Asian port safety network expands China, Japan, and South Korea have agreed to expand the Northeast Asia Logistics Information Service Network in light of risks highlighted by the recent Tianjin port explosion. To the 13 ports already covered by the information-sharing agreement, the three countries agreed on 10-11 September to add
DNV GL addresses ports' LNG bunkering concerns DNV GL has issued a new class notation for ship-to-ship fuel transfers, aimed at improving safety at LNG-bunkering facilities. The notation sets requirements for LNG carriers and for barges equipped to carry and regularly supply LNG to gas-fuelled ships. "The use of environmentally friendly gas
South Korean ministry eyes port development with Daewoo South Korea's Ministry of Oceans and Fisheries (MOF) has signed a memorandum of understanding (MoU) with Daewoo International Corporation to collaborate in overseas port projects. In particular, the accord could help MOF get involved in port developments in Myanmar, which is gradually liberalising
Mokpo picks consortium to run its new car terminal Mokpo port in South Korea has found an operator for a new vehicle terminal completed in July. South Korean logistics companies CJ Korea Express and Dongbang Co form the winning consortium along with Mokpo New Port, said Mokpo Regional Oceans and Fisheries Administration Office. Constructed under
Inpex puts back Australian LNG megaproject Australia's Ichthys LNG project is experiencing delays and cost overruns that commentators have blamed on bottlenecks at Korean shipyards. Earlier due online in 2016, the USD34 billion project has been rescheduled for the third quarter of 2017, Inpex Corporation announced on 11 September. While
MSC to boost its volumes in Trieste MSC has taken a 45% stake in Trieste Marine Terminal (TMT) and is expected to double its contribution to the northeast Italian facility's volumes. Pierluigi Maneschi, head of TO Delta, which operates TMT, told the Italian newspaper Il Piccolo that MSC holding company Marinvest had acquired the
Sage Sagittarius inquest sustains homicide fears An ongoing inquest into the death of the chief engineer of the Japanese bulk coal carrier Sage Sagittarius in 2012 has heard that forensic evidence could fit either an assault or accident. Hector Collado's body was found on the floor of the engine room on 14 September 2012 as the Panamanian-flagged
GMI seeks Chapter 11 bankruptcy protection Global Maritime Investments (GMI) has filed for Chapter 11 bankruptcy protection in New York to facilitate an orderly liquidation. As of its filing on 15 September, GMI owed more than USD169 million in debt principal. The company lost USD67.6 million in fiscal year 2015, following shortfalls of
US, EU consumers should boost container trades Household spending in the US and EU is poised to revive flagging demand for container shipping, a senior analyst has predicted. Peter Sand, chief shipping analyst at BIMCO in Denmark, told a conference in Cyprus last week that the sector would bounce back in the second half of the year. "Increased
China COSCO forms JV to buy Turkish container terminal Shanghai-listed China COSCO on 17 September announced that its wholly owned subsidiary COSCO Pacific has partnered subsidiaries of China Merchant Holding International (CMHI) and CIC Capital to form a joint-venture (JV) company to acquire Kumport Terminal in Turkey. According to the agreement inked
Sainty Marine cancels additional Ultramaxorder by Precious Shipping Shenzhen-listed Sainty Marine has cancelled an additional Ultramax newbuilding ordered by Precious Shipping over a delay in second-phase payment by the shipowner. The contract of the newbuild bearing yard number SAM14023B under construction at Sainty Shipbuilding (Yangzhou) has been scrapped, a
VLGC spot rate supported by steady flow of Middle Eastern cargoes Firmer rates anticipated on US Gulf spot charter inquiries
Demand for environmental technology down as fuel prices remain low While pressure is off with lower fuel prices, owners still being advised to assess their options for exhaust gas scrubbers and plan carefully
VLCC spot earnings leap $18,000 in two days Update: TD3 VLCC rate now above $70,000 a day, highest since end-July
India cabotage changes fail to attract foreign flagged car carriers Government incentives for local players undermine international competition
Assessment of Sewol wreck completed Salvors plan to remove oil in November
Harvard University victim of GMI's collapse Harvard University's $32bn endowment fund has emerged as a major shareholder of GMI
US crude export tease Whatever shape the new trade dynamic takes, don't expect it to be played out any time before 2017
DSME wins order for two VLGCs Agreement brings the conglomerate's 2015 order book to 27 ships worth $3.9b.
NewLead secures time charter for bitumen tanker Charterer has the option to extend up to 18 months
Cexim offers Seaspan $1bn loan to place orders at China yards Gerry Wang says company intends to pursue "attractive opportunities" to grow its fleet
China port operators acquire Turkish box terminal for $940m CMHI and Cosco Pacific entered a joint venture to secure the deal
'We are not leaving ships high and dry' says GMI as it files for Chapter 11 Last bulkers being redelivered in orderly fashion but 15 newbuildings likely to be affected
Oman Shipping expands fleet with 10 vessels in the pipeline Oman Shipping is increasing its fleet to meet the country's export and import requirements
State involvement in salvage often best avoided But governments retain ultimate right to step in, conference told
US retailers advised to scrutinize multichannel options As retailers gear up for this year's peak holiday shipping season, consumers are looking to them for one thing: more options, according to a new Pitney Bowes survey. In order to cater to that demand, shippers managing their inventory need to provide more attention to detail than ever before. It's a...
Jaxport, Manatee gain access to more South American reefer imports Port ManateeFlorida's ports of Jacksonville and Manatee will begin handling direct imports of select cold-treated produce from South America next month, bringing new business to the Sunshine State and cutting logistics costs for produce shippers. Via the federal go-ahead effective Oct. 1, Port Manatee and Jaxport can handle direct imports of...
Transplace expands chemical capabilities with acquisition The third-party logistics provider Transplace has acquired M33 Integrated for an undisclosed sum, the latest acquisition taking the industry by storm and one that will beef up the Texas-based company's chemical handling capabilities. The deal will allow Transplace to expand its customer base and geographic reach, and gain more expertise in...
US shippers struggling with converting truck loads to intermodal INDIANAPOLIS - U.S. shippers say they are having a harder time shifting freight from the roads to intermodal rail, but those that have already done so say they are sticking with rail service. Intermodal rail service has improved, but is "not where it needs to be," several shippers at the 2015...
Increased US, EU household spending forecast to lift container shipping Household spending in the U.S. and European Union will revive flagging container shipping demand in the second half, a chief shipping analyst at BIMCO said. Retail and food services spending the U.S. rose 0.2 percent in July year-over-year, according to the Census Bureau, while retail sales in the E.U. grew 3.3...
Car carrier pays $135,000 penalty to US Siem Car Carriers, a Norway-based car carrier, has agreed to pay a $135,000 penalty under a compromise agreement with the U.S. Federal Maritime Commission. The agreement resulted from Siem's voluntary disclosure to the commission this year of space-charter agreements that had not been filed with the FMC as required by the...
Tsunami off Chile's coast closes Coquimbo port Containers tossed by the tsunami in Coquimbo, Chile.Container operations at the port of Coquimbo shuttered after an earthquake with a magnitude off the Chilean coast generated waves as high as 49 feet, according to news reports. No injuries were reported at the two-berth port, which also handles breakbulk and heavy lift...
Tsunami off Chile's coast closes Coquimbo port Container operations at the port of Coquimbo shuttered after an earthquake with a magnitude off the Chilean coast generated waves as high as 49 feet, according to news reports. No injuries were reported as the two-berth port, which also handles breakbulk and heavy lift cargo, after the earthquake struck 7:54 p.m....
Charleston container growth slows Container volume growth at the Port of Charleston slowed to 4 percent last month, following several months of double-digit increases and reflecting difficult comparisons with a then-record August 2014. Total volume at Charleston last month was 170,528 twenty-foot-equivalent units, compared with 163,970 TEUs in August 2014, which at the time was...
Asia port alert system expands after Tianjin explosions China, Japan, and South Korea are expanding an initiative aimed at sharing information, particularly warnings of danger, following the deadly explosions that rocked Tianjin port last month. The ports of Ulsan and Pyeongtaek, in South Korea; Shaoxing and Jiaxing, in China; and Yokkaichi and Niigata, in Japan; will join the Northeast...
UTI shakes up management in ailing air forwarding business UTi Worldwide has shaken up management in its ailing air freight forwarder division. The company also promoted John Wetherell, who has been with the company since 2006 and previously worked for Exel in senior operations and product management positions, to vice president of the global air product.The freight-forwarder appointed Jerry Trimarco,...
US pushes back electronic logging device, coercion rule deadlines The deadlines for federal rules requiring U.S. truck drivers to use electronic logging devices and prohibiting shippers, brokers and motor carriers to break safety rules have been pushed back a month until Oct. 30. The Federal Motor Carrier Safety Association said a need for "additional coordination" and a shortage of staff...
Low US fuel prices give Congress rare window to raise taxes, truck exec say CHARLESTON, SOUTH CAROLINA - Low U.S. fuel prices give the trucking industry a window of opportunity to convince elected officials to increase the gasoline tax and dedicate the revenue to rebuilding the nation's crumbling infrastructure, trucking executives said this week. Congress has balked at raising the fuels tax even though the...
Global box ship fleet tops 20 million TEUs LONDON - The world's container ship capacity has just broken through the 20 million 20-foot-equivalent units barrier after carriers set a new record for the shortest time to add one million TEUs to the fleet, according to Alphaliner. It took just seven-and-a-half months for the global fleet to expand to 20...
China will wear apparel market leader tag by 2019, report finds HONG KONG - China will pass the U.S. and become the world's largest apparel market by 2019, according to a forecast by market researcher Euromonitor that compared the industry performance in the world's two largest economies.The report said annual apparel sales in China would surpass $300 million in 2019, up...
China port giants pour $1 billion into Turkish terminal HONG KONG - China's two largest port operators Cosco Pacific and China Merchants Holdings (International) and a third investor have paid close to $1 billion for a controlling stake in a Turkish container terminal, marking the latest giant investment in the mainland's ambitious One Belt, One Road trade strategy.The joint...
GOGL shares lead surge Shares in Golden Ocean Group Ltd (GOGL) rallied Thursday, leading a climb in shipping shares on a mixed day for broader stock market trends in New York.
CEXIM backs Seaspan Seaspan has signed a framework cooperation agreement with the Export-Import Bank of China (CEXIM) for up to $1bn in export credit facilities.
Panel OKs oil export bill A congressional committee has approved a bill that aims to repeal the US ban on crude exports, though the proposal faces more hurdles before it can become law.
Capesize rates climb Capesize bulker rates posted a notable increase today but it is thought this development is far from a dry recovery.
PIL confirms boxship order Pacific International Lines (PIL) of Singapore has sealed an order at Yangzijiang Shipbuilding for eight 11,800-teu containerships.
Foul play "unlikely" The inquest into two deaths on board a Japanese bulker off Australia has heard it is likely that no one else was involved in the fatal fall of a chief engineer.
Choose your side Libya's internationally recognised government has pledged to punish companies involved in buying or loading crude linked to the country's rival administration.
Weymouth stays open Port in talks with start-up operator for April service after Condor Ferries pulled out.
Capesize rates up 33% Capesize bulker rates surged 33.4% today but it is thought this development is far from a dry recovery.
Chinese yard orders plunge New ship orders at Chinese yards have fallen 68.3% to the end of August as tough markets took their toll.
Indonesia's $815m plan Asian country set to build 188 ships in order to ensure maritime security and cargo transport.
Crew's Mexican mission North Korea is planning to send a crew to retrieve a cargoship detained in Mexico because its owner was on a UN blacklist.
Rina snaps up SeaTech Italian classification society Rina has taken over domestic offshore and subsea design company SeaTech.
SHI denies merger Samsung Heavy Industries (SHI) has ruled out a possible merger with Samsung Engineering for the time being.
CMA CGM cuts emissions CMA CGM Scandinavia has initiated a long-term collaboration with Greencarrier Freight Services to reduce joint CO2 emissions by 30%.
Sberbank funds newbuild Russia's Sberbank is funding a new research ship for Kazakhstan being built in Turkey.
MPC in boxship hunt German asset manager looks to expand its shipping business as it posts healthy first half result.
Goundar eyes two Fiji's Goundar Shipping plans to buy two cargo/passenger vessels from Norway before the end of next year.
Tanker held in Libya Russian vessel detained by rival government in Tripoli after it tried to load oil in Zawara.
TDW cancels more OSVs Tidewater has cut another five offshore support vessels (OSVs) from its shrinking newbuilding program in China.
DSME inks two VLGCs Korea's DSME has won an order from Asia for two VLGCs.
Chinese in Turkish port deal Cosco and China Merchants Group have teamed up with China's largest state fund to buy a stake in Turkey's largest private port.
Chinese eye Turkish port Cosco-led consortium sees potential synergy with its stake in Piraeus Container Terminal.
CEXIM backs Seasapan Seaspan has signed a framework cooperation agreement with the Export-Import Bank of China (CEXIM) for up to $1bn in export credit facilities.
Tanker orders surge The tanker orderbook is heading towards its highest level in four years, according to new data from Clarksons Research.
Goldman Sachs: Weak crude prices could last 15 years 'The last time we saw a period that was similar to today was 1986, 29 years ago.'
Earthquake causes 24-hour bunkering delay in Chile's north Wednesday's magnitude 8.3 earthquake off the coast of Chile has shut down several ports.
Name, logo similarities could cause confusion, says BMS There is no link between two companies, states Piraeus-based firm.
Hapag to give box ships shoreside power capability Company's cruise liners already using the technology.
Russian port: 'Suppliers are overstocked' 'Last month's stock is still waiting to be sold.'
OW bankruptcy administrators eye big win Outcome of British test case may favour OW's right to payment in disputed cases involving trader, supplier and buyer.
'Landed storage tanks are close to full' Singapore fuel oil stocks set new record.
'Like it or not' more ultra-large container ships are coming Maersk official defends deployment of ULCS as rational response to falling rates.
Name and logo similarities could cause confusion, says BMS There is no link between two companies, states Piraeus-based firm
'We see four or five examples of the next OW' Bunker market could face more bankruptcies, player tells New York forum.
Fuel-saving stern undergoes first production X-Stern to be fitted on offshore wind service newbuilds, says Ulstein.
OW among bankrupt dry bulk operator's debts Creditor sets aside monies to meet critical vendors such as bunker suppliers.
Chief Executive of Titan Petrochemicals resigns Zhao Xu Guang resigned on Wednesday, says firm.
Hapag to give boxships shoreside power capability Company's cruise liners already using the technology.
Bunker tanker leaves Singapore fleet Development follows an ownership change.
Mauritius: Total adds bunker tanker 'We see a lot of potential in Mauritius,' Total Marine Fuels tells Platts Bunkerworld.
Hapag to turn boxships shore power-capable Company's cruise liners already using the technology.
Bunkering tanker leaves Singapore fleet Development follows an ownership change.
Total Marine Fuels: Mauritius to receive its largest bunker tanker 'We see a lot of potential in Mauritius and its region,' Total Marine Fuels spokesman tells Platts Bunkerworld.
Scrubber surge meets fitting backwash With emissions restrictions from ships in place, consultation on technical solutions should start with the needs of the shipowner in mind, not the scrubber manufacturer.
Crude gains as US inventories decline US stockpiles slipped by 2.1 million barrels last week.
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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