Transportation Rates News

The National Shipping Company of Saudi Arabia (Bahri) has reported strong financial results for the quarter and the full year ended December 31, 2019, underpinned by an increase in returns of several business units.The transportation and logistics company said in a press release that its fourth-quarter net profit surged 172.48 percent to SAR 249.08 million ($66.4 million) from SAR 91.41 million reported in the same period in 2018.Total revenue came in at SAR 1.93 billion, up 8.85 percent from SAR 1.78 billion recorded in the corresponding period a year ago."The results show strong growth in profits despite a decline in the performance of the logistics services sector and an increase in financing expenses and provisions taken during the year…

The owner and operator of very large crude carriers Bahri announced strong financial results for the third quarter ended September 30, 2019, on the back of solid growth in the logistics services sector.The National Shipping Company of Saudi Arabia said that its net profits soared 80.52 percent to SAR 146.73 million (USD 39.12 million), from SAR 81.28 million in the corresponding quarter in 2018, primarily due to an increase in returns of several operating segments.Bahri’s revenues during the three-month period between July and September jumped 6.28 percent to SAR 1.48 billion, from SAR 1.39 billion reported in the same period last year.

Plaquemines and American Patriot Holdings plan new container port-vessel system. Plans are underway for a new 4,200-acre intermodal container terminal within the Port of Plaquemines Harbor and Terminal District. The project, a partnership (Exclusivity Agreement) between the Port and American Patriot Holdings (APH) calls for the development of a logistics system for “vessel operations comprised of deep-water docking at the Pointe Celeste Container Terminal and multiple upriver terminals.” That’s the Mississippi River, of course, and initial upriver terminals could be sited in Memphis and St.

Dubai's Gulf Navigation Holding has signed a deal with China's Wuchang Group to expand its company's fleet, it said on Wednesday. Dubai's only listed crude shipper said in a statement the agreement would help meet "increasing demand for transferring chemicals from the UAE and other GCC countries to global markets". The statement said Wuchang Group would begin building six chemicals tankers. Gulf Navigation Holding said in September it had reduced its debt from $36 million to $21 million and hopes to end a long-running dispute with creditors by consolidating all of its borrowing before the end of the year. The crude shipper expanded ambitiously at the end of the last decade just as oversupply hit the chemical tanker business and transportation rates plummeted.

Sea Star Line LLC and Horizon Lines LLC have agreed to resolve allegations that they violated the False Claims Act by fixing the price of government cargo transportation contracts between the continental United States and Puerto Rico, the Department of Justice announced today. Under the settlement agreements, Sea Star Line has agreed to pay $1.9 million, and Horizon Lines has agreed to pay $1.5 million. “Today’s civil settlements demonstrate our continuing vigilance to ensure that those doing business with the government do not engage in anticompetitive conduct…

The National Waterways Conference has called for “common sense and balance” regarding the latest report issued by the National Wildlife Federation and Taxpayers for Common Sense. "I'm sure this is just the 'first salvo' in the annual charge by the extremist activists to discredit the U.S. Army Corps of Engineers and waterway stakeholders by discrediting the Corps' primary missions--navigation and flood control," said Worth Hager, president of National Waterways Conference (NWC). "I've seen the new 'Crossroads' report. It appears to be a rehash of previous claims and innuendoes, and is a testament to the willingness of these groups to…