APMT sacks striking dockworkers APM Terminals (APMT) has fired 130 dockworkers at its general cargo terminal in Callao, Peru, where a strike has been ongoing since 13 May. According to APMT, the strike involves approximately 600 workers. During the past week, "certain employees have been receiving notification that they're no
Frontline amends tanker charters John Fredriksen-led Frontline has announced a major revision to its long-term charter agreements and has reported stronger than expected quarterly results. Long-term charters for 17 tankers owned by related-party Ship Finance International (SFI) will be amended as of 1 July. Base rates for VLCCs
FE/Europe spot freights slump deeper Container ship overcapacity in the Asia/Europe trade saw cargo spot rates for westbound headhaul liftings hit another all-time low today. According to the Shanghai Containerised Freight Index (SCFI), shipments on the Shanghai/North Europe route were this week quoted at just USD342 per teu in the
UNESCO gives Australia's Reef plan the nod Bans on dredge disposal at sea, restrictions on port expansion, and an AUD100 million (USD765,000) government lobbying campaign have convinced the United Nations World conservation agency to recommend keeping Australia's Great Barrier Reef off the endangered list - for now. While government and
NOL completes APL Logistics sale Singapore's Neptune Orient Lines completed the sale of its logistics business, APL Logistics, to Japan's Kintetsu World Express on 29 May. NOL, the parent of liner operator APL, sold the logistics unit for USD1.2 billion. The sale will enable NOL to raise funds as it works towards restoring
Product tankers face oversupply risk Although product tanker freight rates remain in positive territory, shipowners should be cautious about newbuilding investments as there are still a number of ships to be delivered, Italian broker Banchero Costa has reported. Freight rates have been at a five-year high, driven by low crude oil
Bangkok approves Laem Chabang port development The Thai government has approved Harbour A Development Project at the gateway port of Laem Chabang, the government website reported after a cabinet meeting. This allows the Port Authority of Thailand (PAT) to construct an L-shaped harbour measuring 30 m wide and 120-125 m long, with a 115 x 120 m
JST abandons newbuild bulker Jinhui Shipping and Transportation (JST) has abandoned a bulk carrier newbuild ordered at Oshima Shipbuilding, citing the benefit of reducing future capital expenditure during an extremely challenging operating environment. Zanzibar Naviera will take over the newbuild, a 60,000 dwt bulk carrier, a
JES appoints new non-executive chairman Singapore-listed shipbuilder JES International Holdings (JES) has appointed Chu Caixia as its non-executive chairman. JES cited in its filing to the Singapore Exchange (SGX) that Chu is the mother of the incumbent CEO of JES, Jin Yu. Prior to Chu's appointment, the company had announced that its
ICTSI buys Mexican port operator for $54.5m Filipino terminal operator International Container Terminal Services (ICTSI) has acquired Mexico-based port operator Terminal Marítima de Tuxpan (TMT) for USD54.5 million. The acquisition is in line with the ICTSI's policy of business expansion and increasing its global footprints, according to
SOE to deliver two more multi-gas carriers Sinopacific Offshore & Engineering (SOE) plans to make delivery of two more 27,500 m³ multi-gas (LNG/ethane/LEG/LPG) carriers by the end of 2015 to Evergas, following the delivery of the first newbuilding on 28 May. According to SOE, the company held a technical delivery ceremony on 28 May for the
Xiamen port gets $37m subsidy for channel expansion Xiamen port in China has received a CNY230 million (USD37 million) subsidy from the Ministry of Transport for the Phase IV expansion of the port's main channel, the port administration said today (29 May). The channel will be expanded based on Phase III development completed in November 2013, which allows
Seoul pays out first batch of Sewol compensation South Korea's Ministry of Oceans and Fisheries (MOF) has paid compensation to the families of three Sewol ferry disaster victims. The ministry announced on 27 May that KRW1.25 billion (USD1.13 million) has been paid out in the first batch of compensation for Sewol victims. Sewol capsized during a
Anek eyes deal with lenders Better results and a new capital increase will also help share status, says ferry operator
Rickmers Holding converts from KG to stock corporation Bertram Rickmers to chair board of new entity
Navios Midstream Partners poised for dropdown VLCCs New MLP has options on seven large tankers in Navios Acquisition fleet
Large vessels and alliances not the cause of port congestion, says WSC Labour difficulties at terminals, inconsistent productivity and inefficient transport infrastructure to blame
Standard Syndicate 1884 off to strong start, says Grose Move designed to subsidise P&I and broaden offering, chief executive argues
Star lawyer Peermohamed to head Norwegian Hull Club Ince & Co shipping head will replace John Wiik when he retires next year
New low for Asia-north Europe rates Freight rates fall for third consecutive week to all-time low of $342 per teu
NordLB making shipping profit for first time since 2012 Positive contribution to income of $25m in first quarter
Jinhui reports in the black for the first quarter Lower revenues due to a weak spot market weigh down on core earnings
Ship Finance amends charters and profit split with Frontline New York-listed Ship Finance International breathes new life into its relationship with Frontline as tanker market improves
Liner reliability picks up as alliances bed in Maersk Line returns to its position of being the most reliable carrier
Frontline 2012 gunning for US listing this year Listing linked to merger with Frontline as scale will be offered to investors
Höegh LNG raises fresh funds on bond market Oslo-listed gas company could use funds to order new FSRU
Frontline hits $31m profit in first quarter John Fredriksen company boosts cashflow and cuts debt, improving its outlook
West Australia-China offers lifeline for struggling capesize sector Pilbara miners drive bookings on trading route
Cost savings of ultra large containerships called into question Massive ordering also likely to dampen costs benefits, according to OECD report
International Transload Logistics Sets up Shop at CenterPoint Intermodal Center - Joliet, IL CenterPoint Properties is proud to announce it has signed a long-term lease with International Transload Logistics Inc. (ITL) for 3801 CenterPoint Way, Joliet, Illinois within the CenterPoint Intermodal Center (CIC). ITL will lease 303,061 SF of the 485,476 SF facility through 2022. John Cash and David Haigh of NAI Hiffman...
Value of goods trucked between US, Mexico leaps 9 percent The number of trucks crossing the U.S.-Mexican border at Laredo, Otay Mesa and other points is on the rise, but the value of the goods those trucks carry is rising faster. That's a sign of the increasing importance of U.S.-Mexican trade and cross-border trucking to U.S. importers and shippers of more...
APM Terminals fires striking dockworkers in Callao, Peru APM Terminals has fired 130 dockworkers at its general cargo terminal in Callao, Peru, where a strike has been ongoing since May 13. According to APMT, the strike involves approximately 600 workers. During the past week, "certain employees have been receiving notification that they're no longer allowed to work here," APMT...
Crowley to manage Pasha Hawaii ships Crowley Maritime Corp.'s global ship management group has been awarded a contract to crew, operate and maintain four U.S.-flag domestic ships that Pasha Group is acquiring from Horizon Lines for operation in the West Coast-Hawaii trade. The contract between Crowley and Pasha subsidiary Sunrise Operations follows Pasha's $141.5 million acquisition of...
Thailand gives green light to Laem Chabang port upgrade The Thai government has approved construction on a new harbor at the country's largest port at Laem Chabang. The new L-shaped harbor, 30 meters wide and roughly 120 to 125 meters long, will support a 13,800-square-meter marina. "A shore crane and a container arranging crane will be installed to support up to...
Matson closes deal to enter Alaska market Matson Inc. has completed its previously announced $469 million acquisition of Horizon Lines, clearing the way for Matson to enter the U.S-flag domestic trade between the Pacific Northwest and Alaska. The deal marks the end for Horizon Lines, a company that traced its history to Malcom McLean's launch of coastwise container...
ICTSI to acquire Mexican port operator International Container Terminal Services Inc. has agreed to pay $54.5 million to acquire Mexican port operator Terminal Maritima de Tuxpan. TMT recently obtained a government concession to build and operate a second container terminal at Tuxpan on the Gulf of Mexico. Plans are for the terminal to have capacity of up...
Israeli dockworkers end protest, return to work Dockworkers in Israel have ended a two-day strike protesting the creation of new foreign-run port terminals. The strike shut down the country's two largest seaports at Ashdod and Haifa and cost the Israeli economy NIS 150 million, or roughly US$38.6 million, according to the Manufacturers Association of Israel. At its height, roughly...
Low oil prices fuel US oil field transport, energy acquisitions Lower oil prices are dampening capital investment in U.S. oil and gas fields, but creating opportunities for acquisitions, whether among energy companies or the transportation businesses that serve them. Oil companies such as Canada's Crescent Point Energy, which this week bought Saskatchewan-based Legacy Oil and Gas for $1.53 billion, are...
Port Tampa Bay partners with USF in maritime research TAMPA, Florida - Port Tampa Bay announces that the state's largest port has recently signed a memorandum of understanding with the University of South Florida Board Of Trustees to partner in several objectives over the next three years. The port and USF have enjoyed a decades-long relationship that is now reaching...
Deflategate and international business: How they relate At first blush, Deflategate and laptop searches don't have much in common, and their relationship to international business appears even more remote. Like so many international business and commercial issues, though, their outcome turned on the quality of the policies and procedures of the involved parties. Let's start at the beginning....
Export-import intermodal boosts Container Corp. of India profit State-owned rail operator Container Corporation of India reported an 11.5 percent increase in consolidated net earnings in fiscal year 2014-15, which ended March 31, on the back of strong volume gains from its core international freight hauling activity. Yearly group net income rose to Rs. 1,054.58 crore (approximately $164.5 million) from...
Rail operations return to normal in India after protests end Reports from New Delhi said train operations were returning to normal Friday following the end of week-long protests by ethnic Gujjars in the state of Rajasthan over demands for job reservation in the public sector. The blockade actions had shut down train service in the northern corridor - a busy intermodal...
Record traffic drives Etihad cargo revenue past $1 billion LONDON - Etihad Airways' cargo revenue topped $1 billion for the first time in 2014 as freight traffic grew four times faster than the global market to reach an all-time high.The Arab Gulf carrier, which has a fleet of 10 freighters, increased cargo revenue by 19.2 percent to $1.1 billion...
SCFI: Asia-Europe rates collapse ahead of June GRIs HONG KONG - As carriers prepare to implement the next round of Asia-Europe general rate increases on Monday, June 1, the spot market response was to plunge to the lowest ever official freight rate seen on the trade.According to the Shanghai Containerised Freight Index (SCFI), the spot rate for shipping...
Build Indonesia infrastructure and factories will come, Maersk says The Indonesian government's maritime focus will boost trade, Maersk Line believes.HONG KONG - Indonesia's plans to invest in infrastructure will pay off as the Southeast Asian country attracts cost-driven manufacturers moving their production out of China, believes Jakob Sorensen, president and director of Maersk Line Indonesia. While the country's current...
New board for Toll Group under Japan Post umbrella Toll managing director Brian Kruger and Japan Post CEO Toru Takahashi announce the new board.HONG KONG - Toll Group began operating under the Japan Post flag today as president and CEO Toru Takahashi announced the new board that will provide governance to the Melbourne-based logistics company. The board members include...
NewLead CFO resigns NewLead Holdings's chief financial officer has resigned, the Greek shipowner said Friday.
Fredriksen's new chief executive Jo Lunder has been hired as chief executive of John Fredriksen's NOK 100bn ($13.3bn) empire.
Horizon Lines deal done Matson and The Pasha Group have completed their $611m deals to carve up US containership rival Horizon Lines.
Navios Midstream 'speculative' Moody's Investor Service placed a speculative credit rating on Navios Maritime Midstream Partners, the newest New York-listed company the Navios group umbrella
North Korean crew stuck Mexico and North Korea are in talks to repatriate crewmen stuck on a cargoship for nearly a year.
SFI boosts profit Ship Finance International (SFI) has performed beyond analysts' expectations hot on the heels of a haircut agreement with Frontline.
Macleod cold on merger Robert Hvide Macleod has shaken off growing speculation of a merger between Frontline and Frontline 2012.
Newbuild changes hands Jinhui Shipping and Transportation has transferred a newbuilding contract for a 60,000-dwt bulk carrier to an unknown third party.
Western revenue falls Lithuania's Western Shipyard has posted a 12.3% drop in revenue for 2014.
STNG springs new buy-back Scorpio Tankers today revealed a fresh $250m buyback programme as it passed up options on a pair of converted newbuildings from sibling Scorpio Bulkers.
Petrobras bins contracts Petrobras has cancelled leases for five drillships and semi-submersible platforms owned by Schahin Petroleo e Gas.
Still alive We take a look at what was said in the market over the past week.
Lifeboat warning Australia has called for a change to lifeboat release mechanisms after a serious accident on a supramax in 2014.
NOL closes $1.2bn sale Neptune Orient Lines (NOL) of Singapore has completed the $1.2bn sale of APL Logistics to Tokyo-listed Kintetsu World Express.
Hoegh hooks $130m Hoegh LNG has pocketed $130m from its trip to the Norwegian bond market.
Marine snaps up Stena duo Canada's Marine Atlantic is buying two chartered-in ro-paxes from Sweden's Stena.
MISC on the hunt Malaysia's MISC is working on new acquisitions after restoring its balance sheet to health.
Captain "sold guns" An inquest into two deaths on a Japanese bulker off Australia has heard that its captain was accused of selling guns on board and assaulting crew.
Place your bets Analysts are divided on whether a restructured charter agreement with Ship Finance International (SFI) is the starter pistol or the death knell for a merger between Frontline and Frontline 2012.
Red start for Reach An anticipated weak winter market has dragged Reach Subsea to a red bottom line for the first quarter.
Chilean strike ends Customs workers in Chile have ended an eight-day strike that halted shipments at the country's ports.
Red Funnel stays local UK operator Red Funnel has picked a domestic shipyard for its new ferry.
Haisheng scraps bulker China Shipping Haisheng is selling its oldest bulker for scrap.
Frontline ends red run John Fredriksen's Frontline today posted its first profitable quarter in almost half a decade as it stared an aim to enter a new growth phase.
Frontline 2012 in US push A long-awaited US stock-listing of John Fredriksen's Frontline 2012 is set to take place this year, the company says.
Svitzer enters Brazil Svitzer, the Maersk Group's salvage and towage arm, has made its first tentative steps into the Brazilian market.
Flex LNG on course John Fredriksen-controlled Flex LNG has enough cash to see it through the next 18 months, but will seek new finance before the delivery of its first ships.
SFI takes a haircut Fredriksen company cuts charter rates to Frontline by $283m in return for 27.7% stake.
Jinhui back in black Jinhui Shipping & Trading has returned to profit in the first quarter of 2015 despite a significant decline in revenues.
V.Group expands in Manila V.Group and its shipmanagement arm V.Ships has opened a major new office and training centre in Manila, Philippines.
CFO musical chairs Transocean has recruited a new chief financial officer (CFO) from one of its rivals following the departure of its own CFO.
Rampion to boost ports Two small UK ports are set to be among the beneficiaries of the first offshore wind farm off the south coast of England.
NTSB fingers Shell The National Transportation Safety Board (NTSB) said Shell is likely to blame for the 2012 grounding of a conical drilling unit after an Edison Chouest Offshore anchor handler lost power while towing it off Alaska.
Exxon, Chevron shrug off pressure to address climate change On renewable energy Exxon CEO says 'we choose not to lose money on purpose'.
SGMF, Spanish natural gas association sign LNG MoU Organisations to collaborate on a standard to regulate LNG-fuelling operations for ships.
Stena Bulk's 'wait-and-see' approach to bunker alternatives Means putting new orders on hold for now.
Lukoil CEO sess crude holding below $80 a barrel US data shows falling inventories by rising production.
Emissions: Cruise ships banned from overnight berthing Australian environmental regulator says global IMO sulphur rule 'too far off' to help Sydney residents.
Downturn sharpens competition in Norway's offshore sector With the environment losing out.
LNG player 'keen to hear' if terminal should grow Fluxys LNG is trying to judge demand for services such as loading LNG bunker vessels.
Pertamina to build bunker storage facility Phase one of building project to complete by 2017.
Argos merger to exclude bunkering unit Argos agreed merger with Varo Energy on Thursday.
Manufacturer recommends anti-piracy countermeasure Offers opinion on recent rise in bunker fuel siphoning attacks.
Aegean upbeat on annual outlook Company keeping 'ahead of the pack' on new ECA rules.
Titan Petrochemicals moves to regain trading status Organises open offer of its shares in cash-raising move.
Crude rises as US inventories decline US commercial crude inventories fell by 2.8 million barrels last week.
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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