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)
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
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
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
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
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
The United States will increase the number of drills it conducts in the Asia-Pacific as part of its new strategy to counter to China’s expansion in the South China Sea, Reuters quoted the Philippine military as saying. Admiral Harry Harris, commander of the US Pacific Command
Seafarer social media site Crewtoo, part of KVH Industries, Inc., has published the results of its second Crewtoo Seafarers Happiness Index report detailing job satisfaction at sea. Designed to monitor and benchmark seafarer satisfaction levels via 10 key questions
The cruise ship being billed as "the most luxurious ship ever built" will also feature some of the largest cabins and balconies afloat. The suites on the Seven Seas Explorer, a cruise ship coming next summer, will be distinguished by some of the largest balconies at
With the publication of the 2015 Rules for Building and Classing Steel Barges, ABS has amended the rules to require the submittal of a steady state temperature distribution for Oil Tank Barges that carry heated cargos at temperatures greater than 50°C (122°F) and a structural assessment to
Electromagnetic Geoservices (EMGS) reported multi-client sales from Barents Sea and Norwegian Sea Marine controlled-source electromagnetic (CSEM) data provider EMGS informs it has entered into two new data licensing agreements with two oil companies for the provision of 3D EM data from
Tonnage list grows in Pacific, Atlantic oceans; lack of coal cargoes weigh on freight rates. Freight rates for capesize bulk carriers are set to slide further next week, after falling to their lowest level in five weeks, due to a mounting supply of tonnage and uncertain cargo demand
Container maker and logistics player Singamas Container Holdings says that some of its container depots operated by its Singamas Logistics (Tianjin) (SLTC) unit, were damaged in the explosions at Tianjin Port, reports Reuters.
At least forty people suffocated in an overcrowded boat carrying around 400 migrants while crossing the Mediterranean Sea into Europe on Saturday. Many of the migrants were saved as the boat issued a distress call and was intercepted off the Libyan coast
Doen Pacific has announced the signing of an exclusive Distributor Agreement for Europe withbSea-Tek (AS) domiciled in Oslo, Norway. In turn, Sea-Tek will appoint agents in several European countries in the near future, selling and servicing waterjets under its umbrella.
All chemical, oil and LPG terminals in Tianjin port are closed following immense warehouse explosions that left dozens dead and hundreds more injured yesterday in Tianjin, China, advises maritime and cargo services provider Inchcape Shipping Services (ISS).
Global shipping giant Teekay LNG Partners can count itself as owner of the world’s most expensive fleet of whole gas (LPG and LNG) ships, worth a combined $6.9 billion, according to online ship intelligence and information service VesselsValue.com.
The Panama Canal Authority (ACP) issued a press release stating it has learned of a National Union of Workers of Construction and Similar Industries (SUNTRACS) notice to strike issued to Grupo Unidos por el Canal (GUPC), the main contractor for the Canal's third set of locks project
For the second month in a row, shipments of limestone on the Great Lakes topped 4 million tons in July, the Lake Carriers' Association (LCA) reported. This is the first time loadings have topped the 4-million-ton mark for more than one month in a shipping season since 2008.
Chinese exports tumble 8.3 pct, biggest fall in 4 months; Chinese crude oil imports up 4.1 pct in July. OPEC has no plans to hold emergency meeting. Crude oil futures touched multi-month lows on Monday after a weekend of mixed data from China showing higher oil imports in July but weaker trade
Freight rates climb after BHP-led charter flurry; tight tonnage supply bolsters capesize freight rates. Freight rates for capesize bulk carriers could hold around current levels after reaching their highest in more than eight months this week following a surge of fixtures by Australian miners