Poseidon sets IPO target Poseidon Containers Holdings Corp is seeking to raise more than USD200 million through an initial public offering (IPO) and New York Stock Exchange listing. In a revised registration statement filed on 21 July, the George Giouroukos-led company set an IPO pricing range of USD14-16/share. It is
Dutch signal award of huge lock contract The likely contractor for a huge lock project of vital importance to the port of Amsterdam has been announced. Rijkswaterstaat, part of the Dutch Ministry of Infrastructure and the Environment, yesterday announced its intention to award the contract for the design, construction, financing and
Islamic State militants claim Egypt coastguard attack The so-called Islamic State has claimed an attack on a moored Egyptian coastguard vessel in the Mediterranean Sea near the Sinai Peninsula. The attack on 16 July was followed by a statement released by the group, claiming it had sunk a 25 meter Swiftships, fast patrol boat. The Egyptian army has
Tanker captain guilty of being drunk in charge A tanker captain was fined after pleading guilty to being drunk in charge of the 13,776 dwt Quercianella carrying 11,000 tonnes of petroleum. Sandro Carnemolla, 53 and from Sicily, was given a suspended four-month sentence and fined GBP1,000 (USD1,550) at Liverpool Crown Court. The United Kingdom
Pan Ocean completes corporate rehabilitation South Korean bulker outfit Pan Ocean has completed its recovery from financial trouble. Seoul Central District Court has ratified a clean bill of health for the company - the court approved Pan Ocean's application for the completion of rehabilitation procedures on 21 July 2015. The decision comes
Mobile technology to improve port operations in Africa The Intergovernmental Standing Committee on Shipping (ISCOS) has developed a mobile phone-based tool for monitoring, reporting and resolving Non-Tariff Barriers (NTBs). These are experienced by users of ports and trade corridors in Eastern, Central and Southern Africa. Director of trade
KDB mulls liquidity injection for DSME Korea Development Bank (KDB) is doing due diligence into Daewoo Shipbuilding & Marine Engineering (DSME) to determine if South Korea's third-biggest shipbuilder should receive funds to avert a liquidity crunch. South Korean media reports claim the country's Financial Services Commission is pressing
ZPMC to revamp subsidiaries into six sub-groups Shanghai Zhenhua Heavy Industries (Group) (ZPMC) is set to revamp its subsidiaries into six sub-groups in a move to consolidate its internal resources. The six sub-groups will focus on port machineries, offshore engineering, offshore services, electricity, overseas development, and financial
Tianjin Tianhai Investment's profit surges in 1H15 on interest income Shanghai-listed Tianjin Tianhai Investment (TIC), formerly known as Tianjin Marine Shipping (TMSC), predicted that its profit would increase between 900% and 1,500% year on year for the first six months in 2015 on interest income. During the period, TIC reaped substantial interest income after
One missing after cargo carriers collide in Yangtze River A cargo ship crew member is missing after the vessel sank following a collision with another cargo carrier midstream of Yangtze River near Yichang, Hubei province, on 17 July. According to local maritime authorities, Yuan Zhen 618, which was going downstream with five crew members collided with Li
Ship breaking industry stares at recession No ships were reported as sold for recycling into South Asia from 13-17 July as the Ramadan holidays and falling steel prices in India removed all appetite to purchase vessels. Scrap prices of bulkers deteriorated to USD310-315 per ldt, compared with USD325-335 per ldt from 6-10 July. Over the same
Typhoon season pushes up Capesize rates The typhoon season in East Asia has lent support to the Capesize freight market as delays in ports have tightened tonnage supply. The Baltic Exchange's Capesize index rose 51 points from 17 July to 1,763 points on 20 July, as tonnage is also tight in the Atlantic due to trans-Atlantic coal
DSME: Error in Songa Offshore's FEED documents caused cost overruns Daewoo Shipbuilding and Marine Engineering (DSME) is seeking arbitration in relation to three semi-submersible rigs it is building for Cyprus-based Songa Offshore as a result of errors in the latter's front-end engineering and design (FEED) documents. DSME told IHS Maritime that these errors have
Costamare and York extend boxship pact for further five years Greek owner beats analyst estimates in another profitable quarter
Ocean carriers face fresh demands from FMC over congestion-related fees Commissioner William Doyle backs Section 15 order to demand detention and demurrage details from box lines
Bodouroglou to acquire four bulkers from Paragon Net proceeds to public company will be $6.8m after debt repayment
Exclusive: Nigeria tanker ban list Lloyd's List first to publish full list of 113 banned tankers and letter stating ban is directive from Nigerian President Muhammadu Buhari
DFDS resumes Dover-Calais service after further French strike Unions stage another protest over possible job losses
Mediterranean daily aframax earnings index leaps $5,000 Opportunities develop for owners to boost income by positioning tankers in Mediterranean spot market
Investec completes first container finance deal Specialist banker to provide South Korean operator with funding for 10,070 teu
Pan Ocean seeks to end rehab, names new chief executives South Korean bulker operator completes early debt repayments after being taken over by Harim
DSME downplays restructuring talks Share price of Seoul-listed yard rises 14% after reports of a $1.7bn bailout from KDB coupled with job and wage cuts
Ely to take top job at Charles Taylor Adjusting Arthur Clarke retires at end of year
Between the Lines: Russia rumblings and BAF-adjusted rate woes In his regular column for the Lloyd's List sister publication Containerisation International, SeaIntel chief executive Alan Murphy examines the main industry drivers and developments of the past month
US West Coast diversions fuel CN profit gain Still riding a wave of U.S.-bound intermodal cargo, Canadian National Railway surprised Wall Street analysts this week, posting a better-than-anticipated second quarter. Ongoing improvements to on-dock connections at the railroad's major port gateways are expected to further improve service for the prized ocean container lines that contributed to the railroad's surprise...
US truck driver involved in accident killing six stripped of license The Federal Motor Carrier Safety Administration has declared a Kentucky-licensed truck driver an imminent hazard to public safety after his involvement in a fatal accident that claimed six lives on I-75 outside Chattanooga, Tennessee on June 25, 2015. Benjamin Scott Brewer on Sunday was served a federal order not to operate...
Portland port chief recuperating after motorcycle accident Port of Portland Executive Director Bill Wyatt is recuperating in a Portland hospital after a recent motorcycle accident while on vacation in Oregon. Port spokesman Kenny MacDonald said Wyatt's injuries, though serious, are not life-threatening, and he is expected to return to work in due course. While Wyatt is recuperating, his...
US logistics sales seen nearing $200 billion by 2019 The U.S. third-party logistics market may not be growing as quickly as it once did, but it's still far expanding faster than the general economy, a logistics industry consultant told investors. Total U.S. 3PL revenue should approach $200 billion by the end of 2018, a 27 percent increase from $157 billion...
Hamburg Sud's return to Miami furthers shared effort to gain Asian imports Port of MiamiHamburg Sud has returned to the Port of Miami a decade after it left by joining an existing Ocean Three service connecting the U.S. East Coast to China, advancing the German carrier and the port's effort to attract more Asian import cargo. The addition of the German carrier to...
Descartes beefs up denied party protection with acquisition Descartes, which operates the Global Logistics Network, recently purchased MK Data Service for $76.3 million in cash, giving shippers who use the network one more way to protect themselves from doing business with denied parties. Denied party refers to an individual, organization or state that various governments and international organizations have...
Teamsters' bi-coastal drayage 'misclassification" protests heat up Teamsters picket Pac 9 Transportation at the Port of Los Angeles-Long Beach July 21, 2015. The Teamsters are deploying a bi-coastal strategy to challenge what the union charges is misclassification of drayage truck drivers as independent contractors, an indication of how the issue has expanded far beyond the San Pedro Bay...
US truck tonnage falls on high inventory levels Truck tonnage dropped in June, and didn't climb as much as previously thought in May, as high inventory levels dampened truck demand, according to the American Trucking Associations. The ATA For-Hire Truck Tonnage Index dropped 0.5 percent in June from May, and the increase reported for May was revised down from...
CP's domestic intermodal push slows Canadian Pacific Railway's domestic intermodal push appears to be losing steam after the railroad's volume growth decelerated to its slowest pace in nearly a year in the second quarter. The Calgary-based railroad managed to post better-than-expected earnings and revenues for the quarter, despite weak volumes and a sluggish Canadian economy weighing...
Rail project scrapping hampers Mombasa port's hinterland ambitions A locomotive in Kampala, UgandaThe Port of Mombasa's aspirations to remain the largest container port in East Africa were dealt a blow after the Uganda government said that it would not prioritize the building of a multi-purpose freight railway between Kampala and the Rwandan capital of Kigali. Uganda will instead focus...
Building profits, Werner adds more truckload capacity Strong, but not stellar. That's how Werner Enterprises characterized the U.S. freight market in the second quarter. "Stellar" more aptly describes the exceptional second quarter of 2014, when the U.S. economy roared back from a frigid winter that spurred economic contraction. This year, freight demand is strong compared with every...
Loss-making NOL will be a hard sell, Alphaliner says HONG KONG - The buyer of Neptune Orient Lines (NOL) will have to turn around a chronically unprofitable company with few attractive assets, is the blunt assessment of shipping analyst Alphaliner.Alphaliner was commenting on a press statement from the APL parent suggesting that it was exploring a potential sale of...
Russian, Chinese authorities investigating suspected container line cartel Port of St. PetersburgST. PETERSBURG - Russian and Chinese authorities are investigating whether container lines plying the trade lane between Russia and China set prices together, according to Alexander Kinyov, deputy head of the Russian Federal Antimonopoly Service. The results of the investigation into unidentified carriers will be released in mid-August,...
Special orders require special consideration of shipper, carrier Q: We're a distributor of specialized steel products, and recently bid on an order for a customer and got the job. The vendor we went with quoted the job with one total price for all 24 various-sized pieces. We received the order at our warehouse and in turn shipped it to...
Japan to extend anti-piracy mission off Somalia Japan will extend its Self-Defense Forces six-year-old anti-piracy mission in the Gulf of Aden for another year despite a sharp decline in the number of pirate attacks there. According to the Japanese transport ministry, SDF vessels escorted a total of 3,577 commercial ships in the Gulf of Aden between July 28,...
China container volumes grow in tandem with foreign gateways The inland container terminals at Chongqing on the Yangtze River saw throughput falling 10 percent in the first half.HONG KONG - Container volumes at China's top 20 ports rose by more than 5 percent in the first half as the mainland's export sector continued to grow along with some surprisingly...
Made in US online mall targets Chinese with Taylor Swift line Singer Taylor Swift, seen here in an image from www.taylorswift.com, will be selling a line of clothing exclusive to Chinese customers on the online shopping platform JD.com, part of a campaign to promote made-in-U.S. goods in China.HONG KONG - China's taste for U.S.-made products purchased online has been driven by...
FMC Chairman: PierPass should explain why fee hike is needed U.S. Federal Maritime Chairman Mario Cordero on Monday said that Los Angeles-Long Beach terminal operators should explain why they need to raise the traffic mitigation fee and raised the prospect of sunsetting the fee, providing ammunition to shippers' fight against PierPass. "I believe that PierPass and the 13 terminals at the...
Cabotage laws under attack globally, union official says SAN JUAN, Puerto Rico - Efforts to repeal the Jones Act in the U.S. are part of a global campaign to weaken cabotage laws and undercut labor, said the president of a union representing U.S. seafarers. "An international system of corporate robbery, designed to drive down working conditions and seek the...
US spot market truck rates slip post-July 4 holiday Spot market truckload demand in the U.S. slipped in early July, as domestic freight shipment entered a typically slow period between spring and summer holidays and the build-up toward the fall peak season. Indices and weekly load and rate data from both DAT Solutions and Truckstop.com pointed to a slower paced...
CN rolls to profit as intermodal, efficiency gains offset weak carload traffic Canadian National Railway net income rose $4.6 million year-over-year in the second quarter, as intermodal volume and revenue growth, along with improved operations, offset carload softness. CN's intermodal volume for the second quarter rose 6 percent year-over-year, spurring a 2 percent increase in intermodal revenue to $560 million. It wasn't enough,...
Med aframaxes bounce back The Mediterranean aframax crude tanker market saw its day rates recover by more than $6,200 Tuesday, after touching a low for the year last week.
Poseidon reveals S&P deal Poseidon Containers Holdings has just purchased a 15-year-old containership, filings for its planned initial public offering (IPO) show.
Well intervention hits Helix Helix Energy Solutions saw operational income plunge in its well-intervention fleet, helping to push the offshore service company's bottom line result into negative territory.
Bharati calls the doctor India's loss-making Bharati Shipyard has filed for restructuring after admitting its net worth had been "fully eroded."
Vessel in the house! Egyptian bulker runs into a traditional Turkish villa in the Bosporus strait causing disruption.
Wilson goes for trio Busy bulker owner Wilson has wasted no time in replacing the two vessels sold since Friday, placing an order for three mini-bulkers in China.
SCH branches out Shanghai Clearing House (SCH) is broadening its scope with new bulker and boxship offerings.
Wells tunes tanker numbers Wells Fargo Securities has pushed up its crude tanker rate forecasts after the market sprinted into the second half of the year.
Golar lands $960m Golar LNG has landed financing of $960m that will see its first GoFLNG project finalised.
Latvian Shipping settles Riga tanker owner Latvian Shipping Company (LSC) has signed deals to end disputes with former executives.
Pandey launches college India's Pentagon Marine Services (PMS) will spend $10m for the establishment of a state-of-the-art maritime college in one of the country's poorest states.
Poseidon shoots for $283m Greek shipowner George Giouroukos is seeking to raise $283m from the initial public offering of Poseidon Containers.
BGC banks $183m Brunei/Shell joint venture arranges Islamic financing for delivery of its fifth LNG carrier.
Teekay tanker to leave The Teekay tanker at the centre of an industrial dispute with crew is to leave Tasmania on Wednesday.
Havila survives poor market Havila Shipping has survived the weak spot market and managed to book improved profit for the second quarter.
Bulkers show price promise Bulker asset prices have found a floor following improvements in the charter market, Clarksons Platou Securities says.
Balearia eyes Cuba run Spanish ferry owner Balearia has won US clearance to run ships to Cuba.
Australia checks 14 ships Australian officials are to check 14 ships as they hunt the source of a 30km-long oil slick.
NAO keeps paying Nordic American Offshore has kept its dividend unmoved for the second quarter despite trouble in the wider market.
Dof books Brazilian double Dof has secured contracts worth NOK 575m ($70m) for two of its vessels in the key Brazilian market.
Pan Ocean seeks freedom Restructured Korean bulker owner Pan Ocean has filed to exit court rehabilitation after two years.
Stifel sees box slump Oversupply in the container shipping market is set to bring down rates, asset prices and the level of newbuilding activity, Stifel says.
Yara profit rises Norwegian LPG carrier owner and fertiliser producer Yara International said it had produced a "strong" second quarter result as margins improved.
BHP invests $240m BHP Billiton has dug into its pocket to purchase six tugs and construct a new tug harbour at the port of Hedland, Australia.
Kogas makes design bid Korea Gas (Kogas) is teaming up with the country's three major yards to develop tanks for LNG carriers.
Hellenic goes with Panmure Hellenic Carriers has appointed Panmure Gordon as its advisor and broker following its takeover of Charles Stanley Securities.
DSME takes action Korean shipbuilder DSME is lining up cost cuts as its major shareholder prepares to pump in $1.7bn to combat huge losses this year.
Bodouroglou buys bulkers Paragon Shipping has agreed to sell four of its bulkers to chief executive Michael Bodouroglou, according to a financial disclosure.
US Gulf waterway reopens The US Coast Guard (USCG) has confirmed that the Intracoastal Waterway near Houston was reopened to traffic on Monday evening.
LR forges LNG team Lloyd's Register (LR) has joined forces with Arizona's Penn Oak Energy to help shipowners raise capital to retrofit ships to run on LNG.
Chandris adds LNG carrier Greece's Chandris has declared an option for a second eco-LNG carrier at DSME in Korea.
Goldenport sells boxship Goldenport Holdings has sold another of its older vessels as it looks to modernize its bulker and containership fleet.
Hedland set for upgrade Australia's Port Hedland is set to receive a new marine control tower and operations centre as part of a AUD 70m ($51m) upgrade.
Nigeria bans 113 tankers from waters, oil terminals Government did not provide a reason for the ban.
Cruise sector facing more opposition over emissions Londoners warn of increased air pollution.
Cruise sector facing more oppostion over emissions Londoners warn of increased air pollution.
Loss of propulsion incidents put under spotlight Causes of LOP can be categorised, says expert.
Fuel oil arbitrage to fall to a seven-month low Indications from Platts Bunkerworld show the Singapore bunker price for 380 cSt material has fallen 23% since early May.
New bunker barge design for US player Design comes with a 672 mt fuel oil capacity.
Singapore: Fourth try for bunker tanker sale Sale includes bunkers onboard.
Container traffic surges on US East Coast 'We're seeing a lot of diversion from the US West Coast.'
New player enters Greek bunker market Premium Bunkering starts office in Piraeus.
India: Bunker fuel pollution convention signed Brings country in line with most maritime states.
UK Insurer: 'Seek advice on use of low sulphur fuels' Concerns remain, despite 'increasing demands' to burn low sulphur fuels.
New bunker barge design from US player Design comes with a 672 mt fuel oil capacity.
US player gets new bunker barge design Design comes with a 672 mt fuel oil capacity.
WFS bags US military bunker supply deal Deal worth over $14 million.
BC residents want oil removed from abandoned ship Locals fear vessel will sink with 13,000 litres of fuel onboard.
Industry develops 'next-generation LNG carrier' Team achieved '5% increase in cargo volume capacity and 8% increase in energy efficiency'.
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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