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
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).
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 (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 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
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
The Nigerian Shippers Council (NSC) has urged ports service providers to stop the collection of any illegal charges not statutorily approved, says a Council press statement. The council will continue to protect the interest of the Nigerian shippers by making the operating environment conducive for business. The council’s decisions as challenged by the service providers and upheld by a federal high court must be carried out with full compliance, says Ignatius Nweke
French seismic group CGG said on Thursday it would further cut its fleet of seismic vessels after declining demand from oil and gas clients hit by the falling oil price led it to record an impairment and one-time charges of $643 million in the fourth quarter.
DryShips Inc. and through its majority owned subsidiary, Ocean Rig UDW Inc., of offshore deepwater drilling services, today announced its unaudited financial and operating results for the fourth quarter ended December 31, 2014. Fourth Quarter 2014 Financial Highlights
Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell by 6.5 percent to $938 per 20-foot container (TEU) in the week ended Friday, a source with access to data from the Shanghai Containerized Freight Index told Reuters.
Norway listed dry bulk shipper Jinhui Shipping said the tough market that owners faced last year will become tougher in 2015. Dry bulk shipping market Environment continued to be weak despite global economic confidence has been improving in the fourth quarter of 2014.
Neptune Orient Lines (NOL) has sold APL Logistics (APLL) to Kintetsu World Express (KWE) for $1.2 billion in a stunning deal that gives the Singapore-listed group a net gain of more than $900 million. The KWE Group considers the establishment of a management base that can compete on a
The crews of the Coast Guard Cutters Capstan, Cleat and Chock are working this winter to break ice and maintain navigable waterways from the Delaware River, through the Chesapeake and Delaware Canal, down to Tangier Island, Virginia.
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, edged down slightly on Monday as rates for panamax vessels fell. The overall index, which gauges the cost of shipping resources including iron ore, cement, grain, coal and fertiliser
ISS GMT offers guidance to marine and offshore workers on Philippines’ International Passenger Service Charge ISS GMT Manila has issued clarification in respect of a change to the procedure for the collection of the International Passenger Service Charge which was introduced
Copenhagen Malmö Port (CMP) has engaged in a new collaboration to increase freight traffic by train to and from Northern Harbour. The new train service starts from the Netherlands and serves Malmö three times a week. Freight traffic by rail will now increase in Malmö and
A third dry cargo shipper has filed for bankruptcy this month following a collapse in freight rates to historic lows in what shippers call the worst market conditions since the 1980s. South Korea's Daebo International Shipping Co Ltd filed a court receivership, a form of corporate bankruptcy
Following the plunge in dry bulk freight market, shipping companies are banking on increased iron ore exports from Brazil to China and India to shore up freight rates, reports the Hindu Businessline. Hauling ore from Brazil to China will cost almost double than that from Australia
Weego launched the compact and portable Jump Starter Battery+ for the marine market. Weego is pocket sized and capable of starting boats, cars, trucks, motorcycles, ATVs and more, as well as charging phones, tablets, speakers and other USB devices
The TT Club has alerted the supply chain industry to a persistence of claims in a handful of loss types. The international transport, freight and logistics insurance provider said it has found that 66% of its claims by number and 62% by value over a five year period can be categorized into just
Our transportation network consists of different modes like roads, railroads, ship channels and ports. But when it comes to transporting food, building materials, bulk commodities, items used in manufacturing and finished products, each of those modes must be firing on all cylinders and in sync
Qatar Navigation (Milaha) Q.S.C. increased fourth quarter net profit 32.8 percent, the company announced today in its 2014 financial results. It will pay a 55% cash dividend for 2014, a value of 5.5 Qatari Rials ($1.51) per share. The company said it increased its net profit 10% in 2014