GasLog tightens BG ties NYSE-listed GasLog will charter up to nine LNG carrier newbuildings to the BG Group, which is in the process of being acquired by Royal Dutch Shell. GasLog announced on 21 April that BG will charter three previously ordered newbuildings for an average of 9.5 years, commencing in mid-2018 and early
Small tankers still vulnerable in SE Asia One coastal tanker is hijacked every two weeks on average in Southeast Asia, the latest piracy report from the International Maritime Bureau (IMB) has warned. "The frequency of these hijackings in Southeast Asia is an increasing cause for concern. There's a risk that the attacks and violence could
US senator urges export ban lifting The ban on US crude oil exports is "a sanction on itself", US senator Lisa Murkowski told delegates at the opening day of CERAWeek. The senior senator for Alaska, who is chairman of the Senate Energy and Natural Resources Committee, said it was wrong to negotiate the lifting of sanctions on Iranian
Demographic dilemma for Big Oil Oil companies struggling to come to terms with a low oil price environment are facing two critical issues: how to respond to plunging revenues and how to retain skilled engineers. Stephen Chazen, president and CEO of Occidental Petroleum, acknowledged at CERAWeek on 20 April that the oil industry
Pan Ocean to raise USD785 million South Korean bulker operator Pan Ocean is to raise KRW850 billion (USD785 million) through the issuance of 340 million shares in a paid-in capital increase. The shares, worth KRW2,500 each, would be bought by Cheil Holdings and Poseidon2014, which would take 272 million shares and 68 million shares
Oil majors see low price environment Falling oil price is part of the business cycle, "not oil Armageddon or the end of fossil fuels," believes Shaikh Nawaf Al-Sabah, CEO of Kuwait Petroleum Exploration Company. He told a CERAWeek opening plenary session that low prices are the new normal that will extend into the medium term. "Oil
Ocean Yield plans bond issue Ocean Yield, the listed Norwegian company that invests in ships and offshore assets it charters for third parties, said it is contemplating issuing a bond. "Ocean Yield ASA is contemplating the issuance of new unsecured bonds in the Nordic bond market with maturity in May 2020," the company said in
Carnival cruise ship forced to ride out storm as Sydney port shuts Carnival cruise ship Carnival Spirit has been unable to dock in the Port of Sydney due to severe storms affecting the New South Wales region. Reports have Sydney Harbour, Port Botany and Port Kembla declared closed from about 8 am on Tuesday, for a period of up to 48 hours. Operations at the Port of
'Unified' EU to take military action in the Mediterranean The European Union (EU) has announced that it will launch a "civil and military" offensive in the Mediterranean Sea to "systematically capture and destroy" vessels used by people smugglers. Part of a 10-point plan jointly announced by European Commission vice-president Federica Mogherini and
DS Torm restructuring agreement wins 92% support A restructuring agreement has been signed by the board of DS Torm, the listed Danish product tanker and dry bulk shipping group and Oaktree Capital Management and lenders holding in aggregate 92% of Torm's existing loan facilities by value. "Torm is confident that the company will achieve the
Thai fire ferry had no safety breaches say investigators Investigators continue to probe the cause of a fire on Ao Nang Princess 5 as Thailand tightens rules on ship safety. The ferry caught fire on 8 April en route from Krabi to Phuket with 116 passengers on board. All but one, a 12-year-old Israeli girl, was rescued. The number of passengers was within
Grounded freighter in St Lawrence River blocks traffic The US Coast Guard and Seaway Development Corp are investigating the grounding on 20 April of the Juno, a 621ft bulk carrier operated by Polsteam, near the American section of the Thousand Islands Bridge in the St Lawrence River. Shipping was halted in the area while officials from the coastguard
Mexico touts Gulf port expansion Mexico's top port official expects energy sector reforms to fuel a surge in growth at ports along the country's Gulf coast. Guillermo Ruiz de Teresa, general co-ordinator of Mexican Ports and Merchant Marine, said deepwater offshore oil contracts could do for Gulf of Mexico ports what the container
Maersk Drilling boss: Oil production costs the problem, not prices A rebound in oil prices is meaningless unless production costs come down, said Maersk Drilling CEO Claus Hemmingsen. Speaking at Sea Asia 2015 in Singapore on 21 April, Hemmingsen said, "Oil companies' profits cracked when oil prices fell from USD110 to USD100 a barrel. "So in the offshore
Private school registration revoked over errant diplomas Kings International Business School (KIBS), a private education institution (PEI) in Singapore, will have its registration cancelled for issuing errant diplomas to several of its students, the Council for Private Education (CPE) announced on 21 April. The CPE found that KIBS had offered and awarded
Singapore minister: Prepare for Asia's growth Singapore's transport minister Lui Tuck Yew said on 21 April that the maritime community must respond to the growth of shipping in Asia and prepare itself to ride on the many opportunities this will bring. Speaking at the opening ceremony of Sea Asia 2015, one of the events in Singapore Maritime
TMSC back to black in 2014 Shanghai-listed container carrier Tianjin Marine Shipping (TMSC) returned to the black in 2014 on reversal of write-down for disputed funds. TMSC's profit totalled CNY78.9 million (USD12.7 million) in 2014, up from a loss of CNY130.2 million in 2013, a stock filing of the company said on 21 April.
VLGC rates inch up as vessel supply tightens Freight rates to haul liquefied petroleum gas (LPG) on very large gas carriers (VLGCs) have been going up as available ships this month are being snapped out. The Baltic Exchange assessed the benchmark Arabian Gulf-Far East rate at USD88.25/tonne on 20 April, up from USD81.34/tonne on 13 April.
Industry leaders remain upbeat about shipping market But lingering overcapacity still poses a threat, Singapore conference is told
Eastbound Asia-Europe trade to face capacity shortages over coming weeks Capacity withdrawals on the trade will impact eastbound shippers, according to Maersk Line
Lloyd Fonds seeking to buy German managing owners for equity KG house talking to well-known names in sector, says Torsten Teichert
Aframax crude tankers: the case for investment These 600,000-barrel tankers show notable promise despite being this week's least-impressive crude tanker performers
Big ship cargoes demand rethink of carrier networks, says UK port operator Peel Ports director calls for more even spread of cargo volumes to alleviate pressure on larger ports
BG agrees deal to charter up to nine new LNG carriers from GasLog Move comes in wake of Shell-BG merger pact
Shippers' calls for faster Asia-Europe services fall on deaf ears Top lines say there is no economic case for abandoning slow steaming
Grey box concept still not popular with shipping lines The growth of alliances has failed to change shipping lines' opinions on mass equipment-sharing arrangements
Hurry up and approve US LNG exports, urges ExxonMobil Energy supermajor vents frustration over Washington's slow approval process, warning that the US risks missing out on a global gas revolution
Forwarders hope to grab ocean market share Panalpina claims that larger shippers are increasingly turning to forwarders due to concerns about volatility and commoditisation
Maersk Line maps way to halt spread of commoditisation in box trades Steps can be taken to differentiate products, says Karsten Kildahl as he reveals that Maersk plans to launch case management tool
Svitzer and Crowley merge salvage operations Svitzer Salvage and Titan Salvage form joint venture Ardent
Hapag-Lloyd calls for alliances to look inland With industry consolidation making slow progress, the Hamburg shipping line says alliances are the best alternative
Severe weather closes New South Wales ports Botany and Jackson closed as swell off the coast of Sydney rises to 11 m
IMO's Sekimizu calls for tighter government co-ordination to speed up efforts to save migrants Update: Call comes as EU draws up a 10-point plan to reduce loss of life in the Mediterranean, which is welcomed by both ECSA and ICS
Truck Drivers That Typically Use 34-Hour Restart Still Sought for Safety Research Study WASHINGTON - The Federal Motor Carrier Safety Administration (FMCSA) continues to seek volunteer truck drivers who typically use a 34-hour restart period to participate in a naturalistic study of the operational, safety, health, and fatigue impacts of the federal hours-of-service restart provisions. Drivers who have volunteered to participate in...
YCH to support logistics growth in rapidly urbanizing Western China Singapore, 21 April 2015 - YCH Group, Asia Pacific's leading integrated end-to-end supply chain management and logistics partner to global MNCs and leading e-commerce companies, has signed a Memorandum of Understanding (MOU) with the Shuangliu County Municipal Government to develop a high-tech YCH DistriParkTM within the Shuangliu Aviation Economic Zone...
Maestri and Martínez assume new responsibilities for Norfolk Southern; Wimbush retires NORFOLK, Va., April 21, 2015 -- Bruno Maestri and Robert E. Martínez will assume additional responsibilities for Norfolk Southern Corp. (NYSE: NSC). This follows the retirement of F. Blair Wimbush, the railroad's vice president real estate and corporate sustainability officer. The changes are effective May 1, 2015. CEO Wick Moorman said...
Echo Global Logistics buys Command Transportation for $420 million Echo Global Logistics got a head start on its fast-growing competitors by acquiring Command Transportation, a $561 million truckload broker and non-asset transport operator. The $420 million deal will bring Echo's total annual revenue up to $1.73 billion, the company said. "We are taking the next step in our evolution to...
BMW starts to build Galveston vehicle distribution center BMW Group broke ground Tuesday on a vehicle distribution center at the Port of Galveston that the automaker will open next year to import and process approximately 32,000 vehicles a year. The vehicle distribution center is expected to receive its first imports early in 2016. The facility will serve 45 BMW and...
Portland promotes Seattle, Tacoma to keep cargo on Columbia River The Port of Portland, Oregon, is doing its best to keep containerized cargo moving up and down the Columbia River, even if it means encouraging freight to move to Seattle and Tacoma until the port can attract new liner services. "Our mission at the port is to promote imports and exports...
Legislation would hit shippers' wallets for freight grant funding WASHINGTON - For at least the third time in three years, Rep. Lowenthal, D-Calif., Tuesday proposed levying a user fee on shippers to help fund highway road projects. His proposal comes at a time when U.S. lawmakers are more aware of the significant investments the country's ground transportation infrastructure needs,...
US truck tonnage up 1.1 percent in March, as consumer confidence rises A key measure of freight demand shows the U.S. economy in a somewhat better light than other economic indicators such as employment and manufacturing output. The tonnage hauled by trucks on U.S. highways rose 1.1 percent in March, after falling 2.8 percent in February from January, according to the American Trucking...
Canceled sailings fail to stem drop in Asia-Europe rates Container ship lines on the Far East-North Europe trade are fighting a losing battle to halt a plunge in rates by canceling sailings, Alphaliner reports in its latest weekly newsletter. The spot-rate index of the Shanghai Containerized Freight Index fell to $399 per 20-foot-equivalent unit April 17, but some rates were...
Carriers benefiting from steady fall in bunker fuel prices Container lines continue to see their operating costs fall thanks to the steady decline in their largest cost, bunker fuel. Some of those savings are passed onto shippers through lower fuel surcharges. Click to enlargeThe average price of a metric ton of high-sulfur diesel fuel in Rotterdam in the week ending...
Retailers lobby for trade pacts via new study on jobs impact International trade supports nearly 6.9 million U.S. retail jobs, according to a study commissioned by the National Retail Federation in support of free-trade initiatives. The NRF said the report bolsters arguments for congressional renewal of trade promotion authority and for negotiation of trade agreements such as the Trans-Pacific Partnership and Transatlantic...
Campaign to deepen Brazil's Santos port gains steam A private sector-led campaign to lobby Brazilian authorities to allow Santos harbor to be deepened to allow the handling of larger ships is gaining momentum. The campaign, named Santos 17 because the goal is to deepen the harbor to 17 meters (55.7 feet) by 2017, has the backing of the all...
CN profit up 13 percent on double-digit intermodal volume gain Strong volume at Canada's three largest container ports helped drive Canadian National Railway's intermodal volume up 14.2 percent in the first quarter compared to the same period a year ago, another sign of how the railroad's strategy of supply chain collaboration continues to deliver. The strategy - involving strong partnerships with...
Pilot strikes pull down Frankfurt cargo volume Frankfurt airport handled 6.4 percent less freight in March than a year ago as strikes by Lufthansa pilots resulted in the cancellation of intercontinental flights. Europe's biggest air cargo hub handled 186,277 metric tons last month, for a first quarter total of 502,947 tonnes, down 2.4 percent on the same period...
Maersk, Crowley merge salvage businesses into Houston-based group Maersk and Crowley Maritime Corp. have agreed to merge their salvage businesses, Svitzer Salvage and Titan Salvage, into a new company, Ardent, which will begin operations on May 1. "The company will become an industry leader in wreck removal and emergency response," said Peter Pietka, CEO of Svitzer, who will assume...
Scorpio confirms selloff Scorpio Bulkers confirmed the sales of seven newbuildings for $290m in transactions that one analyst says will lengthen its "liquidity runway" until an eventual market recovery.
Steering loss blamed A Polish Steamship (Polsteam) bulker lost steering before yesterday's grounding on the St Lawrence River near the US-Canadian border, the US Coast Guard said today.
Two arrests in migrant loss Italian authorities have arrested the captain of the migrant-laden boat involved in the weekend's deadly sinking in the Mediterranean on charges that he collided into a containership that came to help.
Rieber fixes crewboats GC Rieber Shipping has secured employment for two crewboats for the next five years.
Turkish ferry refloated The Turkish ferry Gokceada 1 has been freed from rocks after grounding on Sunday.
Decision due on SNCM A French court is due to rule on Wednesday whether bankrupt ro-pax owner SNCM is to be sold or liquidated.
Veteran leaves Maersk Supply AP Moller veteran Carsten Plougmann Andersen is set to end a near 40 year connection with the Danish owner.
Greek seafarer missing A Greek officer from a Marshall Islands-flagged bulker has been missing in Mexico for 10 days under unclear circumstances.
Cosco set for new normal Chinese giant Cosco is bracing for a continued low rate environment in the bulker and boxship markets describing the present economic climate as complicated.
Engine market growing The global marine engine market is expected to be worth $10.95bn by 2020, according to a new study.
SAS teams with CSSC Southern African Shipyards (SAS) is looking to get busier again after teaming up with a subsidiary of China State Shipbuilding Corporation (CSSC).
BG blockbuster for GasLog Peter Livanos-led GasLog has penned a deal with BG Group that could stretch to contracts worth in excess of $2.5bn.
Wartsila unveils new AHTS Finland's Wartsila has launched a new cost-effective design for anchor handling tug supply vessels (AHTS).
Lysblink to be scrapped A DFDS ro-ro is to be demolished after being damaged in a grounding off Scotland in February.
Lloyd Werft satisfied Lloyd Werft today declared itself happy with its 2014 performance but concerned about the future of German shipbuilding.
Piracy surges in SE Asia A small coastal tanker is hijacked by pirates in South East Asia every two weeks on average, a report from the International Chamber of Commerce (ICC) International Maritime Bureau (IMB) has revealed.
Bulker grounds in Parana A Danish bulker has run aground in the Parana River in Argentina.
SEA-Vista nets $300m JPMorgan Chase has led a consortium of banks writing a $300m cheque to a Jones Act venture between Seacor and private equity partner Avista Capital Partners.
EU leaders urged to act International shipping associations have urged European leaders to deal with the humanitarian crisis in the Mediterranean sea after hundreds of immigrants drowned over the past few days.
Pan Ocean raising $785m South Korean shipowner Pan Ocean has submitted a revised court rehabilitation plan that will see it reduce payments to creditors as it raises KRW 850bn ($785m) through a new share sale.
Ocean Yield eyes bond purse Ocean Yield is looking to tap the re-opening Norwegian bond market to fund further growth projects.
Svitzer salvage and Titan merge AP Moller-Maersk and Crowley Maritime Corp are merging their salvage operations to create a new market leader.
Nigerians ink quartet Nigerian investment firm LAT Clevesen (LATC) has signed up for two supply ships and two crew boats at Damen in the Netherlands.
China goes large China is plotting the building of huge mobile floating islands to support shipping and the military.
Meyer eyes RCCL giants Germany's Meyer Werft is reportedly in early talks over a massive new cruiseship order from Royal Caribbean (RCCL).
DESS picks Gummedal Deep Sea Supply has named Jon Are Gummedal as its new chief executive officer, in a statement issued Tuesday.
GulfMark in the red GulfMark Offshore has reported a first-quarter loss of $5.1m, after reporting a profit in the corresponding period a year earlier.
LR offloads rail arm Lloyd's Register Group has agreed to sell its rail division LR Rail to UK-listed company Ricardo Plc for £42.5m ($63.7m).
US box volumes surge Major US west coast container ports have reported substantial increases in throughput in March.
Oil trader predicts $50 crude price floor Vitol Group CEO expects oil will trade between $50 to $70 per barrel in late 2015.
Damen Shipyards hands over hybrid tug Vessel delivered late last month.
Dutch consultancy firm defends ship efficiency study Responds to criticisms made by ICS on Monday.
Sources: Saudi Aramco interested in buying VLCCs Sources say firm has tendered to build five VLCCs with an option for five more for 2017 delivery.
Trading houses prepare for Iran's return to the marrket Ending sanctions would lift fuel oil exports.
Ship responsible for Vancouver fuel spill cleared to leave Transport Canada taking steps to ensuring vessel does not 'further pollute while in Canadian waters'.
Cruise ships trigger demand in Piraeus Barge schedules tight through to the end of the week.
Singapore's LNG timetable: Minister gives early date Lui Tuck Yew says LNG bunkering to be introduced by 2017.
Mobile islands to deliver bunkers China thinks big on next generation floating platforms.
Pirate attacks 'ocurring at least every two weeks' 'Armed gangs are targeting small coastal tankers.'
'Be efficient' to meet the shipping market challenge Shipowners should put a premium on fuel economy.
Wartsila introduces fuel saving AHTS design New design provides a reduction of 20 to 25% in fuel consumption.
Scrubber company wins environmental award 'Award recognises ME Production's ability to provide green technology that can make a difference.'
FOBAS introduces comprehensive fuel management 'Toolkit' Allows users to understand fuels from all angles including value, operational safety and emissions.
Baltic LNG bunker supply facility on track Developer seeking EU funding for project.
Bestobell marks milestone Firm records 200th order for vessel cryogenic valves.
Hambantota: Authorities 'desperate' to resume bunkering 'We are now reaching out to the private sector to 'bail out' the SLPA,' official says.
DNV GL presents LNG-fuelled cargo ferry concept Concept developed as an alternative to carrying containers by truck.
IFO380 'still very tight' in Montevideo Product availability has not yet normalised, fuel trader tells Bunkerworld.
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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