EU Ambassadors Visit Peru’s Largest Multipurpose Terminal
APM Terminals Callao hosted an EU delegation of ambassadors representing 12 EU member states. Led by the EU Ambassador in Peru, Diego Mellado, the visit was of special interest as annual trade between the EU and Peru is more than $10 billion, 60% of which are exports from Peru to the EU. The trade agreement between the EU and Peru celebrated its fifth anniversary this year- and this month, the Lima Chamber of Commerce and Peru Eurocámaras signed an agreement to centralize EU efforts to promote economic development and investment.
Star Bulk Carriers Lists on the Oslo Stock Exchange
The global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector Star Bulk Carriers Corp will commence trading on the Oslo Stock Exchange under the ticker “SBLK R” starting on Monday July 16, 2018. The ship manager of seaborne transportation announced on July 6 2018 that it had closed the acquisition of 15 operating dry bulk vessels from Songa Bulk for an aggregate of 13.725 million common shares of Star Bulk and $145.0 million in cash.
US Fines Shipping Company $1 Mln for Pollution Crimes
A Japanese shipping company will have to pay $1 million after being convicted and sentenced for obstruction of justice and falsification of an Oil Record Book to cover-up intentional pollution from bulk carrier M/V Atlantic Oasis.The company Nitta Kisen Kaisha Ltd., owner and operater of the Atlantic Oasis, admitted that its engineers failed to document the illegal discharge of oily wastes from the vessel’s fuel and lubrication oil purifier systems, as well as discharges of oily bilge waste from the bilge holding tank and from the vessel’s bilges when delivering steel products to Wilmington…
U.S. Allies Facing Steel Import Quotas Could Be Worse Off
U.S. government moves to negotiate steel import quotas with its allies in exchange for tariff exemptions could leave them worse off than countries who have to pay the levy.Washington set tariffs of 25 percent on U.S. steel imports in March, but has since granted the European Union, Canada and Mexico temporary exemptions until June 1.It has also agreed permanent exemptions for Brazil, Australia, Argentina and South Korea in return for quotas.South Korea, for example, agreed to quotas restricting its steel sales to the United States by 30 percent…
Mexico Slaps Tariffs on US Steel, Agricultural Products
Mexico will impose tariffs of 15 percent to 25 percent on U.S. steel products and on some agricultural goods, the Mexican economy ministry said on Tuesday, after pledging to retaliate against U.S. President Donald Trump's metals tariffs.The ministry published a list of new tariffs in the government's official gazette, which included a 20 percent tariff on U.S.
EU Plans to Hit US Imports with Duties from July
The European Union expects to hit U.S. imports with additional duties from July, ratcheting up a transatlantic trade conflict after Washington imposed its own tariffs on incoming EU steel and aluminium.EU members have given broad support to a European Commission plan to set 25 percent duties on up to 2.8 billion euros ($3.3 billion) of U.S. exports in response to what is sees as illegal U.S. action. EU exports that are now subject to U.S. tariffs are worth 6.4 billion euros."The…
Star Bulk Carriers Announces Private Placement
Star Bulk Carriers Corp. announced the closing of its previously announced private placement of 6,310,272 common shares, at a price of $8.154 per share. The aggregate proceeds to Star Bulk, net of underwriting fees and offering expenses, were approximately $50.6 million. Star Bulk intends to use the net proceeds for general corporate purposes. Oaktree Capital Management, L.P. and its affiliates and Senator Investment Group LP purchased 6,310,272 common shares in connection to this offering.
Robust Commodity Imports Don't Tell the Whole China Story
The improved sentiment surrounding the outlook for China's demand for natural resources is being reflected by rising imports for some major commodities, but as usual it pays to be wary when interpreting the numbers. Customs data released this week shows strong import growth in the first two months of the year in copper and crude oil, a more modest expansion in iron ore and a surge in imports of alumina and bauxite, the main raw materials used to make aluminium. Taken at face value this lends support to the view that China is heading for a better spring season after a gloomy autumn and winter cast a pall over the outlook for demand in the world's largest consumer of commodities.
Korea Express Orders Two Quaymate M50 Cranes
Xiamen, People’s Republic of China, 24 May 2016 – Terex Port Solutions (TPS) notches up another success for its Terex Quaymate M50 mobile harbour crane. After the first machine in the world completely manufactured and assembled by the Chinese site of TPS in Xiamen was shipped to Australia in March this year, the leading South Korean logistics service provider CJ Korea Express (Korea Express) has now ordered two Quaymate M50 mobile harbour cranes for different terminals. In August 2016…
Fednav (Belgium) N.V. Celebrates its 50th Anniversary
Shortly after the inauguration of the Saint Lawrence Seaway in 1959, and the growth of grain exports that followed, bulk shipper Fednav realized that incoming steel products offered ideal repositioning from Belgium, and thus was launched regular service FALLine. Steel is also transported from Germany, the U.K. and other countries, but Antwerp remained the epicenter of the activity. Located in the Scheldt estuary, Antwerp is the breakbulk port of choice due to its central position, its connections to the Rhine and its experienced stevedores.
US Ports Gear up for 2016 Shipping Season
The St. Lawrence Seaway opened two weeks earlier this shipping season and U.S. ports took advantage of the warm weather to move cargo for their customers. Betty Sutton, Administrator of the U.S. Saint Lawrence Seaway Development Corporation said, “During the first nine weeks of the 2016 navigation season, ships arrived from 30 countries and delivered high value cargo that supported a wide range of manufacturing. Our longshoremen worked diligently to offload cargo ships delivering transformers bound for electric power companies…
RINA Awards First Green Ship Recycling Certificate in India
In line with the growing interest in green recycling, RINA Services recently awarded its first ISO 30000:2009 certificate and HKC Statement of Compliance (SoC) in Alang, India to Shubh Arya Steel, on 28th April 2016. Shubh Arya Steel, a ship recycling yard in Alang, made substantial investments in infrastructure in order to meet the requirements of IMO’s Hong Kong Convention for the safe and environmentally sound recycling of ships. The company implemented a management system to meet the requirements of ISO 9001: 2008, ISO 14001: 2004, OHSAS 18001: 2007 and ISO 30000:2009 standards and HKC SoC. There has been a recent spike in shipyard owners making substantial investments to upgrade their yard’s infrastructure to meet the requirements of this Convention…
Antwerp Port Inks Iranian Collaboration
Last week Antwerp Port Authority signed a collaboration agreement with Shahid Rajaee Port Authority which controls the port of Bandar Abbas in Iran. Bandar Abbas accounts for 90% of the in- and outgoing containers of Iran and for nearly half of the 200 million tonnes of freight handled by the 11 Iranian ports put together. The Memorandum of Understanding was signed at the headquarters of the Ports & Maritime Organisation in Teheran which is responsible for managing these 11 ports. The agreement runs for a period of five years, after which it can be renewed.
Victor Restis Buys Stake in Globus Maritime
Globus Maritime Limited, a dry bulk shipping company, announced that it has signed a share and warrant purchase agreement providing for the issuance, for gross proceeds of $2.5 million in a private placement to a private investor. The Company intends to use the proceeds from the sale of common shares and warrants for general corporate purposes and working capital. "Restis has significant experience in shipping and currently runs a fleet of approximately 40 vessels. We continue…
Star Bulk Rolls Out Logistics Venture
Star Bulk Carriers, a global shipping company focusing on the transportation of dry bulk cargoes, announced the expansion and diversification of the Company's commercial activity with the launch of the new subsidiary Star Logistics Management S.A. Star Logistics will focus on servicing the end user by connecting origination and destination of dry bulk commodities. The move is expected to further expand the commercial capability of Star Bulk through additional commercial expertise and advanced tools on the Kamsarmax and geared bulk carriers.
St. Lawrence Seaway Traffic Sluggish in July
“We are about half-way through the 2016 navigation season and our overall cargo tonnage numbers are down by 11 percent,” said Betty Sutton, Administrator of the Saint Lawrence Seaway Development Corporation. Sutton added, “Aluminum shipments supporting the automotive industry played a significant role in activity at the ports of Oswego, NY, Toledo, OH and Detroit, MI. We also saw wind energy parts moving through the Port of Ogdensburg, NY, headed for the new Jericho Rise Wind Farm project in upstate New York.
Dry Bulk Shipping Outlook Good
The dry bulk commodity imports into and exports out of China we have seen in the first half of 2016 are very positive – and nothing short of extraordinary, says BIMCO. But, putting it into perspective, compared to the devastating freight rate levels over the same period, it highlights that something is very wrong in the dry bulk market. The market is nowhere near balanced. BIMCO’s data on seaborne iron ore imports into China, shows a growth of 9.6% for H1-2016 as compared to H1-2015.
Star Bulk to Repay Debt Principal
Star Bulk Carriers announced that, in light of the improved performance of the Company and the dry bulk market in general, it is planning to make debt principal repayments that are in total at least equivalent to the amortization payments scheduled prior to the commencement of debt amortization holidays. The repayment will start from January 1st 2018, under the “cash sweep” mechanism incorporated in its loan agreements. Star Bulk had previously agreed with its Lenders debt amortization holidays that commenced on June 1st 2016 and were due to end on June 30th, 2018.
Mexico Slaps Tariffs on Chinese Steel Pipe for 'Unfair' Pricing
Mexico's economy ministry said on Thursday it formally imposed anti-dumping duties on imports of carbon steel pipe from China after completing an investigation into "unfair" trade practices. The action came the same day U.S. President Donald Trump was set to announce tariffs on steel and aluminum imports to the United States in a bid to counter cheap imports, especially from China. Mexico's investigation of Chinese steel pipes predated Trump's tariff plan, beginning in December 2016 at the request of three companies and covering an analysis of the period from May 2013 to April 2016…
Wärtsilä, Hidrovias Group Ink Maintenance Deal
Wärtsilä and Hidrovias do Brasil signed a five-year Optimized Maintenance agreement on the fleet of eight pusher tugs operating in the rivers of South America. The agreement enables flexible maintenance planning and execution according to the real condition of the equipment, thus ensuring better lifecycle value for the vessels. Hidrovias pusher tugs offer high-quality logistic solutions for the transportation of agricultural commodities, ores, steel products and other loads, with customized long-term projects in the rivers of Paraguay, Brazil, Argentina and Uruguay.
Grain and Project Cargo Dominate St. Lawrence Seaway Traffic in October
“The Great Lakes St. Lawrence Seaway System saw a steady flow of traditional cargoes during the month of October,” said Betty Sutton, Administrator of the Saint Lawrence Seaway Development Corporation. “Last month, shipments of aluminum, steel, generators, crane components, iron ore and containerized goods moved in the system. Thanks to a robust U.S and Canadian grain crop, agricultural products including corn, soy beans, wheat and sugar beet pellets made up the majority of the…
Steel Handling Facility for London Thamesport
London Thamesport has signed an agreement with UK shipping agent and logistics company The Armitt Group for a purpose-built, 120,000 square feet specialist steel handling facility at the Kent port. Construction of the first phase of 60,000 square feet is well underway. Once completed, the specialist facility will offer unparalleled multimodal connections for breakbulk cargo handled in the South East of England. The facility will allow the Armitt Group and its customers to take advantage of London Thamesport's deep-water berths and excellent rail and road links to London…
Star Bulk Carriers Acquires 16 Vessels
Star Bulk Carriers Corp announced that it has agreed to acquire 16 vessels from entities affiliated with Augustea Atlantica SpA and York Capital Management in an all-share transaction. As consideration for the Vessel Acquisition, Star Bulk has agreed to issue approximately 10.5 million common shares to the sellers of the 16 vessels, equal to approximately 14.1% of Star Bulk’s common shares after the closing of the Vessel Acquisition. Under the terms of the agreement with the sellers…