Critical mass on horizon for Houston Ship Channel A shortfall in vessel and equipment capacity within the Houston Ship Channel is forcing shippers to seek alternatives years ahead of an expected boom in container exports. New petrochemical manufacturing plants scheduled to come online starting in 2017 will produce enough plastic resins to fill 400,000 to 500,000 containers, according...
Brazil dam accident could pare bulker demand The aftermath of the dam burst. Credit: PAThe deadly collapse of two dams near Mariana, Brazil on 5 November has negative implications for the dry bulk sector, according analysts at JP Morgan. The dam held back residue from an open-pit iron ore mine operated by Samarco, a joint venture between Australia's...
FSL Trust Management sees fourfold profit gain in 3Q15 FSL Singapore. Credit: FotofliteSingapore-listed shipowner FSL Trust Management (FSLTM) posted a profit of USD2.8 million on the third quarter which ended 30 September 2015, almost a fourfold increase from USD0.74 million in 3Q14. Revenue grew by 20% year on year, a two-year high to USD28.4 million in 3Q15, due to improved...
Shipping magnate sells tanker stake Credit: Greg Miller/IHSPeter Livanos, head of Ceres Shipping, has sold down his interest in tanker company Euronav, marking the second major investor divestment of the past week. Livanos sold nine million shares of Euronav, leaving him with 3,922,684 shares or 2.46%. That divestment follows the sale of four million shares...
Polaris Shipping issues bond to raise USD35 million South Korea's Polaris Shipping, known as an owner and operator of very large ore carriers, has executed a KRW40 billion (USD35 million) bond issue. The issue will have a maturity period of a year and yield interest of 5.404% per annum. Proceeds from the bond issue will be used for working...
Letter from Dr B S Park Chairman & CEO, Korean Register Dear Sirs Your article, "KRS to lose Korean class monopoly" published in last week's IHS Fairplay contains a number of factual inaccuracies and potentially damaging implications that we would like to address. The article states that the Korean government's decision to open up the classification of Korean-owned vessels to non-Korean class societies...
Bullish Avance Gas Holding reports strong interim results Avance Gas VLGC Providence. Credit: Southern Cross MaritimeBigger fleet and firmer freight rates allowed Avance Gas Holdings, the Oslo listed Very Large Gas Carrier owner, contributed to strong interim results, while the board maintains an optimistic outlook for the near future. Group net profit rose to USD72.8 million in 3Q15 from...
Offshore service company ASL Marine sees profit rise 82% Singapore-listed offshore services provider ASL Marine Holdings, (ASL Marine) posted a profit of SGD5.25 million (USD3.74 million) for first quarter ending 30 September, up 82% year-on-year. This was due to higher revenue from ship-building segment, it said in a statement. The company's revenue grew by 10.8% to SGD75.9 million in 1Q16...
AP Moller-Maersk cuts 2015 capital expenditure by 12.5% A.P. Moller-Maersk CEO Nils Smedegaard Andersen. Credit: A.P. Moller-MaerskDanish shipping giant AP Moller-Maersk (APM) will cut its 2015 capital expenditure to USD7 billion from an earlier estimate of USD8 billion, group CEO Nils Smedegaard Andersen said at a conference call. "The biggest element of that is the fact that we are...
Maersk Line profit falls on weak demand Maersk Line had predicted lower results in October. Credit: Maersk LineMaersk Line has reported a fall in operating profit as indicated in a profit warning on 23 October, but the group says the market has developed more weakly than foreseen. The container shipping unit, part of AP Moller-Maersk (APM) group in...
Shipping braced for emissions curbs Shipping interests are closely following developments in the run-up to the upcoming Paris climate change conference in early December given the possibility that a stricter approach to curbing the industry's CO2 emissions might result from the meeting. It remains possible that the shipping industry could receive specific mention in the blueprint to...
Kongsberg Maritime: French President Opens Kongsberg Maritime Supplied Simulator Facility in Le Havre On October 6th 2015, French President François Hollande attended the inauguration of France's École Nationale Sup'rieure Maritime's (ENSM) new maritime simulator facility in Le Havre, France. The state-of-the-art new building is customised and designed around a 'ship' configuration, and features an extensive suite of ship's bridge and engine room simulators...
Great Eastern Shipping earnings rise on strong tanker markets Time-charter yields of crude and product tankers jump on year
Capesize falls as deliveries outweigh scrappings All routes fall apart from C5 which shows minor improvement
Asia-Europe box volumes down in September Seventh consecutive month of traffic declines on key east-west trade, as global volumes fall behind last year
Container shipping's Black Friday Maersk third-quarter profits drop 61%; Hapag-Lloyd shares make flat debut; freight rates collapse and cargo volumes shrink as problems mount up for hard-pressed industry
TEN posts huge third-quarter profit increase Tanker owner says attractive period terms underline market's long-term prospects
APM Terminals' profits almost halved in third quarter Softening demand from key oil producing nations dents operator's bottom line
Teekay Corp to issue $200m senior notes in private placement Net proceeds to refinance existing indebtedness
Nearly a third of Asia-north Europe GRIs gone in a week Lingering supply/demand imbalance prevents carriers from sustaining latest price push
British polar vessel to escort cruiseship through Northwest Passage British Antarctic Survey research vessel will escort non-ice class Crystal Serenity in historic 2016 voyage
Purchase options drive IM Skaugen into the black Revenues improve on second quarter, but still lag behind those earned last year
Lunder steps down from North Atlantic Drilling Departure comes amid corruption charges related to time at former employer Vimpelcom
Livorno unveils plans for $870m deepwater box terminal Several operators have expressed interest with construction tender expected next month, says port authority
K Line sets up Dubai joint venture with Sharaf Group K Line Shipping & Logistics will use both companies' networks to develop new business
Global ports should be ready for LNG bunkering, says MPA Asian ports have good potential to offer LNG bunkering services
Maersk Line profit falls to $264m as freight rates drop 19% Update: Group chief executive Nils Andersen says low growth in the container trades has taken everyone by surprise as world's largest container line reckons demand grew by less than 1% in third quarter
First Ship Lease Trust profit rises Company will resume cash distributions in future but no timeline yet
PSA International inks MOU with Egypt Agreement is result of Egyptian president Abdel Fatah al-Sisi's August visit to Singapore
One Belt, One Road can help dismal shipping prospects, says Cosco chairman Ma Zehua not optimistic about shipping industry in short to medium term
Genco deep in the red Enters into $98m credit facility to avert liquidity crunch
New York Container Terminal to get $30.8m funding for flood project Facility will use grant to fund flood resiliency project
Tote Maritime wins court order to limit damages All past and future lawsuits to be filed in federal court
VLGC spot rates slump to 10-month low Despite slowdown, participants still bullish on LPG freight market for larger vessels
Euronav reaffirms faith in crude tanker market as Livanos sells 9m shares Strong fundamentals will continue to underpin tanker market
A different class The role of class is evolving and this includes the underpinning of a vital technology step-change regarding cyber-systems and risk
The big, the beautiful and the market With a change in capital structures come new responsibilities
MLP setbacks could yield a buy signal Shipping industry master limited partnerships have been buffeted by falling oil prices and energy sector volatility, but may still attract investors
Bigger, better, stronger, smarter Change in one form or another is coming to shipping and the industry has compelling reasons to get ahead of it
Despite persistent conflicts, Iraq exerts power over VLCC sector But the world's third largest crude exporter may fail to reach full potential due to Isis and sectarian strife
Bloc party - how a mega trade deal may boost energy flows The TPP and what it means for US-Asia oil and gas trade
China's crackdown on surcharges squeezes container lines Ministry of Transport of the People's Republic of ChinaChina's crackdown on ocean carrier surcharges, seen by government officials as hurting exporters, is forcing container lines to lower certain charges at a time when their own profits are declining because of overcapacity and rate competition. Eleven carriers including Maersk Line, CMA CGM...
North American intermodal rail outlook improving, IANA says After a slow year, the outlook for the North American intermodal industry is brightening as service improves, truck capacity tightens and international trade patterns return to normal, according to the Intermodal Association of North America. The first half of 2015 was not a smooth ride for the intermodal industry, but third-quarter...
Eastbound trans-Pacific rates plunge by double digits Trans-Pacific eastbound spot rates tested new lows this week. The spot rate from Shanghai to the West Coast plunging 20 percent to $1,102 per 40-foot container from the prior week, and the spot rate to the East Coast dropping 15 percent to $2,015 in the same period, according to the Shanghai...
CSCL, Cosco in early stages of merger, FMC commissioner says A U.S. Federal Maritime Commissioner said he was told earlier this week by representatives of China Shipping Container Lines and Cosco that the container lines are in the early stages of a merger. FMC Commissioner William Doyle told JOC.com that China's two largest container lines are working to be as transparent as...
Slide show: Top 10 global transportation providers UPS assumed the top spot on the JOC-SJ Consulting Group list of Top 50 Global Transportation Providers in terms of 2014 revenue, pushing Deutsche Post DHL to the No. 2 position. Of the Top 50, 13 companies are located in North America, 19 in Europe, 16 in the Asia-Pacific region,...
Asia-Europe spot rate rebound short-lived Spot rates from Asia to North Europe and the Mediterranean this week fell 31 percent and 20 percent from last week, respectively, after rates in the last week of October skyrocketed as some carriers appeared to gain some of their Nov. 1 general rate increases. The average spot rate to move...
Container lines warily eye Paris climate talks Container lines are closely following developments in the run-up to the upcoming Paris climate change conference in early December given the possibility that a stricter approach to curbing the industry's carbon dioxide emissions might result from the meeting. It remains possible that the shipping industry could receive specific mention in the...
Nippon Express' half-year net profit sinks Nippon Express Co., Japan's largest international freight forwarder, saw its group net profit decline in the fiscal first half on the back of sluggish revenue growth and extraordinary charges. The Tokyo-based company's net profit fell 5.3 percent to 15.2 billion yen ($124 million) on a consolidated basis in the first half...
CMA CGM, Maersk mum on NOL takeover report LONDON - CMA CGM declined to comment on reports it is in advanced negotiations to acquire Neptune Orient Lines, the Singapore-listed owner of ocean carrier APL. The French carrier has made a preliminary offer for NOL and is conducting due diligence although it has not been granted exclusivity, according to local...
Hapag-Lloyd makes lackluster stock market debut Hapag-Lloyd made a lackluster stock market debut today with the German ocean carrier's shares hovering around the 20 euros ($22) issue price in early trading on the Frankfurt exchange. "It was a tough fight," Hapag-Lloyd CEO Rolf Habben Jansen said after ringing a 200 pound bronze ship's bell on the floor...
Damco swings to $20 million profit Damco's recovery gathered pace in the third quarter with the Maersk Group's freight forwarding and logistics unit swinging to a $20 million profit from a $68 million loss a year ago. Revenue was down 15 percent, however, to $719 million from $848 million in the third quarter of 2014, due largely...
APM Terminals profit halves APM Terminals' profit halved in the third quarter due to a sharp decline in imports of containers into oil-producing countries in West Africa, Russia and Brazil. The Maersk Group's port-operating unit posted a net operating profit of $175 million, down from $345 million in the third quarter of 2014, on revenue...
Maersk Line profit plunges 60 percent Maersk Line's profit plunged 60 percent in the third quarter from a year earlier as rising overcapacity and lower cargo volumes depressed ocean freight rates to historic lows. The world's largest carrier booked a net operating profit of $264 million, down from $685 million in the third quarter of 2014. Revenue shrank...
Allcargo Logistics' profit rises despite flat revenue Allcargo Logistics Ltd., India's leading international freight forwarder and port-based logistics provider, reported a 14 percent increase in consolidated net profit for the second fiscal quarter, despite flat revenue, the company said in a filing to the Bombay Stock Exchange on Friday. The company, which has been expanding its global footprint...
Canadian trucker Manitoulin expands in Winnipeg Canadian trucking company Manitoulin Transport is expanding in Western Canada, opening a new terminal in Winnipeg, Manitoba, to handle increasing demand in the province. "This larger facility increases our ability to provide reliable freight services and enables us to handle the higher volume we're seeing and will continue to see," Don...
ODFL shifting drayage business to company drivers THOMASVILLE, North Carolina - Old Dominion Freight Line is pursuing a new drayage strategy, converting from an owner-operator to company drayage driver model and shifting resources from the West to East Coast, ODFL CEO David Congdon told JOC.com. "The liberal administration that we're under in Washington has a strong leaning toward...
LTL carrier ODFL sees 'tremendous opportunities' for growth ODFL CEO David Congdon rededicates the company's renovated headquarters. Photo courtesy ODFL. THOMASVILLE, North Carolina - Old Dominion Freight Line understands utilization, not just of tractors, trailers and containers, but terminals, warehouses and office space. The less-than-truckload carrier rededicated a completely rebuilt corporate headquarters here yesterday, creating 300 new workspaces, a
Singapore fuel oil prices could firm as arbitrage arrivals falter Traders say supplies could tighten.
'Unwinding of OW Bunker has structurally changed the market' Mercuria Energy Trading says its Singapore bunker subsidiary has already dealt with over 300 customers.
Bunker tanker sale nets $4 million Singapore auction has successful first attempt.
Monjasa expands European coverage With move into English Channel.
Maersk Line sees Q3 profits plunge 'We are not making the money that we'd like to make. Everyone in container shipping is struggling,' says Moller-Maersk's chief executive.
Fuel oil homogeniser 'cuts fuel consumption' Stena vessels saving fuel while using its product, it claims.
Fujairah: Aegean secures fresh loan for oil terminal Company agrees more favourable terms.
Titan Petrochemicals: Resumption proposal submitted Company enters into 'certain agreements' with debtors.
AGUNSA: MGO bunker tanker starts operations Vessel able to deliver fuel off Antarctic stations and Chilean towns.
Aegean secures $120 million credit facility Proceeds from loan used to pay outstanding debt from credit facility secured in 2013.
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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