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)
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
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
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
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
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
In order to attend to the content of Normative Instruction No. 32/2015 of Ministry of Agriculture of Brazil (based on International Standards for Phytosanitary Measures - ISPM No.15), please note that Brazilian Customs and Port Authorities will update their system
A United Nations arbitral tribunal in The Hague heard some of the Philippines’ territorial claims over the disputed Spratly Islands in the South China Sea on Tuesday. A delegation of nearly 50 lawyers and representatives for the Philippines gathered to present their case
The global steel company SSAB and Aspo Group’s ESL Shipping Ltd have signed a long-term frame agreement covering sea freight for SSAB’s inbound raw material sea transport within the Baltic Sea and from the North Sea.
Poor’s has revised its outlook on Steamship Mutual to Positive from Stable. The A- financial strength rating has been reaffirmed. In their announcement Standard & Poor’s note: • the Club’s risk-based capital is expected to remain extremely strong;
Wells Fargo Securities says that headwinds face global shipping industry and the continued overcapacity means freight rate gains are less likely to stick. "Given the continued overcapacity headwinds and easing containerized trade demand
Capesize rates nearing the bottom - Shanghai broker; Global iron ore demand to hit 3 bln tonnes by 2030 (Rio Tinto) Freight rates for capesize bulk carriers could hold around current levels or nudge slightly lower next week as cargo volumes fail to match the number of ships available for charter
Shipping giant MISC Bhd and oil and gas services provider Bumi Armada Bhd are said to be in merger talk involving the consolidation of the floating production storage offshore (FPSO) businesses of both companies, say local media reports.
The ice-covered Arctic Ocean is a more important factor concerning the concentration of the greenhouse gas methane in the atmosphere than previously assumed. Experts from the Alfred Wegener Institute, Helmholtz Centre for Polar and Marine Research (AWI) report on the newly discovered
India and Bangladesh have signed the standard operating procedure (SOP) to launch the ‘Agreement on Coastal Shipping’, which is expected bring down the logistic costs of export-import cargo between the two countries.
China has shown "great restraint" in the South China Sea by not seizing islands occupied by other countries even though it could have, a senior Chinese diplomat said on Tuesday ahead of two regional summits where the disputed waterway is likely to be a hot topic.
Around 20 African migrants are missing at sea after their boat sunk in the Atlantic Ocean around 20 miles off the coast of Western Sahara, Spanish sea rescue services said on Wednesday. Spanish lifeguards rescued 22 African men from the sea late on Tuesday in stormy conditions and
Last night in Hamburg, BIMCO President Philippe Louis-Dreyfus chose to give public recognition to all seafarers who have been – and still are – involved in rescuing people in distress at sea. Mr. Louis-Dreyfus awarded the BIMCO President’s Award to Columbia Shipmanagement
Capesize market could worsen in short-term; 3.5 mln tonnes could be cut from Brazil ore exports. Freight rates for capesize bulk carriers could drift lower next week as Brazil's Samarco iron ore mine disaster and uncertain ore demand from China weigh on cargo volumes, brokers said.
Eastern Shipbuilding Group launched M/V Harvey Sub-Sea (Hull 249) for Harvey Gulf International Marine, Inc. M/V Harvey Sub-Sea is a first of two (2) 340 ft. Class Multi-Purpose Service Vessels (MPSV), designed by VARD Marine. M/V Harvey Sub-Sea will feature a 250MT AHC Knuckle Boom Offshore Crane
A new study examines the steady decline of the U.S. Merchant Marine fleet, which today numbers less than 100 vessels in international trade, and warns that U.S. global competitiveness and maritime security -- particularly in light of a fast-emerging China -- is at grave risk unless investment is