Khanna looks for $150m-$250m in IPO roadshow for Pioneer Marine Dry bulk outfit's fundraising starts to take shape with an equity roadshow in New York
The Week on Wall Street | February 21 Shipping's Letter from America
Ship finance will survive at RBS despite cull, Varnavides confirms But market talk suggests pullback is possible
More than 3% of boxships remain inactive Ultra large containership the 10,100 teu Hanjin Italy joins the idle fleet
Concordia Maritime posts a smaller loss Stena product tanker subsidiary pins its hopes on a sector upswing this year
Pacific Basin pays $24m for handysize newbuilding on resale Dry bulk operator's sixth purchase from same buyer will be delivered from 2016
No regrets over spot market exposure, says product tanker boss Concordia Maritime chief plays spot market versus time charter 'chess game'
Pan Ocean cancels two more newbuildings from STX O&S South Korean dry bulk operator now has $300m of orders at former affiliated yard
Capesize sentiment holds steady Market proves surprisingly buoyant for the time of year
Dynagas Partners eyes LNG carrier dropdowns for 2014 Chief executive says growth is a priority as partnership ends first public year on a high
Container industry spot market freight rates decline again But Asia-Europe prices are still above last year's level
Euroseas takes $78m writedown on boxship values Owner posts a large loss due to impairment charges but snaps up another bulker
Alexandratos elected to chair Hellenic Hull Mutual Young owner will lead 20-year-old association recovering from Cypriot setback
Brookfield and APMT form joint venture at New Jersey terminal Free to read: Approval for Port Elizabeth deepwater box terminal expected in 'couple of months'
A map for your future The industry must help seafarers to switch to shoreside or near-sea workforce
Work resumes on Panama Canal Negotiations continue between waterway authority and builders' consortium
Maersk secures permanent licence to operate in Burma box trade Danish line hopes to harness the country's double-digit growth
Far East expansion drives 13% premium growth at Skuld Jacobsohn says marine insurer is benefiting from international diversification
Port of Gothenburg hails low-sulphur campaign A total of SEK4M ($612,000) was paid out in incentives by the Port of Gothenburg last year as part of its low-sulphur initiative
Navig8 contract options at SWS China's Shanghai Waigaoqiao shipyard has booked two new VLCCs after options were exercised from Navig8 Ltd
Lifespan of ships re-examined Mirroring DHT's earlier decision, another public company, Euroseas, has reduced its estimate of the useful life of its vessels
DSME secures VLCC order South Korea's Daewoo Shipbuilding & Marine has been contracted to build a pair of VLCC tankers
Klaveness and JP Morgan control 94.1% of NOCC Norwegian shipping group Klaveness and US investment bank JP Morgan jointly control 94.1% of the shares in Norwegian Car Carriers (NOCC), the Oslo-based listed car carrier tonnage provider
Teekay Offshore buys ALP Maritime NYSE-listed Teekay Offshore has agreed to purchase Netherlands-based ALP Maritime Services and concurrently order four ultra-long-range towing and anchor-handling newbuilds
Fredriksen slashes stake in Hapag-Lloyd shareholder TUI John Fredriksen, the London-based, Norwegian-born shipping billionaire, has decided to slash his stake in TUI AG, the German company that controls 22% of the shares in Hapag-Lloyd Container Line
SCFI Asia-Europe Rates Continue Slide Shanghai Containerized Freight Index, North Europe, week ending Feb. 21, 2014. Full-size image Spot container freight rates from Shanghai to northern European and Mediterranean ports fell about $150 per TEU in the week of Feb. 21, continuing a slide that began in the second week of January and marking the lowest level...
PSA International Poised to Win Contract for Port Nehru's Fourth Terminal PSA International is set to win the public-private partnership contract to build and operate a fourth container terminal at India's Port of Jawaharlal Nehru (Nhava Sheva), two years after the Singapore-based company pulled a winning bid for the planned terminal over differences with its local partner. Port sources said PSA emerged...
Japan's Exports to US Surge Japan's exports to the United States rose for the 13th straight month in January on a year-on-year basis, soaring 21.9 percent to ¥1.0 trillion (US$9.9 billion), according to preliminary figures released by the Finance Ministry on Feb. 20. Japan is now the world's third-largest economy after the U.S. and China and...
Throughput Rises at Most Major Chinese Container Ports Despite fears of an economic slowdown and the Chinese New Year factory shutdown starting earlier this year than in 2013, most of China's top container ports recorded healthy levels of throughput growth last month, according to the latest figures from the Shanghai Shipping Exchange. Of the top 20 ports by TEU,...
US Rail Industry Agrees to Safety Practices for Oil Transport WASHINGTON - Following a series of accidents involving trains hauling crude oil, the major U.S. railroads and federal regulators have agreed to series of safety practices, including slower speeds through urban areas and increased inspections. The agreement between the railroads represented by the Association of American Railroads and the U.S. Department...
NY-NJ Truckers Impose Congestion Charges Some port drayage companies in the Port of New York and New Jersey have begun imposing congestion surcharges following weeks of delays at container terminals. Several motor carriers told the JOC that market conditions don't permit them to impose surcharges. But some said they are considering added charges, and that this...
ATA Changing Gears In 'Transition Year' Photo by Jaclyn O'Laughlin, ATA.With stronger, steadier economic expansion forecast for this year and truck capacity nearly static, the trucking industry expects to regain some of the pricing power and revenue it will need to cover a host of rising costs, many the result of regulatory initiatives in Washington. The...
UPS Cargo Pilots Complained of Fatigue Before Crash The pilots of the UPS cargo plane that crashed on Aug. 14, 2013, had complained about the company's tiring work schedules at the start of the fatal flight before making landing errors, according to a never-before-heard transcript of a cockpit voice recorder recently released by the National Transportation Safety Board. The...
Panama Canal Contractor Resumes Work on New Locks The consortium building the new locks at the Panama Canal resumed work on the project on Thursday after a two-week suspension in a dispute over $1.6 billion in cost overruns. The Grupo Unidos por el Canal agreed to restart the project after it reached agreement with the Panama Canal Authority, which...
Mega-Ships, VSAs Tax Terminal Operations The 13,800-TEU CMA CGM Corte Real made its maiden call at the Port of Long Beach in November 2013. There were more than 10,000 container moves during its four-day stay. Photo courtesy Port of Long Beach. Mega-ships and carrier alliances could prove to be the financial savior of the container shipping...
Walker SCM Expands into Miami NEW YORK - Walker SCM, LLC, a minority-certified global transportation and logistics firm celebrating 25 years of service, proudly announces the opening of its new office in Miami, Florida. This state-of-the-art operations and warehousing space, which is conveniently located near Miami airport and area seaports, will cater to air and ocean...
Polidoro Named Director, Intermodal Strategy, at Yusen Logistics (Americas) Inc. Secaucus, NJ: Thomas A. Polidoro has joined the Yusen Logistics (Americas) Inc. team in Jacksonville, FL as Director, Intermodal Product Strategy, reporting to Adriene Bailey, Vice President, Strategic Business Development. In this role, Polidoro will have accountability for Yusen Logistics' 53-foot intermodal door-to-door product including commercial and operating strategies, pricing...
Rinchem Opens New Chemical Logistics Facility in Neot Hovav, Israel ALBUQUERQUE, N.M., February 21, 2014 - Rinchem Company, Inc. announced today that it recently opened a new 40,000-square-foot chemical logistics facility in Neot Hovav (Ramat Hovav), Israel. The new facility includes warehousing areas for regulated and non-regulated chemicals and gases. Services that will be offered at this site include customized,...
UTC Overseas Commissions Custom Project Cargo Rail Car (Houston, TX - February 20, 2014)... Project cargo logistics experts UTC Overseas, Inc. today announced the commissioning of a new custom-designed railcar -- featuring a 40-foot long depressed center-deck with a 400+ short-ton load capacity. "This railcar will have the longest load deck of any 16-axle depressed-center car currently available...
US Gulf Ports Pursue Intermodal Opportunities Gulf ports are looking to intermodal rail in an effort to extend their reach farther inland for containerized cargo. Union Pacific Railroad recently committed to another year of its Texas Shuttle for next-day deliveries of rail shipments between the Port of Houston, the Gulf's dominant container port, and Dallas. Ricky Kunz, the...
Reefer Ships, Expedited Service Could Add Speed to Perishables Westwood Shipping has found new use for its fleet of four BulkCon ships. The carrier, which has specialized in transporting forest products since 1892, added refrigerated cargoes to the mix in the summer of 2013. Westwood's BulkCon vessels have bulk capacity below deck and the ability to carry 200 20-foot-equivalent-unit containers...
China Has Much to Gain From Cutting Logistics Costs The transport industry and China's trade will receive a major boost if the country's efforts to improve its logistics performance are a success, senior 3PL executives believe. China's Ministry of Commerce recently pledged to push through a series of new policies designed to reduce the country's total logistics costs. The reforms, to...
Khanna holds court Pioneer Marine appears to be moving forward with plans to pursue initial public offering (IPO) in Oslo or New York.
Panamax unmasked Shipbrokers appear to have pinned down the identity of the panamax bulker that Euroseas purchased earlier this week.
Crude taste Ridgebury Tankers of the US has boosted its suezmax fleet for the third time in four months, brokers believe.
Thenamaris grabs afras Greece's Thenamaris Ships Management is showing a lively interest in the tanker sector and has piled on another two acquisitions, racking up three purchases already this year.
Big names book capes Bocimar and Cargill were both active in the capesize period market today amid further signs of positivity in the dry cargo sector.
Dof seals $200m payday Dof has clinched charter contracts with Petrobras for two vessels worth a combined NOK 1.15bn ($190m).
Fund cuts Bohai stake China's Mianyang Sci-tech City Fund (MSCF) has cut its holding in ro-pax company Bohai Ferry, but retains a 21% holding.
Atlantic hit in final stretch The cost of tapping the capital and debt markets marred what was otherwise a fine end to 2013 for Atlantic Offshore.
Erste says sorry Austria's Erste Bank is offering compensation to investors who lost money through its closed shipping and property funds.
TOO in $260m deal Teekay Offshore Partners has taken over ALP Maritime Services and immediately ordered a quartet of anchor handling newbuildings.
HMM sells Oilbank stake Korea's Hyundai Merchant Marine (HMM) has continued to raise cash through asset sales with a deal to offload its stake in refinery company Hyundai Oilbank.
OSM wins Neste fleet Norway's OSM Group is to manage Finnish owner Neste Oil's fleet of 21 tankers as it continues to exit shipping.
No crude conflict Teekay Tankers has dismissed suggestions the creation of new division Tanker Investments Ltd (TIL) could work against its own expansion plans.
Teekay sheds TMT headache Teekay Tankers will not be left out of pocket on its troubled trip into banking which saw it provide mortgages on VLCCs for TMT, a top executive says.
Wartsila seals slop deal Finnish group Wartsila has sold a new slop water treatment system to a drillship owner.
Swissco profit soars Fast expanding Swissco Holdings has reported a big jump in full year and final quarter earnings after bulking up its fleet of offshore support vessels.
SNCM sells ro-pax French owner SNCM has banked a reported EUR 60m ($82.25m) from selling a ro-pax that was holed at Marseille in 2012.
Atlantic soars Atlantic Navigation Holdings has seen 2013 profit surge as it added two vessels to its fleet.
Trio at Yamal table TradeWinds digests the digits making the headlines this week.
Banks pressure Varun Lenders are leaning on India's Varun Shipping to sell vessels to help shore up its debt laden balance sheet.
Nevsky wins tanker order Russia's Nevsky Shipyard has won a deal to build a new tanker for a government agency.
New chair for Hellenic Hull George Alexandratos, the owner of Piraeus based Apollonia Lines, has been elected chairman of the Hellenic Hull Mutual which insures approaching 1,000 vessels.
Pac Basin buys again Pacific Basin has renewed old ties with Giant Line as it continues an expansion drive.
Breakdown in Bosporus Turkey's Bosporus was shut for five hours on Friday morning after an Interorient bulker lost power.
Hanjin moves for cash Loss making Hanjin Shipping is looking to the debt markets for cash to meet its short term needs.
Pan Ocean chops more STX yards lose another two cargoships as owner knocks $100m off newbuild bill.
Drugs in death room Drugs have been discovered in a room on board the Maersk Alabama in which two armed security personnel were found dead.
Bimantara orders 10 Indonesian industrial group Bimantara has signed an order for 10 small LNG carriers in Korea.
Phoenix pool-hops Phoenix Energy Navigation of Greece has shifted an LR2 into Navig8's Alpha8 pool.
Bed-sharing agreements We take a look at what was said in the market over the past week.
Yangon go-ahead The AP Moller - Maersk Group has received a permanent license to operate container business activities in Myanmar.
Otto back in black Otto Marine has returned to profit for the full year thanks to a big improvement in revenues and profit at its shipbuilding arm.
Petredec takes options Petredec has exercised options to build a further two VLGCs at Hyundai Heavy Industries, the company has confirmed.
FMG poised to expand Australian miner Fortescue Metals Group is expanding its iron ore export facilities at Australia's Port Hedland.
Pittas picks panamax Euroseas of Greece has inked a memorandum of agreement to acquire a panamax bulker, management told investors Thursday.
Panama Canal construction picks up again Construction resumed Thursday afternoon on the Panama Canal expansion after a seven-week billing stand-off with the contractor in charge of building new locks on both entrances, both parties said.
UPS pilots complained about fatigue before fatal crash Pilots on UPS Flight 1354, an A300 that crashed on approach to Birmingham-Shuttlesworth International Airport in August, complained of fatigue, according to the cockpit voice recording released Thursday by the NTSB.
Navios sees opportunity in container shipping
Drugs found aboard Maersk Alabama following deaths "Based on our experience with the contractor, this is an isolated incident; however, we have initiated a thorough review and set out the following immediate action steps," a Maersk spokesman said.
Greyhound teams up with United We Ship
Contingency planning
Dagnese takes the wheel at Con-way Truckload
Obama orders agencies to comply with ITDS by 2017 President Barack Obama Wednesday set a Dec. 31, 2016, deadline for more than 40 federal agencies to have their systems ready to regulate import and export transactions through a government-wide, data-transmission pipeline.
Weekly GRI Roundup
FDA starts secure supply chain pilot for drug imports In August 2013, FDA published a Federal Register notice asking companies to volunteer for the two-year program. The agency has since pre-qualified 13 companies to participate.
Fuel prices mostly down in Houston Low sulphur avails were said to be extremely tight in the US Gulf.
Weekly Global Market Report A weekly price roundup from bunkering hubs around the world.
Port of Veracruz receives bunker barge Pacifica II can handle roughly 1,200 mt of IFO and 320 mt of MGO, firm says.
Prices end week soft in Fujairah Refinery in Cape Town shuts for annual maintenance.
Prices show mixed trend across Europe Prompt supplies tight in Rotterdam, say players.
IBIA puts good cause on table 21st annual dinner breaks new ground with charity fundraiser.
Surveillance drones could over-fly ECAs 'Drone technology would be cheap to deploy.'
Russian bunker company adds tanker Ship to start Far East operations in March.
LNG marine market 'a golden opportunity' China LNG conference to focus on 'emerging marine market'.
Smuggling allegations 'unsupported and baseless', says bunker boss George Spanos issues strongly worded denial.
Court ruling backs Singapore bunker company Ship arrest by Indian court prompts favourable ruling.
Singapore's top bunker supplier extending storage capacity BP had been looking at taking at least four Aframaxes and a VLCC for use as temporary fuel oil storage.
Asian market closes week flat Low to average demand seen in Singapore.
Powers of Titan's joint provisional liquidators decided Winding-up petition to be heard next week.
Lukoil sees annual profits shrink Oil major notes fall in bunker prices.
Singapore: Bunker, ship chandler sales up in Q4 Double-digit growth seen in foreign wholesale trade.
China fuel oil volumes fall Stable demand from East China bonded bunker market, on the back of zero fuel oil imports.
Port's fuel switch programme claims success Port will continue its low sulphur fuel switch programme into 2014.
Shell disposes Australia, Italy assets and operations Oil major has to make 'tough portfolio choices', says Shell CEO.
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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