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).
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
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
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.
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
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).
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
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
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. NOLs container shipping line, APL, reported second quarter Core EBIT of US$7 million
DUBLIN, IRELAND, Mar 15, 2011 (MARKETWIRE via COMTEX) --TBS International plc (NASDAQ: TBSI) announced today its financial and operating results for the fourth quarter and year ended December 31, 2010. Management Commentary: Joseph E. Royce, Chairman, Chief Executive Officer and President stated: "The TBS results for the fourth quarter 2010 reflect the ongoing downward pressure on dry cargo freight rates that have continued into the first quarter of 2011
The Coast Guard announce the selection of the next Master Chief Petty Officer of the Coast Guard – Master Chief Petty Officer Steven Cantrell. Master Chief Petty Officer Steven Cantrell is the current Atlantic Area Master Chief and will relieve the current MCPO-CG, Michael P
March 6 marks the start of a new service from Los Angeles gateway. CaroTrans, a global NVOCC (non-vessel operating common carrier) and ocean freight consolidator, has announced a new weekly, direct, all-water LCL (less than container load) service from the U.S
South American Company Agrees to Plead Guilty to Price Fixing on Ocean Shipping Services for Cars and Trucks. First Charges in the Department’s Antitrust Investigation Involving Ocean Shipping Services; Conspiracy Affected Global Cargo Shipments, Including at Port of Baltimore.
Reuters – Chilean shipping firm Compania Sudamericana de Vapores has agreed to plead guilty to a price-fixing conspiracy and pay an $8.9 million criminal fine to the U.S. government, the U.S. Justice Department informs. The Justice Department's anti-trust prosecutors said in a
Welcoming the proposal, the Coalition for America’s Gateways and Trade Corridors (CAGTC) says it applauds the Administration’s vision for improving the multimodal freight network to support American businesses and national competitiveness in the world marketplace.
A U.S. federal judge on Wednesday denied BP Plc's request to halt payments from the $2.3 billion fund it created to compensate commercial fishermen for financial losses after the British company's 2010 offshore oil spill, according to court records.
Q4 net profit falls to $936 mln vs $808 mln forecast; Company will issue bonus shares. Danish shipping and oil group A.P. Moller-Maersk said 2013 net profit fell less than expected thanks to higher earnings at container shipping business Maersk Line
Sentina Corp, a New York-based producer of protective cargo coverings, says it has been awarded the designation of 'Qualified Anti-Terrorism Technology' under the Department of Homeland Security's Safety Act for its Freight Glove, a reusable, vacuum-sealable, and tamper-evident covering.
The London P&I Club has increased its membership by almost two million gross tons over the past year. This increase reflects the entry of further tonnage with the club by existing members, and the addition of new members from China, Greece, Singapore, Turkey, and the U.K.
Reuters - Hungarian oil group MOL's net profit halved in the fourth quarter due to a squeeze on gasoline margins as well as big impairment charges related to its Croatian assets and the shutdown of a refinery in Italy. MOL's upstream business however performed relatively well
The International Organization of Masters, Mates & Pilots (MM&P), says 35 U.S. anti-piracy ship crew members are being treated unfairly, following the arrrest of their ship, 'Seaman Guard Ohio', describing it as 'an outrage' that they are being subjected to inhumane conditions in an Indian
By Medina Roshan, Reuters Defense lawyers for the Saudi man charged with masterminding the 2000 USS Cole bombing that killed 17 American sailors argued on Friday he should not face the death penalty because the murders were not premeditated.
As expected, 2013 did not bring significant changes to the evolution of the world economy and consequently the rate of growth of world trade. With regard to the maritime freight market, the same situation of imbalance between supply and demand continued with a consequent reflection in value of
Group narrows net loss; lifted by $470 million (USD) cost savings and building sale. NOL Group today reported a 2013 net loss of $76 million, improving 82 percent from a $412 million loss the previous year. The group’s full year financial results were helped by a non-recurring $200
The U.S. Coast Guard (USCG) rescued a 54-year-old man, who was suffering from medical issues while aboard a 655-foot freight ship approximately 150 miles southwest of Tampa, Wednesday. At approximately 9:24 a.m., watchstanders at Coast Guard Sector St. Petersburg, Fla