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.
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.
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…
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…
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.
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.
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.
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…
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…
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.
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).
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.
How France Sank Japan's Sub Dream
Ousting of Japan ally PM Abbott opened door to rivals; Tokyo slow to respond to new competitive process. In 2014, a blossoming friendship between Australian Prime…
ICS Criticises 'Prestige’ Judgement by Spanish Court
At a meeting of the International Oil Pollution Compensation Funds (IOPCF) this week, the International Chamber of Shipping (ICS) has strongly criticised the judgement of the Spanish Supreme Court in the ‘Prestige’ Case. This judgement (in January 2016, but discussed by the IOPC Funds this week) overturned that of a lower Spanish Court, in La Coruña in 2013, instead finding the Master criminally liable…
WILCO Logistics Bags Townsville Port Safety Works
WILCO Logistics Pty Ltd has been announced as the successful bid contractor on Breakwater safety works at the Port of Townsville. Minister for Ports Mark Bailey said the overall $1.5 million project will improve navigational safety at the Townsville Port by widening the entrance to the harbour, but does not involve any capital dredging works. “This project is another step towards being able to accommodate…
Cargotec Logs Higher Profits
* Orders received decreased 4 percent and totalled EUR 903 (939) million. * Order book amounted to EUR 2,095 (31 Dec 2015: 2,064) million at the end of the period. * Sales declined 7 percent and totalled EUR 828 (889) million. * Operating profit excluding restructuring costs increased 12 percent and was EUR 58.5 (52.3) million, representing 7.1 (5.9) percent of sales. * Operating profit was EUR 57.7 (51.3) million, representing 7.0 (5.8) percent of sales.
Fincantieri Delivers Carnival Vista
Carnival Vista, the new flagship of the fleet of Carnival Cruise Line, brand of the Carnival Group, was delivered today at Fincantieri’s shipyard in Monfalcone. The ship was presented yesterday evening during a ceremony which was attended, among others, by the President of the Autonomous Region of Friuli Venezia Giulia, Debora Serracchiani and the mayor of Monfalcone, Silvia Altran. The shipowner was represented by Arnold Donald…
ANZAC Class Frigate Sustainment Deal Signed
The Turnbull Government has signed a long-term contract for the sustainment of ANZAC Class Frigates centred in Western Australia. The strategic partnership between BAE Systems Australia Defence Pty Limited, Saab Australia Pty Ltd, Naval Ship Management Australia Pty Ltd (a joint venture between UGL and Babcock), and the Commonwealth will streamline a number of existing contracts for the whole-of-life sustainment for the ANZAC Class Frigates.
Singapore Revokes Two Bunker Licenses
Singapore's Maritime and Port Authority (MPA) have revoked two bunker suppliers' license to operate in the world's top bunker port. The two companies have, according to the authority, violated the terms and conditions for bunker activities in the port. Singapore-based Seaquest Tanker and Vermont UM Bunkering have had their licences nullified and will not be allowed to operate as bunker suppliers and bunker craft operators in the port of Singapore, with effect from April 26 and 27, the MPA said.
CKYHE Alliance to Reorganize US East Coast Service
CKYHE Alliance, COSCON, “K”Line, Yang Ming, Hanjin and Evergreen Line, is reorganizing their service network for Asia-US East Coast trade in 2016. CKYHE Alliance will provide five Asia-US East Coast services (AWE1/AWE3/AWE4/AWE8/NUE) from early June of 2016. The Alliance members have re-designed the services to provide optimum port coverage from Asia to US East Coast with AWE1/AWE3/NUE services upsized & AWE4/AWE8 services re-structured in order to enhance the competitiveness of the Alliance.