News insight: Wellness at sea wins industry buy-in A pioneering alliance between four shipping companies and a social welfare provider has launched a programme that aspires to update seafarer training to meet the psychological demands of the 21st century. A five-module training programme, 'Wellness at Sea' is designed to promote awareness about the
MOL signs LNG-carrier charter contract with Mitsui Japanese shipowner Mitsui OSK Lines (MOL) is to charter a 177,000m³ LNG carrier to trading company Mitsui. The charter period will begin in 2019 and could run for up to 25 years. This is the third newbuilding LNG carrier chartered by Mitsui. It secured two LNG carriers last September. All the
News insight: Attack on Mariupol is severely hampering Ukrainian trade of coal and other supplies Key Points: On 27 January rockets struck the port city of Mariupol, killing at least 30 civilians. The attack is the first serious bout of fighting since the establishment of dug-in positions last year. Both sides are blaming each other for the shelling, although the OSCE (The
DHT stages strong recovery on bigger fleet and firmer rates DHT Holding, the NYSE-listed VLCC owner managed from Norway, has staged a strong recovery and returned to profit in 4Q13 on a bigger fleet and firmer freight rates that resulted in reversal of an earlier impairment charge. The group reported 4Q14 net profit of $28.5M compared with a profit of
Boskalis and Van Oord win $395M island contract Boskalis and Van Oord, the two Dutch dredging majors, are to create a 160ha artificial island off the coast of Jakarta, Indonesia, under a joint venture contract worth $395M. The contract was awarded by Indonesian real estate development services company PT Muara Wisesa Samudra. It will be split
Wärtsilä 2014 profit dips Wärtsilä, the Finnish lifecycle power solutions supplier to the marine and parts of land-based electricity generation industries, has reported a dip in 2014 net profit, but says the demand for long-term service agreements remains firm. Group net profit fell to €389M ($428M) in 2014 from $425M
China COSCO profits up at least 50% in 2014 China COSCO, the flagship listed shipping unit of COSCO Group, has revealed profits up by at least 50% in 2014. It attributed this largely to cost cutting. A company stock exchange filing said various measures had been taken to increase revenues and cut costs as the imbalance between supply and
CSDC back to the black in 2014 China Shipping Development (CSDC), a bulk shipping arm of China Shipping Group, will return to the black in 2014 with profits of about CNY300M ($48M) on the back of government subsidies for ordering new vessels to replace old tonnage. In the second half of 2014, CSDC received CNY456M in such
Frontline raises ATM offer to $150M Frontline, the listed VLCC and Suezmax operator in John Fredriksen's business empire, has raised the ceiling of its at-the-market (ATM) share offering to $150M from $100M. The company has filed documents with the United States Securities and Exchange Commission for this purpose. "Sales of
Stolt-Nielsen profit falls Stolt-Nielsen, the London based chemical parcel tanker, tank terminals and tank containers group, has reported a fall in both 4Q14 and FY14 results. Its CEO has warned about the impact of the high orderbook for new parcel tankers. Group net profit fell to $13.6M in 4Q14, which ended on 30 November,
Marine Money: positive outlook for 2015 Despite the current economic outlook, it's a ripe market for shipping investment, today's Marine Money conference was told. "2015 has started with a bang, with opportunities ... to invest," Mia Jenson, Marine Money director, said at the opening the 6th annual Marine Money forum in London today.
MOL and NYK Line order LNG carriers Mitsui OSK Lines (MOL) and Nippon Yusen Kabushiki Kaisha (NYK Line), Japan's two biggest shipping companies, said today they have each ordered an LNG carrier from compatriot shipbuilder Mitsubishi HI. The ships, to be delivered in 2018, will serve long-term timecharter contracts with Japanese
Sainty Marine likely to post losses for 2014 Shenzhen-listed Sainty Marine is likely to sink to losses for 2014 as its lending of CNY182M ($29M) to compatriot companies are not to be repaid as expected. As of September 2013, Sainty Marine had lent a total of CNY182M to compatriots Nanjing Hengshunda Shipping, Nanjing Huahai Shipping, Nanjing
FMG going steady through December 2014 quarter Fortescue Metals Group (FMG) shipments out of the Pilbara in Western Australia for the December 2014 quarter remained steady at 41.1M tonnes compared with the last quarter. The figure also shows a 47% increase from the same time last year as the Australia's third-largest iron ore miner battles to
Mercator's Q3 loss deepens to $7.46M Singapore-listed dry bulk shipping company Mercator Lines Singapore deepened into a loss of $7.46M for Q3 ended on 31 December 2014 from loss of $3.28M in 2013. Revenue fell 43% to $13.25M in 3Q14 as compared with $23.18M year on year. The fall in revenue was mainly due to the decline in spot
LR2 freight rates exceed W100, a first in 2015 Rates to ship clean products on LR2 tankers crossed the Worldscale 100 mark on the benchmark Gulf-Asia Pacific route for the first time this year. These tankers typically ship naphtha, jet fuel and other clean products in cargo sizes of 75,000-119,999 tonnes. A Singapore-based broker told IHS
Labour pledges to reopen seafarer pay differentials debate Party will revisit Carter review if elected, says Marsden
DHT sticks with VLCC spot market but is tempted by time charters Crude tanker owner also believes converting dry newbuilding orders to wet will happen, but not be overly significant
GasLog Partners hikes distribution by 16% Expected payout increase comes as new vessels boost revenues and cash
Beijing scrapping subsidies boost China Cosco and China Shipping Development Both companies forecast 2014 figures to show a rise in earnings
SHI net profits for 2014 show 77% fall South Korean shipbuilder suffers from offshore shipbuilding woes
Two Chinese shipping giants to scrap total of 46 vessels China Cosco and China Shipping Development will benefit from state demolition subsidies with further 'vessel retirements' in 2015
Boxship investment slides in 2014 Braemar ACM Shipbroking reveals that shipowners spent $10.6bn on vessel orders last year, down from $18.5bn in 2013
Box line reliability down in December West coast congestion and winter slack season disrupts service schedules
Bomb alert delays Lithuania's LNG import operation Hoax call causes 'several hours' of disruption at terminal that is cutting reliance on Russian piped gas
Stolt-Nielsen hit by disappointing 2014 Chemical tanker owner's financial results fall below expectations but lower bunker prices could be positive for its large fleet
Wärtsilä profits steady following sale of two-stroke engine business Company reporting now excludes two-stroke operations but could benefit from acquisition of marine electronics firm
Mitsui & Co charters two more LNG carriers for Cameron shipments MOL and NYK order 177,000 cu m ships at MHI for trading house's shipping requirement
Yard Talk | A look around South Korea's virtuous circle Figures from VesselsValue show how South Korea and China have edged up the value chain
Imabari Shipbuilding confirms 20,000 teu boxship order Japan's largest shipbuilder to invest $340m in new dry dock for construction of mega ships in Evergreen-linked deal
Exmar and partners push ahead with LNG exports from Western Canada to Asia New LNG trade lane will be created when exports start in 2018
DHT boosts bottom line through bigger fleet and sturdier tanker earning power Fourth-quarter net profit rises to $28.5m from $11.4m
Euronav's US IPO secures gross proceeds of $229m Offering seen as positive for Euronav, as it will likely increase shareholder base and liquidity of the share
Virginia port summit targets congestion at terminals Stakeholders in the Port of Virginia maritime community huddled last week for the second time in three months to hash out new strategies to tackle congestion outside port container terminals. Truck delays are nothing new at the state port. In the past year, the number of trucks coming and going from...
China again delays 24-hour advanced manifest filing rule China once again delayed implementation of its advanced vessel manifest filing rule, putting off a requirement that if and when implemented will require shippers to submit shipping instructions to their carriers days earlier than they do currently. Though China has been talking for years about implementing its own version of the...
Amid delays, Long Beach director sees a technology-based future In an industry obsessed with container volumes and market share, the new chief executive of the Port of Long Beach on Thursday unveiled his plans for the port amid continuing delays tied to still-unresolved West Coast longshore negotiations and other issues that have crippled container movements at Long Beach and...
Vancouver shippers await drayage drivers' response on whether they will strike VANCOUVER, British Columbia - When it comes to whether Port Metro Vancouver will experience a crippling drayage strike like it did last March, the ball is in union and non-union drivers' court. The provincial government on Wednesday said it would make two changes to minimum drayage rates set to take effect...
Investors to propel 'Uber-like' Cargomatic into new U.S. transport markets Cargomatic, the purveyor of "Uber"-like truck and shipment matching technology, is ready to expand rapidly nationwide following an infusion of investor and private equity capital. Venice, California-based Cargomatic closed an $8 million dollar round of investment led by Canaan Partners, a global venture capital firm with a sharp focus on technology. The...
Inland port near Vancouver aims to begin container transload service VANCOUVER, British Columbia - With transloading capacity scarce in Vancouver, an inland port 200 miles away aims to give forestry exporters the consistency in stuffing their products into containers they might not find in the greater Vancouver area. Starting in the second quarter, forest product shippers will be able to transload...
Global Freight Consolidation Flexibility and Control Advantages Air and ocean consolidation can provide strategic benefits for shippers. This white paper explores global consolidation options and the outcomes companies can expect when consolidating their freight. It's not always possible for companies to fill an entire container with their own export freight. Both small organizations that cannot wait to fill...
Kryptonite for global trade If you missed what Moffatt & Nichol economist Walter Kemmsies told the SMC3 Jumpstart Conference in January, his words bear repeating. As reported by JOC Group Senior Editor Bill Cassidy, Kemmsies said the biggest threat to global trade isn't protectionism, war, terrorism, disease or natural disaster. Instead, it's mounting congestion...
FTZs a stable alternative to stalled tariff bill process President Obama's recent State of the Union address included calls to strengthen American business and increase exports by improving infrastructure and approving new trade agreements. Despite their opposition to much of the president's agenda, leaders of the new Republican majorities in both houses have pledged to work to spur economic...
Greece may freeze privatization plans for rails, airport and Thessaloniki port Greece's new radical left wing government is set to freeze the planned sale of the state's stakes in Athens airport, the port of Thessaloniki and rail companies as it seeks to tear up some of the conditions of its 240 billion euro ($271 billion) bailout agreement. The newly installed government, headed...
Philadelphia reports double-digit container growth Container volume at the Port of Philadelphia jumped 22.2 percent last year as the port recorded its fifth consecutive year of double-digit growth in total cargo volume. The Philadelphia Regional Port Authority said its facilities handled 449,122 20-foot-equivalent-unit containers in 2014, up from 367,499 TEUs in 2013. Cargo tonnage increased 16.7 percent,...
Ryder natural gas fleet program logs miles, gains momentum Global equipment lessor and supply chain company Ryder System passed a significant milestone in its effort to test and field natural gas-powered trucks. The company's natural gas trucks in the U.S. and Canada hit the 30 million mile mark in total miles travelled. Ryder began adding natural gas vehicles in 2010,...
China Cosco follows parent with 2014 profit HONG KONG - China Cosco Holdings ended 2014 in profitable territory, growing its net earnings by 50 percent to $56 million on the back of cost cuts, improved revenue and lower bunker fuel prices.In a profit warning to shareholders, the Hong Kong-listed flagship of giant state-owned Cosco Group said the...
China slowdown will have limited impact on container trade, carriers say Container carriers such as OOCL expect to see continuing growth in volumes out of China, despite the country's economic slowdown.HONG KONG - Container carriers and logistics service providers in Asia are confident that the steady growth in exports from China will not be heavily impacted by a slowing of the...
Strong 3Q results for India's largest private port infrastructure developer Capacity additions and a significant acceleration in cargo volumes helped drive strong third-quarter results for Adani Ports and Special Economic Zone (APSEZ), India's largest private port infrastructure developer. In a filing to the Bombay Stock Exchange, APSEZ reported net earnings in the October-to-December period were Rs. 512 crore (about $83.5 million),...
At 125, Kuehne & Nagel vows to grow faster than the market The world's largest ocean freight forwarder, Kühne + Nagel, has vowed to expand its leadership position as it launched a series of global events to commemorate its 125th anniversary in Bremen on Wednesday. "Our goal remains to grow faster than the market, as the world's No 1 in ocean freight, No...
Vessels backing up at an alarming rate on the West Coast Vessels are backing up at an alarming rate at West Coast ports due to congested marine terminals and work slowdowns by the International Longshore and Warehouse Union. The Marine Exchange of Southern California reported Wednesday that 17 container ships were at anchor and awaiting berths in Los Angeles-Long Beach. Oakland reported...
No SALT please Scorpio Tankers (STNG) is ruling out any further deals with sister company Scorpio Bulkers (SALT) after seeing its own shares plunge 8% today.
Economou under fire A growing number of equity analysts are starting to express concerns about how Tankships Investment Holdings will be received if it moves forward with a US listing.
KEX beefs up buy-back Shares of Kirby Corporation lost traction in early trading Thursday but forecasters are confident that the operator's stock will gain momentum in the months ahead.
ClassNK hits 20m gt mark Japan's ClassNK has hit the 20m gt mark for new tonnage for the fourth consecutive year.
The only way to go The head of Russia's property management agency has said an IPO is the only option being considered for the privatisation of state shipping group Sovcomflot (SCF).
Scorpio fixes four Scorpio Bulkers has fixed three newly delivered vessels on time charter contracts and has found employment for one of its newbuildings.
Stena on the rise Sweden's Stena Line has posted an increase in both passenger and car volumes carried during 2014 on North Sea routes.
RCCL profit 40% up Royal Caribbean Cruises Ltd (RCCL) has seen its full year profit soar year-on-year as the cruiseship owner sets its sights on an equally productive 2015.
CSCL back in black Chinese container line CSCL will return to profit in 2014 according to its latest forecast.
Crew unfed and unpaid A bulk carrier has been detained in Australia over serious breaches of the Maritime Labor Convention with regards to lack of food on board and unpaid seafarers.
SALT linked to sale US-listed Scorpio Bulkers has reportedly sold one of their ultramax bulker newbuildings it has on order at China's Chengxi shipyard.
CSDC turns it around China Shipping Development Corp (CSDC) is expecting a return to profit for 2014 on the back of higher tanker rates.
Subjects stall Eletson sale A deal that would have seen Eletson Corp of Greece sell one of its remaining 1990s-built tankers at an attractive price has failed on subjects, TradeWinds has learned.
Havila profit slips Havila Shipping has seen its 2014 profit slip following a weak performance in the last three-month period of the year.
Euronav's greenshoe dance Euronav has finished its US initial public offering $229.06m to the good.
China Cosco expects better China Cosco Holdings Co (CCHC) is forecasting profit growth of more than 50% for 2014.
Order joy for Wartsila A strong fourth quarter with increased orders and sales has helped ship systems maker Wartsila end 2014 on a positive note.
Galapagos grounding Oil booms have been placed around an Ecuadorian cargoship after it ran aground off the environmentally sensitive Galapagos Islands.
Exmar nets FLNG job A consortium comprising Exmar, EDF Trading (EDFT) and a joint venture of AltaGas and Idemitsu has taken full control of much fought-after mid-scale floating LNG (FLNG) production project near Kitimat in western Canada.
Samsung profit slashed Samsung Heavy Industries has seen earnings slashed in 2014 as revenue fell.
Frontline installs $150m ATM John Fredriksen's Frontline has taken advantage of growing investor interest in the crude tanker sector and upsized an at the market offering for a second time.
Stolt finishes strongly Stolt-Nielsen has recorded a strong fourth quarter but its chief executive was unhappy with 2014 as a whole.
Freire seals new order Spanish shipyard Freire is to build a research ship for the Peruvian government.
SMC inks LPG ship Philippines owner SMC Shipping & Lighterage Corp is adding to its LPG tonnage with a new order in Japan.
MHI wins LNG double Mitsubishi Heavy Industries (MHI) has secured orders for two LNG carriers from NYK and Mitsui OSK Lines (MOL).
UK seafarers increase The number of UK seafarers has increased for the first time since 2010, new figures released by the UK Department for Transport show.
SALT shares crash Shares in Scorpio Bulkers ended Wednesday's trading day down over 21% on the New York Stock Exchange (NYSE).
Osaka set for repair Hoegh Autoliners is drawing up plans for repairs to the 52,000-gt Hoegh Osaka (built 2006), it has confirmed.
Seamax acquires resale An investment vehicle led by industry veterans Cao Deambrosio and Ron Petrunoff has emerged as the buyer of a containership from Zhejiang Ouhua Shipbuilding.
Low oil prices may cause 'more shipping accidents', says Skuld May lead to premium increases.
Report: Chemical tanker missing off Malaysia Search narrowed down to area south of Tanjung Ayam.
Potential ECA fuel problem highlighted in new guide Cold flow properties need to be monitored as fuels could block filters or even solidify during operations in colder regions.
Ex-OW man joins Bunker Holding Former global alliance manager joins operations.
Registry proposes 'no capex' scheme on green tech Participating vessels would qualify for tonnage discounts.
'ECA rules have teeth' Violating emission control area (ECA) regulations exposes shipowners to serious consequences, says marine insurer.
New hires in Dubai GAC adds to its bunker trading team.
Fuel oil stocks at a four-month high Weak demand in Singapore bunker market.
A third of cruise fleet committed to scrubbers Extensive sailing in ECAs has seen several operators adopt aggressive technology development programmes.
Lower bunker prices will 'gradually have positive effect' But tanker operator says part of the savings on fuel costs will be passed on to customers.
BP Marine's Panama exit: A small event, say traders Company estimated to have under 10% of bunker market.
Maltese player seeks vessel arrest Bunkering firm claiming almost $178,000.
GDF SUEZ preparing next step in LNG bunkering 'Intermediate bunkering solution' due later this year, ahead of barge supply out of Zeebrugge.
Bunker Trader joins Dan-Bunkering Petersen has many years of experience in the oil industry, says company.
Singapore: Tug crew arrested over illegal bunker sales Case to be heard on Thursday.
Bunkering facilities to be built at Malaysian port Malaysian firm to invest over $3 million in project.
Profits up for US barge operator Income for marine transportation segment hit by fall in oil prices.
Crude decreases as US supply glut deepens Crude output increased 27,000 barrels per day to 9.21 million last week.
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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