Non-traditional banks retreat from futures The rush of non-traditional banks to the futures market has slowed and hedge funds have been jostling to absorb the slack, brokers told IHS Maritime today. "Banks in the FFA [forward freight agreement] market have pulled back and their volume has been taken up by hedge fund traders," SSY senior
Aegean Marine to raise $42M Piraeus-based bunker supplier Aegean Marine Petroleum Network is looking to raise $42M in a public offering. The size of the offering, announced on 13 January, had been increased from an initial aggregate principal amount of $40M announced on 12 January. The new notes are priced at 111.0% plus any
China Shipping sees slot cost curve falling Slot costs on ultra-large container vessels in the Far East-Europe trade have dropped significantly and are now well below average spot freights, according to a senior manager at China Shipping Group. Speaking today at a ceremony for the maiden call of the 19,100teu CSCL Globe at Hamburg in
Marseille to spend EUR360M on growth plan Marseille has announced plans to spend EUR360M ($424M) over the next five years to support a strategic plan aimed at boosting its annual traffic throughput by 11% to 86.5M tonnes by 2018. The French port, which wants to become Europe's principal southern freight gateway, plans to spend the bulk of
Indian state accepts Alang upgrade loan The Alang ship recycling facility in Gujarat, India will upgrade 70 ship-breaking yards over the next four years with a $180.28M loan, it has been confirmed. Speaking to IHS Maritime today, Atul Sharma of the Gujarat Maritime Board said that the Japan International Cooperation Agency (JICA) will provide 85% of
News insight: Shipping industry slams Norman Atlantic charges The pressing of charges against crew members of the Norman Atlantic ro-ro ferry, which suffered a devastating and fatal fire on 28 December, has been strongly criticised by some in the shipping industry. President of the International Federation of Shipmasters' Association (IFSMA), Captain Hans
China's Lianyungang port opens route to West Africa China's Lianyungang Port in Jiangsu Province has launched a breakbulk service to West Africa operated by carrier Topsheen Shipping. The 47,000dwt bulk carrier Postojna departed Lianyungang on the first voyage on 8 January, and another bulk carrier of the same size chosen for the route, Orion
VLCCs booked to store over 30M barrels of crude Oil traders have booked at least 17 VLCCs (each with a capacity to carry 2M barrels) to store crude oil in anticipation of a recovery in oil prices later this year. Tonnage lists sent by tanker brokers to IHS Maritime show that Shell has booked five VLCCs while Swiss trader Vitol has booked four VLCCs. Other charterers include Koch,
Four injured in South Korean ship explosion An explosion on a South Korean chemical tanker off the country's southeast coast left four people injured. According to the Korea Coast Guard's safety office in Ulsan, Hanyang Ace exploded at about 02.39 local time on 11 January while moored in the city's port.
War of words escalates in US dockworkers dispute Despite the involvement of a federal mediator in contract negotiations over the past week, the US West Coast dockworkers are continuing their policy of work slowdowns. This, in addition to the withholding of skilled labour, is bringing West Coast ports to the brink of "complete gridlock", the
China coal imports down 10.9% y/y in 2014 China's coal imports dropped 10.9% year on year to about 290M tonnes in 2014 due to competition from cheaper domestic coal and government restrictions on coal imports. The drop in coal imports widened in December from November 2014, according to China's latest customs statistics published today.
Pulau Tekong land reclamation works begin Land reclamation has begun around Pulau Tekong, one of Singapore's outlying islands. In a notice, the Maritime and Port Authority of Singapore said the works would last from 10 January to 10 July 2015. The reclamation works will involve 24-hour dredging, construction of revetment, soil
Crew saved as cargo ship sinks off The Philippines A cargo ship capsized off the shores of Bohol in the Philippines due to strong winds and waves. According to the Philippine Coast Guard (PCG), vessel LCT 378 was on its way to deliver its cargo of 3,150 tonnes of limestone to the city of Cagayan de Oro after leaving Garcia Hernandez around 23.00
MOL-operated ship runs aground in Japan A container ship operated by Mitsui OSK Lines (MOL) ran aground in Tateyama Harbour in Japan's Chiba Prefecture on Sunday. The 2003-built 4,600teu MOL Express was manoeuvring to an anchoring area within the harbour to undergo repairs on its main engines when it ran aground in shallow water around 19.00
Aegean upsizes bond offering Greek fuel provider raises $42m as working capital for expansion moves
Helicopters airlift pumps on to Hoegh Osaka Salvors expect poor weather will mean curtailing operations from Wednesday afternoon to early Thursday
Offen hires Klein and Bergert ER Schiffahrt to promote internally after two top executives decamp
TOP Ships enters sale and lease-back of two new MRs Deal with unidentified buyer will release equity, says Pistiolis
Rising US imports to increase pressure on west coast ports NRF reiterates importance of resolution to current docker dispute in light of latest forecast
US west coast ports on brink of gridlock, employers warn Ship queues grow while PMA and ILWU play blame game as mediator fails to make progress on new contract for longshore workers
Prospect of Pakistan tax on steel imports lifts demolition sector Market hopes India and Bangladesh will also move to curb impact of cheap Chinese billets
Condor agrees sale of catamaran pair to Greece's SeaJets Incat wavepiercers to be replaced on Channel Island routes by larger Austal unit
Baltic Sea ice-class aframax earnings up at $87,000 per day Ice restrictions and high Russian crude exports boost aframax tankers
Sisco appointed new Virginia International Gateway chairman Former Maersk man named head of former APMT facility
Oltmann signs management deal with Doric Investment company to handle AIFM directive issues
Freight rates dampen the need for speed in dry bulk sector Until there is a jump in freight rates, the dry bulk sector is unlikely to see any shift away from slow-steaming strategies
New refugee rescue guidelines issued to shipowners IMO issues updated guidance for vessels that encounter boatloads of migrants and refugees in distress
Grain trade and lower ore inventories bring new hope Some observers see gradual improvement in the supra and handy market this year
US-Mexican trucking deal no panacea for cross-border woes Giving Mexican carriers U.S. operating authority may not directly solve a chronic imbalance in loads and equipment that plagues cross-border shippers, driving up transport costs and causing congestion on the Mexican side of the border and at U.S. docks. Those lines can be especially long during peak shipping periods, such as...
Better truck data needed to speed Mexico-US trade Mexican trucking companies will soon get a green light from the Department of Transportation to apply for U.S. operating authority, but that won't necessarily reduce congestion or solve capacity problems at the U.S. border, an expert on U.S.-Mexican trade told JOC.com. "Having more trucks at the border may bring costs down...
Yang Ming offers bill of lading for Richmond, Virginia, barge service Yang Ming Line has become the fourth carrier to offer a Richmond, Virginia, bill of lading for service on the James River container-on-barge service linking Richmond with Hampton Roads marine terminals. Zim Integrated Shipping Services, MOL and Mediterranean Shipping Co. already offer a Richmond bill of lading on the Express 64...
Norfolk Southern chief marketing officer Seale to retire The Norfolk Southern Railway chief marketing officer who was key in creating faster and more reliable intermodal services at the railroad will retire later this winter. Donald Seale, who also serves as executive vice president, will retire at the end of February. The NS board has yet to name his replacement....
Imports spike at Prince Rupert which says it can handle more The Port of Prince Rupert says it can handle more diversions of U.S-bound cargo after import traffic jumped 72 percent last month, a likely result of shippers rerouting cargo away from congested U.S. terminals. U.S. shippers' fears of a U.S. West Coast port lockout - like the one experienced for 10...
NY-NJ truckers: New year, same chassis problems New York-New Jersey port truckers say chassis shortages and dislocations have continued into 2015 while industry officials work to develop a portwide pool of interchangeable "gray" chassis by mid-year. Truckers at Tuesday's monthly meeting of the Association of Bi-State Motor Carriers said chassis shortages have worsened since the holidays. Several drayage company...
PMA statement 'ominous' in pointing to possible lockout Could the industry be approaching a point of no return in West Coast longshore talks? The acrimony between employers and the International Longshore and Warehouse Union has only grown worse since a federal mediator was called in on Jan. 5 with high hopes that the agency practiced in bringing warring sides...
New Yang Ming ship to sail in China-Pakistan service The YM Enlightenment, the third in a series of five identical 4,662-TEU container ships, was recently christened by Yang Ming Line at CSBC Corp. Taiwan's Kaohsiung shipyard in China. Following delivery on Jan. 5, the 259-meter YM Enlightenment will be phased into the weekly China-Pakistan Express (CPX) service, a vessel-sharing agreement...
Lufthansa Cargo cautiously optimistic for 2015 amid 'very fierce' market Lufthansa Cargo is "cautiously optimistic" about its performance in 2015 after filling nearly 70 percent of its capacity in a fiercely competitive market last year, CEO Peter Greber said. The German all-cargo carrier transported 1.67 million metric tons of freight in 2014, down 2.7 percent on the previous year, while the...
Big ships, poor terminal design plague ports in Asia The congestion that hit Asia hard in 2014 took many ports by surprise, and even as a new year begins there is no sense that terminal operators will find solutions soon to lengthy delays and productivity shortfalls. Manila was the first port to grind to a halt when an ill-considered daytime...
Heathrow sees 2014 cargo growth but capacity restraints threaten growth London Heathrow increased air freight traffic by 5.3 percent in 2014, driven by a surge in shipments to key emerging markets, but capacity restraints are threatening to slow growth at Europe's fourth-largest cargo hub. Traffic reached 1.5 million metric tons last year helped by a 6.2 percent surge in December to...
Truckers battle New York-New Jersey terminal fees Drayage companies are pressing their fight with New York-New Jersey marine terminals over a tariff change that allows terminals to refuse to compensate truckers for waiting time caused by late ships or other reasons beyond motor carriers' control. Jeff Bader, president of the Association of Bi-State Motor Carriers, said representatives of...
Oakland gains volume but delays spike in the process Despite worsening delays the Port of Oakland said it achieved record container volume in 2014 aided by strong import volumes in December stoked by diversions from Southern California. Oakland is both benefiting and hurting from the continuing gridlock in Southern California. With all of Oakland's 22 to 25 trans-Pacific services -...
Cold chain specialist Lineage Logistics expands in US Northwest Cold-chain specialist Lineage Logistics expanded in the Pacific Northwest by acquiring warehousing and logistics company Columbia Colstor in Moses Lake, Washington. The acquisition gives Lineage, one of the largest temperature-controlled logistics companies in the U.S., a total of 11 warehousing and shipping locations in the Pacific Northwest. Columbia provides temperature-controlled facilities for...
Sisco named chairman of Virginia International Gateway Eric A. Sisco has been named chairman of Virginia International Gateway, Inc., the new owner of the semi-automated container terminal that APM Terminals developed at Portsmouth, Virginia. Sisco had been president of APM Terminals Americas. Sisco was associated with the A.P. Moller-Maersk group for more than 30 years until December. Initially,...
APM Terminals upgrades, expands Algeciras, Apapa terminals APM Terminals has ordered 16 rubber-tired gantry cranes for its terminals in Algeciras, Spain, and Apapa, Nigeria, as part of an ongoing program to boost capacity and productivity across its global network. Konecranes, the Finnish crane manufacturer, will deliver 12 of the wheeled gantries to Algeciras, Spain's largest container port, and...
Japanese container trade in line for good year, research shows A major Tokyo-based research firm has painted an upbeat picture of Japanese container trade in the next fiscal year that starts in April, despite flagging domestic demand and growing uncertainty over the global economy. Japanese container trade will grow moderately in fiscal 2015 after remaining almost flat in 2014, as exports...
Time healing supplier pain as China's Go West policy gathers momentum HONG KONG - Challenges remain for second-tier suppliers of major manufacturers in China's inland production centres more than 14 years after the Go West policy was introduced to shift factories away from the wealthier coastal areas and boost the economies of its poorer central provinces. The extended supply chain, costly alternatives...
Opportunity knocks If you love to gamble but don't have time for a trip to Las Vegas you may be in luck.
Eric Hallman, war vet and former high-profile shipbroker, dies at 71 Eric Hallman, a Vietnam War veteran who went on to become a high-profile sale-and-purchase (S&P) broker, has died at the age of 71.
Ulstein lands order Ulstein Verft has lined up a contract to construct a pair of service operation vessels for an affiliate of diversified German operator Bernhard Schulte.
TEU in the clear A containership controlled by Box Ships has landed at the centre of a legal battle with OW Bunker but the Greek operator does not appear to be fazed.
For VLCCs, hope floats A growing number of forecasters believe VLCCs trading in the spot market are poised to cash in on the recent surge in floating storage fixtures with some even hinting income of $100,000 per day could be around the corner.
Irving lays off 83 Canada's Irving Shipbuilding has made 83 staff redundant, but this is likely to be a temporary measure.
Aegean raising $42m Aegean Maritime Petroleum Network has priced its new notes issue, increasing the value to $42m.
Teekay hunts LNG STS ship Teekay LNG is searching for a suitable LNG carrier that will be able to get near enough to its grounded and laden LNG carrier Magellan Spirit (built 2009) to offload its cargo.
MMG goes in-house Chinese mining company MMG has struck a deal with an affiliated shipowner for cargo transport in 2015.
Chelverton boosts stake One of the major shareholders in Braemar Shipping Services has raised its stake in the London-listed shipbroker.
All change at ER ER Schiffahrt has been quick in making changes to management after two senior executives agreed to join rival German owner Claus-Peter Offen.
CSL bulker grounds A Canadian bulker has grounded on a sandbar off Nova Scotia.
Storage rush sparks stocks A rush of excitement surrounding floating storage contracts and a strong VLCC market have helped tanker shares fly.
Fearnley rings VLGC changes Falling energy prices and pending newbuilding arrivals have led Fearnley Securities to downgrade its VLGC forecasts and ratings on some of the sector's leading owners.
Second Meratus ship banned Australia has banned a second Meratus Line cargoship from its ports after a string of failed safety checks.
Drunk officer blamed A German cargoship hit mooring dolphins in the Kiel Canal after a drunk officer switched steering from manual to automatic.
Dof duo find work Dof Subsea has secured employment for two of its multi-purpose support vessels working in the Asia Pacific region.
Crewman dies in fall A Filipino seafarer has died in a fall off a German boxship off the Netherlands.
Short sellers stalk yards South Korean shipbuilders have become the favourite target for short sellers looking to cash in on difficulties in the market.
Prestige pulls IPO NCL-owned US cruiseship company Prestige Cruises has scrapped a plan for an IPO that could have raised $250m.
SSY marks new FFA record Dry cargo futures enjoyed another record year in 2014 despite depression in the physical market, according to data from SSY Futures.
Still stuck in the mud Initial attempts to refloat a grounded LNG carrier controlled by Teekay LNG Partners have so far been unsuccessful.
Panamax heads for scrap Sea Lion Ship Management of India has sent the last of its 1980s built bulkers for scrap.
Kerch volumes soar Passenger volumes across the Kerch Strait between Russia and the annexed region of Crimea jumped last year and are expected to double in 2015.
Ro-ro relief A Scottish ferry came to the aid of islanders who had been without power for nearly two days.
Offen looks to future German owner Claus-Peter Offen has poached two top executives from ER Schiffahrt to form a new holding company aimed at boosting its funding options.
German vessel under tow A general cargo vessel disabled off the Great Barrier Reef has been taken in tow by a locally-based tug and is heading to port.
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Aegean plans fund raiser Aegean Marine Petroleum Network is looking to raise up to $40m from a medium-term bond issue, it has confirmed.
US box growth expected US container volumes are expected to post year-on-year growth in the first half of 2015, according to a major trade association.
Kayne lifts KNOP stake Kayne Anderson has increased its stake in KNOT Offshore Partners (KNOP) following the acquisition of shares worth just over $10m.
US ferries to use 'fuel efficient' Rolls-Royce propulsion system Integrated propeller and rudder system 'improves propulsion performance by means of increasing efficiency'.
Ex-OW subsidiary facing claims from group's banks Lawyer acting as executor for the Bergen Bunkers rejects claim for $570 million.
Evidence of strong growth in Russian Far East bunker market But price advantage continues to be eroded.
Power stations switch to IFO Europe's market for residual product is expected to see impact of ECAs.
Check fuel contract for ECA operations, says insurer Sulphur content not referred to in ISO standards.
Box ships speed up Maersk has increased speeds on some routes.
Crude oil: 'Market is in a bit of a panic now' OPEC producer says 'strategy will not change'.
VPS: Global bunker alerts on the rise South Asia saw highest increase in number of alerts issued over the year.
Cointainer sector facing 'huge problem' 'The appetite for new Ultra Large Container Vessels is making it much harder for carriers to match supply with demand.'
US shipping firm to decrease bunker surcharge Shipping costs reduced by $80 to $140 per container.
Global logistics firm blacklists bunker supplier Cites OW bankruptcy as 'negatively affecting' the market.
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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