Gener8 sets IPO target price Peter Georgiopoulos-led Gener8 hopes to net USD246 million from its initial public offering, according to a new securities filing. On 15 June, the tanker owner disclosed plans to sell 15 million shares for USD17-19/share, with 2.25 million additional shares available through the underwriter option.
US LNG exports spur orders Teekay LNG Partners has ordered two newbuilds after sealing a charter agreement with BP for US export service. BP Shipping will charter one LNG carrier from Teekay for 13 years and has an option for a second vessel under similar terms, exercisable by 30 September. BP will use the vessel or vessels
Carnival orders four LNG-powered ships for AIDA at Meyer's yards Carnival Corporation & plc, the Anglo-American cruise shipping giant, says it has placed an order for four 180,000 gt LNG-powered cruise liners, for its AIDA Cruises unit in Germany. Two of the ships will be built at Meyer Turku in Finland and the other two at Meyer Werft in Papenburg in Germany.
Shrinking small capacity box fleet could trigger new orders Although the overall capacity of the container shipping fleet is growing, the capacity of the 1,000 teu to 3,000 teu of fleet has declined, which could trigger newbuilding orders in the sector, a senior shipping analyst said. "Since 2009 the size of the fleets of container ships between 1,000 teu
Danish Ship Finance mulls IPO Danish Ship Finance has launched a strategic review that may lead to an IPO, the bank's chairman said in a statement. Also known as Danmarks Skibskredit as the Copenhagen based shipping bank in Danish, "Danmarks Skibskredit has now initiated a strategic review of multiple possibilities which can
Ship Finance acquires three container ships on stocks Ship Finance International Limited, the listed tonnage provider in John Fredriksen's businesss empire, said it had acquired three 9,000 teu capacity container ships that are under construction from an unrelated third party. "The vessels are currently under construction and are expected to be
Boxship charter market past the peak? Average charter rates for tramp container vessels are starting to see greater downward pressure as fixing activity slows down, according to shipbrokers. The ConTex, published by the Hamburg Shipbrokers and Ship Agents' Association VHSS, closed last week with a marginal 0.2% loss at 567 points.
Outlook uncertain for Doosan Engine Uncertainties linger for South Korea's Doosan Engine as its shipbuilding customers see orders declining year-on-year, according to a shipping analyst. After visiting the company, Samsung Securities analyst Youngsoo Han said the company's earnings and orders "are both likely to improve
Viking Line ponders Sweden switch if subsidy cut Viking Line (VL) could move its base from the Åland archipelago inside Finland's border to Sweden if the new right-wing government coalition in Helsinki proceeds with a planned EUR20 million subsidy cut for passenger ships, Finnish national daily Helsingin Sanomat (HS) has reported. Jan Hanses,
'Key' Yangtze River hub to launch in September Shulanghu ore transit terminal, co-constructed by Ningbo and Zhoushan ports, is expected to be launched for a trial run in September. The terminal is designed to handle 400,000 dwt bulk carriers, and is poised to become a key transport hub in the Yangtze River Delta. Currently, the first phase of
'Brutal competition' drives May box rates lower Spot freight rates in container trades set a new low in May for a second consecutive month as "brutal competition" plagues the market, a senior shipping analyst said. Spot rates in the sector fell by 2% in May from the previous month and general rate increases the industry had introduced in
Chinese tug fire kills two, injures one Two workers died while another was injured when a fire broke out on a tug under construction at Bengbu Shenzhou Machinery (formerly known as Bengbu Shipyard) in Anhui Province, China, on 11 June. The accident took place at 17:20 h local time when dozens of workers were working in the cabin. Local
Harim moves towards Pan Ocean takeover South Korean poultry processor Harim Group is closer to acquiring compatriot bulker operator Pan Ocean. Seoul Central District Court announced on 12 June that a rehabilitation plan has been passed as 87% of Pan Ocean's creditors' committee and 61.1% of the company's stakeholders agreed to it.
Ghana government allows PSC on vessels The Ghanaian government has granted a British private security company (PSC) the licence to have armed guards on board vessels. From the end of June 2015, Watchwood Resources Ltd (WRL) will be able to accompany armed Ghana Marine Police aboard commercial vessels within Ghana's Exclusive Economic
Austrlia sidesteps questions on people smuggling payment claims The Australian prime minister and his ministers are refusing to deny claims that authorities paid Indonesian crew USD5,000 each on a people smuggling operation to turn back. Prime Minister Tony Abbott has gone on record, saying he would stop the boats "by hook or by crook". He has refused to
Missing tanker found after losing contact for three days A Malaysia-flagged LPG tanker has resumed communications with its shipowner after it was thought to be missing on 10 June. The 4,200 gt tanker, Teknogas, owned by Silverline Maritime told IHS Maritime that it was "human error" that lead to the technical mistakes in issuing the distress signal at
Ezra clinches over $115m in series of contracts Singapore-listed offshore services provider Ezra Holdings has won a streak of global subsea contracts worth over USD115 million. Part of the contract wins came from working with the UK-based offshore company, Apache, operating in the North Sea, which "proves" Ezra's consolidated position in that
Angelopoulos exits drillship business in deal with bondholders Greek owner cuts exposure to dire offshore market as VLCC sale draws close
Teekay orders new LNG carriers Two new vessels ordered plus charters for US exports signed with BP Shipping
UK Defence Club sees increased interest in FD&D cover Marine mutual gains 200 ships in 2014 policy year
Gener8 to launch IPO roadshow Listing could raise $270m at mid-point in proposed price range
MOL shakes up car carrier operation New trades, new dynamics open up new era for car carriers
Troubled times for Asia-Europe carriers Analysts warn of difficult months ahead as spot rates plunge to new lows
CMA CGM succeeds in $814m notes issue Proceeds will be used to refinance existing notes issued in 2011 that mature in 2017 and 2019
Product tanker goes missing in Malaysian waters, ReCAAP says Vessel from same company was attacked earlier this month in latest fuel oil siphoning theft
Data Hub: World Fleet Update Fleet growth rate slips back in May but ordering spree is set to see yet more capacity added to market
China Shipbuilding Industry Corp fuels merger rumours by launching 'business adjustment' Company's flagship unit seeks outbound investment in ship engines industry
UK Defence Club sees growth in entered tonnage Combined ratio comes in at 94%
Dredging laws choke port progress in Australia Queensland government says news laws are reasonable and balance the needs of shipping and environment
Beijing's anti-corruption drive reaches further into state-owned maritime giants Bribery, theft, nepotism and other misconduct are alleged at CSIC and Cosco
Could tanker bull market last five years? The signs point to sustained strength that could stretch to a five-year golden patch
The single point of failure The Yangtze cruiseship capsizing raises questions of safety and crew training
Industry split on NVOCC contracting changes More than a dozen non-vessel-operating common carries have endorsed further changes to U.S. Federal Maritime Commission's rules governing NVOCCs' contracts with shippers. But ocean carriers urged the commission to avoid changes that favor NVOCCs over vessel operators, and UPS and the National Industrial Transportation League warned against narrowing NVOCCs' contracting options. The...
Small ship capacity decline could spark newbuild surge Although the overall capacity of the container ship fleet is growing, the number of smaller capacity ships has declined, which could trigger newbuilding orders in the sector, a senior shipping analyst said. "Since 2009, the size of the fleets of container ships between 1,000 TEUs and 3,000 TEUs of capacity, have...
US LTL trucking companies report increased 2Q volume Despite mixed signals from the U.S. economy, trucking companies are moving steadily forward, with freight volumes increasing and contract trucking rates rising in the second quarter. Two of the largest publicly owned less-than-truckload carriers, Old Dominion Freight Line and ABF Freight System, reported stronger than expected freight demand in the early...
LA throughput grows in May, clouding impact of diversions Container volume at the Port of Los Angeles edged up 0.8 percent in May as the largest U.S. port looks for direction following a lengthy period of congestion and labor issues over the past year. Los Angeles handled 694,791 20-foot-equivalent units in May, compared to the same month last year. Imports...
US manufacturing growth building demand for industrial real estate Developers of industrial real estate are expanding their portfolios beyond big-box distribution centers for supply-chain logistics to include manufacturing facilities and warehouses to serve manufacturers in the U.S. and Mexico. Several trends are driving the growing interest in manufacturing. The boom in U.S. oil and gas production provides cheap energy to...
CN, APM Terminals work to increase Port of Mobile's reach CHICAGO - CN today signed a memorandum of understanding (MOU) with the Alabama State Port Authority (ASPA), which owns the public terminals at the Port of Mobile, intended to drive increased supply chain efficiency and a greater share of transportation markets in North America. JJ Ruest, CN executive vice-president and chief marketing officer,...
Busiest month in four years points to Oakland port recovery The Port of Oakland in May had its busiest month in almost four years, handling 213,260 20-foot-equivalent container units and sign that operations have returned to normal after months of congestion. The third consecutive month of growth in container volume since the International Longshore and Warehouse Union and Pacific Maritime Association...
Manufacturing growth building demand for industrial real estate Developers of industrial real estate are expanding their portfolios beyond big-box distribution centers for supply-chain logistics to include manufacturing facilities and warehouses to serve manufacturers in the U.S. and Mexico. Several trends are driving the growing interest in manufacturing. The boom in U.S. oil and gas production provides cheap energy to...
Russia, bloc partners target Asia-China containerized rail growth ST PETERSBURG - The creation of a containerized rail operator by the Eurasian Customs Union is aimed at capitalizing on growing volume moving between Europe and Asia. The United Transport and Logistics Company was created through the merger of the assets of railways in the union, which consists of Armenia, Belarus,...
California ports log growth The ports of Oakland and Los Angeles reported container volume growth in May ahead of expectations that June will see volatile numbers on the US west coast.
'Still long' on LPG Wells Fargo Securities trimmed its profit outlook for most LPG carrier owners that it covers but kept a positive view on the sector.
Monjasa into trading Danish bunker and tanker group Monjasa is starting a hiring drive to staff its new fuel trading desk.
CPLP trio score pay rise Capital Product Partners (CPLP) today secured a pay rise on three of its vessels as it completed the drop down of a new boxship from fellow Evangelos Marinakis-backed company Capital Maritime.
Teekay orders duo Teekay LNG has ordered two LNG carriers at Hyundai Samho Heavy Industries against potential 13-year charter contracts with BP Shipping.
CMA CGM strikes quickly CMA CGM has raised EUR 725m ($814.64m) through a bond issue after deciding to refinance due to a stronger first quarter result.
Gener8 closes on $750m cheque Gener8 Maritime is closing on a $750m credit facility with commercial lenders that will aid the shipowner's funding jigsaw.
Siem fined in tax case Siem Offshore has been fined NOK 5m ($0.64m) over a tax case heard by the Kristiansand district court of Norway.
Carnival firms four Multi-billion deal inked at Meyer Werft for LNG-fuelled cruiseships that will carry record passenger numbers.
Gener8 sights $284m Peter Georgiopoulos-fronted Gener8 Maritime is looking to bank $284m from its New York IPO.
Mercator fixes kamsarmax Singapore-listed shipowner charters out bulker to Clearlake at "premium" rate.
SFI snaps up resales John Fredriksen-controlled Ship Finance International (SFI) has expanded its containership fleet once more in a deal that adds $200m to its charter backlog.
Dorian hits VLGC double Dorian LPG has locked up charters for two of its new VLGCs.
Gauguin sells cruiseship US owner Paul Gauguin Cruises is selling one of its two small cruiseships to Grand Circle Travel.
Ship pics avoid skip An archive of more than 120 photographs has been saved from destruction following the collapse of the UK's oldest shipping company.
DNB says hold Safe DNB Markets has resumed coverage of Safe Bulkers with a hold rating on the shipowner.
Dredger under the hammer The Turkish government has put a veteran Ukrainian dredger up for sale at auction.
MISC buys from parent Malaysia's MISC has snapped up the maritime services operation of its parent oil company Petronas.
NEL to raise money NEL Lines of Greece has revealed plans to issue new shares in an effort to increase its share capital and tackle its liquidity problem.
Crowe ponders price gap The gap between VLCC newbuilding and second hand values indicates "investor positivity is mixed with caution", Clarksons Research Services says.
Greek owner exits capes Swiss Marine Inc of Greece has exited the capesize market following the disposal of its only ship in the sector, it is claimed.
Yasa back in MR game Turkey's Yasa Tankers has moved back into the MR sector with an order for two new ships in Korea.
Trio for Seaspan yard Canada's Seaspan Shipyards has reached a deal to construct three coast guard/fisheries research vessels under the government's shipbuilding programme.
NAP prices loan Greece's Navios Maritime Midstream Partners (NAP) has priced a new loan at 4.5% above Libor as it buys two VLCCs from its parent.
Ezra seals Aviat work Ezra Holdings has secured a contract for rigid pipelay work on the Aviat field development in the UK North Sea.
AET CEO steps down AET is on the lookout for a new chief executive after present incumbent Hor Weng Yew announced plans to step down.
DSD faces more charges DSD Shipping is facing further charges in the US for allegedly dumping waste water overboard.
Suspected diesel spill cleanup underway in Vancouver Officials say between 30 to 1,000 litres of fuel spilled into Vancouver's False Creek.
Oil removal starts from sunken fishing vessel Underwater recovery domes will be deployed.
Carnival orders LNG powered cruise ships LNG fuelled ships represent 'a major environmental breakthrough.'
Bunker sales up in Singapore Number of bunker calls at highest level for at least three years.
OW 'nearly bankrupt' in 2008 New book promises the inside story.
Monjasa opens up new horizons With move into oil trading.
Players welcome weaker arbitrage volumes Narrowing price differences between Asia and Europe and strong freight rates put brake on arrivals from the West.
Deadline passes for comments on Australian sulphur regulations Cruise operators in Sydney face fines for failure to comply.
UK player highlights need for hedging 'Ship owners are concerned about the possible threat of an upward trend in the oil market."
Richmond conducts oil spill assessment Draws numerous lessons from earlier MV Marathassa bunker spill.
Gibraltar: LNG bunkering report at centre of political row Opposition leader 'cannot have any credibility with the electorate if he does not disclose who funded the report.'
Update: Malaysia widens missing tanker search The Orkim Harmony went missing on Thursday.
US to study impact of bunker ECA demand Study could be expanded to include more vessel types.
Gibraltar: LNG bunkering being dragged into politics Alleged corruption for 'commercial interests of others' in play, says government.
Update: Malaysia widens search for missing tanker The Orkim Harmony went missing on Thursday.
US to study impact of ECA on bunker demand Study could be expanded to include more vessel types.
Puzzlement over Iceland's sulphur regulation Sulphur limit for ships sailing in Icelandic waters differ from everywhere else.
FMC hosts roundtable discussion on LNG fuel Notes that LNG bunkering is a 'potential market' for America's natural gas resources.
Container alliance forced to reduce capacity on key route Rates between Asia and North Europe have dropped to the point where they are 'sub-economic'.
Patent for particulate filter published Filters are available for automotive sector but not marine.
Product tanker missing off Malaysian coast A sister ship of the missing vessel was also hijacked earlier in June.
Chinese bunker player sinks into Q1 losses Revenues almost halved over the year.
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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