Another blow for Germany's Marenave Hamburg-listed German shipowner Marenave has recorded further heavy losses due to continued asset write-downs made last year. The company, which owns a diversified fleet of 13 vessels including tankers, container vessels, bulk carriers and a car carrier, advised investors in an ad-hoc announcement
US tightens vessel anti-terrorism scheme in Yemen Armed guards will soon be required on US-bound vessels docked at Ash Shihr Terminal and the Port of Hodeidah in Yemen. The requirement is one of several security measures to be imposed on any US-bound commercial vessel that had visited the two ports within the vessel's last five port calls,
Rights advocate calls for end to 'trial by media' The risk of media headlines creating an environment for unfair trials has been raised as a concern at the annual members' day of the International Salvage Union (ISU). Speaking on seafarer criminalisation, Deirdre Fitzpatrick, executive director of Seafarers' Rights International (SRI), said that
Impact of 'Big data' debated The benefits of 'Big data' to ship classification were highlighted at the Connecticut Maritime Association conference, but some industry insiders remain sceptical. "Big data will transform the way we think and the way we work. It will ensure the right information will go to the right people at the
LNG shipping remains sensitive to production cuts The LNG shipping sector remains sensitive to production cuts due to political unrest, shipping analysts at DNB Markets in Oslo have noted. This was highlighted by events in Yemen, where Yemen LNG that has export capacity of 6.7 million tons per annum (tpa), equal to 2.8% of 2014 global exports has
UK tackles port of refuge challenges for Europe The UK is developing new port of refuge guidelines for Europe, Hugh Shaw, the UK's SOSREP has told a salvage audience in London today. The guidelines, which should be complete by the end of this year, will tackle key challenges to fast and effective responses. Shaw, who was speaking at the
Stolt-Nielsen plans NOK700 million plus bond issue Stolt-Nielsen, the London-based chemical carrier, tank container and terminals group that is listed in Oslo, says it is planning to issue unsecured bonds to the value of at least NOK700 million (USD89.4 million). The bonds would be sold on the Norwegian market and the proceeds would be used to
Rickmers lands bulker management contracts Hamburg shipowner/manager Rickmers Group has been awarded ship management contracts for seven Supramax bulk carriers from an unnamed owner. The ships, which are going to be transferred from 1 April, are the first bulk carriers to be managed by the group's affiliate Rickmers Shipmanagement. The
Finnish seafarers, engineers issue strike warning Two Finnish seafaring unions have issued a strike warning that would bring all Finnish-flagged cargo vessels to halt on 2 April, in a gesture of support for their members who are embroiled in a labour dispute on the country's icebreakers. The planned strike would also bring freight services on
Polarcus in financial moves to improve liquidity Polarcus, the Oslo-listed offshore seismic services vessel owner, says it has secured amended terms to a number of its financial facilities in order to improve its liquidity. They include amended terms to its existing USD410 million fleet bank facility agreement and to the terms of a bond issue and
New Zealand court fines drunk ship master USD2,300 A New Zealand court has fined the master of a bulk carrier NZD3,000 (USD 2,288) after a breath test found him to have a breath alcohol level of almost five times above the legal limit. Parmod Kumar pleaded guilty on 23 March in the Tauranga District Court to the charge under s40B of the Maritime
PIL takes major stake in Mariana Express Lines Singapore-based regional container carrier Pacific International Lines (PIL) is to become a major shareholder in Mariana Express Lines, a compatriot feeder operator. A PIL official told IHS Maritime that the company would buy a 55% stake in Mariana Express Lines, but would not comment further about
DSME predicts difficult year ahead Daewoo Shipbuilding & Marine Engineering (DSME), South Korea's third biggest shipbuilder, thinks this year will be difficult in terms of winning new orders. This was revealed during a question-and-answer session with Samsung Securities. Samsung Securities analyst Han Young-soo noted that demand
UK ferries braced for exit checks The UK's Port of Dover ferry operators are bracing themselves for the 8 April deadline when they take over responsibility for passport checks of all UK travellers leaving the port for abroad. Concerns about congestion aired by the UK Chamber of Shipping and the Freight Transport Association (FTA)
Sapurakencana full-year profit up 28% Malaysia-listed offshore services provider Sapurakencana Petroleum recorded a full-year profit after taxation of MYR1.43 billion (USD390.5 million), up 28% year on year (y/y) for the financial year ended 31 January 2015. Revenue for the full year soared 18.7% y/y to MYR9.94 billion from MYR8.37
Sovcomflot back in profit for 2014 Russian tanker giant makes $83.9m on back of improved market and fleet expansion
Balance envelops the market Opportunities are outweighing risks in bullish VLCC freight market
Cosco Pacific will look at alliances for expansion plans Terminal operator's total capital expenditure will top $1.1bn in 2015
The myth of consolidation There is much talk of consolidation, but how far are owners willing to go?
La Spezia gears up for bigger ships Two new STS cranes delivered for use at Contship's Italian terminal
Asian trio join forces on Far East-Latin American loop Hanjin Shipping, Hyundai Merchant Marine and Yang Ming to launch weekly service from July
The cost of uncertainty: Future SOx rule changes may add up to $100bn to shipping's annual fuel bill Are shipowners increasingly confused by hybrid bunker fuels, alternatives such as LNG, the uncertainly over scrubbers and, of course, the fact the next deadline could be either 2020 or 2025?
Two new shipper groups formed A new Asian shipper group has "evolved" out of the Asian Shippers' Council, while a new global organisation will also be formed
Stolt-Nielsen mulls raising $89m on bond market Proceeds will be used for general purposes, says the world's largest chemical tanker owner, which suffered a disappointing 2014
CIMC container division's profit slumps 30% Hong Kong-listed company reports rise in container demand but falling prices
Aker Philadelphia Shipyard stays upbeat due to big $1bn orderbook Midsize tankers are the US yard's 'sweet spot'
CMA 2015: Take your time in ordering LNG-ready vessels MAN vice-president suggests owners can wait for lower costs and better technology by not preparing vessels for an LNG-fuelled future
CMA 2015: Large tanker owners could benefit from consolidation, says Navig8 executive Bigger fleets tend to serve clients better and can subsequently reap commercial benefits
Asian markets drive supramax and handy rally Still many rivers to cross, but at last small bulker market seems to be heading in right direction
Bocimar loses $47m in 2014, blaming overcapacity Yearly loss comes as revenues rise 13%
Senate bill aimed at improving rail service, competition WASHINGTON - Legislation introduced on Tuesday in the U.S. Senate aimed at boosting rail competition and improving service by giving the federal rail regulatory agency some more teeth has drawn a strong rebuke from the freight rail industry. The "Rail Shipper Fairness Act of 2015" would not only reform rate case...
APL reports improvement in cargo movements at LA-Long Beach APL issued an upbeat customer advisory Wednesday about conditions at Los Angeles-Long Beach, saying that while many ships remain at anchor off the coast, the pace of cargo handling is noticeably picking up. "While the number of idle ships is still relatively high, there has been a steady decline in waiting...
CSX, NS's gain from coastal shift dependent on Midwest cargo share U.S. shippers' potential shifting of imports from the West Coast to the East Coast would give the major eastern railroads more business, but how much the railroads will actually benefit depends on how much of the cargo is destined for the Midwest. However, It's too soon to determine the amount of...
Asia-Europe trade advised to adopt TSA- type system The Asia-Europe trade needs a system similar to the Transpacific Stabilization Agreement on the transpacific route so carriers can apply general rate increases and set surcharges in a more consistent and transparent way, a leading industry analyst says. The outlawing of liner conferences on European trades in October 2008 was aimed...
Driver wage hikes could raise truckload pricing 12-18 percent Hefty increases in truck driver wages will propel truckload rates higher in 2015 and beyond, potentially pushing pricing up by double digits, a transportation analyst warns. Truckload rates may need to rise as much as 12 to 18 percent to pay for higher driver wages. "While our current earnings models assume...
Drewry trans-Pacific index hits 12-month low Trans-Pacific spot rates fell 9 percent from last week to a 12-month low amid continuing congestion at U.S. West Coast ports, according to the container freight rate benchmark published by Drewry Maritime Research. Drewry's Hong Kong-to-Los Angeles container freight benchmark registered $1,639 per 40-foot-equivalent unit this week, down 13.1 percent year-over-year....
PIL to acquire majority stake in Asia-Hawaii carrier Mariana Express Singapore-based regional container carrier Pacific International Lines (PIL) will become a major shareholder in Mariana Express Lines, a compatriot Asia feeder operator. A PIL official told IHS Maritime that the company would acquire a 55% stake in Mariana Express Lines, but would not comment further about the deal. PIL concentrates on the...
Cuba specialists optimistic US trade embargo will end Phil Peters, president of Cuba Research Center, a nonprofit organization in Alexandria, Virginia, says the U.S. and Cuba have been making progress in normalizing their diplomatic and trade ties, and overcoming political opposition within the United States to the Obama administration's clear desire to end the U.S. trade embargo of...
Fixing transportation funding: Be like Ike Medical schools teach "primum non nocere" (first, do no harm). The 2005 and 2012 surface transportation authorization laws, President Obama's recent surface transportation proposal and other plans to use one-time revenues to prop up the federal Highway Trust Fund have one thing in common: They all left or would leave...
TPM takeaways Gary FerrulliThe nine months of negotiations between the Pacific Maritime Association and International Longshore and Warehouse Union and concomitant congestion leading to so much misery for so many cargo interests and logistics service providers made the 2015 TPM Conference a highly anticipated event. Although several TPM presentations touched on various aspects...
Ningbo looks to intermodal rail as a new source for growth Ningbo Port Group sees potential in seaway-railway intermodal transport as the central Chinese port looks for more business. According to Tong Mengda, chief economist of Ningbo Port Group, the port will prioritise development of seaway-railway intermodal transport because that segment was the least developed transport mode in China. In terms of their...
Temperature-controlled cargo facility near Delhi opens State-owned logistics provider Container Corporation of India has opened a $1.6 million temperature-controlled facility in Adarsh Nagar, near Delhi, the latest investment in line with parent Railways' fiscal year 2015-16 budget plan announcement last month. The perishable cargo facility, which will be operated by Concor, will spur the opening of similar...
China's rail freight network poised for change, World Bank says HONG KONG - China's manufacturing shift inland and rising domestic consumption has created a surge in demand for intermodal rail services unable to be fulfilled because of supply side constraints, according to a just-released World Bank report.The report, titled "Customer-driven rail intermodal logistics: unlocking a new source of value for...
Southeast ports expect some West Coast diversion to stick PONTE VEDRA, Florida - Diversions from congested West Coast ports are helping drive traffic growth at the Savannah port, setting the largest U.S. southeast port to end its fiscal year with 14 to 14.5 percent more volume than in the prior year. Such a torrid pace of growth resembles the frenetic...
Militant ILWU faction calls for contract to be rejected If the leadership of the International Longshore and Warehouse Union is going to convince the union rank and file that the tentative contract agreement is a good deal for the general membership, the officers will have to fend off a concerted effort by militant members and retired members of the...
DLPG activates VLGC pool Dorian LPG is on the fringe of launching of a pool dedicated to the very large gas carrier (VLGC) segment, a milestone that follows the formation of an alliance with Japanese conglomerate Mitsui OSK Lines (MOL).
National strategy coming The United States' top official for domestic shipping says a planned national maritime strategy could be released in draft form within the next few months.
Pangaea to buy for COA Pangaea Logistics Solutions plans to buy a bulker to fulfill a recently-inked contract of affreightment (COA), chief executive Ed Coll said today.
Owner seeks answers It appears that operators are keeping an increasingly close eye on newbuilding activity and the orderbooks of Asian shipyards.
Big John's book club John Fredriksen is said to be an avid reader but there's one tome that the shipping magnate never leaves home without, according to the chief executive of Ship Finance International.
Rosneft's $41bn book Russian state oil company Rosneft has lined up vessel and platform contracts worth $40.8bn at the country's new Far East shipyard.
AKPS makes less Aker Philadelphia Shipyard (AKPS) has made $2m less in 2014 as revenue declined but all projects are on track, the company said.
SCF turns it round Russian state shipowner Sovcomflot (SCF) has returned to profit for 2014 as its tankers benefited from a market recovery.
Ocean Wilsons weaker A slowdown in Brazilian trade over the last months of 2014 has squeezed Ocean Wilsons Holdings' annual profit.
Dredger crew arrested Philippines police have arrested six seafarers after raiding a Chinese dredger alleged to have been illegally mining sand.
Fire won't burn Teekay A fire on a Teekay FPSO has raised questions about the drop-down of the company's largest asset to Teekay Offshore Partners.
Dof AHTS off to Oz Dof has secured a contract with Chevron for one of its anchor handlers.
Sino-Global closes in Nasdaq-listed Sino-Global Shipping America has agreed a shares and cash deal to acquire a modern tanker.
Gotland stronger Swedish tanker and ferry owner Rederi AB Gotland has logged higher earnings as revenue rose in 2014.
PIL adds niche player Pacific International Lines (PIL) has added niche compatriot competitor Mariana Express Lines to its group.
Stolt sights bond purse Stolt-Nielsen is plotting a $90m issue in its first visit this year to the Norwegian bond market.
Pan Ocean books profit Takeover target Pan Ocean has turned its red ink to black for 2014 despite lower revenue.
Hoegh loss higher Norway's Hoegh LNG has booked a bigger loss in its final 2014 report due to a delayed FSRU project.
Bonds for Beng Kuang Singapore's Beng Kuang Marine is raising SGD 5m ($3.65m) through a convertible bond issue.
Tanker on fire A Cyprus-flagged tanker has caught fire while docked near the Mersey river off Liverpool earlier this morning.
Polarcus lays up Nadia Dubai-based Polarcus is laying up a seismic survey ship in "challenging" market conditions.
Polarcus frees cash Oslo-listed offshore owner Polarcus has refinanced debt and taken a new short-term loan as weak markets hit earnings.
Trio team for new run Three Asian owners are launching a new service from Asia to the west coast of Central and South America.
Deutschland sold An unnamed US owner has bought the Deutschland cruiseship from bankrupt Peter Deilmann Reederei of Germany.
SapKen suffers in Q4 SapuraKencana Petroleum (SapKen) has seen its fourth quarter net profit drop by over 60% to MYR 129.1m ($35m).
CMES back in the black China Merchants Energy Shipping (CMES) has returned to profit in 2014 posting net income of CNY 200m ($32.3m).
Star Bulk ratings mixed ABN Amro has slapped a 'sell' recommendation on Star Bulk Carriers in a research note issued to investors on Tuesday.
Ruling roils Restis Legal eagles on both sides of the Atlantic were reeling today after learning that a US court had dismissed a Greek shipping magnate's defamation suit against United Against a Nuclear Iran (UANI).
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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