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Shares Surge

Finnlines Shares Surge

Shares in Finnlines surged last week, with analysts crediting the rise to growing European economic activity and Finnlines' recent deal to buy a stake in shipping group Transfennica. "One reason for the rise could be that it (the share) has fallen quite significantly and has stayed almost unchanged after other cyclicals started to recover," said analyst Ritva Ojala at Conventum. The initial push for the share could have come from Finnlines acquisition of 17% of shipping company Transfennica and agreement with papermaker Stora-Enso to transport its products.


Frontline Shares Surge

Shares in Norwegian tanker group Frontline rose 6.8 percent on Tuesday despite planned oil output cuts by OPEC, buoyed by strong chartering rates and a presentation of the company in New York. Frontline was trading at 157 Norwegian crowns per share, up from 147 crowns at Monday's close. It hit an all-time high of 170 crowns in November after rallying in 2000 from a January low of 36.9 crowns. The Oslo Bourse was up 1.4 percent at 14.00 GMT


NOL Management Changes Causes Shares Rally

Shares of shipping and logistics group Neptune Orient Lines Ltd. (NOL) surged almost 10 percent last Tuesday on optimism over recent management changes, dealers said. "We are buying on the back of increasing confidence in the market, higher assurance that the Fed will not be doing anything drastic and hope that NOL's new management would bring positive changes," said one dealer. In late September, NOL announced the hiring of more senior executives from Sea-Land Services as senior officials


NOL Shares Soar On Management Change News

Shares of shipping and logistics group Neptune Orient Lines Ltd. (NOL) surged almost 10% on optimism over recent management changes, dealers said on Tuesday. Late September, NOL said it had hired more senior executives from Sea-Land Services as senior officals for its container transportation arm, APL. The move were seen as positive and reinforced the shipping group's commitment to grow its European and North American presence. Flemming Jacobs is NOL's new chief executive officer.


Seoul Shares Rise; STX Shipbuilding Surges

Seoul shares closed 2.3 percent up earlier this week, their biggest daily percentage gain in three weeks, as STX Shipbuilding surged after buying a stake in a Norwegian ship builder, while Apple's strong results boosted tech stocks, according to a Reuters report. STX Shipbuilding Co (067250.KS) surged by the daily limit of 15 percent to $74.17 after it announced the purchase of a 39.2 percent stake in Norway's Aker Yards (AKY


IHC Caland Cut

Dutch broker Amstgeld cut is recommendation for Dutch shipbuilding and engineering group IHC Caland to "Underperformer" from "Neutral". Amstgeld said it expected the company to show a "gap" in 2001 profits, as no major floating production and storage unit orders were recorded in the second half of 2000. Although the company will profit from a renewed surge in the oil and gas sector, shares will be hit by the disappointing 2001 situation, Amstgeld said in a note to investors. – (Reuters)


Share Offer Will Fund Shipping Expansion

China State Shipbuilding Co. said it has completed a private offer of $1.6b worth of new shares to strategic investors to fund expansion. The company sold 400 million new shares to eight investors including its state-owned parent at $3.99 a piece, less than one-eighth of its current share price, according to a filing to the Shanghai Stock Exchange. The share placement was initially announced in January by Hudong Heavy Machinery Co


Containership Bremen Express Named

Hapag-Lloyd is naming the containership Bremen Express in Bremerhaven. The patron of the 335m long mega containership capable of carrying 8,749 standard containers is Hilde Herwig, wife of Thomas W. Herwig, managing partner of the long-established Bremen logistics company Röhlig. With its Bremen Express, Hapag-Lloyd has expanded its fleet to 142 containerships with a total capacity of over 514,000 TEU. It has ordered another 15 identical vessels from the South Korean Hyundai Heavy


Oil Tanker Rates Soar

Photo: Polyar Tankers AS

 The cost of shipping crude surged to all destinations, amid speculation that bookings are increasing to load crude.   According to a report in Bloomberg, the oil tanker rates soared to the highest in seven years amid an acceleration in the number of bookings and signs that the ships are being delayed when unloading due to a lack of space in on-land storage tanks.   Day rates for 2 million-barrel carrying ships sailing to Japan from Saudi Arabia


COSCO 'bidding' for Orient Overseas

Photo: Orient Overseas Container Line Limited

Chinese conglomerate Cosco Group is in talks to acquire smaller rival Hong Kong-based rival Orient Overseas Container Line Co. ( OOCL), Chinese media outlet Caixin reported quoting people familiar with the matter.   The state-owned China COSCO  will compete with Evergreen Marine Corp. from Taiwan and France’s CMA-CGM SA in the takeover bid, but COSCO was more likely to win the deal, a source from COSCO told Caixin.  


Euroseas Reports Q4 Loss

Pic: Euroseas Ltd

 Euroseas Ltd., an owner and operator of drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes, reported a total net revenues of $7.3 million for the three month period ended December 31, 2016.  


Tanker Market Facing Test

Graph: Clarksons Research

 The tanker market has certainly had some tumultuous times of late, points out a report by Clarksons Research.   Crude tanker earnings picked up in 2014, averaging nearly $27,000/day, and surged to an annual average of around $50,000/day in 2015.   


Higher profits for Transocean

Courtesy Transocean

Transocean Ltd. reported their Fourth Quarter and Full Year 2016 Results.  * Revenues were $974 million, up from $906 million in the third quarter of 2016  * Operating and maintenance expense was $314 million, including $30 million in favorable items associated with litigation matters


LR Tankers Taken for Gasoline Storage in Asia

Image: OFE

Long range tankers taken for storage on expectations of tighter Asian gasoline market   Singapore gasoline cracks have averaged $10.72/bbl in February so far, down by 12 percent y-o-y but still relatively firm. Robust demand from the Middle East and intra-Asia as well as a flurry of both


Vessel Oversupply to Continue in Chemical Shipping

Graph: Drewry Shipping Consultants Limited

 Chemical shipping vessel supply on major routes has been in surplus with many newbuilding deliveries and swing tankers flooding the market. As a result, freight rates on long-haul routes will continue to be challenged by surplus large vessels over the next two years


Star Bulk Carriers Announces Private Placement

Photo: Star Bulk Carriers Corp.

 Star Bulk Carriers Corp. announced the closing of its previously announced private placement of 6,310,272 common shares, at a price of $8.154 per share.    The aggregate proceeds to Star Bulk, net of underwriting fees and offering expenses, were approximately $50.6 million


Sino-Australian Seaborne Trade

Graph: Clarkson Research Services Limited

 In recent decades, trade between the Australia and China have made an increasingly significant contribution to growth in global seaborne trade, and the signing of the China-Australia Free Trade Agreement in 2015 is driving further co-operation, says a report by Clarkson Research Services.


TMG buoyed by global demand

Les Chapman Photo TMG

An expanding maritime consultancy headquartered in Seattle has recorded its busiest start to a year so far with rising demand for its services worldwide. The Maritime Group (International) (TMG) is lining up contracts across multiple sectors for 2017 after a surge of interest in its services


DHT Rejects Frontline Bid

Logo

DHT Holdings, Inc. (NYSE: DHT) today announced that its Board of Directors has unanimously rejected Frontline Ltd.'s (NYSE/OSE: FRO) unsolicited, non-binding, highly conditional proposal to acquire all of the outstanding shares of common stock in DHT for a per-share consideration of 0


Norwegian OSV Operators in Blockbuster Merger

File Image: A Farstad OSV (CREDIT: Farstad)

Debt-laden Farstad Shipping gets lifeline; billionaires Fredriksen and Roekke join forces.   Hit by the oil industry recession, Norwegian offshore service vessel (OSV) operators Farstad Shipping, Deep Sea Supply and Solstad Offshore announced plans to merge on Monday to counter the downturn


Sound Energy: Badile Rig Contract - Payment using Equity

Photo Sound Energy

Sound Energy, the African and European focused upstream gas company, announced on 29 November 2016, that the terms of the contract for the use of Pergemine S.p.A ("Pergemine")  3000 HP EMSCO C3 rig for the drilling of the Badile exploration well (the "Rig")


TEN declares cash dividend

Photo TEN

TEN Ltd. a leading crude, product, and LNG tanker operator, today announced that its Board of Directors declared a cash dividend of $0.546875 per share for its 8.75% Series D Cumulative Perpetual Preferred Shares (the "Series D Preferred Shares"; NYSE; TNPPRD) for the period from


LR Demand Difficulties

Graph: E.A. Gibson Shipbrokers Ltd

 There has always been a compelling story being told about how larger product carriers are the future, in particular the LR2s, says Gibsons Weekly Tanker Report.   However, the sector has had a particularly challenging few months


Tangshan Port Shares Soar on Coal Clampdown Rumors

File Image: a so-called ValeMax bulk carrier (CREDIT: Vale)

Shares of Tangshan Port Group Co Ltd soared 7 percent on Tuesday, to post their biggest daily percentage gain in nine months, as investors bet the small port would benefit from a major clampdown on coal transportation at its larger rival.  


Los Angeles Port logs Highest January Throughput

File Image (DP world)

The Port of Los Angeles handled 826,640 Twenty-Foot Equivalent Units (TEUs) in January 2017, an increase of 17.4 percent compared to January 2016.   It was the busiest January in the port’s 110-year history, outpacing last January






 
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