DryShips to wind down DryShips has confirmed plans to sell its remaining fleet, with vessels yet again shifting to founder George Economou's private account. The NASDAQ-listed company has agreed to sell 17 of its 39 bulkers and their charter agreements to Economou for USD377 million, including assumption of USD236.7
US box imports continue to climb Container business at America's major box terminals continued a steady growth trend that began earlier in the year as US retailers head into the peak shipping season. Overall import volume is expected to increase 1.2% to 1.61 million teu in September compared with September 2014, according to the
Speculation as Nigeria lifts tanker ban The president of Nigeria has issued a directive suggesting a ban on certain tankers trading in the country may have been lifted, IHS Maritime has learned. The ban followed a directive by the president on July 15 preventing in excess of 100 vessels from lifting crude and entering Nigerian
HMD expands orderbook South Korea's Hyundai Mipo Dockyard has penned yet another contract, its fourth in the last two weeks. Piraeus-based Evalend Shipping has placed an order for up to four LPG carriers, two of which are options if exercised. The 38,000 m3 vessels are scheduled for 2017 delivery. The last two weeks
Seoul presses KDB to sell DSME stake The South Korean financial watchdog has asked state-run policy lender Korea Development Bank (KDB) to sell its shares in companies that are not part of its core business. Embattled shipbuilder Daewoo Shipbuilding & Marine Engineering is top on the list of affected companies, which became KDB
Share placement nets Hoegh LNG USD100 million Hoegh LNG Holdings of Norway has raised NOK844 million (USD100 million) in a private placement of shares. The listed LNG carrier and floating storage and regasification unit (FSRU) company in the Leif Hoegh group placed 6.92 million shares with institutional investors at a price of NOK122/share.
HMM parent and KEXIM in financing tie-up Hyundai Group, the parent of Hyundai Merchant Marine, will collaborate with the Export-Import Bank of Korea (KEXIM) in what has been termed a "strategic business". The collaboration covers specially packaged financial support and the exchange of information. On 9 September, Hyundai Group
Union goes to law over Canadian permits for foreign crew The Seafarers' International Union of Canada has filed a lawsuit against the Canadian Border Services Agency over the granting of temporary work permits to foreign sailors on foreign ships delivering cargo between Canadian ports. "The Government of Canada has allowed foreign workers to take 2,100
China clears wrecked containers at core area of Tianjin port blast Wrecked containers at the main area of a warehouse explosion in Tianjin port have been cleared out as of 8 September, announced the local government. The remaining steel structures, frames, and other debris have been cleared after detection and decontamination, and will be melted down later, said
COSCO orders 11 mega box ships for $1.5Bn China's largest shipping company, COSCO, on 9 September placed an order for 11 19,000 teu container ships at four domestic shipyards. This is the largest single order for container ships Chinese yards have ever received. COSCO's listed branch China COSCO stated in its filling to the Shanghai Stock
ReCAAP ISC: 18% rise in piracy incidents during January-August 2015 Singapore-based anti-piracy watchdog ReCAAP Information Sharing Centre (ReCAAP ISC) reported an 18% increase in piracy incidents during the January-August 2015 period from a year ago. According to ReCAAP ISC's monthly report, a total of 141 incidents were recorded in the past eight months.
Sinotrans & CSC launches shipping-specialist subsidiary in Shanghai Sinotrans & CSC, China's third-largest shipping and logistics conglomerate, set up a shipping-specialist subsidiary in Shanghai on 9 September. The new entity was named China Economic and Trade Shipping Company, with a registered capital of CNY10 million (USD1.6 million), a statement of Sinotrans &
Tianjin Tianhai Investment revises VLCC ordering plan Shanghai-listed Tianjin Tianhai Investment (TIC), formerly known as Tianjin Marine Shipping (TMSC), has revised its very large crude carrier (VLCC) ordering plan to four with another four optional VLCCs. TIC had contracted China National Technical Import and Export Corporation (CNTIC) to arrange
Navios Maritime Acquisition obtains firm rate for Nave Neutrino VLCC chartered out for two years at $40,500 per day
Looming shipowner shake-up with respect to traditional models The debate between Wah Kwong chairman and Euronav chief executive highlighted the growing divide between differing growth strategies for shipping companies
Ship sellers' secrecy increases accident risks, warns IUMI Key records on vessel condition are being held back and destroyed
Investors face Midas and Medusa in Thessaloniki privatisation As the Greek government prepares for the privatisation of the country's second largest port, Linton Nightingale looks at the threats and opportunities facing potential bidders
Shipowners and unions slug it out on FoCs Long-running campaign against open registries debated at ICS conference
Nigeria tanker ban enters new phase Owners should proceed with caution as much still needs to be addressed
Economou to buy 17 bulkers from DryShips Rest of fleet 'held for sale' triggering huge impairment loss
Unilateral regulation is damaging shipping, warns IMO secretary-general Frustration grows as ballast water legislation blockages threaten to undermine the IMO's global regulation
LISW slows gas-carrier spot chartering London's showcase shipping event causes VLGC spot market activity to slow as participants are out of the office
Top box lines eye UK flag after reform pledge CMA CGM, Evergreen and Grimaldi all say they may expand their UK fleets
Euroseas provides blueprint for completing newbuilding programme Euroseas provided guidance on how to meet its capital expenditure requirements through its $19.5m rights offering. But it will probably need to resort to additional equity raises to complete its four-vessel newbuilding programme
Strong words to support a growing British maritime sector The British government aims to 'pull out all the stops' to keep Britain functioning as a thriving maritime country
Nigeria relaxes tanker ban but industry remains 'baffled' 'Letter of comfort' could pave way for ships on banned list to return to trading in Nigeria. However, legal experts warn that review of activities still under way
Ultra large containerships have probably 'reached their logical size limit' Ships beyond 24,000 teu-26,000 teu get to a point of diminishing return, says PSA chief executive
Evalend orders 38,000 cu m LPG pair at Hyundai Mipo Debut orders could rise to four with reported options
Red mist over red tape - where should shipowners and ports start in trying to make sense of Europe's regulatory tangle? In any discussion about broad-ranging policy matters and the EU, one must first try to define what is included in the discussion, but the difficulty with maritime policy is that it is a wide-ranging subject.
Australian maritime authorities detain ship for MLC breaches Australian authorities detain a Panama-flagged vessel on crew welfare issues
Talk heats up again around sale of KDB's stake in DSME South Korea's financial regulator is pressing for sale of shipbuilder along with KDB's other equity holdings in manufacturers
Höegh LNG raises $100m for FSRU fleet growth Oslo-listed gas company stamping its presence further in expanding floating LNG industry
Cosco orders for ultra large boxships strike at the nerves of alliance partners Pressure mounts on liner companies to order ultra large vessels
Tianjin Tianhai seeks VLCC newbuilding tenders Cost of four vessels must not exceed $400m
ACL picks Liverpool as home port for first new ship Grimaldi subsidiary continues to expand its presence on Merseyside
Shipbroker McQuilling teams up with JonesTrading The partnership will provide more ways for the maritime transport industry to raise capital
Maritime regulation is risk Lloyd's List regulatory timeline offers a guide to understanding the challenges posed by legislation
Protesting truck drivers disrupt Toronto cargo deliveries A group of truck drivers protesting their classification as independent drivers are disrupting Toronto-area container deliveries by blocking trucking terminals. For the past three days, members of the Container Truck Association of Ontario have been picketing outside of trucking terminals in the greater Toronto area, urging fellow drivers to join their...
UPS pilot strike unlikely but shippers could still see higher costs, analysts say The likelihood of UPS pilots striking is low, but while shippers will likely dodge service disruptions, they could be hit by higher costs if the parcel giant gives into union demands, analysts told JOC.com. The Independent Pilots Association, which represents all UPS' domestic and international pilots, Wednesday asked its membership to...
CMA CGM offers bill of lading at Richmond, Virginia CMA CGM will offer a Richmond, Virginia, bill of lading to importers and exporters using the city-owned port, allowing shippers to tender cargo to the carriers or pick up shipments at the inland port on the James River. Four other carriers - Yang Ming, Zim, Mediterranean Shipping Co. and MOL - also offer a Richmond...
Legislation aims to find middle road in US truck weight debate WASHINGTON - With both sides of the debate over heavier trucks readying for battle via the markup of the next federal highway bill, a U.S. House representative is proposing a middle road. Rep. Reid Ribble plans to introduce legislation that would increase the maximum weight of trucks using the interstate system...
Record Long Beach port volume suggests importers returning for peak season Port of Long BeachAfter struggling through terminal congestion and labor disputes this past year, the nearly 23 percent year-over-year jump in volume through the Port of Long Beach in August, pushing traffic to a record high for the second month in a row, suggests importers are coming back for peak...
Port Canaveral CEO apologies for labeling critics 'Luddites' Port Canaveral CEO John Walsh apologized for ridiculing opponents of the Florida port's plans for new rail line as "radical" and "Luddites." Walsh's apology followed an Aug. 26 port commission meeting at which he said environmental objections to the 11-mile rail connector, which is related to a port expansion, were based on...
Tianjin volume plunges as clean-up effort progresses Container throughput at China's port of Tianjin, the world's 10th busiest, plunged 28 percent year-over-year in August as recovery and clean-up efforts from last month's deadly explosion continue. Wrecked containers at the site of a warehouse explosion in Tianjin port have been cleared out as of Tuesday and the remaining steel...
Effort to keep Brazilian port ministry independent gains powerful ally Tecon Rio Grande container terminal in Rio Grande, BrazilStakeholders striving to keep Brazil's government from integrating the Special Ports Ministry, or SEP, with the Ministry of Transport have gained a powerful ally in Murillo Barbosa, head of the Association of Private Terminals. Barbosa said it would be a "huge loss to...
Cosco ramps up mega-ship ambitions with order for 11 vessels Cosco, China's largest shipping company, Wednesday ramped up its mega-ship ambitions by placing a $1.5 billion order for eleven 19,000 twenty-foot-equivalent unit container vessels, expanding its ultra-large containership orderbook from 11 to 20. In a filing with the Shanghai Stock Exchange, Cosco said it has ordered two container ships from Dalian...
Chassis M&R uncertainty hangs over shippers Typically, once a U.S. longshore negotiation is settled, the affected ports revert to a state of normalcy despite whatever disruption occurred during the talks. U.S. West Coast negotiations over the past 20 years have never been without disruption but were always followed by near-normal operations that lasted in some cases...
Fresh from car-hauler talks, Teamsters back UAW The Teamsters union is lending its horsepower to United Auto Workers Union efforts to secure a contract for more than 140,000 workers employed by the largest U.S. automakers. International Brotherhood of Teamsters General President James P. Hoffa promised on Labor Day that unionized car-haulers will support the UAW if the union...
Korean carrier joins joint intra-Asia services Sinokor Merchant Marine is the latest container carrier to try to tap growing demand on the intra-Asia trade by setting up cooperation agreements with current operators on the route. In a press release, the South Korean carrier said its joint operation covers the CIX and CISC/CIX-2 services from Jawaharlal Nehru Port...
Pakistan, India have big plans to expand trade corridors TAIPEI - Freight forwarders from Pakistan and India are pushing for the expansion of trade corridors through Iran and Afghanistan as the South Asia regional powers capitalise on the momentum generated by China's One Belt, One Road strategy.Pakistan already in April signed a $46 billion deal with China for a...
Asia's food retailers forecast fast-expanding business, DHL finds HONG KONG - Food retailers in some of Asia's fastest-growing economies are expecting solid growth this year as expanding populations and rising income levels drive up demand, according to research commissioned by DHL Supply Chain.The logistics operator surveyed more than 300 industry decision-makers in India, Indonesia, Thailand and Vietnam for...
Delays for LA-LB truckers worst inside terminal, not at gates Harbor truckers in Los Angeles-Long Beach continue to experience long delays at the ports, but statistics released Wednesday by the Harbor Trucking Association show that the worst delays are not spent waiting in long lines at the terminal gates, but rather inside the terminals. In other words, the 13 container terminals...
Hong Kong startup launches freight forwarding platform A Hong Kong startup has launched a private beta version of a new online platform that is being billed as the "Expedia for freight shipping." It's a comparison a number of other young firms have made, but Freightos founder Zvi Schreiber says his may be the first to live up to...
Oz detains Pyrsos bulker The Australian Maritime Safety Authority (AMSA) has detained a Pyrsos Shipping bulker over what it says were deficiencies related to crew conditions.
DryShips shares lose 37.7% DryShips saw its shares spiral downward Thursday after announcing moves that could clear out its entire bulker fleet.
Intertanko advises caution Intertanko appears cautious towards a letter issued by Nigeria today and said to give an end to the controversial ban of 113 tankers.
Fotis cautious on privatisation Fotis Karamitsos has said foreign investments in ports should come with protective measures attached.
Public money is best US shipping would need more public funding in order to grow, the head of the country's Maritime Administration (MarAd) claims.
Economou buying DryShips bulkers CEO's private companies agree $377m deal to snap up 17 ships, with rest of fleet classed as held for sale; DRYS to book $795m impairment in Q3 as a result.
Navios' two-year tonic Greece's Navios Maritime Acquisition (NNA) has won a two-year time charter for a 2003-built VLCC.
UK to save $15bn The UK government will try to save £10bn ($15.4bn) from cutting unnecessary regulation of the maritime industry, UK minister for shipping and ports Robert Goodwill said.
Fleet rethink needed Owners of bulk carriers may need to rethink their fleets as coal imports decline with the growing focus on reducing carbon emissions, delegates to the London International Shipping Week Conference heard today.
Nigeria lifts tanker ban Nigeria has scrapped its controversial ban on 113 overseas tankers after nearly two months.
Sudeste in business Trafigura-controlled Brazilian "superport" Porto Sudeste has kicked-off its operations with the first shipment of cargo.
SALT in recovery room Scorpio Bulkers (SALT) is very close to completing its survival plan in the historic dry downturn, Deutsche Bank (DB) says.
Shipping names stand Several shipping names in Greece's snap election are running in safe parliamentary seats and are expected to comfortably win a new four-year term.
Tianjin readies $400m order Tianjin Tianhai is finalising the process of ordering four firm VLCCs, with options for another quartet.
Drugs found on LNGC Peruvian authorities have discovered 211kg of cocaine hidden on a Teekay LNG carrier.
COLL orders MR duo Coastal Oil Logistics Ltd (COLL) will replace two of its oil tankers trading in New Zealand with a pair of newbuildings, in cooperation with neighbouring ASP Ship Management.
Samsung seals wage deal Unionised workers at Samsung Heavy Industries have agreed a new pay deal for 2015.
Port loses ships Bangladeshi state-owned Chittagong port has been forced to hand over management of its three vessels to a local private player.
L&S grows in Asia Leading Norwegian broker Lorentzen & Stemoco (L&S) logged a sharp increase in Asia revenue last year.
VLR on a roll Lithuanian shiprepairer Vakaru Laivu Remontas (VLR) expects to treble its profit this year as demand for conversions and modernisations grows.
KDB to sell DSME South Korea's financial regulator has said that state-run Korea Development Bank (KDB) will sell its stake in loss-making shipbuilder DSME.
ABG: sale talks ongoing India's loss-making ABG Shipyard has said talks to sell a major stake to Privinvest Holding are continuing.
Hoegh LNG raises $100m Hoegh LNG Holdings has raised NOK 844m ($100m) through a private placement of 6.9m new common shares at NOK 122 per share.
Gothenburg volumes mixed Sweden's largest container port handles more boxes and cars, but less ro-ro traffic.
GNRT ties up VL funds Shipowner says latest finance deals complete funding for tanker newbuildings.
INTERTANKO advises banned tankers to avoid Nigeria 'We believe that there is currently no mechanism whereby a ship can be removed from the list of banned ships'.
Vitol to supply bunkers to Houston, Mississippi River Firm currently supplies fuel at Port Canaveral in Florida, USA.
Bureau Veritas acquires hydrodynamic simulation firm Acquisition able to help vessels reduce bunker consumption, says CEO.
GAC to supply cruise ship with agency services, including bunkering option Deal inked with a Swedish ship manager.
Bunker industry leaders join Minister's breakfast Event hosted by Gibraltar during London International Shipping Week 2015.
EMSA rolls out Euro-Mediterranean LNG bunkering study Agency seeking tenders for four-year project.
Technology choices 'the biggest risk to shipping' Selecting engines and BWMS for newbuilds major headache, but shipping must stop 'fighting regulations instead of finding solutions'.
Bunker sales down at Russian port Figure fell 2.2% in the eight months to August, says Harbour Master.
SGMF urges the adoption of LNG as a marine fuel 'To wait would be a mistake', says general manager.
Arrested boxship goes on auction Vessel was held over a bunker dispute.
LNG bunker barge construction starts Said to be first such vessel to be built in the US.
ReCAAP: No piracy incidents reported in August But there were a number of armed robberies including one 'very significant' incident involving a bunker tanker.
Construction starts for LNG bunker barge Vessel is the first of such being built in the US.
ReCAAP: No piracy incidents in August One 'very significant' incident involving bunker tanker reported, it says.
Singapore LNG specialist eyes bunkering market Pavilion Energy upbeat on SEA's LNG growth prospects.
LNG 'is not a panacea' Stena Line CEO says scrubbers are 'superb solution' right now but sees shrinking role for HFO long term.
GTT to supply containment system for LNG carrier Vessel ordered by Chandris from DSME.
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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