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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


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


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.


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)


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


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


NCL Forecasts Profit Rise, Reiterates Rejection Of Carnival

Norwegian cruise group NCL Holding ASA reiterated opposition to a takeover bid by Carnival Corp. and forecast a surge in pre-tax profits for 2000. Officials said that Carnival, which has offered $880 million for NCL shares, was trying to buy NCL cheap after it suffered a year marred by two accidents with its liners. Officials also said that forecast 1999 profits include extraordinary items of about $20 million after, the Norwegian Sky ran aground in Canada in September and the Norwegian Dream


Port of LA Cargo Volumes Drop 12% in June

The Port of Los Angeles has released its June 2011 cargo volumes. Total volumes decreased 12 percent compared to June 2010. Exports rose 5.5 percent while import volumes declined 10 percent.  For calendar year 2011, total volumes have increased 2.8 percent compared to the same six-month period in 2010. In 2010, the peak shipping season started earlier than normal with the cargo volume surge coming on strong in June (32% over June 2009) and sustaining through July and August


Baltic Trading Reports Loss

Picture: Baltic Trading Limited

 Baltic Trading Limited, a Marshall Islands company formed by Genco Shipping & Trading Limited, reported a loss of $42.4 million in its first quarter.   The New York-based shipping company focused on the drybulk industry spot market said it had a loss of 75 cents per share


Garlock Expands ABS Type Approval for Expansion Joints

Image courtesy of W&O

W&O, a global supplier to the marine offshore and marine markets for pipe, valves and fittings, valve automation and engineered solutions, announced today that OEM partner Garlock Sealing Technologies LLC has received fire rating for its ABS type approval certificate for GARFLEX 8100 and Style


Hercules Offshore: Challenges Ahead in 2015

Drilling contractor Hercules Offshore Inc forecast a challenging year ahead as demand for its rigs remains weak with producers scaling backing drilling due to a slump in global oil prices. Shares of the company, which reported a smaller-than-expected loss


Technip dividend FY 2014

TECHNIP WORLDWIDE

  At the Annual General Meeting, held today, Technip’s shareholders approved the proposed €2.00 per share dividend for the 2014 financial year and decided to offer shareholders an option to receive the dividend payment in shares.


IMO Head Predicts Surge in Med Migrants

Koji Sekimizu. Photo: IMO

 Koji Sekimizu, secretary-general of the International Maritime Organization (IMO) said that number of migrants crossing the Mediterranean could surge to 500,000 this year with thousands of deaths at sea if no action is taken against the people who traffic them, says a report by AFP.  


Royal Caribbean Cuts Profit Forecast

Royal Caribbean Cruises Ltd cut its adjusted profit forecast for the year, citing a jump in fuel prices since its January forecast and a strong dollar.   Shares of the world's second-largest cruise operator, which also cut the higher end of its full-year net yields forecast, fell 9


CWind Orders More Composite Workboats

Photo courtesy of CTruk

CTruk has won an order for two more of its 22m multi-purpose catamaran Wind Farm Service Vessels (WFSVs). Both will be delivered to offshore wind service supplier CWind this summer as the first-of-class CWind Sword continues to impress on the EnBW Baltic 2 Offshore Wind Farm in Germany.


Three Dead as Migrant Boat Grounds off Greece

A wooden sailboat carrying dozens of immigrants ran aground on Monday off the coast of the Greek island of Rhodes and at least three people have drowned, the Greek coast guard said. More than 90 people were rescued and 30 of those taken to hospital


Long Beach Cargo Rises Sharply in March

Photo: Port of Long Beach

Port of Long Beach sees jump in shipments with easing of congestion   Cargo surged upward in March at the Port of Long Beach with a 32 percent increase over the same month last year, making it the busiest March in the Port’s history.  


Meyer Acquires Turku Shipyard

Turku shipyard

  The Meyer family, operating the shipbuilding company Meyer Werft in Germany, and the Finnish State acquired Turku shipyard from STX Europe in September 2014. Meyer Werft took up 70 percent of the shares, and the State of Finland purchased 30 percent of the share capital through the Finnish


Genco Shipping & Trading to Acquire Baltic Trading

Genco Shipping & Trading Limited and its subsidiary Baltic Trading Limited has announced that they have entered into a definitive merger agreement under which Genco will acquire Baltic Trading in a stock-for-stock transaction.  Under the terms of the agreement


JNPT Reports Highest Ever Container Traffic

Image: Jawaharlal Nehru Port Trust (JNPT)

 India's largest container port Jawaharlal Nehru Port Trust (JNPT) has handled 63.80 million tonnes of total cargo during the financial year 2014-15 as against 62.33 million tonnes of cargo handled during the previous year.   


General Dynamics Bags Nuclear Submarine Contract

Submarine-Maintenance-Work Courtesy General Dynamics

  The U.S. Navy has awarded General Dynamics Electric Boat a $32.6 million contract modification to perform nuclear-maintenance work for submarines homeported at the Naval Submarine Base in Groton. Electric Boat is a wholly owned subsidiary of General Dynamics.


Knightsbridge, Golden Ocean Merger Completed

Image: courtesy Knightsbridge

Knightsbridge Shipping Limited has completed its previously announced merger with Golden Ocean Group Limited. In connection with the closing of the merger, Knightsbridge will change its name to Golden Ocean Group Limited. Trading in the shares of the combined company will commence on the Oslo


CMA CGM profits up 43%

Photo: CMA CGM

 French container line operator CMA CGM has announced that its 2014 net consolidated profits rose by 43% over the previous year to USD584 million thanks to a growth in volume and significantly reduced costs.   Consolidated operating revenue for the company increased by 5






 
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