Africa must exploit its maritime resources, IMO says African countries that have direct access to the sea should emulate Japan in exploiting their vast maritime resources to bolster their economic progress, said IMO secretary-general Koji Sekimizu. Speaking in Nairobi last week where he was attending Kenya's first National Maritime Conference,
European shipping jobs up 25% The number of people directly employed by the European shipping industry increased by 25% between 2004 and 2013, a study has found. Carried out on behalf of the European Communities Shipowners' Associations (ECSA) by Oxford Economics, the study found that the industry's directly employed workforce
Wasaline continues improvement in 2014 NLC's Wasaline recorded a 5.2% rise in passenger numbers in 2014 to nearly 162,000, while freight, consisting of ro-ro and special cargo, went up 5%. The company, which is in its second year of business, owns and operates Wasaline. Wasa Express, its only vessel, shuttles across the Bothnian Gulf's
Danish Ship Finance profit soars on impairment reversals Danish Ship Finance, the Copenhagen-based shipping bank, trebled its 2014 net profit as it was able to reverse impairment charges booked in previous years. Group net profit reached DKK1.57 billion (USD232.5 million) in 2014 compared with DKK477 million a year earlier. "The profit, which was
India's SCI ends newbuilding freeze India's state-run Shipping Corporation of India (SCI) said it would start ordering new ships, lifting a two-year freeze on acquisitions following a dismal financial performance in the last four years. The enterprise said it plans to spend about USD130 million on buying ships, either second-hand or
Genting buys Crystal Cruises Japan's NYK has sold its US cruise subsidiary, Crystal Cruises, to Genting Hong Kong (GHK) for USD550 million. Crystal operates two luxury cruise vessels: the 2003-built, 1,070-passenger Crystal Serenity and 1995-built, 922-passenger Crystal Symphony. GHK owns Asia's Star Cruises, which operates
Firmer freight rates nudge container ship values higher A recovery in freight rates has helped the valuation of container ships to increase on the second-hand market, while the balance between tonnage supply and demand remains delicate, a senior shipping analyst said. "Freight rates rose marginally in February and consequently they have been
EC: IMO must pressure states on migrant boats The European Commission (EC) has vowed to call on the IMO at a meeting in London tomorrow to pressure port authorities and flag states to more closely monitor their ship traffic for illegal migration. Speaking at a large-scale rescues-at-sea workshop in Brussels yesterday, Charmaine Hili, policy
MSI to benefit offshore, container sectors The enhancement of Singapore's Maritime Sector Incentive (MSI) is likely to benefit offshore sectors and container liners, said Lim Peng Huat, director of Singapore-based integrated business solution provider Complete Corporate Service. Lim explained in the recent Moore Stephens Singapore Budget
Port chaos to slam US container growth Disruptions at American West Coast docks over the past two months will take a heavy toll on US container trades in 2015, according to JOC-IHS economist Mario Moreno. Moreno, speaking at JOC's 15th annual TPM conference in Long Beach, California, on 2 March, slashed his forecast for US containerised
Tsuneishi banks on R&D to win orders Japan's Tsuneishi Shipbuilding, which mainly builds Kamsarmax and Handymax bulkers, plans to soldier on with research and development to clinch new orders. Speaking to IHS Maritime in Singapore today, Tsuneishi president Kenji Kawano said, "It's true that the dry bulk shipping market has gone down
Vard's cash flow to improve amid gloomy orderbook Singapore-listed Norwegian offshore vessel builder Vard will improve in its net cash position despite a gloomy order outlook, CIMB Securities analyst Yeo Zhi Bin told IHS Maritime today. "Vard's net cash position has really tumbled; [hence] keeping cash will be the company's first priority," Yeo
CMES to break two Aframaxes, sell six bulkers China Merchants Energy Shipping (CMES), a Chinese bulker and tanker operator, plans to dismantle two old Aframax crude tankers and dispose of six old bulk carriers on the secondhand market. The disposals will be exercised according to market situations, a stock filing of CMES said today. According
Sinwa posts full-year profit of USD6.7 mil. Singapore-listed offshore marine logistics company Sinwa posted a full-year profit of SGD9.16 million (USD6.7 million) for fiscal year (FY) 2014. The net profit for FY 2014 marked an increase of 41%, as compared to SGD6.49 million for FY 2013. Likewise, Sinwa's revenue saw a jump of 10.7% year on
Australia spells out ship bans The Australian Maritime Safety Authority (AMSA) has released a Marine Order detailing its 'three strikes and you're out' policy for ships breaching international safety and labour standards. 'Directions and refusal of access to Australian ports' details AMSA's newfound powers under the Navigation
Courage Marine's loss worsens Singapore-listed bulk carrier operator Courage Marine Group has deepened into loss for fiscal year (FY) 2014, due to low demand in the dry bulk market. The company recorded a net loss of USD9.72 million in FY 2014, down 448% year on year (y/y) as compared with the full-year loss of USD1.7 million
LPG freight rates drop ahead of March contract prices LPG freight rates dropped below the $100/tonne mark as traders calculated their moves ahead of Saudi ARAMCO's announcement of contract prices for March. As of 2 March, the Baltic Exchange assessed the benchmark Gulf-Asia Pacific rate at USD99.625 per tonne, down USD1.375 from 27 February. At
Baltic Trading warns on covenants NYSE-listed Baltic Trading has admitted that it is in danger of breaching debt covenants within the next six months. The dry bulk owner posted a net loss of USD5.6M for 4Q14 versus net income of USD587,000 in 4Q13. Average time charter equivalent rates were just USD8,847/day in the most recent
Unions hold firm in Rotterdam terminal dispute FNV Havens and CNV Vakmensen refuse to negotiate with Maasvlakte 2 terminal operator unless it enforces a collective agreement for all employees
NewLead scores affreightment deal for 25 year-old panamax Year-long aggregates contract follows hard on heels of separate bitumen tanker coa
India LNG import projects at risk India has great potential as an importer, affecting LNG shipping trade lanes, but various factors jeopardise development
Somalis free fishing crew after four years Hostages held since April 2010
Tokyo calls for better class rules in final MOL Comfort report But transport ministry stops short of giving definite causes of the casualty
Shipping contributes $164bn to European economy, says Ecsa Update of Oxford Economics study shows industry providing work for 2.2m people
Box line industry could improve profitability by more than $6bn Maersk Line's ebit margin gap highlights the profitability that the rest of the industry could achieve
Svitzer reiterates focus on growth with long-term contracts and efficient port operations Hugely competitive terminal towage sector in need of consolidation, says Robert Uggla
MPC Capital takes full control at Ahrenkiel Management shake-up will see Holländer take chief executive job
Top global operators vie for second Mombasa terminal PSA, APM Terminals, DP World and Cosco on shortlist of 19 interested in Kenyan port's new box facility
Fisher sees jump in tanker profits British owner may boost fleet if upturn sustained
Rules on environment and employment could disrupt European maritime cluster Dingle warns that some regulations making regional owners less competitive
European drive to boost R&D funding for greener ships Vessel for the Future calls on Brussels for public/private partnership
Hansen to push twin-track strategy at Skuld P&I club to build commercial activity to benefit mutual members
Caution the watchword as demolition rates edge back to $400 per ldt Prices for scrap ships across the Indian subcontinent appear to have settled
Alliances blamed for initial chaos as LA and Long Beach start to clear cargo backlog Long Beach boss calls for landlord ports to take more active role after bruising negotiations on new labour contract have damaged prospects for Southern Californian duo
Stopford calls for more bespoke container services Clarkson Research boss questions the economics of very big ships that are commoditising the industry
'We are well equipped for making acquisitions,' says BW LPG What's next for the world's biggest VLGC player as the market buzzes?
Baltic Trading posts loss as dry rates slump New York owner signals possible extra capital need ahead
Maersk Line prepared to adjust network as shippers lose trust in west coast ports Danish giant to respond to customer requests for more east coast calls
Offer better services not bigger ships, Clarkson analyst says LONG BEACH, California - Ship sizes had reached the point of diminishing returns and container lines should be focusing instead on introducing differentiation into their service offering, Martin Stopford, director of Clarkson Research Services in London, told delegates at TPM 2015. "On paper, they are cheaper. When you run a spreadsheet...
Tiger Cool Express expands intermodal reefer fleet Intermodal rail carrier Tiger Cool Express recently added 35 temperature-controlled intermodal containers to its fleet. The acquisition expands the carrier's fleet to 234 containers for shippers of perishable produce and food products. The new intermodal containers are manufactured by Hyundai and equipped with Carrier X4-7300 refrigeration units and iBright telematics. Their...
Ports of LA, Long Beach say they'll be back to normal in 3 months Left to right: Bill Mongelluzzo, senior editor, The Journal of Commerce and JOC.com; Gene Seroka, executive director, Port of Los Angeles; Jon Slangerup, chief executive, Port of Long Beach.The container logjam at the ports of Long Beach and Los Angeles will be cleared within three months, the top officials of...
Shipper or broker: Who's on the hook? Q: I'm in business helping carriers collect their freight charges from shippers when brokers and third-party logistics providers don't pay those charges. I have had a lot of success. In most cases, the shippers and their attorneys initially refuse to pay on the ground that they've already made payment to...
New products, services aim to grow temp-sensitive air cargo After several years of stagnating growth caused by the global economic downturn and weak trade growth, the air cargo business is expanding and the immediate outlook is decidedly positive. Global air cargo traffic started showing signs of improvement in the second quarter of 2013, according to Boeing's latest World Air Cargo...
Bigger landside investment, to support bigger ships, needed in US Left to right: Joe Bonney, senior editor, The Journal of Commerce and JOC.com; Philip Damas, director, Drewry Supply Chain Advisors; Henry Pringle, vice president, AlixPartners; Mark Sisson, leader of Maritime Analysis Group, AECOM; Marc Bourdon, president, CMA CGM America LLC - Norfolk.LONG BEACH, California - Don't blame ocean carriers and...
DB Schenker reaches accord with three airlines in price-fixing lawsuit DB Schenker, the logistics unit of German railroad Deutsche Bahn, has reached agreement with three airlines involved in a global price-fixing cartel but is still seeking damages from three other carriers. "Deutsche Bahn can confirm that its logistics subsidiary, Schenker AG, has dismissed its claims against Nippon Cargo, SAS and Cargolux...
Global air cargo off to slow start in 2015, IATA says The global air cargo market got off to a sluggish start in 2015, with traffic up 3.2 percent year-over-year in January as lower volumes on European and North and South American routes offset strong growth in the Asia-Pacific region. The January increase was down on the 4.5 percent year-over-year growth at...
JOC economist pulls back 2015 import forecast on West Coast woes LONG BEACH, California - U.S. containerized imports in 2015 will increase a paltry 1.7 percent, dragged down by West Coast port congestion, JOC Economist Mario Moreno told the 15th annual TPM Conference in Long Beach on Monday. "Damage to the first quarter is done, and there's nothing we can do about...
Interior China shippers face transport hurdles to tap cheaper labor LONG BEACH, California - The challenges are abundant for second-tier suppliers moving west into China's interior, a massive region rife with cheap labor but lacking necessary infrastructure and reliable transportation. The only way to confront those challenges is to make a clear appraisal of the transportation environment, a panel of logistics...
NRF's Shay: Port labor-management negotiation system must change LONG BEACH, California - Matthew Shay, president of the National Retail Federation, on Monday called on Congress and the Obama administration to change how unionized port labor and waterfront employers negotiate agreements so "the interest of thousands" can no longer threaten the livelihood of millions. "The time has come for us all...
Wikborg leaves DHT Rolf Wikborg has relinquished his seat on the board of DHT Holdings, the New York-quoted tanker owner told investors Tuesday.
Uncertainty haunts yards The forecast for the Chinese shipbuilding industry is looking increasingly grim as a result of ongoing weakness in the bulker and containership markets.
Maybank downs YZJ A leading Asian investment bank has downgraded shares of Yangzijiang Shipbuilding in response to fears that turbulence in the shipbuilding industry will continue in 2015.
NewLead thinks big NewLead Holdings of Greece appears to be making progress in its crusade to secure period deals for its bulkers and tankers.
LSC upbeat Lithuanian Shipping Company (LSC) is confident it will reach a new deal with banks on loan repayments as it cut its loss for 2014.
Evergeen adds Asia routes Evergreen Line has revealed plans to deploy more vessels for intra-Asia trades, as it sees strong potential in the region.
GSL squeezed in 2014 Global Ship Lease (GSL) booked a small loss in the fourth quarter, bringing its full-year profit momentum to a halt.
TEN extends LR1 deals Greece's Tsakos Energy Navigation (TEN) has stretched charter deals for two LR1s for at least two years.
Tallink to double up Estonia's Tallink looks likely to add a second EUR 230m ($257m) LNG-powered ferry newbuilding at Meyer Turku in Finland.
Fisher adds Subtech UK shipowner James Fisher has snapped up another niche marine services company in the shape of South Africa's Subtech Group.
Glencore kills storage vibe Glencore has dismissed the chances of widespread floating storage at present oil prices.
Kalavryta offloads A tanker embroiled in a legal battle between Iraq and Kurdistan has finally offloaded its controversial cargo.
EU shipping worth $164bn A new study has revealed the huge value of the European shipping industry to the continent's economy.
CCM downgrades Golar Struggles in the spot market and concern about how lower energy prices will affect its FLNG plans have led Clarksons Capital Markets to downgrade shares in Golar LNG.
SSY rebrands Shipbroking giant SSY is renaming itself Simpson Spence Young as it positions for fresh growth and is making its first expansion move under the new name.
Shin Yang stronger Malaysia's Shin Yang Shipping has returned to profit in the second quarter as revenue improved.
Fisher forges ahead UK shipping group James Fisher continues to build profit as its tankers improve their performance.
Glencore's $1.73bn book Glencore built up its chartered fleet last year as its commodity trading business helped the company back to profit in 2014.
Radiance expands in SE Asia Singapore's Pacific Radiance has established its presence in Malaysia through a new joint venture with local shipping company Duta Marine.
Genting buys Crystal Cruises Malaysian owner Genting is paying $550m to take over Crystal Cruises from NYK of Japan.
Recession-defying riches Seven years into a recession and some of shipping's biggest names are still riding high at the top end of the global rich list.
Riga Shipyard cuts loss Latvia's Riga Shipyard has reduced its loss in 2014 despite a fall in revenue.
President's yard seized The government of the Crimean port of Sevastopol is nationalising a shipyard owned by Ukrainian president Petro Poroshenko.
Cargill extends Genco duo Cargill has agreed to extend the charters on two capesize bulkers controlled by Genco Shipping & Trading, latest disclosures show.
RABT CFO quits The chief financial officer of Rederi AB TransAtlantic (RABT) has resigned.
RCL returns to profit Thailand's Regional Container Lines (RCL) has ended the year in positive territory with a fourth quarter profit of THB 166m ($5.1m).
Maersk ties up Voyager Maersk Drilling has secured a charter for an idle deepwater drillship newbuilding in a deal worth at least $545m.
Baltic ends in the red Baltic Trading has slumped to a loss of $5.6m as excess vessel supply continued to weigh on the dry bulk market.
US Coast Guard issues alert around fuel switching Agency notes incidents of fuel leakages and losses of propulsion during procedure.
Hong Kong shipping emissions: 'Greater efforts needed' Shipping a major cause of pollution in the worst-affected district.
Environmentalists sue Port of Seattle Over terminal lease that would house Shell's Arctic drilling fleet.
UAE shipping delegation to meet with Greek counterparts 110 Greek firms in the UAE bring in business worth $7 billion.
Report: Western US Gulf ports close due to heavy fog Ports expected to reopen mid to late afternoon on Wednesday.
ARA supplier adopts Singapore bunkering standard Applies SS 600 verification procedures and will recognise ship manifold as custody transfer point.
Trading house adds to downbeat storage sentiment Spread not enough to keep trader interest.
LNG: Players see the environmental advantages But uncertainties remain about the business case.
Gulf Petrochem eyes the big league With new base and major appointment.
Lower prices to have 'minimal impact' on bunker consumption Meech predicts very little increase in ship speeds this year.
Promotion at KPI Bridge Oil London based trader moves into senior position.
Consort appoints fuel oil trading manager Irwin Yip started at the company this week.
Nakilat: LNG as marine fuel to grow 'exponentially' Qatari gas transporter upbeat on new fuel's future.
New 'weather routing' service will help cut bunker costs Chairman and managing director of Shipping Corporation of India welcomes weather forecasts for shipping lanes.
Qatar plans for new special economic zone 'New economic zone will be of particular interest to the maritime industry,' says Manateq spokesman.
Bulk carrier firm receives modern newbuilds Company has contracts for the construction of 32 vessels.
LPG player orders energy efficient vessel Unique hull design and features of vessel offers 'superlative fuel efficiency', says yard.
Orders placed for 'super-eco' box newbuilds Newbuilding order part of larger fleet expansion move at Lomar.
Oil storage at sea decreasing as oil prices fluctuate 'Demand for oil tankers is now minimal compared to the flurry we saw a few weeks ago.'
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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