Marine link
 

Costs Rise

Shipbuilding: COSCO Warns of Struggle if Credit Tightens

COSCO Corp (Singapore) , part of one of China's largest shipbuilding groups, warned that its customers could struggle to pay their bills as funding costs rise, after posting sales on credit at their highest level in 11 years.   The Singapore-listed subsidiary of Chinese state-owned maritime conglomerate China Ocean Shipping (Group) Company said trade and other receivables -- sales for which the company has not received cash payment -- rose more than 60 percent so far this year to S$4.7 billion ($3.7 billion).   Reporting an almost 70 percent jump in third-quarter profit on Monday, the company said higher receivables reflected a rise in construction contracts in its marine engineering segment.   But the company said tougher credit conditions would hurt. "The availability and cost of credit may tighten, particularly with the unwinding of monetary policy stimulus, which may adversely affect the ability of customers to meet their financial obligations," the company said. Analysts agreed. "The high receivables may have something to do with some customers delaying payment," said Yeak Chee Keong, an analyst at brokerage Maybank Kim Eng. China's huge shipbuilding industry has been aggressively moving into building rigs and vessels for offshore oil and gas activities, as the market for the traditional ships remains in the doldrums due to persistent oversupply


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


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.


Transpacific Container Shippers Plan Price Rise

File photo: containership at dock.

A container shipping organisation urged companies on Wednesday to raise Asia-U.S. freight rates by at least $600 per 40-foot container (FEU) from Jan. 15, corresponding to an increase of 26.6 percent from the current level. The Transpacific Stabilization Agreement (TSA) said the planned


Transpacific Box Shippers Plan Freight Rate Rise

Photo: Maersk Line

A container shipping organisation urged companies on Wednesday to raise Asia-U.S. freight rates by at least $600 per 40-foot container (FEU) from Jan. 15, corresponding to an increase of 26.6 percent from the current level.   The Transpacific Stabilization Agreement (TSA) said the planned


INTERTANKO Launches ECA Bunker Surcharge Clauses

Photo: Teekay Tankers

INTERTANKO’s documentary committee has launched bunker surcharge clauses for Emission Control Areas (ECA).   Rising bunker prices due to rising oil prices and volatility in global politics can have a dramatic effect on trade as they fluctuate not just day to day, but also port to port


ABIS Projects Bags £1m Contracts

Francis Kiernan

  ABIS Projects has won a clutch of contracts worth around £1million over the next 15 months. The oil and gas project services consultancy has secured frame agreements and call-off contracts with ADTI, Hunting, Talisman Sinopec and North Sea newcomer, MOL.


UN Climate Talks Head for Watered-down Deal

  United Nations climate talks, which ran on into a an extra day on Saturday, are heading for a watered-down deal on limiting global warming, leaving many of the toughest issues for next year's Paris summit. Peruvian Environment Minister Manuel Pulgar-Vidal, hosting the talks


Russian Wheat Exporters Cut Prices

Exporters of Russian wheat have cut prices to try to speed up sales abroad before the government possibly introduces curbs to replenish its own stocks and prevent rises in the cost of bread, traders and analysts said on Friday. Russia's grain exports are running at a record high


Asia Dry Bulk-Capesize Market 'Imploding'

Capesize rates fall to six-year lows; rates below ship operating costs, according to accountancy firm. Rates for capesize bulk carriers on key Asian routes, which crashed close to six-year lows on Wednesday, will continue their inexorable fall in the face of few fresh cargoes, brokers said.


China Eximbank Loans $875m for Container Terminal

China Eximbank has loaned Ivory Coast $875 million (approx.) for the construction of a second container terminal at Abidjan port, noted the port's  General Director. Ivory Coast plans to increase capacity at the port in its economic capital Abidjan, one of the busiest in Africa


Study: Philippines Hardest Hit by Extreme Weather in 2013

The Philippines, Cambodia and India were the countries hardest hit by extreme weather events in 2013, according to a study unveiled on Tuesday at U.N. talks in Lima on a global deal to limit climate change. The report by Germanwatch, a think-tank partly funded by the German government


Prompt Up on Colder Weather in France

European spot power prices rose on Tuesday, on forecasts for colder weather in France and lower wind power production in Germany. German baseload for Wednesday delivery was at 55.35 euros ($68.7) per megawatt hour, 0.35 euros up on the day.. The equivalent French contract jumped by 5


Asian Airlines Pause Before Hedging on Fuel

Oil fell to four-year low of $72 on Thursday; Airlines hope the price will slip below $70 a barrel. Airlines in Asia-Pacific are holding off from hedging their fuel costs as they wait for oil to dip below $70 a barrel in hopes of securing lower prices, industry executives said on Friday.


Matson Raises 2015 Westbound Hawaii Box Rates

Matson, Inc., a U.S. carrier in the Pacific, announced that Matson Navigation Company, Inc. (Matson) will raise its rates for the company's Hawaii service by $225 per westbound container and $110 per eastbound container, effective January 4, 2015.  


Matson Raises Guam, Micronesia 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 Guam/Commonwealth of the Northern Marianas Islands (CNMI) and Micronesia services by $225 for both westbound and eastbound containers, effective January 25, 2015


India Seeks Private Cash for Intermodal Bridge

Rail system needs more tracks and wagons; Not enough coal gets from port to power stations. India is targeting up to $1 billion of private investment by 2017 to build rail lines linking ports and national networks to ease growing congestion


Europe Stockpiling Low Cost, Surplus LNG

Demand from top Asian buyers drops sharply; Asian, European gas price spreads converge. Europe set to becoming dumping ground for LNG. Europe is set to become a dumping ground for the world's unwanted gas supplies this winter as Asian demand for sea-borne shipments fizzles out






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