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
Marks & Spencer joined other multinationals from North America, Asia and Europe which have found in Drewry’s 150 sets of port region-to-port region container freight rates a valuable source of pricing benchmarks to help their transport procurement decisions. Due to the launch of the global container freight rate benchmarks and associated regional and global freight rate indices, Drewry is making the unique, industry-first freight rate data available on-line to subscribers at www
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
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
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
The Panama Canal Authority (ACP) requires that all vessels navigating in Panama Canal waters comply with the manning requirements in order to guarantee a safe and expeditious transit or docking maneuver at the ports located at both ends of the Canal.
Capstone Turbine Corporation, a clean technology manufacturer of microturbine energy systems, is expanding its product offering in the marine market and has appointed six Capstone marine distributors. Capstone marine microturbines, which run on cleaner and less costly liquid natural gas (LNG)
In a speech to be given at the TOC Container Supply Chain: Middle East Conference on December 9, Andrew Kemp, Regional Director EMEA of the freight transport insurance specialist TT Club will warn of the additional liability that freight forwarders and other logistics operators are open to as a
Lawyers for the Arctic 30 have started to lodge applications with Russia's Investigative Committee seeking exit visas for the non-Russian nationals. If the applications are approved, the foreign nationals would be allowed to leave Russia to await ongoing investigations into their Greenpeace
Two Greenpeace activists were today granted bail in St Petersburg, becoming the fourth and fifth of the so-called Arctic 30 to be told they will soon be released. Brazilian Ana Paula Maciels, 31, and David Haussmann from New Zealand, 49, from New Zealand were told they will be released from jail
Somali nationals Ahmed Muse Salad, a/k/a “Afmagalo,” 27, Abukar Osman Beyle, 33, and Shani Nurani Shiekh Abrar, 31, who were previously found guilty of piracy, murder within the special maritime and territorial jurisdiction of the United States, violence against maritime navigation
CaroTrans, a leading global NVOCC (non-vessel operating common carrier) and ocean freight consolidator, announced a direct, all-water LCL service from New York to St. Petersburg, Russia. This fortnightly service will commence on November 23 and has a 21 day transit
The National Freight Advisory Committee yesterday unanimously approved a recommendation to pass legislation that will ensure that the Harbor Maintenance Tax is utilized for its intended purpose - to keep the nation's harbors and channels dredged and maintained at their maximum authorized depth for
Drewry’s analysis of ocean carriers’ latest financial results shows significant changes in cargo market shares, but how much of it is due to service differentiation is unclear. Ocean carriers’ third quarter financial results reported so far reveal that the largest
E1100 Combustion Gas Analyzer Field-Replaceable & Pre-Calibrated Gas Sensors for O2 and CO Built-In Printer (Non-Thermal) Unbreakable Metal Probe Connectors Now with Bluetooth Wireless Communication The new E1100 Handheld Combustion Analyzer is a rugged unit
The U.S. Department of Transportation’s Maritime Administration (MARAD) today released a study on shipping patterns and industry costs that will help the United States prepare for the anticipated impact on its ports, waterways and intermodal freight systems from the Panama Canal expansion
Matson, Inc., a U.S. carrier in the Pacific, announced today that Matson Navigation Company, Inc. will raise its rates for the company's Hawaii service by $175 per westbound container and $85 per eastbound container, effective January 5, 2014
Matson, Inc., a U.S. carrier in the Pacific, announced that Matson Navigation Company, Inc. (Matson) will raise its rates for the company's Guam/Commonwealth of the Northern Marianas Islands (CNMI) and Micronesia services by $275 for both westbound and eastbound containers, effective January 26
In response to the Scottish Government's release of the 2014 pre-referrendum White Paper 'Scotland Future', shipping organization Maritime UK members suggest that the publication raises as many questions as it does answers. Maritime UK members have had constructive engagement with the Scottish
Hyundai Heavy Industries (HHI) has promoted Lee Jae-sung, from CEO to chairman, the position having become vacant when former chairman Min Kye-shik left the shipbuilder in December 2011, reports 'The Korea Times'. This is part of a management reshuffle designed to defy concerns over corporate