CIT provides $46.4m senior loan to Epic Gas Money will help finance gas carrier fleet buy
Crimea switches to Russian legal code Move could impact hearings on expropriated ports and oil company
Lithuania petitions US for easier access to LNG Crimea crisis puts spotlight on US LNG again as senate debates exports and European energy security
Houston Ship Channel delays have a limited impact on the VLGC market Channel closure too brief to make a significant difference on vessel movements
The UK needs more seafarers, warn MPs Chamber of Shipping, Nautilus and RMT welcome transport committee report
CIMC posts a 21% dip in profits UPDATE: world's biggest container manufacturer says four-year diversification drive has been a success
Smart money moves to chemical tanker market General Maritime's entry into specialist trades could be a well-timed investment
Hapag-Lloyd aims to improve 2014 rates, volumes and operating earnings Throughput growth may lag behind increase in supply, warns German carrier
China Shipping Container Lines losses triple in 2013 Company says that imbalance between supply and demand will not improve in short term
Transpacific rates slip as contract renewal date looms Eastbound spot prices fall 5% after brief rally
Sesoda Steamship books a seventh Japan-built handysize bulker Taiwanese carrier books 33,000 dwt ship at Shin Kurushima Dockyard for $25m
Sinotrans Shipping gets asset injection from deals worth $138m Firm takes major stakes in chartering and containership units and four 1,100 teu vessels
A hundred ships queue despite part-reopening of Houston Ship Channel Bottleneck develops at southern US oil hub after weekend oil spill
Containership fined for spilling oil into Tauranga harbour New Zealand tells Jule to pay $26,000 after Liloa discharged a harmful substance
JP Morgan Asset Management invests $138m in Noatum Valencia terminal Move is a vote of confidence in Spain's economic recovery, says infrastructure chief
Australian tanker searches for missing Malaysian Airlines flight MH370 Vessel-tracking data shows ships sail to southern Indian Ocean to look for lost aircraft
Behrendt disappointed as Hapag-Lloyd posts a net loss German line sees better operating profit but chairman hits out at irrational pricing
Lagos vows to get tough on wrecks Lagos state governor Babatunde Fashola has vowed to prosecute owners of abandoned ships littering the Nigerian city's shores
Gdansk yard given more time Poland's government-owned Industrial Development Agency (ARP) has said that it is prepared to give the Gdansk shipyard until June this year to get its finances in order
Luka Koper Joins blue-chip index The Ljubljana Stock Exchange (LJSE) has said it will add Slovenia's only sea port operator Luka Koper to its blue-chip index SBITOP
Kistefos launches bid to acquire Transatlantic Kistefos AS has acquired additional shares in Rederi AB Transatlantic, the Swedish offshore services and industrial shipping group, which has triggered the rules on a mandatory public offer to acquire all the shares in the company
SNCM seafarers strike to avoid receivership Sailings to Corsica and North Africa by French Mediterranean ferry company SNCM were brought to a standstill today (26 March) as seafarers went on strike in an attempt to prevent the company being put into receivership
Penglai Zhongbai secures Laskaridis Kamsarmax options Penglai Zhongbai Jinglu Ship Industry has secured an order for two Kamsarmax bulker options from returning customer Greek shipowner Laskaridis
Hapag racks up more losses German container line Hapag-Lloyd managed to improve its operating results last year, but not enough to reach break-even levels after tax
Police put heat on reefer crime ring Port police in Port Louis, Mauritius, today (26 March), arrested seven men accused of stealing high-value frozen cargo from containers awaiting transhipment
DVB books €110M profit German shipping and transport lender DVB Bank yesterday (25 March) posted a robust set of results for 2013, despite continuing pressure in the shipping sector
Qingdao Yangfan secures order for six Trafigura Capes Chinese shipyard Qingdao Yangfan Shipbuilding has secured an order for six Capesize bulkers from international commodity trader Trafigura
Vancouver Port Defends Action Plan for Harbor Trucking While striking truck drivers in Vancouver waited to hear if the British Columbia legislature will approve a back-to-work bill, the port authority today issued a defense of a 14-point action plan it believes will permanently improve working conditions in the harbor. "We are ready to move ahead with the initiatives outlined...
Waterfront Commission OKs 150 ILA Slots The Waterfront Commission of New York Harbor has authorized New York-New Jersey port employers to hire 150 additional longshoremen. The newly authorized group is in addition to 150 longshoremen and 75 checker positions the commission previously approved as part of a multiphase hiring program. The New York Shipping Association and the International...
Alan Gersten, Former JOC Writer, Dies Alan Gersten, who covered maritime and insurance news for the JOC in the 1990s during a long and varied career as a journalist and author, died March 17 from complications of leukemia. He was 72. Gersten was author of the 2001 non-fiction book "A Conspiracy of Indifference: The Raoul Wallenberg Story,"...
FMC Considering More Business-Friendly OTI Rules WASHINGTON - Federal Maritime Commission Chairman Mario Cordero told Congress today that commissioners were reviewing a memorandum that mitigates some of the shipping industry's concerns with the agency's proposed overhaul of ocean transportation intermediary rules. Cordero's statement came after Rep. Duncan Hunter, the California Republican who chairs the House Coast Guard...
East Coast Port Volumes Edged Up 1.6 Percent in 2013 Port of Halifax, Nova Scotia.The volume of all containers handled by U.S. and Canadian East Coast ports in the fourth quarter of 2013 increased by 4.4 percent year-over-year to 4.2 million 20-foot-equivalent units, according to port-published data collected by the JOC. Container volumes rose at most North American East Coast ports...
Extreme Winter Chills Universal Truckload Earnings Heavy snow and frigid temperatures in the first months of 2013 chilled earnings at Universal Truckload Services. The Warren, Mich.-based trucking operator is lowering its projected earnings per share for the first quarter by 9 to 13 cents. The company said it expects total operating revenues in the range of $273...
Hapag-Lloyd Optimistic as Loss Narrows Hapag-Lloyd predicted a "much better" outlook for liner shipping today as it posted a smaller net loss and bigger operating profit for 2013. The German ocean carrier made an operating profit of '67.2 million ($92.7 million), an improvement of €41 million ($56.6 million) on 2012, as increased container traffic, lower costs...
CONECT Conference Speakers Foresee an Unpredictable Year in Trade and Transportation The 18th Annual Northeast Trade & Transportation Conference, hosted by the Coalition of New England Companies for Trade (CONECT) April 1-3 at the Hyatt Regency in Newport, RI, will offer attendees a balanced perspective from industry experts on critical issues in trade, regulation, and transportation. Transportation-related panels will focus on crucial...
Top 25 LTL Carriers: What the Data Tells Us Revenue rose 3.9 percent at the 25 largest U.S. less-than-truckload carriers in 2013, hitting to $29.5 billion in 2013, as the segment continued its long, slow recovery from a disastrous 2009, when the LTL group lost nearly 25 percent of its revenue. See what else the full-year data tells us...
Container Shipping's Supply-Demand Gap Is Narrowing Container shipping supply and demand will become "finely balanced" this year, which will help carriers improve profitability, according to investment firm Jefferies. Supply Growth Forecasts Cut Global container ship scrapping has grown since 2011. Full-size image Part of the reason is an acceleration in the pace of scrapping, Jefferies said. In 2013, 460,000 TEUs...
Preserving the Cold Chain Paul Esposito, executive vice president of corporate affairs for the temperature-controlled freight service provider Railex, and Jason Pollak, the company's director of marketing, discuss the key concerns in shipping cold chain products and common mistakes business make. Their conversation will continue on April 3, in our free webcast, "Shipping Perishables Coast-to Coast:...
Misdeclared Cargo on the Rise While there was a rise in the number of cargo fires reported in 2013, nearly half of all incidents and problems that disrupted container lines' operations cited misdeclaration of cargo, an almost fivefold increase from 2012, according to the Cargo Incident Notification System database. Misdeclarations made up nearly half of all...
Revenue Growth at LTL Truckers Drops But Outlook Brightens The less-than-truckload industry is finally close to recovering revenue lost in the Great Recession, with the biggest LTL carriers already matching pre-recession sales. Progress in 2013 was painfully slow, however, as the 25 largest U.S. LTL trucking companies raised their combined revenue just 3.9 percent to $29.5 billion, according to The...
India's Kandla Port Scraps Container Terminal Bid The Kandla Port Trust has canceled a global tender to build and operate its long-planned mega container terminal project, dealing a serious blow to India's port privatization program. The decision was made by the KPT board last week after the two pre-qualified bidders - domestic port developer Adani Group and Hyundai Engineering-Concast...
China's ore-hungry week This week is on pace to see a total of 30 fixtures for iron ore journeys to China, making it the eighth straight week with more than 20 charters for the trade, Commodore Research said today.
Carnival ship rescues migrants A Carnival Cruise Lines vessel has rescued 41 migrants on an overloaded boat in the Florida Straits.
Four Wood in loan drive A fund fronted by former shipping bankers and a Greek owner with its eye on funding second hand vessels is looking to list on the New York Stock Exchange.
SALT shakes out capes New York-listed Scorpio Bulkers (SALT) is poised to confirm it has acquired five capesize bulker resales at Korean shipyards, market sources say.
IMB warns of scam Ship owners are being warned to beware of an elaborate scam by gangsters to part them from millions in cash.
Scanship seeks IPO Norwegian ship technology company Scanship Holding is looking to complete an initial public offering (IPO) in Oslo.
ORIG ties up $500m George Economou's Ocean Rig (ORIG) is close to refinancing $500m worth of bond debt on more favourable terms.
AdvanFort crew bailed All but two of the 35 crew and guards of a US vessel detained in India last year in a row over weapons are to be released on bail.
Seaspan back for more Seaspan has launched its fourth fund-raising effort in five months.
Bumi eyes $450m Malaysian offshore vessel owner and FPSO specialist Bumi Armada has unveiled plans for an Islamic Bond programme.
Paper back Improvements in the physical dry cargo market have led to a boom in paper trading, Freight Investor Services (FIS) says.
CSCL books deep loss China Shipping Container Lines (CSCL) has confirmed a deep loss in 2013 in line with a warning issued in January.
Oceanteam enters Mexico Dutch subsea outfit Oceanteam will take a 40% stake in a joint venture with Mexican oil services firm Diavaz.
Hapag remains red Hapag-Lloyd remained in the red in 2013 as improved volumes could not overcome weak rates.
GTT plugs LNG barge GTT North America (GTTNA) has received approval in principle from ABS for the design of a membrane-type push LNG bunker barge.
Vallianz seeks SGD 100m Vallianz Holdings is looking to raise SGD 100m ($79m) from a short-term bond issue, the company has announced.
Wintermar ends on a high Indonesia's Wintermar Offshore Marine has ended the year on a high with a 34% jump in full year profit.
Hedland eyes expansion Port Hedland Port Authority (PHPA) is said to be considering proposals to expand iron ore export capacity.
Stolt worried about PE Stolt-Nielsen has become the latest shipowner to express concerns about the involvement of private equity in shipping.
China steel output flat World's largest producer saw little or no growth in production levels in February.
ILA: Lack of workers at NY/NJ port a safety issue At a waterfront rally Tuesday, the president of the International Longshoremen's Association along with several business leaders and government officials called for limiting the power of the Waterfront Commission of New York Harbor.
DOJ sues Con-way over uniformed-employee rights The U.S. Department of Justice filed a lawsuit Monday against Con-way Freight, saying the company violated the Uniformed Services Employment and Reemployment Rights Act. Con-way has denied the allegations.
2014 'bleak' for container carriers This year's outlook for the container shipping industry is "bleak" and publicly-listed global container shipping companies "face a greater risk of financial distress, including possible bankruptcy, than at any time since 2010," according to the global business-advisory firm AlixPartners, which Tuesday released a new study titled "Change on the Horizon: The 2014 Container Shipping Outlook."
Sen. Boxer: Delay award until WRDA bill succeeds Sen. Barbara Boxer and Rep. Bill Shuster on Tuesday deferred accepting their "Port Person of the Year" awards until the new version of the Water Resources Development Act is passed.
Ex-Im Bank bond maintains Brazilian airline, Delta TechOps deal
Hapag-Lloyd: Net loss in 2013, but outlook 'much better' for liner shipping
COSCO Pacific earnings rise in 2013
Canadian carrier uses drones to check ice conditions Fednav said it is the first shipping company to use drones to check ice conditions on the water during a commercial voyage, using video-equipped drones to scout ahead of the vessel in the Labrador Coast.
Hapag-Lloyd's 2013 revenue down 4% Blames 'weak US dollar' for 'disappointing' results.
Price outlook mixed across European ports Rotterdam main grade material stays soft.
Spain threatend Gibraltar bunker company with 'sanctions' Gibraltar-based bunker company was asked 'to cease activities'.
Fujairah market sees tight avails Bunker prices showed little movement in Middle East hub.
Shell puts LNG fuelling projects 'on hold' 'We want to do the right thing at the right time in the right place.'
LNG barge gets US approval Approval in principle given by class.
Flouting ECA rules could be 'cost-effective' Enforcement of sulphur restrictions in European ECAs is likely be 'inconsistent and ineffectual'.
Carnival books first quarter loss Fuel futures dent cruise operator's performance.
Bunker prices fall in Asian ports Limited avails in Tokyo Bay.
Experienced bunker broker joins Glander International Rosalind Liu Qi will be based at the firm's Singapore office.
'Eco' ship advantages 'exaggerated', says CEO All ships are getting more efficient, says Mats Berglund.
Hybrid-powered fishing trawler delivered Hybrid set-up 'can cut emissions and save fuel'.
Carnival embraces scrubbers Aiming to install equipment on 20 liners by end of 2015.
P3 clears air on bunker contract negotiations P3 Alliance issues revised contract clause for negotiations.
Official confirms details of Hong Kong fuel switch regulation Revised proposal closely aligned with EU 'at berth' low sulphur fuel regulation; non-compliance could lead to fines and imprisonment.
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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