Little change occurred in the latest monthly Stifel Logistics Confidence Index. Slipping only 0.1 points from 57 in March to 56.9 this month, the overall index did however favor improvements in the present situation increasing 1.6 points to 51.8. However, expectations for the next six months dimmed falling 1.8 points to 62 for April. The monthly airfreight data is such an example. For April, the present situation increased 0.5 points to 49 whereas expectations declined 2 points to 61.3. The present situation indicates a current market in contraction due to the index figure below the 50-level. However, compared to April 2013, the present situation has improved 7 points. By lane, all lanes except U.S. to Europe, are below the 50-level but compared to the same month in 2013, much improvement has been made. Europe to Asia has improved at 8.1 points higher than 2013 followed by U.S. to Europe up 7.1 points. In fact, for the current month, the U.S. to Europe lane climbed above the 50-level for the first time since the Stifel survey begun. The airfreight expected situation declined on all trade lanes except Europe to Asia which noted a 1.2 point increase to 62. Etihad Cargo, a division of Etihad Airways, has noted increases in this trade lane in particular. “We are seeing an adjustment of flows between European exports in China, for example
International classification society Bureau Veritas has published new rules for Polar Class vessels and specific guidance on ice/structure interaction. The rules are aimed at speeding Arctic and Caspian Sea oil and gas development by facilitating the building of tank, cargo and offshore service vessels which can operate unsupported by icebreakers in very heavy ice. The guidance note aims to facilitate floating LNG and oil platform construction in high Arctic conditions.
AP reported that K-Sea Transportation Partners LP on Friday said one of its tank barges struck an underwater object in the middle of the night, taking in water and leaking unspecified amounts of fuel into the Gulf of Mexico. The company, which runs a fleet of about 100 oil tank barges and tug boats, said the tug boat master reported that the barge rammed an unidentified object in gulf waters. The company noted that it carries both protection and indemnity liability insurance
Hornbeck Offshore Services, Inc. (NYSE:HOS) announced that it has successfully completed its offer to exchange $250m aggregate principal amount of its outstanding 8% Series A Senior Notes due 2017 (CUSIPs440543 AF 3 and U44070 AC 1), which were issued in a private placement and sold in accordance with Rule 144A or Regulation S under the Securities Act of 1933, for an equal aggregate principal amount of its 8% Series B Senior Notes due 2017 (CUSIP 440543 AH 9)
A cargo vessel operated by China Navigation Company helped rescue 246 people & wins a Lloyd's List Global Award sponsored by Inmarsat. The Amver Assisted Rescue at Sea Award was presented by President of Inmarsat Maritime, Frank Coles, to Captain Vimar Vidanagamage, representing the China Navigation Company, at a ceremony in London on 26 September 2012. The Chinese ship MV Kwangtung, was diverted using the Amver system to save the lives of passengers from the ferry Rabaul Queen which
In the wake of new regulations, Wilhelmsen Ships Services (WSS) says bulk owners and operators must pay as much attention to the products used to clean their cargo holds as the holds themselves. WSS is urging firms to heed details included in the revised MARPOL Annex V Resolution MEPC.201(62), relating to the International Convention for the Prevention of Pollution from Ships, which came into force on January 1, 2016.
A report issued earlier this year from ABS indicates that larger ships, driven by the latest generation of very high-powered diesel engines, are particularly susceptible to alignment problems on the bearings supporting the propulsion shafting as well as the main engine bearings. Hull girder deflection is one of the major reasons for the increased number of propulsion shafting and the main engine bearing failures and damages that are being reported
New Capital Structure Provides Opportunity for Significant Deleveraging. Horizon Lines, Inc. (NYSE: HRZ) today announced that it has completed a comprehensive refinancing of the company's entire capital structure. The new capital structure addresses the company's financial needs by providing adequate liquidity to fund continuing operations and the ability to achieve substantial additional debt reduction
International classification society Bureau Veritas has published guidance for designers and builders of Wind Farm Service Ships. Maxime Pachot, offshore service vessel manager at Bureau Veritas, says, “Although some of the existing Offshore Service Vessel fleet can perform the tasks necessary for developing and maintaining offshore wind farms, we see an increasing need for specialist craft. These will include specialised vessels for servicing offshore wind farms
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Tuesday on weak demand for capesize vessels. The overall index, which factors in average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, dropped 12 points, or 1.36 percent, to 869 points. The capesize index fell 41 points, or 2.16 percent, to 1,860 points. Average daily earnings for capesize vessels, which typically transport 150
Designed to combat below-the-surface terrorism, Sea Wasp is the latest generation remotely operated vehicle (ROV) from defense and security company Saab. Presented at the Navy League’s Sea-Air-Space Exposition in National Harbor, Md
Rates from Western Australia to China fall from six-month high. Freight rates for large capesize dry cargo ships on key Asian routes could slide next week as charterers rein in their activity following a flurry of fixtures which pushed rates from Western Australia to China to a six-month high
Japan and Canada share "serious concerns" over reclamation and militarisation in the South China Sea, Japanese Prime Minister Shinzo Abe said on Tuesday, in an apparent reference to China's maritime activity. China and the United States have traded accusations of militarising
Group of Seven (G7) leaders will call for respect for the rule of law and peaceful resolution to conflicts in a joint statement to be issued Friday at the end of their two-day summit, taking a swipe against China's territorial ambitions in the South China Sea, reports Nikkei.
International criticism of China over the disputed South China Sea will rebound like a coiled spring, a Chinese diplomat said on Friday, as a U.S. warship visited Shanghai against a backdrop of rising tension in the region. China claims almost all of the energy-rich South China Sea
The U.S. National Transportation Safety Board hopes to recover the voyage data recorder from the cargo ship El Faro, which sank during a hurricane killing all 33 crew on board, over the next two to three months, an agency official said on Thursday.
Coast Guard Research and Development Center along with DHS Science and Technology Directorate officially open a new Science and Technology Innovation Center The Coast Guard Research and Development Center, in conjunction with the Department of Homeland Security
Directorate General of Shipping will issue guidelines for the Safety of Life at Sea Convention (SOLAS) convention on container weight verification next week, said Deepak Shetty, Director General of Shipping, Government of India yesterday in Mumbai.
Winterthur Gas & Diesel (WinGD) and its two-stroke engine manufacturer Hyundai Heavy Industries - Engine & Machinery Division (HHI-EMD) announced the successful testing and delivery of their first IMO Tier III compliant Wärtsilä X72 diesel engine.
Novatek deputy chairman and CFO Mark Gyetvay said the Yamal LNG project in Russia have now passed the 50 percent overall completion mark. Gyetvay noted that 100 percent of the Yamal LNG’s production capacity has been sold.
In 2015, Ulstein Group recorded revenues of $279.4 million and an operating loss of $11.5 million. The business areas Design & Solutions and Power & Control both recorded profits. The downturn in the offshore sector and a tricky market has to be met with adaptation and innovation
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Tuesday weighed down by lower rates for capesize vessels. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels
China and the United States should manage their differences over disputed waters in the South China Sea constructively, one of China's top military officials has said. Fang Fenghui, a member of China's Central Military Commission, told General Joseph Dunford
Four Damen SPa 1605 ballistic protected security patrol vessels have been delivered to C&I Leasing Plc, a player in the Nigerian offshore support vessel market. The patrol boats, which have already undergone sea-trials, will provide security patrol and escort services for LNG tankers calling
A North Korean coast guard ship has detained a Russian yacht with a crew of five people on board, Russia's Foreign Ministry said on Saturday, adding it had sent a note to Pyongyang demanding explanation for the cause of the detention.