GLDD sees bright 2015 despite loss in 1Q US dredging contractor Great Lakes Dredge & Dock (GLDD) expects to make significant profits in 2015 despite taking a first quarter loss of USD8.4 million. The NASDAQ-listed dredger revealed on 5 May that its 1Q15 performance was affected by losses in its environmental and remediation segment, as
OSG plots public rebirth Overseas Shipholding Group (OSG) has registered for an initial public offering and a re-listing of its shares on the New York Stock Exchange. Once considered a 'blue chip' name, OSG was delisted from NYSE in the wake of its November 2012 bankruptcy filing. The restructured entity emerged from
ECSA appeals for tougher EU port services stance European shipowners' body ECSA has appealed to the European Parliament to stiffen up the European Commission's proposed EU port services regulation, notably by re-including proposals to open up cargo-handling and passenger services to competition. The commission has dropped these two service
Teekay LNG plans NOK700 million plus bond issue Teekay LNG Partners, the listed gas carrier unit in the Bahamas-based Teekay group, says it plans to raise at least NOK700 million through unsecured bonds with maturity in 2020. "Teekay LNG Partners LP ... intends to issue a minimum of NOK700 million in new senior unsecured bonds in the
Non-existent container price discipline indicates weak 2015 A sharp fall in the container spot rates last month indicates that there is no discipline in pricing in the industry in its low season and suggests a weaker than foreseen 2015, a senior analyst said. "Falls in freight rates have continued in April, with the rates 12% lower than in March and at
Corsica Ferries buys cruise ferry from Silja French ferry operator Corsica Ferries has bought the 2,000-passenger cruise ferry, Silja Festival, from Silja Line operator, the Tallink Group of Estonia, for an undisclosed sum. The French group, based in Bastia, Corsica, said that the acquisition marked a return to fleet investment after a
Newcastle coal exports back on track after record storm Shipping has begun to return to normal at Australia's largest coal port this week after wild weather battered the Hunter Valley in late April, forcing vessels out to sea and closing rail tracks feeding the Newcastle port. Shipments slumped to an eight-year low, according to figures published by
Evergreen Holding's shipbuilding segment profit shrinks Evergreen Holding Group, the parent group of Sinopacific Shipbuilding, posted a 15% year-on-year (y/y) decline in the operating profit for its shipbuilding segment in 2014 amid depressed newbuilding market and financial pressures. The operating profit for the segment, including the building of
Exmar helps breathe life to krone bond market A tap issue of three-year notes by Exmar, the listed Belgian gas carrier owner, on the Norwegian bond market has breathed further life to the market after a slow start of the year. Exmar Netherlands, a fully owned subsidiary company of Exmar in Antwerp, raised NOK300 million (USD40 million) with an
Ocean Yield plans further expansion after 1Q15 Ocean Yield, a listed Norwegian tonnage provider controlled by the Aker group, said it is prepared to continue its expansion after reporting a steady profit for the first quarter of 2015. Group net profit amounted to USD28.1 million in the first quarter of 2015 compared with USD28.6 million in the
U-Ming Marine sees prospect in bulk shipping Taiwanese bulk carrier U-Ming Marine stated on 5 May that the infrastructure construction in emerging markets such as China and India will bring opportunities for bulk shipping. Asian Infrastructure Investment Bank, BRICS Development Bank, and Silk Road Fund will provide financial support for these
China Shipping Haisheng back to profit in Q1 China Shipping Haisheng, a Shanghai-listed unit of state conglomerate China Shipping Group, posted CNY140 million (USD22.5 million) in profit for the first quarter of 2015, returning to black from a CNY48 million loss in the first quarter of 2014. The company recorded revenue of CNY201 million in
UOBKayhian recommends 'buy' for Yangzijiang Singapore-based brokerage house UOBKayhian has recommended a 'buy' status for Yangzijiang Shipbuilding Holdings because of its resiliency amid the difficult shipping environment. UOBKayhian highlighted that the Singapore-listed shipbuilding company has secured over USD4.6 billion for 114 vessels in
Taizhou Sanfu's profit up 54% y/y in 2014 Private-run Chinese shipyard Taizhou Sanfu Ship Engineering's profit increased 54% year on year (y/y) to CNY436.7 million (USD70.4 million) in 2014 because of business expansion into the manufacturing of steel structures. Taizhou Sanfu's revenue also rose 34% y/y to CNY5.6 billion in 2014, the
Auckland loses business over halt in extension After bowing to public pressure, a turnabout move by Ports of Auckland's (POAL) owner, Auckland Council, has forced the company to stop work on an already consented wharf extension. Described as a 'compromise' by POAL CEO Tony Gibson, the decision allows the port to continue building one extension
SGX freight derivative trades surge 700% The number of dry bulk freight contracts traded via the Singapore Exchange (SGX) jumped 700% year on year to 14,154 contracts in April. SGX said that open interest has almost doubled since the start of the year, averaging 32,218 contracts in April. Open interest refers to the number of contracts
Marco Polo Marine profit up 24% Singapore-listed integrated marine logistic company Marco Polo Marine posted a profit of SGD3.8 million (USD2.85 million), up 24% year on year (y/y) for the second quarter of 2015, which ended on 31 March 2015. The company's revenue dropped 9% to SGD29.7 million in the second quarter of 2015,
Ocean Tankers to strengthen ship security Singapore-based Ocean Tankers told IHS Maritime it plans to strengthen its anti-piracy measures in the wake of the second hijacking its fleet has suffered within a year. A spokesman for Ocean Tankers told IHS Maritime, "We are currently reviewing our security procedures to see how we can further
Ro-ro cargo lifts BLG Logistics' profits Ocean terminal and warehouse operator BLG Logistics has rebounded from the heavy write-downs it sustained in 2013, ramping up its pre-tax earnings to EUR30.1 million (USD33.7 million) last year. The figure was up 136% from its 2013 result. Its finished vehicle and ro-ro handling division delivered
Golar LNG makes progress on third floating liquefaction vessel A number of possible leads have been identified to deploy a third FLNG vessel, says Golar
Stand-off over Maersk Tigris continues A week after Iran seizes boxship, Maersk is still waiting to see court order
Teekay LNG plans to raise at least $91m with bond issue Fresh funds to be used for newbuilding instalments
Wilbur Ross' Navigator Gas to reveal earning power of handysize LPG carriers We know about the big ships and we know about the small ships, but how are the handysizes doing?
Exmar raises funds for its LNG business Owner invests in LNG as industry stands on brink of major changes
Golar secures African contract for second floating liquefaction vessel Golar is also in talks to build a third FLNG vessel as it seeks to capitalise on exciting and relatively new area of the LNG industry
Salmar Shipping founder Costas Salonitis dies Tanker owner and former "C" Ventures executive laid to rest after 50-year career
Odfjell poaches Clipper chief executive New boss aims to steer one of the world's leading chemical tanker companies towards improved results
Matson's net income grows to $25m in strong quarter Hawaii-based carrier benefits from stronger demand for fast China service
Shipowner groups warn of potentially costly gap between US and international ballast water regimes Differences in processes for approving treatment systems could force owners to scrap and replace expensive technology
Secretary-general hopefuls expected to converge for key IMO environment meeting MEPC needs to work hard to resolve issues of ballast water, CO2 monitoring and global fuel availability study
DC freight push faces dead end without US highway funding fix WASHINGTON - U.S. lawmakers won't likely pass a long-term highway bill before the June deadline, but when they do, shippers and transportation providers should expect the nation's freight network to get added attention. A flurry of freight-focused legislation, along with a general sense that Congress finally realizes the broader economic benefit...
Manitoulin buys Saskatchewan-based LTL carrier Canadian trucking operator Manitoulin Group acquired Ridsdale Transport, a less-than-truckload carrier based in Saskatoon, Saskatchewan. The acquisition makes Manitoulin the province's largest transportation provider, the company said. Manitoulin has been working its way west from Ontario through acquisitions and organic expansion for several years. In January, the company acquired the LTL...
Westbound trans-Pacific liner reliability falls to 4-year low Eastbound trans-Pacific liner reliability has improved for the first time this year, but liner reliablity on the opposing direction fell to the lowest point since JOC.com began collecting SeaIntel data in August 2011. Carrier reliability on the eastbound leg of the trade lane in March rose 6 percent to 42 percent...
European shipowners lobby EU to open cargo-handling to competition European shipowners have appealed the European Parliament to change the European Commission's proposed EU port services regulation, notably by reincluding proposals to open up cargo-handling and passenger services to competition. The commission has dropped these two service categories from its latest proposed regulation, its third attempt to pass legislation on port...
'Sweet spot' for US truck shippers won't last, economist warns PRINCETON, New Jersey - U.S. shippers enjoying a "sweet spot" in truck pricing and capacity should savor the moment while it lasts, which won't be long, an economist warned. A change in truck driver hours-of-service rules and a slower-than-expected economy delivered additional "surge capacity" to shippers in the first quarter, Noël...
Wal-Mart rides KCS to bring US-bound cargo through Mexico KANSAS CITY, Missouri - For years, shippers and container lines have eyed Mexican ports as gateways for U.S.-bound containers - only to decide they weren't worth the trouble when accounting for transit times and cost. Wal-Mart thinks differently. The cargo of the world's largest retailer contributes to the slightly more than...
Cargolux begins twice-weekly Chicago-Zhengzhou service Freighter operator Cargolux has launched a new twice-weekly air service between Chicago and Zhengzhou, China. The service has been performing better than anticipated, executives at the Luxembourg-based firm have said, thanks in large part to Cargolux's partnership with the Chinese Henan Civil Aviation and Investment Co. HNCA bought 35 percent of Cargolux...
Yusen Logistics (Americas) Named Intermodal Carrier of the Year by Continental Mills Secaucus, NJ: Yusen Logistics (Americas) Inc. has been named the 2014 Intermodal Carrier of the Year by Continental Mills in recognition of its outstanding customer service, continuous improvement and exceeding monthly key performance indicator (KPI) measurements. This is the third year in a row that Yusen Logistics has received this prestigious...
Purolator International Names David Davis as Eastern District Sales Manager JERICHO, NY - May 5, 2015 - Purolator International, the leading provider of cross-border logistics between the U.S. and Canada, is pleased to announce the appointment of David Davis as Eastern District Sales Manager. Davis will be responsible for the growth of Purolator International within the Eastern district of the...
Transcount Brings The Innovative Approach To Freight Forwarding A new freight forwarding management system has just been made officially available for the logistics and freight forwarding professionals. This system, called Transcount, opens new possibilities for freight managing and helps to reach higher work efficiency in less time. Transcount brings innovative solutions and handy tools for freight management and documents...
Transport America Announces Leadership Transition EAGAN, Minn., May 4, 2015 /PRNewswire/ -- Transport Corporation of America, Inc. ("Transport America") announced today that Scott Arves will be stepping down as President effective June 1, 2015. Keith Klein, Transport America's Executive VP and Chief Operating Officer will succeed Mr. Arves as President. Mr. Arves has been a leader in...
Global air freight growth weakens after February surge LONDON - Global air freight traffic rose 1.6 percent in March from year ago, down from a 12.2 percent surge in February that was skewed by the timing of the Chinese New Year and congestion at U.S. West Coast ports, the International Air Transportation Association reported. The modest March performance, nevertheless,...
CEVA earnings jump by nearly a fifth on higher volume LONDON - CEVA's earnings were up almost a fifth in the first quarter higher air and ocean freight volumes and the benefits of a new business model offset significant exchange rate fluctuations. The Netherlands-based supply chain management company's adjusted earnings before interest, tax, depreciation and amortization rose to $51 million, an...
Shippers tap expedited carriers to route around, above congested ports There's a silver lining in every sky-high stack of containers - if you're an expedited trucking company. For carriers that move goods quickly by any and all means possible, the container logjam that built up during the West Coast port labor dispute was simply a bonanza. Expeditors thrive when crises strike,...
Navios restates focus on containers as quarterly income falls LONDON - Navios Maritime Partners, the NYSE-listed Greek dry bulk and container ship-owner, restated its focus on the container sector as it reported lower first quarter income. "The container segment has become the workhorse of our company," Navios Chairman and CEO Angeliki Frangou said as she announced net income of $10.9 million...
Lufthansa Cargo doubles Q1 profit as market hammers rivals LONDON - Lufthansa Cargo more than doubled its first-quarter operating profit, setting up a sixth consecutive year in the black in the face of a weak global air freight market that has pulverized the finances of its European rivals.The German all-cargo airline's earnings before interest and tax jumped to 52...
Outsourcing less clear cut as China, US near cost parity HONG KONG - The export growth rate of emerging markets in the last 20 years will not be seen in the next two decades as rising wages make outsourcing less attractive and new technologies such as 3D printing start to gain more traction, according to researchers.A study by AlixPartners found...
Navigator profits rise Navigator Holdings has reported a 30.5% jump in first quarter profit, with the bottom line growing as Wall Street expected.
Maersk in court 'dialogue' Maersk Line has engaged Iran's legal system a week after a chartered-in vessel was seized on the Strait of Hormuz.
UBS ups Scorpio Bulkers UBS has upgraded its rating ofon shares of Scorpio Bulkers on expectations that the shipowner's newbuilding sales plans will bolster its financial position.
Kirby stretches loan US tank-barge giant Kirby Corp has added $225m to its credit agreement with various lenders as it paid off older debt.
Newcomers lift Ardmore Ardmore Shipping has been boosted by vessel deliveries and strong tanker rates as it erased red ink from its first quarter bottom line.
OSG plots NYSE return Overseas Shipholding Group is planning to return to the New York Stock Exchange with an initial public offering (IPO).
Zim takes Diana ship Greece's Diana Containerships has won a better rate for one of its panamax boxships as Israeli line Zim expanded its fleet.
POSH profit dwindles Pacific Offshore Services Holdings (POSH) has seen first quarter earnings fall away to nearly zero as costs rose and it booked losses from its Mexican businesses.
Unpaid crew goes home Eighteen sailors stranded for around five months on a Mongolia-flagged tanker in Bahrain are finally set to return home.
JS Danube refloated A French bulker has been towed into Mombasa after grounding last Tuesday.
Fesco extends buyback Fesco has extended the buyback offer for a $455m Eurobond issue until the end of the week.
Algoma loss higher Canadian owner Algoma Central Corporation has posted a bigger net loss in the first quarter as revenue fell.
Golar seals FLNG deal Golar LNG has clinched a lucrative contract for its converted 125,000-cbm floating LNG (FLNG) vessel Gimi (built 1976) in Africa.
Ocean Yield ups dividend Ocean Yield has raised its dividend following a steady performance in the first quarter.
Tallink sells ro-pax Estonia's Tallink has found a new buyer for a 1986-built ro-pax after cancelling a previous contract.
Teekay LNG joins bond run Teekay LNG is looking to raise $90m from a trip to the Norwegian bond market.
Tigris impasse remains Maersk Line has met with Iranian officials in a bid to end the arrest of the Maersk Tigris.
Eimskip buys ferries Icelandic container line Eimskip has taken over the two-ship fleet of domestic tour operator Seatours.
Exmar adds $39m Belgian owner Exmar has tapped a Norwegian bond issue for extra cash to finance investments in LNG infrastructure.
Marco Polo profit up 26% Marco Polo Marine has managed to post an increase in first quarter net profit of 26% to SGD 3.8m ($2.8m).
NOL comes out top Neptune Orient Lines (NOL) is the surprise best performing stock in the year-to-date among the 35 shipowners covered by Clarkson Platou Securities.
China cargo volumes mixed Chinese commodities imports in March proved a mixed bag for bulker owners, according to figures compiled by Banchero Costa.
Baltic Trading takes a hit Baltic Trading has sunk to a $47.3m loss in the first quarter after it took a $30.7m impairment charge against the value of its fleet.
'Successful' bunkering test run for German LNG-powered ferry The MS Ostfriesland was fuelled with 40 cubic metres of LNG, says Bomin Linde.
Construction of Middle East's 'first LNG-fuelled tug' underway Drydocks World held a steel cutting ceremony in Dubai on Tuesday.
Refinery maintenance programmes to slow fuel oil output Singapore likely to see lower arbitrage volumes.
Growing concern about global sulphur cap enforcement 'Who cares' if a ship burns HSFO on the high seas, Maersk director asks.
'Project Black' gathering ammunition against OW partners Investors said to have stopped dealing with one of the three banks advising on the IPO.
'Toughen the Efficiency Index', IMO told 'Many recently constructed ships already meet the IMO's design efficiency standard for 2020.'
'Only a matter of time' before Hamburg Sud joins O3 alliance Drewry points to 'intensified service cooperation' between the German carrier and alliance members.
ECA non-compliance not just a 'theoretical risk' Even with lower fuel prices, big savings can still be made, say Trident Alliance members.
New Zealand bunker spill: 'Still work to be done' Mobil has set up a process to consider compensation claims.
External: Marine Bunkering(Rotterdam)B.V.
Bomin expands operations in Russian Far East Company opens office in Nakhodka.
Matson: 'We should see fuel being less of a factor' Unless bunker market sees a 'dramatic' change in prices, says spokesman.
CNOOC subsidiary receives modern PSV Vessel to enter service at the end of May, says shipbuilder.
Chimbusco strengthens bond with credit insurance provider Both side to enter 'long-term mutually beneficial relationship', says bunker supplier.
Study: Gulf of Finland collision-related spill risk to rise Researchers based the estimate on projected growth from ship traffic numbers recorded in 2007 and 2008.
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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