Japanese freight carrier Kintetsu World Express Inc is buying Singapore's APL Logistics for US$1.2 billion, paying a higher than anticipated price for an overseas deal at a time of slow domestic growth. Tokyo-headquartered Kintetsu Express said on Tuesday that it agreed to pay S$1.6 billion to buy all of APL's shares from its parent, Neptune Orient Lines (NOL). Its own capital and bank loans will be used to fund the deal, it said. The sale of APL Logistics to the Japanese company will enable NOL to concentrate on its core but troubled container-shipping business. The Singapore Company said the deal will “unlock the value of the logistics business for its shareholders and strengthen the financial position of the NOL Group”. NOL said the sale price is 15 times APL Logistics’ EBITDA [earnings before interest, tax, depreciation and amortization] of $80m last year, with KWE winning a competitive auction for the unit with the highest bid price – and reportedly beating competition from the likes of XPO Logistics and Korean company CJ Express – and one that is considerably above the current market average for acquisitions. The expected APL Logistics deal value is far higher than the US$750 million to US$900 million range that sources said Singapore-based NOL had been looking for
Hvide Marine/Sun State Christens New Ship Hvide Marine Incorporated (HMI) and subsidiary Sun State Marine Services, Inc., recently christened the first in a series of new cargo ships at its U.S. shipyard facility in Green Cove Springs, Florida. Constructed entirely on-site by Sun State Marine Services, Inc., the 190-foot 'landing craft' type freight vessel is specially designed and ideally suited for conducting trade with Bahamian and Caribbean markets that have minimal or unimproved
Based in Coos Bay Oregon, Sause Brothers Towing has been towing between Pacific Northwest and Southern Californian ports for over 50 years. A new double-hulled 105,000-barrel oil barge, Sunset Bay, is currently alongside at the company shipyard in Coos Bay. With the hull built at the Gunderson yard in Portland it is being outfitted by Sause. Also at the yard, the ocean going tug Powhatan is undergoing an extensive repower that will see a pair of 850 HP engines replaced with a pair of
Pilot Freight, worldwide transportation & logistics provider, picks up its seventh 'Ryder Transportation Management Carrier Quality Award'. Every year Ryder recognizes carriers through this award who demonstrate excellence in on-time performance, claims handling, customer service, technology applicants, economic value and innovation. The Ryder awards recognize excellence through a variety of metrics including: on-time performance, claims handling, customer service, technology applicants
CargoSphere, cloud-based global rate management solution and confidential Rate Mesh network for the ocean and air transportation and logistics industries, has announced the completion of Blu Logistics’ integration with CargoSphere’s freight rate management solution. Blu Logistics, a global logistics company offering sea and air freight services, customs brokerage, ground transportation, and warehousing, previously outsourced freight rate and contract management
As freight rates keep declining, cost reductions are the top priority for box carriers. Drewry’s 2Q14 Container Forecaster highlights that there is a widening gap between the positive financials of the few carriers really focused on cutting costs and the rest of the top 20 lines, as they battle with the pressure of falling freight rates. Drewry forecasts that once again, average freight rates will be lower than in the previous year
By David Tinsley, Technical Editor While catamaran and multi-hull vessel technology is increasingly being explored for its potential in high-speed military and logistical support applications, Rolls-Royce has unveiled a proposal for a fast naval sealift ship based on a monohull RoPax ferry design. The impulse for developing a vessel type with that rare combination of exceptional speed and relatively high payload capacity originates from the changing emphasis in military support
After a downtrend in the freight shipping tanker market since the middle of 2007, the industry has seen nothing but rate increases in the last month. This freight rate increase can affect consumers across the board, according to the freight transportation The cost of freight shipping can mean an increase in the cost of many consumer products, according to FreightBrokering.info, which is why it's so important to keep freight transportation costs down
Drewry Maritime Research, the global leader in freight rate benchmarking, has expanded its flagship Container Freight Rate Insight publication and now provides freight rate benchmarks on 550 international trade routes. Published monthly, the report provides all-in spot rates on all the key shipping routes of the world, including both headhaul and backhaul trades. In addition to the monthly report, subscribers also have access to an online database of both current and historical freight
CaroTrans, a leading global NVOCC (non-vessel operating common carrier) and ocean freight consolidator, today announces their U.S. West Coast port readiness program to address potential supply chain disruptions. Congestion and current labor issues are impacting the flow of cargo at U.S. West Coast ports and there is the likelihood of further instability. To address this infrastructure challenge, CaroTrans has developed alternative routing solutions to lessen the impact on supply
Shipping company Maersk Line, owned by A.P. Moller-Maersk, plans to increase freight rates for transporting containers from Asia to Northern Europe by $800 per 20-foot equivalent unit (TEU) from June 1, it said on Tuesday. With a fleet of more than 600 vessels
Brazilian miner Vale has completed the sale of four other large iron ore carriers to China Ocean Shipping Company (Cosco), which was agreed last September. This transaction is related to the agreement signed with Cosco on September 12, 2014.
Capesize rates slide after hitting 5-month high. Rates for capesize bulk carriers eased this week after hitting their highest since December, and could come under pressure next week if charterers hold back cargoes, ship brokers said. "So far, I can't see too much cargo in the market
Shipping freight rates on the world's busiest route, from Asia to Northern Europe, fell by the largest percentage amount since 2008, reflecting wild volatility in the market as vessel operators continue to wrestle with overcapacity. Rates for transporting containers from Asia to Northern Europe
Goldman Sachs can't see an end to the dry cargo downturn until at least 2020 on a glut of vessels and stalling cargo growth, says a report in Bloomberg. Overcapacity and low fuel prices are bound to keep low dry bulk shipping freight rates for the rest of the decade or even longer.
The activity on the demolition market is off to a good start in 2015 when looking at dry bulk tonnage, according to international shipping association Baltic and International Maritime Council (BIMCO). The dry bulk market has long suffered from weak freight rates stemming
CargoSphere, a cloud-based global rate management solution and confidential Rate Mesh for the ocean and air transportation and logistics industries, has announced that Freight Logistics, a global freight forwarder and logistics service provider, has implemented the CargoSphere technology platform
International freight insurer TT Club convened a special seminar at the recent conference on transport and logistics, Trans Russia in Moscow. Lead by TT Club’s General Manager, EMEA, Kevin King and Kirill Berezov from the insurer’s long-established Russian network partner
Debt-stricken Danish tanker operator Torm has posted its first quarterly net profit in five years thanks to higher freight rates. The company swung to a net $8.6 million profit in January-March compared with a net loss of $222.6 million in the first quarter last year.
Hapag-Lloyd generated a profit in the first three months of this year, and concluded the first quarter with a profit of EUR 128.2 million (prior year period: EUR -119.1 million). EBITDA reached EUR 283.6 million (prior year period: EUR 2.9 million) and the underlying EBIT was EUR 160
Canada to Northern Europe connection sails May 22 Global non-vessel operating common carrier (NVOCC) and ocean freight consolidator CaroTrans today announced a new weekly less than container load (LCL) service from Montreal to Le Havre, France. This direct service has a 14 day transit.
German container line Hapag-Lloyd has defied the challenging market environment in the containership market and returned to profit in the first quarter of 2015 euros as a stronger dollar and lower bunker prices helped to offset weaker freight rates.
Rates for capesize bulk carriers, which climbed to their highest since at least January on Wednesday, are likely to remain steady next week on tighter tonnage supply, ship brokers said. That comes as charterers could hold back cargoes to cool this week's rise in freight rates
Crude oil tanker market sentiment weakened in April as average spot freight rates dropped on most reported routes, OPEC said in its latest monthly report. On average, dirty tanker freight rates were down 8% from the month before
Shipping freight rates for transporting containers from ports in Asia to Northern Europe dropped 23.6 percent to $658 per 20-foot container (TEU) in the week ended on Friday, data from the Shanghai Containerized Freight Index showed. The drop in freight rates on the world's busiest shipping