A decline in demand for freight transportation leads IBISWorld to update its market report on US Ocean & Coastal Transportation. The transportation sector provides deep-sea, coastal, Great Lakes and St. Lawrence Seaway water transportation. The deep-sea shipping activity includes US flagged vessels and non-US flagged vessels. Marine transportation establishments using the facilities of the St. Lawrence Seaway Authority Commission are considered to use the Great Lakes water transportation system. This industry also includes deep-sea passenger transportation such as cruise ships. The updated report indicates that an overall decline in demand for freight transportation caused nearly all operators to struggle during the recession. However, the overall economic revival will pave the way for industry growth, as demand for waterborne freight shipping, cruise travel and higher fuel prices stimulate revenue. Despite these positive factors, external competition will prove to be an imminent threat. Excerpts from the report: In the five years to 2012, revenue for the Ocean and Coastal Transportation industry is expected to decline at an annualized rate of 2.2% to $28.3 billion. According to IBISWorld analyst Lauren Setar, “The global shipping market struggled during the recession as consumers began to spend less, reducing the trade of goods around the world
Maritime Transport & Logistics Advisors, LLC (MTLA) an industry consulting firm based in Ft. Lauderdale, FL has been engaged by Roadships America, Inc. to provide research and analysis of the U.S. Coastal Transport market, as well as assistance with operational considerations in the final design stages of Roadships’ new generation high speed Ro/Ro vessels. Roadships America, Inc., a Reno, NV company is owned by U.S. and foreign investors.
Coastal Towing, Inc., announced today the consummation of a $28 million senior term loan with the CIT Group/ Equipment Financing, Inc., Heller Financial Leasing, Inc. Pursuant to this transaction, the Company refinanced senior term debt under existing agreements with CIT and Wells Fargo Bank, N.A. In addition, the loan will be used to facilitate Coastal?s barge construction program. Coastal Towing Announces New Corporate Officer
Kirby Corporation agrees to purchase assets of Allied Transportation Company, a subsidiary of Allied Marine Industries, & two affiliated companies. Kirby Corporation, based in Houston, Texas, is the nation's largest domestic tank barge operator, transporting bulk liquid products throughout the Mississippi River System, the Gulf Intracoastal Waterway, coastwise along all three United States coasts and in Alaska and Hawaii.
Record 2014 third quarter earnings per share of $1.34 compared with $1.21 in the 2013 third quarter, which included a $0.08 benefit due to the reduction of the United earnout liability. Kirby Corporation announced record net earnings attributable to Kirby for the third quarter ended September 30, 2014 of $76.7 million, or $1.34 per share, compared with $69.1 million, or $1.21 per share, for the 2013 third quarter, which included a $0
Vigor Industrial expands its newbuild capacity in Washington; Tacoma yard delivers three breasting barges Fabrication teams at Vigor Industrial’s Tacoma, Wash. shipyard have delivered three 60’ x 24’ x 15.5’ breasting barges to Foss Maritime. The barge system will be used to moor Shell’s drill rigs at Terminal 5 in Seattle, Wash. where the company is scheduled to ready its fleet for Arctic drilling this summer.
K-Sea Transportation Partners L.P. has completed the acquisition of Smith Maritime, Ltd. of Honolulu, Hawaii and Sirius Maritime, LLC of Seattle, Wash. President and CEO Timothy J. Casey said: “We are very excited about welcoming the Smith and Sirius operating teams to K-Sea. This acquisition immediately increases our barrel-carrying capacity by 770,000 barrels, or 22% of our capacity of 3.5 million barrels at June 30, 2007
As a result of the Maritime Administrator’s designation of New Jersey as an adjacent coastal state, pursuant to 33 USC 1508(a)(2), Atlantic Sea Island Group, LLC, (ASIG) a deepwater port applicant, filed suit against the Maritime Administrator and Secretary of Transportation on February 15, 2008. In addition to filing the suit, the plaintiff also sought a preliminary injunction. ASIG alleged that the Maritime Administrator's designation of New Jersey as an "adjacent
The U.S. Department of Transportation’s (DOT) Maritime Administration (MARAD) today dedicated the California Green Trade Corridor. The Corridor will help take freight traffic off California’s congested I-580 by offering shippers an option to move cargo along the waterways between the Ports of Oakland, Stockton and Sacramento. The project received a $30 million grant from the Department of Transportation, as well as $5 million from local sources
The new restructured SMILE Service synergizes Shipping Corporation of India’s (SCI) Services with Shreyas’s Services and seamlessly links up Persian Gulf with East Coast of India and West Coast of India, thereby, further strengthening and expanding SCI’s presence in the Coastal Shipping Sector. The working together of two Lines, i.e., The SCI and Shreyas, on this route will be a force multiplier for SCI which will provide a high quality of Coastal Services on fixed day
The Company: GE Transportation is a global digital industrial leader and supplier to the marine industry. Established more than a century ago, GE Transportation is a division of the General Electric Company that began as a pioneer in passenger and freight locomotives
The Washington State Department of Transportation (WSDOT) christened Chimacum, the third Olympic Class vessel to join the Washington State Ferries (WSF) fleet. The ceremony took place at Vigor's Harbor Island Shipyard in Seattle, and marked the vessel’s final stage of construction and its
Japan will step up its activity in the contested South China Sea through joint training patrols with the United States and bilateral and multilateral exercises with regional navies, Japanese Defense Minister Tomomi Inada said on Thursday.
Cochin Port, one of the top 12 major ports in the country, has begun coastal transportation of cars, with carrier ship M V Dresden carrying 500 vehicles reached with first consignment. The first call of a Car Carrier ship, M. V
Though most visible to the general public for its work at America’s airports, the U.S. Transportation Security Administration (TSA) also helps to secure the country’s transportation network in a number of other ways, including assisting the U.S
VTTI, the storage unit of world's largest oil trader Vitol, has suspended operations at its terminal in southern Malaysia following an oil spill, two industry sources said on Friday. An accident with coastal tanker Trident Star caused the oil spill on Wednesday, they said.
India's Ministry of Shipping has formulated a revised Central Sector Scheme to provide financial support to Major and Non-Major Ports as well as State Governments for creation of infrastructure for movement of cargo and passenger by sea or National Waterways.
The Company: McAllister Towing & Transportation operates a fleet of more than 75 tugboats, crew boats and barges in 17 locations along the U.S. East Coast from Portland, ME to San Juan, PR. The fleet consists of 28 Z-Drive/ Tractor tugs, 11 Tier II compliant tugs
NOAA Fisheries awarded nearly $3 million in grants to support the conservation and recovery of protected marine species through stranding response and marine mammal rescue and rehabilitation. Through the John H. Prescott Marine Mammal Rescue Assistance Grant Program
A vessel from Iran's Islamic Revolutionary Guard Corps came within 100 yards of a U.S. military ship in the central Gulf on Sept. 4, two U.S. Defense Department officials told Reuters on Tuesday. The officials, speaking on the condition of anonymity
The Government of India will consider giving shipping the status of Infrastructure in the country and all efforts would be made to improve it’s productivity, says Minister of State for Shipping, Road Transport and Highways, Chemicals & Fertilizers, Mansukh Lal Mandaviya.
The Company: Nearly 85 years ago, Tidewater pioneered commercial transportation on the upper Columbia Snake River system and opened up one of the nation’s most isolated regions to global markets. Today, Tidewater Holdings is comprised of Tidewater Barge Lines, Tidewater Terminal Company
The Norwegian authorities’ target for 2030 is to reduce greenhouse gas emissions by 40% compared to what they were 40 years earlier. By doing so, Norway will set the direction for the shipping industry and continue to be a front-runner.
The bold blue “V” logo emblazoned on the green-banded white stack continues to proliferate on American waterways. Vane Brothers Company has been expanding its fleet with new construction. Recently the marine transportation company announced a contract for three ATB tugs to be built at
Industry Innovators Combine to lead US Towing Vessel Compliance. Lloyd’s Register North America, Inc. has formally announced to the United States Coast Guard its intention to assume Subchapter M Third Party Organization duties effective immediately