India steps up support to cruise shipping India has stepped up financial assistance to ports for upgrading cruise terminal facilities, shipping minister Pon Radhakrishnan has told Parliament. The tourism ministry disburses cash grants to upgrading cruise related infrastructure that includes facilitating smooth operation of cruise liners
Matson settles molasses spill case US-based box carrier Matson has terminated its molasses operations in Honolulu as part of a settlement stemming from a 2013 spill in Honolulu Harbour. The settlement with the state of Hawaii, announced 29 July, includes an agreement to pay USD5.9 million to compensate for damaged coral, lost fish,
Spain's Navantia yard lands four Suezmax orders Spanish naval shipbuilder Navantia has landed an order for four Suezmax tankers with two others on option from Spain's Ibaizabal group. Navantia, which had its civil shipbuilding and repair activity capped at 20% of revenues until the end of last year on the orders of the European Commission, will
Pacific Basin returns to profit Hong Kong-listed Pacific Basin Shipping recorded a profit of USD5.8 million in the first six months of 2015, due to unrealised derivative income. Excluding one-off items, the company's loss narrowed 32% year on year to USD14.6 million for the same period due to a decrease in its dry bulk revenue, a
Arctic raise 2015 VLCC earnings forecast 17% Arctic Securities in Oslo have raised their earnings forecast for VLCC tankers in 2015 to USD58,500 per day from USD50,000, shipping analysts Erik Nikolai Stavseth and Kurt Waldeland said. "We fail to see many clouds on the crude tanker skies for 2015 (the biggest risk being a compression in
Analysts upbeat about DHT after interim results Shipping analysts in Norway have greeted 2Q15 interim results of DHT Holding, the US listed tanker owner that is managed from Norway, with enthusiasm. Nicolay Dyvik, Petter Haugen and Oyvind Berle, shipping analysts at DNB Markets said that DHT has seen significant growth and we argue that the
Euronav sees positive tanker trend continuing into 2016 Antwerp-based tanker operator Euronav has announced solid quarterly profits for the second time this year and says that it expects to benefit from current positive market trends until well into 2016. The company improved on its first quarter profits of USD80.86 million - its best since 3Q08 - with
NOL earns USD890 million in 2Q15 On 30 July Singapore's Neptune Orient Lines reported net profits of USD890 million for 2Q15, reversing a USD54 million loss for 2Q14. The earnings were largely due to the USD887 million gain from selling APL Logistics on 29 May. The supply chain management arm was sold to Japan's Kintetsu World
Subsea 7 warns of more pain ahead as profit falls Subsea 7, the London based seabed to surface construction company, has warned of further challenges ahead and reported a sharp reduction in interim profits. Group net profit in 2Q15 fell to USD88 million from USD266 million in the same period last year, while revenue decreased to USD1.35 billion
Ponant cruise company to be taken over by Pinault group Artémis, holding company of France's Pinault family, has announced that it is to acquire Marseilles-based luxury small cruise ship operator Ponant. Already the owner of auction house Christie's and other luxury brands, Artemis said that it had engaged in exclusive talks with a view to acquiring
Pan Ocean incurs net loss for 2Q An early repayment of debt resulted in South Korean bulker outfit Pan Ocean incurring a net loss for the second quarter of 2015. Pan Ocean went into receivership in June 2013 after incurring more than USD5.00 billion of debt. It has completed rehabilitation procedures after a consortium comprising
New chief for Busan Port Authority Woo Ye-jong has been appointed as the new president of Busan Port Authority. From 31 July, Woo, 56, will begin his new appointment, succeeding Lim Ki-tack who has been elected as the International Maritime Organisation's next secretary-general. In announcing Woo's appointment, South Korea's
VLGC rates cool as more tonnage enters market Rates to ship LPG on very large gas carriers (VLGCs) continue to soften. After reaching a 2015 high of USD137.938/tonne on 15 July, rates averaged USD115.875/tonne on 29 July, working out to USD117,540 in daily earnings at current bunker prices in Fujairah. A Singapore-based broker told IHS
CSCL orders eight 13,500 teu box ships China Shipping Container Lines (CSCL) has placed orders for eight 13,500 teu container ships at Shanghai Jiangnan Changxing Shipbuilding. The total cost of the newbuilds amounted to USD934.4 million, a stock filing of CSCL said on 29 July. They are scheduled for delivery from April 2018 to December
Samsung HI and DSME face tough times Analysts have cautioned against buying the stocks of Samsung Heavy Industries (SHI) and Daewoo Shipbuilding & Marine Engineering (DSME), after both shipbuilders posted massive losses in the second quarter of 2015. On 29 July, SHI announced KRW1.15 trillion (USD987.14 million) loss for the second
Wreckage found off Madagascar could be from MH370 Some 4,000 km from the official search zone off Australia's west coast, aircraft experts are currently examining aircraft wreckage believed to be that of the missing MH370 Boeing 777. The 2 m aircraft wing piece discovered on the French island of La Réunion off Madagascar is also approximately
Cash buyer believes ship recycling market bottoming out The CEO of Singapore-based cash buyer Wirana Shipping Corporation told IHS Maritime that he believes scrap prices of ships cannot fall any further and that the market should stabilise in August. Rakesh Khetan said, "It is a blood bath right now and prices are unlikely to drop further." Many yards
Shanghai Shipping Exchange launches two indices on Belt and Road initiative The Shanghai Shipping Exchange (SSE) launched on 29 July two indices to track the trade volume and freights along the Silk Road Economic Belt and 21st Century Maritime Silk Road (Belt and Road), which were initiated by China. One of the indices, the Belt and Road Freight Trade Index (SRFTI), is
DP World-Toll JV to streamline container handling A new joint venture (JV) between DP World and Toll Logistics in Sydney, Australia could provide a container shuttle out of Port Botany and slash exports of empty boxes. The proposed 50/50 JV between Australia's biggest freight and logistics provider and its biggest stevedore announced this week
Trend spotter: rising tanker company shares Company results are bullish and, thus far, tanker company share prices are up, after lagging behind booming freight market
Thenamaris doubles LPG orderbook at Hyundai Mipo Latest contract is for up to four gas carriers
Poseidon Containers aborts IPO bid Technomar- and Kelso-backed company tipped to return another time after pricing disappoints
Diana Containerships acquires two Synergy-linked boxships for $76m Greece-based owner stays in the black in second quarter
Capital Product boosts profits and payouts Better tanker market contributes $2m in profit-sharing to owner's bottom line
GasLog Partners proposes 10% distribution hike after strong growth Profits leap in second quarter as acquisitions contribute to earnings
Aden port now confined to aid vessels But Libyan government regains control of Derna, according to MAST
China Cosco expects $306m profit in first half Flagship unit still suffers losses excluding Beijing's subsidies
D'Amico's tankers reap benefits of new refinery capacity Milan-listed product tanker owner saw its spot vessels average $19,533 per day in second quarter
NOL confirms sale option still open Singapore line scrapes into black in second quarter
Nanjing Tanker posts $43 first half profit Strong tanker market and successful debt restructuring aid improvement
Matson settles with Hawaii Matson will pay $5.9m to the state as compensation for damaged coral and lost fish
Euronav hits $92m profit Daily spot earnings for the company's VLCCs came in at $55,570, up significantly from $21,464
Gerry Wang sticks to tough demands for 18,000 teu vessels Seaspan holds firm on requirements for charters of at least 15 years for ultra large boxships
Port of Miami keeps West Coast diversions to boost volume by double-digits The Port of Miami posted double-digit container volume growth in June, a testament to the port's concerted effort to boost organic growth and preserve business diverted from the U.S. West Coast during the port congestion crisis in late 2014 and early 2015. Miami container volumes jumped 16.3 percent year-over-year to 85,322...
Profit dips at Con-way as driver pay rises, surcharge revenue drops Higher costs and lower tonnage outstripped Con-way's ability to raise rates in the second-quarter, lowering revenue and profit at both of the $5.8 billion company's trucking subsidiaries. The reduction in profitability will place more emphasis on ongoing efforts to bring pricing and costs into balance at Con-way Freight, the second-largest U.S....
MOL to launch Laem Cabang-Bangkok container barge service SahaThai terminal.Mitsui OSK Lines this week said it is launching a barge terminal operation company in Bangkok aimed at moving goods more speedily and efficiently from Thailand's gateway port of Laem Chabang to the capital of Bangkok. Bangkok Barge Terminal Company will be a joint venture with local Thai company SahaThai...
US Congress to pass another highway bill stopgap WASHINGTON - U.S. lawmakers have cornered themselves into another stopgap measure to fund the nation's crumbling transportation infrastructure. The U.S. Senate Thursday passed legislation authorizing federal highway funds for another six years, just a day before funding is set to run out. With the House of Representatives already on recess, however,...
Celadon strategy pushes fiscal-year revenue to record high A successful acquisition strategy, the opening of new driver schools and expanded capacity drove Celadon Group's revenue to a historic high mark in the 2015 fiscal year ending June 30. The Indianapolis-based truckload carrier saw profit tumble 22.6 percent year-over-year in its fiscal fourth quarter, to $12 million. Nevertheless, net income...
Cargo operations help JAL post record profit Credit: Kentaro IemotoJapan Airlines Corp.'s revenue from cargo operations grew faster than overall revenue in the first quarter of fiscal 2015, helping the carrier's net profit surge 120.7 percent in the April-June quarter from the same three-month period last year to 32.6 billion yen ($263 million) on a consolidated basis. The...
Weak Asia-Europe rates force NOL to renegotiate shipper contacts Low Asia-Europe spot rates have forced NOL Group to renegotiate contract rates with some shippers. "We have seen enormous rate pressure in the Asia-Europe trade this year, as everyone knows, and that has had an impact on (beneficial cargo owner) rates we negotiated earlier this year," Kenneth Glenn, president of NOL...
Diana Containerships income edges up, buys two post-Panamax vessels LONDON - Diana Containerships, the Greek charter ship-owner, posted increased second-quarter net income of $891,000 against $633,000 a year ago. The NASDAQ-listed company simultaneously announced the acquisition of two 6,500 twenty-foot-equivalent unit container vessels for $76 million. Time charter revenue jumped to $17.3 million from $12.5 million in the second quarter of...
China's HNA buys Swissport, world's largest cargo handler, for $2.8 billion LONDON - China's HNA Group has agreed to acquire Swissport International, the world's largest airport ground and cargo handling company, from PAI Partners, a Paris-based private equity firm, for 2.73 billion Swiss francs ($2.8 billion). HNA, which is active in air cargo, logistics and container leasing both in China and abroad,...
China Shipping orders eight 13,500 TEU ships China Shipping Container Lines has placed orders for eight 13,500 twenty-foot-equivalent container ships at Shanghai Jiangnan Changxing Shipbuilding, continuing the aggressive fleet expansion began last year. The total cost of the newbuilds, which will be deployed in the Asia-U.S. East Coast trade routes and are scheduled for delivery from April 2018...
East Coast builds on West Coast's problems Some of the most pivotal developments in U.S. container transportation, such as the first double-stack train in 1984 and the launch of the first post-Panamax vessel four years later (both APL innovations), helped fuel the rise of West Coast ports as the primary U.S. container gateways. Now we're witnessing another game-changing...
PSA Chennai terminal gains new intermodal service Officials inaugurating the new rail service at PSA Chennai.State-owned Container Corporation of India is expanding its intermodal services connecting the country's southeastern container ports, beginning its second rail service to a southeastern port in as many months. The logistics provider earlier this week kicked off a shuttle service from PSA International-operated...
Long Beach celebrates successes of green port program Ship-to-shore cranes arriving at Long Beach Container Terminal's near-zero emission Middle Harbor facility.Long Beach Container Terminal, which will open a terminal early next year the Port of Long Beach has billed as the world's greenest container terminal, received the Mayor's Green Port award Wednesday at ceremonies marking the 10th anniversary of...
Strong revenue lifts Blue Dart Express' first-quarter profit Blue Dart Express, India's leading air express and logistics service provider, posted a big jump in net earnings in the first fiscal quarter, as income from operations increased significantly, driven by new business strategies. The logistics provider saw its net profit soar 33.5 percent in the April-June period from a year...
As buyout rumors swirl, NOL posts $890 million 2Q profit LONDON - NOL Group swung to a net profit of $890 million in the second quarter from a $54 million loss a year ago, almost entirely due to the gain from the sale of APL Logistics to Japan's Kintetsu World Express. Stripping out the $887 million contribution from the deal, the...
Lufthansa Cargo's five-year winning streak ends with 2Q loss LONDON - Lufthansa Cargo's five-year winning streak ended abruptly in the second quarter as it slumped to a 68 million euros ($74.8 million) operating loss from a 20 million euro profit a year ago. Revenue increased, however, by 2.6 percent to 593 million euros and freight volume grew 1.8 percent to...
Piraeus port concession could reshape European supply chains While politicians wrangle over the Greek debt crisis and economists speculate on the lasting impact to the European and global economy, a decision on who controls a container quay miles away from Athens could reshape European supply chains. Although Cosco Pacific is expected to win the concession for a third container...
First Saudi private container terminal pressures rival Jeddah King Abdullah Port, Saudi ArabiaA revolution is quietly under way in Saudi Arabia's ports sector, as the first facility to be run outside government control attracts the world's leading shipping alliance, piling pressure on the kingdom's premier west coast port, Jeddah Islamic Port. King Abdullah Port, near Rabigh, is a technological...
Bahrain port awaits flood of volume tied to construction boom The control tower at Khalifa bin Salman Port, Bahrain.Officials at Khalifa bin Salman Port in Hidd, Bahrain, predict a structural shift in the size of the Bahraini cargo market and forecast a dramatic increase in container throughput to 500,000 20-foot-equivalent units this year because of growth in government-led infrastructure and...
Roadrunner revenue outpaces fuel surcharge decline Multiple truckload and logistics acquisitions over the past year more than compensated for lower fuel surcharge intake at Roadrunner Transportation Systems, pushing total revenue up 12.5 percent in the second quarter to $517.9 million. The company's net profit increased 11.5 percent to $16.5 million, despite higher purchased transportation costs and...
Matson to spend $30 million on new containers, other equipment Matson plans to invest roughly $30 million in upgrades and new equipment into the new Alaska services it acquired from now-defunct Horizon Lines in May. Those upgrades, already planned by Horizon prior to the springtime acquisition, will be administered over the next three months, Matson said in a statement this week. The...
Ocean Rig drops dividend George Economou led Ocean Rig is suspending its quarterly dividend until the offshore drilling market improves.
Poseidon adventure delayed Poseidon Containers is delaying its $283m IPO in New York after encountering tepid investor interest at its target price point, finance sources tell TradeWinds this morning.
Diana splashes out $76m Two post panamax containership that were once part of the fleet of Nautilus Holdings are to be acquired by Diana Containerships.
Capital on the money Capital Product Partners raised its investor payout for the second successive quarter as it posted a profit in line with expectations.
Navios misses consensus Navios Maritime Partners has seen its profit slip in the second quarter as it fell short of analysts' expectations.
GasLog Partners trebles profit Profitability of GasLog Partners jumped through the second quarter mainly as a result of growth in the fleet.
CMES firms $448m Valemax deal Vale has concluded a $448m deal to sell four of its giant Valemax bulkers to Chinese owner China Merchants Energy Shipping Co.
DSME sues Songa for $855m DSME has filed a huge $855m complaint against Songa Offshore with the London Maritime Arbitrators Association (LMAA).
Suezmaxes next for Euronav? Euronav may switch its attention to the suezmax market having spent $1.7bn on VLCCs in the past 18 months, analysts say.
DIS toasts products rebound Marco Fiori predicted substantial profit this year for d'Amico International Shipping and its rivals after it reached the half way mark for 2015 with its best showing in seven years.
Sale sparks NOL profit Singapore's Neptune Orient Lines has booked a huge profit in the second quarter thanks to the sale of its supply chain management business.
Vale's exports delayed? An accident in a Mozambique port is putting obstacles in the way of coal exports by Brazilian mining company Vale.
PacBasin clings to profit Pacific Basin Shipping hung on to profit through the first half despite continuing tough times in the dry cargo market.
Subsea 7 wins BP contract Subsea 7 has penned a $500m contract with BP which will see two of its vessels conduct offshore installation work in Egypt.
Matson pays for molasses A spill of molasses in 2013 will cost Matson up to $15.4m according to a settlement reached between the company and the state of Hawaii.
Pan Ocean breaks free Pan Ocean has seen its application to exit rehabilitation approved by the Seoul central district court.
Hornbeck books strong Q2 Hornbeck Offshore smashed Wall Street expectations with a strong second quarter performance.
Euronav in stellar Q2 Euronav trumped Wall Street expectations during a second quarter in which it recorded a positive profit swing of more than $100m.
ISH sells PCTC, cuts outlook International Shipholding (ISH) revealed that it sold its oldest car carrier as it cut its 2015 outlook and reported a slimmer loss in the second quarter.
Q2 profit down for WFS Gross profit drops to $190.4 million from $191.5 million in Q2 2014.
Firm launches new Fuel Quality Monitor system Portable field kit can 'accurately' determine density, particulate and water content in marine fuels.
Air bubble technology's efficiency proven in trials Fully optimised system should achieve net efficiency gains in excess of 5%, says marine tech firm Silverstream.
Raffles Bunkering exits Singapore marine fuels market After two and a half years of operations.
Vessel caught using HFO inside ECA But it was not the one that got the highest fine of nearly $37,000.
Pacific Basin back in profit Aided by derivatives gain and bunker asset sale.
Methanol overlooked as alternative bunker fuel But tighter emission rules could change that, says maritime commentator.
VPS: Majority of flash point off-specs in Europe Industry 'needs to be careful' due to violation of SOLAS convention, warns ExxonMobil spokesman.
Finnlines sees gains from fuel efficiency programme Shipping group posts bigger H1 profits, despite smaller revenues.
Bunker market to be 'unaffected' by Iranian fuel oil 'The market has already priced in the fact that fuel oil is over supplied,' says Broker at FIS Dubai.
VPS: Majority of flash point off-specs at Europe Industry 'need to be careful' due to violation of SOLAS convention, says ExxonMobil spokesman.
Crude rises as US supplies drop Inventories fell 4.2 million barrels last week, DOE says.
USCG responds to oil sheen spotted in California Source and size of spill yet to be determined.
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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