Scorpio Tankers building on strong quarter Emanuele Lauro-led Scorpio Tankers generated USD40.7 million in net income in 1Q15 on USD106.7 million in revenues. While net income represented a 23.6% drop from 1Q14, Scorpio's earnings on an adjusted basis, which excludes special items, increased from USD1.9 million last year to USD39.3 million
News insight: Master recounts migrant rescue A Campbell Shipping fleet ship recently plucked to safety three fishermen who were stranded on their capsized vessel in South Africa. It is the type of rescue that commercial ships routinely carry out, and the obligation for which is written into maritime regulations. But on 22 October 2014,
Golden Ocean sells ships, leases ones back, and postpones deliveries Golden Ocean Group, the listed dry bulk shipping company in John Fredriksen's business empire, has sold eight Capesize vessels and leased them back. It has also sold a further six units and postponed deliveries of newbuildings to raise cash in a weak market. The company has sold eight ships to
Wilson in refinancing deal Listed Norwegian shortsea bulk carrier operator Wilson has entered into a refinancing agreement worth EUR175 million (USD192 million) that includes EUR20 million to cover costs of new projects. The agreement, which was signed with DNB and SR Bank, will replace an existing mortgage finance-based
Carriers in last-ditch effort to restore rates Container lines have their backs against the wall as they rally behind sharp general rate increases (GRI) for the Far East and Europe trade later this week. Following three unsuccessful attempts over the past months, carriers will be pushing for hikes of between USD730 and USD1,300 teu on spot
HPH Trust posts losses in 2014 Singapore-listed port operator Hutchison Port Holding Trust (HPH Trust) posted a loss of HKD16 million (USD2.06 million) for the financial year ended 31 December 2014. This represents a huge tumble compared with its HKD3 million profit in 2013, due to the recognition of one-off impairment loss.
China CSSC profits surge 350% in 1Q15 Shanghai-listed China CSSC Holdings has announced net profits of CNY124 million (USD20 million) for the first quarter of 2015. This figure, announced 24 April, represents a jump of 349.9% from the previous year and more than the total CNY44.2 million net profit for the whole of 2014. The company's
Hanjin Shipping could return to black in Q1 Hanjin Shipping could return to the black in the first quarter of 2015 as the power of cheap oil rubs off on the company, said an analyst. True Friend Korea Investment & Securities analysts Yun Hee-do and Lee Chang-won have forecast a net profit of KRW30 billion (USD27.9 million) for first-quarter
Philippines replaces Indonesia to be China's top nickel trader The Philippines has replaced Indonesia as the biggest nickel ore exporter to China in 2015, as the result of an export ban on unprocessed nickel ore imposed in Indonesia. In the first two months, China's nickel ore imports from the Philippines jumped 25% year on year (y/y) to 1.97 million tonnes,
Think-tank shares reforms to curb Manila port congestion The Philippine Institute for Development Studies (PIDS) has proposed several policy and infrastructure reforms to tackle Manila ports' long-standing congestion. The government think-tank, in its policy note, has called for a directive that will divert cargoes bound for, or coming from, the south of
Otto Marine creditors file winding-up applications Singapore-listed offshore services provider Otto Marine stated in its filing to the Singapore Exchange (SGX) that its creditor has filed a winding-up application against the company with the Singapore High Court. The creditor has made separate claims of approximately USD200,000 and EUR900,000
Scrap prices fall with oversupply, monsoon Ship recycling is increasingly becoming a buyer's market, as there is no let-up in the number of bulkers being sold for demolition while the imminent South Asian monsoon season would discourage breaking activity. Following the recent buying of Capesizes and with many vessels arriving for beaching
Dredging works off Hong Kong Coliseum begin Dredging operations are being carried out off Hong Kong Coliseum, Hung Hom, for approximately 10 months, a notice of Hong Kong Marine Department said. The dredging works that started on 23 April are being carried out by one grab dredger and one hopper barge. One tug will provide assistance. The
Scorpio's Bugbee sees pools as its contribution to consolidation Pools would afford Scorpio the benefits of consolidation without the disruption of acquiring the vessels themselves
Low bunker costs protecting lines from sub-zero rates SeaIntel says rates situation is less dire than in 2011 or in 2013 due to falling oil prices
Scorpio Tankers expenses erode income Although there were some higher expenses, the fleet's earning power has increased dramatically
HPH Trust posts softer underlying performance in first quarter Singapore-listed trust dragged down by lacklustre throughput in Hong Kong
Euronav warns against speeding up tankers It serves little purpose to go faster, despite the temptation in a hot market to grab as many cargoes as possible, says owner
Cosco Pacific's first-quarter profit up 20% Port arm of Cosco Group enjoys 6.6% growth in box throughput
Ultra large boxships don't define the alliance, says APL president Kenneth Glenn says the company will focus more on land-side cost reduction
Heat stays in VLGC spot market Spot rates climb to $96 per tonne, with expectation of further rises this week
Shippers urge co-ordinated oversight of box line alliances as regulators prepare to meet Cargo interests split on future relations with the big four global liner shipping partnerships
SITC reports 74% hike in first-quarter profit Hong Kong-listed intra-Asia player benefits from lower bunker costs despite falls in freight rates
Staying on the line Avoid post-accident micro-managing because if you treat professionals as idiots, that is exactly who you will be soon employing
ILWU to idle Bay Area ports to protest police killing of African Americans International Longshore and Warehouse Union Local 10 in the Bay area will use its monthly stop-work meeting on Friday to idle the ports of Oakland and San Francisco to protest recent police killings of African Americans. The executive board and membership of Local 10 aligned its "Union Action to Stop Police...
China-US East Coast spot fall suggests West Coast diversions easing Spot rates in the China-U.S. East Coast lane are falling back down to historical levels, a sign that vessel diversions driven by West Coast congestion may be easing. Click to enlargeEastbound spot rates on the China-East Coast lane were down 9 percent Monday from the prior week, according to the Shanghai...
West Coast diversions help NY-NJ hit record volume The Port of New York and New Jersey's container volume in March set records for container lifts and 20-foot-equivalent units, aided by the lingering impact of labor disruptions on the U.S. West Coast. Click to enlargeNew York-New Jersey handled 559,264 twenty-foot-equivalent units of full and empty containers in March, surpassing the...
Trial of ex-Crowley official enters third week The trial of Thomas Farmer, a former Crowley Liner Services executive accused of antitrust conspiracy, has entered its third week in U.S. District Court in San Juan, Puerto Rico. Farmer, a former vice president, price and yield management, at Crowley, was charged two years ago in an indictment alleging he participated...
AIT Worldwide Logistics Welcomes 47th Location to Its Global Network ITASCA, ILLINOIS - AIT Worldwide Logistics has added a new office in Rochester, New York, to its expanding global network. The 28,000-square-foot facility is led by Branch Manager Tom Iuppa who joins AIT with nearly three decades of international supply chain experience. Iuppa, a licensed customs broker, oversees a team of...
General Mills plans multimodal British distribution hub International food shipper General Mills plans to speed distribution of its goods to British customers by moving into a multimodal logistics facility near Manchester, England. The $18 billion foods company is expanding in Europe, where net sales increased 3 percent in the fiscal quarter that ended Feb. 28, accounting for fluctuating...
CEVA adds senior sector operations talent to propel customer-focused Contract Logistics strategy Hoofddorp, the Netherlands, 27 April, 2015 - CEVA Logistics, one of the world's leading supply chain companies, today announced the appointment of two senior executives with deep sector-specific operations expertise to further drive its customer-focused Contract Logistics strategy. In its Contract Logistics business line, CEVA has established an industry sector and...
National Private Truck Council Names Fleet Advantage Recipient of the 'Member of the Year Award' Fleet Advantage, a leading innovator in truck fleet business analytics, equipment financing and lifecycle cost management today announced it was named the 2015 Allied Member of the Year by the National Private Truck Council (NPTC). Fleet Advantage received the award during the NPTC's Annual Education Management Conference and Exhibition held...
LARRY COYNE HONOURED WITH LIFETIME ACHIEVEMENT AWARD London, UK, 27th April 2015 - Larry Coyne, Chief Executive Officer (CEO) and founder of all-cargo carrier Coyne Airways, has been honoured with a Lifetime Achievement Award. Coyne, who founded Coyne Airways 22 years ago, picked up the Cargo Airline of the Year award at a dinner in central London, UK,...
US ports move toward truck appointment model Rich Ceci starts work at 4:30 a.m., but others arrive even earlier. In recent weeks, truck drivers have lined up before midnight outside the GCT Bayonne container terminal in New Jersey. Some mornings, the queue has stretched for miles. When gates open at 6 a.m., the traffic jam moves into the...
US logistics real estate markets get tighter, pushing up rents Shippers' capacity worries aren't confined to transportation modes. Warehousing and logistics space is getting tight in key U.S. markets as well, according to Jones Lang LaSalle. Demand for logistics facilities exceeded supply in those markets in the first quarter of 2015, the property management company said in a report on...
Intermodal services to Virginia port delayed, cut after barge hits bridge The Port of Virginia's efforts to curb congestion took a literal hit Sunday morning after a barge struck a rail bridge, forcing Norfolk Southern Railway to delay five intermodal services and end two. According to the railroad, a barge on the Elizabeth River struck an NS railroad bridge, knocking it out...
Container terminal opens at Saudi Arabia's King Abdul Aziz Port Saudi Global Ports has opened its newest container terminal in Dammam's King Abdul Aziz Port. A joint venture between the Kingdom of Saudi Arabia, global port terminal operator PSA International and the Saudi government's Public Investment Fund, the SGP terminal welcomed its first vessel last Thursday. The terminal on the Arabian Gulf...
TPM 2015 Sponsor: James Hertwig, Florida East Coast Railway Florida East Coast Railway's President and CEO proposes solutions to facing shippers for 2015, namely port congestion and truck driver shortages. ...
West Coast congestion points to need for greater shipment visibility At its worst, the months of congestion and gridlock at West Coast ports left beneficial cargo owners nearly blind in trying to pinpoint where their shipments were in the supply chain. Unlike the visibility it has given industry stakeholders under normal conditions, technology couldn't even save the day. The sophisticated...
TPM 2015 Sponsor: Port Everglades, Jim Pyburn Labor and port congestion will continue to be top issues facing shippers this year, said Jim Pyburn, Director of Business Development, Port Everglades. At TPM 2015, he provides commentary on the year ahead as well as an update on intermodal investments and overall business at the port. ...
US to import more from Far East, export less U.S. consumer spending and new homebuilding are forecast to grow so steadily this year that imports from Far East Asia are likely to grow by a faster-than-expected 4.5 percent, year-over-year. At the same time, the lingering effects of West Coast port congestion, combined with the strong U.S. dollar and slowing Asian...
TPM 2015 Sponsor: C.H. Robinson, Sri Laxmana Sri Laxmana, Director of Global Forwarding, Ocean Services, C.H. Robinson, comments on challenges the shipping industry faced in 2014 and what is ahead, including thoughts on various ways the Panama Canal expansion may impact West Coast volumes. ...
TPM 2015 Sponsor: CargoSphere, Neil Barni At TPM 2015, MIT's Dr. Chris Caplice gave a TED-style talk on the future of transportation and touched on the basic human needs of collaboration and individuality. Neil Barni, president, CargoSphere, discusses the reasoning behind their sponsorship of this session and the paradigm change needed in contract management. ...
Danaos profit surges Danaos has posted a first-quarter profit that was well ahead of analyst estimates as the company slashed costs amid a more modest revenue increase.
'Be prepared' for migrants Shipowners should be prepared to deal with rescue operations when transiting waters where migrants are increasingly making dangerous crossings, the North of England Protection & Indemnity (P&I) Club said today.
Waterway nears key milestone Crews are gearing up to carry out installation of the last of 16 lock gates on the expanded Panama Canal, marking a key milestone in the project.
Olympic in golden VLCC sale Onassis-backed Olympic Shipping has caused a flurry of excitement in the tanker market having sold one of its VLCCs at an eye-catching price.
CSSC into gas? The shipowning arm of Chinese state shipbuilder CSSC has reportedly added a couple of gas carriers to its orderbook at group shipyards.
Milaha boosts profit Qatar's Milaha has seen strong performance from all core segments boost the company's revenue and profit for the first quarter.
D'Amico into LR1s Italy's D'Amico International Shipping (DIS) is entering the LR1 sector with a new order in South Korea.
Scorpio Tankers starts strongly Scorpio Tankers inched up its dividend as it reported a strong first quarter profit in a rising market with the promise of more to come in the coming quarter.
Wilson fixes $189m loan Norwegian mini-bulker owner Wilson has secured EUR 175m ($189.4m) of new loans that have refinanced virtually all its ship-mortgage debt.
Scorpio in $111m sale Scorpio Bulkers has continued moves to bolster its balance sheet with the sale of three additional newbuildings today.
CSCL on the rise China Shipping Container Lines (CSCL) has built on the annual profit of 2014 and saw its earnings surge during the first three months of 2015.
Varun Shipping on notice Varun Shipping of India has been given 30 days to respond to complaints from investors over delayed dividend payments.
Sembcorp weaker in Q1 An increased number of repaired ships was not enough to prevent Sembcorp Marine's profit from sliding 15% during the first quarter.
Ferry sale probed A former Venezuelan minister has denied corruption connected to the purchase of three ferries in 2013.
Jefferies lowers dry forecast Jefferies has hauled down its dry bulk rate forecasts given further complications in demand.
Crewman dies A crewman found unconscious on a cargoship has died off Newport, Australia.
HMM cancels orders Hyundai Merchant Marine (HMM) has torn up contracts for two bulkers only two weeks after reports that it was looking to sell its dry cargo division.
Passengers evacuated Passengers have been taken off an Indonesian ro-ro ferry that grounded in a storm off Sumatra.
Golden Ocean 'Doing the right thing' Shares in Golden Ocean posted modest gains in Oslo this morning after the owner sold 14 vessels and pushed back a series of newbuidlings.
Scorpio fixes duo Scorpio Tankers has fixed two of its recently delivered vessels at high daily rates as the tanker market continues to show signs of recovery.
Drug tug raided UK navy and border force officers have found cocaine on a tug off Aberdeen.
'Extreme' scrapping extends Muhieddine Shipping of Syria has scrapped its oldest bulker as dry cargo demolition continues at an extreme rate.
SITC builds profit Hong Kong containership owner SITC has been boosted by lower bunker prices as it posted higher earnings in the first quarter.
Golden Ocean rings changes John Fredriksen's Golden Ocean has bolstered its position in a loss-making dry cargo market with a series of sales deals and newbuilding delays.
Indian deal sealed India and Bangladesh have finally signed an agreement to run river-sea ships along the coast between the two countries.
New run to Oman Iran and Oman have agreed to start a new direct shipping line next month.
Jindal orders 10 Jindal Steel of India has reactivated its newbuilding plans with an order for 10 mini-bulkers in Bangladesh.
Creditor move downs Otto Shares in Otto Marine fell almost 10% Monday after a creditor filed a court application to wind up the company over a $1.2m debt.
Fredriksen down £2bn John Fredriksen has lost £2bn ($3bn) of his fortune over the past year due to the collapse in the offshore and bulker sectors.
CHO suffers legal delay CH Offshore's legal proceedings against Venezuelan oil company PDVSA over unpaid charter hire have been delayed.
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