UNHCR: Continue sea rescues but safeguard crew The UN's refugee agency has told IHS Maritime that it supports continued sea rescues but that the safety of seafarers should be an equal priority for Europe. A spokesman for the United Nations High Commissioner for Refugees (UNHCR) said that the agency recognised the considerable "strain" that the
Engineer sentenced for pollution crimes A 47-year-old Philippine national who served as chief engineer on board a Japanese car carrier has been sentenced to eight months in a US prison for MARPOL violations. The prison term for Noly Torato Vidad, to be followed by a year of supervised release, was for obstructing justice and illegally
Seaspan's adjusted profit is up 20% Containership lessor Seaspan has reported improved operating results and an increased dividend, yet its shares remain under pressure. After market close on 23 February, the company posted net income of USD27.8 million for 4Q14 against USD68.2 million for 4Q13. Excluding special items, adjusted net
SEACOR's Lorentzen steps down Industry veteran Oivind Lorentzen III has resigned from his post as chief executive officer of NYSE-listed SEACOR Holdings. Lorentzen, who came aboard as CEO in 2010 and was honoured as the Connecticut Maritime Association Commodore in 2012, will continue as a non-executive director and vice
UK club says tough line sees owners walk away One of the biggest protection and indemnity clubs (P&I) in the International Group of P&I club has revealed that it took a disciplined stance in the run up the 2015/16 renewals. The UK P&I Club (UK Club) said it had drawn a line in its negotiations with those members with poor claims records to the
European shipowners looking to Asia for investment, survey finds The European shipping sector is increasingly hopeful that Asian capital providers will come to their rescue, as 80% of executives surveyed place greater importance on the region, HSH Nordbank told IHS Maritime today (24 February). "The Asian shipping industry compared to the European is in a better
Bangladesh ferry disaster death toll rises The death toll in Bangladesh's passenger ferry tragedy on the river Padma in Manikganj, near Dhaka, has risen to 72. Two more dead bodies were unofficially claimed, soon after official announcement of the recovery of 70 bodies on 23 February. At least five passengers remain missing, Bangladesh
Singapore to boost support for maritime sector Singapore will increase its support for maritime business sectors through a series of incentives to raise productivity, innovation, and internationalisation. The initiatives are part of the country's plan to "sharpen support" for business as announced by deputy prime minister and finance minister
Australia's Port Alma closed by cyclone The Australian coal port of Port Alma and Bundaberg on the Queensland central coast remain closed after sustaining cyclone damage over the weekend. "We are checking navigation aids at both these ports but flood waters are slowing our progress," a Department of Transport spokesperson told IHS
Plummeting Pilbara iron ore prices hit mining majors Iron ore junior Atlas Iron has posted a USD1 billion loss, while resources giant BHP Billiton profits have nearly halved as falling iron ore prices continue to pummel Pilbara. In its first-half report for financial year 2015 (FY 2015) released today, BHP Billiton reported that its profits are down
TechMarine to acquire Samjin Shipbuilding South Korean shipping and marine supplier TechMarine has confirmed with IHS Maritime that it will acquire Samjin Shipbuilding Industries (SSI), which is now under legal management. The country's maritime press reported that TechMarine, established in 1982, is now operating three 9,000 dwt cement
MISC receives LNG carriers, extends contracts Malaysia-listed international shipping line MISC is expected to receive five new liquid natural gas (LNG) carriers worth USD1.1 billion from South Korean shipbuilders Hyundai Heavy Industries. The five LNG carriers are transferred by MISC's parent company Petroliam Nasional (Petronas), and are
Beng Kuang Marine posts loss for FY 2014 Singapore-listed ship engineering services provider Beng Kuang Marine posted a loss of SGD5.2 million (USD3.88 million) for the full financial year (FY) ended on 31 December 2014. The company has attributed the loss to the weak performance in the company's infrastructure and engineering (IE)
East Africa must act swiftly to grab LNG market share Potential exists for East Africa to become major global exporter, but it won't be straightforward
Standard sets up Singapore war risk class P&I war cover up to $550m available via Asian shipping hub
US cargoes are the future for LNG shipping Positives outweigh the negatives, say gas shipping experts
Asia ship finance rise 'unstoppable', says HSH's Nieswandt European lenders need to look east to stay in the game
US west coast congestion 'worse' than 2002 lockout It will take at least six weeks to clear backlogs of containers, ports warned
Crowley to expand at Jacksonville Jones Act shipping line will move to a different terminal and take extra space as it prepares for arrival of new container/ro-ro ships in 2017
UK Club makes net gain despite tonnage turnover Achieved premium increase well below announced general increase
Owners expect continued Asian ship finance push Europeans more upbeat on profit and revenue, HSH Nordbank survey finds
Aronnax: An equitable adjustment to encourage compliance The US has a tough but transparent approach to regulatory non-compliance. Why can't other coastal states copy this model?
Standard Club loses 3m gt in renewal round But Charles Taylor mutual insists performance was 'very strong'
Seaspan posts 56% drop in full-year earnings Underlying earnings show growth for the year and fourth quarter
Cass indices show truckload rates rising, intermodal prices dropping Truckload linehaul rates increased steadily while intermodal rail prices dropped in January, according to the latest indices from Cass Information Systems and Avondale Partners. The Cass Truckload Linehaul Index rose 7.9 percent year-over-year, a sign the impact of higher contract truckload rate increases is beginning to be felt by shippers, Cass...
Matson expects 'modestly higher' profit this year as its service is praised Matson posted increases in profit for the fourth quarter and full year of 2014 and said it expects "modestly higher" operating results in 2015, aside from the company's pending acquisition of Horizon Line's Alaska service. The outlook comes as some forwarders are praising Matson for performing solidly during the still-ongoing...
US truck tonnage rises 1.2 percent in January, ATA says For-hire truck tonnage increased 1.2 percent from December last month and jumped 6.6 percent on easy comparisons with the storm-wracked month a year ago, pushing the American Trucking Associations For-Hire Truck Tonnage Index to an all-time high. "Truck tonnage continued to improve in January, marking the fourth straight gain totaling 3.5...
US trailer orders drop from peak, but stay strong, FTR says Orders for new trailers in the U.S. rolled in more slowly in January, returning to a more normal, seasonal pace after several months of breakneck growth. Trailer orders soared in the third and fourth quarters as stronger industrial output generated higher U.S. freight demand. The U.S. economy grew 4.6 percent in...
Home Depot says stores supplied despite West Coast delays Retailer Home Depot said its import shipments have been delayed by West Coast port delays but that it has been able to adjust its supply chain to keep stores supplied. Executives of Home Depot, the largest home-improvement retailer, commented during an analysts' call Tuesday following announcement of the company's fourth quarter...
Less container ship capacity forecast to be scrapped Less container ship capacity is expected to be scrapped this year, as the price of steel continues to drop and the pool of older vessels shrinks, analysts say. Last year, 378,000 TEUs were removed from the world fleet. This year, however, that number is expected to drop to around 300,000 TEUs,...
Study finds wide range in DC operating costs Annual costs to operate a hypothetical 500,000-square-foot distribution center with 150 employees could range from $11.3 million to $15 million among U.S. cities surveyed by a national site-selection company. The most expensive DC location on the list was Stoughton, Massachusetts, with estimated annual costs of $15 million for labor, electricity, amortized...
Greece's U-turn on privatization allows Piraeus port sale Greece's pledge on Tuesday not to halt ongoing and planned privatizations has paved the way for the sale of the state's stakes in the ports of Piraeus and Thessaloniki, Athens airport and rail freight companies. The green light for privatization, contained in a list of planned reforms to secure a four-month...
Shippers advised to press for drayage cost limits in contracts WASHINGTON - Shippers can better avoid getting hit with higher costs from unscrupulous ocean carriers by insuring contracts don't allow carriers to hike drayage and other costs just because port congestion pushes up delivery rates, possibly triggering demurrage charges, especially on door delivery shipments, a maritime attorney said. A handful of...
Maersk tipped for second share buy-back, disposals Maersk Group is tipped to announce its second share buy-back in six months on Wednesday when it unveils fourth-quarter 2014 results that are likely to be dominated by surging container shipping profits. Maersk also might unveil fresh disposals of non-core assets as it focuses on four key businesses - container shipping,...
CN, Unifor reach tentative agreement, avoiding lockout Canadian National Railway late Monday night withdrew its threat to lock out 4,800 union members after the railroad reached a tentative labor agreement with Unifor. A lockout could have hampered intermodal service as the second-largest Canadian railroad experiences a surge of volume from U.S. shippers diverting cargo through Canadian ports, namely...
Seaspan reports 56 percent drop in net profit HONG KONG - Seaspan's net profit for 2014 fell 56 percent year-over-year to $131.2 million, although the container ship owner reported that its "normalised net earnings" grew by 14.6 percent to $139.1 once the results were adjusted to account for items it did not consider representative of its operating performance.Normalized...
China satisfies robust Iranian demand for consumer goods, Seabury finds HONG KONG - Trade between China and Iran has been growing at almost 40 percent a year since 2012, driven by rapidly rising consumer demand, according to a Seabury Group study.Iranian imports have been "artificially low" because of economic sanctions, and Michel Looten, Seabury director of maritime, said imports lost...
Shippers assess Asia-US strategy as dust settles on West Coast labor dispute HONG KONG - Los Angeles-Long Beach will always be a vital U.S. gateway, but the nine-month labor dispute that helped bring West Coast ports to the brink of being shutdown is making shippers and industry analysts take a hard look at the trans-Pacific supply chain.Following the agreement reached on Feb....
Trade unlikely to be seriously affected by DHS shutdown despite warnings U.S. Customs and Border Protection inspectors check container at Port of Baltimore.A looming shutdown of the Department of Homeland Security could put U.S. international trade, not just national security, at risk, President Obama warned Monday, though in reality trade at ports of entry will not be delayed even in the...
ILWU, PMA and mayors of LA, Long Beach seek to rebuild trust After months of bitter negotiations, and with a tentative waterfront contract that is barely three days old, Southern California political, labor and management leaders on Monday said they will focus now on returning the largest U.S. port complex to normal operations. "Trade is growing. Let's get back to doing what we...
Cross-border trade bill takes aim at US-Mexico congestion WASHINGTON - A newly introduced U.S. House bill would allow shippers to pay for additional Customs staffing and extended gate times at the entire U.S.-Mexico border, and not just at ports of entry in Texas as they can now. The new legislation - introduced by Texas lawmakers Republican Sen. John...
Wang sees 'no hesitation' Seaspan chief executive Gerry Wang says he sees "no hesitation" by liner operators to add large and fuel efficient modern ships to their fleets.
Will Philly roll the dice? Forecasters who track the Jones Act tanker and containership markets are anxiously awaiting the release of Aker Philadelphia Shipyard's fourth-quarter earnings report.
Agents of change A growing number of Jones Act product tankers have been pursuing crude cargoes in recent years but this may change when fresh tonnage enters the market, a leading brokerage told clients today.
BP exports condensates The crude market is rife with speculation that BP has started to export condensates from the US to Europe.
Farstad stacks four A leading Norwegian offshore contractor has been forced to lay-up more tonnage in response to turbulence in its core markets.
Chandris tanker cited The US Coast Guard (USCG) has accused a suezmax controlled by Chandris, a Greek bulker and tanker operator, of discharging oily waste at sea.
UDSC CEO suspended Ukraine's ministry of infrastructure has suspended the CEO of cargoship owner Ukrainian Danube Shipping Company (UDSC).
NewLead seals COA Diversified Greek operator NewLead Holdings has lined up a contract-of-affreightment for one of its bitumen carriers.
Chelsea signs new deal Chelsea Shipping of the Philippines has signed a five-year contract to supply jet fuel to Cebu Pacific.
Finnlines slows in fourth Finnish ro-ro operator Finnlines has seen its profit momentum come to a halt in the fourth quarter, but its full-year result is well ahead of 2013.
MISC deal backed Malaysian owner MISC's deal to acquire five LNG carrier newbuilding contracts from its parent has been positively received by Hong Leong Bank.
Middle East routes safe Key shipping routes in the Middle East are not currently at risk from Isis (Islamic State) or instability in Yemen, according to a US naval commander.
Drugs seized on tanker The Colombian navy has arrested two suspected drugs traffickers who concealed cocaine on a Prisco Singapore tanker.
MBC falls to loss Robert Kuok-controlled Malaysian Bulk Carriers (MBC) has posted a loss for the fourth quarter as costs rose.
Hachiuma engineer jailed A Hachiuma Steamship chief engineer has been jailed for eight months in the US for discharging oily waste from a car carrier.
Lorentzen steps down Oivind Lorentzen is resigning as Seacor Holdings CEO to become non-executive vice chairman.
Kanal Istanbul cut back? Turkey's Kanal Istanbul project is still on the political agenda, but it may end up being shorter than originally planned.
Asian finance attracts Ship finance is becoming a hugely important reason for entering Asian markets rather than proximity to growing freight markets according to a new survey and report by HSH Nordbank.
Cuba ferries coming? A former air force pilot is planning to re-start a ferry run to Cuba.
Bulkers for Baosource China's Huahai Heavy Industry has won an order for two mini-bulkers from a domestic operator.
Start-up plots crossing A ferry start-up is eyeing a Channel route vacated by Condor Ferries.
CNCo moves into cement China Navigation Company (CNCo) has ordered its first ever self-discharging cement carrier on the back of a long-term charter.
Budget boost for shipping Singapore is set to improve tax incentives for shipowners in a bid to maintain the country's position as a major maritime centre.
Seaspan ends on a low Seaspan has booked a near 60% decline in net earnings for the last quarter of 2014, figures released late Monday show.
PACD drops dividend Pacific Drilling has dropped plans to initiate a dividend due to the turmoil in the offshore drilling industry.
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