Marine link
 

Costs Rise

Matson Increases Westbound Hawaii Service Rates

Matson, Inc., a U.S. carrier in the Pacific, announced today that Matson Navigation Company, Inc. will raise its rates for the company's Hawaii service by $175 per westbound container and $85 per eastbound container, effective January 5, 2014. The increase will be filed with the Surface Transportation Board. In addition, Matson will raise its terminal handling charge by $50 per westbound container and $25 per eastbound container, also effective January 5, 2014. Matson estimates that the combined increase of both the rate adjustment and terminal handling charge will result in shipping costs rising by an average of 5.5%. Historically, Matson announced average percentage increases based solely on the rate increase, excluding terminal handling charges. It now combines both numbers for the average percent increase in the interest of greater transparency. "This rate increase will help offset rises in operating costs and support ongoing investments in our Hawaii service," said Dave Hoppes, senior vice president, ocean services. "The adjustment is consistent with our longstanding philosophy of implementing modest, incremental increases as necessary to maintain the highest levels of service, and is identical to increases implemented in 2012 and 2013. Matson continues to diligently look for ways to operate the most efficient, cost effective service possible, without undercutting our standards of quality


Single Hull Tanker Ban Could Send Freight Rates Soaring

When OPA 90 was introduced in wake of the Valdez accident, the stipulation that tankers trading in the U.S. must be double hulled was roundly panned throughout the world, as industry experts bemoaned the fact that one country have such a deciding impact on vessel design. How soon they forget. Ten years and a few tragic sinkings off European shores have let to Italy's sudden plan to ban single-hulled tankers from seven key port areas


Tsakos Reports Profits Q2 2009

Tsakos Energy Navigation Limited (NYSE: TNP) reported results (unaudited) for the second quarter and first half of 2009. Revenues, net of voyage expenses and commissions, were $88.60 million in the second quarter of 2009 compared to $146.64 million in the comparable 2008 period reflecting the lower freight rate environment. TEN deployed on average 46.0 vessels versus 44.0 vessels in the prior year quarter. Fleet utilization remained high at 97.8% as compared with 97


Canadian Committee of GL, Annual Meeting

"How to make ships more efficient?" This was the key question posed at the 15th Canadian Committee meeting of Germanischer Lloyd (GL). More than 20 representatives of the Canada and U.S. Flags, ship owners and operators, yards, consultants, and port authorities attended the event hosted by Executive Vice President Americas Capt. Kevin Coyne and Committee Chairman Peter Cairns from the Shipbuilding Association of Canada.


Urgent Need to Cut Costs in UK North Sea

A STatoil rig in the North Sea (Photo courtesy of Statoil)

Britain's North Sea oil and gas industry faces a bleak future where more fields are likely to become uneconomic and shut in as platforms close - unless costs can be controlled, operators say. For some elderly platforms in the Northern North Sea, time is running out. If the industry does not get to grips with costs quickly, fresh investment is likely to dry up, forcing unsaleable rusting rigs to be abandoned. "From a cost point of view, the chickens are coming home to roost


Hyundai Heavy Q3 Profit Drops

·        Higher steel costs weigh on margins ·        Outlook weakens but top players set to weather downturn Hyundai Heavy Industries Co Ltd 009540.KS reported on Oct 30 that its quarterly net profit fell by a third, hit by rising raw materials costs and losses from the weaker won. The shipbuilding industry faces declining orders and falling shipping demand amid a deepening global downturn


Report: Producing Oil, Gas More Costly

The cost of producing oil and gas has risen about 53 percent the past two years, and the trend is expected to continue this year, according to a report released Monday. Business Week reported that those same costs have climbed 67 percent since 2000, but most of the increase has come since the end of 2004, according to an analysis by Cambridge Energy Research Associates and its parent, IHS Inc., which together have created what they call the Upstream Capital Costs Index.


Surging Commodity Prices Drive up Coating Costs

International Paint Ltd. is set to initiate product price rises in response to spiraling global raw material costs.   “During 2010 the cost of raw materials critical to the manufacture of both our Marine and Protective Coatings’ product ranges increased significantly,” said Paul Westcott, Marine & Protective Coatings Commercial Director. “We have attempted to minimize the impact on our customers for as long as possible by leveraging our buying power and


Rising Steel, Oil Prices Raise LCS Costs

Lockheed Martin Corp. says a double-digit jump in the cost of steel and rising oil prices have influenced the rise in the final price tag of its latest warship for the Navy to more than double the initial estimates.  Navy officials last month told lawmakers the service's initial estimate of $220m per ship had ballooned to as much as $550 million, which they blamed on design changes that occurred during construction.


US Inland Waterway Transportation Outlook

A rise in freight transportation and revenue from fuel surcharges will restore growth according to new IBISWorld research report With consumers increasing their spending as the economy recovers, and manufacturers likewise boosting their production, demand for inland water transportation will get a boost. Additionally, rising fuel costs will lead to operators earning more money from fuel surcharges. However, the industry will experience some turbulence from rail transport providers


Containers, Cruises Help Boost Marseilles Fos

Photo: Marseilles Fos

Container throughput at French port Marseilles Fos reached 876,711 teu for the period January to September, an increase of 6% on the first nine months last year. The performance - driven by a 9% rise at the Fos 2XL deep sea terminals - was two points better than the trend at other French ports


Total Names Refining Boss to Replace de Margerie

Patrick Pouyanne (Photo: Total)

French oil company Total has appointed refining boss Patrick Pouyanne as chief executive to succeed Christophe de Margerie who was killed in a plane crash in Moscow this week. Pouyanne, 51, head of refining, had been considered as possible candidate to succeed de Margerie in the past and has a


Port of LA Container Volumes on the Rise

Photo: MARAD

The Port of Los Angeles has released its September 2014 containerized cargo volumes, showing overall volumes in September 2014 increased 9 percent compared to September 2013. Total cargo for September was 775,133 Twenty-Foot Equivalent Units (TEUs)


Floating Storage at Sea Stalls Despite Falling Oil Prices

Falling oil prices still to attract large scale storage at sea Oil tanker rates gaining ground after years in doldrums Despite falling oil prices, traders in recent weeks have booked just a few tankers to store cargoes at sea as higher freight costs outweigh any profit play for now


Ending US Oil Export Ban Would Not Raise Gasoline Prices - Study

Ending a 40-year old ban on U.S. crude oil exports would not raise domestic gasoline prices because it would put more petroleum onto global markets, where fuel prices are primarily set, a study by The Aspen Institute said on Tuesday. As the U.S


Sea Level Rise ‘Worst Case Scenario’

Surge picture from November 9, 2007 (Image courtesy of NOC)

A paper published this week in Environmental Research Letters by NOC scientist Dr. Svetlana Jevrejeva provides new information about the probability of a sea-level rise reaching of 180cm by 2100. In this study Dr. Jevrejeva and colleagues explore the range of possible sea level rise by 2100


Indonesia Building Sea Wall to Protect Jakarta

Indonesia on Thursday officially launched a $263 million project to build a giant sea wall along the coast of its capital, Jakarta, in an attempt to protect businesses and homes from flooding. Last year's rainy season brought Jakarta to a standstill


Maersk CEO Offers Advice for Market Growth

 Nils Andersen delivers the closing keynote at the Danish Maritime Forum on October 8 in Copenhagen as part of the weeklong Danish Maritime Days. (Photo courtesy of Danish Maritime Days)

AP Moller-Maersk CEO, Nils Andersen, delivered the keynote at today’s Danish Maritime Days forum in Copenhagen where he offered several keys to enhancing the maritime sector on a worldwide scale.   Andersen called the ship purchasing market attractive for investors


EIA: Falling Fuel Costs, Rising U.S. Production Ahead

The U.S. Energy Information Administration (EIA) has released its latest Short-Term Energy and Winter Fuels Outlook (http://www.eia.gov/forecasts/steo/). Select highlights follow:   •         EIA projects average U.S


Neves Contends Drives Bullish Bets on Brazil Companies

http://www.eleicoes2014.com.br/aecio-neves/

U.S. options market bulls rushed to some of the biggest Brazilian companies on Monday, a day after pro-business Brazilian presidential candidate Aecio Neves' surprisingly strong showing in the first-round election vote. Brazilian financial markets rallied after the centrist senator's strong


China to Straighten Transport Bottlenecks by 2020

Vehicles are seen on Changan Avenue at the rush hour in Beijing, August 29, 2013.

China aims to ease transport bottlenecks which are affecting economic development by 2020 with a plan announced on Saturday to tackle issues such as excessive road tolls and poor connectivity and to ensure the smoother flow of goods. Despite billions of dollars being invested in recent years on


Report Shows Small Decline in Ship Operating Costs

Richard Greiner (Photo: Moore Stephens)

International accountant and shipping consultant Moore Stephens said total annual operating costs in the shipping industry fell by an average of 0.3 percent in 2013. This compares with the 1.8 percent average fall in costs recorded for the previous year


Pioneer Natural Resources to Double Condensate Exports

3rd U.S. condensate export cargo heading to Singapore; Pioneer expects exports to rise to 50,000 bpd next year. Eyes exports of bigger cargoes to reduce freight costs. Pioneer Natural Resources plans to double its U.S. exports of condensate, an ultra-light oil, to 50


AMI Helps Long Island Maritime Firms Collect 'Sandy' Cash

AMI logo

The Association of Marine Industries (A.M.I.) says it is actively helping Long Island marine based companies recover lost revenue from Hurricane Sandy through NY Rising, a designated New York State funding program. The A.M.I. is making a strong push to ensure that NY Marine based companies are


U.S. Drivers to Face Delays at Rail Crossings due to Oil Shipments

Delays at Train crossing

  Runaway oil production could slow road traffic as drivers face longer delays to cross train tracks in many congested regions, a U.S. study released on Friday predicted. Oil, coal and grain shipments are taxing the national rail grid as the deliveries of those commodities are expected to






 
rss feeds | archive | privacy | history | articles | contributors | top news | contact us | about us | copyright