Malaysia reportedly may set up a second national shipping line to help reduce freight charges between the peninsula and the states of Sabah and Sarawak on Borneo island, as traders in the two east Malaysian states had complained about high freight costs. "The proposal has come from the Ministry and the Cabinet is actively studying it," an official said. Malaysia International Shipping Corp., controlled by state oil firm Petronas, is currently the country's sole national shipper.
Baltic Exchange shareholders on Monday approved an 87 million pound ($112 million) takeover by Singapore Exchange for one of London's oldest institutions, in a deal that will give SGX access to the multi-billion-dollar freight derivatives market. The proposed transaction, unanimously recommended by the Baltic's board last month, was approved by shareholders at a general meeting in the historic City of London. It will now need regulatory approval
Shipping's most volatile market, the Caribbean upcoast trade, has plummeted in the last few days to levels not seen since last November and freight costs are now less than half of what they were just two weeks ago, brokers said on Tuesday. But they were also quick to point out that this was merely a normal part of the yearly cycle as refinery turnarounds start to bite into the supply-demand balance. "Every April for the last three years the Aframax (70
Russia'sNorilsk Nickel - a big metal producer -- has finished a feasibility study of a project to use nuclear submarines for ore shipments, which once started will cost $80 million, Norilsk's chairman said. "The feasibility study has been prepared and now the board of directors has to approve spending of up to $80 million for its implementation," Yuri Kotlyar said. "But even then the decommissioning of the submarines should be sanctioned by the state."
Brazilian miner Vale has completed the sale of four other large iron ore carriers to China Ocean Shipping Company (Cosco), which was agreed last September. This transaction is related to the agreement signed with Cosco on September 12, 2014. The transaction amounted to 445 million dollars and the amount will be received by Vale upon delivery of the vessels to Cosco, which is scheduled to take place in June 2015.
Creole Spirit launched to sea 87 days after keel laying Teekay’s first M-type, Electronically Controlled, Gas Injection (MEGI)-powered LNG vessel, Creole Spirit, was floated out at the Daewoo Shipbuilding & Marine Engineering (DSME) shipyard in South Korea on May 29. The vessel is on charter contract with Cheniere and is expected to enter service early 2016, making it the most efficient LNG ship on the water with the lowest unit freight cost in the world fleet.
Ports of Auckland, Napier Port and Icepak today announced the formation of a joint-venture to develop a new inland port and intermodal freight hub at Longburn, Palmerston North and to target Growth in Manawatu-Whanganui Region. Located on the site of the old Longburn freezing works owned by Icepak, the venture will see the nine hectare site transformed into a significant intermodal logistics and manufacturing hub.
India-Australia vessels booked despite higher freight costs; Chevron moving 1-2 cargoes a month to Australia. Indian diesel cargoes are being shipped to Australia in a rare move as rising competition from new Middle East refineries has made it more difficult to land the fuel in India's core traditional markets in Europe and Africa. Diesel is typically shipped to Australia from North Asia or Singapore as freight rates for the India-Australia route can cost as much as 50 percent more
Teekay’s first M-type, Electronically Controlled, Gas Injection (MEGI)-powered LNG vessel, Creole Spirit, has sailed out from the Daewoo Shipbuilding & Marine Engineering (DSME) shipyard for sea trials. Creole Spirit is Teekay’s first of nine LNG newbuildings equipped with dual fuel two stroke MEGI engines from MAN Diesel & Turbo. The engines were installed shortly after the ship’s keel was laid in March.
Of 98 container ships, 44 blocked from ports. U.S. firms take legal action over unpaid bills. Roughly half of Hanjin Shipping Co Ltd's container vessels have been blocked from ports since the South Korean firm's collapse, putting manufacturers and their customers increasingly on edge about the fate of cargo and spikes in freight costs. Woes for world's seventh-largest container shipper have only deepened since its banks withdrew support and it filed for court receivership this week
The service provided by container shipping lines is rated as poor to average and has deteriorated in the past year, according to a survey of exporters, importers and freight forwarders conducted jointly by Drewry and the European Shippers’ Council (ESC).
Water levels on the Rhine and Danube in Germany remain low despite recent rain and freight vessels cannot sail fully loaded on the German sections of the rivers, traders said on Tuesday. The Rhine is too shallow for normal sailings south of Duisburg and Cologne to Switzerland, traders said
Given the mounting pressure on freight rates and continuing fleet growth over the next two years, Drewry believes that excess vessel supply will reduce only gradually with the recovery in rates pushed back to the latter part of next year
Newly appointed Baltic Exchange Chief Executive Mark Jackson has set out the Exchange’s vision of the near-future in a wide-ranging speech in Singapore during the concurrent MPA Singapore Maritime and Singapore Iron Ore Weeks. “The recent acquisition of the Baltic Exchange by the
Container spot freight rates from Asia to Northern Europe rose 7 percent to $961 per twenty-foot equivalent units (TEU), the Shanghai Containerized Freight Index showed on Friday. Freight rates from Asia to ports in the Mediterranean rose $38 to $882 per TEU
FY operating profit down 66 pct and freight rates down 15.4 percent in 2016. Company says merger benefits, cost cuts help. German container shipping firm Hapag-Lloyd on Tuesday reported a 66 percent year-on-year fall in operating profit for 2016
MidEast tanker rates fall to $22,000 a day, below breakeven; 52 VLCCs to be delivered this year, highest since 2011. Freight rates for very large crude carriers (VLCCs), which fell to four-month lows this week, face an uncertain direction next week as refinery maintenance and excess
The dry bulk industry remains well on target for profitable freight rates in 2019, according to BIMCO. This relies however, on the projected fleet supply growth rate of 0 percent in 2017 continuing. The handymax segment may even see profits in 2018 as demand may go beyond 2 percent in 2017 before
Freight rates for very large crude carriers (VLCCs), which fell to a near six-month low on Thursday, will remain weak until the Asian refinery maintenance season gets completed, starting April-end. "I haven't seen a collapse in rates like this for some time
German container shipping company Hapag-Lloyd expects increased operating earnings this year, it said on Friday, citing a rise in freight rates as market conditions improve. The shipping industry has been grappling with a prolonged downturn brought about by overcapacity in a faltering
Hapag-Lloyd AG remains bullish on the substantial earnings contribution from synergies from CSAV acquisition and OCTAVE cost-cutting programme alongwith further synergies expected due to the merger with UASC. Hapag-Lloyd closed the 2016 financial year with EBITDA of EUR 607
Moderate increases in freights to be achieved in 2016; new Alliance membership starts on April 1. German container shipping line Hapag-Lloyd expects freight rates to be several percentage points higher this year than in 2016, one of a number of factors that should help the company
China's COSCO Shipping Holdings Co Ltd made a loss last year of 9.9 billion yuan ($1.44 billion), the company reported on Thursday, due to both persistently weak freight rates and restructuring costs. Freight shipping firms have been hit hard by a prolonged downturn in rates caused by
Demand for ocean and air freight has been better than expected this year, with increasing volumes and rates finally improving after years in the doldrums, executives from freight forwarding company DHL, part of Deutsche Post DHL Group, said.
Boosted by an improving market and cost savings from a recent merger, China’s COSCO Shipping Holdings expected to report a profit in the first-quarter, says a report by Reuters. In a stock market statement the world's fourth-largest container shipping line said that it expects