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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


Hamburg Süd Christens San Class Containership

(l-r) Stefan Kirschner, Captain Nihat Ogun Eginlioglu, Sponsor Wietske Willemijn Wage, Peter Frederiksen, Silke Sehgal, Michael Britton and Konstantin Oetker (Photo courtesy of Hamburg Süd)

Hamburg Süd yesterday christened another containership in its San class, as the official naming ceremony of the newbuild San Clemente was held at the Marina Bay Cruise Center in Singapore, with customers and business partners. The San Clemente is one of Hamburg Süd’s series of


CEVA is SuperGroup's Freight Manager

SuperGroup is a distinctive branded UK fashion retailer

  CEVA Logistics, one of the world’s leading supply chain management companies, has been awarded a long term contract to provide freight management services to SuperGroup, owner of famous fashion brands including SuperDry. The contract award followed a competitive tendering process


Lynden to Provide Barge Service for Tulsequah Mine Project

Lynden Logistics, LLC signed a letter of intent with Chieftain Metals Corp. to provide barge services in support of the construction and production of the Tulsequah Mine in British Columbia. The services will include the barging of materials and supplies up the Taku River to the mine site and


OAO Sovcomflot’s 9M/Q3 2014 Results

  OAO Sovcomflot (SCF Group) today reported results for the nine months and third quarter (Q3) ended 30 September 2014.   Nine months 2014 – Financial Highlights (IFRS accounts) USD


Malgrain Named Executive VP of Bourbon

Photo courtesy of Bourbon

Nicolas Malgrain appointed executive vice president of Bourbon; joins group’s executive committee At a meeting on November 4, Bourbon’s board of directors appointed Nicolas Malgrain as executive vice president effective December 1, 2014


Asia-Europe Box Rates Drop 10 pct

File Photo: containership at dock

Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell by 10.4 percent to $1,175 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.


Hawaiian Market Growth Boosts Matson Q3 Results

Photo: Matson

Matson, Inc., a U.S. carrier in the Pacific, announced its results for the third quarter of 2014, in which it reported a net income of $21.5 million, or $0.50 per diluted share, compared with $17.2 million or $0.40 per diluted share in 2013, while consolidated revenue for the third quarter 2014


Paddling Boat Race Around the Island

Paddling Boat Race

    A paddling boat race will take place around Hong Kong Island on 16 November 2014 (Sunday). About 20 canoes and 6 rowing boats are expected to participate in the race. The boats will set off at 0815 hours at the south of Middle Island in a clockwise direction around Hong


S.Korea Ferry Captain Gets 36 years

The captain of a South Korean ferry that capsized in April killing 304 passengers was jailed for 36 years on Tuesday after a court found him guilty of negligence, but was acquitted of homicide for which prosecutors had sought the death penalty.


South Korean Ferry Captain Sentenced to 36 Years

Photo: South Korean Coast Guard

The captain of a South Korean ferry that capsized in April killing 304 passengers was jailed for 36 years on November 11, 2014, after a court found him guilty of negligence, but was acquitted of homicide for which prosecutors had sought the death penalty.  


Horizon Lines Terminating Puerto Rico Operations

Horizon Lines announced that it would cease providing liner service between the U.S. and Puerto Rico by the end of 2014 due to continuing losses without the prospect of future profitability. Sea-Land Service, Inc. ("Sea-Land") pioneered the marine container shipping industry and


MARAD Releases Port Planning and Investment Toolkit

New Toolkit Will Assist U.S. Ports in Securing Funding for Infrastructure Projects  The U.S. Department of Transportation’s Maritime Administration (MARAD) today released the first module of the Port Planning and Investment Toolkit, a manual designed to aid U.S


Asia-Europe Box Rates Drop Almost 21 pct

File Photo: containership underway.

Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell 20.5 percent to $934 per 20-foot container (TEU) in the week ended on Friday, a source with access to data from the Shanghai Containerized Freight Index told Reuters.


CaroTrans Assures Seamless Transport on US West Coast

CaroTrans Logo

  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


Rolls-Royce Releases Interim Management Statement

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  As announced on 5 November, Rolls-Royce has accelerated its cost reduction efforts and outlined additional restructuring charges that will reduce the expected underlying profit in 2014 and 2015 by around £60m in both years, subject to employee consultation






 
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