Last week, due to dramatic increases in fuel prices, Matson Navigation Company, Inc. (Matson) announced that it is raising its fuel surcharge from 6.5 to 7.5 percent in its Hawaii and Guam services effective September 15, 2003. "As anyone who drives a car is well aware, fuel prices have been rising steadily in recent months," said Dave Hoppes, vice president, ocean services. "For transportation companies, the costs are especially significant. Matson burns approximately 1.9 million barrels of fuel annually. For every dollar increase per barrel of bunker fuel, Matson experiences an approximate $1.9 million increase in annual operating costs. We cannot continue to absorb these additional fuel-related operating costs. We will continue to monitor fuel costs and adjust the surcharge accordingly." Historically, Matson has adjusted its fuel surcharges up or down based on established trends in oil prices. In May 2003, Matson lowered its fuel surcharge from 7.5 to 6.5 percent, based on a downward trend in fuel prices.
Alaska Marine Lines, a marine transportation company providing barge service to and from Alaska and Hawaii, informs it has filed with the U.S. Surface Transportation Board to decrease the fuel surcharge from certain locations as a result of fluctuating fuel costs. Effective September 6, the line’s fuel surcharge will be reduced from 29 percent to 28 percent on shipments to, from and within Central Alaska and Prince William Sound locations
Star Clippers will implement a fuel surcharge on new bookings starting Dec. 17, 2007. The assessment will be $8 per person per day to a maximum of $100 per person on any sailing for guests from the United States, Canada and Latin America. The surcharge will be assessed on all three of the line's tall ships on all sailings through April 2009. "After discussing the situation of increased fuel costs with our tour operators and travel agent partners
BC Ferries explains that due to current world fuel market conditions the company is advising customers that a fuel surcharge will be implemented on the majority of its routes on January 17, 2014. The fuel surcharge will be 3.5 per cent on average on all of its routes with the exception of the Port Hardy - Prince Rupert and Prince Rupert – Haida Gwaii routes which will not be affected. “Market pricing indicates that the price differential will continue throughout the year
Horizon Lines' financial report shows volume improves 3.4%, & rate, net of fuel up 2.9% from a year ago. Sam Woodward, President and Chief Executive Officer comments on third quarter 2012 financial results: "Horizon Lines generated a 3.4% improvement in container volume and a 2.9% increase in container revenue, net of fuel surcharges, for the third quarter, relative to the same period a year ago," said Sam Woodward, President and Chief Executive Officer
Lower oil prices are sharply reducing the cost of shipping merchandise from Asia to the United States and Europe as the cost of bunker fuel tumbles. Container shipping companies deal with the volatility in fuel prices by adding a separate bunker adjustment factor or fuel surcharge to their freight rates. Fuel can account for more than 60 percent of the total operating costs of moving freight across the oceans so the surcharges are one of the most important elements of total
British Columbia Ferry Services Inc. (BC Ferries) announced its third quarter results for fiscal 2005/06 with a net loss of $0.9 million for the three months ended December 31, 2005, compared to a net loss of $4.2 million in the same quarter last year. Due to the seasonality of ferry travel, BC Ferries generates higher net earnings in the spring and summer quarters, which are subsequently reduced by net losses in the last two quarters of its fiscal year.
Horizon Lines, Inc. today reported financial results for the fiscal fourth quarter ended December 21, 2014. "Horizon Lines' fourth-quarter adjusted EBITDA increased 26.6% over the same period a year ago. The improvement in adjusted EBITDA was driven largely by higher fuel recovery, lower transit and replacement vessel costs associated with dry-docking of our vessels and increased space charter revenue," said Steve Rubin, President and Chief Executive Officer
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.
CP Ships Limited announced an unaudited first quarter 2003 operating loss of $2 million before exceptional items, a $4 million improvement on the $6 million operating loss in first quarter 2002 and compared with $34 million operating income before exceptional items in fourth quarter 2002. Basic loss per share before exceptional items was $0.12 compared with last year’s first quarter loss per share of $0.14 and fourth quarter 2002’s earnings per share of $0.23 before exceptional items
Hanjin’s receivership represents the trough of the container shipping market and despite continuing concerns of weak trade growth and fleet oversupply a gradual market recovery is now expected, according to the latest annual Container Forecaster and Review 2016/17 report published by global
CMA CGM has announced to its customers that there is increasing deterioration of the port congestion up to 15 days in Zanzibar, Tanzania, which is beyond their control. CMA CGM will implement an Emergency Operational surcharge in Zanzibar applicable to all shipments until further
Highlights - * Hawaii container volume up 17.8% YOY in 4Q15 and up 8.1% in Full Year 2015 * 2015 Net Income of $103.0 million versus $70.8 million in 2014, up 45.5% YOY * 4Q15 Diluted EPS of $0.60, negatively impacted by Horizon Acquisition SG&A costs of $0
China's National Development and Reform Commission (NDRC) is visiting several major container shipping lines’ offices in Shanghai and throughout the country as part of its surcharges investigation. According to local media reports
China’s National Development and Reform Commission (NDRC) said Japan’s Kawasaki Kisen Kaisha (K Line), South Korea’s Hanjin Shipping, Hyundai Merchant Marine (HMM), Taiwan’s Evergreen, Wan Hai Lines, Yang Ming, China Shipping Container Lines (CSCL) and others
Asian shipping lines including Japan's Kawasaki Kisen Kaisha and China Shipping Container Lines have voluntarily lowered shipping surcharges, the country's top economic planner said on Monday. The statement by the National Development and Reform Commission (NDRC) comes after China's cabinet
Ocean freight rates for cargo moving under contracts on the major East-West routes have seen a sharp reduction since the beginning of the year, according to Drewry’s Benchmarking Club, a closed user group of multinational retailers and manufacturers who closely monitor their contract freight
The Vietnamese government is considering implementing a new decree that would require shipping companies to publicize their freight tariffs (including surcharges and commissions paid to brokers). Several foreign logistics companies have expressed concern about the proposal.
The Danish shipping company Maersk Line informed its customers that it will introduce a new code of surcharge controlled atmosphere (SatarCare) to containers with refrigerated goods, from next September 15. This surcharge, according to the shipping company
French container shipping company CMA CGM said it has implemented a War Risk Surcharge on all shipments to Hodeidah, Yemen. Applicable with immediate effect, the surcharge is $300 per 20-foot container and $600 per 40-foot container.
Matson, Inc. today reported net income of $25 million, or $0.57 per diluted share for the quarter ended March 31, 2015. Net income for the quarter ended March 31, 2014 was $3.4 million, or $0.08 per diluted share. Consolidated revenue for the first quarter 2015 was $398.2 million compared with $392
At a hearing today at South Shields Magistrates Court, Robert Trueman, the Owner/Skipper of a fishing vessel was fined a total of £5,000 plus costs of £4,536.18 after pleading guilty for failing to keep a good lookout. Trueman was also ordered to carry out 120 hours of community
The bill requiring ocean going ships to switch to low sulfur fuel while at berth in Hong Kong could effectively raise the cost of shipping containers through the city. Under the new Hong Kong Air Pollution Control (Ocean Going Vessels) (Fuel at Berth) Regulation
Up and Down brown water bunker pricing is giving small-to-medium sized operators heartburn. It doesn’t have to be that way. The recent free fall in oil prices is grabbing the attention of many in the commercial marine business. Ferry services, cruise lines, tour boat operators, tugs, etc
Alaska Marine Lines has filed with the Surface Transportation Board to decrease the fuel surcharge from 31% to 29% on shipments to, from and within Central Alaska and Prince William Sound locations. The line has also filed to decrease the fuel surcharge from 14% to 7% on shipments to