Record year for Van Oord Dutch dredging giant Van Oord established itself as a major player in the European offshore wind industry as it increased turnover by 28% to EUR2.104 billion (USD2.208 billion) in 2014. It is the first time in the company's history that turnover has topped EUR2 billion. Turnover was not the only
Montreal Gateway container terminals sold The largest container handler in the Port of Montreal has been purchased by a consortium of Canadian investors headed by Fiera Axium Infrastructure Inc. No price or effective date for the sale of Montreal Gateway Terminals has been disclosed by either Fiera or Morgan Stanley Infrastructure
P&I Clubs remain positive Protection and indemnity (P&I) clubs have continued to take a positive view of the state of the market after last month's 2015/16 renewals. The London P&I Club is the latest club to provide a report on their renewal activity that saw increases in both owners' and charterers' business. Its
KDB launches new shipping fund Korea Development Bank (KDB), South Korea's biggest provider of ship financing, has launched a new shipping fund. On 13 March KDB launched the KDB Ocean Value-up Fund to provide more than KRW1 trillion (USD884.5 million) in financing to compatriot shipping companies and shipbuilders. State-owned
Sainty Marine gets USD30 mil. arbitration settlement Shenzhen-listed Sainty Marine has received approximately USD30 million in an arbitration settlement over six Ultramaxes it had chartered out to Greek companies owned by Eleni Siloglou. Sainty Marine is still in dispute with Siloglou over the chartering contract for another six 64,000 dwt bulk
STX Dalian to be liquidated STX Dalian Group, the bankrupt subsidiary shipyard of South Korea's STX Corporation, failed to complete bankruptcy reorganisation and has entered bankruptcy liquidation, Chinese media reported on 13 March. Sources from STX (Dalian) Engine recently said that the reorganisation of six affiliated
Vard cancels two PSV contracts Singapore-listed shipbuilder Vard Holdings has terminated two shipbuilding contracts after its customer, two affiliates of E.R. Offshore, filed for insolvency at a local court in Germany. According to Vard's filing to the Singapore Exchange (SGX), its subsidiary is currently constructing one
Asia piracy incidents hit five-year low Singapore-headquartered anti-piracy watchdog ReCAAP Information Sharing Centre (ReCAAP ISC) reported 11 cases of piracy and armed robbery against ships in February, compared with 14 cases in the corresponding period last year. Among these one was a piracy incident, while 10 were armed robberies
Dozens feared dead in Myanmar ferry disaster Up to 50 people are believed to have drowned after an overloaded ferry sank in bad weather in Northern Myanmar. Double-decker ferry Aung Takon 3 sank on 14 March en route to Sittwe in Rakhine state after leaving the town of Kyaukphyu, collated media reports said. Thirty-three people are confirmed
CSSC Holdings profits up 12 % y/y in 2014 Shanghai-listed CSSC Holdings, the flagship listed unit of China State Shipbuilding Corporation (CSSC), posted a 12% rise in profits to CNY44.2 million (USD7.1 million) in 2014 from a year ago, due to higher revenues from newbuildings. Revenues also gained 28% year on year (y/y) to CNY28.3 billion
SHI-Samsung Engineering merger halted A merger between South Korea's second-biggest shipbuilder, Samsung Heavy Industries (SHI), and Samsung Engineering is not being planned for now. At SHI's annual general meeting on 13 March, CEO Park Dae-young said, "SHI and Samsung Engineering have been co-operating. Samsung Engineering's engineers
KSS Line orders another LPG/ammonia carrier South Korean LPG and chemical shipping specialist KSS Line has ordered another 38,000 m³ LPG/ammonia carrier. Led by CEO Lee Dae-sung, KSS Line said the ship, which will be delivered by 31 May 2017, will cost KRW58.81 billion (USD52 million). The company added, "Upon delivery, the ship will be
Onassis can count the VLCC savings from seizing conversion deal Oman Drydock said to be booked to convert ex-TMT 'Whales'
Economou sells first 18-year-old VLCC Chinese buyer takes Universal Prime for $31m and sister vessel seen as likely sale candidate
Hapag-Lloyd disposing of 16 older boxships Fourth biggest boxship player moves to bring down age profile of fleet after CSAV takeover
London P&I sees tonnage gains Marine mutual picked up 300,000 gt at renewal, says Gooch
Seven of the top 10 flag states unable to issue wreck removal certificates With the Nairobi Wreck Removal Convention due in force next month, only 32.6% of the global fleet can secure compliance certification from their flags
BIMCO expects fleet to increase 6.5% this year The shipowner association warns that more orders are likely as owners stuck in game of 'prisoner's dilemma'
Improvements on horizon for LNG shipping, but after 2020 it's less certain Short term looks bullish, medium term less so, says new DVB Bank study
ER Offshore confirms single-ship insolvencies Administrator to be appointed in next few days, says Koch
Rouble's plunge takes toll on Global Ports Tough conditions set to remain for the medium term
Data Hub: Load factors Capacity cuts improve transatlantic utilisation
Shippers take control of the sales process Marketing must change its approach to match the way customers now search for services
Oaktree sells ore carriers for conversion into VLCCs Conversions prompted by robust crude tanker market, while dry bulk market struggles and looks less attractive for owners
Pluto LNG shutdown recalls bad memories of delayed Australian projects It may only be a blip, but Pluto's shutdown takes on importance because there are big hopes for Australian LNG cargo supply this year
Still too many capesizes on the water despite lay-ups and accelerated scrapping The market continues at a low, but owners are speeding up measures to reduce capacity
Shipping suffers from 'experience deficit', says tanker inspector Aethon director Michael Neuhaus urges training action to prevent likely increase in accidents
CMA CGM set for 20,000 teu order Brokers report the French shipping line has singed a letter of intent for three of the ships from Hanjin Heavy Industries
Jinhui sinks into the red for 2014 Hong Kong dry bulk company sees tougher 2015 ahead
High-level answers needed The horrors that are driving hundreds of thousands of people to flee their countries in ramshackle, dangerous ships are getting worse in a worryingly unstable world
Coalition urges US Congress to reject 'devolution' of highway funding to states A coalition of road builders and highway users struck out against the idea of "devolving" responsibility for surface transportation funding to the states, telling members of Congress such devolution would put motorists and the U.S. economy at risk. "Devolution represents abandonment by Congress of a most fundamental constitutional obligation to promote...
US poultry exports fall on import bans, stronger dollar Mexico's recent expansion of its ban on U.S. poultry after authorities confirmed a case of bird flu in Arkansas is the latest blow to exporters whose containerized shipments have steadily fallen since China and South Korea imposed their own bans months ago. U.S. containerized poultry exports in January, December and November...
Virginia port barges cargo between congested terminals The Port of Virginia is barging containers between terminals, keeping truck gates open on weekends and taking other steps to ease congestion that has delayed shipments and drayage drivers. The port authority said it will maintain Sunday gate hours at its Virginia International Gateway and Pinners Point container yard through at...
Charleston laden container volume rises 17.5 percent The Port of Charleston handled 125,549 twenty-foot-equivalent units of loaded containers in February, a 17.5 percent year-over-year increase, the South Carolina Ports Authority reported. "Our import gains are reflective of a strengthening U.S. economy and population growth across the Southeast, while manufacturing in our state bolsters our export business," said Jim...
Teamsters win fourth terminal in FedEx Freight campaign The International Brotherhood of Teamsters won its fourth victory in a terminal-by-terminal effort to organize the largest U.S. less-than-truckload carrier, FedEx Freight, but six defeats and as many withdrawn election petitions show how uphill a battle the union faces. A group of 50 truck drivers at the FedEx Freight terminal in...
US-Canada truck traffic to get faster customs clearance through agreement WASHINGTON - The U.S and Canada signed a historic agreement Monday establishing the framework for pre-clearance processes at U.S.-Canadian border crossings, marking the first time pre-clearance will be available for all modes of transportation - land, rail, marine and air - in both countries. Carriers and shippers have long lobbied for...
NY-NJ terminals battle cargo backlogs, extend gate hours Most container terminals in the Port of New York and New Jersey will keep truck gates open Tuesday - a longshoremen's union holiday - as they struggle to clear backlogs caused by high volume and bunched ship arrivals. New York-New Jersey is struggling to handle a volume surge driven by economic...
India's export growth slows to three-year low India's merchandise exports in February plunged 15 percent from a year earlier to $21.5 billion, following an 11.2 percent decrease in January, marking the lowest value in three years, according to provisional figures released by the Ministry of Commerce and Industry. Imports fell even more steeply, contracting 15.7 percent from February...
Avoiding the ugly American Jack was excited about his pending business trip to China. Not only would this be his first trip to a foreign country, but as a newly promoted manager, Jack also would be the project lead for negotiating a key contract with a prominent manufacturing company in Suzhou. Jack spent grueling hours...
Largest US truckload carriers gain pricing power The largest U.S. truckload carriers enjoyed much stronger growth in 2014, aided by solid economic expansion, several mergers and acquisitions and mounting pricing power. The 25 largest U.S. truckload carriers increased their combined revenue by 8 percent to $27.8 billion last year, according to The Journal of Commerce's 2015 list of...
Revenue up 9.1 percent for 25 largest US LTL carriers Less-than-truckload carriers took divergent routes as the U.S. economy rebounded last year, with the largest asset-based LTL freight haulers in the U.S. increasing their revenue significantly at the expense of the rest of the LTL carrier base. That points to consolidation and concentration of revenue in 2015 as the biggest...
Russia's Global Ports swings to loss on slumping traffic and ruble Global Ports, Russia's largest container terminal operator, sank into the red in 2014 as the slumping ruble reduced imports and increased financing costs. The London-listed company swung to a net loss of $193.1 million from a $114 million profit in 2013, while revenue was 4.5 percent lower at $562.4 million compared...
Santos Brazil's concession extension to spur $944 million investment After months of petitioning the Brazilian government, Santos Brasil, South America's biggest container terminal operator, has received a 25-year concession contract extension for its Tecon Santos facility, Edinho Araujo, the head of Brazil's Special Ports Ministry (SEP), recently said. The concession is expected to trigger roughly 3.1 billion reais ($954 million)...
TPM Asia 2015
LA-LB delays doubled turnaround time, cost lines $150 million, Drewry finds Turnaround time is measured in days Source: Drewry Maritime Research (www.drewry.co.uk), derived from Marine Exchange of Southern California (www.mxsocal.org). HONG KONG - The average ship turnaround time at the Los Angeles-Long Beach port complex in the fourth quarter was twice that experienced by carriers in August, with the congestion during the three...
NVOs expand direct LCL services on Asia-US East Coast routes HONG KONG - U.S.-based non-vessel operating common carriers (NVOCCs) continue to expand their direct LCL services between Asia and the U.S. East Coast, building on strong growth experienced last year as shippers worked on getting around port congestion on the West Coast.CaroTrans has expanded its Asia network with a new...
Cathay reports 30 percent rise in February cargo tonnage HONG KONG - Cathay Pacific and sister carrier Dragonair carried almost 30 percent more cargo in February than during the same month last year as the Hong Kong-based airlines added capacity to cope with the lunar new year surge in demand.Both airlines carried 130,467 tons of cargo and mail in...
India port strike off as government backs off privatisation HONG KONG - The threatened nationwide India port strike is off after the country's shipping minister promised not to privatise major ports, enabling labor board officials and dockworker union leaders to reach a tentative agreement.In a notice to customers, relocation services company Santa Fe said officials representing five federations of...
VLs overshadow MRs The VLCC segment has recieved a lot of attention since the start of 2015 but the performance of tonnage tied to other corners of the tanker sector should not be ignored, a top analyst told clients today.
OSG sheds the red Overseas Shipholding Group (OSG) has emerged as the latest beneficiary of rising rates for crude and product tankers.
ER unfazed by insolvencies German operator ER Offshore claims it was not impacted by the collapse of two affiliates that filed for insolvency last week.
Daebo files Chapter 15 South Korean bulker operator Daebo International Shipping has filed for bankruptcy protection in the Southern District of New York.
Sinotrans sees red Sinotrans Shipping has turned a loss for 2014, a year which it described as "one of the hardest years since BDI had been created".
One dead in sinking A crewman has been found dead after a tug sank off Long Island in the US.
Battle on for OW cash The trustees of bankrupt Danish group OW Bunker may take two of its lenders to court in a dispute over the proceeds of fuel sales.
Officer dies on cargoship One crewman has died and three more were critically ill after a reported case of food poisoning on a Turkish cargoship off Russia.
Nauplius wins contract Dutch shipbuilder Nauplius Workboats has strengthened its orderbook with a conversion of a high-speed ship into a survey vessel.
US tops spending table US shipowners led the world in newbuilding investments in 2014, topping the standings for only the second time this century, Clarksons says.
Drillship ditched Fred Olsen Energy (FOE) has had a drillship charter terminated early, but will bank a fee of $52m as a result.
JES CEO Jin quits Jin Xin has stepped down as chairman and chief executive officer at Singapore-listed shipbuilder JES International Holdings.
Precious in ultramax upgrade Precious Shipping has grown its ultramax newbuilding orderbook after striking a deal with Taizhou Sanfu to upgrade four handysize bulkers.
Rongsheng cutting shipyard free Chinese group China Rongsheng Heavy Industries looks to be exiting shipbuilding after agreeing a deal to sell its core shipyard assets.
Danet drafted in at Maersk Denmark's Maersk Line has appointed a new chief finance officer, Pierre Danet, who is currently a vice president and regional CFO of Hewlett Packard.
Norden down to neutral A weak dry cargo market has led Drewry Financial Research to lower its rating on Danish owner Norden.
Ferus Smith secures option Dutch shipbuilder Ferus Smit has won a second cement carrier in a deal with JT Cement.
HHI orders drop 50% Hyundai Heavy Industries (HHI) has revealed new orders fell 50% in the first two months of 2015.
Suezmaxes strongest Strong demand is likely to keep tanker rates firm in the next few months with suezmaxes the potential top performer, Bimco believes.
Venezuela pays up American offshore vessel owner Tidewater will be given compensation of around $46m by Venezuela over vessels seized in 2009.
TTA prices PMTA IPO Thoresen Thai Agencies (TTA) is aiming to raise THB 637.56m ($19.36m) from an IPO carried out by its Vietnamese fertiliser subsidiary PM Thoresen Asia Holdings (PMTA).
Prime price for VLCC George Economou is believed to have cashed in a vintage VLCC at an eye-catching price.
COAs dominate at BW LPG BW LPG has reported strong development under contracts of affreightment during the first quarter as it provided a breakdown of its performance ahead of its financial results for the first time.
Breaking halted India's Steel Industries Kerala (SILK) has been ordered to stop shipbreaking at its Azhikkal yard due to the lack of a licence.
Dozens dead in sinking At least 34 people have died after a ferry capsized off the coast of Myanmar.
TNG buys eco pair Tankerska Next Generation (TNG) has splashed some of its IPO cash with a deal to acquire two eco-tanker resales at Hyundai Mipo in Korea.
Puma buys Milford Haven Puma Energy has bought the Milford Haven refinery as part of a deal to acquire a series of UK assets from Murphy Oil Corp.
KSS back at HMD KSS Line has returned to Hyundai Mipo Dockyard (HMD) to order a second 38,000-cbm LPG/ammonia carrier newbuilding.
Yinson seals FPSO cash Yinson Holdings has secured a $780m term loan facility to help finance a recently secured FPSO contract in Ghana.
Dof Subsea builds backlog Dof Subsea has been awarded several contracts in the Atlantic region as it looks to beef up its workload.
MPA plans to introduce MFMs on gas barges in Singapore 'Once we complete the current exercise to install the meters on fuel oil barges.'
Chin Thean Quek to head Glencore's Singapore operations Veteran player has reputation as one of the most powerful traders in the fuel oil market.
CME orders more LNG bunker tankers Company takes up options on initial order.
Singapore prices at lowest point for over a month Arbitrage volumes expected to be heavy in April.
Bailed engineer gets reduced sentence In bunker scam case first heard last year.
China unveils its 'first' high pressure SCR system Component jointly developed by Hudong Heavy Machinery and Winterthur Gas & Diesel.
Extradition one step closer for OW manager Bohn's lawyer says he will take appeal to Supreme Court.
ABB components to support LNG-powered fast-ferry Ferry to utilise suite of fuel saving technologies.
LNG-powered ferries claim 'world's cleanest' title 'We continue to improve the efficiency of our vessels,' says vessel owner.
Management denies allegations of corrupt practice Operations to dispose of sludge oil 'approved by board of directors' at Sri Lanka terminal.
Pertamina eyes Singapore marine fuels market Marketing Director cites 'huge demand' in bunker sales along the Malacca Strait.
MSC cruise newbuilds to use electrical propulsion Vessels will be delivered in 2017 and 2018, says GE Power Conversion.
IMO facing polarised opinions on fuel quality efforts IBIA seeking support for review of problematic sulphur verification guidelines.
Boxship charter owner reports profit plunge Vessel operating expenses rose on the back of higher bunker spending.
US firm may up stake in fuel oil terminal JV Investment earnings strengthen over the year.
Viswa Lab takes closer look at ExxonMobil's ECA fuel Says more information should have been provided about HMDE 50 and other new ECA fuels from the start.
Mission to Seafarer seeks Nightriders Charity has spaces in London bike event on June 6.
German LNG-powered ferries to enter service With fuel supplied by Bomin Linde.
Report: Banks and OW Bunker's estate in dispute over oil sale Banks says their mortgages should come first.
More details emerge on Norwegian windship design Invention would use just over half energy of conventional ship.
LNG-powed vessel starts service in US Deployed in deep water operations for Shell Upstream America.
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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