Carnival narrows losses, ups revenues and disappoints analysts The world's largest cruise company - Carnival Corporation & plc (NYSE/LSE: CCL; NYSE: CUK) - had some positive trends to report when it released its third quarter 2022 business update this morning.
New Hong Kong ferries on the way Bureau Veritas (BV) is to class nine high speed passenger ferries that will transport over 5 million passengers annually on three routes between Hong Kong and outlying islands Lamma Island, Peng Chau,
TTB 2023 to focus on making the green transition work The U.S. tugboat, towboat and barge industry may already be the safest, most environmentally friendly, and most economical mode of freight transportation, but it is faced with the challenge of making a
North Italian terminal orders new equipment Italian terminal Terminal Del Golfo (TDG) operated by Tarros Group has ordered an eco-efficient Generation 6 Konecranes Gottwald Mobile Harbor Crane for their operation in La Spezia. The crane will be equipped with an external power supply that lowers operating costs while reducing noise and exhaust emissions. The order was booked in July 2022 and the crane will be delivered in the first quarter
MABUX reports decrease in global fuel prices Over Week 38, Marine Bunker Exchange (MABUX) global bunker indices continued moderate sliding downward with the 380 HSFO index falling to US$496.37/MT, the VLSFO index decreasing to US$748.81 USD/MT and the MGO index dropping to US$1075/MT Meanwhile, the Global Scrubber Spread (SS) weekly average - the price differential between 380 HSFO and VLSFO - declined over Week 39 to US$258.21. In Rotterda
Major Chinese ports report container volume growth from January to August Chinese container ports have seen a 4.1% increase in the period January-August 2022, compared with the same months last year, with 194.4 million TEU. In the same period, China's ports have moved 10.24 billion tons, which represents a marginal 0.1% year-on-year decrease. The chart below shows the cargo throughput and container throughput data of the twelve major ports in China, according to China'
Lyttelton Port Company achieves record container volumes amid higher profits Lyttelton Port Company (LPC) has surpassed 500,000 TEU in its financial year 2022 (1 July 2021-30 June 2022), breaking its all-time container record. The total container volume was 502,210 TEU, representing a 15% growth from FY 2021. In addition, LPC achieved to raise its net profit after tax for FY 2022 by 18% compared with the previous year, reporting US$18.9 million. "It's been a year of great
Guangzhou's Nansha port to build new container berth Guangzhou Port Group, which operates the fourth-busiest container port in China, will invest over US$1 billion in building a new berth in the Nansha port area that will add 500,000 TEU of annual container processing capacity. On the whole, Guangzhou Port has a current annual capacity of over 23 million TEU and handled 24.18 million TEU in 2021, up 4% from 2020. Nansha, particularly, has been the
Hapag-Lloyd introduces new feeder service between Colombo and Chittagong Hapag-Lloyd has announced a new feeder service between the port of Colombo in Sri Lanka and the port of Chittagong in Bangladesh aiming to bring more fluidity into its transshipment movement. The German company's new Chittagong Colombo Feeder (CCF) service is expected to enable swift connections from Chittagong to the carrier's global network via Colombo, according to Hapag-Lloyd's statement. "It
Liverpool port strikes intensify as senior officials voted to join walkouts Nearly 600 Liverpool port workers will take seven days of fresh strike action beginning on 11 October and ending on 17 October, according to the British trade union Unite. As well as port operatives and engineers, who began two weeks of industrial action on 19 September, senior control room operators and control room operators have now voted to join the strikes. In addition, the port's dock maste
CMA CGM's Containerships strengthens Germany-UK connection CMA CGM's subsidiary, Containerships has integrated the port of Hamburg into its liner service BALT1. The intra-European liner service "BALT-1" started in Hamburg on 23 September with the departure of the vessel Containerships VIII. The new service is expected to increase the frequency of sailings between the ports of Hamburg, Rotterdam and Teesport and provide a direct and fast connection betwee
Ports of Hamburg and Halifax ink MoU to decarbonise shipping corridor The Halifax Port Authority and Hamburg Port Authority have announced their collaboration to decarbonise the shipping corridor between Halifax, on Canada's east coast, and Hamburg, along Germany's northwest coast. The leaders of the two port authorities, Jens Meier, CEO of the Hamburg Port Authority, and Captain Allan Gray, president and CEO of the Halifax Port Authority, signed a Memorandum of Un
CN analysis: India container freight rates continue to slide amid weakening demand Container freight rates on trades out of India continue to taper off amid falling demand, according to a new market analysis by Container News . On the westbound India-Europe trade, contract prices from West India [Jawaharlal Nehru Port (JNPT)/Nhava Sheva or Mundra Port] to Felixstowe/London Gateway (UK) or Rotterdam (the Netherlands) have slipped to US$4,400/20-foot container and US$4,800/40-foo
Schedule reliability continues to improve, Maersk still at top spot Danish maritime data analytics company, Sea-Intelligence has published a new Global Liner Performance (GLP) report, with schedule reliability figures up to and including August 2022. Global schedule reliability continues to trend upwards, recording the largest M/M increase in 2022 of 5.8 percentage points, and reaching 46.2% in August, according to the report that covers schedule reliability acro
Petrofac North Sea workers to vote on strike action in pay dispute Around 140 UK North Sea workers employed by energy services company Petrofac are being balloted for strike action in a dispute over pay. The Unite trade union said if the industrial action goes ahead it will have a major impact on the maintenance and running of Repsol's North Sea platforms and the Flotta oil terminal ...
DOF Subsea secures series of contracts Norway's DOF Subsea has won multiple new project awards and a contract extension in the Atlantic region, totaling more than 500 vessel days excluding options and a combined value of more than $80m. The Oslo-listed company said that one of the awards is from a major oil and gas operator. The SURF project includes the ...
Singapore's Sentek Marine charged for buying $56m worth of stolen marine gasoil Singapore's bunker supplier Sentek Marine & Trading was charged in court with acquiring marine gasoil that was embezzled from Shell's facility in Pulau Bukom. Sentek is facing 42 charges under the Corruption, Drug Trafficking and Other Serious Crimes Act for acquiring property that it knew was another person's benefit from criminal conduct. The company allegedly ...
Seacon tanker spills oil after collision with fishing vessel off the Netherlands A Chinese product tanker has spilled oil into the sea after colliding with a fishing vessel at an anchorage in Ijumuiden off the coast of the Netherlands early Thursday morning. The 2021-built Golden Daisy, operated by China's Seacon Shipping Group, was hit by ARM 18 Joris Senior at around 3.00 hrs local time, suffering an ...
Liverpool port faces further strike action Nearly 600 Liverpool port workers are set to stage an additional week-long strike next month in a dispute over pay. Unite, the union representing workers at Mersey Docks and Harbour Company (MDHC), part of Peel Ports, currently engaged in a two-week strike that ends on Sunday, will strike for a second time, starting October 11. ...
Valemaxes are squeezing capes for Brazilian iron ore exports The valemax fleet is taking an ever greater chunk of iron ore exports out of Brazil at the expense of capesizes, new data from BRS shows. Brazil iron exports carried on these giant ships have shot up from 84m tonnes in 2018 to 136.7m tonnes last year, according to BRS. Up to last weekend, valemax ...
Box contract rates fall The latest data from the Xeneta Shipping Index reveals long-term contracted rates fell by 1.1% in September. This is the first drop since January and one of only three declines in the past 21 months. However, analysts at Oslo-based Xeneta expect it won't be the last. Xeneta CEO Patrik Berglund commented: "Over the past couple ...
Pelagic Partners comes onboard giant new Saudi fund Saudi Arabian shipyard International Maritime Industries (IMI) has created a giant new shipping fund in Cyprus to be managed by Pelagic Partners. The Global Maritime Fund (GMF) aims to manage assets worth $1.25bn by the end of 2023, growing to $10bn over the next 10 years and will serve as a platform to kickstart business ...
Jones Act waiver issued for tanker off Puerto Rico Hurricane-devastated Puerto Rico will receive a temporary waiver from the 1920 federal maritime law known as the Jones Act, according to US Homeland Security Secretary Alejandro Mayorkas. "In response to urgent and immediate needs of the Puerto Rican people in the aftermath of Hurricane Fiona, I have approved a temporary and targeted Jones Act waiver ...
Singapore's digital progress Singapore has encouraged the digitalisation of shipping for several years now. Splash assesses what the tangible local benefits have been. Singapore was ranked number one under maritime innovation by the Menon Economics-DNV Leading Maritime Cities of the World report in January 2022 and it is little surprise - the investment and joined up thinking between ...
Why shipping may not have a choice when it comes to net zero The private sector is now racing ahead of the IMO's decarbonisation trajectory with increasingly robust requirements to hit zero emissions...
Ian regains hurricane strength as it heads towards South Carolina Ports of Savannah and South Carolina have suspended vessel operations
Shipowner Costas Fostiropoulos dies at 78 Career in shipping spanned about 50 year from first venture in New York
Politics, macroeconomics and war unsettle outlook for marine insurance Seeing the sector back in the black is positive for insurers - and ultimately for their shipowner clients too - but watch...
Liverpool workers plan further strike over pay claim Dock workers at Liverpool remain unsatisfied with a pay offer from Peel Ports. Further cargo delays expected as vessel calls...
Torm update signals giant product tanker profits for third quarter Medium-range tankers are earning nearly $42,000 per day compared with average breakeven fleet costs of $8,600
V.Group chief sees ESG as vital element of corporate strategy Shipmanagers' boss is adamant that there should be a separation between board chairman and chief executive if the G is...
Ship recycling feels impact of credit restrictions and currency turbulence Upturn anticipated in scrapping sales amid falling freight rates for dry cargo and containership sectors
Maersk sees no risk of hard landing as rates plummet Chief executive Søren Skou sees 'significantly less demand' as conditions that drove rates boom reverse. Carriers will now have to...
Shipping should keep a wary eye on China's uncertain outlook China's economic resilience may allow it to withstand a few more months of the current ordeal of uncertainty before the...
The Lloyd's List Podcast: Unravelling IUMI 2022 The annual marine insurance confab, IUMI, was held in Chicago this year. So Lloyd's List selflessly hopped on a flight...
Black Sea blockade cuts Ukrainian steel exports by 77% There is chatter circulating on the grapevine about expanding the grain corridor to encompass iron and steel products. However, nothing...
MOL Group partnership to boost fleet-wide fuel efficiency MOL has set targets to reduce greenhouse gas emissions intensity in marine transport by approximately 45% by 2035
Daily Briefing Shipowners' emission payments to EU should be 'earmarked for special fund' | Greece and Cyprus seek greater consultation on Russia...
Carriers pivot on the fly as Asia-US spot rates plummet Spot rates in the eastbound trans-Pacific are dropping so quickly -- and by such large amounts -- that industry analysts warn carriers could soon be carrying containers at a loss.
Oakland port's strategic role at risk with ballpark project: admirals Two retired US Navy admirals are recommending that the national security impact of the Port of Oakland's Howard Terminal ballpark project be considered more seriously.
UP, CSX reaffirm commitment to small, mid-sized shippers CSX and Union Pacific say they are committed in the long term to all intermodal shippers, whether they use private containers with Schneider National or rely on the rail-owned container pool.
No recession for US warehouse demand: JOC Inland speakers Despite predictions that the US economy is headed for a recession, warehousing demand keeps mounting as different streams of goods fill available space, experts told the JOC Inland Distribution Conference.
SAP-led insurance solution taps Nexxiot for container tracking devices A trio of technology providers want to give shippers the ability to tie sensor-based container data to in-transit cargo insurance decisions.
Air freight rates tumble as demand weakens, capacity rises Spot rates on some air cargo routes out of Asia have fallen below long-term contract levels, mirroring the development in ocean shipping.
Rate slide on Indian trades halves intra-Asia contract pricing levels Growth forecasts for Indian exports have been challenged by the dual headwinds of adverse geopolitical factors and rising inflationary pressures plaguing larger economies.
Remember February 2009? That's the last time tanker S&P indices were this high Active sale-and-purchase market sees tanker values continue to soar past highs of more than a decade ago
Capesize and panamax bulkers tread water in 'lethargic' Pacific basin Average spot rate for C8 roundtrip voyage between Brazil and Europe jumped 50% since last Friday to more than $20,000 per day
Grimaldi adds to tally of ro-ro orders with Chinese shipyard Order for another pair of Eco-class vessels means Naples-based shipowner now has 14 of the newbuildings
Performance Shipping continues shopping spree with eighth aframax tanker The Athens-based shipowner grabs a Phoenix Energy Navigation-linked vessel for $35m
Greek tug operators fined €4.36m in wide-ranging cartel probe Hellenic competition watchdog lowered penalties after nine wrongdoers agreed to settle
Carnival further narrows losses as it relaxes Covid-19 rules but still misses estimates New York-listed cruise ship giant posts a $688m adjusted net loss for third quarter, significantly exceeding $1.87bn in red ink a year earlier
Chemgas confirms deal for LPG carrier quartet amid expansion drive Jaegers-controlled firm breaks into the market for semi-refrigerated carriers
'Happy marriage': Navigator expands again with $233m Greater Bay ethylene fleet deal US-listed shipowner forming joint venture with Chinese partner to build up gas operations
How the women who run ASBA Miami narrowly avoided strike three After two straight conferences were cancelled due to Covid, organisers were not going to allow a hurricane to get in their path this year
Editor's selection: Emissions trading pleas ignored, booming LNG rates and Tiptree's 'magic pipe' probe A look back at some of the week's best stories
Tanker demand tipped to rise 6% in 2023 on Russian aggression, says Clarksons Impact of invasion of Ukraine and refinery changes are key to the changes, says broker
Port and supply chain congestion puts carbon savings in holding pattern The potential for just-in-time shipping to reduce carbon emissions is being disrupted by persistent delays that make efficiency gains harder to achieve
Sanctioned Russian shipbuilder USC clinches cruise ship orders Domestic group Vodohod puts pen to paper for three new vessels at subsidiary yard Krasnoye Sormovo
UniCredit fights on in $24m Euronav tanker cargo fraud row Italian lender granted right to appeal by UK High Court in legal spat over alleged mis-delivery
BP pays top dollar to snare CoolCo LNG carrier as market burns Six-figure rates being paid across all vessel types as charterers slug it out for any available tonnage
Out-of-class veteran VLCC Viki changes hands for $29.5m Former Angelicoussis tanker has now been sold three times in less than two years to unknown interests
Norway's Hoegh Autoliners offers 100% biofuel on runs from Amsterdam CEO Andreas Enger says it is important to demonstrate that meaningful decarbonisation measures are already available
Tanker demand tipped to rise 6% in 2023 on Russsian aggression, says Clarksons Impact of invasion of Ukraine and refinery changes are key to the changes, says broker
Tankerska Plovidba to launch offer for MR tanker spin-off TNG Croatian owner aiming to mop up remaining 9% interest in daughter operation after share buys in recent days
Maersk Mc-Kinney Moller Center says green fuel conversion for container ships can add 33% capex cost But building for methanol or ammonia, or LNG to ammonia, is doable with clever designs, says Maersk Mc-Kinney Moller Center for Zero Carbon Shipping
Columbia's O'Neil says Saudi transformation plan has 'global significance' Vision 2030 plan to diversify from fossil fuels has the potential to set the bar for other maritime clusters, CEO argues
Greece's Costas Fostiropoulos passes away aged 78 Veteran owner successfully turned his family's business from cars to ships
US energy major ExxonMobil ups its LNG order haul to 13 as it firms up seven newbuildings MISC takes another duo as a Japanese name emerges to take on energy major's pre-reserved berths
All eyes now turn on the IMO to close the carbon fuel price gap Despite engagement from many major players to address climate change, even the optimists now see that little can change unless the UN agency takes decisive action
Cargill's Jan Dieleman declares his 'love' for shipping and an 'allergy to greenwashing' Head of Cargill Ocean Transportation receives maritime sustainability prize in Athens
Germany's Schulte Group follows aframax sales with LR1 disposals as its tanker fleet shrinks German owner reported to have trimmed interests down to small product carriers
Seafarers' Trust photo competition winners capture loneliness and friendship Annual event is intended to show the day to day life of seafarers
Nordea headhunts Fearnley Securities' Erik Hovi to spearhead shipping drive Nordic lender is targeting a move back into maritime equity research as loan book grows
Singapore's Sentek Marine charged over theft of Shell marine gasoil worth $56m Singapore bunker company latest to face the music over marine gasoil stolen from Pulau Bukom refinery
VLCC owner Sentek Marine charged over theft of Shell marine gasoil worth $56m Singapore bunker company latest to face the music over marine gasoil stolen from Pulau Bukom refinery
Yee Yang Chien: Leaving MISC is like leaving home MISC boss hints he may not be gone from shipping for good. But first, he wants to perfect his golf skills
Energy transition should be embraced together, says MISC's Yee Yang Chien The energy transition has led to a lot more unity and a willingness to cooperate rather than compete
'Mission accomplished' for MISC's transformative leader Yee Yang Chien Yee reflects on his career and whether he will emerge in another shipping role
Stifel gives 'buy' rating to Genco on 'opportunity to play a strengthening winter' US investment bank gives $20 price target to the New York-listed shares
Trade takes people: Navigating new economic normal and year of labor The imbalance of the supply chain now is based on human error and port congestion. We know trade is slowing down, but the congestion skews...
Air cargo sector plays bigger role in CO2 emission reductions Airlines are pushing governments and energy producers for more sustainable fuels. And the cargo sector is helping create more market demand for them.
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