Shares in Finnish shipping company Finnlines plunged on Wednesday after it said 2000 profit would be worse than expected due to tough competition, higher oil prices and strikes hindering business. On Wednesday shares were trading down 12.5 percent at 23.99 euros, under-performing already soft Helsinki shares. In February Finnlines posted a 1999 profit before extraordinary items of 67.3 million euros ($64.46 million) and said the outlook for 2000 was uncertain due to factors such as tighter competition and a drop in import volumes. Finnline’s released statement, reads in part as follows: A strong imbalance exists between exports and imports of unitized cargo in Finland. Since the company has wished to maintain its export service at the level requested by its customers, no measures have so far been taken to reduce cargo capacity. Competition for imported freight has led to unhealthy price levels. The volume of Russian transit traffic has remained low. The continuing high price of oil has raised operating costs significantly and it has been possible to transfer only a small proportion of these costs to freight prices owing to the intense competition. Ongoing industrial actions in Finland have caused substantial harm to the maritime industry and port operations. Sympathy strikes have been held at Finnish ports since March 14, 2000 to expedite negotiations in a dispute involving bus drivers in Tampere
Marks & Spencer joined other multinationals from North America, Asia and Europe which have found in Drewry’s 150 sets of port region-to-port region container freight rates a valuable source of pricing benchmarks to help their transport procurement decisions. Due to the launch of the global container freight rate benchmarks and associated regional and global freight rate indices, Drewry is making the unique, industry-first freight rate data available on-line to subscribers at www
Half of all index-linked contracts filed with the US Federal Maritime Commission reference Drewry’s Container Freight Rate Insight pricing benchmarks. Drewry Maritime Research’s container freight rate benchmarks are the index of choice in index-linked container contracts, according to the US Federal Maritime Commission (FMC). The agency also indicated that uptake of index-linked container contracts on US trades was fast growing
Ocean carriers were unable to increase freight rates between the Mediterranean and North America from November to January due to continuing poor vessel utilisation and the approaching threat of P3, according to the latest edition of Drewry's Container Insight Weekly. Westbound According to Drewry’s Container Freight Rate Insight, the average all-in freight rate quoted to forwarders for spot cargo from Genoa to New York remained a poor $1,950/40ft throughout.
Canada's Clarke Inc. doubled the size of its freight-management division with the purchase of four U.S.-based companies. Clarke, which has freight transportation and logistics services throughout North America, said it had bought Focus Carriers of Memphis, Tennessee; Kenley Trucking Inc of Atlanta, Georgia; and Creative Logistics of Ripon, California. Purchase prices were not disclosed. - (Reuters)
Descartes Systems Group, a global company uniting logistics-intensive businesses in commerce, acquired Impatex Freight Software Limited, a provider of electronic customs filing and freight forwarding solutions in the U.K. Impatex brings more than 200 freight forwarder customers to Descartes’ Global Logistic Network, with the majority of these in the U.K. By combining Impatex’s leading U.K. customs and forwarding solutions with Descartes’ global community of logistics
Shipowners are now better placed to cope with soaring fuel prices because of growth in trade as Asia recovers from economic crisis, industry sources and analysts said. The price of bunker fuel, which typically makes up about five percent of a shipper's total operating costs, has - over the past six months - doubled to $140 per ton. The spoils from improved conditions have not been evenly shared within the industry, with tanker owners hit the worst.
Since January 8, 2009, United States (U.S.) and foreign flagged ships operating in the waters of the U.S. have been subject to MARPOL Annex VI. The Marine Environmental Protection Committee (MEPC) of the International Maritime Organization (IMO) adopted amendments to Annex VI and the nitrogen oxides (NOx) Technical Code, collectively referred to as Annex VI (Revised). Annex VI (Revised) entered into force on July 1, 2010
Operating in an ever more competitive environment, Hapag-Lloyd achieved sales of €1.5 billion (over $2.1 billion) and a positive adjusted EBIT of €26 million (almost $36.7 million) in the 2nd quarter of 2011. This was slightly up on the previous quarter (€16.1 million/$22.8 million), while in the record year 2010 the comparable figure was €211.3 million (almost $298.9 million). EBIT came to €42.1 million (over $59
In spite of record vessel deliveries the container shipping profitability is expected to improve in 2015, driven by lower unit costs. The global fleet is expected to grow 7.2% in 2015, a faster pace than demand which is forecast to expand at a more modest 5.3%. But the shipping consultancy Drewry, forecasts that industry unit costs will continue to decline at a faster pace than average freight rates, so raising profitability.
Norway listed dry bulk shipper Jinhui Shipping said the tough market that owners faced last year will become tougher in 2015. Dry bulk shipping market Environment continued to be weak despite global economic confidence has been improving in the fourth quarter of 2014.
Brightoil Petroleum (Holdings) Limited announced its interim results for the six months ended December 31, 2014, reporting steady growth over the period. During the period, profit attributable to the owners of the group increased 3% year-on-year to HK$561 million
Striking truckers lifted their blockade of dozens of highways in Brazil after police began fining and arresting protesters, though strike organizers said they had no plans to end their stoppage now in its 10th day. Road blockages were reported at 59 locations across six states on Friday down
Shipping freight rates for transporting containers from ports in Asia to Northern Europe fell by 6.5 percent to $938 per 20-foot container (TEU) in the week ended Friday, a source with access to data from the Shanghai Containerized Freight Index told Reuters.
MILAN, Feb 26 (Reuters) - Atlantic natural gas markets are seeing some of the biggest price swings in years as volatile European trade, freezing U.S. weather and Brazilian demand leave tankers torn over where to sail. The region's gas markets
Maersk Line has reported a profit of $2.3bn for 2014 a 50% increase over the previous year, and expects a higher result in 2015, though the shipping rates remain under pressure. But 2015 is expected to yield less impressive results due to falling oil prices
While declining Asian LNG prices have reduced margins on the long-distance LNG trade, causing spot-charter rates for LNG vessels to fall, LPG shipping earnings are forecast to remain buoyant on the back of low oil prices and the absence of fuel substitution.
Our transportation network consists of different modes like roads, railroads, ship channels and ports. But when it comes to transporting food, building materials, bulk commodities, items used in manufacturing and finished products, each of those modes must be firing on all cylinders and in sync
Following the plunge in dry bulk freight market, shipping companies are banking on increased iron ore exports from Brazil to China and India to shore up freight rates, reports the Hindu Businessline. Hauling ore from Brazil to China will cost almost double than that from Australia
A third dry cargo shipper has filed for bankruptcy this month following a collapse in freight rates to historic lows in what shippers call the worst market conditions since the 1980s. South Korea's Daebo International Shipping Co Ltd filed a court receivership, a form of corporate bankruptcy
Copenhagen Malmö Port (CMP) has engaged in a new collaboration to increase freight traffic by train to and from Northern Harbour. The new train service starts from the Netherlands and serves Malmö three times a week. Freight traffic by rail will now increase in Malmö and
Joe McGladdery, a partner with the London law offices of Wikborg Rein & Co, says that, while falling oil prices have exerted pressure on the LNG charter markets, the new generation of low-speed, dual-fuel LNG carriers now in service and on order remain an attractive option for owners and
Neptune Orient Lines (NOL) has sold APL Logistics (APLL) to Kintetsu World Express (KWE) for $1.2 billion in a stunning deal that gives the Singapore-listed group a net gain of more than $900 million. The KWE Group considers the establishment of a management base that can compete on a
Freight shipping prices have plummeted to a historic low, fueled by a long-standing problem of too many ships and lower demand from China, as per a report in AFP. However, the economists say that this is not a serious warning sign on the global economy.
A robust and sustained recovery in freight rates in both VLCC and Suezmax sectors gained traction during the fourth quarter of 2014 – a feature which has continued and expanded into Q1 2015, says press release from Euronav