The Panel on 21st Century Freight Transportation published its final report on United States freight transportation, offering an assessment of its current condition with recommendations for strengthening nationwide infrastructure and U.S. economy. The panel, led by its Chairman, U.S. Rep John J. Duncan, Jr. (R-TN) and Ranking Member Jerrold Nadler (D-N.Y.), was founded by Full Committee Chairman Bill Shuster (R-Pa.) and Ranking Member Nick J. Rahall, II (D-W.Va.) in April 2013 to examine U.S. freight transportation, the role it plays on the nation’s economy and ways in which it may be improved, including financially, structurally and technologically. The Freight Panel offered to Congress a list of suggestions to “safely and efficiently meet the needs of freight movement in the 21st century:” Direct the Secretary of Transportation, in coordination with the Secretary of the Army and the Commandant of the U.S. Coast Guard, to establish a comprehensive national freight transportation policy and designate a national, multimodal freight network; Ensure robust public investment in all modes of transportation on which freight movement relies, and incentivize additional private investment in freight transportation facilities, to maintain and improve the condition and performance of the freight transportation network;
Crude oil tanker market sentiment weakened in April as average spot freight rates dropped on most reported routes, OPEC said in its latest monthly report. On average, dirty tanker freight rates were down 8% from the month before. Despite a stronger market seen in the VLCC sector, average dirty spot freight rates declined, influenced by the declines in Suezmax and Aframax freight rates.
BraemarTankers Ltd., Galbraith's Ltd., E.A.Gibson Shipbrokers Ltd., PVM Oil Associates Ltd. and Seascope Shipping Ltd. have formed Global Freight Forwards Limited. The company has been created initially to broker forward freight swaps for the tanker market segment in key trade routes. Contracts have been devised to meet multi-client needs and in response to Owners' and Charterers' requirements for freight protection without taking physical delivery.
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.
Business Unit to Now Offer Project Logistics and Global Freight Management Services to New Industries and more Geographic Locations. Crowley Maritime Corporation announced today that its recently acquired Houston-based, freight forwarding, export packing and logistics company, Jarvis International Freight, Inc., will transition into the company as a new branch of Crowley Logistics, offering project logistics and global freight management services to a wider array of industries and in more
Stifel Nicolaus Logistics Confidence Index suggests the current market remains weak, however the outlook is increasingly positive. The Stifel Nicolaus Logistics Confidence Index increased for the third consecutive month in January 2013, according to the latest industry study undertaken by Transport Intelligence. The overall index, an average of the current and expected situation, increased 0.8 points to 48.8 from 48.0 in the last month of 2012.
Freight Management Holdings Bhd (FMH) is targeting a double-digit growth in net profit for the financial year ending June 30, 2007. This is due to its new barge business and consistent contribution from its sea freight business. The company had in February acquired a 51% stake in Singapore-based TCH Marine Pte Ltd, paving the way for it to enter the barge and tugboat business. TCH is a provider of barge and tugboats
The US Internal Revenue Service (IRS) issued final, temporary and proposed regulations recently that significantly change certain requirements to claim the exemption from freight tax. In addition, the regulations clarify that certain activities will be treated as "incidental" to international shipping operations, meaning that income from these incidental activities can qualify for the exemption from freight tax. (Source: HK
Freight Investor Services (FIS), a broker of freight and commodity swaps, launched a mobile app that puts the freight and commodity swaps market in the hands of users, wherever they are. The app combines indicative market prices across the main freight and commodity groups with powerful graphing to display forward curves and historical spot prices. Also included are FIS daily reports for all markets, including closing curves, commentaries, spreads and ratios.
Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell by 10.7 percent to $1,198 per 20-foot container (TEU) in the week ended on Friday, a source with access to data from the Shanghai Containerized Freight Index told Reuters. It was the second consecutive week of falling freight rates on the world's busiest route. Container freight rates have so far increased in 10 weeks this year but fallen in 23 weeks.
Shipowners operating in the trans-Atlantic dry bulk market, where prices have been plumbing two-year lows on the back of acute vessel oversupply and shifting patterns in minerals demand, could be facing brighter days, according to the latest special report released by Platts
Baltex reaches breakeven level since start of 2015; Baltic previously faced broker opposition over platform. London's Baltic Exchange is studying a potential foray into commodities and is open to proposals on tie-ups as other exchanges attempt to boost volumes, its chief executive said.
Cantwell, Booker, Murray, Markey introduce freight investment legislation aiming to eliminate chokepoints at critical highway, rail, port and intermodal facilities to support economic growth, and reduce the impact of freight movement on communities
Striking ferry workers blocking access to Calais port in northern France agreed on Wednesday to let some boats through, partly lifting a blockade in its third day. Workers at ferry service MyFerryLink are trying to prevent job cuts after their company was sold to a Danish company
The Stifel Logistics Confidence Index for May indicated some improvements from April’s decline. In particular, the six-month outlook appears bright as airfreight gained 2.8 points to 63.4 and sea freight increased 2.1 points to 62.9.
Global non-vessel operating common carrier (NVOCC) and ocean freight consolidator CaroTrans announced a new weekly less than container load (LCL) service from Atlanta to major markets in Japan including: Tokyo, Yokohama, Kobe, Nagoya and Osaka.
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
It takes nonstop work to maintain America’s position in today’s global economy. Every day we compete against strong international rivals for demanding foreign and domestic customers. Thankfully, the American economy has a large-scale
The rapid expansion of container shipping capacity this year threatens to reverse the strong profitability ocean carriers showed in the first quarter, Drewry Shipping Consultants Ltd said. Carriers weathered a storm of low rates in the first quarter to deliver some of the best
Owners waiting for charterers to release July cargoes next week. Rates for very large crude carriers (VLCCs) on key Asian routes are set to soften early next week before rebounding on the first wave of supertanker charters from the Middle East to Asia in July's fixture
The dirty tanker market enjoyed a general improving sentiment in May for vessels in all reported classes on the back of high tonnage demand and increased activities. Clean tanker freight rates declined on average, mainly as freight rates reported on the West of Suez were weak
Euronav has entered into an agreement for the acquisition through resale of four VLCCs which are completing construction at Hyundai Heavy Industries for an aggregate purchase price of $384 million or $96 million per unit. The vessels are due to be delivered as early as September 2015, January
The Greek economy’s foreign currency revenues from shipping activities expanded 9.04 percent last year from 2013, reaching 13.18 billion euros, in spite of the country's financial woes, according to the annual report of the Association of Greek Shipowners (EEE).
Kestrel Liner Agencies, a pre-eminent ocean freight provider serving the Caribbean, has started offering capacity on the Haven Platform. Haven, the private marketplace for buying and selling ocean freight capacity. The new partnership offers shippers a growing selection of port pairs.
Striking French ferry workers blockaded the port of Calais on Tuesday morning, disrupting maritime traffic and Eurotunnel's undersea rail link with Britain in protest at restructuring at its MyFerryLink division, port officials said. Shipping halted early in the day