Fincantieri yard profits drop sharply Leading European shipbuilder Fincantieri saw profits drop sharply last year as difficulties in its offshore activities offset the recovery in its main cruise ship construction business. Group profits for 2014 dropped from EUR85 million (USD95.48 million) in 2013 to EUR55 million last year, despite
DVB not scared by dry bulk slump German transport lender DVB bank is hopeful that risk costs will continue to fall this year despite increased stresses in the dry bulk shipping and offshore services sectors. "We believe that we may have passed the peak in loan loss provisions. The influx of new problem cases is basically zero,"
Indian seafarers may get tax exemption Indian seafarers may finally obtain an exemption from income tax bringing relief to domestic shipping companies struggling with inflated wage bills. Budget proposals for 2015-16 unveiled by finance minister Arun Jaitley in parliament on Saturday include a directive to the Central Board of Direct
Dredging must prepare for Asia shift European dredging contractors should be alert to rising competition from the Asian market as well as a diminishing window of opportunity in the region, the International Association of Dredging Companies (IADC) Secretary General René Kolman has told IHS Maritime & Trade. In an interview ahead of
Astomos Energy seals TC deals with NYK and 'K' Line Japanese Liquefied Petroleum Gas (LPG) importer Astomos Energy today sealed VLGC time-charter contracts with compatriot shipping companies Nippon Yusen Kabushiki Kaisha (NYK Line) and Kawasaki Kisen Kaisha ('K' Line).
Pan Ocean returns to black for 2014 South Korean bulker operator Pan Ocean posted a KRW788.6 billion (USD716 million) net profit for 2014, which is regarded as a great improvement compared with the KRW1.909 trillion loss for 2013. Although Pan Ocean achieved sales of KRW1.645 trillion for the year, a drop of 39% year-on-year as the
MOL to charter six 20,000 teu container ships Japan's biggest shipping company Mitsui OSK Lines (MOL) revealed on 2 March arrangements relating to its plan to operate six 20,000 teu container ships. Four 20,000 teu ships would be built at Samsung Heavy Industries (SHI). Although it has been reported in several media that Greek owner Costamare
TTA posts USD30.5 mil. in net profit Thoresen Thai Agencies (TTA) has posted a net profit of THB986 million (USD30.5 million) for 2014, as its shipping unit returned to the black. The Thai group, which has interests in the offshore and marine sector and coal mining, credited a turnaround in its subsidiary, Thoresen Shipping.
CSSC Huangpu Wenchong revenues up after merger CSSC Huangpu Wenchong Shipbuilding's revenues rose 15% year on year (y/y) to CNY11.5 billion (USD1.8 billion) in 2014 after the merger of Huangpu Shipbuilding and Wenchong Shipyard in 2013. In 2014, the shipyard won new orders for 42 merchant vessels with contract values of CNY7 billion, including
Maersk grounding in Fremantle under investigation The container ship Maersk Garonne that ran aground near Fremantle Port on 28 February is currently being investigated by the Australian Transport Safety Bureau (ATSB). An industry source told IHS Maritime that the vessel is widely believed to have suffered an engine failure. "If you look at the
Car carrier catches fire off Ulsan A car carrier, Ocean Queen, caught fire while sailing the coastal waters off Ulsan in South Gyeongsang Province, South Korea, on 28 February. The country's Kyunghyang Newspaper reported the 7,580-tonne car carrier, which had 16 crew members on board, was en route to Russia from South Korea's Busan
KR equips itself to deal with large alliances Korean Register of Shipping (KR) appointed additional part-time directors and auditors, consisting of CEOs of large shipping companies and shipbuilders, as well as professors with expertise, to cope with super alliances. At its 53rd general meeting on 26 February, KR CEO Park Bum-shik said, "KR is
'K' Line to invest USD2.75 bil. in fleet expansion Japan's third-biggest shipping company Kawasaki Kisen Kaisha ('K' Line) announced today that it will invest JPY330 billion (USD2.75 billion) to upgrade its fleet starting this year up to 2019. The investment plan is in line with 'K' Line's goal of growing its net profit from a forecast of JPY25
Ship recycling market rebound continues Signs of recovery in ship scrap prices were seen last week when some vessels were sold at prices higher than in previous weeks. The much-anticipated budget of 28 February, the first full budget since Narendra Modi became the prime minister of India, seems to have brought with it very little of
Mermaid Maritime profit drops 67.4% Singapore-listed offshore services provider Mermaid Maritime cited weak market fundamentals for its dip in profits for the quarter ended on 31 December 2014. Profit for the quarter ended lower by 67.4% year on year (y/y) at USD4.3 million as compared with USD13.2 million for the quarter ended on 31
Vessel queues ease in Manila Officials from Regional Container Lines (RCL) have confirmed a claim made by the Philippine Ports Authority (PPA) of easing congestion at Manila ports. There has been a progressive improvement in congestion at Manila International Container Terminal (MICT), and vessels queuing up have reduced, an
Swiber net profit down 65.6% in FY 2014 Singapore-listed offshore services provider Swiber Holdings (Swiber) reported a net profit of USD31.2 million, down 65.6% year on year (y/y) for fiscal year 2014 (FY 2014). The lower profit was followed by a decline in its revenue, which went down 30.1% to USD726.5 million in FY 2014, as compared
MOL acquires world's largest, LNG-ready boxships at cheap terms Japanese conglomerate open to idea of letting others take ownership of vessels booked at SHI and leasing them back
Tankships IPO is best bet for cash-hungry DryShips Alternatives include sale of tanker fleet if spin-off fizzles
Pushing the boundaries of ship development as container lines demand more for less Lloyd's Register's new marine HQ in Southampton is at the heart of a centre of engineering excellence at a time when shipping faces unprecedented technological, regulatory and environmental pressures
LNG shipping no place for private investors looking to make fast buck Fly-by-night private equity investors should look elsewhere, as LNG shipping requires long-term approach to attract bank finance
Scorpio Tankers sees fourth quarter net income shrink due to $18m writedown Investment in Dorian LPG is subjected to change in accounting method while two product tankers are designated as held for sale
Box line reliability reaches new low West coast port congestion and new alliance start-ups hit on-time performance
DVB sees 10% profit boost despite quantitative easing Result 'compromised' by loose monetary policy, argues Driese
MSC and Costamare set for 11,000 teu orders Brokers report letters of intent have been signed for five vessels with options for four more
NYK and K Line seal five-year VLGC charter deals with Astomos Energy Newbuilding orders placed at Kawasaki Heavy Industries and Mitsubishi Heavy Industries
LNG spot rates to rise by year-end After months of falls in rates, there is light at the end of the tunnel
BW LPG expands VLGC fleet as it exercises purchase option on Vermilion First World's biggest VLGC player targets further gas fleet growth
RCL reports $3.6m profit in the fourth quarter Full-year figure reflects sale of fixed assets, says Thailand-based boxship operator
Thoresen Shipping ends calendar year in the black Dry bulk operator reverses a year-ago loss with $7.9m profit
SeaLand underscores benefits of smaller scale Maersk's new regional player avoids port delays that have hit the global operators
Charity at home British seafarers' welfare organisations have united to launch the Maritime Charities Group, a focus for sharing information and spreading best practice
"K" Line to shrink container fleet while expanding others Japan's third-largest shipping line, Kawasaki Kisen Kaisha, announced Monday it would be beefing up its LNG and bulker vessels over the next four years, while downsizing its container shipping fleet. "K" line said it will invest 330 billion yen, or about $2.75 billion, to upgrade its fleets between 2015 and 2019....
IHS economist: US consumers to help drive 3 percent global growth LONG BEACH, California - Global economic growth will accelerate next year driven by lower energy prices, a resurgent U.S. consumer as a global driver of growth, and stimulus measures being imposed by multiple central banks, IHS Chief Economist Nariman Behravesh told the 2015 TPM conference in Long Beach on Monday. Growth...
Overcapacity drags down Asia-Middle East, South Asia rates HONG KONG - Spot rates on the Asia to the Middle East and South Asia are being undermined as carriers on the trades struggle to maintain load factors to support freight rate increases, according to Drewry Container Insight. The London-based analyst said in a research report that Shanghai to Jebel...
Squires to succeed Moorman as Norfolk Southern CEO Norfolk Southern Railway company president Jim Squires will succeed Wick Moorman as CEO of the fourth largest railway in the U.S. in three months. Effective June 1, Squires will oversee all major divisions of the Norfolk, Virginia-based railroad. Moorman, meanwhile, will continue on as executive chairman of the board of directors....
Japanese carrier MOL to enter 20,000-TEU ship club MOL on Monday confirmed orders and charters for six 20,150-TEU vessels that catapults the Japanese carrier into the ranks of the operators of the world's largest container ships. Japan's largest shipowner has ordered four ships at Samsung Heavy Industries in a deal valued at approximately $618 million, according to the South...
Cold chain plays supporting role in growing ag trade U.S. exports of agricultural goods have outpaced imports since 1960, generating a surplus in the nation's farm trade and helping to "counter the persistent deficit in nonagricultural U.S. merchandise trade," according to the U.S. Department of Agriculture's Foreign Agricultural Service. Much of the trade in this sector relies on an integrated...
ODFL to keep long-term expansion rolling with $463 million capex spend Old Dominion Freight Line began 2015 as it began the past several years: under construction. In February, the fifth-largest U.S. less-than-truckload carrier added a new 12-door terminal in Watertown, South Dakota, its third in the state, and expanded its Oshkosh, Wisconsin terminal, adding 11 doors for a total of 48...
SeaLand's CEO bullish on Latin American opportunities LONG BEACH, California - SeaLand, the hallowed container shipping brand relaunched by Maersk Line in January, sees an opportunity to gain market share in the Latin American lanes resulting from two mergers - between two German container lines and two Chilean carriers. "Customers don't want to put all their eggs in...
There's a market for premium container services, K+N chairman says LONG BEACH, California - A premium shipping market awaits container lines who would be willing to offer premium service at a higher price than commoditized service offered by most carriers today, Kuehne+Nagel Chairman Karl Gernandt told TPM 2015. "Carriers have done a great job of lowering costs by forming alliances and...
K+N chairman: Labor-management relations top issue facing US ports LONG BEACH, California - The U.S. faces many challenging port issues but chief among them is a system of labor-management relations that fails to consider the interests of the ultimate customers, the chairman of Kuehne + Nagel told TPM 2015 in Long Beach on Monday. Karl Gernandt gave the keynote address...
NVOs and carriers need to better co-exist, K+N chairman tells TPM Karl Gernandt addressing the 15th annual TPM Conference in Long Beach.LONG BEACH, California - The shipping executive perhaps best suited to assess the relationship between container lines and non-vessel-operating common carriers sought on Monday to set to rest the tensions that have long existed between the two, and very much...
Norbert Dentressangle profit surges on Jacobson acquisition benefit Norbert Dentressangle's operating profit surged 18.6 percent in 2014 as it reaped an early benefit from its $750 million acquisition of Jacobson, the fourth largest U.S. logistics group. The French logistics and forwarding firm earned 167.9 million euros [US $188 million] before interest, tax, depreciation and amortization last year compared with...
Rickmers Group seals $1.4 billion in refinancing Rickmers Group, the leading German ship owner and manager, said it has successfully concluded negotiations with its bankers to restructure 1.28 billion euros (US$1.43 billion) of loans. Repayment of existing loans has been extended by a further three years until 2018 and the number of principal banks reduced from 12 to...
India moves forward with port privatization plan amid strike threat The Indian federal government pledged to go ahead with its plans to make major ports independent companies instead of government-controlled landlord ports despite fierce opposition from the highly unionized labor force. "As the success of so-called minor ports has shown, ports can be an attractive investment possibility for the private sector. Ports...
Maersk CEO: 25,000-TEU ships possible but not practical LONG BEACH, California - Maersk Line CEO Soren Skou said ships with capacities of 25,000 20-foot-equivalent units are possible but not practical today, and that he expects 18,000- to 19,000-TEU container ships to remain the largest afloat for years to come. In an interview at the JOC's 15th annual Trans-Pacific Maritime...
DB predicts falling Star Deutsche Bank downgraded its rating of Star Bulk Carriers' shares on predictions that low dry-bulk day rates will require the Petros Pappas-led bulker owner to issue new shares.
Ordering dips in January Newbuilding activity dipped in January compared to the first month of last year despite a surge in orders for large containershps, according to a report by Greek shipbroker Golden Destiny.
Eagle closer to flight The US energy facilities regulator has flown the starting flag on an environmental review of Eagle LNG's proposed LNG export facility in Jacksonville.
Dreyfus fixes Dong A cape Louis Dreyfus has tied up a Dong A Tanker owned capesize bulker on a period charter in a weak market.
MPC Capital stronger Germany's MPC Capital has posted stronger profit for 2014 as it announced a shake-up to its top management.
Olympic rises in 2014 Norway's Olympic Shipping has boosted both its annual earnings and revenue thanks to the addition of two vessels and higher rates.
Ultrabulk into MPP Ultrabulk has branched out into the multi-purpose sector with the launch of a service between Europe and Africa.
Algoma orders duo Croatian shipyard 3 Maj has won a new order for two self-unloading bulkers from Canada's Algoma Central Corporation.
Dry buys still on menu John Fredriksen's hunger for dry cargo investments has not been dampened by the rock bottom rates on offer, according to Golden Ocean chief executive Herman Billung.
Yard worker killed Diver dies after becoming trapped in gate valve at Palumbo shipyard in Malta.
Ridgebury redeems $10m Ridgebury Crude Tankers has revealed its intention to redeem $10m of its senior secured bonds.
Finnlines on shortlist Finland's Finnlines has said it is one of three bidders remaining in the race to acquire Poland's Polferries.
Hornbeck offloads PSVs Hornbeck Offshore Services (HOS) has completed its sale of three platform supply ships (PSVs) to the US navy, with a fourth disposal on the cards.
Bank buys half A division of ABN AMRO Bank has bought out Primorsk Shipping Corporation's stake in an ice-breaking tug.
Vopak closes $158m sale Royal Vopak has completed the sale of three US terminals, taking its long-term strategy to divest smaller assets a step further.
Two capes chopped Capesize bulkers continue to flood to the scrap heap in a terrible market.
Olympic heads south Norway's Olympic Shipping has won a new deal for an offshore vessel in Argentina.
Otto sees red Offshore vessel owner Otto Marine has turned to a loss in 2014 due to a weak performance from its shipyards.
NITC to appeal National Iranian Tanker Co (NITC) is to appeal the European Union's latest imposition of sanctions for its alleged role in Iran's nuclear programme.
Central banks blamed DVB Bank has predicted a rise in profit during 2015 after seeing last year's numbers hurt by the actions of central banks.
Swiber profit 65% down Singapore's Swiber Holdings has seen its full-year earnings drop more than 50% on the back of lower revenue.
TTA bounces back Thai bulker owner Thoresen Thai Agencies (TTA) has returned to profit for 2014 as its bigger fleet boosted revenue.
K Line eyes $500m profit Japan's K Line has revealed a new five-year plan to raise profit to more than JPY 60bn ($500.58m) as it readies a big new bond issue.
Down in the fourth Grupo TMM remains focused on debt reduction as its maritime division posted lower fourth quarter income.
Royal sells Splendour Royal Caribbean Cruises has cashed in one of its older vessels as it shoots to hit the targets of its double-double initiative.
Subsea 7 seals $240m deal Oslo-listed Subsea 7 has extended a charter with Shell in the UK in a deal worth $240m.
Pelni branches out Indonesian shipowner PT Pelni is aiming to move into the domestic tourism sector using its passenger vessels as floating hotels.
Fincantieri falls Italian shipbuilder Fincantieri has posted a drop in 2014 profit despite a recovery in cruiseship orders.
MOL goes large Mitsui OSK Lines (MOL) has confirmed orders for six 20,150-teu containership newbuildings at yards in Japan and South Korea.
BW LPG buys Daiichi VLGC BW LPG confirmed Monday that it has exercised a purchase option on a modern Japanese-owned VLGC.
Courage Marine in the red Courage Marine has slumped to a loss of $5.5m in the final quarter of 2014, in line with its profit warning issued in January.
HLNG teams with Delfin Hoegh LNG is teaming up with Delfin LNG to develop its FLNG project in US Gulf of Mexico it has emerged.
Astomos takes two more Two more VLGCs have been ordered in Japan on the back of charters from Astomos Energy Corporation, it emerged Monday.
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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