Two charged after Port Botany drug swoop Two men have been charged with importing chemicals in two states after a joint Australian Federal Police and Customs operation this week. The arrests, in Adelaide and Sydney , came as police investigating serious organised crime seized 50 litres of liquid containing pseudoephedrine from a
Fredriksen's Geveral to bid for Flex LNG Geveran Trading is planning to launch a takeover bid for Flex LNG after its stake had exceeded 40%. Geveran, a company controlled by the shipping tycoon John Fredriksen, said today it has acquired 12.7M shares in Flex LNG, the LNG shipping group, at a price of NK7.75 each. This follows a 24
Dynamic Med ro-ro traffic for Italy Italy's ro-ro connections with north Africa and the eastern Mediterranean have flourished in the past decade, according the statistics released this week by the shipowners association Confitarma. Confitarma added that 29 ro-ro cargo vessels totalling 1,169gt had been added to the Italian fleet
SK Shipping, KLC and Hyundai LNG Shipping triumph in KOGAS tender SK Shipping, Korea Line Corporation, and Hyundai LNG Shipping have emerged victors in Korea Gas Corporation's (KOGAS) six-LNG carrier tender. Each company was awarded two ships KOGAS announced today. SK Shipping, working with Samsung Heavy Industries, will construct two LNG carriers with the KC-1
Environmentalists want 10 year Arctic shipping moratorium The Environmental Investigation Agency (EIA) has called for a 10 year moratorium on Arctic shipping according to a report released on 21 October. The group, n established UK group that works with local NGOs, film, and television to reveal environmental crimes through undercover methods, believes it
Seroja bulker arrested Conirma Marine (CMSA) has served an arrest warrant on a vessel owned by Singapore-listed charter services provider Seroja Investments. The bulk carrier, detained on 21 October, is owned by a joint venture company Seroja Zhushui 5 Shipping (Seroja Zhushui ). It had entered a memorandum of agreement
HHI reorganises itself for greater efficiency After reducing 31% of its 262 executives in cost-cutting measures aimed at restoring profitability, Hyundai HI (HHI) has reorganised itself to improve efficiency. The world's biggest shipbuilder has consolidated the sales units of itself and its two subsidiaries, Hyundai Samho HI (HSHI) and Hyundai
EMAS Offshore posts $54.7M net profit Singapore-listed offshore marine contractor EMAS Offshore, formerly known as EOC, has reported net profit of $54.7M for the financial year ended 31 August 2014 (FY14). The net profit for FY14 was approximately five times increase from the $11.1M achieved in FY13. Revenue rose 9% year on year to
MHI-MME licenses propeller production to CZZH Japanese shipbuilder Mitsubishi HI subsidiary, Mitsubishi Heavy Industries Marine Machinery & Engine (MHI-MME), has said it will license the manufacturing and marketing rights of its marine propellers to a Chinese company. The contract with Changzhou Zhonghai Marine Propeller (CZZH) marks the first
Taiwanese carriers likely to do better in 2015 Taiwanese container carriers Yang Ming, Evergreen and Wan Hai are expected to perform better in 2015 due to the decline of bunker prices, said local securities. Both CITIC Securities and Capital Securities predict that Yang Ming and Evergreen will return to black in 2015 with positive earnings per
EMS incorporates new subsidiary Singapore-listed marine solutions provider EMS Energy has incorporated a new wholly owned subsidiary, DSX Systems, according to an announcement in the Singapore stock exchange. DSX was incorporated in 21 October 2014 and will be principally engaged in the business of design, engineering,
Robbers board tanker off Malaysia A product tanker was boarded by pirates off Tanjung Sedili Besar, Malaysia, according to data from International Chamber of Commerce Commercial Crime Services. The pirates, armed with guns and knives, boarded the 6,401dwt Yufeng 6 at 03.00 hours local time on 21 October 2014. The vessel was about
Ezra wins multiple new contracts worth $70M Singapore-listed integrated offshore solutions provider Ezra Holdings has won multiple new awards worth over $70M from its subsea services division, EMAS AMC. The contracts are awarded from a variety of national oil companies, oil majors and contractors in the US Gulf of Mexico and Asia Pacific.
Samudera Shipping Line returns in the black Singapore-listed Indonesian shipping company Samudera Shipping Line has restored profitability, posting earnings of $5.2M for 3Q14, reversing a $239,000 loss in 3Q13. In a statement, the company said, "During the quarter, the group continued its rationalisation strategy by reducing non-profitable
ICBC Leasing inks wind turbine installation deals ICBC Leasing, the financial leasing branch of China's state-run bank ICBC, was reported to have inked a deal for container ships and wind turbine installation vessels, as well as a contract of financing of three cruises in October. The company signed a framework agreement with German Bernhard
Capesize rises as Brazilian cargoes return Capesize freight rates rebounded this week as Brazilian cargoes returned to the market. A lack of iron ore cargoes from Brazil resulted in falling freight rates for the past month, but brokers told IHS Maritime that the sentiment this week is becoming positive. "Besides Vale, we've seen commodity
Moore Stephens predicts a 6% hike in ship-operating costs Study expects new pressure from wage costs and repair bills to the end of 2015
US re-exports Canadian crude from the Gulf coast New business for tankers as cargoes head east to Europe and Asia
Container lines pin their hopes on November rates hike Carriers hope to match 2013 success, pushing for nearly $1,000 per teu on the Asia-Europe trade
CMA CGM announces nose-job retrofits for more than 20 post-panamax boxships Cosco Shipyard says bulbous bows will cut the vessels' fuel consumption by more than 5%
Week on Wall Street | October 24 DryShips' George Economou continues to command attention
Suezmax tankers enter quiet period Earnings drop steeply on slowdown in chartering
Bocimar's hopes dashed with a $15m third-quarter loss Meanwhile parent CMB plans to take over Alexander Saverys liner firm Delphis
Capes on the up After a bleak period, the capesize sector has displayed some vigour, but brokers say it may not last
Rotterdam and Antwerp report solid nine-month container growth Northern European hubs benefit from economic recovery and stronger shortsea and boxed fruit shipments
Thinking about our industry's big ideas It's shipping in the 21st century, but probably not as we know it, at Maria Tsakos Foundation meeting in Athens
Fredriksen share purchase triggers Flex LNG takeover bid Move suggests that Fredriksen is not stepping back from gas carrier business despite reducing Golar LNG stake
Carriers must come clean over sulphur surcharges Global Shippers' Forum says too few container lines have unveiled their fee strategy
Aqaba dispute rumbles on ITF is looking into dispute with APM Terminals over strike claims
Ocean Three to control 13% of Asia-North America trades CMA CGM, China Shipping and UASC back up FMC low trade share filing with service details
DryShips unveils stock offering to fund December debt repayment Offering is the latest attempt to fill a remaining funding gap as $700m in senior secured notes comes due
KCS pushes Lazaro Cardenas as alternative to congested LA-Long Beach KANSAS CITY - Kansas City Southern Railway is talking with ocean carriers and beneficial cargo owners about diverting shipments bound for the U.S. Gulf region away from congestion-wracked Los Angeles-Long Beach to the Port of Lazaro Cardenas in south-central Mexico, a senior KCS executive said today. Speaking at the JOC Inland...
Ocean carrier rate revision roundup for Oct. 24 Multiple container lines have planned general rate increases in numerous trade lanes in November, although any gains achieved could be temporary as overcapacity and sluggish global demand continue. Asia-Europe Starting Nov. 1, Maersk Line plans to increase rates on its trade from the Far East, excluding Japan, to North Europe and the...
Con-way to raise rates to offset driver pay hikes The cost of boosting truck driver pay at Con-way Freight will be passed along to shippers starting Oct. 27 in the form of an across-the-board general rate increase, the company said today. Con-way announced it will increase rates by an average of 4.7 percent across all non-contractual business to offset costs...
Seattle, Tacoma container volumes a mixed bag While the Port of Tacoma reported year-over-year growth in container volumes in September, Seattle suffered another month of double-digit volume decline. Seattle's volumes in September dropped 27.5 percent from Sept. 2013. Tacoma's throughput, however, was 22.1 percent higher year-over-year. See full size chart. Port-provided statistics show Seattle's throughput dropped for the fourth...
SCFI container spot rates slide on all major trade lanes Shanghai Containerized Freight Index spot rates from Asia to Europe continued a downward spiral this week, sinking below the $700 per 20-foot container mark to $697 per TEU. In the 12 weeks since Aug. 1, the spot rate has dropped 52 percent or $758 per container. The rates are not just...
On time or free For Passenger A, air travel is increasingly problematic. Flights are oversold, seats are packed together and flights touch down in a number of cities instead of going nonstop. Bad weather and mechanical issues often translate into missing a connecting flight. Passenger B flies on a private plane. The seats are comfortable,...
Eurotunnel's truck, rail traffic grows on stronger UK economy Eurotunnel carried 6 percent more trucks and 9 percent more freight trains on its subsea rail tunnel between the U.K. and France in the third quarter compared to a year ago, with volume increases driven by the stronger British economy. The Paris-based company transported 353,469 trucks and 681 rail freight trains...
Tampa Bay port to purchase post-Panamax cranes The Port of Tampa Bay is hoping the addition of two new post-Panamax cranes will usher in a "new era" for the port's container business. The $24 million crane purchase project was approved this week by the port's board of commissioners. The port has placed central focus on growth in its...
Commodities shift around world in dealing with Russia's embargo In the days following Russia's ban on food imports from a number of Western countries, news coverage focused on economic damage that farmers and producers would suffer in embargoed regions. Jorge Sanchez, the newly posted U.S. agricultural attaché to Kiev, had a different thought. "I think it's very possible Russia could...
CSX to give Pennsylvania shippers better intermodal access U.S. intermodal volume is up 5.4 percent year-to-date in 2014, according to the Association of American Railroads. Full-size image Western Pennsylvania intermodal shippers will soon get better access to CSX Transportation's network when the railroad opens a Pittsburgh terminal, allowing it to better compete with its archrival, Norfolk Southern Railway, in the...
Genesis comes clean Genesis Energy has confirmed reports that it purchased a Jones Act product tanker from MidOcean Tanker Company of the US.
Horizon Lines books profit Horizon Lines managed to generate a profit in the third quarter despite increased competition in markets where a shift in cargo mix battered container rates.
Maersk mints extension Diana Containerships of Greece has signed off on an extension that will allow the world's largest carrier to utilize one of its panamaxes for another year.
Glencore dials DSX Diana Shipping of Greece has lined up a 14-month fixture for one of its panamax bulkers.
Captain wants 'millions' A captain chasing Chevron and Edison Chouest Offshore (ECO) for gross negligence that resulted in his mental and physical abuse by pirates could ask for a seven-figure compensation, TradeWinds has learned.
Skagen cuts stake Harald Espedal's Skagen has trimmed its holding in shipowner Hurtigruten.
Su questioned in UK court Taiwanese shipowner Nobu Su has denied allegations he is personally liable for a $36m freight futures debt being claimed in the London High Court by Greek shipowner Polys L. Haji-Ioannou.
OOIL's top line climbs Improvements on the Asia Europe trade have boosted OOIL's top line in the third quarter.
Bestway on the money Shanghai Bestway Marine Engineering Design has posted a big jump in nine-month profit as revenue increased.
Economou backs DryShips issue George Economou has stumped up $80m to help DryShips raise the funds which will cure its convertible bond headache.
Ezra earnings decline Singapore's Ezra Holdings has seen its profit slip in the last quarter of the year despite increased revenue.
Western's IPO nets $20m Bangladesh's Western Marine Shipyard has been approved for a listing in Dhaka as it nears completion of its IPO.
KHI raising sights Japan's Kawasaki Heavy Industries (KHI) has adjusted its first half forecast and now expects to post a bigger profit.
Trio share Kogas prize Three South Korean owners win race for LNG newbuildings at DSME and SHI.
Matson cuts surcharge US to Hawaii container line Matson Navigation is knocking up to $175 off the cost of shipping a box as fuel bills shrink.
Harsh words We take a look at what was said in the market over the past week.
Evercore cuts Safe Bulkers A deteriorating view of the dry cargo market has led Evercore Partners to downgrade shipowner Safe Bulkers.
YZJ ditches property Singapore-listed Yangzijiang Shipbuilding (YZJ) has sold off its shares in three loss-making property companies as part of its restructuring.
Sale turns Siem red Oslo-listed reefer owner logs small third quarter loss following exit of Ecuador Star.
Avengers assemble...in Chittagong Superhero sequel Avengers: Age of Ultron will be watched particularly avidly by the Bangladeshi ship demolition industry.
Save your data The London P&I Club has urged shipowners to keep voyage data after accidents.
Fredriksen set for Flex takeover John Fredriksen is set to take over Oslo-listed Flex LNG just a couple of months after selling out of Golar LNG.
Inspector dies Norwegian customs official suffocated after fall during check on Faroe Islands cargoship.
Nauti launching run A UK start-up is launching a new passenger ferry service to the Isle of Wight using refurbished wind-farm vessels.
DryShips tries again Nasdaq-listed DryShips has launched a share offering that could potentially plug the final funding gap for its looming $700m bonds payment deadline.
Coupling caused fire An engine room fire aboard a bulker in Australia in July was most likely caused by the failure of a fuel oil pipe coupling, a preliminary report has found.
Salvage tug arrested Singapore's admiralty sheriff has detained a South Korean salvage tug, according to court documents seen by TradeWinds.
Itochu books LNG trio Itochu Corp has confirmed orders for three LNG carrier newbuildings at Hyundai Heavy Industries.
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