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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, 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


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


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

Nigerian Shippers Council Bans Illegal Port Charges

Picture Courtesy: Nigerian Shippers Council

 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

India Takes Nigerian Oil Despite Shipping Concerns

India's HPCL awarded another tender to buy with Nigerian crude oil despite its concerns about shipping from the West African nation.   The refiner awarded a tender to buy November loading oil to Chevron, traders said, likely with Usan crude oil and either Agbami or Brass.  

Weaker Capesize Demand Pulls Down Baltic Index

Photo: Alex Sergienko

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry-bulk commodities, fell on Wednesday, primarily due to lower demand for capesize vessels.   The overall index, which factors in average daily earnings of capesize, panamax

Asia Dry Bulk-Capesize Rates Impacted by China Holidays

Weak holiday demand to pressure rates lower. Rebound seen after China returns to market on Oct 8. Freight rates for capesize bulk carriers could come under pressure next week as lower cargo volumes due to holidays in China thwart shipowners efforts to push rates higher, ship brokers said.

P&I Clubs Welcome Changes on Container Weighing

UK P&I Club, a shipping protection and indemnity mutual insurers, and TT Club, an  international transport, freight and logistics insurance provider, have welcomed the amendment to the Safety of Life at Sea Convention (SOLAS) from the International Maritime Organization (IMO) on the

Leaders Call on Canadian Marine to Grow Economy

Robert Lewis-Manning (Photo: CSA)

The Federal Election is an important opportunity to boldly support the marine industry as a means to sustainable Canadian growth. During this election and post-election period, political leaders are urged to build upon Canadian domestic shipping for the Canadian economy and sustainable economic

Vietnam Plans to Make Freight Tariffs Public

Image: Vietnam Maritime Administration

 The Vietnamese government is considering implementing a new decree that would require shipping companies to publicize their freight tariffs (including surcharges and commissions paid to brokers).   Several foreign logistics companies have expressed concern about the proposal. 

China Probes Shipping Lines

Image: Ningbo Port Group

Seven of Chinese state departments are investigating four local shipping companies over allegations that they have levied arbitrary and excessive charges for port services following complaints from foreign trade firms, reports Reuters.  

Greece Eyes Shipping Money

Theodore Dritsas. Photo Credit: Tovima

Greece's returning Prime Minister Alexis Tsipras decided to break up the "super-Ministry" of the Economy, Shipping and Tourism.   The shipping portfolio was handed to Theodore Dritsas who will head a stand-alone Ministry of Shipping

Asia-Europe Box Rates Drop 31 pct

A Maersk containership in port (file image)

Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell 31 percent to $313 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.

Asia-Europe Rates Further Contract

Photo: Maersk Line

 Major container shipping rates plummeted again this week, with declines on the trunk Shanghai-Europe routes falling at record amounts,  says Shangahi Containerised Freight Index (SCFI).   A eport in ASC  says that the SCFI for Far East to North Europe dropped by a staggering

Baltic Sea Freight Index Remains Flat

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, remained unchanged on Monday.   The overall index, which factors in average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels

Calif. Forum Examines Transport ‘Beyond Traffic’

Paul “Chip” Jaenichen (Photo: MARAD)

Maritime Administrator Jaenichen, Vice Mayor Lowenthal Host Town-hall style Forum on Beyond Traffic Framework   U.S. Maritime Administrator Paul “Chip” Jaenichen and Long Beach Vice Mayor Suja Lowenthal today hosted the third of 11 nationwide regional forums on the Beyond

Slower China Growth Hurts Global Shipping Sector: Fitch

Image: China Ocean Shipping Company

 China's slower growth and economic transition will pose significant risks for the already struggling shipping sector, rating agency Fitch said.   The shipping sector is already faces overcapacity, weak freight rates and stretched financials.  

Another Japanese Bulk Shipper Seeks Bankruptcy Protection

Daiichi Chuo liabilities total $1.5 bln. Second dry bulker to seek bankruptcy protection this month. Japanese bulk carrier Daiichi Chuo Kisen Kaisha said on Tuesday it had filed for protection from creditors - the second shipper to do so this month - with analysts predicting more failures if

East-West Shippers' Contract Rates Falling -Drewry

Ocean freight rates for cargo moving under contracts on the major East-West routes have seen a sharp reduction since the beginning of the year, according to Drewry’s Benchmarking Club, a closed user group of multinational retailers and manufacturers who closely monitor their contract freight

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