Losses deepen for Hercules Offshore Falling oil prices contributed to a USD154.1 million loss in 4Q14 for NYSE-listed Hercules Offshore, the drilling rig operator has revealed. The loss for Houston-based Hercules compares with one of USD100.8 million in 4Q13. The results include a pre-tax, non-cash impairment charge of USD117 million
MLC human rights convention 'myth' debunked Maritime welfare advocacy organisation Human Rights at Sea (HRAS) has said that seafarers do not have human rights protections under the Maritime Labour Convention 2006 (MLC). A gap analysis made by the UK-based Human Rights at Sea organisation has found that just two human rights are explicitly
France 'will not abandon' Indian Ocean security Even after the expiry of the European Union's Operation Atalanta mandate in 2016, France will continue the fight against piracy and other maritime crime in the western Indian Ocean, it has been confirmed. Speaking after this week's African Union (AU) meeting on maritime security in Beau Vallon,
ASL Marine's profits plunge 78.4% ASL Marine's profits for the second quarter ended 31 December 2014 dived 78.4% year-on-year to SGD1.432 million (USD1.05 million). The Singapore-listed shipbuilder's plunge in profit was reflected in its revenue for 2Q15, which recorded a negative of SGD21 million due to a recognition of a revenue
Wilhelmsen profits slip, cautious on outlook Wilh. Wilhelmsen ASA, the listed shipping and vehicle logistics unit in the company's Norwegian holding group, has reported a fall in both 4Q14 and full-year profit and the board warns unfavourable cargo mix would continue to hamper the business. Group net profit fell to USD54 million in 4Q14 from
NOL marks third consecutive yearly loss Singapore's Neptune Orient Lines today posted a USD260 million loss for 2014, a worse result than the USD76.3 million loss for 2013. The result also marked the third consecutive full-year loss for NOL, the parent company of APL, a situation that could put it on the Singapore Exchange's watch-list.
Union condemns 'bloodlust' Schettino sentence Safety and welfare advocates have condemned the sentencing of Captain Francesco Schettino as "bloodlust". After a 19-month trial, the captain of the Costa Concordia has been found guilty of multiple charges of manslaughter and sentenced to 16 years in prison. He had been charged with manslaughter,
Pressure mounts on MH370 search As pressure grows from families of those on board missing Malaysian Airlines Flight MH370, questions are being raised on whether the search can be completed on schedule and if further resources will become available. Chinese relatives of missing passengers flew into Kuala Lumpur yesterday to
IHS Maritime & Trade Piracy in 2014 Source: ICC International Maritime Bureau Piracy and Armed Robbery Against Ships, report for the period 1 Jan-31 Dec 2014. Credit Hannah Kidd/Shutterstock. Copyright: IHS. To view the infographic in a larger form, and also to view 2013 and 2012 versions, click here: http://tinyurl.com/pxlcq7r
ReCAAP ISC reports rise in sea robberies Singapore anti-piracy watchdog ReCAAP Information Sharing Centre (ReCAAP ISC) reported 10 incidents of robberies onboard ships in January 2015, a slight increase as compared with eight incidents in January 2014. According to the report, two of the 10 incidents were classified as Category 1 (CAT 1)
Gwadar, Zhuhai become twin ports Pakistan's Gwadar port and China's Zhuhai port inked a memorandum of understanding (MoU) on 11 February, declaring the two cities twin ports. This deal makes Gwadar the first foreign port of China's 'One Belt, One Road' initiative, which aims to link China with Africa, Europe, and Southeast Asia
Cruise Line Incident Reporting Statistics from the Coast Guard Investigative Service The Cruise Vessel Security and Safety Act (CVSSA) of 2010 aims to make cruise vessels safer and more secure for passengers who set sail to and from the United States. It is applicable to all US-flagged cruise ships that carry at least 250 passengers, have onboard overnight passenger/crew sleeping
Viking O&M profit dives 49% Singapore-listed offshore services provider Viking Offshore & Marine (Viking O&M) saw a 49% profit dive to SGD1 million (USD738,000) for the financial year that ended on 31 December 2014. Viking O&M's revenue for the fiscal year 2014 (FY 2014) hiked 12% to SGD79 million in 2014, compared with
HMD bleeds despite Q4 2014 profit South Korean shipbuilder Hyundai Mipo Dockyard (HMD) returned to the black for the fourth quarter of 2014, but losses for the rest of the year made a full-year deficit inevitable. The shipbuilder, which specialises in product tankers and mid-sized LPG carriers, posted a net profit of KRW19 billion
Major Chinese ship repair yards output up 14.5% The output of 13 major Chinese repair yards rose 14.5% year on year (y/y) to CNY12.5 billion (USD2 billion) in 2014, due to high-tech and high value-added ship repair orders. The output bottomed out after four consecutive y/y decreases since 2010, according to the Shiprepair Periodical Coordination
Westports revenue drops 23% y/y Malaysia-listed port operator Westports Holding (Westports) recorded a 23% year-on-year (y/y) drop in revenue to MYR384.5 million (USD106.4 million) for the fourth quarter that ended on 31 December 2014. The company recorded an increase of 6% in its net profit, while its gross profit rose 6% to
Zhongchang Marine to raise USD33 million Shanghai-listed Zhongchang Marine, a Chinese operator of bulk carriers in cabotage trade, plans to raise approximately CNY208 million (USD33 million) by selling two of its loss-making subsidiaries to its parent company. The two subsidiaries were identified as Zhongchang Marine (Shanghai) and Putuo
Australian port probe comes under fire An Australian tribunal decision to embark on an inquiry into the wharf and port sector of the trucking industry came under fire this week, with a Container Transport Alliance Australia (CTAA) director claiming it is as 'a waste of time'. Speaking with IHS Maritime, CTAA director Gerard Langes said
Arbitrage opens for US styrene monomer shipments into Asia Firming prices of styrene monomer in Asia Pacific has created an arbitrage for imports from the US Gulf. Chemical tanker brokers told IHS Maritime that freight rates for a 5,000-tonne parcel are about USD62 per tonne, slightly up from USD60 per tonne in December 2014. Styrene monomer is usually
Sembcorp Marine revenue down 15% Singapore-listed offshore services provider Sembcorp Marine posted a 15% year-on-year (y/y) drop in revenue to SGD1.445 billion (USD1.06 billion) for the fourth quarter ended 31 December 2014. The lower turnover has caused a 5% y/y drop in Sembcorp Marine's net profit to SGD174 million in the
European box imports increased more than 5% last year MDS Transmodal looks at demand increases on European trades in 2014
RBS flirted with Commerzbank-style shipping exit Future options still open after recent rethink by bank
US east coast ports grab market share as west coast issues drag on Total volumes on the transpacific trade lane jumped by 2.9% last year, with east coast ports being the major beneficiaries
We did not foresee floating storage coming, says Euronav's Paddy Rodgers World's biggest crude tanker player highlights importance of the oil price contango and floating storage in 2015 and beyond
Nordic American has positive take on suezmax tanker market One of the suezmax segment's big owners welcomes falling bunker prices and improved spot rates
Asia-US east coast rates break $5,000 per feu barrier US east coast carriers reap rewards of west coast instability as box prices soar to record highs
ICTSI committed to Portland The terminal operator blames union for Hanjin's decision to withdraw services.
Week on Wall Street | February 13 This could be a milestone year for Navios Maritime Acquisitions
Industry Viewpoint: Shame on you, Italy The verdict in the Costa Concordia trial takes us back to the bad old days of playing the 'blame game'
Awilco LNG slides to loss in challenging short-term market Norwegian gas carrier owner expects new LNG production coming on stream to lift freight market
Australia to investigate link between port driver pay, safety The Australian government is launching an inquiry into the drayage industry practices at five major ports that could lead to higher mandated levels of driver pay or new work rules. Australia's Road Safety Remuneration Tribunal will look into pay and other practices related to container drayage at the ports of Adelaide,...
US files WTO case against China U.S. Trade Representative Michael B. Froman announced Wednesday that the Obama administration is filing a sweeping case at the World Trade Organization against a Chinese government program known as the National Auto and Auto Parts Export Base. The USTR alleged that through this program, China provides free and discounted services over...
Work resumes on 46-ship West Coast backlog West Coast ports resumed vessel loading and unloading Friday amid continuing labor strife and congestion that has left the tally of backlogged container ships at nearly four dozen and rising. Pacific Maritime Association members announced this week they would suspend vessel work on Thursday, Saturday, Sunday and Monday rather than pay...
Industrial real estate activity takes off in Kansas City After attracting only one tenants - a government agency - in roughly eight years, a former U.S. Air Force base turned logistics park in the Kansas City area has announced three new shipper tenants in a span of five months. UFP Harrisonville, a wood products manufacturer, and Really Good Stuff, a...
Pressure builds for US government action on West Coast The Obama administration is under growing pressure to prod negotiators to reach a deal on a West Coast labor contract, and to intervene if the ports' months-long congestion keeps edging toward a total shutdown. More than a dozen lawmakers from the West Coast and from states as far east as Iowa...
Obama's plan to lift Cuba sanctions raises hopes of US Gulf ports Amid weeds and willows on the Mississippi River levee at Belle Chasse, Louisiana, a curving row of weathered wooden pilings bears silent evidence to the once-thriving trade between U.S. Gulf ports and Cuba. The long-abandoned site on the river's west bank, 20 miles downstream from New Orleans, is the remnant of...
The West Coast blame game So the International Longshore and Warehouse Union is solely responsible for the humongous mess our West Coast ports are in? It must be so because I read it on JOC.com. My first concern is that perhaps this blame is misplaced. To get at the truth, let's look at the background. First...
'Rebuilt' USA Truck posts first full-year profit since 2008 When John Simone joined USA Truck as president and CEO two years ago, the trucking company was staggering from the blow its business suffered in the recession and struggling to jumpstart a turnaround. USA Truck lost a combined $39 million from 2009 through 2012. After two years of redesigning and rebuilding...
Shipping Corporation of India reports fiscal 3Q profit Shipping Corporation of India swung to a Rs. 31.3 crore (about $5 million) net profit in its fiscal third quarter, which ended Dec. 31, from a $10.6 million loss in the same period of 2013, driven by cost savings and higher freight rates that helped offset a marginal decline in...
West Coast congestion hammers NOL earnings HONG KONG - Neptune Orient Line's container division APL recorded a before tax loss of $37 million in the fourth quarter as the U.S. West Coast port congestion saw volumes fall and forced the carrier to cut sailings on its most important trade.The challenges on the trans-Pacific helped drive its...
SCFI: U.S. East Coast spot rates break the $5,000 barrier HONG KONG - The U.S. East Coast spot rate hit $5,049 per FEU this week as rising demand for the all-water service pushed rates to record levels, according to the latest reading of the Shanghai Containerized Freight Index (SCFI).With port congestion on the West Coast delaying ships for often weeks...
Charters laid on as Valentine's Day demand fills Nairobi-Schiphol freighters HONG KONG - Shippers between Nairobi and the global flower hub of Amsterdam chartered at least 1,500 tons of additional air freight capacity in the two weeks leading up to Valentine's Day to ship in flowers from Africa.Demand was so strong that 15 chartered freighters were required, even with 30...
DB Schenker grows Asia-Pacific footprint with India, Cambodia investment HONG KONG - DB Schenker strengthen its presence in Asia in January with the opening of a new company in Cambodia and a last-mile logistics centre in eastern India.The German logistics services provider opened its DB Schenker Logistics Centre (SLC) in India's eastern region of Patna that offers logistics and...
Brazil export plan on top of weak currency could boost exports Brazil will release a National Export Plan early in March and it can't come fast enough for shippers in the South American country, who were expecting it to launch this month. Last year Brazil, historically a strong exporting nation, posted its first annual trade deficit in more than 14 years but...
Spot storage Floating storage plays in the VLCC arena could expand to the spot market, Paddy Rodgers says.
Euroseas chops loss Greek bulker and containership owner Euroseas has reduced its deficit in 2014 after suffering a big impairment hit in the prior year.
AML to pay $800,000 Germany's AML Ship Management has admitted to dumping oily bilge water into the sea while sailing off the Aleutian Islands near Alaska in August.
Diana ties up panamax Greece's Diana Shipping has secured continued employment for one of its panamaxes with Glencore Grain.
ESL goes higher Finland's ESL Shipping has posted better profit for the fourth quarter, lifting its annual figure.
Pervasive pessimism We take a look at what was said in the market over the past week.
DOT owed $329m The liquidator of the Singapore unit that plunged OW Bunker into bankruptcy says it is seeking to recover $329m owed to the company.
Seadrill writes off $1.1bn John Fredriksen's drilling arm Seadrill has removed contract extensions previously agreed with troubled Brazilian oil major Petrobras from its backlog.
AMSC remains steady Oslo-listed American Shipping Company (AMSC) has finished 2014 with a stable result.
Solus in at DHT Christopher Pucillo has bought a major slice of tanker owner DHT Holdings in the latest expansion of its shipping book.
Cosco scraps eight more China Cosco Holdings Co (CCHC) has sent another eight vessels to breakers' beaches so far this year as its fleet renewal carries on apace.
GTT logs record year French LNG cargo containment designer GTT notched up 47 new orders during 2014 - the company's highest haul for 10 years.
Double bond boost for Fredriksen John Fredriksen's Frontline has purchased another chunk of its convertible bond amid increased confidence the tanker owner can hurdle an April payment without the need to sell assets or restructure.
Awilco loss widens The LNG carrier company said the annual net deficit was $2.7m, against a profit of $1.2m in 2013.
NOL sees red Neptune Orient Lines (NOL) has managed to cut its fourth quarter loss thanks to cost savings but this did not prevent it from posting a bigger deficit for the full year.
Mixed finish for WW ASA Norwegian shipowner Wilh Wilhelmsen ASA's fourth quarter profit has measured up well with market expectations.
MEDS takes support ship Bibby Line has sold a support ship it had been chartering to a UAE operator.
Costa facing legal action Lawyers representing British survivors of the Costa Concordia capsizing plan to sue Costa Cruises following captain Francesco Schettino's conviction for manslaughter.
Daiichi meets charterers Japanese dry bulk operator Daiichi Chuo Kisen has asked for a meeting with its main business partners as its financial performance worsens as the result of the downturn in the trading market.
Worker critical Six people have been injured, one of them critically, in an explosion on an offshore vessel off Trinidad and Tobago.
Subsea 7 swoops Oslo-listed Subsea 7 has announced a new subsea contract in Australia for one of its diving construction ships.
PGS delays newbuilds Petroleum Geo-Services (PGS) is delaying two newbuilding seismic survey vessels building in Japan due to weaker market conditions.
Belships slides in Q4 Belships has booked a 40% decline in fourth quarter results, but still remained in profit compared to the preceding quarter.
Tankoil kicked out Tankoil Marine, the company which contributed to the collapse of OW Bunker, has lost its licence to sell bunkers within Singapore.
Elevate your game Size matters when you're a pool operator but Ben Ognibene, the chief executive of Heidmar, says this isn't the only key to success.
Weekly Global Market Report A weekly price roundup from bunkering hubs around the world.
Harvey Gulf claims another LNG milestone First USCG Certificate of Inspection for a vessel powered by LNG.
Report: Monjasa dominates West African market Risk of doing business in the region has driven away competitors.
MPA, ClassNK sign deal to enhance ship safety and eco sustainability Marine renewable energy among R&D focus.
Cruise terminal 'should have had cold ironing facilties' A report into an Australian cruise terminal is under fire for calling for ships to use low sulphur fuel.
DOT's dealings with Tankoil focus of bankruptcy investigation DOT: Owed over $300 million.
Shipping emissions targeted at Geneva climate talks Call for 'global sectoral emission reduction targets' emerge during UNFCCC meeting.
NOL posts quarterly loss But some benefit accrued from lower bunker prices.
Quadrise: Investor jitters as oil prices stay low But QFI say the economics of its emulsion fuel 'remain sound'.
Shipping should move faster on emissions Zero-emission vessels are the goal, says shipowner.
Patent granted for hybrid marine technology System can be applied on a variety of vessels to save fuel.
NGO pushes for fuel oil ban in Arctic Cites report validating the need for cleaner fuel use.
WFS: Bunker sales volume lifted by OW's exit Company logs highest quarterly volume in more than a year.
Scrubber installation possible at sea, claims firm Yara says its scrubber system is the smallest in the market.
Taiwan: Ship held over bunker spill Authorities holding ship while determining cost of damages.
WFS records rise in profit 2014 'was a strong year' for the company.
Explosion kills 3 onboard Petrobras-leased ship Six workers have been reported missing.
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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