Odfjell remains in the red Odfjell, the listed Norwegian chemical carrier and tank terminals group, remained loss making in 2Q14 due to continued problems with its terminals business. Group net loss deepened to $28M in 2Q14 from just $2M in 2Q13, while revenues rose to 4266M from $256M. in 1H14, the loss widened to $48M from
Shanghai yard wins Scorpio bulker sextet Chinese shipbuilder Shanghai Shipyard has won an order for six Kamsarmaxes from Scorpio Bulkers, a rapidly expanding Monaco-based bulk shipping company. The 82,000dwt vessels will be delivered from 2Q15. These are the yard's first Kamsarmax bulkers. Its current orderbook consists of general cargo
New Orleans upgrading intermodal capacity Hard Rock Construction outbid eight other companies to win a $13.3M contract to improve intermodal operations at the Port of New Orleans. The contract, awarded by the port's board of commissioners to the Metairie, Louisiana-based firm on 20 August, is part of a $21M project set to be completed in
Sungdong secures Nisshin LR1 tanker pair South Korean yard Sungdong Shipbuilding & Marine Engineering has secured an order for two long range1 (LR1) tankers from Japanese owner Nisshin Shipping. The 74,000dwt products tankers are scheduled for delivery towards the end of 2016 and early 2017. No costs were disclosed but estimates put the
Tax could see Indian ore imports rise Higher royalties - effectively a local tax - on iron ore could prompt Indian steelmakers to turn to cheaper imported supplies. Earlier this week, the Indian government approved an increase in royalties, paid to local government, on domestically produced iron ore and other minerals from 10 to 15%.
Durban yard starts nine-tug order Durban-based Southern African Shipyards started construction yesterday on as nine-tug order from South Africa's Transnet National Ports Authority. The order, worth $130.6M, is the largest single contract awarded by the authority to a South African company for the building of harbour craft.
Vard secures German PSV order Singapore-listed offshore shipbuilder Vard has secured an order for a platform supply vessel (PSV) from German owner Nordmoon Schiffharts. The 4,000dwt vessel will be a VARD 1 08 design and built at the company's Vung Tau yard in Vietnam. It will have an overall length of 81.7m, beam of 18m, and a
DSME to build sixth giant box ship Daewoo Shipbuilding & Marine Engineering (DSME) has another order for a very large container ship from China's Bank of Communications Financial Leasing Co (BoCom), bringing the total on order to six. The 19,000teu vessel is scheduled for delivery in December 2016 and follows a recent order for two
CMA CGM starts Asia-Australia/NZ service French container shipping group CMA CGM is to launch a new northeast Asia-Australia/New Zealand service with China Shipping Container Lines (CSCL), Orient Overseas Container Lines (OOCL) and Pacific International Lines (PIL). The new service, which will replace the ANZEX and NZN services currently
Knutsen NYK buys J Lauritzen tankers Knutsen NYK Offshore Tankers, is to buy three shuttle tankers from Danish shipowner J Lauritzen. Knutsen NYK is a joint venture between Norwegian tanker owner Knutsen OAS Shipping and Japan's NYK Line. The three vessels are: 1999-built, 45,000dwt Dan Eagle; 2011-built, 59,000dwt Dan Cisne; and
Busan becomes ship finance hub South Korea's president today detailed the imminent development of the port city Busan as the country's ship finance centre. Speaking at the opening of the Busan International Finance Centre today, Park Geun-hye said the phased development would start next month with the ship finance departments of
Nam Cheong on right track Singapore-listed offshore marine service provider Nam Cheong has taken another step in the right direction, according to Lee Yue Jer, offshore and marine analyst from DMG & Partners. He sets a target price of SGD0.58 ($0.46) per share, while the company's stocks currently currently trade around
LR products tanker rates to fall The rally in long-range products tanker rates would last another fortnight before falling, brokers told IHS Maritime today. The rally, on the back of heavy naphtha trading and arbitrage flows from the west-of-Suez to East Asia, began in mid-July. As of yesterday, the Baltic Clean Tanker Index's TC1
Shipyard accident kills one, injures another A dockyard worker was killed and another injured on 20 August after a shipyard accident occurred in Kuala Baram, Malaysia. The deceased Bangladeshi worker was identified as Shamim Hossen, 27, and his injured friend is Rasidul Islam, 45. They were squatting near the inflatable ship launching airbag
VAT could hurt Chinese LPG import LPG exports to China are expected to dive in September as the country will start enforcing value-added tax (VAT) on fuel imports. IHS Waterborne Energy, which tracks LPG shipments, also opined that the recent high freight costs, which averaged $103.93/tonne on the Arabian Gulf-Asia Pacific route as
Manila ports yard usage still far from ideal Yard utilisation at Manila ports is far from ideal, according to Philippine Ports Authority (PPA). "Port operators are bracing for the sudden uptick in yard utilisation next week brought about by twin holidays in August," said the agency. As of 21 August, yard utilisation at Manila ports stood
Paper sell-down hitting Capesize gains After a rally that saw substantial increases in Capesize rates, charterers are forcing rates down, brokers told IHS Maritime. The cargo flows that caused rates to jump last week continued into this week, resulting in Brazil-China rates jumping $21.20/tonne on 14 August to $24.40/tonne as of
Alam Maritim net profits down 31% Malaysia-listed offshore marine services provider, Alam Maritim Resources (Alam Maritim) reported 1H14 net profits down by 31% to MYR36,6M ($11.6M) from MYR53.6M in 1H13. Similarly, the company's 2Q14 net profit dipped 10% to MYR21.4M from MYR23.9M in 2Q13, while revenue dropped 11% to MYR82M in
Singamas profits halved y/y in 1H14 Hong Kong-listed container maker Singamas Container Holdings' profits fell 52% year on year to $13.3M for the first half of 2014 on lower production volume in the first quarter in 2014. Revenues rose 17% y/y to $678.7M due to higher sales of containers, a stock filing of Singamas said today. The
Court rejects challenge to BNSF intermodal railyard A Federal appeals court in Pasadena shot down a novel legal challenge to railyard emissions that if successful would have erected a roadblock to a proposed BNSF intermodal railyard near the Port of Los Angeles. The appellate court this week rejected a legal concept advanced by the plaintiffs, including the Natural...
FMCSA chief counsel named interim administrator The Obama administration picked T.F. Scott Darling III, chief counsel of the Federal Motor Carrier Safety Administration, to be the agency's interim administrator, starting next week. Darling's selection to succeed outgoing FMCSA administrator Anne S. Ferro was announced in a farewell message from Ferro to FMCSA staff Aug. 22. The message...
US furniture imports saw growth in first half Containerized furniture imports into the United States saw growth in the first half of 2014, as a strong number of shipments in the second quarter offset weak volumes in the first quarter. U.S. furniture importers shipped a total of 1,099,986 TEUs in the first half of 2014, up 1 percent from...
Gypsy moths force quarantine of container ships off LA-Long Beach Asian gypsy moth caterpillarAt least two ships have been quarantined and all others coming from Asia to the United States will be heavily scrutinized as officials attempt to block an invasive species from making landfall in the U.S. Two ships - the COSCO Harmony and the Wan Hai 603 - have been delayed...
Protests targeting Zim to continue in Tacoma, Seattle Protests will continue on the U.S. West Coast against Israel-based Zim Integrated Shipping Services, as new actions are scheduled in Seattle and Tacoma next week. Protesters from the activist group "Block the Boat" announced plans to protest in both Seattle and Tacoma, upon the arrival of the ship Zim Chicago. Zim...
SCFI: Second weeks of drops to Europe, US, Mediterranean SCFI spot rates from Asia to northern Europe dropped 7.7 percent this week, down to $1,106 per 20-foot container, or TEU. Full-size chart Another week of volatility in the spot market has brought container rates down over all of the major trade lanes, according to the latest readings of the Shanghai Containerized...
YRC Worldwide names new president of regional trucking subsidiary Donald R. FoustAfter five years with Roadrunner Transportation Systems, Donald R. Foust returned to YRC Worldwide as president of New Penn, the $4.9 billion trucking operator's Northeastern subsidiary. Foust succeeds Steve Gast, long-time New Penn president, who left the Lebanon, Pennsylvania-based company to become president and COO of Wilson Truckingin...
Four carriers to launch joint Asia-Australasia service Export container volume from Asia to Australasia and Oceania rose 4.6 percent year-over-year in June. Full-size chart CMA CGM, China Shipping Container Lines, Orient Overseas Container Lines and Pacific International Lines have plans to launch a joint service connecting Northeast Asia, Australia and New Zealand. The new service, which will commence from Shanghai in early...
Reinvestment in truck capacity to fall short of demand An interesting question from a JOC.com reader hit my inbox this week after we published a story on trucking bankruptcies and the way they are slowly taking capacity out of U.S. trucking markets. Here's a condensed version (the writer requested anonymity): Q: When a trucking company goes broke, drivers and owner-operators...
Consolidation in South Pacific ocean carrier market Neptune Pacific Lines, an ocean carrier specializing in the Australia/Oceania trade, has purchased Polynesian Shipping Line Limited, another carrier in the same market. Polynesian Shipping was established in 2005 as a subsidiary of Petroleum Products Supplies Limited (PPS), based in Apia, Samoa, "to ensure adequate levels of service and capacity were...
Manila port congestion affects regional hubs, says Philippine Ports Authority HONG KONG - The Philippines Ports Authority (PPA) estimates there are about 20,000 containers being held up at the ports of Hong Kong, Singapore and Kaohsiung that cannot enter Manila because of the congestion choking the terminals. However, the volumes handled by the hub ports of Asia are so great that...
European trucker Waberer's expands, seeks drivers Waberer's ordered 600 tractors from Paccar subsidiary DAF in December 2013.Truck driver fatigue and the truck driver shortage aren't just North American concerns. European trucking company Waberer's International - one of the largest trucking operators in Europe - plans to hire 400 truck drivers and give its drivers more rest...
Ocean carrier rate revision roundup for Aug. 22 Several container lines have planned general rate increases in numerous trade lanes in September and October, although any gains achieved could be fleeting as overcapacity and sluggish global demand continue. The Top 21 carriers, which control 86 percent of the total global liner capacity, received a total of 1.37 million TEUs in new...
Maersk tipped for better RS Platou Markets is backing AP Moller-Maersk to pass its own elevated profit forecast this year.
Maersk raises embargo flag A "significant" amount of products already at sea needs to be returned because of the Russian embargo on food imports, Maersk says.
Embargo closes DFDS route An ongoing dispute between Russia and the European Union has resulted in the suspension of a Baltic Sea route operated by DFDS.
Odfjell misses Q2 mark Norwegian tanker owner Odfjell has slipped further into the red than anticipated during the second quarter.
SCF's new arctic mission SCF Group's (Sovcomflot) tankers have begun arctic oil transport from the Novoportovskoye oilfield in the Gulf of Ob.
Solvang sees profit spike A red-hot LPG market has helped Norwegian owner Solvang to a stronger second quarter.
Taiwan Nav falls Taiwan Navigation has revealed a weaker second quarter profit despite a revenue rise.
MBC profit rises Malaysian Bulk Carriers has clocked up a higher second quarter profit.
NPL buys Polynesian Neptune Pacific Line (NPL) is to buy South Seas operator Polynesian Shipping Line (PSL).
Aztech buys shipyard Singapore-listed Aztech Group has moved into the shipyard business.
Ferry stable The capsized Chilean ro-ro Amadeo I was still stable on rocks on Friday, as a navy commander said human error was probably to blame for the accident.
Siem sells CSV twins Siem Offshore is set for a $64m gain having agreed the surprise sale of two modern subsea construction vessels.
Zaliv to be sold? The Ukrainian owner of expanding Zaliv Shipyard in newly-annexed Crimea is in talks with Russian investors about a sale.
Mermaid makes less Australia's Mermaid Marine has posted a weaker annual result, but has added 26 vessels to its fleet from the takeover of Jaya Holdings in Singapore.
Strong quarter for Rieber GC Rieber Shipping has recorded increased net profit in the second quarter thanks in part to the arrival of a newbuilding.
Vosco cuts loss Vietnam Ocean Shipping (Vosco) has reduced its loss in the second quarter through an efficiency drive.
Sincere earnings slide Sincere Navigation of Taiwan has posted a lower second quarter profit despite increasing revenue.
All smoke, no fire? We take a look at what was said in the market over the past week.
Bids in for Ferguson A number of bids have been lodged for the troubled Ferguson shipyard in Scotland.
Calif. citrus shippers resume exports to China The U.S. Department of Agriculture said Friday that California citrus farmers may restart exporting to China this season. In April 2013, California-origin citrus was barred from entering China after interceptions of brown rot.
CMA CGM plans maritime hub in Reunion Probably better known to French tourists and stamp collectors than many people in the logistics industry, the container carrier said nevertheless Reunion's location puts it at "the crossroads between Europe, Asia and Africa."
Sea Star orders new reefer containers
Maersk: Russia's counter sanctions mean 'significant' food returns The Danish container carrier said its customers were unprepared for the Russian counter-sanctions and it is working with these shippers' origin offices to "find the best and most cost efficient way to send back the goods."
ITC begins update of U.S. Harmonized Tariff Schedule International customs officials at the World Customs Organization in Brussels have recently agreed on 234 changes to the global system that categorizes products that are imported and exported around the world.
Econocaribe files complaint against Amoy International
Globe Tracker in terminal-focused deal with Total Soft Bank
FRA grant to help short-lines safely handle crude oil
U.S. sweetener firms: Mexico not to blame for sugar prices
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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