services to US The CKYHE Alliance said today it would expand its coverage once again - this time opening up the scope of the alliance's trade loops to the United States. The CKYHE controls 34 percent of the capacity from Asia to the West Coast of North America. See full size chart. The group didn't...
Shippers need to counteract carrier volatility to protect supply chains Supply chains are complex with an evolving landscape of stakeholders and practices. Container lines are important participants that affect supply chains with their operational changes. Today, fewer carriers are in business because of mergers. Alliances, slot exchanges, and vessel sharing among carriers have been created and changed. Shipping routes are...
Container ships backed up for days off LA-LB [Updated] Vessel traffic at the ports of Los Angeles and Long Beach shows 11 ships at anchor, eight of which are container ships, as of 11:26 a.m. Pacitic time on Oct. 21. Source: Marine Exchange of Southern California [Editor's note: Updated at 2 p.m. Pacific time on Oct. 21 to include new information...
'Overbooked' Werner increases revenue, profits, raises driver pay There was no summer dip in freight demand at Werner Enterprises, which was "overbooked" throughout the third quarter. In fact, Werner's revenue rose 1.8 percent from the second quarter and 8 percent year-over-year to $552 million. In the first nine months of 2014, the third-largest U.S. truckload carrier saw revenue...
Trans-Pacific shippers face low-sulfur fuel surcharges The largest group of carriers in the trans-Pacific trade lane today unveiled a revised low-sulfur surcharge meant to tackle the costs associated with switching to the fuel in emissions control areas in North America on Jan. 1. Trans-Pacific cargo heading to ports on the West Coast of North America face a...
UPS to raise air, ground package, LTL freight rates 4.9 percent UPS will raise freight rates for air and ground packages, domestic and international shipments and less-than-truckload freight by 4.9 percent on average Dec. 29, the company said Monday. The general rate increase will come at the close of the $55.4 billion company's holiday peak shipping season. Package volumes are likely to...
DOT faces cross-border trucking decision as US-Mexico trade grows The book is closed on a three-year cross-border trucking pilot project with Mexico but the debate over the project and its findings is far from finished. The question hanging over the increasingly busy U.S.-Mexican border is what steps the U.S. will take next to meet its North American Free Trade...
Trouble in the Windy City As we turn the corner on autumn and begin to head for winter, one thing has remained constant: Rail service, including intermodal, is struggling. Despite CEO claims of gradual improvement, the data show no real progress. One long-term strategic planning rail executive who is now retired recently described the situation...
Panalpina posts market-beating container growth, but profit declines Panalpina's ocean freight traffic increased by 9 percent in the third quarter, more than twice the market growth, but profit shrunk due to pressure on margins and adverse currency movements. The Swiss-based global logistics and forwarding group handled 429,000 20-foot equivalent units in the three months through September compared with 395,000...
Footwear shippers told to focus on commercial compliance The nature of footwear sourcing is such that it raises red flags at the U.S. Customs and Border Protection, so importers should make commercial compliance an integral part of their business plan, an industry consultant said Monday. Most footwear importers either have experienced a CBP focused assessment, or they will, so...
Records tumble at Shanghai as Asia air freight hits new high HONG KONG - Air cargo terminals in the Asian hubs of Shanghai and Hong Kong have reported another strong month, with the annual throughput shaping up to be the best in years. Shanghai Pudong Int'l Airport Cargo Terminal Co., Ltd. (PACTL) saw September volumes again breaking company records, rising a stunning...
LPG upgraded A leading European investment bank is urging investors to accumulate shares of Dorian LPG.
Crackdown continues An LPG carrier controlled by Transgas Shipping of Peru has emerged as one of the latest targets of a campaign aimed at enforcing regulations designed to prevent oil pollution at sea.
Platou endorses dry duo RS Platou Markets is urging clients not to sell shares of two US-listed bulker operators, Knightsbridge Shipping and Baltic Shipping & Trading.
PDVSA replay Dynacom Tankers of Greece has been tipped as the first VLCC operator to cash in on Venezuela's growing appetite for imported crude.
Britannia aims low A general increase of 2.5% is to be required by the Britannia Steam Ship Insurance Association at the February renewal of P&I cover.
Investec in box move Investec Asset Finance has appointed Keith Glasscoe to lead a new container financing team.
Bollore sees earnings slide Terminals group Bollore Africa Logistics (BAL) has posted a drop in first-half earnings as costs rose.
Rates and stocks rising A sharp upturn in capesize rates has been met with a rush in the share prices of leading bulker owners today.
Nobu Su trial opens Two high profile shipowners appeared in a UK courtroom today at the opening of a trial relating to over $36m outstanding from a failed deal between them over forward freight agreements (FFAs).
Havyard raises $23m Norwegian shipbuilder Havyard Group has sold NOK 150m ($22.9m) of bonds that it will list on Wednesday.
Baltex seals its future The Baltic Exchange has signed a key deal with clearing house LCH.Clearnet that could see a rapid turnaround in the fortunes of its loss-making Baltex futures trading screen.
Keppel stays positive An improved showing from its Offshore & Marine division could not prevent a slip in third quarter profit at Keppel Corp.
Nyborg gets busier Temporary Norden CEO Klaus Nyborg has become the chairman of Danish tanker and bunker group United Shipping & Trading Co (USTC).
Toei to make more Japan's Toei Reefer Line has raised its full-year profit forecast as revenue increases.
G6 halts US service The G6 Alliance of container lines is temporarily suspending a China to US run as demand changes.
Restructuring clock watch John Fredriksen could combine Frontline and Frontline 2012 before the end of the year, Arctic Securities says.
HHI orders fall 25% Hyundai Heavy Industries (HHI) has seen new orders plunge 25% in the first nine months of 2014.
Asian lines target US trades The CKYHE Alliance of boxship owners is targeting US trades in a new expansion move.
Platou in Maersk swing RS Platou Markets has reinstated a buy rating on AP Moller-Maersk suggesting a declining oil price is positive for the Danish conglomerate.
Vale to the rescue Vale is ready to fix a string of capesize vessels in a move that may finally kick-start a fourth quarter upturn in the spot market, Danske Bank says.
Oldendorff gets first cape German shipowner Oldendorff Carriers has just taken delivery of its first ever owned capesize newbuilding.
Vietnam tackles lines Vietnam is setting up a taskforce to look into complaints of "inappropriate" surcharges on exports imposed by container lines.
Nova rival coming? Canada to US ferry start-up Nova Star Cruises could soon face a challenge on the route.
Yinson seals extension Malaysia's Yinson Holdings has seen the charter on one of its FPSO units extended for another twelve months.
Triyards slides in Q4 Triyards Holdings has seen its fourth quarter profit drop by almost 50%, figures released Tuesday show.
Varun aframax arrested Varun Shipping's financial woes have returned to the spotlight after one of its aframax tankers was arrested in Singapore.
DSME takes FLNG lead A DSME consortium has won the front end engineering design (FEED) contract for a FLNG carrier newbuilding.
LA sets import record The Port of Los Angeles saw its busiest month in eight years in September, figures from the port show.
GulfMark slashes forecast GulfMark Offshore slashed its revenue forecast for the year as it delivered a lower-than-expected third-quarter result and as its top executive warned of "slowing momentum" in the market.
Weather disrupts bunkering ops at Russia's Novorossiysk port Bad weather expected all week.
Shipbroker: ECA premiums to rise during 2015 Upcoming regulation will 'significantly impact shipping trade'.
Total CEO killed in plane crash De Margerie had worked at Total since 1974.
Bunker markets soft but crude rallies Falling bunker fuel prices have been putting downward pressure on freight rates.
Far East Russia ports losing their price advantage Bunker demand may fall away as price differential erodes.
Fuel quality problems raise passions at IMO Many think guidelines will be inadequate to improve control of supply and ensure ships receive the quality ordered.
Falling fuel prices won't stop slow steaming 'Carriers will not return to sailing ships at their design speeds as they fear flooding the market with the latent capacity.'
Study shows surprising ship energy efficiency trends Many new ships are already outperforming future EEDI targets, but there are large differences.
Five new engine blackouts reported in California But past two months have seen fewer cases than earlier this year.
Only 'luck' prevented bunker spill Ship lost power after system for heating bunker fuel failed.
Financial holding firm to enter marine fuels sector Netherlands-based company to start 'exploring' bunkering industry through sister firm at Singapore.
'Deteriorating payment trends' in China and Europe 'Close watch' on shipowner liquidity recommended, Euler Hermes tells Bunkerworld.
Singapore: MFM to cover distillate bunkering by 2018 'I suspect at the rate we are going it will be earlier,' says MPA spokesman.
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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