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AUGUST 7, 2023

Gati's Express business profitability bounces back sequentially; volumes up in Q1 Track linking on EDFC's last leg completed; a new era in freight movement on the anvil GTI joins exclusive 200 PMPH club DGTR imposes anti-dumping duty on optical fibres from China, Korea, Indonesia Agri exports dip IWAI mulls transporting Meghalaya cargo via National Waterways A.P. Moller - Maersk's Q2 financial results ahead of expectations New office bearers of Ahmedabad Steamer Agents Association elected Clear ramp-up in Transpacific blank sailings Multitudinous genre of ADRs Baltic Exchange Market Report (4 August 2023) Curbs on import of laptops, computers aimed at boosting local manufacturing Attack on Danube drives grain prices north Edible oil imports increase in July Adani likely to expand Sanghipuram port capacity following deal

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AUGUST 7, 2023

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AUGUST 4, 2023

Sinking rates and new capacity create crashing waves in box line financials 'Robust Q2', says Maersk, but battens down the hatches for second half Mærsk: from black to red (soon) - once a carrier, always a carrier Air rates merry-go-round looking intense - 'how low will it go?' Further contraction expected in global freight forwarding US trucking still in low gear, as volume and rate decline continues

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AUGUST 4, 2023

Höegh Autoliners books 5-year U.S. auto export order Although this may come as a surprise to Americans accustomed to seeing supermarket parking lots stuffed with things like Toyotas, some U.S.-built autos are hot exports items and Höegh Autoliners ASA reports Golden Energy Offshore will buy Vroon OSV quintet for $94 million Ålesund, Norway, headquartered Golden Energy Offshore Services AS (GEOS) reports that it has entered into a binding Memorandum of Agreement (MoA) to acquire four PSVs and one SSV (safety standby vessel) from VIDEO: Ukrainian drone inflicts heavy damage on Russian warship Video imagery appearing across multiple channels shows that the Russian Ropucha class landing craft Olenegorsky Gornyak has sustained substantial damage following an attack by a Ukrainian drone. One of the most dramatic USMMA Advisory Council set for first public meeting MARAD has announced that the U.S. Merchant Marine Academy Advisory Council will conduct its first public meeting on Monday, August 7 at the USMMA campus in Kings Point N.Y. MARAD announced the Coast Guard cracks down on illegal charter boat activity It's that time of year again and, as well as dealing with multiple cases of recreational boaters getting into dangerous situations, the Coast Guard is stepping up its efforts to crack down

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AUGUST 4, 2023

Carriers attempt PSS for India-US cargo after modest GRI success Container lines appear to have regained some bargaining power to lift freight rates on the India-US trade lane after managing partial recovery from recent general rate increase (GRI) attempts. Mediterranean Shipping Co. (MSC) and CMA CGM have lined up a new round of peak season surcharges (PSS) for India-US shipments. MSC will apply a PSS of US$500 per container for all cargo from India to the US CJ Logistics signs up ONE as strategic partner CJ Logistics, South Korea's largest third-party logistics provider, signed a collaboration agreement with Ocean Network Express (ONE) on 3 August, a month after sealing similar pacts with other carriers such as Evergreen Marine Corporation and SM Line. The liner operators hope to increase cargo volumes through CJ Logistics' network, while the latter aims to secure competitive freight rates. CJ Lo Maersk sees lower financial figures in second quarter A.P. Moller - Maersk reports a second quarter of 2023 ahead of expectations with revenue standing at US$13 billion, compared to US$21.7 billion in the same quarter last year. Ocean revenue decreased to US$8.7 billion, driven by a decrease in freight rates and loaded volumes. The company noted that while the volume and rate environment stabilised at a lower level during the second quarter, Ocean s Port of Oakland appoints two acting directors The Port of Oakland appointed two acting directors to replace retired Port officials. Colleen Liang has been named acting director of the Environmental Programmes and Planning (EP&P) division, while Dorin Tiutin has been named acting director of the commercial real estate division. Both have been with the Californian port for a long period. Colleen Liang takes over as acting director of EP&P foll WFW advises MPC Container Ships on US$200 million vessel sales and acquisitions Watson Farley Williams (WFW) has advised Norway-based shipping company MPC Container Ships (MPCC) on strategic vessel acquisitions and sales worth around US$200 million. These transactions include disposing of the 2,800 TEU container ships Cimbria and Cardonia for US$42.5 million and the 4,200 TEU AS Emma (2010) for US$22 million. In return, MPCC acquired the 2,200 TEU Queen Esther and four 1,750

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AUGUST 4, 2023

Concordia Maritime left with one ship following latest sales Concordia Maritime's fleet sellout continues, leaving the Stena-backed Swedish tanker player with one ship remaining. The Erik Lewenhaupt-led company has offloaded the 2011-built product tanker Stena Premium and the 2009-built Stena Progress to undisclosed buyers. No price has been revealed but the Gothenburg-based owner said the deal would generate a liquidity supplement of around SEK100m ... Höegh Autoliners inks five-year US-Middle East car transport deal Norwegian car carrier player Höegh Autoliners has signed a five-year contract for the transport of cars from the US to the Middle East. The Oslo-based company did not reveal the name of the client but described it as a "major international car producer." The financial details of the deal were not disclosed either. "Serving our ... GasLog fixes out two LNG carriers Peter Livanos-controlled GasLog has locked away two of its liquefied natural gas (LNG) carriers on time charter agreements. In its second-quarter results statement, the Greek gas ship owner and operator said it had agreed a multi-year charter deal with Kansai Electric-affiliated KE Fuel International for the 2014-built 155,000 cu m tri-fuel diesel electric (TFDE) carrier ... MOL tipped for LNG order at Hanwha Ocean Japanese shipowner Mitsui OSK Lines (MOL) has been tipped by brokers to be behind an order for an LNG carrier newbuild at South Korean shipbuilder Hanwha Ocean earlier this week. A deal worth nearly $260m is the first LNG carrier order for the shipyard since rebranding from Daewoo Shipbuilding and Marine Engineering (DSME) and the ... Euronav adds $190.5m to sustainability-linked financing Belgian tanker owner Euronav has clinched a new sustainability-linked loan to finance four newbuilds entering service this year. The $190.5m facility is intended for VLCC Clovis, and a trio of suezmaxes the Brugge, Brest and Bristol. The 299,158 dwt Clovis was delivered end-May and 156,851 dwt Brugge joined the fleet In July. Since 2020, Euronav ... Maxed out: VLCC and suezmax utilisation forecast to hit close to 100% by 2025 The VLCC bulls are on parade with a host of data points pointing towards an extended boom period. A new report from Kepler Cheuvreux forecasts VLCC utilisation will hit an unprecedented 99% by 2025 thanks in large part to a very low orderbook. The Kepler Cheuvreux forecast sees annual average VLCC rates hitting $54,650 this ... Volatile conditions see Maersk raise profit expectations while warning of weaker H2 Maersk became the latest carrier to post solid Q2 results today with an EBITA of close to $3bn with plenty of data suggesting liner fortunes are temporarily back on an upward trend. Maersk's $2.9bn EBITA for Q2 saw the Danish carrier raise its full-year forecasts, while warning of a "weakened" second half market outlook. Commenting ... Advantage Tankers books suezmax newbuilds in Japan Advantage Tankers has bolstered its suezmax orderbook with a deal for two newbuilds at Japan's Nihon Shipyard. The Geneva-based company is paying around $85m per each 157,000 dwt tanker set to deliver from Imabari Shipbuilding and Japan Marine United joint venture shipyard in the second half of 2025. Advantage also has three 157,000 dwt units ... UK increases renewables backing to over $288m The UK Energy Security Secretary has made a £22m ($28m) increase in government backing for renewables - taking the total budget for the Contracts for Difference scheme to £227m. The scheme - launched in 2014 - is the government's main system for supporting low-carbon electricity generation. Today's new funding for the current round will mean ... Water everywhere, not a drop to drink Steven Jones, the founder of the Seafarers Happiness Index, on the horrendous news that many at sea are struggling to get access to clean drinking water. Harkening to the voices from webinars and conference panels, you'd be forgiven for seeing the maritime industry awash with bon homme, and which only ever does the right things ... CMA CGM settles with US EPA over Clean Water Act violations The US Environmental Protection Agency (EPA) has settled with French liner CMA CGM over claims of violations by four of the company's ships involving ballast water discharge. The EPA said that CMA CGM will pay a total fine of $165,000 in penalties for claims of violations by the CMA CGM A. Lincoln, CMA CGM T. ... Saipem lands $1.75bn contract in the Romanian Black Sea Saipem has been awarded a contract worth €1.6bn ($1.75bn) by OMV Petrom for Neptun Deep infrastructure development offshore Romania. Neptun Deep is the largest natural gas project in the Romanian Black Sea which will generate production of around 100bn cm. OMV Petrom and Romgaz plan to invest up to €4bn in the development phase of ... US ready to deploy military personnel to safeguard Hormuz transits US navy sailors and marines are training for a possible mission to board commercial ships in the Strait of Hormuz to counter Iranian aggression, according to multiple news agencies. Armed 20-member teams of sailors and marines from the 26th Marine Expeditionary Unit in the region would board vessels if requested and remain during the transit ... Report card published on carrier and retailer shipping emissions A report card released by the Ship It Zero campaign suggests carriers are better than retailers when it comes to tracking their shipping emissions. The detailed report will make bad reading however for Evergreen, Hapag-Lloyd, Pacific International Lines and Yang Ming who all scored the rock bottom grade of F. Ship It Zero's Shipping Decarbonization ...

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AUGUST 4, 2023

Eagle Bulk solidly profitable in second quarter but points to weakness in the third Eagle chief Gary Vogel says weak demand from China and an easing of congestion put pressure on rates, however he... Genco posts better than expected second quarter profit as voyage expenses fall Genco benefitted from cheaper voyage expenses in the second quarter. Much of this is attributed to a reduction in bunker... Government inertia continues to hold back casualty investigation reform Previous attempts to overhaul the failing system of flag state casualty investigations have not gained traction within the IMO. The... All flag states are equal, but some flag states are more equal than others Sanctions on Russia - and port state control demands to eliminate substandard shipping altogether - means unseen costs in using... Baltic Capesize Index up by 26%, although dry cargo sector remains volatile Increased activity in the Atlantic basin and port disruptions caused by typhoons in Asia have driven up capesize rates by... Maersk outlook points to slow recovery Maersk says rates could continue to decline as volumes shrink and capacity rises. Its logistics division has proven to be... More governments are failing to provide port waste facilities Despite repeated calls for governments to provide adequate port reception facilities to offload ship waste and deter dumping at sea... Ukraine attacks Russian port of Novorossiysk Russian officials said Ukraine struck Russia's largest port of Novorossiysk, halting movement of ships temporarily The Lloyd's List Podcast: How the future of globalisation plays out for shipping The renowned economist, author and historian Marc Levinson is back on the podcast this week talking about the next phase... Yangzijiang Shipbuilding posts first half profit increase driven by record high orderbook Clean energy vessels account for half of the new contract value, expected to be in sustained demand Daily Briefing Deep cuts to Greek tankers' market share in Russian oil trades | US insists Russian price cap is working |... Maersk raises guidance after 'strong' first half Despite a 'subdued' market following the pandemic years, Maersk has raised the lower end of its guidance. Volumes likely to... Star Bulk upbeat about market outlook, despite earnings slump Greece-based owner expects China's stimulus package and focus on energy and food security to support cargo demand

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AUGUST 4, 2023

Maersk's lagging 'integrator' plan now needs to winnow costs: Clerc Maersk has invested $10.5 billion in its logistics and services business to date, but results are falling behind plan after last year's volumes evaporated. XPO plans to add capacity as LTL freight volumes surge Shipment volume at the third-largest LTL carrier in the US jumped nearly 9% in July from a year ago and 3.2% from June as shippers moved freight away from rival carrier Yellow. Shippers in control as summer slump, surplus space cuts air cargo rates Air cargo capacity continues to grow through the summer, outpacing weak demand from major destination markets with no sign yet of any turnaround. Truckload carriers driving through lengthy freight market 'bottom' US truckload carrier executives say they don't see any signs that freight demand will pick back up until the end of 2023. Maersk's contract business cushions impact of 'normalizing' market The carrier has more than two-thirds of its volume under long-term agreements, which provided some insulation from the tumbling second-quarter spot market. Cosco to control largest semi-submersible fleet after deal with Guangzhou Salvage The joint venture will increase Cosco's fleet to 18 heavy-lift semi-submersible vessels by the end of 2023.

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AUGUST 4, 2023

Star Bulk's Petros Pappas sees 'more positives' in future dry bulk market Vessel supply will not be very strong for remainder of year and into 2024, chief executive says Algoma's global short sea segment benefits from robust mini-dry bulk market Overall profit for the quarter fell as a result of 'economic challenges,' according to chief executive Gregg Ruhl Genco: 'no floor' in place on dividend payouts, but they'll remain priority Owner of dry bulk tonnage had for the second consecutive quarter tapped into a cash reserve to produce a quarterly dividend Concordia down to just one vessel after shipping out product tanker duo Gothenburg-based owner exploring its options as it holds onto its last ship Shuttle tanker operator KNOT Offshore hires new CEO Aberdeen-based shipowner has 18-strong fleet moving oil from oilfields in the North Sea and Brazil Eagle Bulk remains confident in liquidity after drain of Oaktree shares buy Gary Vogel says the unwinding of congestion, China weakness and a continued lack of scrapping are all retarding a dry bulk rebound Why EU shipping emissions are unlikely to return to pre-pandemic levels EU ETS and FuelEU Maritime regulations will likely drive both shipping costs and the trend for green shipping for those vessels calling at countries within the bloc GasLog locks away three LNG carriers on new time-charters or extension deals Four on-order ME-GI vessels fixed on deals through into early 2030s Maersk's Vincent Clerc 'on the lookout for supply-side risk' The orderbook is clearly a problem - but how big remains to be seen. Genco Shipping tops off dividend through reserve fund for second time New York-listed owner narrowly tops analyst estimates but guides to lower rates in current quarter Hoegh Autoliners reports another strong month while locking in cargoes Car carrier owner reports second-best month this year, the same month it announced four newbuilding options Buyers shift to mainstream fleet after Russia production cuts Euronav says crackdown on shadow fleet operations in China has also contributed to a shift back to mainstream commercial operators Editor's selection: Maersk's bleak outlook, Black Sea port attack and box and retail giants falling short A look back at some of the stories that hit the headlines this past week Evalend Shipping inks first LNG carrier orders at HHI Shipbuilder's latest announcement adds a new name to LNG shipowning sector Hoegh Autoliners shares rise on reports of another strong month Car carrier owner reports second-best month this year, the same month it announced four newbuilding options Ship movements halted as key Russian Black Sea port attacked by sea drones The port of Novorossiysk is a key export terminal for Russian crude in the Black Sea Maersk hikes guidance despite bleak outlook for container shipping Profits sharply down as liner giant warns of 'subdued market outlook' Yangzijiang profit jumps 47% as focus turns to increased 'green' orders Shipbuilder now focused on improving operational efficiency and overall project management on back of large orderbook St Kitts strips flag from floating armouries after suspected sanctions breach Three vessels are storing weapons used by private security companies to protect commercial shipping from piracy in the Indian Ocean Star Bulk's earnings fall significantly in a weaker market New York-listed shipowner still provides shareholder dividend of $0.40 per share Tankers, gas and offshore boost Adnoc L&S first half profit by hefty 327% Abu Dhabi-listed shipping giant delivers the dollars to shareholders in first post-IPO earnings report Platts launches new Red Sea-Europe LR2 clean tanker assessments Move prompted by Saudi Arabia's increase in exports of clean petroleum products to Europe Star Bulk's earnings fall significantly due to weaker market New York-listed owner still provides shareholder dividend of $0.40 per share

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AUGUST 4, 2023

Asia-US spot rates top contract rates for first time since 2022 After double-digit gains since June, trans-Pacific spot rates have just surpassed contract rates, according to Xeneta data. Sun Country cargo revenue rises on higher Amazon flying Sun Country Airlines had a strong quarter for cargo thanks to growth in its Amazon business. Ocean carrier MSC strikes deal for Italian cargo airline Mediterranean Shipping Co., the largest ocean carrier in the world, is expanding its fledgling air cargo airline with an acquisition. Maersk hikes 2023 guidance but warns of 'years' of challenges Despite upgrading its full-year outlook, container shipping giant Maersk no longer sees a second-half demand rebound.