Nigeria closes borders for election period Nigeria's sea and land borders are currently closed as the country enters lockdown for presidential elections. In a statement an Interior Ministry spokesman said yesterday: "President Goodluck Jonathan has approved the closure of all Nigeria's land and sea borders... to allow for peaceful conduct
Struggling South Korean port seeks out cargos South Korea's Masan Port is taking urgent steps to attract more cargo. The port, in Gyeongsang Province opened in January 2015, but is not seeing the hoped for business. A meeting between Ministry of Oceans and Fisheries officials and the port on 20 March sought ways of revitalising the port. This
Ports shut, oil price up as Yemen descends into chaos Yemen sank further into chaos as Saudi Arabia led an aerial assault on Houthi rebels this morning. All the country's ports have been closed. In its Operation Decisive Storm, the 10-state Saudi-led coalition launched air strikes on Yemen's Houthi-held capital, Sana'a. Reuters
New container terminal for Montreal The Port of Montreal has selected Termont Montreal Inc. to be a partner in the construction and the operator of a new 600,000 teu container terminal. Construction will begin this summer on the Viau container terminal and is scheduled to open in the fall of 2016. If the port's container traffic
Cosco Zhoushan wins up to seven Maersk boxships Chinese shipbuilder Cosco Zhoushan Shipyard has won an order for up to seven ice-class containerships from Denmark's Maersk Line, which will be a first for the shipbuilder in the construction of containerships. The order is for five 3,600 teu feederships with an overall length of 200 m and the
Salvage fund raises questions A fund where industry players all chip in to create a pool sufficient to subsidise the salvage industry to meet current risks, has received mixed reactions. Speaking at the International Salvage Union annual members' day in London yesterday, Reed Smith lawyer Richard Gunn said shipping stakeholders
Stolt-Nielsen bond placement exceeds floor by wide margin Stolt-Nielsen, the London based chemical carrier, tank terminal, and container operator, says it has placed senior unsecured notes with investors for an amount of NOK1.10 billion (USD143 million), well above the planned minimum amount. The five-year bonds carry a floating coupon at three month
Higher volumes drive CMP turnover, operating profit higher An increase in ro-ro, container and dry-bulk freight volumes helped Copenhagen Malmo Port (CMP), the Swedish-Danish port operator, to increase both turnover and operating profit last year. "In 2014 CMP increased its turnover by 7%. Its operating profit also improved, reaching SEK89.5 million
Terminal Link wins Kingston port concession After years of false starts, Jamaica will finally privatise operations at the Kingston container terminal, the country's prime minister Portia Simpson-Miller has confirmed. Terminal Link, the joint venture between CMA CGM and China Merchant Holdings International, has won the concession. During a
Korea P&I Club reveals innovation plan The Korea Protection & Indemnity Club (Korea P&I Club) announced a three-year plan for management innovation to overcome issues and increase growth. Through its press statement, Korea P&I Club said, "We have progressed rapidly in the 15 years since we began operating in January 2000. However, our
Australian pilots take a stake in company Award-winning Australian Reef Pilots (ARP) is now owned and run by a consortium of its employees. ARP, which won the IHS Safety at Sea new technology award in 2013, took over the business from Brisbane-based company Torres Industries on 20 March 2015. "It just made a lot of sense for employees to
HMM selling bulk business division South Korea's second-largest shipping firm Hyundai Merchant Marine (HMM) is selling its bulk business division to improve its financial status. According to the country's newspaper Seoul Economic Daily, Lazard, which handles all affairs related to selling HMM's bulk business division, has received
Chronic problems afflict salvage work Responses to marine casualties may be held back by rising costs, muddy legislation, and outdated contracts, said a salvage specialist. LOC Group shipping director Nick Haslam believes there is a need by stakeholders to discuss and support measures to improve salvage efforts. Haslam had issued a
KSS Line seals another deal with Trammo Gas South Korean LPG and chemical shipping specialist, KSS Line, said on 26 March that it has sealed another timecharter contract with a subsidiary of Houston-based ammonia trader, Trammo Gas. KSS Line, led by CEO Lee Dae-sung, said Trammo Gas' subsidiary, Trammo Navigation, has agreed to charter a
Yang Ming Marine back to profit in 2014 Taiwanese carrier Yang Ming Marine reported a profit of TWD411 million (USD13 million) for the whole year of 2014, returning to black from the TWD2.9 billion loss in 2013, the stated company on 25 March. The carrier recorded TWD134.7 billion in revenue in 2014, up 13% year on year (y/y), and its
CSSC and CSIC swap top executives China State Shipbuilding Corporation (CSSC) and China Shipbuilding Industry Corporation (CSIC), the two giant state-owned shipbuilding conglomerates, announced a swap of top executives. Hu Wenming, former chairman of CSSC, was appointed on 25 March to fill in CSIC's newly created chairman position,
Bankruptcy risks loom for container carriers A business advisory has warned that container carriers still face liquidity issues amid a race to build bigger and more fuel-efficient ships. In its annual outlook for the container shipping industry, AlixPartners noted that 15 listed container carriers' total debt declined 15% through the end of
Shipping levy could give new lease of life to LOF Turning individual risk into a collective risk may help halt decline of use of Lloyd's Open Form
Daily rail shuttle to link Marseille terminals Direct service between Marseille and Fos box facilities to commence in May
Is NOL ripe for merger - again? The pared-down Singapore line suddenly looks like a good prospect for another hungry line
Shockwaves at Hapag-Lloyd as CSAV chooses new finance chief Peter Ganz steps down in favour of Nicolas Burr as new shareholder exercises right to pick executives
LA and Long Beach explore collaboration opportunities US rivals open talks on efficiency initiatives following FMC consent
Maersk kickstarts new round of orders with feeders for Seago Danish Line picks Cosco Shipyard to build seven 3,600 teu ships for Intra-Europe trades
Capesize rates still flat in a market without momentum Steady volumes in the Pacific fail to spark a break-out from loss-making levels
Speed should take precedence over confidentiality in refuge requests Sosrep says vessel and cargo owners and salvors must proactively share timely information when seeking refuge
Dunkirk dredging project gains EU funding EU pledges $600,000 to technical design studies into improving access to world's biggest boxships and capesize carriers
Support the restructuring or we go bust, Ipsen tells Torm stakeholders Plan to give Oaktree a controlling equity stake in Torm is the best we have, chairman tells AGM
CMA 2015: LNG-fuelled future for shipping presents risks and opportunities More owners are interested in using LNG as marine fuel but development of supply chain remains slow
CMA 2015: Ship Finance International eyes investments in large post-panamax boxships John Fredriksen-controlled lessor reluctant to put money into offshore sector
New VLGC pool run by Dorian and Phoenix Tankers to start next week Helios LPG pool begins operating on Wednesday from offices in London and Singapore
Who will pay for port productivity? In a column nearly 10 years ago, I took note of the first ship to call at what was then called the Ceres Paragon Terminal in Amsterdam. A quantum leap in innovation and vision, it was the world's only container ship berth where the vessel pulls into a slip and...
Panama discusses new locks for 20,000-TEU ships A year before its scheduled completion of a $5 billion-plus expansion, the Panama Canal Authority is discussing the idea of building even larger locks to allow head-to-head competition with the Suez Canal. Workers are installing 22-story lock gates on new locks that are scheduled to begin operation April 1, 2016, and...
Nigeria closes ports, land borders until presidential election ends The Nigerian government has closed its ports, including Lagos, and land borders, and won't open them until midnight Saturday to allow for "the peaceful conduct of the (presidential) elections." The closure took effect midnight Thursday and will end once the polling for the election between President Jonathan Goodluck and Muhammadu Buhari...
Panama Canal works through vessel backlog after 'unusual' traffic increase Officials at the Panama Canal are working their way through a significant vessel backlog after an "unusual" increase in the number of ships awaiting transit began to back up on either side of the waterway weeks ago Thursday, there were 35 vessels active in the Panama Canal zone, 20 moving and...
Maersk Line kick-starts $15 billion capital program with seven ship order Maersk Line has kick started its $15 billion ship investment program with its first order in more than four years for seven ice-class container vessels. The Danish carrier didn't reveal how much it is paying for the 3,600-TEUs ships that will be built by China's Cosco shipyard. The ships, which are...
Aggressive investment yields growth for Gulftainer Gulftainer's goal to triple volume over the decade through aggressive investment came a step closer in 2014 after the terminal operator increased handling 8 percent year-over-year. The United Arab Emirates-based port management and logistics company achieved a total of 6.4 million TEUs across its global portfolio in 2014, a year marked...
To handle congestion, Virginia port shifts rubber-tire gantries to PMT The Port of Virginia is shifting three rubber-tire gantry cranes to the newly reopened Portsmouth Marine Terminal to handle overflow from larger terminals, and expected to have two of the the yard cranes ready for use today. The yard cranes are being moved by barge from Norfolk International Terminals, across the...
Baltimore ILA members approve local contract Members of Baltimore's largest International Longshoremen's Association voted to end 18 months of uncertainty by approving a local labor agreement that supplements the ILA's coastwide master contract. Local 333's approval of the contract followed rejection of the deal last month. Wednesday's vote totals were not immediately available but the margin reportedly...
No slowdown as data shows solid Asia-Pacific air cargo growth HONG KONG - Air freight carried by Asian carriers grew by a solid 12.8 percent in the first two months of the year compared to the same period in 2014, according to data from the Association of Asia Pacific Airlines (AAPA).The pre-lunar new year shipment rush was early this year,...
Kerry Logistics hatching plan to enter 'chaotic' China courier market Edwardo Erni, Kerry Logistics executive director and managing director of China and North Asia, takes questions from reporters at the company's 2014 results announcement.HONG KONG - Kerry Logistics plans to build a regional express delivery platform in China and across the Asean region to capitalise on a rapidly growing segment...
Rumours of NOL-OOCL merger get industry talking HONG KONG - Speculation has been rife in the Singapore media about a possible tie-up between Neptune Orient Lines (NOL) and fellow G6 Alliance member Hong Kong's Orient Overseas International Ltd. (OOIL), but a closer look at the business of the two carriers reveals that merging their operations would create...
Rapid progress from new Southern California chassis model Earlier this year before the three major equipment-leasing companies formed a gray chassis pool in Los Angeles-Long Beach, Direct ChassisLink Inc. was positioning 300 chassis into a marine terminal in Long Beach while Flexi-Van Leasing was pulling 280 of them out of the same facility. Thanks to the gray, or...
Diesel price drop threatens LTL carriers' profit The recent plunge in U.S. diesel fuel prices is mixed news for less-than-truckload carriers, who are spending less at the pump but getting less in fuel surcharges. With prices expected to continue to drop and remain low throughout the remainder of the year, LTL carriers stand to lose up to 8...
Carnival readies spending spree Carnival Corp made waves today after unveiling a multibillion-dollar newbuilding campaign that will involve the construction of at least nine cruiseships over the next four years.
GasLog to extend options GasLog aims to extend options for six LNG carrier newbuildings at Samsung Heavy Industries.
These boots are made for walking out Workers at Italian shipyard group Fincantieri have gone on strike over the vexed question of microchips in their workbooots.
Bulker behemoth takes shape John Fredriksen's coronation as the capesize king of Wall Street was all but completed today with the approval of a merger between Golden Ocean and Knightsbridge Shipping.
Hapag-Lloyd CFO quits Hapag-Lloyd is replacing CFO Peter Ganz with his opposite number at CSAV as the two container lines merge.
Torm explains final steps Torm is expecting to secure agreement by St George's Day on a restructuring deal that will see Oaktree Capital take control of the company by St George's Day.
Maersk orders seven Maersk Line has officially launched its five-year $15bn fleet renewal plan with an order for seven ice-class containerships.
Wightlink sells St Helen UK owner Wightlink has sold a veteran ro-pax into Italy less than a year after it suffered a deck collapse.
Rumours swirl around NOL Neptune Orient Lines is once again the subject of takeover rumours with Asian rival OOIL the favourite name in the frame.
Ferry stuck in Greece A passengership that grounded on Wednesday night at a Greek port is still stuck with 227 people on board.
Torm in final furlong Torm has won a short-term waiver from lenders as it reaches for the finishing line in a restructuring deal with Oaktree.
Scan Master refloated Three tugs have successfully pulled a tanker from a rocky Norwegian beach.
Franbo fixes finance Newly listed Taiwanese owner Franbo Lines has secured $32m of funds towards its bulker newbuildings.
Stolt smashes target Oslo-listed Stolt-Nielsen has surpassed its fundraising target by selling bonds worth NOK 1.1bn ($141m).
Bibby to Burma Bibby Offshore has won a subsea contract for a support vessel in Myanmar.
MPPs feel crude pressure Lower oil prices are proving a double-edged sword for some shipping sectors, with multipurpose vessels being one of them.
Commodore Jr Captain Panagiotis Tsakos has worn the Connecticut Maritime Association (CMA)'s commodore hat.
All in the family The sons and daughters of several prominent owners stole the spotlight at a conference in Stamford Wednesday during a session that offered a rare glimpse at the inner workings of family-controlled shipping companies.
RCL adds ship in China Royal Caribbean Cruises is to base another of its Quantum-class ships in China, the company has confirmed.
Indian double for Swiber Swiber has won a second major engineering, procurement, construction, installation and commissioning (EPCIC) contract in India.
HFO 'could disappear' from marine fuels market in 2025 If output level from oil producers continues downward trend, says DNV GL business director for LNG-fuelled ships.
Transition to new rules in North American ECA 'relatively easy' Market better prepared for shift to 0.10% limit than previous ECA sulphur cap.
Firm releases video guide for shipowners switching to LSFO In Emission Control Areas (ECAs).
Cruise lines told to 'clean up your act' in bunker fuel protest Australian MP gets thrown out of parliament for heavy fuel oil stunt.
Ample supplies despite drawdown in Singapore fuel oil hub Chinese demand is down by 30%.
MPA says no evidence of Noble 'malpractices' Noble Group's market value has fallen by about $1.8 billion.
IMO's global bunker sulphur limit could face legal challenge 1.00% a better option, says Refinery Automation Institute president.
Brightoil sees bright future Softer crude will stimulate demand for bunker fuel.
Fuel-saving electric propulsion system launched Systems maker says demand for electric propulsion has been growing.
Chinese oil trader closer to bunkering acquisition Company wants bigger slice of Hong Kong market.
Brightoil quashes buying rumours For commodities house Noble.
Petrobras sees disruption in bunker supplies Development affecting bunkering at the key Latin American port of Santos.
Crude advances to two-week high As US crude production last week recorded the smallest increase since January.
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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