Diana prices bond offering Diana Shipping has raised USD55 million through a bond offering, although industry bonds issuances remain sharply lower so far this year. NYSE-listed Diana will pay an 8.5% annual interest rate on the senior unsecured notes, which will mature in 2020. Underwriters have the option to purchase an
Panama Canal chief unfazed by competition The Suez Canal is scheduled to be wider and deeper by the end of the northern summer, but the potential time and cost savings for shippers and carriers is not a concern for Panama Canal Authority CEO Jorge Quijano. Quijano, who views the Suez as a primary competitor with the Panama Canal for US
Bulker blocks Argentine soyabean exports The grounding of a bulker owned by Norden has temporarily closed a crucial shipping channel for Argentine soyabean exports. A Norden representative confirmed to IHS Maritime that the 2014-built, 77,134 dwt Panamax Nord Hydra, which is on long-term charter, went aground at 1940 on 18 May. "The ship
Standard Club chief urges diversification The chief executive of managers for the Standard P&I club said its policy of diversification remains vital in its efforts to peg P&I premium rates. Speaking as the club issued its full-year results for 2014/15, Jeremy Grose, chief executive of Charles Taylor & Co, said the launch of its Lloyd's
DFDS raises forecast after strong 1Q15 DFDS, the listed Danish ferry and logistics group, has raised its full-year operating profit forecast after cutting net loss in 1Q15 on economic recovery on its key markets and cheaper bunkers, the company said in a statement. Group net loss narrowed to DKK23 million (USD3.4 million) in 1Q15 from
Lloyd's Register CEO resigns Lloyd's Register CEO Richard Sadler has resigned, the classification society has announced. Sadler had been in the role for eight years and will be replaced by the current CFO Alastair Marsh at the end of 2015. Sadler's tenure has seen LR's yearly turnover reach GBP1 billion (USD1.5 billion).
Barge capsizes off Singapore, 14 missing Fourteen seafarers are today missing after a Bolivian-registered sand-carrier has capsized in Singapore waters. The incident happened yesterday (20 May) at around 04:20 h local time.
Hoegh LNG cuts loss and eyes more FSRUs Hoegh LNG (HLNG), the Oslo-based listed gas carrier company controlled by the Leif Hoegh group, has cut its loss in 1Q15 and says it plans to continue to grow its floating storage and regasification unit (FSRU) business. Group net loss narrowed to USD2.4 million in 1Q15 from USD4.5 million in the
Political risk seen in dredging Political risks arising from vested interests and regime changes could affect dredging projects, and contractors need to calculate the risks before committing to these. The Abbot Point expansion project in Australia is an example of this
Maersk Line hires new East and Central China head Maersk Line announced on 21 May that Mike Fang will be the company's new head for East and Central China effective 1 July. "I am excited to take on this new role and to return to Shanghai," Fang commented on his new position. "East and Central China is an important market for Maersk Line, occupying
ICBC introduces new newbuilding funding method The Industrial and Commercial Bank of China (ICBC) has introduced a new financial instrument to help finance newbuildings that can be bareboat chartered to shipping companies, with the financing coming from private investors. The new method has been applied in a deal between a Chinese state-owned
APL's new service to boost North-South American trade Singapore-headquartered shipping liner APL has launched a new weekly service to enhance its network coverage in North and South America. According to APL's corporate statement, the new America Caribbean Express (ACX) service will link Central America with the US East Coast, and will be operated
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
CMES, COSCO sign deals with Brazil's Vale China Merchants Energy Shipping (CMES) and COSCO have signed financial and transport co-operation pacts with Brazilian miner Vale. The firms signed two three-party memorandums of understandings (MOUs) with Vale, while CMES also inked an expanded framework agreement with the miner for co-operation on seaborne cargo transportation and a long-term integrated logistics on 19 May.
MOL sees rise in eco-friendly equipment sales Japanese shipping company Mitsui OSK Lines (MOL) said that its subsidiary has succeeded in clinching orders of its energy-saving propeller boss cap fins (PBCFs) for as many as 3,000 vessels. The PBCF is installed at the propeller of the vessel
Can Doumbia-Henry revamp the WMU? Broadening the World Maritime University's scope will be difficult, but could raise shipping awareness. It might also solve the WMU's funding concerns
'Differentiated and conservative approach' behind Pangaea Logistics' positive first-quarter results Nasdaq-listed dry bulk specialist adds new steel-shipping contract worth up to $135m
Navios Holdings beats analyst estimates but contends with '30-year low' for bulkers Angeliki Frangou-led owner posts first-quarter loss
NYK talks up its 'non-shipping' credentials Japanese giant says logistics and other non-shipping businesses account for 30% of group revenues
Improved operational efficiency and new sailings see Zim return to profit Israeli carrier posts $35m first-quarter profit
What US-Opec oil price war means for tankers Views on whether the US is now the world's swing producer vary but smart owners need to be aware of shifts in global crude dynamics, big or small
Dafni to spearhead new China shipping service between Southeast Asia and Indian subcontinent Min Sheng Shipping launches service loop between Bangkok and Yangon
APL and SeaLand join forces on intra-America trade Weekly service will link Central America with the US east coast
Standard Club breaks even on 2014 underwriting Combined ratio of 100% on back of 3% gain in tonnage
PMA ratifies five-year US west coast labour contract Outcome of ILWU vote on new agreement expected Friday
Hapag-Lloyd's turnaround ambitions The German shipping line reported weak financial results in 2014, but its new chief executive hopes 2015 will mark the start of a new era
Hoegh LNG reduces losses Oslo-listed gas player has new FSRUs in operation
US Congress poised to deliver on US port funding promise WASHINGTON - The U.S. Congress moved closer to hitting port funding goals set last year after a Senate committee this week passed a bill that would send $1.25 billion to ports in fiscal 2016. Although landmark water resources legislation passed in 2014 set increased funding targets, congressional appropriators missed the mark the...
Time running out for Highway Trust Fund extension WASHINGTON - The U.S. Senate now has just more than a day to extend funding for the Highway Trust Fund before the money that maintains America's roads, bridges and other infrastructure runs out. The House of Representatives Tuesday approved a two-month extension for the fund, set to expire May 31. The extension...
US duties on Chinese container to be refunded after trade commission ruling Temporary duties placed on Chinese 53-foot domestic dry containers will be refunded after a U.S. trade commission ruled earlier this week that Chinese manufacturers did not have an unfair advantage over their North American competitors. The U.S. International Trade Commission announced Tuesday it would not to uphold lower courts' rulings that...
ODFL names Gantt president; CEO Congdon becomes vice chairman Old Dominion Freight Line has a new president: Greg C. Gannt, the less-than-truckload carrier's former executive vice president and chief operating officer. David S. Congdon, formerly president, will remain CEO and become vice chairman of the board of directors. His father, Earl E. Congdon, is chairman of the board. This will be...
Sunset Transportation's Mark Cammarata named CFO of the Year ST. LOUIS, May 19, 2015 - Sunset Transportation, a leader in third-party logistics and freight payment, announces that its chief financial officer, Mark Cammarata, has been named 2015 CFO of the Year by the St. Louis Business Journal. Cammarata is being honored in the small corporation category as one of the best financial stewards in St. Louis based on...
Logistics Plus opens offices in Egypt Logistics Plus, a global provider of transportation, logistics and supply chain solutions, has opened offices in Cairo and Alexandria, Egypt, and formed a Logistics Plus Eqypt operation that includes a warehouse in Badr City just outside of Cairo. Asser Amin will oversee the new Logistics Plus Egypt operation, with Ali Khater...
Scarbrough's NAFTA operations to expand via acquisitions In a deal expected to close on Aug. 1, Scarbrough International, a Kansas City-based logistics and customs brokerage firm, will expand its operations south and into Mexico. Scarbrough will acquire Laredo Becnel, a Laredo, Texas-based customs broker, in addition to Nuevo Laredo, a customs broker and logistics company based in Mexico. Scarbrough...
Savannah beefs up reefer capacity after strong 2014 The Port of Savannah is ramping up its refrigerated cargo capacity after substantial year-over-year growth in reefer cargo at the Georgia port. Over the past five years, the compounded annual growth rate for reefer imports and exports was 5.6 percent at the Savannah port, according to data from PIERS, a sister...
After three years of losses, Shipping Corporation of India reports FY profit State-owned Shipping Corporation of India swung to a Rs. 201 crore (about $31.5 million) net profit in fiscal year 2014-15, which ended March 31, from a Rs. 275 crore loss ($43.2 million) in the previous year, driven by continued cost-cutting and improved freight earnings that helped compensate for a marginal...
US contract truck rates rise as shippers pay for capacity Defying economic gravity, U.S. contract truckload rates rose 3.8 percent year-over-year in April, Cass Information Systems said in its latest Truckload Linehaul Index. The contract price hike for truckload shippers comes atop a 5.7 percent rate increase in April 2014 and a 5.1 percent gain in March. Contract rates are rising...
Small impact likely from NMFC changes Q: Supplement 1 to the National Motor Freight Classification, NMFC 100-AO, hit our radar this week. It provides for: (1) Reducing from 15 days to five the time for shippers and receivers to provide notice to carriers of concealed damage. (2) Establishing 180 days for the filing and collection of claims for...
European imports to US spike 11 percent Germany, the Netherlands and Belgium are the biggest beneficiaries of increased U.S. demand for European goods and materials, according to PIERS, a sister product of JOC.com within IHS Martime & Trade. Click to enlargeU.S. imports of European goods in the first three months jumped 11 percent year-over-year to about 460,000 TEUs....
Houston volume rockets as West Coast diversions hold for now The Port of Houston's loaded container volumes jumped 46 percent in April, boosted by cargo diversions from the U.S. West Coast that appear to have had more staying power than some originally anticipated. Click to EnlargeThe spike at Houston and at other U.S. East Coast ports last month - as seen...
TPM 2015 Sponsor: CargoSmart, Lionel Louie Better data allows for better negotiations. CargoSmart's Chief Commercial Officer Lionel Louie on the challenges that port congestions, labor issues and other disruptions create for sailing schedule management and the cost-savings potential of doing it well. ...
Trucking association serving LA, Long Beach ports creates chassis pool The Harbor Trucking Association of Southern California has formed its own chassis pool to ensure its member companies will have access to the equipment they need even when terminals in Los Angeles-Long Beach are experiencing equipment shortages or dislocations. HTA President George Boyle told a membership meeting Wednesday the pool will...
Shippers welcome end of latest German rail strike LONDON - German locomotive drivers on Thursday called off their latest strike -the ninth in 10 months - and agreed to refer their dispute with Deutsche Bahn, the state-owned railway company, to arbitration. Germany's industrial supply chains and its leading ports were facing major disruptions as the drivers' union GDL had...
Shippers and truckers the losers in demurrage blame game Demurrage and per-diem detention fees at gridlocked U.S. ports have turned into a multimillion-dollar hot potato. Cargo interests, truckers, ocean carriers and marine terminals are locked in noisy, seemingly nonstop argument over responsibility for the fees. It's a complex problem with no easy solution - but plenty of finger-pointing. Chronic port...
Royal Mail profit up on cost savings LONDON - Royal Mail, the U.K. postal group, boosted full-year operating profit by 6 percent as cost cuts offset sluggish revenue in an increasingly competitive parcels market.Adjusted operating profit before "transformation "costs rose to £740 million ($1.15 billion) in the year to March 29 from £740 million in the previous...
DFDS cuts loss on volume growth, efficiency gains LONDON - DFDS, the short-sea shipping and logistics group, raised its full-year earnings outlook after operating profit surged 150 percent in the first quarter as higher freight traffic on its North European network offset lower volumes on Russian routes.The Danish group's earnings before interest, tax, depreciation, amortization and special items...
UPS adds express and contract logistics to Myanmar business Global integrator UPS is expanding its portfolio of services in Myanmar, introducing express delivery and contract logistics services that complement the air and ocean freight services launched in August last year. Customers can now leverage a full range of logistics solutions as Myanmar engages in increased levels of global trade. "UPS...
Globus sells its Tiara Globus Maritime sold its oldest bulker as the company seeks to boost its balance sheet by offloading some of its assets.
Iran ship reaches Djibouti A multi-purposeship (MPP) at the heart of the latest Iran-related maritime tension has diverted to Djibouti.
BW target bolstered Wells Fargo Securities hiked its 2015 earnings estimates for BW LPG Thursday and increased its valuation of the company's Oslo-listed shares.
Duo explore selldown Two major shareholders in VLGC owner Avance Gas are looking to sell down their holdings in the Oslo-listed Company.
Lebanon seeks Suez cut Lebanon is looking to cut the cost of shipping its exports through the Suez Canal.
Shares instead of cash George Economou's DryShips has reached an agreement with its subsidiary Ocean Rig to exchange part of a recent loan for shares.
Varun readies two listings Indian LPG carrier owner Varun Shipping is close to listing two separate operating companies in Mumbai after winning new finance and restructuring its debts.
Navios red but ahead Navios Maritime Holdings has posted a smaller than projected deficit in the opening three months of 2015.
NAO buys back Nordic American Offshore (NAO) has launched a share buyback scheme that will see the company repurchase up to 2.5m of its common stock.
Dof hit by forex Norwegian offshore shipowner Dof has posted a slim loss in the first quarter after currency effects hurt the bottom line.
SCI stronger in fourth Shipping Corporation of India (SCI) has posted a bigger profit in its fourth quarter as boxships, tankers and bulkers recovered from losses the year before.
Astra adds panamax Greek owner Astra Shipmanagement is boosting its managed fleet after clients purchased a Japanese-controlled panamax bulker.
Vista snaps up veteran Ukrainian owner linked to purchase of what would be its newest capesize, built in 1999.
Titan back in business Titan Petrochemical is looking to revive its shipbuilding business after striking deals with two energy companies.
Cosco, CSDC team on VLOCs Chinese shipping giants China Cosco Holdings Co (CCHC) and China Shipping Development Co (CSDC) have set up a joint venture company to operate four very large ore carriers (VLOCs) bought from Vale.
14 lost in capsize Fourteen crew are feared drowned after a sand barge capsized off Malaysia on Wednesday.
Diana raising $55m Greek bulker owner Diana Shipping is selling $55m of unsecured notes and may spend the cash on new ships.
Hoegh LNG reduces red Hoegh LNG has cut its loss in the first quarter as costs fell, but it warned vessel over-supply will last for up to three years.
DFDS cuts loss Danish ro-ro and logistics group DFDS has reduced its loss in the first quarter as shipping markets improved.
Norden bulker aground A Norden panamax bulker remains aground in Parana River blocking commodity exports from the Argentine port of Rosario.
APL boosts US exposure Neptune Orient Line's container arm APL has introduced a new weekly service aimed at enhancing its network coverage in the Americas.
Savannah volumes surge The Port of Savannah saw container volumes jump by over 25% in April, figures from the Georgia Ports Authority (GPA) show.
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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