Maersk confirms ULCS contract Maersk Line has ratified a newbuilding contract with South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) for an ultra-large container ship order. In a press statement, Maersk confirmed orders for 11 firm ships of 19,630 teu capacity with options for six vessels being arranged
New Wärtsilä 31 engine offers efficency 'breakthrough' Wärtsilä has launched a medium-speed engine with advanced technology at this year's weeklong Nor-Shipping exhibition in Lillestrøm, Norway. The Wärtsilä 31 engine features high efficiency, fuel flexibility, and operational optimisation, including significantly reduced maintenance requirements -
Periods of drought a concern for Nordic bond market Periods of drought when investor appetite for new issues on the Nordic bond market dries up limits that market's growth, said Jens F Gruner-Hegge, vice-president of corporate finance at London-based parcel tanker and tank terminals group Stolt-Nielsen. The last time this happened was from 2H14,
Bonds seen as risk for shipping finance As shipping companies return to bonds as a source of funding, legal experts have warned of the potential pitfalls of using this kind of financing. "When companies need to restructure their finances, bondholders are not always in agreement , which can lead to a difficult situation," said Marius
Hundreds missing from sunken Yangtze River ferry More than 400 people are missing after a ferry capsized in the middle reaches of the Yangtze River late on 1 June. As of early morning on 2 June, rescuers had set free 10 people from Chongqing Dongfang Ferry-owned Dong Fang Zhi Xing, which had turned over at around 21:30 h local time on 1 June near
Caterpillar Propulsion announces azimuth additions Caterpillar Propulsion has announced that a new range of azimuth thrusters will form part of the new integrated propulsion packages intended to target the tug market. The first models in a family of rotating units will be a 60-tonne bollard pull Cat® Propulsion Marine Thruster Azimuth (MTA)
UK's Felixstowe port closed by high winds The largest UK port, which has just announced plans to double port capacity, had to close this morning due to strong winds affecting operations. Cranes and loading equipment cannot safely be used at Felixstowe while strong winds persist, so lorries are unable to enter or exit the port until they
Trade slowdown could hit shipping, analyst says A fall in the rate of trade growth could affect shipping, said Anil Gupta, strategy and globalisation expert at the University of Maryland, on 2 June. Gupta told an audience at the weeklong Nor-Shipping 2015 exhibition in Lillestrøm, Norway, that global trade had been growing at a multiple of about
Shipping warned of impact from global political shifts Strategic competition on the global political stage may have far-reaching implications for shipping, the managing director of the World Economic Forum and former Norwegian defence minister Espen Barth Eide has warned. For 20-25 years the Western way of conducting business had predominated, but was
Wärtsilä and COSCO tie up ballast water management deal Finland-based power supplier Wärtsilä and Chinese shipping, logistics, and shipbuilding giant COSCO have signed a win-win manufacturing license agreement for ballast water management systems (BWMSs) that took effect on 1 June. The deal gives COSCO access to technology and the rights to manufacture
Ulstein X-STERN wins Next Generation award at Nor-Shipping Ulstein Group's X-STERN has won the Next Generation Ship Award at the opening of the Nor-Shipping conference in Norway today. With a focus on innovation, the Next Generation Ship Award honours the most promising design for ships that will be at sea in the coming decade. The jury was instructed to
Nor-Shipping focuses on building maritime confidence Building confidence in the future of Norway's maritime cluster, despite current challenges in many sectors, is one of the key topics at Nor-Shipping, the bi-annual event that opened in Oslo on 1 June. About 35,000 delegates from 70 countries are expected to attend more than 100 events during the
Frontline boosts LR2 orderbook Frontline 2012, the John Fredriksen-controlled shipowner, has extended an existing order for LR2 tankers at China's New Times Shipbuilding. The original four-ship order, placed in October and December 2014, has been extended by two more of the 111,000 dwt ships. The latest pair is due for delivery
Norway's prime minister opens Nor-Shipping Norway's future lies in being smarter, not cheaper, Norway's Prime Minister, Erna Solberg, said at the opening of the weeklong Nor-Shipping 2015 exhibition in Lillestrøm on 2 June. "This is why we are investing so heavily into innovation, research and development," she said. The Norwegian
Swire companies produce diabetes prevention guide for seafarers Swire Pacific Offshore and The China Navigation Company are working together to raise seafarers' awareness of diabetes. The companies, both part of the Swire Group, have produced a health guide called A Seafarers' Guide to Understanding Diabetes and have partnered with The Mission to Seafarers to
Gibdock opens Pad 1 prefabrication facility Located in Gibraltar, shipping services yard Gibdock on 1 June officially opened its 2,940 m2 purpose-built Pad 1, a specialised area for land-based fabrication projects that provides 12 tonnes per m2 load-bearing workspace. "Pad 1 is a versatile facility with many applications," Gibdock managing
Sage Sagittarius inquest turns political Panamanian-flagged MV Sage Sagittarius trades internationally, shipping coal between Australia and Japan, but it has now become the centre of a political debate over Australian cabotage and a coroner's inquiry into crew deaths. In 2012 two seafarers died aboard the vessel in Australian waters
China's SIPG signs deal to run Israel's Haifa port China's Shanghai International Port Group (SIPG) on 28 May inked a deal with Israeli port authorities, obtaining the right to run the new Haifa port in northern Israel for 25 years. The Chinese firm will bring its capabilities to the port development and strengthen relations between China and
HHI clinches Hoegh FSRU Norwegian floating LNG production specialist Hoegh LNG has ordered a floating storage and regasification unit at Hyundai Heavy Industries (HHI), with an option for an additional vessel. The vessel, to be delivered in the first quarter of 2018, will have a regasification capacity of 750 MMscf per
Ezra raises $300m to strengthen its balance sheet Singapore-listed integrated offshore services provider Ezra Holdings has proposed renounceable underwritten rights issue and issue of convertible bonds to raise proceeds of up to USD300 million for refinancing. It is part of the Ezra's refinancing strategy to deleverage its balance sheet and
Muhibbah Engineering profit up 43.6% Malaysia-listed marine oil and gas engineering firm Muhibbah Engineering posted a profit of MYR32 million (USD8.68 million), up 43.6% year on year for the first quarter that ended on 31 March 2015. However, its revenue suffered a dip of 7.8% to MYR363.2 million, compared with MYR393.9 million in
Busan to expand cruise terminal South Korea's Busan port, already the biggest transhipment port in Northeast Asia, wants to improve its cruise facilities. In response to growing cruise passenger numbers in the region, Busan has decided to extend the 360 m long quay at its Yeongdo Cruise Pier to 435 m. Waters there are 12 m deep.
Evergreen, Arkas to launch new Mediterranean service Taiwanese carrier Evergreen Line and Turkey's Arkas Line will be co-operating to launch a new West-East Med Service (WEM). The new service will connect the Aegean Sea, the Near East, and the Western Mediterranean. Four vessels will be deployed for this service, with one by Evergreen and three by
Maersk gains more for less with $1.8bn order for 19,630 teu newbuilds New generation Triple-Es will be cheaper than first series but have more cargo-carrying capacity
Nor-Shipping 2015: Transforming technology is here Progress being made in technology developments is faster than many think
Regional governments set to take on HSH bad shipping debt Bank looking to state administrations to take on non-performing loans
Nor-Shipping 2015: Teekay's Tanker Investments will be sold in two years, says Evensen Asset play will come but Teekay wants to harvest high profits in red-hot tanker market first before selling to highest bidder
CMA CGM launches new West African service Weekly loop will connect northwest Africa with Mediterranean mega hubs
Nor-Shipping 2015: Wärtsilä reveals fuel-efficient feeder designs Four new designs launched with existing and future Ecas and Secas in mind
Hoegh LNG to build eighth FSRU at Hyundai Heavy Industries Oslo firm continues to see strong demand for FSRU services
Nor-Shipping 2015: More radical innovations are really needed, says Gunvor Ulstein Awards for innovative design, energy efficiency and young entrepreneurship are handed out in Oslo
Nor-Shipping 2015: Strong headwinds continue to challenge maritime industry Innovation and investment are key to boosting the maritime industry to new levels
Coal and grain strengthen supramaxes Prospects have improved for smaller vessel but brokers doubt that it will last
Jinhui sheds electronics trading subsidiary Deal brings Hong Kong dry bulk operator $4m
Pangaea extends contracts for bulker shipments from Brazil to North America Extensions would have a combined value of $22m
Passengership carrying 458 sinks in Yangtze River Hundreds are feared dead after vessel capsizes in storm
SEKO takes on Greenbriar as equity investor to speed growth With its management flexibility constrained by a fractured ownership structure, SEKO Logistics has brought in a private equity partner to recapitalize its balance sheet, transform its many local joint venture owners around the globe into shareholders and provide the resources to grow through acquisitions. Greenbriar Equity Group, which specializes in negotiated...
Houston port ready for hurricane season after shaking off storm Operations at the Port of Houston were largely unfazed - though officials are investigating some damage to equipment - after the torrential rain and flooding that swept through Texas last week. According to the Port of Houston Authority, the Gulf Coast's largest container port remained largely operational during the storm, which...
Dropped G6 sailings highlight Asia-Europe trade weakness In the latest sign of the challenge facing Asia-Europe carriers to make money in the busiest global shipping lane, the G6 Alliance said it would cancel two sailings, citing low demand. Yet canceling individual sailings will likely do little to quell analysts' view that significantly more capacity, such as entire...
Asset-light LTL carrier Shift Freight expands in Michigan, Ohio Shift Freight is expanding its non-traditional, asset-light less-than-truckload business in the Midwest, adding service to 1,400 direct points in Michigan and Ohio. The expansion, announced June 1, follows the rollout of services in the Midwest earlier this year and the New York-New Jersey area last year. "Having fierce Ohio State and...
Maersk bets ever-larger ships aren't always the answer In its new mega-ship order announced on Tuesday, Maersk Line took a conservative road, achieving a 7 percent capacity increase in ships of almost identical hull dimensions to its Triple-E class. In the process, it is showing how carriers are not automatically opting to build ever-larger ships to push the...
West Coast volume down months after slowdowns ended Work slowdowns and port congestion associated with the 2014-15 coastwide longshore contract negotiations continued to haunt West Coast ports in April, with total container volume down 6 percent from April 2014 even though the slowdowns had ended in February. According to numbers published on the website of the Pacific Maritime Association,...
Long Beach to invest half-billion in infrastructure The Long Beach Board of Harbor Commissioners approved an $829 million budget for the fiscal year starting Oct. 1, which includes $555 million for port expansion and improvement projects. The second largest U.S. port is in the midst of a 10-year, $4 billion capital improvement program that includes construction of a...
CEVA wins three year contract extension with Spanish DIY chain Madrid - CEVA Logistics, one of the world's leading supply chain companies, has won a three year extension and expansion of its contract with one of Spain's leading home decoration and do-it-yourself (DIY) companies, AKI. CEVA has worked continuously with AKI since 2010 and today it has a dedicated team of...
White House threatens to veto DOT spending bill WASHINGTON - The White House threatened to veto legislation now in the House of Representatives that would fund the departments of transportation and housing, citing deep cuts to transportation spending, including TIGER grants, and housing programs. The Obama administration also targeted provisions in the House transportation and housing appropriations bill that would...
88 Crowley Vessels Honored with Jones F. Devlin Awards NEW ORLEANS' - Eighty-eight Crowley Maritime Corporation vessels received the Chamber of Shipping of America (CSA)'s annual Jones F. Devlin Award in recognition of their outstanding safety records, during a luncheon held last week in New Orleans, La. Each year, the CSA honors manned merchant vessels that have operated for two or more years without incurring...
Trucking Moves America Forward Announces $50,000 Contribution from Tennessee Trucking Foundation The Tennessee Trucking Foundation announced a $50,000 financial contribution to Trucking Moves America Forward (TMAF) over the next five years. Tennessee Trucking Foundation members of the board voted to support Trucking Moves America Forward and believe the campaign fits seamlessly with their mission. A photo of the donation presentation can be downloaded...
Sham Logistics Services Add Iraq Office to Representation We are pleased to welcome Sham Logistics Services as new Cargo Connections members representing Iraq. The company is already a member in Kuwait and we are pleased to add their Iraq office to our growing network. Capt. Shadi Salama (Managing Director) states; "Located in Basra, we offer a full range of...
Evergreen, Arkas to launch Mediterranean service Taiwanese carrier Evergreen Line and Turkey's Arkas Line are launching a new collaborative West-East Mediterranean Service. The new service will connect the Aegean Sea, the Near East and the Western Mediterranean. Four vessels will be deployed into the service, one Evergreen and three Arkas vessels. The WEM service has a port rotation...
Hermes Strengthens Asia Operations with Branch Office in Shanghai Chicago - Hermes (www.hermesworld.com), a leading provider of end-to-end e-commerce services for fashion and lifestyle brands, announced today that it has strengthened its Asia operations by opening a branch office in Shanghai. Hermes Transport Logistics (HTL) Greater China now offers turnkey supply chain solutions and sea and airfreight transportation. Hermes holds...
High winds close UK's largest port The U.K.'s largest port, which has just announced plans to double its capacity, had to close Tuesday morning due to strong winds affecting operations. Cranes and loading equipment cannot safely be used at Felixstowe while strong winds persist, so trucks are unable to enter or exit the port until they subside....
Hermes Strengthens Asia Operations with Branch Office in Shanghai Chicago - June 2, 2015 - Hermes (www.hermesworld.com), a leading provider of end-to-end e-commerce services for fashion and lifestyle brands, announced today that it has strengthened its Asia operations by opening a branch office in Shanghai. Hermes Transport Logistics (HTL) Greater China now offers turnkey supply chain solutions and sea...
Chinese port operator signs deal to run Israel's Haifa port China's Shanghai International Port Group late last week inked a deal with Israeli port authorities, obtaining the right to run the new Haifa port in northern Israel for 25 years. The Chinese firm will bring its capabilities to the port development and strengthen relations between China and Israel, said Israeli Transport...
India's Nhava Sheva trumpets productivity gains amid congestion complaints India's Jawaharlal Nehru Port Trust, or Nhava Sheva, which had been on the receiving end of intense shipper complaints over cargo delays in the recent past, is turning things around with an equipment upgrade and the introduction of other proactive measures. In a notice to shipping lines and the trade, the...
Five Below opens million-square-foot NJ distribution center Retailer Five Below has opened a 1,015-square-foot distribution center in southern New Jersey that will serve 300 of the company's stores in the eastern United States. The DC is part of a larger supply chain development program for the fast-growing retailer, which also plans later this year to develop overseas container...
Ocean Rig to sell shares DryShips spin-off Ocean Rig has announced a share offering that could help fund acquisitions.
Louis-Dreyfus leads Bimco Philippe Louis-Dreyfus has been named president of shipping industry association Bimco.
TIL will go to highest bidder Peter Evensen today shot down conventional wisdom that Tankers Investment Ltd (TIL) will be sold back into the Teekay system.
Only 15 saved from Yangtze Just 15 people have been rescued from the river cruiseship Eastern Star a day after it capsized in China's Yangtze River with 458 people on board.
Norway gets a boost The Norwegian government has agreed a new maritime strategy with policies to bolster the country's shipping register.
Monjasa expanding Danish bunker and tanker group Monjasa has posted a big jump in 2014 revenue as it grew its fleet.
Polferries not for sale Finnlines' and DFDS' plans to expand in the Baltic Sea have taken a hit as the Polish treasury ministry withdrew from negotiations on the privatisation of Polferries.
Diana fixes Medusa Diana Shipping of Greece has clinched a time charter contract for a newly delivered kamsarmax.
G3 plots new terminal Saudi Arabi's Salic and trader Bunge are plotting a new grain terminal in Canada.
Hostage on Anek ferry A 39-year-old woman held as a hostage on a Greek ferry has now been freed.
Maersk Line seals $1.8bn order Danish owner puts pen to paper on contract at DSME for up to 17 huge Triple-E containerships.
Big data's time has come Big data and the connectivity of ships with computerised operating systems are the two big things expected to come into shipping over the next five to ten years, according to a panel of maritime experts at the Nor-Shipping conference.
Vard's ship of the year An offshore support vessel constructed by Vard Holdings has been named ship of the year for 2015 in Norway.
Shelter from the storm? Broker Westshore is not convinced offshore wind farm work can help out beleaguered North Sea platform supply ships (PSVs) and anchor-handlers (AHTSs).
Feeding for less Wartsila is introducing four new designs for eco-container feeder vessels at Nor-Shipping in Oslo.
Shale shapes tanker market The level of US shale oil production will prove key to future tankers earning, according to Drewry.
Ulstein scoops design prize Norway's Ulstein Group has walked off with the next generation ship award at Nor-Shipping's opening conference in Oslo.
OPEC could hike quota Crude cartel OPEC is very unlikely to cut back on production and may even increase output to put itself "back in the driving seat," according to JBC Energy.
Ezra shares drop 14% Ezra Holdings has seen its stock price plummet to the lowest level since 2008 hot on the heels of a share and bond issue.
TOO to make $600m Teekay Offshore's (TOO) new shuttle tankers will generate annual EBITDA of $40m over their 15-year charters, Wells Fargo has calculated.
HHI ends job cull Loss-making Hyundai Heavy Industries (HHI) has pledged not to lay off any more staff as ship orders rise.
GLOP eyes new funds LNG carrier owner GasLog Partners (GLOP) has revealed its intention to sell securities worth up to $600m.
Bharati loss widens Indian shipbuilder Bharati Shipyard has posted a bigger full-year loss as revenue dwindled.
Vard's next generation Norwegian shipbuilder Vard Holdings has launched a new vessel design project to boost fuel economy and environmental performance.
Jinhui banks $4m Bulker owner Jinhui Holdings has struck a deal to sell a loss-making trading subsidiary.
Sinking claims over 450 More than 450 people are reported missing after a local passenger vessel sank in the Yangtze River in central China.
RCCL in Oslo departure Royal Caribbean Cruises Ltd (RCCL) is set to withdraw its secondary listing on the Oslo Stock Exchange (OSE), it has been confirmed.
Busan targets cruise sector Busan Port is set to open a new cruise terminal in response to Northeast Asia's growing attraction as a cruise destination.
Bulker to be lightered A Cosco bulker that ran aground off Texas last week is to have part of its cargo removed in a bid to refloat the vessel.
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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