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.
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)
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
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
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
Global Ship Lease, Inc. (GSL) announced that it has priced an offering of $420,000,000 aggregate principal amount of 10.000% first priority secured notes due 2019 at an issue price of 98.5% in a private placement. The notes will be fully and unconditionally guaranteed, jointly and severally, on a senior basis by Global Ship Lease Services Limited and each of the company's 17 vessel-owning subsidiaries and in the future by certain of the company's existing and future restricted
Ship Finance International Limited (NYSE:SFL) has agreed to terminate chartering agreements with Horizon Lines, LLC relating to five of its vessels. Ship Finance will receive as termination compensation $40 million in second lien notes issued by Horizon Lines and warrants exercisable into ten percent of the common stock of Horizon Lines, Inc. as part of the restructuring outlined below. The 2,824teu vessels were built in Korea in 2006 and 2007
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
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
Will Malaysia’s chairmanship of Asean spur the establishment of a long-delayed maritime Code of Conduct (CoC), aimed at resolving territorial disputes between China and neighboring countries in the South China Sea? A report appeared in New Strait Times in Singapore says that the
Europe's oil majors will strike a sober note in their fourth-quarter results and investors will focus on companies' plans to maintain cherished dividends and their strategies to cope with the oil prices collapse that caught many unawares.
Inspired by an upturn in shipping markets after one of the worst sector downturns on record, a batch of oil tanker companies are looking to raise capital through U.S. listings. While crude prices have fallen more than 50 percent since June, tanker prospects have brightened
Bosch Rexroth has upgraded the electrohydraulic controller used on the company’s A4VSO and A4VSG hydraulic axial piston components, which function as secondary control units in the Rexroth Active Heave Compensation (AHC) system for offshore winching applications.
Congressman Joe Courtney (CT-2) and Congressman Steven Palazzo (MS-4), along with 30 bipartisan House colleagues, sent a letter this week to Senate leadership urging opposition to an amendment that they say would strip domestic construction requirements that help strengthen America’s
Chesapeake Shipbuilding has signed a contract with Vane Brothers to build two new tugs, marking the 13th and 14th tugs that Chesapeake will have built for Vane Brothers in the last several years. The two new tugs will fit into Chesapeake’s existing order book
The South China Sea took center stage at the Bilateral Strategic Dialogue between the United States and the Philippines held in Manila, as China continues to engage in "massive" construction activities in the disputed area. Both the countries jointly expressed their concern over recent
The MPHRP highlights the hardship inflicted upon seafarers and families. Responding to recent reports on current levels of international maritime piracy, the Maritime Piracy Humanitarian Response Program (MPHRP) noted the trend that they appear to avoid the word "piracy" in
New Zealand maritime manufacturer Coppins Para Sea Anchors has secured a multimillion-dollar contract to supply anchors to a Norwegian salvage company. The family business firm based in Motueka on the South Island has sent the first of two one-tonne sea anchors to the Norwegian
South China Sea spats are a territorial fight and not about the oil, points out a report appeared in Bloomberg. "When it comes to territorial tensions in the South China Sea, it’s more about what goes through it than what lies beneath it," says the report.
United Nations Development Program (UNDP) Administrator Helen Clark met International Maritime Organization (IMO) Secretary-General Koji Sekimizu at IMO Headquarters on January 20, where the two highlighted common commitment to sustainable development and discussed the important role of maritime
Britain's Cruise & Maritime Voyages (CMV) has taken delivery of new flagship Magellan ahead of its maiden voyage in March. The former 1,250-passenger ship Grand Holiday, operated by Costa brand Iberocruceros, was built in 1985 and revamped in 2010.
After announcing last week a new weekly barge service from Jacksonville to Puerto Rico intended to commence on January 29, Sea Star Line has restructured assets and plans to move the start of the new service forward to January 22. Sea Star is in the process of on-hiring 2
The Secretary of State’s Representative for Intervention and Salvage (SOSREP) visited the salvage site of the Hoegh Osaka yesterday to view operations, which according to the U.K Maritime and Coastguard Agency (MCA) are progressing well.
apan has pitched for stronger maritime security cooperation with India, to counter an increasingly powerful China. During his visit in India on Saturday Japan's foreign minister Fumio Kishida said that both nations should "proactively" assume responsibilities to ensure