Royal Caribbean's Revenue up 5.6%
Royal Caribbean Cruises Ltd reported a 5.6 percent rise in quarterly revenue, helped by higher passenger ticket revenue and onboard spending, sending the company's shares up 4 percent in premarket trading. Royal Caribbean also raised its full-year earnings forecast to $6.15-$6.35 per share from $5.90 to $6.10. The company said net revenue per available berth, or net yields, rose 7 percent on a constant-currency basis in the first quarter ended March 31.
EU Clears CMA CGM, NOL Merger, with Conditions
The European Commission said on Friday it had cleared French shipping group CMA CGM's $2.4 billion takeover of Neptune Orient Lines on condition that NOL pulls out from a rival shipping alliance. The announcement confirms a Reuters report on April 21 about the impending approval. CMA CGM, the world's third-biggest container shipping company, is looking to strengthen its position against bigger rivals Maersk Line and Swiss-based Mediterranean Shipping Co (MSC).
Asia Tankers-VLCCs Rates Ease as Tanker Jams Fade
Port congestion eases at Basra and Chinese ports; tanker demand set to expand on lower oil prices. Freight rates for very large crude carriers (VLCCs), hurt by slower-than-usual release of cargo, could slip further next week as more tonnage becomes available with the easing of recent tanker traffic jams in China, ship brokers said on Friday. Charter rates from the Middle East to Japan slipped to a six-month low on Thursday, falling by 12 Worldscale points or almost $14,000 since April 21.
Pressure Steady on LNG Shipping Rates -Drewry
LNG shipowners will have to wait until 2018 for earnings to improve, when the majority of new US plants are expected to come online, according to the latest edition…
SCHOTTEL Debuts EcoPeller with High-torque Gears
Propulsion and steering systems manufacturer SCHOTTEL has unveiled its new EcoPeller (SRE), which it said offers improved efficiency and robustness. Playing a key…
Sellick Equipment to Open New Facility
On April, 20, 2016, at the young age of 97 years, Walter Sellick along with sons Howard Sellick - President, David Sellick - Vice President and grandson Colin Sellick - Systems Manager, held a ground breaking ceremony for a new multimillion dollar, 120,000 square feet manufacturing plant. “In order to compete on a global scale, we needed to expand and build a state-of-the -art plant” said Howard Sellick.
Oil Rally is Not Just About Hedge Funds: Kemp
Oil prices are becoming dangerously overheated as speculators anticipate a rebalancing of supply and demand that has barely started, according to many oil analysts.
Pacific Nations Take a Stand on Shipping Emissions
On Earth Day, Pacific leaders queued among 175 countries to sign the Paris Agreement in New York. Earlier that day in London, the International Maritime Organization (IMO), the United Nations Framework Convention on Climate Change (UNFCCC)’s sister UN specialized agency, met to discuss shipping’s “fair share” in reducing greenhouse gases in a far less publicized and not nearly as successful climate change debate.
This Day In Naval History: April 29
1814 - American sloop USS Peacock and HMS Epervier engage in battle. Peacock takes two 32-pound shots in her fore-yard with the first exchange, but her return broadside smashes most of Eperviers rigging and guns. After 45 minutes, Epervier is captured. The battle is hailed as a tribute of American gunnery as Epervier has 45 shot holes in her port side. 1944 - Task Force 58 begins a two-day attack on Japanese shipping…
Crowley’s Roberts Outlines Support for Puerto Rico, Jones Act
As U.S. lawmakers address means to stabilize Puerto Rico’s economy, Crowley Maritime Corporation’s senior vice president and general counsel, Michael Roberts, was called upon to offer recommendations for supporting the island’s economy and strengthening the U.S. domestic shipping industry. In a written and oral testimony provided last week before the Senate Committee on Commerce, Science and Transportation Subcommittee on Surface Transportation and Merchant Marine Infrastructure…
Baltic Index Down on Lower Capesize, Panamax Rates
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, slipped on Friday, as demand for capesize and panamax vessels fell.
China COSCO to be First through the Expanded Panama Canal
China COSCO Shipping has won the draw for its container vessel Andronikos to make the ceremonial first transit through the Expanded Panama Canal during the waterway’s inauguration on Sunday, June 26. The vessel, which has a maximum capacity of 9,400 TEUs, is 8.25 meters in beam and 299.98 meters in length. The draw took place this morning at the Panama Canal Administration Building, in which a Notary Public served as witness, among invited attendees.
Drug Interception at Red Hook Container Terminal
Approximately 121 pounds of heroin and eight pounds of cocaine were discovered in a shipping container of vegetables that was moving from Ecuador to Miami, Fla. through the Red Hook Container Terminal in Brooklyn, N.Y. During a routine container inspection on January 7, U.S. Customs and Border Protection (CBP) K-9 officers discovered 257 boxes that contained a combined 970 packages that contained a light brown powdery substance. A field test of the substance proved positive for heroin.
Canadian Navy Frigate Refit Program Completed
Seaspan joined Harjit S. Sajjan, Canada’s Minister of National Defense, at an official ceremony today to celebrate the completion of the Halifax-Class Modernization/Frigate…
New Shipping Firm Sets up in Vancouver
A new shipping company has established itself in Vancouver as the Vancouver International Maritime Centre (VIMC) completes its Asia tour, launching in Tokyo, Singapore and Hong Kong.
Norovirus Outbreak on Fred. Olsen Cruise Ship
An outbreak of the norovirus stomach bug has sickened 160 people aboard a Fred. Olsen Cruise Lines ship docked at Norfolk, Virginia, U.S. health officials and the company said on Friday. The norovirus outbreak took place aboard the Britain-based line's Balmoral during a transatlantic cruise, the Centers for Disease Control and Prevention (CDC) said in a statement. The CDC said 153 passengers and six crew members had fallen ill from norovirus, whose symptoms include vomiting and diarrhea.
MARAD: $5 Mln Available for Marine Highway Projects
The Maritime Administration (MARAD) has announced the availability of $5 million in Federal funding to expand marine highway service by creating new or expanding…
Russia Diesel Exports from Primorsk to Rise in May
Russia is set to export 1.256 million tonnes of ultra-low sulphur diesel from the Baltic Sea port of Primorsk in May, slightly up from 1.209 million tonnes in April, trading sources said on Friday.
Conquest Installs 850t Crane on Allseas Solitaire
Conquest Offshore was contracted by Allseas to remove a 300-ton crane and transport and install a 850-ton Huisman crane on board of one of the largest pipe-lay vessels in the world, Allseas Solitaire. The 397-meter vessel MV Solitaire is the largest ship ever to have passed IJmuiden’s massive sea lock after which the ship was berthed at Dutch Offshore Base in Amsterdam. The pipe-laying vessel is used for the construction of natural gas pipeline systems and oil pipelines.
Mercury Marine Expands Manufacturing Capacity
Mercury Marine is adding a 53,000 square foot manufacturing capacity expansion to its global headquarters in Fond du Lac, Wisc. The expansion will consist of 45,000 square feet of manufacturing capacity and an additional 8,000 square feet of office space. In addition, Mercury is investing in state-of-the-art manufacturing equipment to better streamline the manufacturing process and meet the growing demands in the marketplace. The new space will be completed in January, 2017.