Malaysia reportedly may set up a second national shipping line to help reduce freight charges between the peninsula and the states of Sabah and Sarawak on Borneo island, as traders in the two east Malaysian states had complained about high freight costs. "The proposal has come from the Ministry and the Cabinet is actively studying it," an official said. Malaysia International Shipping Corp., controlled by state oil firm Petronas, is currently the country's sole national shipper.
Baltic Exchange shareholders on Monday approved an 87 million pound ($112 million) takeover by Singapore Exchange for one of London's oldest institutions, in a deal that will give SGX access to the multi-billion-dollar freight derivatives market. The proposed transaction, unanimously recommended by the Baltic's board last month, was approved by shareholders at a general meeting in the historic City of London. It will now need regulatory approval
Creole Spirit launched to sea 87 days after keel laying Teekay’s first M-type, Electronically Controlled, Gas Injection (MEGI)-powered LNG vessel, Creole Spirit, was floated out at the Daewoo Shipbuilding & Marine Engineering (DSME) shipyard in South Korea on May 29. The vessel is on charter contract with Cheniere and is expected to enter service early 2016, making it the most efficient LNG ship on the water with the lowest unit freight cost in the world fleet.
Shipping's most volatile market, the Caribbean upcoast trade, has plummeted in the last few days to levels not seen since last November and freight costs are now less than half of what they were just two weeks ago, brokers said on Tuesday. But they were also quick to point out that this was merely a normal part of the yearly cycle as refinery turnarounds start to bite into the supply-demand balance. "Every April for the last three years the Aframax (70
Russia'sNorilsk Nickel - a big metal producer -- has finished a feasibility study of a project to use nuclear submarines for ore shipments, which once started will cost $80 million, Norilsk's chairman said. "The feasibility study has been prepared and now the board of directors has to approve spending of up to $80 million for its implementation," Yuri Kotlyar said. "But even then the decommissioning of the submarines should be sanctioned by the state."
Teekay’s first M-type, Electronically Controlled, Gas Injection (MEGI)-powered LNG vessel, Creole Spirit, has sailed out from the Daewoo Shipbuilding & Marine Engineering (DSME) shipyard for sea trials. Creole Spirit is Teekay’s first of nine LNG newbuildings equipped with dual fuel two stroke MEGI engines from MAN Diesel & Turbo. The engines were installed shortly after the ship’s keel was laid in March.
Brazilian miner Vale has completed the sale of four other large iron ore carriers to China Ocean Shipping Company (Cosco), which was agreed last September. This transaction is related to the agreement signed with Cosco on September 12, 2014. The transaction amounted to 445 million dollars and the amount will be received by Vale upon delivery of the vessels to Cosco, which is scheduled to take place in June 2015.
Ports of Auckland, Napier Port and Icepak today announced the formation of a joint-venture to develop a new inland port and intermodal freight hub at Longburn, Palmerston North and to target Growth in Manawatu-Whanganui Region. Located on the site of the old Longburn freezing works owned by Icepak, the venture will see the nine hectare site transformed into a significant intermodal logistics and manufacturing hub.
India-Australia vessels booked despite higher freight costs; Chevron moving 1-2 cargoes a month to Australia. Indian diesel cargoes are being shipped to Australia in a rare move as rising competition from new Middle East refineries has made it more difficult to land the fuel in India's core traditional markets in Europe and Africa. Diesel is typically shipped to Australia from North Asia or Singapore as freight rates for the India-Australia route can cost as much as 50 percent more
Of 98 container ships, 44 blocked from ports. U.S. firms take legal action over unpaid bills. Roughly half of Hanjin Shipping Co Ltd's container vessels have been blocked from ports since the South Korean firm's collapse, putting manufacturers and their customers increasingly on edge about the fate of cargo and spikes in freight costs. Woes for world's seventh-largest container shipper have only deepened since its banks withdrew support and it filed for court receivership this week
Toll Group announced it is investing $170 million to build two new ships to support trade between Victoria and Tasmania and to meet the demands of continued growth. The new, purpose-built ships, operating between Burnie, Tasmania and Melbourne, Victoria
The American Association of Port Authorities (AAPA) today lauded leaders of the Senate Committee on Environment and Public Works (EPW) and the Senate’s Transportation and Infrastructure (T&I) Subcommittee for their success in advancing S
Korean Hanjin Shipping's filing for receivership reflects an unsustainable supply-demand imbalance in container shipping, Fitch Ratings says. "We expect more defaults and M&A activity in the short and medium term but these will only restore equilibrium and boost
Ocean Carrier CMA CGM reported a net loss of $128 million for the second quarter of 2016, compared to a net gain of $156 million for the second quarter of 2015. Its revenue declined to $3.5 billion ($3.3 billion excluding the contribution from Singapore’s Neptune
The cost of transporting containers from ports in Asia to Northern Europe and the United States jumped this week after the collapse of South Korean Hanjin Shipping Co Ltd. Container spot freight rates on the world's busiest routes from Asia to Northern Europe jump 36
Some 44 of Hanjin Shipping Co Ltd's ships have been so far denied access to ports while 1 ship has been seized, Reuters reports quoting a company spokeswoman. The 44 ships include instances where port service providers such as lashing firms have denied service
The dry bulk commodity imports into and exports out of China we have seen in the first half of 2016 are very positive – and nothing short of extraordinary, says BIMCO. But, putting it into perspective, compared to the devastating freight rate levels over the same period
About 10 Hanjin vessels effectively seized at China ports; Court says plans to start rehabilitations proceedings soon. Hanjin Shipping Co Ltd vessels have been seized at Chinese ports in the wake of the South Korean firm's collapse, further roiling the industry as freight rates jump and
Following markedly slow growth of just 3.5% in 2015 due to decreased rental demand, the global leased container equipment operating fleet is forecast to increase by little more than 1% in 2016, according to the latest edition of the Container Leasing Industry Annual Report 2016
German container shipping line Hapag-Lloyd expects to reap a third of targeted annual synergies of $400 million from the planned merger with Arab rival UASC already next year, chief executive Rolf Habben Jansen told investors on Friday. Addressing a shareholders meeting which will decide on
Asia’s largest container shipping company China Cosco Holdings Co posted a net loss of Yuan7.2bn ($1.1bn) for the first six months of 2016, reversing the Yuan2bn net profit seen during the same period last year as excess capacity dragged down cargo rates.
Africa's biggest shipping group Grindrod reported a first-half loss on Thursday, pressured by low global growth and declining dry bulk shipping rates but it expects demand for commodities to pick up this year. Africa's biggest shipping group, which is present in 37 countries worldwide
BG Freight Line, a fully owned subsidiary of Peel Ports Group, is to receive new tailor-made short sea container feeder vessels optimized for the company’s Irish Sea Hub services. The new class of ‘green’ vessels has been developed by BG Freight Line operation with
The Baltic Exchange board has unanimously backed a takeover bid from Singapore Exchange Ltd , a deal that will give SGX access to a trading platform for the multi-billion dollar freight derivatives market. On Aug. 4, SGX offered shareholders in London's privately owned Baltic Exchange 160
Vishakhapatnam Port is poised for major expansion, with the Minister for Shipping, Road Transport and Highways Nitin Gadkari inaugurating several projects during his visit to the port, says government press release. The Minister inaugurated a Container Freight Station of 1 lakh TEU