free news

web site

SEPTEMBER 1, 2023

Nhava Sheva Distribution Terminal opens doors to container shipping with successful inaugural call Long-term ocean freight rates continue slide, but spot market offers turnaround hope Chabahar port deal with India soon: Iran World's first prototype of the BS 6 Stage II 'Electrified Flex Fuel Vehicle' launched Steel sector seen growing at 8 pc in FY24 Jaishankar calls for diversified & democratic globalisation with multiple centres of production Panama Canal drought causing severe shipping disruption; highlights impact of climate crisis on global trade Gati Shakti to have infra planning through AI India's ban seen impacting rice exports & supply Jaya Varma Sinha first woman Chairperson & CEO of Railway Board US growth revised down to 2.1 pc in second quarter Suez Canal Economic Zone celebrates concession for Container Terminal 2 in East Port Said Artificial Intelligence Command Centre at CONCOR's ICD Tughlakabad RoDTEP scheme likely to be extended SCOMET Updates 2023 - Amendment in Appendix 3 (SCOMET items) to Schedule- 2 of ITC (HS) Classification of Export and Import items, 2018 VCBA elects new Office Bearers & Executive Committee Members for 2023-2025 Global IndiaAI 2023 in October to see leading AI players, researchers, start-ups & investors from India & abroad US concerned about India curbing imports of computers, laptops Booking Condition in Panama Canal's Panamax locks Cotton textile, garment exporters see 8-10 pc growth Scrappage policy seen boosting used CV financing

free news

web site

SEPTEMBER 1, 2023

Braving the failure of UK's ATC system Schenker France pushes fleet electrification Global container turnover declines KPI Ocean Connect reshuffles management team Trialling a solar-powered hybrid truck ANA expands "Prio Temp" container range Oostende: a new warehouse in operation HGK: tandem in motion ICTSI secures Metrobank loan New ideas for the working world DSV buys its first e-truck in Singapore Recht Logistik: cartons instead of plastic A whale at MUC Cargo growth in Gothenburg Switzerland: guidelines for seven aerodromes China launches cargo service to Central Asia CBP seizes forged devices worth USD 400,000 "Curiosity of the Day"

free news

web site

AUGUST 31, 2023

Cosco bucks the trend as container line profits hit $8.9bn in Q2 RCL sells more older box ships for scrap as earnings fall DB Schenker deal fever - 'Kuehne + Nagel... or just Kuehne?' Container lines may be eyeing even more new tonnage Spotlight on 'DHL vs DSV' in the painful ESG race Phased introduction of UK customs switchover 'was forced on HMRC' Irish seafood exporters take a fresh look at Asian markets

free news

web site

AUGUST 31, 2023

Leading Louisiana ports in cooperation agreement with Ukrainian sea ports The Ukrainian Sea Ports Authority has signed a memorandum with the Port of South Louisiana and the Port of New Orleans. It covers cooperation on technical planning, development, construction, administration, operation, and Kongsberg Digital wins next-gen engine room simulator contract Kongsberg Digital is to provide a second full mission K-Sim engine room simulator package to Denmark's largest marine engineering school, Aarhus School of Marine and Technical Engineering (Aarhus Maskinmesterskole, or AAMS). This VIDEO: Oceanbird wing sail plans move forward Alfa Laval and Wallenius joint venture Oceanbird reports that its first wing sail, Wing 560, has received Approval in Principle (AiP) from DNV. Conceived by Wallenius, the Oceanbird system for vessel propulsion A tough week for U.S. offshore wind This week has not been a good one for U.S. offshore wind. Tuesday's much anticipated U.S. Gulf of Mexico lease sale produced only one winning bid. RWE Offshore US Gulf, LLC was

free news

web site

AUGUST 31, 2023

CN analysis: Indian export container freight rates recover after a long steak of declines Container freight rates for exports from India have shown some positive signs for carriers, after a long streak of declines, according to the latest market analysis by Container News shows. On the westbound India-Europe trade, average short-term contract rates from West India [Jawaharlal Nehru Port (JNPT)/Nhava Sheva or Mundra Port] to Felixstowe/London Gateway (UK) or Rotterdam (the Netherlands) CMA CGM boost its AZTECA services by adding a direct call in Oakland CMA CGM announced that Oakland has been added to AZTECA Loop 1 with direct calls from the West Coast of the United States to Central America. The following is the new AZTECA 1 rotation: Los Angeles (USA) - Oakland (USA) - Manzanillo (Mexico) - Lazaro Cardenas (Mexico) - Puerto Quetzal (Guatemala)- Corinto (Nicaragua) - Balboa (Panama) - Puerto Caldera (Costa Rica) - Puerto Quetzal - Los Angeles A MABUX indices increase during week 35 The MABUX global bunker indices moved slightly higher during Week 35. The 380 HSFO index increased by US$0.48 to US$563.67/MT. The VLSFO index had a more significant increase of US$6.77 to US$668.40/MT. The MGO index increased strongly by US$18.65, rising from US$968.98/MT to US$988.63/MT. The Global Scrubber Spread (SS) - the price difference between 380 HSFO and VLSFO - increased somewhat, hitt Cargo throughput in the Port of Gothenburg remains stable Despite the current global and domestic economic recession, the Port of Gothenburg maintains strong volumes throughout most cargo divisions. The cargo volume report for the first half of 2023 from the Port of Gothenburg demonstrates this. The Port of Gothenburg handles more than half of Sweden's container transports, with the majority passing via APM Terminals' container terminal. Despite the rec Hapag-Lloyd reportedly ruled out of HMM bid German mainline operator Hapag-Lloyd is said to have failed to make the cut in preliminary bidding for the majority stake in South Korean carrier HMM. Reports from South Korea said that only the three local bidders, Harim Group-JKL Partners consortium and the logistics groups LX Group and Dongwon, have been shortlisted after preliminary bids closed on 21 August. Hapag-Lloyd emerges as potential H COSCO defies market pressures with reduced expenses COSCO Shipping Lines showed an unusually strong result in 2Q 2023, becoming the only carrier to significantly improve its finances compared to 1Q 2023, after an apparently highly successful cost-cutting move, according to Alphaliner. COSCO Ship Holding's container shipping business, represented by COSCO Shipping Lines and OOCL, recorded revenue of US$7.91 billion in 2Q 2023, compared with US$4.5 Port of Valencia welcomes first hydrogen-powered container stacker in Europe The Port of Valencia has received the hydrogen-powered ReachStacker, which was built as part of the European H2PORTS project. This prototype will be tested with the hydrogen-powered tractor unit and the mobile hydrogen supply station (HRS) in the Port of Valencia from this month until December 2024. Moreover, Valencia is Europe's first port to use hydrogen technology to lessen the environmental e

free news

web site

AUGUST 31, 2023

Equinor fixes two COSL semisub rigs COSL Drilling Europe, the European arm of China Oilfield Services Limited has secured contracts from Norway's Equinor for semisub drilling units COSLPromoter and COSLInnovator on the Norwegian continental shelf. The 2012-built COSLPromoter is already contracted to Equinor and will start its new contract in the first quarter of 2025. The firm contract is for one ... Noble scores drillship contract in US Gulf New York and Copenhagen-listed offshore rig owner Noble Corporation has sealed a deal with LLOG Exploration Offshore for its drillship . The 2014-built rig has been fixed to the Louisiana-based operator for six months for work in the US Gulf of Mexico. The contract is set to start between November 2023 and March 2024 at ... Shipping shown path for ammonia-powered gas carriers from 2026 A new study released by the international not-for-profit organisation Global Maritime Forum has identified possible pathways to commercialise a first-of-its-kind ammonia-powered gas carrier as early as 2026. As part of the Nordic Green Ammonia Powered Ship (NoGAPS) project, which is co-funded by Nordic Innovation and brings together Yara International, BW Epic Kosan, MAN Energy Solutions, ... Eidesvik Offshore seals PSV extension Norwegian offshore vessel owner Eidesvik has secured more work for one of its platform suppliers. Oil and gas producers Wintershall Dea and OMV have declared an option to extend the contract for the 2008-built LNG-powered PSV through to October 2025. The contract extension kicks off in May 2024, in direct continuation of the current fixture ... Poul Hestbaek leaves Hamburg Süd The head of Hamburg Süd, Poul Hestbaek, has called time on his tenure at the Maersk company. A longtime Hamburg Süd executive announced via social media that he would be leaving Maersk by August 31. Maersk bought Hamburg Süd from the Oetker family for $4.4bn in 2017 and has gradually integrated the line into the ... ADS Maritime picks up $1m worth of shares in Golden Ocean Oslo-listed ADS Maritime has become a shareholder in John Fredriksen-controlled bulker owner Golden Ocean. The Terje Bodin Larsen-led shipping investment company established in 2018 acquired 130,000 shares in Golden Ocean for about $1m. Golden Ocean, the world's largest listed owner of large-size dry bulk vessels with a 97-strong fleet, including four newbuildings, and an aggregate ... Chinese real estate takes another turn for the worse The risks of contagion are growing in the cancerous Chinese real estate sector, a key part of the world's second-largest economy accounting for somewhere between one-quarter and a third of the country's GDP. Property giant Country Garden, previously considered a comparatively safe, financially secure company, has just posted a first-half loss of nearly $7bn, warning ... IBIA appoints new executive director The International Bunker Industry Association (IBIA) has appointed Alexander Prokopakis as its new executive director. Joining the IBIA team on September 1 with Edmund Hughes, the recently appointed IBIA IMO representative, Prokopakis brings a strong background of active association membership. In addition to his IBIA activity, Prokopakis brings a wealth of bunker industry experience as ... Financing secured to complete 640 MW offshore wind farm in Taiwan Skyborn Renewables, a portfolio company of Global Infrastructure Partners (GIP), and its partners TotalEnergies, Electricity Generating Public Company (EGCO) and Sojitz Corporation (Sojitz), have secured an extended financing agreement to complete the construction of the 640 MW Yunlin offshore wind farm project in Taiwan. The Yunlin offshore wind farm project is located in the Taiwan ... Solstad seals six-ship deal with Ocean Installer Norwegian OSV player Solstad Offshore has landed a deal with Ocean Installer, securing work for six ships. Marine construction player, formerly known as Havfram Subsea, has signed up to take five of Solstad's anchor handling tug supply (AHTS) vessels on a project in West Africa. The contract, which starts in the fourth quarter of this ... Co-CEOs of up-for-sale Polaris Shipping under investigation Efforts to sell Polaris Shipping, a Korean operator of large bulk carriers, have been dealt a severe blow this week with the police in Seoul raiding the owner's headquarters in an embezzlement case. The raid took place on Monday morning with documents and hard disks taken away with the Financial Crimes Investigation Unit of the ... JP Morgan signs for more methanol dual-fuel tankers in China JP Morgan has added to its methanol-powered product carrier orderbook in China with two more ships at Guangzhou Shipyard International (GSI), according to broking reports. Greek shipbroker Intermodal has placed the US banking giant behind the order for two 50,000 dwt units costing $50m each. The deal brings the total number of methanol dual-fuel MR ... Geneva Dry Dialogues: Lauritzen Bulkers In the first of a series engaging with key names coming to next year's big dry bulk summit in Switzerland, Splash sits down with Niels Josefsen, the CEO of Denmark's Lauritzen Bulkers. Geneva Dry officially started marketing on May 2 this year, exactly one year out from the first day of the inaugural show. Among ... Landbridge seals VLCC sales Hong Kong-based owner Landbridge has sealed a financial deal with compatriot owner CSSC Shipping, the shipowner vehicle of state-run China State Shipbuilding Corp. Brokers note that Landbridge's two Dalian Shipbuilding Industry Co-built ships, Landbridge Glory and Landbridge Horizon, have been sold for $102m each basis nine years and seven years bareboat back respectively at around $29,500 per da

news on subscription

web site

AUGUST 31, 2023

Retail boosts port of New York and New Jersey in July The port of New York and New Jersey opened the second half of the year on a strong note, finishing... US west coast labour deal ratified The ratification marks the final step in protracted negotiations that began in May last year but did not yield a... Closing ammonia price gap possible, but far from easy, GMF study finds The Global Maritime Forum found an ammonia gas carrier would cost 50-130% more to run than a conventional gas carrier... US lawmakers mulling AIS-spoofing bill as Iran's oil exports surge Bipartisan bill looks to set up a pilot programme to review the use of big data analytics as a tool... Changing lanes: Is liner shipping heading towards overcapacity? Forecasts indicate that the influx of fresh tonnage in the short to medium term will result in vessel supply outstripping... Lending for dry bulk deals stutters Banks and debt funds have cooled on dry bulk financing deals against a backdrop of weak earnings and high asset... Oil price cap breach sees Fractal Shipping tankers leave Russia trading Geneva-based Fractal Shipping was one of the largest tanker operators exporting from Russia until crude and diesel prices breached the... Greater efforts needed to gather container safety information Cargo safety inspections can help improve the safe carriage of goods. But the IMO has insufficient data to make meaningful... Cosco-Sinopec joint venture confirms $700m LNG carrier order Vessels will be operated on a long-term charter for cargo from US gas producer Venture Global CoolCo talking to charterers over employment for LNG newbuilds Market looks 'tightly coiled' as northern hemisphere winter approaches, says chief executive Richard Tyrell in upbeat statement Spliethoff and MSC respond to ship bans in Australia MSC Ship Management and the Spliethoff Group defended their track record on crewing and safety after Australia's maritime authority banned... Commodity shortages set to hit minor bulk trades Poor weather in Asia is hitting its agricultural production. Vessel supply could also be constrained by Panama Canal restrictions China braces for Typhoon Saola with highest warning Saola may make landfall in Guangdong province and Hong Kong Daily Briefing Panama Canal seeks to reassure markets | Shipping on hold as Gabon coup shuts down operations | Cosco eyes terminal...

news on subscription

web site

AUGUST 31, 2023

Warning: EU ETS ahead Breakbulk carriers and their clients must prepare for the EUs new emissions trading system before the Jan. 1 start Smaller LTL fleets gain freight, add terminals post-Yellow Regional LTL carrier A. Duie Pyle and point-to-point trucking firm Hercules Freight are finding opportunities to expand as shippers adjust to the loss of Yellow's capacity. FMC publishes list of NVOs at risk of losing licenses over tariff non-compliance The move is part of an ongoing effort by the FMC to bolster the oversight of regulated entities through "informed compliance," an agency spokesperson said. Carriers on course for healthy year despite tumbling profits: analyst A series of quarterly profit declines by container shipping lines will still not be enough to drag the industry into the red in 2023, says analyst John McCown. Southeast US ports reopen after Hurricane Idalia blows through region Given the short duration of the port and terminal closures, impacts appeared minimal as Jacksonville, Savannah and Charleston resumed normal operations. 'Rushed' sourcing shift out of China prompts some reconsideration For any number of product categories, relocating sourcing brings with it less efficient logistics, occasional lower quality and overall higher costs at a time when cost control is rapidly assuming a higher priority for shippers.

news on subscription

web site

AUGUST 31, 2023

'Compelling regional proposition': Columbia strikes deal to manage fleet of Seacon Shipowner's vessels will be run out of CSM's Greek office in bid to bring manager's digital optimisation to China ICTSI takes out $750m loan to expand port operations through acquisition Terminal operator does not specify expansion plans that call for its largest credit facility ever Cosco Shipping Holdings launches share buyback after market-beating profit Chinese container shipping giant touts success in cutting costs amid challenging market conditions Australian strikes could result in loss of up to eight LNG cargoes a week, SSY says But outlook for freight remains 'uncertain' with Rystad analyst saying Asian buyers are taking 'wait and see approach Floating storage moving into play for LNG carriers, CoolCo says Idan Ofer's LNG shipping company claims its redelivering vessel is one of last two independently owned TFDE open vessels in market Hamburg Sud boss Poul Hestbaek follows Philip Oetker out of the door CEO says responsiblity for integrating German line into Maersk is over Oslo bond market hot as Ocean Yield, Kistefos and KCC seeking $234 combined Shipping companies trying to refinance earlier more expensive debt, with investors keen Ammonia fuel ships to be commercially viable by 2026, says GMF New study finds ammonia's cost gap with conventional fuel will close by 2030 by using subsidies Streetwise: Owner-on-owner investing shows heady returns on Seaways while others wait This week's Streetwise takes a look at the recent trend of shipowners taking stakes in other public owners and how their bets have played to date Oslo bond market hot as Ocean Yield seeks $70m and Kistefos, KCC sell $164m combined Shipping companies trying to refinance earlier more expensive debt, with investors keen Avance Gas marketing final 'higher spec' veteran VLGC for sale CEO Oystein Kalleklev expecting to bank more proceeds from latest disposal Polaris Shipping office raided in police probe as owners look to close sale The company's joint chief executives could be summoned in ongoing probe Comment: Seafarers need safeguarding before Odesa grain exports restart Insurance for the proposed trade is being negotiated, but what about the risk to human life? Poland's Orlen charters Greek tankers on Middle East backhauls after Russian shipments Refiner getting discounted rates on vessels returning to Europe after discharges Expanding Greek shipowner IMS revealed to be behind Concordia LR tanker deal Low-profile Greek operator has gone on a tanker buying binge over the past 16 months Russia installs protective barrier on south side of Kerch bridge Barges placed by the vital road artery to prevent Ukrainian drones from hitting it Houthi rebels block Indian and Singapore LPG carriers from loading gas in Yemen Reports suggest group wants to stop government profiting from high prices 'Buy it in Norway': Avance Gas boss Kalleklev says no plans for US dual-listing VLGC company CEO says John Fredriksen's large shareholding makes New York move trickier AMA Capital Partners teams with global investor ABL to beef up shipping firepower Boutique shipping investment bank wants to explore new territory in deal restructuring Henrik Sleimann Petersen returns to Singapore to join Swire Bulk Former Ultrambulk's director returns to the garden city after two years Oaktree's Ryan Lee takes board seat at Star Bulk Carriers Private equity executive fills director gap left by Pinegrove Capital's Brian Laibow Aframax tankers fail to cut voyage time on Northern Sea Route to China Russian officials are looking to exploit Arctic route to Asia as global warming opens up new trading routes CoolCo in talks with 'multiple charterers' on new 2024-delivering LNG carriers Eastern Pacific Shipping-controlled gas shipowner describes the winter market as 'tightly coiled' ADS reveals stake in Golden Ocean after selling out of Gram Car Carriers Norwegian investment company has seen bulker punt fall in value OOIL retains firepower for further big dividend payouts, say analysts However, company may retain more cash in view of the uncertain industry outlook

news on subscription

web site

AUGUST 31, 2023

UPS offers senior pilots buyout package to cut costs UPS Inc. is offering pilots an early retirement package to reduce payroll amid declining package volumes. The integrated parcel and logistics giant confirmed Thursday it wants to trim senior pilots [...] Port of New York and New Jersey moves the most TEUs since October 2022 Based on current port data compiled by American Shipper, the East Coast and Gulf ports are strongly favored over West Coast ports. Mexican cargo airline accused of labor violations under USMCA The U.S. is pressing Mexico to review a complaint by pilots at Mas that they were harassed over associations with a labor union. Avianca's new cargo focus serves it well in soft market Avianca is investing in capacity and quality control because it sees growth opportunities in the Latin American air cargo market.