Lithuania's FSRU arrives in Klaipeda The last big piece in Lithuania's LNG jigsaw arrived Monday in the port of Klaipeda to great fanfare from local and international politicians and VIPs. Christened Independence, the floating storage and regasification unit (FSRU) means that Lithuania's dependence on outside gas and energy supplies
Carnival veteran Cahill retires Carnival Cruise Lines (CCL) chief executive officer Gerry Cahill has announced his retirement, effective 30 November, leaving the cruise giant in search of a replacement. CCL is the world's largest cruise brand in terms of ships and second only to Royal Caribbean International in terms of berths.
GasLog highlights US momentum America's export plan is playing an even greater role in LNG shipping's future prospects, according to GasLog LNG Partners CEO Andrew Orekar. "We believe the outlook for LNG shipping is strongly positive," Orekar said on 30 October. "There were a number of very promising LNG project developments in
Rolls-Royce: LNG bunkering is viable option LNG is a very viable option for the shipping industry, according to Jan-Paul de Wilde, designer at Rolls-Royce Singapore in his speech for the Asia Pacific Marine and Offshore Conference 2014 in Singapore yesterday. Wilde highlighted that the advantages of using LNG as marine fuel, which allows the
South Korean benzene exports to the US double In light of the weak demand from China, South Korean benzene producers have been looking to the United States as an alternative export market. IHS Chemical reported that benzene export volume from South Korea to the United States has now doubled to 90,000-100,000 tonnes per month. "Availability
Bleak year ahead for Precious, analyst warns Precious Shipping Ltd has posted a 3Q14 loss as it continues to face challenges into next year, a CIMB Securities analyst has predicted. Precious delivered a net loss of THB186.9M ($6.03M) in 3Q14, compared with 1H14 profits of THB136M. Core losses of just less than THB51M and an unsettled 4Q14
Indian Asphalt Venture seafarers released by Somalia pirates Seven Indian seafarers held hostage by pirates in Somalia for more than four years have been released. The men are the remaining crew members of the Panama-flagged 3,884dwt general cargo ship Asphalt Venture, which was hijacked on 28 September 2010. In April 2011 eight of the crew, along with the
St Croix plan targets US crude An agreement to restart the Hovensa refinery on the island of St Croix could allow foreign-flag crude tankers to load US domestic crude. The Hovensa facility, a joint venture between Hess and PDVSA, has been idled since February 2012. It had previous refined primarily Venezuelan crude and produced
STX founder jailed for six years for embezzlement Duk-Soo Kang, the man who founded troubled South Korean shipbuilding and engine-making conglomerate STX Corporation, today was sentenced to jail for six years for embezzlement, bribery, and a host of other offences. Arrested in April, Kang, who stepped down from STX after the group plunged into
India to buy polar research vessel for $175M The Indian government has approved the acquisition of a polar research vessel (ice-breaker, research and supply vessel) for about $175M. India's Ministry of Earth Sciences felt it was necessary that the country has its own polar research vessel to sustain two Indian research bases in Antarctica and
Perdana Petroleum sells OSV for $28.5M Malaysia-listed offshore services provider Perdana Petroleum has sold an offshore support vessel (OSV) to Hauston for MYR93.5M ($28.5M). The deal was done through Perdana Petroleum's wholly owned subsidiary, Perdana Neptune. Perdana Petroleum stood to gain approximately MYR1M for the disposal, and
KR to drive LNG-fuelled shipping in Asia South Korean classification society Korean Register (KR) has won a research project from Asia-Pacific Economic Cooperation Secretariat (APEC) to promote the use of LNG-fuelled ships in the Asia-Pacific region. Since APEC has recognised LNG-fuelled shipping as a means towards energy-efficient,
New record loss for Hyundai HI Hyundai HI has posted a KRW1.175 trillion ($1.12Bn) loss for 3Q14, a new record quarterly loss after a disastrous 2Q14. The world's biggest shipbuilder was already expected by analysts to book a loss due to low-priced orders in 1H13 and a slowdown in winning new orders this year. The result
CIMC profits surge in 3Q14 Shenzhen-listed China International Marine Containers (CIMC) recorded a profit of CNY586.6M ($95.9M) for 3Q14, making an increase of 38% on the previous year. The company posted a total profit of CNY1.6Bn for the period from January to September, 2014, up by 66% year on year, according to its
CMES posts $9.7M profit in Q3 Shanghai-listed China Merchants Energy Shipping (CMES) yesterday announced a record profit of CNY59.5M ($9.7M) for 3Q14, returning to black from a loss of CNY64 in 3Q13. The company's net profit for the first nine months this year totalled CNY313M, surging from the huge loss of CNY201M during the
Missing flight MH370 seabed mapping complete The Fugro Equator this week completed the bathymetric survey of the priority MH370 search area, and is on route to Fremantle, Western Australia where it will be refitted to join the underwater search. "Sufficient area have been surveyed for the underwater search to take place," the Australian
Hanjin returns to black Hanjin Shipping has posted a net profit for 3Q14, marking the first time since 4Q10 that it had a quarterly profit. The company posted a KRW39.8Bn ($39M) profit for the period and credited it to the company's cost-cutting measures. Like several of its peers, South Korea's biggest shipping company
Port Hedland ship blaze report blames generator fault A generator fault was behind a fire on board the 207,250dwt bulk carrier Marigold in Port Hedland, Western Australia on 13 July, according to preliminary findings released today. The vessel was loading ore at BHP Billiton at the time of the fire. Fire alarms sounded at 14.47 hours local time, the
Bulker suspected of hit-and-run in Vietnam Vietnamese authorities are seeking a Turkish-owned bulker that reportedly sailed off after colliding with a fishing vessel off Danang. The incident is said to have taken place on 26 October and the fishing vessel sank after the collision. The captain of the rescue ship SAR 412 from Danang Zone II
American Shipping Co looks to hire advisor for OSG merger The search for strategic alternatives adds fuel to market speculation that a Jones Act tie up is on the cards
Lamda takes its option for a second handysize from Avic Vessels are due for delivery in 2016
Attica completes Blue Star Ithaki sale to Canada Strong €31.2m price indicates shortage of sale candidates worldwide, says broker
China Cosco is back in black Scrapping subsidies push the shipping group to a third-quarter profit
Bowring, Cexim and DNV GL recognised at Lloyd's List Asia Awards 2014 Classification society walks off with innovation and class accolades, while Singapore's PSA and Sembcorp Marine take best terminal operator and shipyard
GasLog Partners posts a higher profit than expected Newly listed partnership is bullish about LNG prospects
Ukraine sanctions put Yamal LNG at risk Restricted access to international credit is hitting Russian firms, says energy expert
Multiple Los Angeles and Long Beach calls delay G6 services Hapag-Lloyd says congestion has hit a critical point for the six-strong alliance
Somali pirates free seven Asphalt Venture crew Seafarers held captive for four years are safe and well in Kenya
Long range two product tankers land record earnings Baltic Exchange high for Middle Eastern naphtha shipments to Asia could rise
CSAV begins to receive latest round of containerships Shipping line holds naming ceremony for the first in a series of seven vessels
Box line profit pulls up Hanjin third-quarter results High-season earnings flatter the latest results but the full-year outlook is weak
Busan box volumes go from strength to strength Container throughput up 6.7% in September as transhipment trade continues to grow
NYK sees Panama Canal expansion main driver for LNG fleet growth Japanese carrier predicts it will add about 20 vessels for sailing via expanded waterway
Opec's Middle East Gulf exporters cut shipments FREE TO READ: Higher exports from Saudi Arabia and the UAE, but lower shipments from Iran, Iraq, Qatar and Kuwait
Shippers hungry for intermodal as truck capacity tightens, C.H. Robinson says Shippers' hunger to move more loads from the highway to the rails is growing as they see more signs of tightening truck capacity, and resulting higher rates, C.H. Robinson said yesterday. "Our appetite for intermodal is probably greater than it was even three or four years ago," C.H. Robinson's CEO John...
In LA-LB woes, Oakland sees opening to land first inbound calls Congestion at the ports of Los Angeles and Long Beach could result in the realization of a long-time goal at the Port of Oakland: becoming the first U.S. West Coast call for inbound cargo from Asia. Roughly 30 container services call ports on the West Coast, and none call at Oakland...
ODFL expands work force to meet growth in LTL business In an era when most companies seem intent on doing more with less, Old Dominion Freight Line is doing more with more. The fifth-largest U.S. less-than-truckload carrier hired 868 employees in the third quarter alone to keep pace with its rapidly expanding business. "We increased the number of our full-time employees...
FMC allows CCM to license chassis software The Federal Maritime Commission has allowed Consolidated Chassis Management, the ocean carrier-owned operator of regional chassis pools, to license its pool management software and provide management services to third-party pools. The FMC allowed the changes in an amendment to the CCM's existing agreement filed with the commission. CCM was created by...
Fiscal first-half cargo revenue soars at ANA Holdings ANA Holdings' international cargo revenue surged more than 20 percent year-over-year in the first half of fiscal 2014, contributing to a big jump in the largest Japanese airline group's net profit in the April-September period. ANA Holdings, parent firm of All Nippon Airways, said on Thursday that it posted a group...
BNSF says it's more prepared for coming winter BNSF Railway told intermodal customers this week that it's better prepared for the coming winter than it was last year, with more personnel ready and expanded storage capacity at Chicago area facilities. Shippers are nervously watching weather reports after the 2013-2014 winter caused a massive backlog of rail freight, particularly in...
10 more CMA CGM ships to get bow retrofits Ten more CMA CGM ships are scheduled for modifications to their bows that will help the company save nearly 6 percent on fuel, the French carrier said. CMA CGM announced it would retrofit 10 of its vessels with new bulbous bows, bringing the total number of revamped ships to 25. The...
JLL: Industrial vacancy rates at a 6-year low Industrial vacancy rates in the U.S. dipped to 7.1 percent, as the average rate rose to $4.65 per square foot. Click to see full size chart. Total vacancy dropped to 7.1 percent, a six-year low, according to JLL Research's third-quarter report. That number could be as low as 6.9 percent in the...
Shippers turn to reefer rail more for capacity than savings U.S. shippers' increasing difficulties in finding long-haul trucks to move their loads is making intermodal rail, including the transport of refrigerated goods, more a "capacity play" than about saving money. This holds particularly true for shippers, such as Harry & David, which are challenged geographically. The seller of fresh fruit, flowers...
Lufthansa Cargo reports third-quarter profit in flat market Lufthansa Cargo's slim operating profit of 6 million euros ($7.6 million) in the third quarter, 20 percent higher than a year ago, maintained the carrier's status as one of the few profitable scheduled air freight operators. Revenue climbed 3.9 percent to 606 million euros in the three months through September despite...
Universal Truckload's Rogers: 'I'm not necessarily an LTL guy' Don't try to pin a label on Jeff Rogers, unless it says "CEO." The executive vice president and soon-to-be CEO of Universal Truckload Services spent many years at YRC Worldwide, running both national less-than-truckload carrier YRC Freight and regional carrier Holland. However, "I'm not necessarily an LTL guy," Rogers said in...
Hapag says 16 services affected by LA-LB congestion Container ships at anchor on Oct. 30th off Los Angeles-Long Beach awaiting berthsAdding to other recent evidence that congestion at the Los Angeles-Long Beach ports is worsening, Hapag-Lloyd Wednesday announced delays to multiple services and said the overall situation "has reached a critical point." Hapag's statement, which essentially applies to all...
Universal Truckload looks beyond automotive to new markets Universal Truckload Services looks forward to hauling more of a product close to the company's heart - heavy trucks. Demand for Class 8 tractors is rising, and UTS is dedicating more capacity to moving heavy trucks for original equipment manufacturers. "We are working on plans to expand one of our facilities...
Hapag-Lloyd increases Nhava Sheva congestion surcharge Hapag-Lloyd again raised its "on-carriage congestion surcharge" for import shipments handled at Jawaharlal Nehru Port (Nhava Sheva), indicating that India's largest container handler is still battling clogged railyards and that equipment turn times for ocean carriers have yet to improve. The German ocean carrier last week issued a trade notice increasing...
Brazilian white meat exports to Russia soar Brazilian chicken farmFirst beef and now chicken and pork. Russia, struggling after it enforced food embargoes on European Union countries, is ramping up its chicken imports from Brazil, registering a massive 291 percent year-over-year increase in imports of the white meat in September. According to data released by the Brazilian Association...
Mexican produce exporters push ocean route to Philadelphia A group of Mexican produce and meat exporters are sold on the idea of starting weekly ocean service between the ports of Veracruz, Mexico, and Philadelphia, saying it would be faster, cheaper and provide better security and cargo integrity than current trucking routes. Trade missions have been launched in each direction,...
No benefit from the fib Q: As a commercial salvage company, we dispose of goods for their owners. For example, in many states, there are requirements that must be followed to discard electronic products. When a manufacturer or distributor has such products that they need to get rid of - for example, they're damaged or...
Transplace CEO: Elections could impact HOS, safety scores CHICAGO - Next Tuesday's Senate elections could determine the future of federal regulations governing drivers' hours of service and the publication of driver safety scores, Transplace CEO Tom Sanderson says. Sanderson heads the Alliance for Safe, Efficient and Competitive Truck Transportation, a coalition of shippers, small trucking companies and brokers that...
Star Bulk's next quest Star Bulk Carriers is preparing to pursue a bond offering but it's unclear how the company will spend the proceeds if the fundraiser is a success.
Star Bulk oils bond press Star Bulk Carriers of Greece has joined the growing list of operators that are turning to the bond market for cash to fund expansion and other iniatives.
Cahill leaves Carnival The chief executive of Carnival Cruise Lines is getting ready to hang up his hat following a tour of duty that lasted two decades.
GLOP poised to pounce GasLog Partners of Monaco plans to expand its fleet of LNG carriers in the months ahead following a profitable third quarter, management said Thursday.
NCL profit rises Norwegian Cruise Line has recorded its 25th consecutive quarter of growth in core operating profit.
GMS secures contract Gulf Marine Services (GMS) has secured a four-year contract for one of its large vessels, including options.
Austal's record year Australian shipbuilder Austal has booked a record revenue for its 2014 financial year as a result of its diversified operations internationally.
GSL profit slides New York-listed boxship owner Global Ship Lease (GSL) has seen profit slip in the third quarter, but it will earn more from its new vessel.
Lauritzen confirms capesize sale Lauritzen Bulkers of Denmark has confirmed the sale of one of its capesize bulkers hit by a charter default when STX Pan Ocean ran into trouble.
CMA CGM optimises fleet France's CMA CGM has retrofitted the bulbous bows of ten of its vessels, bringing the total number of optimised units to 25.
Western Bulk in Bunge hire Western Bulk has hired David Swindoll from Bunge as the Oslo-listed owner looks to return to its roots with an increased focus on short and medium term deals.
Kirby stronger in Q3 Kirby Corp has clocked up a bigger third quarter profit and has raised its sights for full year earnings.
AMSC profitable again American Shipping Company (AMSC) has pushed up its third quarter profit thanks to a strong Jones Act tanker market.
China Cosco back to black China Cosco Holdings returned to profit in the third quarter but it was not enough to completely erase losses earlier in the year.
Asphalt seven freed Seven Indian seafarers have been released by Somali pirates more than four years after their vessel was hijacked.
Strike two for FSL Singapore's First Ship Lease today posted a second successive quarterly profit as its turnaround continues under the leadership of Alan Hatton.
NAO stays positive Nordic American Offshore has booked a profit in the third quarter and presented a positive read of the PSV market.
RABT improves Rederi AB Transatlantic (RABT) has performed better in the third quarter by booking a higher profit, but it said the result "is still not at a satisfactory level".
CSCL back in black Chinese container line CSCL has returned to profit in the third quarter thanks to lower costs.
Sinotrans swoops for capes Hong Kong-listed owner paying $98.5m for two modern bulkers from ER Schiffahrt of Germany.
Hanjin turns it around Korea's Hanjin Shipping has made a quarterly profit for the first time in nearly four years.
Azuma builds up profit Japan's Azuma Shipping has logged an improved first half profit on marginally increased revenue.
DNB downs VLGC sector A declining oil price has led DNB Markets to downgrade its view of the VLGC sector and urge investors to look to crude tankers instead.
Less for Capital Capital Product Partners has seen its third quarter profit slip amid higher costs as a result of its expanded fleet.
Italian yards team up Italian shipbuilders Fincantieri and Vittoria are cooperating on cargoship and naval projects in a new deal.
Mipo in the red Hyundai Mipo Dockyard has posted a bigger loss for the third quarter as revenue edged down.
Western Bulk in the red Western Bulk slipped further into the red than anticipated in the third quarter in a result that has prompted a strategy shift at the company.
HHI posts huge loss Hyundai Heavy Industries (HHI) has posted a massive loss of KRW 1.46 trillion ($1.38bn) in the third quarter.
Rindbo to take Norden reins Norden has plucked its new chief executive from the upper ranks of Pacific Basin Shipping.
DSME wins giant boxships South Korea's DSME has scooped another order for a series of huge containerships worth KRW 490.1bn ($464.6m).
Pang goes shopping Pang Yoke Min has taken advantage of the recent sell-off in offshore stocks to increase his holdings in two companies.
PACD secures new facility Pacific Drilling has confirmed the signing of a revolving credit facility with an aggregate principal amount of up to $500m.
Kawasaki reports loss Kawasaki Heavy Industries' shipbuilding arm has booked an operating loss of JPY 700m ($6.4m) for the second quarter.
Disposal boosts Logindo Logindo Samudramakmur has seen its third quarter profit increase by 29% thanks to the sale of a harbour tug.
Danaos reports improved Q3 Danaos Corp has booked a 34% increase in adjusted net income, in third quarter figures released after the market closed.
Gunvor to sell some of its Russian assets Move comes as US sanctions against Russia continue.
Surcharges dropping on international trades Survey shows 'broad declines' across multiple carriers.
Carbon credits scheme pays out Up to $3 million in the pot, says developer.
Port states 'not following up' non-compliance reports 'Not a single port state' has responded to notes of protest regarding MARPOL sulphur breaches, IMO meeting told.
Fuel oil stocks fall as exports climb Singapore onshore fuel oil stocks at four-week low.
Quarterly profit up at Norwegian Cruise Line Company confident of cost and use of bunkers for rest of the year.
Total Lubmarine: Ready for the ECA challenge 'Low sulphur fuels and eco-engines throw up many challenges to lubricant suppliers,' says company.
Seaspan receives modern newbuild Newbuilding is based on the firm's fuel-efficient SAVER design.
SCR system gains approval from MAN Diesel The only marine diesel engine supplier to receive official approval for SCR system, it claims.
Sri Lanka built vessels feature fuel efficient propulsion AHOSVs are being built at the Colombo Dockyard.
Chinese bonded bunker players import less product Overall fuel oil consumption in China has fallen.
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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