Transportation Giant News

Oil shipping rates are soaring following a series of sanctions on a Chinese transportation giant and limitations placed on movement of Venezuelan crude oil tankers.WHAT HAS HAPPENED TO SHIPPING RATES?The cost of chartering a supertanker to send crude oil from one country to another is rising sharply. A South Korean importer paid more than $12 million in shipping costs for one crude shipment from the U.S. Gulf Coast. This was followed by Friday's tentative charter of another crude…

The Saudi Arabian logistics and transportation giant Bahri has announced the launch of its ‘iSupplier’ portal, as part of further strengthening its commitment to enhancing the quality of its services and deepening business relationship with key partners.The online platform will serve as a dedicated communication channel between Bahri’s Corporate Procurement and suppliers and contractors, it said.A fast and convenient platform, ‘iSupplier’ will enable Bahri to have easy access to a larger segment of suppliers and contractors in Saudi Arabia’s private sector. Companies in the Kingdom can easily register themselves as a Bahri-certified and approved supplier or contractor through the platform.Upon registration…

As one of the largest liner shipping companies, Hapag-Lloyd bears a special responsibility for the environment, for its customers and shareholders, and for its employees, said the container shipping company in its second sustainability report.German-based transportation giant pointed out that ninety percent of all goods traded worldwide are transported by ship. With its 227 vessels, Hapag-Lloyd transports approximately 12 million containers per year. Container shipping thereby makes a significant contribution to a well-functioning global trade network.The current sustainability report, titled “Gathering Pace Together”, also includes the legally required non-financial report.

Florida-based transportation giant CSX Corp. is planning a $272 million intermodal rail terminal in North Carolina serving the Raleigh region that it envisions as a major transportation hub to make the state’s ports more competitive. The major freight rail infrastructure project in the Triangle project will spur economic development and help position the region as a major transportation logistics hub, says the company. Wilmington could reap significant benefits if the intermodal freight rail hub is built in Johnston County, state transportation officials said Thursday. The railroad operator is committed to spending $150 million for the project, which will be located in Johnston County and depends on receiving $100 million state transportation funds.

The Evergreen Group was honored with “The Corporate Social Responsibility Award” on September 8 at the presentation of the 2009 Lloyd’s List Global Awards. The award recognizes the leadership demonstrated by the Evergreen Group for its efforts aimed at safeguarding the environment. Evergreen provides disaster relief and other welfare programs through the Chang Yung-Fa Foundation and supports cultural promotion and educational initiatives through Evergreen Symphony Orchestra and Evergreen Maritime Museum.

Osprey Maritime Ltd., in the middle of being taken over by Norwegian shipping magnate John Fredriksen, reported a sharp earnings turnaround on Wednesday, suggesting to analysts that Fredriksen had got a good bargain. The Singaporean energy transportation firm, which used to be controlled by a group of Indonesians including Bambang Trihatmodjo, son of former President Suharto, said it expected to report group attributable net profit for the whole year of at least $ 37 million. Last year it lost $191 million, mainly due to a hefty write-down in the value of its fleet of vessels at the bottom of the tanker cycle. Analysts said the profit forecast beat their expectations and showed that Osprey was enjoying a strong turnaround on the back of a rapid rise in tanker rates this year.

Oil transportation giant World Shipholding Group bought another 523,000 shares in Singapore's Osprey Maritime Ltd, marginally increasing its stake to 53.08 percent. In a statement to the Singapore Exchange, World Shipholding said the Osprey shares -- representing 0.155 percent of the energy transportation group -- were bought in the open market at $1 each. Osprey shares were unchanged at $0.99 when they were last traded on Monday. World Shipholding, amassed 52.93 percent in Osprey from various parties between August and November 28. On December 4, the group made a formal bid of $1 per share for the stake it did not already own after breaching Singapore's takeover trigger of 25 percent.

Norway's John Fredriksen raised his offer price for Singapore's Osprey Maritime by 12.5 percent in a move seen likely to result in a management change and possible de-listing of the group. Fredriksen, through his privately held World Shipholding Ltd., lifted his offer from S$1.00 to S$1.125 per share for the 38.85 percent of the tanker group he does not already own. Osprey shares ended up 11 percent at S$1.11 after hitting a high of S$1.16. Volume was thin at 660,000 shares. After the market close, the firm announced that its board member Charles Klotz had resigned effective January 10. It did not give a reason. The higher offer comes after criticism from Osprey management that World's initial offer undervalued the company.