Maersk subsidiaries fined in container weight scam Maersk Group subsidiaries Damco and Farrell Lines have paid a USD3.7 million fine for using false container weight invoices to bill US military cargo. US investigators found that employees of Damco, a logistics and freight forwarding division of Maersk, falsified 563 container weight tickets submitted...
VLCC sentiment firms as freight rates resume uptick Sentiment on the VLCC market has picked up with a recovery in spot freight rates to about USD60,000/day, according to shipping analysts. "A few end-March enquiries against limited tonnage pushed rates up to WS 75 (AG - East) yesterday, or...
MISC combines chemical and CPP fleets Malaysia-listed shipping company MISC has combined its chemical tanker and clean petroleum product (CPP) fleet in its wholly owned subsidiary AET to form a new product tanker business. MISC will transfer its 13 chemical vessels and one LPG tanker to the new entity, joining the...
Seoul not doing enough for owners, says Korea Shipowners Association official The executive vice-chairman of the Korea Shipowners' Association has suggested that the South Korean government is not doing enough to help the country's troubled shipping companies to overcome their lack of liquidity. Kim Young Moo stated that the country's two biggest shipping companies,...
South Korean liner operators eye more services to Indochina As China's economic growth stagnates and Northeast Asian economies mature, South Korean liner operators are viewing Indochina as a growth area. Hyundai Merchant Marine and compatriot intra-Asia container shipping specialists Dong Jin Shipping, Pan Continental Shipping, Heung-A Shipping...
'No mass layoffs' for DSME yard workers South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) said today (11 March) that it will not implement heavy layoffs this year. Although CEO Jung Sung-Leep told a press briefing yesterday that 12,000 jobs would be cut, a DSME spokesperson told IHS Fairplay that this would be achieved through "natural attrition". "The company...
China to spend USD153.5 million to build second polar ship China is planning to build a polar ship with an estimated budget of more than CNY1 billion (USD153.5 million), said Hu Keyi, chief engineer at Jiangnan Shipyard (Group), on 9 March. Bidding for the construction of China's second polar research ship will start...
No rate respite for carriers on dismal Asia-Europe and Med trades Spot rates on the Asia-Europe and Asia-Mediterranean trades this week edged closer to the record lows set last year, according to the latest reading of the Shanghai Containerised Freight Index.Rates from Shanghai to North Europe dropped 9% to USD211/teu, while Asia-Mediterranean...
The tyranny of psychology The dry bulk market has always been cyclical: even in the 1980s, it returned to a position of balance. The difference this time is the weakening of China's economy reducing demand for ores and coals coming at a time when newbuilding orders have continued to flow onto a depressed market....
Rising China ore prices driven by low stock, sudden demand, say market watchers The price of iron ore, a key steel-making ingredient, surged almost 20% to USD63.4 per tonne at China's Qingdao port on Monday, rising 46% so far this year in a rally that had market watchers searching for explanations.Iron ore inventories at North China ports dropped to less than 100 million...
ReCAAP reports three armed robbery incidents in India during February Three incidents of armed robbery were reported in Indian waters during February, according to Singapore-based anti-piracy agency ReCAAP. Based on ReCAAP's February report, two of the incidents occurred when vessels were anchored at the Tuna Buoy anchorage, Kandla and Haldia Dock Complex, Kolkata. The third incident occurred while the ship was...
LA container volumes storm back in February March throughput expected to be slower as Chinese factories take time to re-open after lunar new year holidays
Bobby Olvera re-elected ILWU Local 13 president LA and Long Beach port directors praised by Olvera for engaging with the union, but his win is likely to dismay some employers
Greek opposition slams Brussels pressure on country's shipping industry Envy to blame, says New Democracy deputy leader Georgiadis
Minoan lifts stake in Hellenic Seaways Grimaldi Group says it offers 'optimum solution' for coastal ferry market
Surge of new ships swells MR product tanker fleet Heavy deliveries this quarter raise concerns over how market will cope
Asia-Europe rates slip perilously close to all-time lows Historic lows could be on the horizon as weak demand forces Asia-Europe carriers to push back mid-March GRIs
More and younger ships scrapped as demo rates fall to post-2008 lows Owners rush to demolish ships amid depressed freight markets
Dry hopes A few small shafts of light break through the general gloom of the dry bulk trades
LA's TraPac terminal brings port automation to the US Project completion nears as TraPac overcomes union hostility to introduce state-of-the-art cargo handling processes to North America
Feport repeats call for clarity on box weighing rules Competent authorities must do more to communicate guidance on Solas amendments
Global Ports throughput falls by a third Sanctions and a troubled economy pull down liftings and revenues at Russia's largest terminal operator
Swire 2015 results weighed by impairment charges Impairments related to vessels and equipment, goodwill and intangible assets as well as contract cancellations
US exports first ethane cargo to Norway on multigas carrier Journey from US to Europe expected to take nine to 10 days
Shanghai port container throughput shows February rise But world's busiest container port throughput fell almost 12% month on month
VLGC spot charters few and far between Chartering activity not enough to push up spot rate, which still hovers around 2010 levels
ACL signs new contract with Ceres Halifax Decision ends uncertainty over whether transatlantic specialist would continue Canadian calls
Eastbound VLCCs to balance HSFO stocks in Northwest Europe, Mediterranean HSFO stocks in Europe be at five-year highs for March, and rising.
AkzoNobel launches new version of fuel-use prediction tool Cruise sector added to data service aimed at predicting ROI of fouling control coatings.
LSFO barges regain premium against HSFO amid surge in Platts MOC activity Outstanding shorts in Greece and Turkey, reduced output saw tightness on the prompt.
Oil futures decline despite ECB stimulus, weaker US dollar The ECB delivered a set of actions to invigorate the eurozone's economy that was seen as broader and deeper than anticipated.
CIMAC guide to test interpretation may help settle quality disputes Says buyers' test results must allow for test uncertainty, while suppliers' test results must never exceed limit.
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