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
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
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
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
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
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
Koji Sekimizu, secretary-general of the International Maritime Organization (IMO) said that number of migrants crossing the Mediterranean could surge to 500,000 this year with thousands of deaths at sea if no action is taken against the people who traffic them, says a report by AFP.
DP World, one of the world's biggest port operators, wants to issue a dollar-denominated bond and could announce plans to market the deal to fixed-income investors as soon as next week, three sources aware of the matter said on Thursday. The Dubai-based firm could raise between $750 million and
The 398-meter-long containership CMA CGM Kerguelen made its first call at the Port Klang Port Terminal in Malaysia, arriving to a very unique arrangement, the CMA CGM Group announced. No less than 12 cranes were used simultaneously to match the vessel's exceptional length and capacity (17
Faststream awarded two year preferred supplier agreement for permanent recruitment services by Chevron Products UK Limited Maritime, offshore and oil and gas recruitment group Faststream has been awarded a two-year supplier agreement by Chevron Products UK Limited
Offshore construction vessel Olympic Bibby, build no. 371 from Kleven Verft, has been delivered to Norwegian shipowner Olympic Shipping. The vessel has a long term charter with Bibby Offshore, and its first job will be on the British sector of the North Sea.
UN refugee agency calls for intra-European solidarity. The U.N. refugee agency on Tuesday urged European leaders to do more to help Greece and Italy cope with the migrant crisis in the Mediterranean and to put protection of people at the centre of debate.
Royal Caribbean's newest ship, Anthem of the Seas, was named in Southampton, U.K., in a spectacular ceremony. U.K. travel agent godmother Emma Wilby named the 4,180-passenger ship with the words: "I name this ship Anthem of the Seas
ABS Executive Vice President of Corporate Energy Development Ken Richardson says managing Big Data is critical to the future of offshore. (Singapore) ABS, the leading provider of classification services to the global marine and offshore industries
Officials from the Philippine and United States armed forces participating in this year's Balikatan exercises, the largest in 15 years, insisted that the said activities will not zero in on possible response to the issue of the South China Sea.
Foreign ministers from the Group of Seven major nations have warned against “any attempt to assert territorial or maritime claims through the use of intimidation, coercion or force” — a message apparently aimed at China.
Murmansk Governor Marina Kovtun, at the first meeting of the State Commission for the development of the Arctic has proposed a change to the system of energy pricing for the Murmansk region and zoning of marine areas. The authorities of the Murmansk region linked the successful
System will be the first of its kind in the US for maritime industry Sea Star Line, LLC and Applied Cryo Technologies (ACT), in cooperation with Dragon Products, have finalized plans for the first liquefied natural gas (LNG) bunkering system that will supply Sea Star Line’s new ships
Indonesian President Joko Widodo and Prime Minister of Norway Erna Solberg agreed to cooperate on deep sea technology for oil and gas exploration and maritime sector. Norway has been advanced on deep sea technology and Indonesia thinks it is beneficial to have cooperation in this
New ships today are no more efficient than they were over twenty years ago, despite shipping industry claims to the contrary. The efficiency of new ships has deteriorated by 10% on average since 1990. The study also shows that containerships built 30 years ago already, on average
The Saudi Arabian-led coalition of anti-Houthi forces attacking Yemen has tightened the blockade on Yemen's ports affecting shipping activity including the delivery and loading of oil and gas shipments. Ships are unlikely to be able to access ports in areas that the coalition