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Freight Charges

U.S. Cargo Preference Billing

The Office of the Inspector General (OIG) of the Department of Transportation released a report stating that the Maritime Administration (MARAD) is required to reimburse the Department of Agriculture (USDA) for “excess” ocean freight costs that food assistance programs incur in order to comply with cargo preference statutes. There is a dispute between MARAD and USDA regarding how to calculate the amount owed. USDA recently billed MARAD $379 million in excess freight charges. OIG reviewed the billing in accordance with Government Auditing Standards and concludes that MARAD owes USDA a total of $164 million, rather than the $379 million billed. Report Number FI-2004-057 (HK Law).


Ocean Freight Shipping Rates on the Rise

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


Master Charged with Operating Ship While Intoxicated

The Greek master of a commercial ship pleaded guilty and was charged Thursday with operating his vessel while intoxicated. Nikolaos Zografos was charged before a U.S. magistrate judge with being drunk while aboard the 580-foot freight ship Winner at St. John's Buoys, near Reserve, La. Zografos pleaded guilty to the charge and was sentenced to one-year probation, restriction from being a master or licensed officer on any vessel in U.S


TEN Reports 4Q Results

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18th consecutive year of profitability Company declares quarterly dividend of $0.15 payable in April 2011 Total dividends reach $333 million since 2002 NYSE listing 2010 HIGHLIGHTS - Voyage revenues of $408.0 million. - Operating income of $80.7 million, after vessel impairment charge of $3.1 million. - Net income of $19.8 million, after vessel impairment charge of $3.1 million. - EPS (diluted) of $0.50 ($0.58 per share excluding impairment charge). 


World Container Index (WCI) to launch in September

Drewry Shipping Consultants and The Cleartrade Exchange announced that the World Container Index (WCI), the first Europe-based assessment of container freight rates and index production, is scheduled for launch in September 2011. The index will be designed to provide a new and important facility for the global market to hedge their freight rate risk and see major improvements in forward price discovery through the container derivatives market.


Irish Continental Group Release 2012 Results

Irish Continental Group (ICG) produced another resilient performance in the face of continued economic weakness, which affects both consumer travel and import/export trade flows, the two areas of economic interest for the Group. During the year, the Group announced and completed the sale of its subsidiary Feederlink. Revenue for the year from continuing operations was up 1.7% at €256.1 million while continuing EBITDA  was down 3.2%, to €45


Fratelli Cosulich Celebrates 150 Years in Shipping

Fratelli Cosulich is celebrating 150 years in shipping during 2007. The Euro600m turnover global group began as a shipowner in 1857 and today has diversified interests in shipowning, liner, tramp, yacht and cruise agency, ship management, bunkering, freight forwarding and NVOCC, travel agency, trading and IT. The group employs about 350 people in six offices in Italy and 10 offices abroad. There are subsidiary companies


NOL Reports Shipping Business EBIT Turnaround in Q2 2012

Singapore's Neptune Orient Lines (NOL) Group reports US$57 million Year-on-Year improvement in Core EBIT. Excerpts from the financial report follow: NOL Group report second quarter 2012 Core EBIT (Earnings Before Interest and Taxes) of US$16 million, a US$57 million turnaround in the key profitability measure from a year ago.  NOL’s container shipping line, APL, reported second quarter Core EBIT of US$7 million


Commissioner Doyle: China Clarifies VAT

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Last week Commissioner William P. Doyle of the Federal Maritime Commission (FMC) briefed the full Commission with a report on his work seeking clarity and certainty on the People’s Republic of China’s (PRC’s) implementation of the Value Added Tax (VAT) as it relates to maritime commerce. Doyle informed the Commission that the Chinese government was expected to clarify its position on the VAT that has confused the shipper and carrier communities


Capt Sarveen Narula, Promoted as Director of SCI

Capt Sarveen Narula

  Capt Sarveen Narula, has taken over as Director Liner and Passenger Services of The Shipping Corporation of India Limited (SCI) from 01 May 2014. Capt  Sarveen Narula has more than 35 years of Maritime Experience  both afloat and ashore. He has had more than 7 years command experience on several type of ships including Tankers, Bulk Carriers, Cargo ships and Container ships.   He has extensive shore experience in  various aspects of Liner and Passenger


Double Solar Storms Headed to Earth

Solar storms heading to Earth

A rare double burst of magnetically charged solar storms will hit Earth Thursday night and Friday, raising concerns that GPS signals, radio communications and power transmissions could be disrupted, officials said on Thursday. Individually, the storms, known as coronal mass ejections, or CMEs


Asia-Europe Container Freight Rates Fall 6.6%

Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell by 6.6 percent to $1.055 per 20-foot container (TEU) in the week ended on Friday, one source with access to data from the Shanghai Containerized Freight Index told Reuters.


Vale, Cosco to Cooperate on Iron Ore Shipping

Brazilian miner Vale SA reached a deal with China Ocean Shipping Co (Cosco) for transporting iron ore, a move that could help the Brazilian miner resolve a costly two-year ban on docking its mega-ships at Chinese ports. Vale said in a statement that it would transfer ownership of four very


USDOT Award Tiger Vl Maritime Grants

Kurt Nagle: Photo credit AAPA

American Association of Port Authorities
 (AAPA) say that after evaluating 797 applications totaling requests for $9 billion for FY 2014 Transportation Investment Generating Economic Recovery (TIGER) grants, U.S. Department of Transportation (USDOT) Secretary Anthony Foxx has announced 72 awards


CEVA Expanding Presence in Southern California

  CEVA Logistics, one of the world’s leading supply chain management companies, today announced plans to expand its presence in the San Diego market with a new Freight Management and Logistics facility totaling 125,000 sq. ft. (11,612 sqm.) and 23 dock doors.


SeaProcurement Version 2 Now Available

iMarine Software announced today the release of SeaProcurement (SeaProc) Version 2, the next generation of eProcurement systems specifically targeting the marine industry. “Typical corporate software systems can be expensive to license and support,” said Issa Odeh


NZ Interislander Ferry to Dry-dock in Devonport

Aratere: Image courtesy of KiwiRail

NewZealand's KiwiRail says that the Interislander ferry Arahura has left Wellington for her scheduled bi-annual dry-docking in Devonport, having last visited Auckland in July 2012. Docking is being undertaken at the Devonport Dockyard under the management of Babcock’s New Zealand


Russia's Shipping Major Reports Strong 1H 2014

Tankship: Photo SCF

OAO Sovcomflot (SCF Group), Russia’s largest shipping company and a global leader in seaborne energy transportation and offshore services, has announced its financial and operating results for the six months ended 30 June 2014.   Highlights:


Drewry Publish Latest Reefer Shipping Report

Report frontispiece: Image DMR

Drewry Maritime Research advises that it has just published it's latest Reefer Shipping report, which has new and improved content on the containerised segment of the market, providing a balanced analysis of the whole market, both specialised and containerised.


MOL Comfort Loss: ClassNK Report Due Soon

MOL Comfort prior to sinking: Photo India Coast Guard

Japanese ship classification society ClassNK says that in response to the casualty of containership “MOL COMFORT” which occurred on 17, June 2013, it established an 'Investigative Panel on Large Container Ship Safety', comprised of leading experts from shipbuilders


Today in U.S. Naval History: September 4

USS Burton Island (AGB-1). USCG photo

Today in U.S. Naval History - September 4 1804 - USS Intrepid (LT Richard Somers) blew up in failed attack on Tripoli 1941 - German submarine, U-652, attacks USS Greer, which was tracking the submarine southeast of Iceland. Greer is not damaged, but drops depth charges, damaging U-652.


Timeline: BP Oil Spill Litigation

Boom in use around the port of Bayou La Batre, Alabama - May 2010 (Photo: BP)

BP Plc was found "grossly negligent" on Thursday by a federal judge in connection with its role in the 2010 Gulf of Mexico oil spill. The decision by U.S. District Judge Carl Barbier in New Orleans, who oversees litigation related to the disaster


GNS Launches First Vessel Management System

At SMM in Hamburg, Germany this week, Global Navigation Solutions (GNS), the maritime services group, is launching its Vessel Management Service (VMS), the first integrated management system for total navigation compliance, to give shore-based ship managers more control of navigation compliance


GNS Launches Free E-Navigation Solutions

At SMM in Hamburg, Germany this week, Global Navigation Solutions (GNS), the maritime services group announces the launch of (i) its new free Essentials package, as well as (ii) an upgrade to the Voyager Planning Station dashboard, and (iii) a new bundle purchasing option. Essentials Package


Dedicated Recruitment Day at SMM 2014

Expo entrance: Image SMM

SMM, Hamburg, Expo says it recognises that the competitiveness of a company depends largely on its employees, and consequently has dedicated 12, September as a recruiting day, providing a venue to bring potential employers and employees under one roof.






 
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