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Freight Charges

U.S. Cargo Preference Billing

The Office of the Inspector General (OIG) of the Department of Transportation released a report stating that the Maritime Administration (MARAD) is required to reimburse the Department of Agriculture (USDA) for “excess” ocean freight costs that food assistance programs incur in order to comply with cargo preference statutes. There is a dispute between MARAD and USDA regarding how to calculate the amount owed. USDA recently billed MARAD $379 million in excess freight charges. OIG reviewed the billing in accordance with Government Auditing Standards and concludes that MARAD owes USDA a total of $164 million, rather than the $379 million billed. Report Number FI-2004-057 (HK Law).


India Aims to Boost Low-grade Coal Sales While Global Prices High

India is trying to boost sales of its low-quality coal by offering more of the fuel at home and initiating steps to lower freight costs, while global prices are high, with the government hoping the moves will help cut imports.   State-controlled Coal India, the world's largest miner of the fuel, has sharply boosted output in the past two years but has struggled to sell all of that due to softer domestic demand and the availability of superior-grade foreign coal at competitive rates


Ocean Freight Shipping Rates on the Rise

After a downtrend in the freight shipping tanker market since the middle of 2007, the industry has seen nothing but rate increases in the last month. This freight rate increase can affect consumers across the board, according to the freight transportation The cost of freight shipping can mean an increase in the cost of many consumer products, according to FreightBrokering.info, which is why it's so important to keep freight transportation costs down


Irish Continental Group Release 2012 Results

Irish Continental Group (ICG) produced another resilient performance in the face of continued economic weakness, which affects both consumer travel and import/export trade flows, the two areas of economic interest for the Group. During the year, the Group announced and completed the sale of its subsidiary Feederlink. Revenue for the year from continuing operations was up 1.7% at €256.1 million while continuing EBITDA  was down 3.2%, to €45


Grindrod Inks Writedown Charge, Cites Flagging Profit

South Africa's Grindrod flagged as much as 35 percent drop in annual profit on Thursday, after taking a $100 million writedown charge due to a slide in shipping rates and volumes. Africa's biggest shipping group said headline earnings per share - a widely watched measure of profit in South Africa that strips out certain one-off items - is likely to drop by between 30 and 35 percent for the year ending in December.


FMC Collects $338,000 In Penalty Payments

Photo: FMC

Federal Maritime Commission Chairman Mario Cordero announced that the Commission has completed compromise agreements recovering a total of $338,000 in civil penalties. The agreements were reached with one vessel-operating common carrier and six ocean transportation intermediaries (both non-vessel-operating common carriers and ocean freight forwarders). The agreed-to penalties resulted from investigations conducted by the Commission’s Area Representatives in Houston, Seattle


Master Charged with Operating Ship While Intoxicated

The Greek master of a commercial ship pleaded guilty and was charged Thursday with operating his vessel while intoxicated. Nikolaos Zografos was charged before a U.S. magistrate judge with being drunk while aboard the 580-foot freight ship Winner at St. John's Buoys, near Reserve, La. Zografos pleaded guilty to the charge and was sentenced to one-year probation, restriction from being a master or licensed officer on any vessel in U.S


TEN Reports 4Q Results

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18th consecutive year of profitability Company declares quarterly dividend of $0.15 payable in April 2011 Total dividends reach $333 million since 2002 NYSE listing 2010 HIGHLIGHTS - Voyage revenues of $408.0 million. - Operating income of $80.7 million, after vessel impairment charge of $3.1 million. - Net income of $19.8 million, after vessel impairment charge of $3.1 million. - EPS (diluted) of $0.50 ($0.58 per share excluding impairment charge). 


World Container Index (WCI) to launch in September

Drewry Shipping Consultants and The Cleartrade Exchange announced that the World Container Index (WCI), the first Europe-based assessment of container freight rates and index production, is scheduled for launch in September 2011. The index will be designed to provide a new and important facility for the global market to hedge their freight rate risk and see major improvements in forward price discovery through the container derivatives market.


Commissioner Doyle: China Clarifies VAT

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Last week Commissioner William P. Doyle of the Federal Maritime Commission (FMC) briefed the full Commission with a report on his work seeking clarity and certainty on the People’s Republic of China’s (PRC’s) implementation of the Value Added Tax (VAT) as it relates to maritime commerce. Doyle informed the Commission that the Chinese government was expected to clarify its position on the VAT that has confused the shipper and carrier communities


CMA CGM Posts Higher Q1 Profits

Photo courtesy of CMA GCM

Container shipping line CMA CGM posted higher first-quarter profits, helped by a turnaround at recently acquired NOL, and gave an upbeat assessment for the current quarter in another sign that the shipping industry is emerging from a slump.  


Mathewson Joins FarSounder as Sales Director

 Marine electronics manufacturer FarSounder, Inc. announced that Michael Mathewson has joined the company in a newly-created position of Director of Global Sales, charged with addressing the continued growth in the international marketplace for FarSounder key technologies for commercial


Weaker Vessel Rates Weigh on Baltic Index

© fresh_water / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for the seventh session on Tuesday, weighed down by falling rates for most vessels. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels


Weak Demand Drags Down Baltic Index

© sergeevspb / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell to its lowest in nearly three months on Wednesday on weaker demand across all vessel segments. The overall index, which factors in rates for capesize, panamax


Baltic Index Dips on Weaker Smaller Vessel Demand

© Khomyakov / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, was marginally down on Wednesday as demand for smaller vessels eased. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels


Drewry: Scrapping to Accelerate Tanker Recovery

Graph: Drewry Shipping Consultants Limited

 Recovery in the crude tanker shipping market is not expected until 2020 as weak trade growth and a bloated orderbook limit any rate recovery. But the timing of any market upturn will be heavily influenced by the level of scrapping, according to the latest edition of the Tanker Forecaster


Foreign Defense Contractor Executives Guilty of Fraud

Two former executives of a foreign defense contractor pleaded guilty in federal court today for participating in a conspiracy to submit bogus bids, claims and invoices to the U.S. Navy in an effort to steal tens of millions of dollars as part of a years-long corruption and fraud scheme.  


Baltic Index Gains On Firmer Capesize Rates

File Image (CREDIT: AdobeStock / (c) Lucasz Z)

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, inched higher on Thursday helped by stronger rates for capesize vessels. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels


Rickmers Schedules Bondholder Vote on Revamp Plan

German shipping group Rickmers said:   Only 17.4 percent of Rickmers' bondholders took part in a vote on the company's restructuring plan on Wednesday, fewer than the minimum required. Of those present, a majority voted in favour of the plan


Hapag-Lloyd Projects Higher FY '17 Earnings

File Image: CREDIT (port of Boston)

CEO sees closer supply-demand balance in shipping market; higher earnings forecasts upheld after wider net loss.   German container shipping firm Hapag-Lloyd on Friday said it should achieve higher earnings this year, based on expectations for a moderate increase in freight rates and cost


Capesize Rates Nudge Baltic Index Up Again

File Image (CREDIT: AdobeStock / (c) Lidia n Neeleman)

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose marginally on Friday on stronger rates for capesize vessels.   The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 2 points


Hapag-Lloyd to Omit UASC in 2017 Financials

Photo: United Arab Shipping Company (UASC)

 The outlook for the 2017 financial year is based on the Hapag-Lloyd Group’s existing business activities as at 31 December 2016 and therefore does not include UASC’s business activities or the acquisition of UASC in 2016.   


Container Shipping Demand Remains Good: Hapag-Lloyd

Photo: Hapag-Lloyd

 In the medium term, demand for container shipping services should continue to rise in tandem with expected ongoing growth in global trading volume, says Hapag-Lloyd.   As a result, the container shipping industry’s medium-term growth prospects remain intact


Small Vessels Boost LPG Freight Rate: Drewry

Graph: Drewry Shipping Consultants Limited

 Vessel oversupply will persist in the LPG shipping market for the next two years, keeping freight rates under pressure across most size segments. However, the small vessel segment is the only category where fleet growth will be minimal, leading to a recovery in rates


Baltic Exchange Names Sykes Chief Commercial Officer

 The Baltic Exchange has appointed a new chief commercial officer; Janet Sykes, former head of communications at shipping services provider Clarksons Platou, will join the Baltic Exchange on July 3.   Sykes worked at Clarksons Platou between 2010 and 2017 where she was responsible for






 
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