Scorpio Tankers back for more Despite its prodigious orderbook, Scorpio Tankers has tapped bond investors to raise funds for even more fleet acquisitions. The Emanuele Lauro-led, NYSE-listed company has priced a $45M public offering of so-called 'baby bonds' - bonds sold in lots of $25 each to attract retail investors as
SOLAS migrant rescues catch ships in political crossfire Recent European agreement on sea rescues of illegal or 'irregular' migrants in the Mediterranean has put the shipping industry in a precarious position. At a meeting of EU home affairs ministers, concerns were expressed that search-and-rescue (SAR) operations in the Mediterranean were acting as "a
ClassNK gives air lubrication EEDI approval ClassNK has approved the EEDI appraisal of a vessel fitted with the Mitsubishi Air Lubrication System (MALS). The vessel, the Harvest Frost, is a Post-Panamax bulker (95,000dwt, 2014) built at Oshima Shipbuilding for US-based ADM Harvest Shipping according to ClassNK rules and guidance. Developed
IMB highlights extent of violence against ships There has been a drop in reported attacks (actual and attempted) on ships and crews by armed gangs and pirates to September 2014 (178), according to the International Maritime Bureau's (IMB's) Q3 2014 report released today (29 October). This represents a decrease of 5% compared with the figures for
VLCC rates boosted by Gulf activity Spot freight rates for VLCCs have risen sharply as activity in the Gulf, in particular, has picked up, shipping analysts have reported. "The very large crude carrier [VLCC] market has shown strong form over the past week with current rates at around $46,000/day - up from $27,000/day only a week
Daehan Shipbuilding rescue plan approved Seoul Central District Court announced on Tuesday (28th October) that it has approved a turnaround plan from Daehan Shipbuilding, giving the South Korean shipbuilder, which has been in receivership since 7 July, a chance to revive its business. At a shareholders meeting held on 24 October, a rescue
Container ships catch fire in Port Klang Fire broke out on board two container ships after they collided at Port Klang, Malaysia.The Marshall Islands-flagged container ship, San Felipe, was alleged to have collided with the Malta-flagged Al Riffa on 28 October 2014, at approximately 20.00 hours local time, while approaching the berth at
Hyundai Glovis momentum remains limited The upside momentum of Hyundai Glovis, the logistics arm of South Korea's Hyundai Motor Group (HMG) for 4Q14 is limited, after its 3Q14 profit fell 41% year on year to KRW88.5Bn ($84.5M), said KDB Daewoo Securities in a research note. KDB Daewoo Securities analysts, Jay JH Ryu and Choong-hyun Kim
Crew members abandon grounded ship Twelve crew members of the containership Hui Hong 3 that ran aground off Shantou Port, Guangdong, last week had to abandon the vessel yesterday, reported local maritime officials. The ship grounded at the breakwater of Shantou Port en route from Zhangzhou, Fujian, to Xiamen on 24 October. The
Bocimar cancels six more bulkers at Samjin Belgian drybulk carrier owner Bocimar has cancelled six more 35,700dwt Handysize bulkers it had ordered at troubled Samjin Shipbuilding Industries. South Korean-owned Samjin, whose shipyard is in Weihai, China, had confirmed to IHS Maritime last month that it is in discussions to sell itself within
Los Angeles and Long Beach cut the number of waiting boxships Congested ports handle four vessels overnight, reducing those at anchor to six
Blaze extinguished on two boxships UASC and BSM confirm that fires have been put out after the two ships collide
A new name for Rongsheng marks shift from shipbuilding to energy Rebranded China Huanrong Energy gives a sweetheart share deal to a lone investor
Lithuania receives its first LNG cargo Golar Seal arrival marks Vilnius' bid to break its dependence on Russian piped gas
Steamship opts not to raise its premium Claims in the current year are below budget, Rynsard says
Subsidies deliver a profitable third quarter for China Shipping Development Dry bulk, tanker and LNG player expects full-year profit
Fredriksen books two LNG carriers at Daewoo South Korean builder continues recent run of orders in the sector
Developing south Mediterranean ports will make European logistics more sustainable Intermed Gateways promotes a regional alternative to the northern range gateways
International Group slams 1971 pollution fund wind-up Compensation body the IOPC insists its decision is appropriate
Further VLCC rates rises on horizon More balanced tonnage list boosts rates
CAI sees revenues and profits increase But container lessor is keeping a watchful eye on economic developments
Scorpio Bulkers posts loss as low charter rates persist Update: Company stresses its priority is securing debt needed to fulfill its 80 newbuilding orders
Dockers stay out in row over APM Terminals' Moin concession win ITF backs Costa Rica waterfront strike amid reports of tens of arrests and drafted-in labour
Southeast Asia tanker hijackings reach worrying levels FREE CONTENT: a rise in targeted regional attacks bucks a global decline in piracy
Cyprus Shipping Chamber backs Chrysostomou for top job at the IMO Kazakos backs Department of Merchant Shipping acting director to replace Sekimizu
G6 hit hardest by Los Angeles-Long Beach delays Some 15 ships at anchor off San Pedro Bay because of overcrowding in port
Qatar Navigation sees profits rise Net profit for nine month period hits $225m
Port congestion keeps inactive fleet low Brokers say bottlenecks have kept the charter market firm and vessels in employment
Ridgebury Tankers lists its first bond on Nordic ABM US firm will issue $210m to mature in March 2017
Tanker Investments buys 1.4m of its shares for $15m Oslo-listed Teekay venture aims to repurchase $30m of its shares
Finnlines considers bidding as Polferries sale is relaunched Polish treasury looks to raise more than $14m from selling 91% interest
DNV GL urges shipping to cut deaths and accidents at sea by 90% Maritime casualties are 10 times higher than in land-based industries, says Svensen
Merger costs drag on Braemar results Redundancy payments in shipbroking business after ACM shipping merger lead to half-year loss
Precious reports a third-quarter dip Lower daily earnings, higher running expenses and an overall weak dry bulk market hit Thai company's performance
Maersk begins transitioning Americas customers to SeaLand With the launch of its SeaLand inter-Americas service approaching on Jan. 1, Maersk has begun transitioning its affected customer base from Maersk to the newly created, Florida-based SeaLand unit. Any customers whose freight has both an origin and destination among the U.S., Canada or Latin America including the Caribbean will be...
Amazon completes European distribution network Amazon's opening of three distribution centers in western Poland this week closes the remaining gap in the e-commerce giant's European network. To handle expected winter holiday demand, the company is adding 5,000 workers to the the three distribution centers, which will employ roughly 5,000 during non-peak period, according to The Associated...
China's S.F. Express is fastest-growing global transporter: SJ Consulting S.F. Express, a Chinese express package delivery company with 12,000 vehicles and nearly 290,000 employees was the fastest growing global transportation and logistics company in 2013, increasing revenue 40.6 percent from 2012, according to SJ Consulting Group. The Chinese company, founded in 1993, added more than $1 billion to its annual...
LA-LB congestion hurts inland distribution [Video] JOC Senior Trucking Editor William Cassidy describes the current congestion crisis at the ports of Los Angeles and Long Beach and its impact on inland distribution in the following video from the JOC Inland Distribution Conference: Contact William B. Cassidy at wcassidy@joc.com and follow him on Twitter: @wbcassidy_joc....
US retailers want PierPass fee break worth millions of dollars U.S. retailers are pressuring PierPass to temporarily waive at least $9 million in fees to give shippers some relief from severe congestion at the Los Angeles-Long Beach port complex. In a letter to PierPass, the National Retail Federation said the suspension of fees for a short time would help restore terminal...
China to upgrade infrastructure, logistics network along Yangtze River A major new initiative has been launched to upgrade infrastructure and the logistics network along the Yangtze River, an undertaking that will impact almost half of the country's population. Launched in September, the initiative follows the State Council's analysis of the Yangtze River region as an economic super-zone, called the Golden...
Troubled Air France-KLM cargo unit sinks deeper into the red Air France-KLM's troubled cargo business sank deeper into the red in the third quarter as a two-week strike by pilots and weaker demand widened the loss to 102 million euros ($130 million) from 84 million euros a year ago. Revenue shrank 9.4 percent to 623 million euros in the three months...
Tanzania plans deep-water container port with Chinese aid Construction on a new seaport in Bagamoyo, Tanzania will begin in 2015, 45 miles north of Tanzania's capital and largest port in Dar es Salaam.Construction on a new seaport in the Indian Ocean town of Bagamoyo, Tanzania will begin in 2015, Tanzania announced Tuesday. The new port, which will be Chinese-funded,...
Third try for Philadelphia in developing Southport terminal Southport, which Philadelphia hopes to turn into a marine terminalThe Port of Philadelphia is making a third try at getting its long-contemplated and long-postponed Southport terminal off the ground. The project, originally designed as a container terminal, may evolve into a multi-use terminal this time around as the overseas market...
Virginia inland port attracts furniture maker A manufacturer of custom office furniture is investing $17 million to establish a Virginia distribution center at the CenterPoint Intermodal Center in Suffolk, a boost for the Port of Virginia and CSX Transportation and another sign of growing momentum for inland ports served by rail. Friant & Associates, headquartered in Oakland,...
US retailer to install Orbcomm tracking devices on 16,000 trailers Global asset-tracking company Orbcomm will install 16,000 trailer-tracking devices in the privately owned fleet of a major U.S. retailer, the company said. The order, from an unidentified customer, is the largest to date for Orbcomm's dual-mode GT 1100 product, which tracks and monitors assets using low-earth-orbiting satellites and cellular networks. The...
Air freight index rises for fourth straight month, Drewry reports Air freight rates are on the rise heading into the peak season months of October and November, Drewry Maritime Research says. Drewry's East-West Air Freight Price Index was above 100 - the benchmark for growth - for the fourth straight month in September, growing 0.7 percentage points from August to an...
LTL truck freight tonnage still climbing in October, Saia says Saia sees no sign as yet of any slowdown in fast-paced growth in truck tonnage as the Southeastern less-than-truckload carrier rolls into the fourth quarter. "I am pleased to report that LTL tonnage growth continued in October at a similar pace of the growth seen during the third quarter," Rick O'Dell,...
Online consumer guru joins Freightos to automate freight pricing HONG KONG - Robert Mylod, the former Priceline CFO who played a major role in automating the online consumer travel market, has joined online freight pricing and quoting network Freightos, which plans to mimic the automated system that was such a game changer in the travel business. Freightos CEO Zvi Schreiber"Freightos...
BNSF's suspension of Quincy intermodal service leaves ag shippers out in the cold Fruit shippers in Central Washington hoping for refrigerated rail service to be reinstated at the Port of Quincy have a long wait. The port's intermodal terminal was home to Cold Train, an intermodal reefer service that operated between the port and Chicago. Cold Train discontinued the service in August and the...
Coming Soon: The Port of Seal Beach "I had to wait most of the day to deliver the bales, sitting there in my truck, watching stevedores load other cargo. It struck me that I was looking at a lot of wasted time and money." - Malcom McLean If you're ever in the Southern California region, give me a call...
New ACL ships on track for delivery next summer A new ACL Ro-Ro/Container ship currently under constructionAtlantic Container Line said the first of five new ships in a top-to-bottom fleet upgrade are on track to enter service next summer, followed with an additional delivery every two months until its current fleet of 1980s-era ships is replaced. The five new vessels...
DRYS seals shares sale DryShips of Greece has raked in nearly $335m from its latest trip to the capital markets.
Top Ships lands loan Greek operator Top Ships has secured financing for a pair of product tankers that are under construction in Vietnam.
Hope for Hovensa Forecasters who track the tanker market were reeling this week in the wake of reports that Hess and PDVSA have lined up a buyer for a refinery that has been closed since 2012.
Grupo TMM plots expansion A diversified Mexican operator is gearing up for a campaign to expand its fleet of anchor-handlers and floating production, storage and offloading units (FPSOs).
End in sight for SALT Scorpio Bulkers appears to be closing in on the final leg of a race to finance the rest of its newbuilding programme.
CSDC returns to profit China Shipping Development Co (CSDC) has returned to profit for the third quarter despite increased financial expenses.
Damen seals FCS deal Naviera Integral of Mexico has returned to Dutch yard Damen for two more fast crew supply (FCS) vessels.
Rongsheng raising $416m Loss-making Chinese shipyard group Rongsheng has secured a cash injection worth up to $416.5m as it seeks to change its name.
Plumbe backs VLCC giant Johnny Plumbe has offered his support to the creation of a VLCC spot market giant via the union of Frontline and Tankers International.
Braemar's offshore ambition Braemar ACM has an eye on expending its offshore business, two of its leading executives say.
Milaha pushes up profit Qatar Navigation (Milaha) has recorded an improved performance during the first nine months of 2014, figures released today show.
Breakwater teams with fund Maritime finance company Breakwater Capital is hooking up with lending fund Hayfin Capital Management to offer loans to the shipping sector.
Wee jailed for fraud Sembcorp Marine's former group finance director Wee Sing Guan has been jailed in Singapore for fraud.
Soechi targets $169m IPO Indonesian tanker owner Soechi Lines is targeting fleet expansion as it lines up a November IPO in Jakarta.
OSV deal for Wartsila Finnish ship power group Wartsila has been awarded a contract for propulsion systems and ship design of two offshore support vessels under construction in Sri Lanka.
Perdana sells vessel Perdana Petroleum Berhad has continued its fleet renewal programme by selling one of its offshore support vessels to Hauston Limited.
Samsung splashing cash Korea's Samsung Heavy Industries (SHI) has seen its stock price jump as it said it would buy back its own shares.
PNSC profit slips Pakistan National Shipping Corp (PNSC) has made a weaker start to the first quarter of the year as it posted lower earnings.
DSME books LNG double DSME of Korea has revealed a new order for two LNG carriers worth KRW 428.6bn ($409m).
Yanez to stay in jail Oceanografia's chief executive must stay in jail, a Mexican court ruled on Tuesday.
Hegnar taking over Hurtigruten's media mogul chairman Trygve Hegnar has launched a bid for the ferry and cruiseship company that values it at NOK 2.94bn ($441.7m).
Dubai takes first Q-Max Dubai's floating storage and regasification unit (FSRU) has taken delivery of a part-cargo of LNG from the first Q-Max vessel to call at the Jebel Ali terminal.
Scorpio aims for $45m New York-listed Scorpio Tankers has revealed it is hoping to raise at least $45m from a notes issue that could see it target new ship purchases.
Braemar slips into the red UK shipbroker Braemar Shipping Services has fallen to a small loss in its first half, partly due to the costs of merging with compatriot ACM Shipping.
RR wins Wayfarer deal Rolls-Royce has signed a major contract to supply a complete module handling system for a subsea construction vessel.
Noble joins MLP stampede Noble Corp, the US-listed drilling rig operator, has announced plans to pursue a master limited partnership (MLP).
Rui Lee arrested again Winland Shipping has seen one of its supramax bulkers re-arrested in Singapore under an existing claim against the shipowner.
HPH Trust suffers in Q3 Hutchison Port Holdings Trust (HPH Trust) has seen a 9% drop in its third quarter net profit as it was impacted by higher costs.
Crude gains as growth of US supplies slows US stockpiles climbed to 379.7 million barrels last week.
NSR sailing permit applications reach record high Over 600 applications received this year.
Class society to push LNG-powered shipping in Asia-Pacific Aim is to help region achieve 'an energy efficient, sustainable and low carbon transport future'.
Market for low sulphur IFO 'is getting smaller' Price differential between low and high sulphur IFO has been narrowing.
New setback for attempts to restrict offshore bunkering Russian court dismisses latest appeal by customs authorities.
Asian pirates targeting fuel oil and marine diesel cargoes 'We advise small tankers in particular to remain vigilant,' says International Maritime Bureau.
Oil analyst: Bearish market to stick around Swing producer Saudi Arabia will ultimately set the price parameters, says DNB.
New Marine Manager at Petrogal Jose Carlos Roque takes over from Antonio Manso.
Trumf eyes Asian market New hire to raise company's profile in region.
Chinese yard enters third contract for LNG valves 'The use of LNG as fuel for ships is rising rapidly in China', says Bestobell.
Bulker arrested at Singapore Third time vessel has been detained in 2014.
China should 'seriously consider' establishing ECA, report recommends Says poor regulation of bunker fuel emissions is contributing to the country's air pollution.
Ice class bulker to make Northern Sea Route trip NSR route reduces fuel costs and emissions, says CEO of PLS.
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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