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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


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


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.


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). 


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


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


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


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


The Economic Impact of Inland Waterway Investment

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A recently released study entitled INLAND NAVIGATION IN THE UNITED STATES evaluates the economic impacts and the potential effects of infrastructure investment on our economy. The comprehensive, 98-page document was prepared by the University of Kentucky and the University of Tennessee in November


Oil Prices Retreat from Short-covering Rebound

Global crude prices fell more than $1 a barrel on Thursday, retreating from a short-covering charged rally as traders bet the market had not shaken off a six-month long rout on oversupply concerns.   Traders also cited a Bloomberg report that a port workers' union in Nigeria had ended its


Transpacific Container Shippers Plan Price Rise

File photo: containership at dock.

A container shipping organisation urged companies on Wednesday to raise Asia-U.S. freight rates by at least $600 per 40-foot container (FEU) from Jan. 15, corresponding to an increase of 26.6 percent from the current level. The Transpacific Stabilization Agreement (TSA) said the planned


Transpacific Box Shippers Plan Freight Rate Rise

Photo: Maersk Line

A container shipping organisation urged companies on Wednesday to raise Asia-U.S. freight rates by at least $600 per 40-foot container (FEU) from Jan. 15, corresponding to an increase of 26.6 percent from the current level.   The Transpacific Stabilization Agreement (TSA) said the planned


INTERTANKO Launches ECA Bunker Surcharge Clauses

Photo: Teekay Tankers

INTERTANKO’s documentary committee has launched bunker surcharge clauses for Emission Control Areas (ECA).   Rising bunker prices due to rising oil prices and volatility in global politics can have a dramatic effect on trade as they fluctuate not just day to day, but also port to port


Maersk: Rate Hike Under Pressure on Low Demand

Image: file photo

Container shipping firm Maersk Line said a fresh attempt made on Monday to raise freight rates on main routes from ports in Asia to those in northern Europe was already under pressure due to weak demand from shippers. Maersk Line, a unit of Danish conglomerate A.P


China Adds 9 Shipyards to Favored 'White List'

Photo: China Shipbuilding Industry Corporation

China has added nine shipyards to its "white list" of firms deemed worth of favourable policy support, as it attempts to tackle overcapacity that has weighed on the global shipping market.   In September, it published a list of 51 yards which it later cut to 50


Asia Dry Bulk-Capesize Market 'Imploding'

Capesize rates fall to six-year lows; rates below ship operating costs, according to accountancy firm. Rates for capesize bulk carriers on key Asian routes, which crashed close to six-year lows on Wednesday, will continue their inexorable fall in the face of few fresh cargoes, brokers said.


China Names 9 Shipyards for 'Favorable' Treatment

China has added nine shipyards to its "white list" of firms deemed worth of favourable policy support, as it attempts to tackle overcapacity that has weighed on the global shipping market. In September, it published a list of 51 yards which it later cut to 50


Revised Port Tariffs for Darwin

The [Northern Territory] Government has approved the following changes in the [Darwin] port tariffs: * introduction of a fixed berthage charge of $2,000 per call (ex GST); * 15% increase to the daily berthage tariff from the current $0.2545 to $0.2926 per GRT per day (ex GST);


Noble Pleads Guilty to Enviro Charges Surrounding Kulluk

Noble Drilling (U.S.) LLC was charged with environmental and maritime crimes for operating the drill ship Noble Discoverer and the drilling unit Kulluk in violation of federal law in Alaska in 2012, the Department of Justice announced. Under the terms of a plea agreement filed in federal court


Austrian Port of Linz to Grow with EU Support

EU's TEN-T Program will support with over $1,043,000 development studies for the port of Linz. The project aims to increase the port's capacity to receive larger inland water, rail and road transport flows.   The Port of Linz, located in Austria's third largest city


Asia-Europe Container Freight Rates Fell 2.7 pct

Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell 2.7 percent to $719 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.


ClassNK Launches Technical Reviews

  Accessing the latest research findings or information on new technologies and incoming regulations as they emerge can prove challenging. To help make access easier, leading classification society ClassNK (Chairman and President: Noboru Ueda) announced the release of its technical review


Schlumberger to Take $1 bln Restructuring Charge in Fourth Quarter

Schlumberger Ltd, the world's No.1 oilfield services provider, said it would take a $1 billion charge related to jobs cuts and the writedown of some seismic vessels as it trims its operations in response to slumping oil prices. The company expects a pretax charge of $200 million in the fourth






 
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