CMA CGM takes majority holding in Indian logistics group Third-ranking global container line operator CMA CGM has taken a majority stake in leading Indian logistics operator LCL Logistix as part of a major drive to expand its forwarding and intermodal operations this year. The Marseilles-based group did not say initially what stake it had taken in the
Subsea 7 profit rises but outlook remains challenging Subsea 7, the London-based seabed-to-surface contractor that is listed in Oslo, increased its net profit in the first quarter of 2015 (1Q15), but warns of a challenging outlook. Group net profit rose to USD151 million in 1Q15 from USD131 million a year earlier, while revenues fell to USD1.18
Updated: Iran action against Maersk ship likened to hijack A container ship detained by Iranian authorities is still anchored off the port of Bandar Abbas in the Persian Gulf, IHS Maritime AISLive data shows. Iran arrested the 5,400 teu Marshall Islands-flagged Maersk Tigris yesterday, after it was approached by several Iranian Islamic Revolutionary
Updated: Fire extinguished on evacuated car ferry The fire aboard the car ferry Sorrento was reported to be under control this afternoon - 24 hours after the evacuation of its 156 passengers and crew. Spanish news agencies said that the authorities were waiting for it to be completely extinguished before sending personnel aboard the vessel prior to taking it under tow, probably to the port of Palma in Majorca.
Concordia looks to expand as markets turn Concordia Maritime, the listed tanker company in the Gothenburg-based Stena Sphere, plans to grow its fleet as both the crude oil and product tanker markets have turned, the company said in its quarterly report. The company reported net profit of SEK28.1 million (USD3.3 million) in the first
DHT reports strong improvement in 1Q15 DHT Holdings, the New York-listed crude oil tanker company managed from Oslo, has reported a strong improvement in result in the first quarter of 2015 (1Q15) on a firmer market and bigger fleet. Group net profit amounted to USD23.2 million in 1Q15 compared with a loss of USD0.5 million in the same
Dawei port project on the move One of the parties involved in the development of Dawei port has confirmed movement on the project, while declining to give details. Dawei is planned to be a mega-port on Myanmar's coast, well-connected to Thailand by yet-to-be-built transport infrastructure. The plan is backed by the Thai
Rickmers worried for Maersk crew's safety Rickmers Shipmanagement is "seriously concerned" about the crew of the Maersk Line containership it manages and which is being detained by Iran near the port city of Bandar Abbas. US authorities confirmed on 28 April that at approximately 13:00 local time, the 5,400 teu, Marshall Islands-flagged
Sinopacific delivers first SP AHTS Sinopacific Shipbuilding Group has successfully delivered its first independently designed medium-sized anchor-handling tug supply (AHTS) offshore vessel in the SP series on 28 April. Ossoy, the first of four newbuilds in the SPA150 AHTS series, was delivered to Russian shipowner FEMCO Group at the
Samudera posts higher profit in Q1 Singapore-listed container shipping company Samudera Shipping Line posted a profit of USD6.1 million for the first quarter ended 31 March 2015, much higher than its USD0.4 million profit in the first quarter of 2014. The first quarter's higher profit was recorded despite a year-on-year (y/y) drop
UOBKayHian places top picks for offshore companies Singapore-based brokerage house UOBKayHian has listed offshore service companies Ezion Holdings, Triyards Holdings, and Sembcorp Industries as top picks. Analysts from UOBKayHian have set a target price for Ezion at SGD1.58 (USD1.20) per share, while the stocks are currently trading at SGD1.23 per
CMES' profit surges 22.6% in Q1 2015 Shanghai-listed China Merchants Energy Shipping (CMES) on 29 April posted a profit of CNY225 million for the first quarter of 2015, surging 22.6% from the same period of 2014. The company recorded revenue of CNY1.4 billion in the first quarter of 2015, rocketing 106.2% year on year (y/y), and its
China crude steel production down 1.7% y/y in Q1 China's crude steel production fell 1.7% year on year (y/y) to 200.1 million tonnes in the first three months of 2015, making the first quarterly decline in recent years. For irons, the national production also dropped 2.3% y/y to 176.5 million tonnes, with the steel production up 2.5% y/y to 266.4
FLNG and commercial ships bode well for SHI Even as drillship orders are drying up, orders for floating LNG (FLNG) vessels and commercial ships would augur well for Samsung Heavy Industries (SHI), analysts believe. The second-biggest shipbuilder in South Korea on 28 April posted a KRW11.6 billion (USD10.78 million) profit for the first
Sainty Marine posts $292m loss in 2014 Shenzhen-listed shipbuilder Sainty Marine sank to losses of CNY1.8 billion (USD292 million) in 2014 on huge asset impairment that resulted from its loans extended to shipbuilder Nantong Mingde Heavy Industry. For 2014, the company took a provision of CNY1 billion for non-performing loans it had
China VLCC buys two used VLCCs for $165m China VLCC, a joint venture between China Merchants Energy Shipping (CMES) and Sinotrans&CSC, has bought two second-hand VLCCs from Sinokor Merchant Marine for a total of USD165 million, bringing its fleet in service to 33 VLCCs. China VLCC signed the vessel acquisition contracts with Sunrise
HHI's prospects bright despite Q1 loss Hyundai Heavy Industries (HHI) could still turn a profit for 2015 even as restructuring costs resulted in a loss of KRW138.8 billion (USD129 million) in the first quarter. The result was worse than the KRW58.4 billion loss for the first quarter in 2014. Excluding the KRW161 billion in
Nautilus International denounces Sewol captain's life sentence Nautilus International, the trade union and professional organisation for maritime professionals, has denounced the life sentence handed down to the Sewol ferry captain on 28 April. Lee Jun-seok, 69, was originally sentenced to 36 years in prison on 11 November 2014 for negligence and for after
Diana confirms brace of new acquisitions Scorpio cape and Torm kamsarmax could be among the tail-end buys in marathon spree
Boxes lift Cosco as dry bulk slips Income from container shipping business increased but dry bulk fell in line with other major players
CSICL sees continued fall in net profit But flagship unit of Chinese state shipbuilding giant receives support from Beijing's naval orders
DHT's six new VLCCs poised to boost earnings 'tremendously' in hot market Tanker owner plans to increase time charter coverage gradually
Danaos eyes further boxship opportunities But Greece-based owner plays down asset-play deals due to shipbuilding capacity overhang
Seaspan rejects ship-widening as panamax prospects improve Gerry Wang says owner will only order 20,000 teu vessels on back of charter deal of at least 15 years
Aronnax: Dynamic positioning the future The invention of DP created an appetite for new vessel types, but training needs to keep apace
Boxship safety forum seeks to build critical mass CSSF members now represent 5.5m teu of capacity, or a quarter of the world's tonnage
Strong VLCC earnings boost CMES first-quarter profits But gains of China Merchants Group unit partially eroded by losses in dry bulk sector
Anchored boxships fall to zero outside LA/Long Beach Southern Californian ports clearing cargo backlog but labour issues not settled yet
Is $60,000 per day the new normal for VLCCs? Even older very large crude carriers are securing impressive charter rates as market takes on new shape
Logistics industry set for shake-up Consolidation on cards as XPO Logistics buys majority stake in rival Norbert Dentressangle
UASC joins big ship league World's largest LNG-ready boxship launched in Mokpo, South Korea
DHT's spot VLCCs rake in $60,300 per day in first quarter Shipping revenues quadruple for the New York-listed crude tanker owner as the bull market shows no signs of letting up
Costamare and York Capital hold talks over extending term for buying boxships Greece-based owner posts sharp increase in first-quarter profit
Sewol master gets stiffer sentence Appeals court eases jail terms for 14 other crew members
Peel Ports seeks to boost northern cargo interests Cargo200 initiative will target cargo owners using Liverpool2
JAXPORT begins service as Volkswagen's Southeastern U.S. distribution hub JACKSONVILLE, Fla. (April 29, 2015) - JAXPORT began service as Volkswagen's Southeastern U.S. distribution hub today as nearly 1,000 new VW Jettas, Beetles and Golfs rolled off the auto ship Chesapeake Highway. The cars, which were produced at VW's Puebla, Mexico factory, will be processed by AMPORTS before being transported to dealerships...
As contract carriers add capacity, spot truck demand softens U.S. spot market dry van truck rates fell for the fourth straight week in the week that ended April 25, a sign contractual truck capacity is relieving spot market pressure. The average national spot rate for dry van tractor-trailers dropped 2 cents to $1.87 per mile, as the the number of...
U.S., Honduras Sign Agreement to Promote Agricultural Development and Trade Tegucigalpa, HONDURAS, April 29, 2015 - Deputy Agriculture Secretary Krysta Harden and Honduras Secretary of Agriculture and Livestock Jacobo Paz today signed an agreement to support agricultural development and trade in Honduras. Through the Food for Progress Program, the U.S. Department of Agriculture's (USDA) Foreign Agricultural Service will provide the government of Honduras with...
Research note: US electrical imports increase with China the main supplier U.S. imports of electrical goods in dollar value terms expanded 6.3 percent in 2014, the fifth consecutive annual expansion, partly because of a strengthening consumer sector. The trade outlook for 2015 looks positive, with import value expected to increase 5.9 percent, reaching an approximately $330 billion. Click to enlargeMost U.S. imports...
NS earnings decline on weak intermodal, coal volumes Norfolk Southern Corp.'s earnings fell 16 percent in the first quarter on weak intermodal volumes and a struggling coal market, the company reported Wednesday. Railway executives, said they're still hopeful that service and profit will dramatically improve by the second half of the year. Net income in the first three months...
Velox Transport Services Expands Leased Fleet With Ryder to Support Business Growth MIAMI, April 29, 2015 - Ryder System, Inc. (NYSE: R), a leader commercial fleet management, dedicated transportation, and supply chain solutions, announced today that Velox Transport Services, LLC, a Miami-based independent carrier serving markets across the U.S., has expanded its fleet with 40 tractors and 40 refrigerated trailers (15 tractor trailers in Miami and 25 tractor trailers in Jacksonville) under...
NVOs ask regulators to ease contracting restrictions Non-vessel-operating common carriers are asking the U.S. Federal Maritime Commission to lift "unnecessary, burdensome rules" governing their contracts with shippers. The request came in a petition by the National Customs Brokers and Forwarders Association of America, which asked the commission to revisit its rules on NVO Service Arrangements and NVO Rate...
Marad backs NY-NJ, Mississippi River container-barge routes Planned container-on-barge services on the Mississippi River system and between marine terminals in New Jersey and New York have won designation by the U.S. Maritime Administration as part of Marad's marine highway initiative. The New York-New Jersey container-on-barge service will link Port Newark Container Terminal with the Red Hook terminal in...
Steel imports down in March for second consecutive month Falls Church, VA. April 29, 2015. Steel imports fell for the second straight month in March - and the fourth of the last five months - as shipments from Russia, Brazil and Mexico fell significantly. Imports totaled 3.59 million net tons in March, 3.4 percent less than in February, but 10.9 percent...
Reederei NSB completes first Panamax widening project MSC Geneva has been widened during an innovative procedure at a yard in China. Photo: Reederei NSBPanamax container ships are difficult to employ in today's competitive market. To ensure and extend the profitable operation of these ships, Reederei NSB developed a concept to widen a container ship rather than lengthen it....
CMA CGM buys 'strategic' stake in Indian logistics company CMA CGM has acquired a strategic stake in LCL Logistix, one of India's leading freight forwarders and logistics firms. CMA CGM LOG, the French carrier's freight forwarding and logistics arm, which carried out the transaction, did not reveal the size of the stake nor the purchase price. Mumbai-based LCL Logistix, which generated...
CMA CGM adds Kattupalli, India, to NEMO service itinerary CMA CGM said its New Europe Mascarene Oceania (NEMO) service will call at the Kattupalli International Container Terminal, an emerging alternative gateway on India's southeastern coast. The weekly service links North Europe and the Mediterranean with ports in the Indian subcontinent, Australia, New Zealand, Mauritius and Malaysia. The new port call, scheduled...
Costamare, York Capital may extend ship investment deal Greek shipowner Costamare and York Capital Management, a U.S. equity fund, are considering extending the life of their investment joint venture that has already spent more than $1 billion on new and secondhand container ships. Costamare, which trades on the NYSE, made the announcement as it reported sharply higher first-quarter income...
China Cosco again scotches merger rumors then posts first-quarter loss HONG KONG - China Cosco Holdings reported a first-quarter loss of $166 million just hours after being forced to make its second unusual trading announcement of the month as rumors that the carrier would be merged with China Shipping Container Lines continued to galvanize the market.The carrier's loss-making quarter was...
Shipper acknowledges paying higher trans-Pacific contract rates Based on the rates one importer has negotiated in its annual trans-Pacific contracts, it appears likely that shippers may have to ante up for freight rates that are substantially higher than in the past few years. Despite mounting overcapacity and a pattern of failed general rate increases over the last year,...
Damco's Jurupa Valley facility awarded Sam's Club "IDC of the Year" for the third year running California, 29 April 2015 - Damco, one of the world's leading third party logistics providers, today announced that its Jurupa Valley facility in California, USA, has won the prestigious Sam's Club IDC of the Year award for the third year in a row. Sam's Club, a division of Wal-Mart Stores Inc, is...
Profit at India's Gati jumps 59 percent on e-commerce growth Indian logistics and trucking major Gati Ltd. says e-commerce growth helped drive consolidated net profit up 59 percent year-over-year in fiscal year 2014-15, which ended March 31. Fiscal year 2014 net earnings totaled Rs. 57 crore (about $9 million), compared with Rs. 35.5 crore (about $5.6 million) in the previous year....
Lufthansa defers construction of new Frankfurt cargo center Lufthansa Cargo says it is delaying the construction of a new freight center at its Frankfurt hub "by at least two years." Parent Lufthansa Group said the freeze on spending on the "LCCneo" facility would improve its financial position. "Air cargo is a core business for us, and Lufthansa Cargo is an...
Avance sees US gas booster US LPG exports will keep fleet utilisation above 95% this year, Avance Gas president Christian Andersen told shareholders.
China Cosco OKs Vale pact China Cosco Holdings said its board has approved a very large ore carrier (VLOC) cooperation agreement with Brazil's Vale on the same day that the miner denied seeking 50 giant newbuildings.
Costamare hopes for new York deal Costamare is hopeful its partnership with private equity giant York Capital will be extended.
Sustainable solutions Concordia Maritime chief executive Kim Ullman is adamant a tanker market recovery is taking hold but insists owners still need to stay away from shipyards.
Fiori: 'New or nothing' D'Amico International Shipping (DIS) made good on a long-held ambition to enter the long-range-one (LR1) tanker sector with an order for two ships at Hyundai Mipo Dockyard's Hyundai Vinashin Shipyard (HVS) in Vietnam this week, its chief executive says.
Atlantic defies downturn Singapore-listed Atlantic Navigation Holdings has increased first quarter earnings in a difficult offshore market, but is staying cautious on fleet expansion.
Low rates hurt Havila Havila Shipping has seen red in its first quarter bottom line, blaming a weak spot market for offshore vessels.
Blue Water's epic voyage Denmark's Blue Water is to attempt a record-breaking transport of two hulls from Singapore into the Caspian Sea.
Bugbee winks back Robert Bugbee was in a characteristically positive mood as he looked beyond the present restructuring effort at Scorpio Bulkers (SALT) on a conference call with analysts last night.
Germans focus on research German shipping companies are teaming up with HSH Nordbank to launch a new foundation that will take over research into business administration, technology and market analysis.
Crew stuck off South Africa More than 20 seafarers are stuck on a bulker for more than a month off South Africa.
PNSC profit slips Pakistan National Shipping Corp (PNSC) has seen earnings eroded by higher costs over the first nine months of its financial year.
Crewman dies in hold A crewman has died and three colleagues were in a critical condition after a possible asphyxiation incident on a Polish boxship in Denmark.
IHI to restructure EAS Japan's IHI Corp could restructure its Brazilian investment Estaleiro Atlantico Sul (EAS), which is facing serious financial problems.
CMA CGM into India France's CMA CGM has reinforced its position in India with a new logistics investment.
Subsea 7 profit up Subsea 7 has remained in the black during the first quarter despite a sluggish offshore market.
Maersk Tigris crew safe A commercial dispute is reportedly behind the seizure of a Maersk-chartered boxship by Iranian forces in the Strait of Hormuz.
Oceanteam gets $16.5m Oceanteam Shipping has secured financing to upgrade its offshore vessel fleet through a revolving term loan facility.
Syrian service planned Iran is planning to launch a direct shipping line to war-torn Syria.
Double for DEME Belgian owner DEME has a signed a deal with Dutch shipyard IHC to build two new eco dredgers.
Bourbon battles downturn French offshore shipping group Bourbon has seen revenue cut in weak first quarter markets.
Tsuneishi toughs it out Tsuneishi Holdings saw a modest 2.2% increase in revenue for 2014 to JPY 289.9bn ($2.4bn), figures just released show.
MacGregor to sack 220 MacGregor is sacking 220 of its staff as the company looks to respond to the weakening offshore and commercial shipping markets.
DHT triples dividend DHT Holdings has tripled its dividend payout to shareholders as revenues jumped fourfold at the US-listed tanker owner.
Paragon bulker held US-listed Paragon Shipping has seen one of its panamax bulkers detained in the US west coast port of Kalama.
WTI rises as US stockpiles drop Inventories at Cushing, Oklahoma fell 514,000 to 61.7 million barrels last week.
Report sheds insight into LNG fuel use on Canada's west coast Says Vancouver can 'become' North America's west coast LNG bunkering hub.
Korean port official highlights 'exciting' LNG bunkering project 'Our aim is to preempt the rapidly evolving maritime transport industry.'
Alfa Laval patents wash water cleaning technology Technology ensures the scrubber's compliance in hybrid or closed-loop mode.
Singapore fuel oil glut could influence market for months But some players expect cargo arrivals to taper off towards the end of May.
'Stay flexible on vessel design,' says short-sea operator Samskip CEO wants to see joined up thinking on environmental legislation.
Shipbuilder releases LNG patents to small companies Daewoo Shipbuilding is making more than 100 shipbuilding-related patents available to South Korean companies.
ECA rules: What's going on? Tighter sulphur caps on bunker fuel have been introduced in Europe without disruption, but compliance levels are unclear.
Dan-Bunkering to expand US operations New office in Stamford, Connecticut to start business from May 1.
Revamped website for Total Lubmarine Marine lubricants supplier upgrades in line with customers' websites.
Singapore: Arrested bunker tanker up for auction Vessel was seized last year in a dispute involving OW Bunker.
Seaspan: Demand for modern tonnage persists Despite lower cost of bunker fuel in current market, says CEO.
Study: Asia Pacific to 'dominate' marine lube market by 2016 Due to growth in low-cost shipbuilding and increased domestic consumption from China.
Louisiana bunker player buys new tanker Design phase reaches final stages.
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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