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.
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."
Sherborne Sensors Limited announced the establishment of Sherborne Sensors, Inc., a fully dedicated sales, marketing, logistics and support entity, now serving a growing number of customers throughout the United States, Canada and Mexico. From its offices in Mahwah (Bergen County), N.J., USA, Sherborne Sensors, Inc., is providing a number of enhanced local service offerings, including reduced product lead times and freight costs; real-time order fulfillment and applications engineering
The U.S. will become more dependent on tanker-borne petroleum imports in coming years, coinciding with a ship shortage which will push freight costs sharply higher, energy and tanker analysts said on Wednesday. "Products imports are playing a bigger swing role in the U.S. than ever before," Paul Horsnell of Oxford Institute of Energy Studies said. "They're becoming a structural feature of the U.S. system." Horsnell told members of the tanker owners' organization Intertanko
When OPA 90 was introduced in wake of the Valdez accident, the stipulation that tankers trading in the U.S. must be double hulled was roundly panned throughout the world, as industry experts bemoaned the fact that one country have such a deciding impact on vessel design. How soon they forget. Ten years and a few tragic sinkings off European shores have let to Italy's sudden plan to ban single-hulled tankers from seven key port areas
The Maritime Administration (MarAd,) with the Export-Import Bank, has developed a program to provide added incentives for the commercial public to ship their United States export cargo on U.S.-flag vessels. Under this program, the Ex-Im Bank provides guaranteed working capital loans for transportation-related cost associated with the export move that is carried on a U.S.-flag vessel. Such transportation costs could include ocean freight, marine insurance, export packing, trucking
High fuel costs, low freight rates conspire to create tough 1Q NOL Group, the Singapore-based container shipping and logistics company, reported a first quarter 2012 net loss of 254 million compared to a net loss of $10 million in the same period last year. NOL said high fuel costs and low freight rates in container shipping affected first quarter 2012 performance. NOL said that in the first quarter of 2012 it achieved about $100 million of cost savings under its ongoing
The American Association of Port Authorities today sent a strong message to Congressional Senate, House and Committee leaders, urging them to "take swift action" to avert a rail strike on Dec. 6, which would lead to a discontinuation of freight rail service, potentially costing American businesses and consumers $2 billion a day. "Railroads are a vital component of the freight transportation system and are critical to international trade and goods movement
Bloomberg reported that Neptune Orient Lines Ltd. and 11 of the largest shipping companies plying the Pacific Ocean said costs of moving cargo to the U.S. in 2006 will rise 7 percent on higher fuel prices, which may spur them to raise freight rates. The cost of transporting containers by trucks and railways will increase as much as 25 percent, the 12-line Transpacific Stabilization Agreement, whose members ship about 70 percent of trans-Pacific trade, said in a statement today.
The U.S. Department of Transportation’s Saint Lawrence Seaway Development Corporation (SLSDC) today joined the Port of Cleveland in announcing the launch of the Port of Cleveland’s Express Ocean Freight Service. The new service will run between the Port of Cleveland and Antwerp
Although US refined products exports largely underpin medium-range (MR) product tanker demand in the Atlantic Basin, there is little evidence of similar stability in US Gulf – UK Continent (TC14) freight rates, find shipping industry advisors Poten & Partners in a recent study
A significant majority of shareholders in Chilean shipper Compania SudAmericana de Vapores lent their support to the firm's merger with Germany's Hapag-Lloyd, allowing the agreed deal to clear a hurdle. The deal to create the world's No
Little change occurred in the latest monthly Stifel Logistics Confidence Index. Slipping only 0.1 points from 57 in March to 56.9 this month, the overall index did however favor improvements in the present situation increasing 1.6 points to 51.8
Deutsche Post expects its DHL forwarding business to be granted immunity from prosecution and fines by Singapore antitrust authorities, who are investigating 11 companies for alleged price fixing, the German logistics company said.
Jochen Gutschmidt, head of global transport procurement at Nestle, asked the Global Liner Shipping Conference in Hamburg last week: “Why is cargo waiting in Asia for two weeks?” Using data from Drewry’s latest 'Container Forecaster', just published
Specialist transport insurance provider, TT Club has appointed a network partner in The Philippines. Del Rosario Pandiphil Inc. becomes the seventh such partner that the international logistics and freight handling insurer has in the Asia-Pacific region
Prices for new dry freight containers increased in the opening months of 2014 for the first time in two years, observes Drewry's latest 'Container Leasing and Container Census'. Standard box prices declined gradually throughout 2013, falling by late in the year to their lowest point since 2009
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, dropped for a 14th straight session on Friday, driven mainly by falling capesize rates. The overall index, which factors in the average daily earnings of capesize, panamax
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Thursday for a 13th straight session as vessel rates continued to soften. The overall index, which factors in the average daily earnings of capesize, panamax
Drewry’s latest Container Equipment Insight, exclusive to subscribers of Drewry’s Container Leasing and Container Census reports, saw prices for new dry freight containers increase in the opening months of 2014 for the first time in two years.
The Baltic Exchange main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell on Wednesday for a 12th straight session on weak rates for capesize vessels. The overall index, which factors in the average daily earnings of capesize, panamax
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell for an 11th straight session on Tuesday, mainly driven by a heavy drop in capesize vessel rates. The overall index, which factors in the average daily earnings of capesize, panamax
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell for a tenth straight session on Monday as vessel rates continued to fall. The overall index, which factors in the average daily earnings of capesize, panamax
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell for a ninth straight session on Friday on lower vessel activity. The overall index, which factors in the average daily earnings of capesize, panamax