Takoradi expansion powers ahead Phase one of a $344M project to triple capacity at Takoradi, Ghana's oldest seaport, has stepped up a gear with main contractor Jan De Nul Group (JDN) of Belgium beginning to dredge 1M m³ of tough material. Speaking to IHS Maritime, a JDN representative said, "The status of the contract as of today
Hazmat reporting goes electronic-only An improved system for reporting hazardous cargoes from June this year is being launched by the European Maritime Safety Agency (EMSA). Under the new system, data will have to be submitted electronically. The agency told IHS Maritime that hard copies of HAZMAT data would not be accepted after the
CMB reports $28.8M loss in 2014 Belgium's CMB group reported a $28.84Bn net loss in 2014 following a year of "big disappointment" with its dry bulk subsidiary, Bocimar. CMB had posted a profit of $49.69M in 2013. The group's aviation business reported a $12.66M profit but Bocimar ran up a $45.51M loss on the year after a $3.47M
CMA-CGM expands training Container shipping company CMA CGM has launched expanded training facilities at its French headquarters. The business of shipping, management, and cultural understanding to manage international business relationships, are core topics in the 285 modules taught by 53 trainers at the CMA CGM Academy.
BHP ramps up coal and iron ore output, cuts oil BHP Billiton has reported a 21% rise in coal production with iron ore production also up 15% in its half yearly operational review released this week, while slashing its drilling operations in the United States by 40% in response to falling oil prices. The mining company's Australian metallurgical
Australia seeks MH370 recovery tenders The Australian Transport Safety Bureau has called for expressions of interest for the recovery operation in the event that Flight MH370 Boeing 777 is detected. As yet no sign of the aircraft, which went missing on 8 March 2014, has been found. However the bureau announced this week that it is still
Magellan Spirit floats free from Nigerian mud After a cargo transfer, Teekay Shipping's 104,169gt, 165,500m3-capacity LNG carrier Magellan Spirit was refloated on 22 January from a mud bank 5nm off Port Harcourt, Nigeria. The Danish-flagged vessel ran aground on 5 January, shortly after leaving Bonny Island LNG Terminal, bound for Gwangyang,
China 'top builder of offshore equipment in 2014' China has grown to be the world's largest builder of offshore engineering equipment and offshore vessel in terms of new order values in 2014, according to the China National Association of Shipbuilding Industry (CANSI). In 2014, the new orders placed at Chinese shipyards for equipment and vessels
HHI turns to local suppliers in further cost-cutting Hyundai Heavy Industries is making the first move towards relying on local equipment suppliers. The Ulsan-based shipbuilder has completed the first phase of a four-year-long plan for llocally source offshore facilities equipment and components, which the company has previously largely secured from
Sapangar 'years away' from becoming transhipment hub Plans for Sapangar Bay Container Port to become Malaysia's eastern transhipment hub are still some years off, its manager Lai Sui Nar told IHS Maritime on 23 January. "At the moment it is just at the proposal stage and will take several years to implement," Lai said. She said that the possibility
Dalian Shipbuilding to build two LNG carriers for Sinopec Dalian Shipbuilding Industry Corporation (DSIC) won a tender on 16 January to build two 174,000m3 liquefied natural gas (LNG) carriers for Sinopec's APLNG project in Australia. This order makes DSIC the second Chinese yard to build LNG carriers, besides Hudong-Zhonghua. The bid for the two LNG
OSV sinking blamed on weather The Inability of a junior master to overcome strong winds caused an offshore supply vessel (OSV) to strike an oil platform in the Gulf of Mexico in June 2013, a US agency has determined. The B&J Martin-owned OSV Celeste Ann was receiving workers from West Delta oil platform 73, approximately 20nm
'Team effort' brings Hoegh Osaka safely to berth Höegh Autoliners' pure car and truck carrier (PCTC) Hoegh Osaka has been righted and towed back to Southampton, almost three weeks since developing a 52° list and being deliberately grounded. The crew were able to lift the anchor earlier than expected, and four tugs started moving the ship at 14.50
Chinese rig builders brace for slowdown Chinese rig builders are heading towards a slowdown due to the recent slump in oil markets. Cancellations and price cuts are expected, as oil companies reduce spending on oil exploration activities. "Future cancellations will depend on the market and unfortunately we are looking at a real risk for
Hong Kong to cap sulphur at 0.5% in bunker by 1H15 Hong Kong looks to introduce a maximum limit of 0.5% on sulphur levels in bunker fuel used by ocean-going vessels when they are at berth in the city's waters during the first half of the year. The reduction of the sulphur content in bunker fuel was initially planned for this month. This cap will
China to cancel rare earth export tariff Beijing has decided to cancel the export tariff levied on rare earth starting 2 May this year, the Ministry of Commerce announced on 21 January. The abolishment means that China, the world's largest rare earth exporter, will comply fully with the rulings of the Dispute Settlement Body (DSB) after
Keppel's FY14 profit inches forward Singapore-listed Keppel Group saw a slight increment of 2% year on year (y/y) or SGD39M ($29.2M) to SGD1.88Bn in its net profit for the financial year that ended on 31 December 2014. The bulk of the net profit was contributed by the company's offshore and marine business segment, Keppel Offshore &
Stronger freight rates for oil tankers this year All signs point towards strong freight rates for oil tankers this year, said CIMB Securities today. In a research report, CIMB Securities analyst Gan Jian Bo said a favourable demand-supply balance, a substantial number of VLCCs being booked for floating storage and higher condensate exports from
CSAV continues share sale Chilean carrier will return to shareholders for a second pre-emptive offering
Allied World liability move designed to broaden product range Grefe believes company can compete with P&I clubs
Willis takeover of Miller Insurance could mean more vertical integration But suitable targets are thin on the ground, senior insurers warn
Greek shipping wary of election outcome Owners want incoming government to leave industry's framework alone
World Shipping Council hits out at proposed European requirements Brussels' proposals would require carriers and NVOCCs to provide details on the buyer and seller of imported goods
New drive to boost Swedish flag Following last year's elections, interest has been renewed in creating a competitive tonnage tax system
Owners size up suezmaxes as market stabilises A more robust freight market leads to one thing: fresh orders of newbuildings, as owners seeks to capitalise - but at what price in the long run?
Asia-north Europe rates jump as January GRIs come into effect Freight rates up nearly 25%, yet wary carriers announce further GRIs to help lessen impact of customary Chinese New Year crash
DVB sale speculation takes new twist Shipping lender on block for some time, say ship finance sources
Work starts on project to double DCT Gdansk capacity New berth will add 1.7m teu of capacity to the fast-growing Polish port
Transition in Saudi Arabia unlikely to affect tanker shipping Kingdom's policy of maintaining Opec production at current levels of around 30m barrels per day is expected to remain intact for now
Week on Wall Street | January 23 First Euronav, then Tankships - crude tankers are commanding attention
Euronav upsizes and prices US IPO Belgium tanker owner also creates a US share exchange offer
US west coast employers in fresh appeal to ILWU Ship delays in California worsen as labour contract negotiations remain deadlocked
KCS overcomes congestion, diversions to post intermodal growth Kansas City Southern Railway's intermodal traffic increased 8 percent year-over-year in the fourth quarter of 2014, despite congestion from other U.S. railroads and cross-border diversions that cost it some volume. Congestion issues resulting from other rail networks that KCS connects with cost it intermodal revenue and volume, the railroad told investors...
High holiday operating costs cut into UPS earnings After an overly costly holiday season cut into 2014 earnings, UPS is considering "new pricing strategies" and expense steps as it plans for the peak shipping season in 2015. The largest U.S. transport operator today lowered its earnings guidance for 2014 and the fourth quarter, acknowledging that it overspent on capacity...
CN rejects extension of conciliation in talks with engineers Canadian National Railway today turned down a request by the Teamsters Canada Rail Conference to extend the current conciliation process by 60 days, saying additional time isn't required to reach an agreement. "The company remains optimistic that the two parties can and will reach a new collective agreement," Jean-Jacques Ruest, executive...
CP, coming off a record year, confident of intermodal growth Canadian Pacific Railway said it expects mid- to high-single-digit intermodal revenue growth this year, as domestic intermodal traffic builds steadily and container lines boost volume on improving services. CEO Hunter E. Harrison's effort to boost CP's domestic intermodal business already is paying off, with fourth-quarter 2014 traffic rising at the briskest...
South America-US containerized trade poised for another flip For the last quarter-century or more, container shipping patterns between the U.S. East Coast and the east coast of South America have been susceptible to flips and turns. Another one appears imminent. For much of the first decade after the turn of the century, the northbound leg was stronger. Brazil's currency,...
Major Japanese ports weathering economic storm Japan's five biggest ports saw their international container traffic grow moderately in the first three quarters of 2014 from a year earlier despite turbulent economic conditions at home and in some of the nation's main export markets. The five ports - Tokyo, Yokohama, Nagoya, Osaka and Kobe - together account for...
Blue Dart denies report that DHL will sell stake to Amazon Blue Dart Express is denying that its parent DHL Express Singapore Pte. Ltd. is negotiating to sell its holdings in the Indian subsidiary to U.S. e-commerce giant Amazon. "We have been informed by DHL Express Singapore Pte. Ltd. that they are not now engaged in negotiations to sell their stake in...
Maersk chief rules out return to pre-crisis trade growth rates Maersk's chief executive warned global trade will never return to the heady growth rates experienced before the global financial crisis of 2008, partly due to moves by western firms to repatriate manufacturing closer to home. Ocean carriers must also brace for a run of falling freight rates in the coming years,...
Asia-Europe rates take off ahead of Chinese New Year HONG KONG - Spot rates on the Asia-North Europe trade surged to $1,256 per 20-foot container as carriers levied January general rates increases and volumes grew in the build up to Chinese New Year, according to the latest reading of the Shanghai Containerized Freight Index (SCFI).The rate was $248 per...
China's failing food checks reveal quality control limitations HONG KONG - An Asia food inspection specialist has highlighted the enormous task facing China in improving its quality controls as the fragmented food production industry regularly generates high profile scandals. AsiaInspection conducted 7,000 food inspections, tests and audits in China last year, and 48 percent of the food processing plants...
UP: West Coast port congestion dragging international intermodal growth Union Pacific Railroad said U.S. West Coast port congestion will remain a drag on its volume growth until the International Longshore and Warehouse Union and waterfront employers agree to a contract. UP said it has a contingency plan ready if there is a work stoppage and has shared those plans with...
US Navy ro-ro runs aground A US Navy ro-ro containership has run aground off the coast of Japan.
Opatz abandons ship The managing director of Schlussel Reederei has emerged as the latest casualty of an increasingly intense battle between prominent members of the German containership operator's leadership team.
Eco-nomics It appears that George Economou's pursuit of another Times Square listing has reignited the debate about the benefits of 'eco' tonnage.
Economou's kitchen George Economou made waves on Wall Street this week when the tycoon emerged as the architect of a new tanker venture that plans to pursue an initial public offering (IPO).
Star Bulk starts scrapping Star Bulk has sold a 1994-built bulker for demolition in a deal that the company said will generate a profit over net book value.
Frontline scores again John Fredriksen's tanker company Frontline has secured time charters of more than a year for its oldest VLCCs.
Vinalines IPO coming Loss-making Vietnamese state-run shipowner Vinalines said it plans to launch an initial public offering (IPO) in the first quarter.
Merger moves closer John Fredriksen's Knightsbridge Shipping has registered to issue $507m of shares as it seeks to complete its merger with sister outfit Golden Ocean.
UBS upgrades Wartsila Investment bank UBS has raised Wartsila's status from sell to neutral, a few days before the Finnish company publishes its full year results.
Double or nothing Bangladesh has reacted to a serious oil spill in the environmentally sensitive Sundarbans area by banning single-hulled tankers.
A shocking suggestion We take a look at what was said in the market over the past week.
Workers eye ro-paxes The French workers' cooperative (Scop) that runs MyFerryLink may buy the cross-Channel operation.
EU loses sanctions battle Europe's General Court has scrapped sanctions against 40 Iranian shipping companies.
"Shipping beyond parties" Theodore Veniamis, the president of the Union of Greek Shipowners (UGS), has said Greek shipping should remain beyond political parties, as a national election looms.
Cruiseship hits FSRU An LNG regasification vessel owned by Hoegh LNG has been hit by a Costa cruiseship while the gas ship was berthed at a shiprepair yard in China.
Magellan Spirit refloated Teekay's Magellan Spirit has been refloated after 18 days stuck in the mud off Nigeria's Bonny island.
Euronav adds $40m Tanker owner Euronav has increased the size of its US IPO proceeds by $40m after it was over-subscribed.
Daiichi wins appeal Japanese dry bulk operator Daiichi Chuo Kisen has won its appeal against a UK High Court order to pay $137.6m plus $29m in costs for the loss of the 176,000-dwt bulker Ocean Victory (built 2005) at the Japanese port of Kashima in 2006.
MOL starts coal charter Japan's Mitsui OSK Lines (MOL) has taken delivery of a new bulker that will carry coal into Hekinan.
GSI to be vetted The latest reorganisation plan of Guangzhou Shipyard International (GSI) is to be examined by a Chinese state vetting committee.
Phoenix bulker arrested Greece's Phoenix Shipping & Trading has become embroiled in a chartering dispute with Dubai-based dry bulk major MUR Shipping.
Xiamen in LNG first Xiamen Shipbuilding Industry has entered the LNG sector.
SALT leaves sour taste Scorpio Bulkers has emerged as the worst performing stock among the 35 shipping companies covered by RS Platou Markets in 2014.
Machado leave extended Transpetro chief executive Sergio Machado will remain on unpaid leave until late March, parent company Petrobras confirms.
Osaka reaches Southampton The Hoegh Osaka has finally returned to Southampton after being stranded off the UK south coast for 19 days.
Houston port continues to deal with poor weather conditions 'There's no telling when it will close again,' trader says.
Rotterdam 'long on fuel oil' but arbitrage options are closing Rising freight rates reflect shortage of available tonnage.
Draft amendment to 2009 scrubber guidelines on course for adoption New methodology for the verification of washwater discharge criteria could be revised if needed.
New broker dedicated to 'transparency' Jesper Jervild founds 'worldwide bunker broking company'.
Salvors pumped water into vessel's bunker tanks Grounded car carrier has been towed back to port.
ADPO: 'No plans' for LNG bunkering Antwerp terminal is supplying trucks.
Singapore: Second arrest in a week Detention stems from chartering dispute.
Fuel-free chiller to be developed for offshore vessel System to be installed on deepwater derrick lay vessel.
Bulk carrier detained over unpaid bunker bills Bangladeshi vessel arrested for a second time in two months.
Vessel engine auto-tuning system reaches milestone The system is able to reduce bunker consumption of ships, says developer.
LNG bunker newbuilds select engine units Vessels to be delivered from 2016 to 2017.
Crude drops as US supplies surge the most in nearly 14 years 'We're close to a modern-day record for crude supplies.'
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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