Israel's Zim returns to profit Israel-based container carrier Zim returned to profitability in 1Q15 with its EBIT numbers improving dramatically, reaching USD61 million compared with USD5 million in the last quarter of 2014, and a USD16 million negative EBIT in the same quarter last year. In GAAP terms, the Q115 EBIT was USD40
Sovcomflot upbeat after strong quarterly results Sovcomflot, the Russian crude, product, and LNG tanker owner, says it expects a strong 2015 result after a 67% increase in year-on-year net profit in 1Q15. Group net profit reached USD97 million in 1Q15 compared with USD58.1 million in the same period last year. Revenues rose to USD359 million from
MyFerryLink not saved yet, says Eurotunnel Eurotunnel cannot yet guarantee that its ferry affiliate, MyFerryLink, will continue operating in the Dover Strait beyond early July, it said today. This comes despite last week's appeal court ruling overturning a UK Competition and Markets Authority (CMA) ban on the ferry company using the port of
BW LPG upbeat after strong start to year BW LPG, the world's largest LPG carrier owner, has taken an upbeat view of the future after delivering strong 1Q15 figures. The company's first-quarter net profit rose to USD57.5 million this year from USD30.8 million in 2014 on a bigger fleet and firmer rates. Revenues increased to USD167.9
'K' Line to ship Hitachi rail cars Japanese shipping company 'K' Line has signed a contract with a Hitachi subsidiary to transport rail cars that are being manufactured at the latter's Kasado plant. These rail cars will be loaded onto new 'K' Line vessels from the port of Tokuyama-Kudamatsu, near Hitachi's Kasado plant, and will be
Taiwan's Wisdom Marine forecasts bigger profit this year Taiwanese bulk carrier Wisdom Marine expects to make more profit this year, since its new ships have secured 50% of gross margin and the disposal of old ships will bring in extra revenue, the company said today.
Dredger shortage hampering Indonesian ports Indonesia's many ports need frequent dredging. However, Southeast Asia's biggest economy faces challenges on this front. Speaking at the Dredging & Land Reclamation Asia Summit in Singapore on 20 May, Indonesian port operator Pelindo IV director Kemal Heryandri said their main issue is the
UMW O&G sees tough competition ahead Malaysia-listed offshore services provider UMW Oil and Gas Corporation expects competition for oil and gas contracts to heat up because of fewer tenders. Rohaizad Darus, president of UMW O&G, noted there was around "30% reduction" in tendering activities for drilling contracts in the upstream oil and gas sector. This means
MPA launches maritime awareness programmes The Maritime and Port Authority of Singapore (MPA) has launched two programmes on 19 May as part of the ongoing effort to raise awareness of the maritime industry among young people. Under the Maritime Youth Club (MYC) programme, the MPA provides funding of between SGD1,000 (USD750) and SGD12,000 per
Sainty Marine cuts overdue loan debts Shenzhen-listed Sainty Marine and its subsidiaries have managed to cut its defaulted debts to CNY585.8 million (USD94.4 million) as of 19 May amid tight liquidity. The company paid back CNY4.3 million of the overall overdue
Sadler to give up the reins at Lloyd's Register Alastair Marsh taking over as chief executive from October
Vale deal fuels speculation over consolidation between Cosco and China Shipping Source close to Cosco says the new joint venture only intended to improve operating efficiency
US rules in favour of Chinese box makers in anti-dumping case CIMC and Singamas 53 ft dry containers are spared from anti-dumping taxes
Fourteen missing as barge capsizes off of Singapore One crew member is rescued
South Korea's Big Three yards position themselves to win Gail's LNG tender DSME seeks to partner with Indian yard, following examples of HHI and SHI
Long Beach box traffic up 7.9% in April US port in recovery mode as anchorages empty out
Sovcomflot books 67% first-quarter profit jump 'Significant uplift' expected at full-year stage, says Frank
Return to 'normal' operations on US west coast boosts carrier reliability Latest Drewry analysis shows on-time performance on the three major east-west trades improving in April
Stena Bulk targets 30-strong suezmax fleet Expansion will come through a combination of joint ventures with partners, chartering-in, and maybe buying vessels, says Erik Hånell
Capesize rates rise above operating expenses, but not for long Depressed market could help rates in the long term by spurring owners to scrap surplus tonnage
WMU gets financial boost to expand its role Plans to expand World Maritime University to cover broader oceans policy management education
Cosco and China Shipping team up in a valemax deal CSD and Cosbulk form joint venture to operate four ships Cosco has just purchased from Vale
Resurgent US economy to provide welcome boost for west coast utilisation levels A look at vessel load factors on some of the main trade lanes from Asia
Aronnax: eLoran and GPS - belt and braces for reliable shipping Euroship Services sees benefit in having eLoran as backup to weak GPS signals
China signs financing deals with Vale and begins valemax buying spree Cosco and China Merchants Energy Shipping will buy up to eight valemax ships, with supporting loans from Cexim
Alastair Marsh appointed as successor to Richard Sadler as CEO of Lloyd's Register Lloyd's Register's Richard Sadler has taken the decision to step down as CEO at the end of 2015, after eight years in the role. The Lloyd's Register Group Ltd Board of Directors has announced the appointment of current CFO, Alastair Marsh, as his successor.Since Richard Sadler's appointment as CEO in...
US spot truck market volumes drop in April, as economy drifts Spot market truck freight volumes dropped 10 percent in April from March and 27 percent year-over-year, but was still higher than in April 2013, according to DAT Solutions. The DAT North American Freight Index offered more evidence that 2015 isn't necessarily a bad year for freight shipping in the U.S. as...
Maine Harvest taps Amber Road for screening solution Amber Road (NYSE: AMBR), a leading provider of global trade management solutions (GTM), today announced that Marine Harvest ASA has selected Amber Road's Restricted Party Screening solution to monitor its worldwide trading partners and has signed a five-year subscription. As the world's largest supplier of farmed Atlantic salmon, Marine Harvest operates...
US importers seek safe harbor via East Coast ports With no clear path to prevent a recurrence of the crippling, nearly yearlong disruption visited upon West Coast ports and, as of this writing, no final ratification of a new contract by West Coast dockworkers, shippers are exercising their right of free choice and walking away. Many still doubt that shippers...
Panama Canal chief unfazed by Suez expansion WASHINGTON - The Suez Canal is scheduled to be wider and deeper by the end of the summer, but the potential savings of time and money for shippers and carriers is not a concern for Panama Canal Authority CEO Jorge Quijano said Wednesday. Quijano, who views the Suez as a primary competitor...
California freight facilities could be required to reduce harmful emissions Marine terminal operators, warehouses and truck facilities in California could be called upon to manage harmful emissions under the California Air Resources Board's proposed Sustainable Freight Plan, according to a shipping industry representative. "Distribution centers, warehouses, airports, seaports and quite possibly truck stops and other locations that attract heavy-duty trucks may...
Double-digit Charleston volume gain points to diversion staying power The double-digit container volume growth the Port of Charleston saw in April could be a testament to the staying power of cargo diversions from the U.S. West Coast, now months after the congestion crisis has ended. The 11.3 percent year-over-year increase in 20-foot-equivalent-unit containers at Charleston and traffic surges at other...
SeaLand to launch new service with APL after rapid growth Maersk Group's SeaLand brand focused on Americas trade has rapidly built up its cargo base since being launched in January, handling nearly 10,000 20-foot equivalent units in U.S. imports and exports in April. Click to enlargeSince the storied SeaLand brand was revived in January, the unit's volume has grown rapidly....
Long Beach preps chassis fleet ahead of peak season In an attempt to ensure sufficient availability of chassis during the summer-fall peak-shipping season, the Port of Long Beach Thursday will meet with potential bidders interested in managing a peak chassis fleet. The second largest U.S. port intends to develop the fleet in phases, beginning with 1,000 units and adding another...
Port labor reform via Railway Labor Act push could galvanize Congress WASHINGTON - A former U.S. Labor Department chief economist, weighing in on an increasingly vigorous debate, is advocating placing unionized port labor under the Railway Labor Act to prevent showdowns with management such as the recent one that nearly crippled West Coast ports. Although the urgings of Diana Furchtgott-Roth and labor attorneys...
Palletways to expand trucking service to Eastern Europe A significant increase in pan-European shipment volumes is fueling expansion for Palletways, a U.K.-based network of truck operators specializing in palletized freight. Palletized shipments between markets in Europe increased 35 percent last year, and Palletways said it expects volume to grow 50 percent over the next 12 months. "Our strategy has been...
Carrier reliability recovers to pre-West Coast congestion levels Container lines' on-time reliability in April was the best since October, indicative of a return to "normal" operations in the major trade lanes, according to Drewry Maritime Research. Overall on-time performance for the three key East-West trades hit 67.6 percent in April, up 4.1 percent month-over-month, Drewry said in its Container...
The mystery of why rail speeds aren't improving Lawrence J. GrossAccording to the writer Jimmy Breslin, immortal baseball manager Casey Stengel is reputed to have uttered, "Can't anybody around here play this game," in response to the ineptitude of his team, the New York Mets, during their first year of existence in 1962. Although the problem perhaps isn't...
Zim swings to black on restructuring, lower fuel prices Zim Integrated Shipping Services returned to profit in the first quarter as a multi-billion dollar restructuring and sharply lower fuel prices accelerated its financial revival after seven straight years in the red. The Israeli ocean carrier swung to a [non-GAAP] net profit of $35 million from a $53 million loss in...
Alitalia's exit from Air France-KLM partnership boosts Etihad cargo ambitions Alitalia's announcement that it will not renew its partnership and joint venture accords with Air France-KLM paves the way for Etihad Airways, the carrier's dominant 49 percent shareholder, to expand its European freight footprint. The partnership, struck in 2009 and 2010 when the Italian carrier was battling bankruptcy, covers passenger services...
Canada's TransForce buys US-based last-mile delivery company Canada's largest trucking operator, TransForce, expanded its last-mile delivery business in the U.S. by acquiring Hazen Final Mile, from parent company Hazen Transport. The acquisition gives TransForce an owner-operator-based "white glove" delivery service that runs nearly 500 daily routes in 20 U.S. cities, from Boston to Atlanta, Detroit and Texas, according...
Falling profits but rising cargo volumes lift Asian airlines HONG KONG - Asia's top airlines in aggregate operated at close to break even in 2014, compared to net earnings of $2.2 billion the previous year as fierce competition eroded profitability, according to data from the Association of Asia Pacific Airlines (AAPA).But the bright spot was international air cargo traffic...
Dry pulls down Euroseas Euroseas reported a deeper first-quarter loss than analysts expected as an improvement in the containership sector came too late in the period to ease the pain of the bulker market slump.
Kennedy joins the Team MC-Seamax Management managing director Kevin Kennedy will join the Team Tankers International's board of directors, replacing Gavin Kagan.
Sadler to step down Richard Sadler has resigned as chief executive of classification society Lloyd's Register.
Zim back in profit Israeli container line Zim has made good on its promise to post its first profit since 2007.
ITF slams government The Australian government's move to deregulate its shipping industry have been met with fury from the International Transport Workers' Federation (ITF).
Don't rush to order Sovcomflot (SCF) finance chief Nikolay Kolesnikov has urged the industry not to jeopardise the tanker recovery with speculative orders.
Pangaea forges $135m COA Pangaea Logistics Solutions has won a contract of affreightment (COA) that could bring in up to $135m.
Bimco hails Med action Shipping association back EU's plan to target migrant-traffickers' boats in Africa.
Topaz makes less Lower vessel utilisation has dragged Topaz Energy and Marine to a profit decline of more than 80% during the first quarter.
Yang Ming making money Taiwanese container line Yang Ming has returned to profit in the first quarter as it widened the gap between revenue and costs.
Maersk lays-up two more Maersk Supply Service has laid-up two more vessels bringing its number of idle ships to four.
K Line fixes new ro-ros Japan's K Line has found work for some of its new 7,500-unit ro-ro ships being built in Japan.
Danske backs Ocean Yield Promise of a prolonged dividend and continued fleet growth has seen Dankse Bank begin coverage of Ocean Yield with a buy rating on the stock.
NCL owners selling again The major shareholders of Nasdaq-listed cruiseship group Norwegian Cruise Line (NCL) are offering an 11% slice of the company worth $1.15bn.
Siem: 'soft market to stay' Siem Offshore warned of more tough times ahead for the market as it presented a first quarter report containing few surprised today.
SCF starts strongly Russian tanker and LNG carrier owner Sovcomflot (SCF) has posted a better first quarter profit in improving markets.
Fugro vessel on fire All 84 people aboard a Fugro-owned vessel had to be evacuated after the ship caught fire earlier this morning at Scotland's Peterhead harbour.
Dover saga to continue UK's Competition and Markets Authority (CMA) is looking to contest the recent decision by the country's court of appeal in favour of Eurotunnel's brand MyFerryLink.
Ridgebury Crude targets two Bob Burke's Ridgebury Crude Tankers is set to snap up two aframaxes from its private equity backed parent.
BW LPG beats Q1 forecasts A record high in VLGC rates has helped BW PG to a strong first quarter performance.
Warships join IRISL ship The US is considering its options after reporting that an Iranian cargoship heading towards a rebel-held port in Yemen has been joined by two warships.
NCL cruiseship grounds A Norwegian Cruise Line cruiseship has grounded after suffering a propulsion problem while leaving Bermuda.
Trio line up $1.2bn Brazilian miner Vale and two Chinese shipowners have inked a deal that could secure financing of up to $1.2bn to help ship iron ore.
Ridgebury rides rate surge Ridgebury Crude Tankers has seen first quarter revenues jump 45% as it rides the strengthening suezmax tanker rates.
GAC eyes UK cruise market GAC is looking to target the UK cruise sector and has appointed an industry veteran to lead the push.
STX confirms Shell LR1s STX Offshore & Shipbuilding has confirmed a newbuilding order for up to eight LR1 product carriers.
Genco and Swiss cosy up Genco Shipping & Trading has increased its ties with SwissMarine after fixing one capesize to the company and extending another.
Silver lining as MGO replaces LSFO in ECAs Sulphur claims have plunged and HFO quality seems to have improved since new ECA sulphur limit took effect.
Latest MyFerryLink decision faces challenge Competition authority wants to protect interests of passengers.
Dodging the Bullet The bunker market has absorbed what could have been two stinging blows.
'Loss of propulsion' behind cruise ship grounding Vessel successfully refloated with no reported injuries.
Owners 'need to be aware' of ECA spot checks 'It is increasingly important for fuel buyers to understand what they have on board in terms of specification, flashpoint and sulphur.'
Bunker supplier eyes opening in UK cruise market Bunkering among range of services to be offered to cruise operators.
BIMCO to discuss uptake of bunker contract The Documentary Chief of BIMCO will be briefing delegates at an upcoming event.
UECC to support Zeebrugge LNG bunkering ops Port of Zeebrugge has UECC as its 'first client', says Chairman.
Orders increase for scrubber manufacturer 'We see these new orders as a vote of confidence in our technology,' says spokesman.
China: Incentive scheme for fuel-efficient ships Authorities make move in battle against pollution.
Beijing denies any agreement to build Kra Canal 'I have not heard of any plan of the Chinese government to take part in the project,' says foreign ministry spokesperson.
Oil slick spotted in California waters Estimated to be a half-mile long and 100 feet wide.
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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