StealthGas vessel sale fetches $14.2M LPG operator Stealthgas has entered into a sale and leaseback agreement for one of its LPG carriers for $14.2M. The NASDAQ-listed company announced on 26 November that the net proceeds from selling the 7,215 cubic-metre capacity, 2001-built Gas Premiership would be approximately $7M after repaying
INSIGHT: Passenger ship casualties 2004-2014 IHS Maritime casualty data records 1944 passenger vessel incidents (over 500gt) in the past 10 years, of which 68 incidents (3.4%) were of sufficient severity to result in the total loss of the vessel. Altogether 4,784 lives have been lost over this time period with significant accidents such as
India, Sri Lanka maritime unions target FOC ships Seafarers unions in Indian subcontinent ports are lobbying German and Greek owners of vessels they inspected during an 'action week', seeking better pay and shipboard conditions for crews, the International Transport Workers' Federation (ITF) said. The 24-28 November 2014 campaign against 'Flags of
Search ends for man overboard off cruise ship A search for an elderly man missing overboard from the Sun Princess was called off last night on advice he would not have survived the 35-metre fall captured on the ships CCTV. The Sun Princess was returning to Sydney from a 13 day cruise to New Zealand when the 84-year-old Australian was reported
Cleartrade Exchange to provide daily settlement prices to clearing houses Cleartrade Exchange (CLTX), the Singapore regulated futures exchange, said from today it will make its daily settlement price feed available for partner clearing houses. "This is part of the exchange's continued mission to add stability and transparency to the critical daily settlement process for
Seadrill suspends dividends, airs caution Seadrill, the London based listed company in the centre of John Fredriksen's drill ship and rig operations, has suspended quarterly dividends as concerns over the global economy mount. In 3Q14, the group's net profit fell to $190M from $315M in the same period last year, while revenues rose to
MH370 search covers more ground The underwater search for missing Malaysian passenger aircraft MH370 has now covered more than 7,000 square kilometres yet without trace of any wreckage, according to the latest report by the Australian Transport Safety Bureau (ATSB) released today. However lead investigator and director of the
Italy's navy rescues large number of migrants The Italian Navy has confirmed to IHS Maritime that since the beginning of November, 3,188 migrants were rescued in the Mediterranean Sea. In the seven days between 17 and 23 November, 867 people were rescued. Meanwhile, the Italian Coastguard told IHS Maritime that its two vessels Gregoretti CP920
Operators call for swift and fair implementation of new Polar Code Ship operators say they hope the newly adopted Polar Code will be implemented consistently and swiftly. Speaking to IHS Maritime, Tim Keane, operations manager for Canada's Fednav (Canarctic division), which owns and operates ice-breaking bulk carriers serving remote northern mines, said: "Flag
CMA CGM confirms OPDR acquisition France's CMA CGM today confirmed that it had concluded an agreement to buy German short sea shipping company Oldenburg-Portugiesische Dampfschiffs-Rhederei (OPDR) for an undisclosed sum. Rumours about the transaction began circulating at the start of the week but Marseilles-based CMA CGM said today
'K' Line vessel rescues crewmen in the Atlantic Michigan Highway, a pure car carrier (PCC) vessel operated by a Japanese shipping company Kawasaki Kisen Kaisha (K Line) rescued all four crewmen of the yacht Hunter in the Atlantic Ocean on 13 November 2014. Previously, Hunter sent a distress signal to the Maritime Rescue Coordination Center
Ningbo Port throughput up 12% Ningbo Port in China recorded throughput of 16.9M teu as of November 25, exceeding the total teu for the year 2013 and recording a 12% annual growth, the fastest among Chinese ports. According to the port authority, Ningbo Port's dedication to expand container transportation from northern Chinese
Malaysia's Barakah posts strong 3Q14 profit Malaysia-listed offshore marine services provider Barakah Offshore Petroleum (Barakah) posted a profit of MYR28.4M ($8.48M) after tax in 2014, almost triple the previous corresponding quarter's MYR10.6M. The profit was buoyed by higher contributions from its transportation and installation (T&I)
Perdana posts 70% profit rise Malaysia-listed offshore marine services provider Perdana Petroleum (Perdana) posted 3Q14 profits of MYR27M ($8M), up 70% from MYR15.87M in the corresponding period last year. Profit before taxation was registered at MYR27.7M, an improvement of 75.3% from MYR15.8M in 3Q13. Similarly, revenue grew
Samsung C&T to build regasification terminal Samsung Construction & Trading (Samsung C&T), South Korea's second biggest construction company has been chosen to build an LNG regasification terminal in Malaysia for Petronas Gas, a subsidiary of the Malaysian state oil and gas company Petronas. Samsung C&T said through a press statement that the
BMT wins Samalaju port development contract International design and risk management consultancy company BMT Group has been awarded a contract to provide its design expertise for an advanced bulk-material handling system for the port of Samalaju in East Malaysia. The contract was signed by BMT subsidiaries in the Asia-Pacific region and the
China's iron ore inventories keep on rising Iron ore inventories at 33 major Chinese ports rose in one week by 0.82M tonnes to 105.91M tonnes as at 24 November, according to the report by Xinhua-China Iron Ore Price Index. The cash commodity price for 62% Fe at Tianjin port stood at $70/tonne, lower than the $77.8/tonne at the beginning of
StealthGas launches $10m share buyback LPG carrier owner says stock is trading way below net asset value
Tanzania register finally cuts tie with Philtex Ship registration contract terminated two years after row over Iranian vessels that were flagged despite sanctions
Hayes ready to hear pirate ransom concerns Shipping minister pledges to discuss any problems with Home Office
Golar LNG sees spot vessel utilisation rise but is still unsatisfied by profits LNG shipping market remains challenging despite positives seen in third quarter
VLCC earnings return to $50,000 after a day of record fixtures Owners can expect improving prospects on the Middle East to Asia route
Capacity of Asia-North Europe trade to grow 6% in 2015, say analysts Phase-in of ships over 10,000 teu to drive capacity on key trade
BIMCO plans standard ship finance term sheet Move could simplify borrowing, insists Frew
APMT opens landside operations at Maasvlakte 2 Rotterdam box terminal launches truck, barge and rail services
UK Department for Transport develops national maritime growth strategy Hayes pledges government's 'actual commitment to ports and shipping'
BW Group gears up for a new era of growth Mortensen will boost management as the company prepares to expand
Höegh LNG finances hit as newbuilding waits to start Lithuania contract FSRU Independence was idle for most of the quarter before it started 10-year contract off Lithuania
CMA CGM promises to keep OPDR brand, staff and network No price revealed but Farid Salem says OPDR and CMA CGM's existing shortsea operator MacAndrews are complementary
Week on Wall Street | November 26 Speculation over Euronav IPO offers food for thought
CMA CGM confirms takeover of OPDR Update: Saadé signals that shortsea operator will initially be maintained as a separate brand
G6 is worst-hit as ships queue outside Los Angeles and Long Beach Hanjin Buddah is the largest of six containerships now at anchor
Matson to raise rates on Northern Mariana Islands, Micronesia services Matson Navigation Co. will raise its rates for its Guam Commonwealth of Northern Mariana Islands and Micronesia services by $225 for both westbound and eastbound containers, effective Jan. 25, 2015. The increase also applies to the Commonwealth of the Northern Marianas Islands, the Republic of Palau, the Federated States of Micronesia...
Port congestion, holiday demand push spot truck rates higher The need to get goods to retailers before Black Friday sales, port congestion in Southern California and winter storms in the Northeast are combining to drive up spot truck rates. Spot market dry van truck rates in the U.S. rose in the week that ended Nov. 22 and are more than...
Shippers fear port congestion will roll inland, NITL CEO says U.S. shippers, especially retailers, are increasingly nervous and frustrated by supply chain delays and higher transport costs linked to West Coast port congestion, and worried about how that congestion will affect the movement of goods to inland distribution points. "There is this well-founded fear that there's a wave of freight still...
BNSF restricts empty containers headed to Seattle, Tacoma, citing labor productivity decline BNSF Railway is no longer accepting empty containers headed to Seattle and Tacoma marine terminals at railyards in Chicago; St. Paul, Minnesota, Denver and Omaha, citing reduced labor productivity at the Pacific Northwest Ports. The Class I railroad reinstated its ban on empty containers heading to the two ports at Logistics...
ILWU, PMA meeting independently but ready for face-to-face talks The International Longshore and Warehouse Union and Pacific Maritime Association are meeting independently today to consider various issues that have been raised in contract negotiations, although they remain ready to reconvene face-to-face talks in advance of the Thanksgiving holiday if necessary. The last direct contract negotiations between the two parties were...
NITL to shippers: 'Be prepared' Shippers at the National Industrial Transportation League's annual conference in Fort Lauderdale, Florida, last week were lucky to get there. An early blast of winter disrupted air travel as the conference began, dumping seven feet of snow on Buffalo, New York. The storm was an unwelcome reminder of last winter's polar...
Mexican export growth bodes well for cross-border trade with US U.S.-Mexico cross-border trucking and rail volume is poised to increase after Mexican factory export production in October hit a five-year high. Mexican factory exports rose nearly 5.4 percent in October from September in seasonally adjusted terms, Mexico's statistics agency today reported, according to Reuters. The growth, which reversed a contraction of...
Hapag-Lloyd reimposes low-water surcharges at Montreal Saying water levels have fallen in the St. Lawrence River, preventing its ships from being fully loaded, Hapag-Lloyd will reimpose low-water surcharges on its inbound Montreal services as of Dec. 9. "The St. Lawrence River water levels have decreased considerably, with latest forecast still predict falling water levels and not showing...
IMO mandatory container weighing rule to take effect in 2016 The International Maritime Organization last week agreed to an amended rule requiring container weights to be verified before boxes are loaded, cementing the rule's implementation in July 2016. Under the revised rule, the weight of the container must be verified either by weighting the unit or weighing all the cargo it...
Asia-Europe balance achievable next year with blanked sailings, SeaIntel says With Asia to Europe trade showing growth that far exceeds the region's GDP growth this year, and forecasts calling for another strong year in 2015, container lines may be able to achieve supply-demand balance despite a deluge of mega-ships expected to hit the market during the year. They would do...
India railroad will now assess 'port congestion' surcharges Indian shippers, already facing a wave of surcharges tied to landside congestion at major ports, received another blow this week when the federal government issued a decree allowing Indian Railways to charge a "port congestion surcharge" for cargo moving to inland distribution points. "Sanction of the central government has been accorded...
CMA CGM to acquire German short-sea carrier OPDR CMA CGM on Wednesday announced the acquisition of German short-sea shipping line OPDR in the latest move by the French carrier to boost its share of the fast growing intra-European container shipping market. OPDR, which is owned by the Berhhard Schulte Group, operates a door-to-door logistics chain linking northern Europe, including Scandinavia,...
Cape rates crash The dry-bulk market was reeling Wednesday in response to a sharp decline in rates for capesize bulkers trading in the spot market.
Let the good times roll Rates for tankers trading in the spot market are on the rise and many forecasters are growing increasingly optimistic about the future but some fear 2015 will be another challenging year for the segment
DCIX takes flight Shares of Diana Containerships gained traction in midday trading Wednesday after the owner line up time charter extensions for a pair of its panamaxes.
Neste axes 203 jobs Finland's Neste Oil is to shed 203 jobs by the end of 2016.
StealthGas sells and fixes Greece's StealthGas has secured charter contracts for nine vessels and has entered into a sale and leaseback agreement for one LPG carrier.
Golar LNG unsatisfied Golar LNG was unhappy with its third quarter financial performance despite an improvement in its operating numbers.
StealthGas buys back $10m Greek LPG carrier owner StealthGas has revealed a $10m share buyback programme.
Latvian loses less Riga-based tanker owner Latvian Shipping Company (LSC) has cut its nine-month deficit in spite of "disappointing" markets.
Teekay stand-off over The Australian crew of the Teekay-operated tanker Tandara Spirit have ended their sit-in protest against the likely loss of their jobs.
Zim denies suspension Israel's Zim has denied it has suspended operations in the US ports of Long Beach and Oakland.
LNG cull coming? Weak LNG spot rates and a heavy delivery schedule could push some shipowners out of business over the next two years.
Fredriksen back for bonds John Fredriksen has laid down an extra $25m to boost his holding in Golden Ocean's convertible bond.
MBC slumps in third Malaysian Bulk Carriers (MBC) has fallen to a loss in the third quarter as costs rose.
K Line to the rescue Four people aboard a yacht have been rescued by a car carrier owned by Japan's K Line.
Hoegh LNG misses Q3 mark Hoegh LNG slipped deeper into the red in the third quarter as its results disappointed the market.
Shin Yang profit chopped Shin Yang Shipping of Malaysia has barely remained in the black during the first quarter as its profit slipped on smaller revenue.
GE not finished yet? India's Great Eastern Shipping (GE) could yet add more bulkers to its fleet depending on market performance, its chief financial officer has said.
Small progress for Nordic Nordic Shipholding has marginally trimmed its third quarter deficit but still remained in the red as daily rates fell short of expectations.
Swire Shipping to sign Swire Shipping is to sign a new deal to provide international services to Tasmania, the Australian state's government has said.
Saade adds OPDR French giant CMA CGM has confirmed its takeover of German line OPDR after rumours grew of an imminent deal this week.
Vinalines raising $15m An auction of Vietnamese state shipowner Vinalines' stake in a domestic bank could raise about $15m.
Matson hikes rates US container line Matson is slapping $225 per teu on to the price of its Hawaiian and Guam services.
Aurora rides rates wave Aurora LPG has reported a strong third quarter performance as it continues to take advantage of strong LPG rates.
PACD gets thumbs up Pacific Drilling (PACD) shareholders have approved a buyback program of up to 8m shares at its extraordinary general meeting (EGM).
Oceaneering fixes Pride Oceaneering International has fixed a subsea support vessel from Norwegian-US joint venture Island Offshore.
HMLP makes good start Hoegh LNG Partners has made a positive start to its life as a US listed company with an 18% increase in net profit.
Africa links expanded Evergreen is set to double frequency of sailings between Asia and East Africa to offer a more comprehensive service on the trade.
WTI falls as US crude stockpiles rise Stockpiles rose 1.95 million barrels to 383 million in last week.
EU states failing to adapt sulphur regulations threatened with legal action Very few states met June deadline for translating EU sulphur directive into national laws.
Mixed messages on ECA enforcement Panel suggests authorities will scare operators into compliance with hefty fines, but doubts persist about jurisdiction and size of fines in Europe.
Newly created firm takes over OW Tanker Takeover is part of the process of securing assets for the estate.
LR introduces standards for assessing readiness for LNG Standards describe different levels of readiness to use gas as marine fuel.
OW's unsecured creditors could benefit as receivers strike deal Agreement covers procedure for determining which assets are not covered by banks' security.
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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