LA, Long Beach Ports Strengthen Collaboration
The ports of Los Angeles and Long Beach Sign MOU to enhance competitveness. The newly approved memorandum of understanding (MOU) is an opportunity to explore five areas of additional cooperation that will enhance competitiveness: cargo transfer predictability, digital connectivity, cybersecurity, establishing metrics and workforce development.“Our two ports are the fastest way to move goods between Asia and U.S. markets and manufacturers,” said Port of Long Beach Executive Director Mario Cordero.
Inmarsat Launches Services in Saudi Arabia
Inmarsat has announced that it will bring its maritime, aviation and enterprise connectivity solutions to customers based in Saudi Arabia through new partner agreements.The company additionally announced that it has secured new spectrum licences to deliver both its narrow-band (L-band) and high-capacity broadband (Ka-band), Global Xpress (GX), services in Saudi Arabia, enabling Saudi-based businesses to deploy these services for the first time.Fixed and mobile satellite telecommunications…
Five Coastal Ferries for Zanzibar
Damen Shipyards signed a contract with the Ministry of Infrastructure, Communications & Transport of the Revolutionary Government of Zanzibar for the supply of five inshore ferries to carry tourists visiting Pemba Island and others nearby in the Zanzibar Archipelago.The contract is for three vessels of the Damen Ferry 804 design and two of the Damen Ferry 1204 design, together with a spare parts package for the first year of operation and on-site training in operating and maintaining the vessels.
Scorpio Bulkers to Sell, Leaseback 3 Bulkers
The provider of marine transportation of dry bulk commodities Scorpio Bulkers has agreed to sell and leaseback two Ultramax vessels (SBI Cronos and SBI Achilles) and one Kamsarmax vessel (SBI Lynx) to Ocean Yield ASA for a total financing consideration of $62.8 million.Upon completion, which is estimated to take place in the first quarter of 2020, the company’s liquidity is expected to increase by up to $33.6 million after the repayment of outstanding debt.The company will also…
Shell, Qatargas Sign LNG Deal for Kuwait
The world’s largest liquefied natural gas (LNG) producer Qatargas has signed a new, long-term LNG sale and purchase agreement (SPA) with Shell to deliver 1 million tons per annum of LNG to Kuwait, commencing this year.Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs said, “We are pleased to announce this new long term agreement between Qatargas and Shell for the supply of LNG to the State of Kuwait, following the recent agreement signed between Qatar Petroleum and Kuwait Petroleum Corporation.
Harvey Gulf CEO to Remain Until 2027
New Orleans based offshore vessels company Harvey Gulf International Marine said it has signed an agreement with its CEO, Shane Guidry, to remain at Harvey until January 1, 2027.Guidry commented, “Over the past several years, Harvey Gulf has produced the highest EBITDA with the lowest cost of operations in the industry. We stand ready to merge with any other company that compliments what we do, thus delivering the best returns to the combined entity.”
Turku Shipyard Doubles the Order
Finnish shipbuilding company Meyer Turku Oy (known as the Turku shipyard) announced that the supply orders of the shipyard got almost doubled in two years."The value of supply orders to the shipyard has grown very strongly. It has almost doubled in two years (+ 84 %). The value of the supply orders was approximately EUR 933 million in 2018 when the corresponding figure in 2016 was approximately EUR 508 million," said a press release from the shipbuilder located in Turku, Finland…
Piraeus Port Taps TEKAL for Port Expansion
PPA S.A. has announced that the construction company TEKAL S.A. was awarded as the construction contractor of the Cruise Terminal Expansion project of Piraeus Port Authority, after the financial bid of $113 million plus VAT, initially budgeted $180 million. The new cruise pier is one of the mandatory investments of the master plan of COSCO SHIPPING for the PPA. The project is also funded by the Regional Operational Program for Attica 2014-2020. The expansion will be located next to the existing cruise facilities…
SGTM Orders Catamaran from Austal
SGTM has awarded Austal Limited a $10.7 million contract to build a 41-meter, high-speed catamaran.The new vessel is based on Austal Australia designed vessel, with customer defined design modifications to be undertaken in Vietnam before construction commences there by March, 2020 with delivery approximately one year later.Austal Chief Executive Officer David Singleton said the new contract was welcome as Austal continued to build on its investment in facilities and people in the company’s new Vietnam shipyard.
Partners to Develop Egypt's First Exclusive RoRo Terminal
NYK, Bolloré Africa Logistics (Bolloré) and Toyota Tsusho Corporation (Toyota Tsusho) have signed an agreement with the General Authority for the Suez Canal Economic Zone to set up and operate a dedicated automotive terminal at East Port Said in Egypt.The automotive market in Egypt is expected to expand along with population growth and economic development, and the Alexandria port, which currently handles almost all of Egypt’s vehicle imports, is a multipurpose port that sees a variety of cargo and lacks storage space.
Port of Savannah Tops Cargo Record
In the 2019 calendar year Port of Savannah moved 4.6 million twenty-foot equivalent container units (TEU).Georgia Ports Authority (GPA) Executive Director Griff Lynch said this is an increase of nearly 250,000 TEU (5.6%) compared to the previous year.In roll-on/roll-off trade, GPA handled 657,685 units of cars, trucks and tractors in 2019, an increase of 12,167 units, or 2%.Ocean Terminal picked up two new customers in 2019 - GM and Volvo - with both car makers exporting vehicles to Australia and New Zealand via Savannah.
Yilport Orders Automated RTG Systems
Cranes manufacturer Konecranes reports it booked an order in December 2019 with Yilport to deliver automated rubber tired gantry (RTG) crane systems to three of Yilport’s European container terminals, including two in Portugal and one in Sweden.The automated RTG systems, each with six Konecranes ARTGs operated under a supervised operation concept, will be built as extensions to the container yards of Yilport’s Gävle container terminal in Sweden and the Liscont and Leixões terminals in Portugal.
DP World Takes 44% stake in Swissterminal Holding
Dubai state controlled port operator DP World has taken a 44% stake in Swiss container terminal operator Swissterminal Holding AG.The Mayer family, who founded the business, will remain a majority shareholder, a statement from the company said. Roman Mayer will continue to serve as Swissterminal’s CEO.Financial terms were not disclosed.Swissterminal operates additional locations in Zurich-Niederglatt, Basel-Birsfelden, Basel-Kleinhueningen and Liestal. The terminals are connected to container ports in Rotterdam and Antwerp as well as the ports of La Spezia…
Safe Bulkers Sells, Leasebacks 8 Vessels
The Monaco-headquartered provider of marine drybulk transportation services Safe Bulkers Safe Bulkers has sold and leased back eight ships to refinance $105.2m in loans coming due in 2023 and 2025.The New York-listed bulker owner said that it will receive $158.3m in proceeds from the transaction.Under the arrangements, two vessels were leased back, under bareboat charter agreements, for a period of six years and six vessels were leased back under bareboat charter agreements, for…
Konecranes Refurbishing Port Cranes in Taranto
Setting out to create a new Mediterranean shipping hub at Taranto Port, Yilport Holding in December chose Konecranes to refurbish 23 cranes.The Turkish company won a 49-year concession from Italian authorities in 2019 to operate Taranto, located in the southeastern part of the country, and plans to use the port’s central location to create a Mediterranean hub.Konecranes said its contract includes the recommissioning of seven ship-to-shore (STS) cranes and 16 rail-mounted gantry (RMG) cranes that are currently inactive.
Second RoPax Launched for Hankyu Ferry Co
Mitsubishi Shipbuilding Co., Ltd. held a christening and launch ceremony for the second of two passenger/cargo ferries currently under construction for Hankyu Ferry Co, Ltd.The new vessel, named Yamato, is being constructed at the Shimonoseki Shipyard & Machinery Works yard in Japan's Yamaguchi Prefecture and is scheduled to be delivered in June 2020 after rigging work is completed.Together with Settsu, which was christened and launched last August, Yamato will serve on the operator's Shinmoji-Kobe route.Yamato…
Georgia Scraps Deal on Major Port Project
Georgia has ended an investment agreement with an international consortium for one of the biggest projects in the former Soviet country, the construction of a major deep sea port on the Black Sea coast, its infrastructure minister said on Thursday.The nine-phase project to improve access to Central Asia and the Middle East had received support from Georgia's strategic partner, the United States, as well as the European Union, which had labelled the planned port at Anaklia a priority project."The government discussed this issue and decided that further postponement does not make sense…
CII Announces Three New Directors
The Containerization & Intermodal Institute (CII) has unanimously elected Dr. Noel Hacegaba of the Port of Long Beach, Gregory Tuthill of SeaCube Container Leasing and Michael Wilson of Consolidated Chassis Management to three-year terms on the Board of Directors.• Dr. Hacegaba has a long history with the City of Long Beach and the last 10 years in executive positions within the port, one of the busiest ports in the U. S. He is presently Deputy Executive Director. Noel Hacegaba is a graduate of the University of Southern California.• Greg Tuthill is CCO…
EU Shortsea Shippers Challenge ITF Longshore Clause
European short-sea and feeder lines challenge legality of Dockers' Clause extension.European short-sea and feeder ship operators are challenging efforts by the International Transport Workers’ Federation (ITF) to redefine container lashing as a cargo handling activity in order to bring it under the control of unionized dockers. The redefinition, for which ITF is seeking acceptance at a growing number of European ports, will mean that shore-based workers undertake shipboard container lashing under the supervision of the ship master…
First LNG FFA Trades via CME Group
Affinity (Shipping) LLP, a shipbroker, said this week in a statement it had facilitated the first trades in CME Group's liquefied natural gas (LNG) freight futures contracts.The trades involved French energy major Total and commodities trader Trafigura and were submitted for clearing using CME Group's ClearPort system, Affinity saidEarlier in December, CME Group said it would be the first futures exchange to launch trading of three LNG freight futures contracts in response to growing demand for hedging tools on the LNG market"Since we arranged the initial bilateral LNG forward freight agreemen
Five Common Mistakes in Maritime Contracts
“An ounce of prevention is worth a pound of cure.” – Henry de Bracton, DeLegibus, ~1240Often clients or prospective clients come to me with a commercial contract issue perched on the precipice of full-blown litigation or arbitration. When I ask to see the contract, often times I see errors in drafting that either (1) give rise to the problem before me or (2) could create a bigger problem for the client in the future.The risk of drafting error is higher for Europeans looking to contract with American companies.
Scrubber, BWTS Retrofits Drive Keppel in 2019
Scrubber and ballast water treatment system refits have helped to maintain brisk business at shipyards globally, as shipowners upgrade ships to meet regulatory mandate. In Singapore, Keppel Offshore & Marine Ltd. reports that it has won 104 scrubber and BWTS retrofit orders worth a combined value of $118 million year-to-date, bringing the total number of retrofit projects secured to date to 108 scrubber and 97 BWTS projects.“Installation of scrubbers and BWTS can be highly complex and there has been strong demand worldwide to meet regulatory deadlines…
E-money Platform MarCoPay Accredited by Bank
On December 10, MarCoPay Inc. has obtained a certificate of registration from Bangko Sentral ng Pilipinas (BSP), the central bank of the Philippines, allowing the company to operate as an electronic money issuer.In July 2019, NYK and Philippine-owned business group Transnational Diversified Group (TDG) announced the development of the new fintech platform MarCoPay. Now certified by BSP, it is well on its way to meet its target launch date for NYK operated vessels in early 2020.
U.S.-Europe Tanker Rates at Record Highs
Rates for Aframax-class crude oil tankers leaving the U.S. Gulf Coast hit a record this week, according to three shipbrokers, reflecting strong demand in Europe and the Mediterranean for low-sulfur crude.Equinor ASA and Unipec, the trading arm of China's top refiner Sinopec, provisionally chartered Aframax tankers Everest Spirit and Nordorchid, respectively, this week at rates of 245 worldscale points, according to one broker and Refinitiv Eikon data. Both vessels are headed to Europe.The worldscale rate translates to about $60…
Liberty Global Logistics bags Performance Award
Liberty Global Logistics Awarded FCA Ocean Carrier of the Year for 2019Liberty Global Logistics LLC (LGL) was recently awarded the 2019 Outstanding Performance Excellence Award for “Ocean Carrier of the Year” at the Fiat Chrysler Automobiles (FCA) event held in Detroit, Michigan on Wednesday, 6 November 2019.Bob Wellner, President of LGL, who received the award said, “This award is representative of continuous performance excellence and an important benchmark of customer satisfaction that we endeavor to achieve for all of our customers.
ONE: New S. Korea to N. Vietnam Service
Ocean Network Express (ONE) has announced details of the new Korea Haiphong Express (KHX) service. Connecting North Vietnam, South Korea and South China, the new KHX service offers improved service coverage and comprehensive port connections for ONE’s valued customers.The KHX service, which will be the first within ONE’s network to call Incheon, will provide shippers direct and fast coverage from North Vietnam to South Korea and South China to Incheon.The KHX service coverage…
Baltic Index Falls for 13th Straight Session
The Baltic Exchange's main sea freight index declined for a 13th straight session on Friday, weighed down by declining rates across all vessel categories.The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, decreased 28 points, or 2.4%, to 1,123, its lowest in over six months. The index has lost over 17% in the week.The capesize index dropped 18 points, or 0.9%, to 1,958 — its lowest since June 18. The index fell over 20% this week, marking its third straight weekly fall.
Singapore Jails Tanker Captain in Shell Theft Case
The captain of a Vietnamese oil tanker has been jailed for over five years in Singapore for his role in a scheme that saw around $150 million of oil stolen from Shell's biggest refinery over several years.Doan Xuan Than, 47, was sentenced to 66 months in prison on Thursday, a spokesman for the State Courts of Singapore said, becoming the second person jailed in a case that also involves former employees of Royal Dutch Shell who allegedly conspired to siphon oil from the firm's Singapore refinery.The theft…
China Stocks up on VLSFO Ahead of IMO2020 Deadline
Chinese marine fuel suppliers have signed up short-term deals to buy very low-sulphur fuel oil from companies like oil major Shell, Germany's Uniper and U.S. commodities trader Freepoint ahead of a new standard on emissions for the global shipping industry that kicks in on Jan. 1.While China's state refiners have pledged to produce a combined 14 million tonnes of the fuel for 2020 that complies with the tighter rules set by the International Maritime Organization (IMO), Beijing…
BIMCO's Sanctions Clauses to Meet Challenges
BIMCO’s Documentary Committee has approved two charter party sanctions clauses to help owners and charterers manage due diligence policies and navigate an increasingly complex environment of economic and trade sanctions imposed by governments.Sanctions have become a widely used geopolitical tool by governments. The rules are complex, imprecisely drafted, often changing, and the risks of violation can be high. The necessity of sanctions clauses that provide contractual certainty has prompted BIMCO to revise…
PONANT Taps VARD for Two Cruise Vessels
VARD has announced a contract to build 2 new-generation luxury expedition cruise vessels for PONANT.The new units, due for delivery both in 2022, will represent an evolution of the “PONANT EXPLORERS” class vessels. They will be operated in the South Pacific areas for “PAUL GAUGUIN CRUISES” brand as well as the eponymous ship acquired recently by PONANT, thus bringing the number of ships under this brand to 3. They will be built by VARD group’s production network, and they will…
BIMCO: 147 mln Christmas Tree Light Sets Shipped
The US has seen a big drop in the import of Christmas tree lighting sets from China.In the first ten months of 2019, the US imported 147 million Christmas tree lighting sets, just over half of which came from Cambodia, a big change from 2018, where - in the first ten months - only 13% came from the country.Christmas tree lights are one of the thousands of commodities which have been involved in the trade war. Imports from China of these lights have faced tariffs since September 2018.
Shipping Confidence at 18-month High
Confidence in the shipping industry rose in the last quarter to its highest level for 18 months, according to the latest Shipping Confidence Survey from leading shipping adviser and accountant BDO.The average confidence level expressed by respondents to the survey was 6.4 out of 10.0, compared to 5.8 Q3 2019. This is the highest rating since the same level of confidence was recorded in May 2018, and it is necessary to go back to February 2014 in order to see confidence at a higher…
China 'in touch' with U.S. on Phase 1 Trade Deal
China and the United States are in touch over the signing of their Phase 1 trade deal, China's commerce ministry said, which will see lower U.S. tariffs on Chinese goods and higher Chinese purchases of U.S. farm, energy and manufactured goods.The Phase 1 deal was announced last week after more than two years of on-and-off trade talks, although neither side has released many specific details of the agreement.Both the Chinese and U.S. trade teams are in close communication, Gao Feng…
Toyota to Build Port Said Egypt RORO Terminal
A consortium led by Toyota Tsusho Corp, a unit of Japan's Toyota Group, signed a contract on Thursday to set up and operate a roll-on, roll-off vehicle terminal at East Port Said in Egypt, the Suez Canal Economic Zone (SCZone) said.The consortium, which also includes Bollore Africa Logistics and Nippon Yusen Kaisha, will develop and operate a 600-metre quay and a new 21.2-hectare terminal for the import, export and transshipment of vehicles, an SCZone statement said.It will invest $150 million in equipment and infrastructure to enable the terminal to handle 800,000 vehicles a year, plus an ann
Campbell Transportation Names Buese President
Campbell Transportation Company is promoting Kyle Buese to the role of President, effective January 1, 2020, the Pittsburgh-based inland marine transportation and services company announced on Wednesday.Buese has been the Executive Vice President of Campbell Transportation for the past year. He will replace Mike Monahan who is retiring as President.Monahan, who is stepping down after eight years as Campbell President, will stay on as a member of the company's Board of Directors.Peter Stephaich…
Konecranes Wins $46 mln USN Crane Deal
US Navy has contracted Konecranes to deliver a 175-ton portal jib crane to the Puget Sound Naval Shipyard in the State of Washington. The $46-million order was booked in December and contains options for six additional portal jib cranes over the next seven years. If realized, the total value of the agreement would be around $330 million.The crane to be provided is a Konecranes tailor-made design, unique with features that allow it to operate on the multiple rail section sizes, straight or curved, located at the Naval base.
BIMCO: Supply & Demand Trending Off-Balance
One of the most worrying trends that has developed recently - which will affect shipping demand in the years to come - is the falling trade-to-GDP ratio. The falling ratio can be explained by slowing globaliztation as well as increasing protectionist measures being implemented around the world, spear headed by the US. The raised barriers to trade are here to stay as we enter a new decade, with the shipping industry stuck with the consequences.The trade war is the clearest example of these extra barriers to trade…
Baltic Index Sags Again on Weak Capesize Demand
The Baltic Exchange's main sea freight index fell for a tenth-straight session on Tuesday, as capesize vessel rates hovered near a six-month low.The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, dropped 34 points, or 2.6%, to 1,281, its lowest since Nov. 21.The capesize index slid 94 points, or 4.0%, to 2,240, its lowest level since June 20. Average daily earnings for capesizes, which typically transport 170,000-180…
Commodities 2020? Reading the Trump, China Tea Leaves
As 2020 approaches, the year ends with the tantalising prospect of a trade deal between the United States and China. Again.Initial agreement to de-escalate the tariff war between the world's two biggest economies has been interpreted as a positive for the global economic outlook. But it's worth remembering that 2018 ended on a similar note - leaving the commodities outlook once again hostage to the whims of Donald Trump and Xi Jinping.In November last year, the U.S. President and his Chinese counterpart also reached a trade agreement of sorts at the G20 summit in Argentina.
New Vessel for Windermere Lake Cruises
MV Swift was launched December 11, 2019 into the waters of Windermere in the Lake District National Park.Damen Shipyards Group is building the vessel on location via the Damen Technical Cooperation (DTC) for Windermere Lake Cruises.At 34m, the vessel is slightly shorter than the company’s existing flagships, MV Swan and MV Teal. This will enable the vessel to dock at smaller jetties in the area, thereby providing economic stimulus to a wider pool of local businesses.Windermere Lake Cruises operates a fleet of 16 vessels currently.
U.S. sets Trade Terms, Beijing So Far Silent
Washington has set its terms for a trade deal with China, offering to suspend some tariffs on Chinese goods and cut others in exchange for Beijing's buying more American farm goods, U.S. sources said on Thursday.Beijing has yet to confirm whether it is on board with the proposal, although officials will hold a press briefing Friday night local time to update progress on the talks, the State Council Information Office said. Officials from the state planner, ministry of finance, foreign ministry, agriculture ministry and ministry of commerce will attend.In the hours since U.S.
U.S., China Reach Trade Deal 'in principle'
The White House has reached a "deal in principle" with Beijing to resolve the 17-month U.S.-China trade war, according to a source briefed on the trade talks.The White House was expected to make an announcement later on Thursday, the source said."The written agreement is still being formulated, but they have reached an agreement in principle," the source said. No details were immediately available.In an attempt to secure a "phase one" trade deal, U.S. negotiators offered to cut…
Two 'Combi Freighter' Contracts for Alewijnse
Alewijnse Marine has won the contract for the electrical fit-out of two additional Damen Combi Freighter 3850s currently in build at Damen Yichang Shipyard for delivery in January 2020.The contract is based around the design, build and delivery of the main and emergency switchboards that form the core of the vessels’ electrical systems including those for alarm monitoring, fire alarms and public address. Alewijnse personnel will also oversee the installation and commissioning of the systems undertaken by the yard’s technicians.Damen’s Combi-Freighter range is comprised of eco-friendly…
Baltic Index Sags for 5th Consecutive Session
The Baltic Exchange's main sea freight index fell for a fifth straight session on Tuesday, weighed down by softer demand for capesize vessels.The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, dropped 23 points, or 1.5%, to 1,528 points.The capesize index fell 75 points, or 2.3%, to 3,167 points. Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, dropped $793 to $22…
Pelosi to Speak as U.S. Closes in on USMCA Deal
U.S. House Speaker Nancy Pelosi will hold a news conference on Tuesday to discuss the U.S. Mexico Canada (USMCA) trade deal as U.S. and Canadian officials prepared to fly to Mexico City to work on final changes to the agreement."We're close. We're not quite finished yet, we're within range," Pelosi told a forum of chief executives on Monday evening.Her office did not elaborate on any announcement but she will be accompanied at the news conference by Representative Richard Neal…
New Formed Advanced Systems Group Appoints Dibkey
Brunswick Corporation today announced the formation of its Advanced Systems Group and appointed Brett Dibkey President – Advanced Systems Group. The new appointment is effective on January 1, 2020. The Advanced Systems Group consists of the 11 leading Power Products brands from the acquisition completed in August of 2018 in addition to the Attwood Group of businesses with its industry-leading brands, including Attwood, Garelick, MotorGuide, and Whale - all supported by a comprehensive, industry-leading systems design and integration capability.
Peru Port Maintenance Depends on Damen
Tramarsa has taken delivery of a Damen Cutter Suction Dredger (CSD) 450. Tramarsa will be providing the tools to its subsidiary company Salaverry Terminal Internacional (STI), which will be using the new vessel for maintenance dredging tasks in the Port of Salaverry, Peru.The purchase of the new Damen CSD450 relates to the 30-year contract that STI was awarded for delivering port services at the Port of Salaverry. This contract includes maintenance dredging to keep the harbor at a suitable depth…
China Hoping for Expedited US Trade Agreement
China said on Monday that it hoped to make a trade deal with the United States as soon as possible, amid intense discussions before fresh U.S. tariffs on Chinese imports are due to kick in at the end of the week.Beijing hopes it can reach a trade agreement with the United States that satisfies both sides, Assistant Commerce Minister Ren Hongbin told reporters on Monday."On the question of China-U.S. trade talks and negotiations, we wish that both sides can, on the foundation of equality and mutual respect…
Boskalis Bags Pasay Reclamation Project
Dutch dredging and heavylift company Royal Boskalis Westminster N.V. (Boskalis) has received the Provisional Letter of Acceptance for the Design and Construction contract for the Pasay Reclamation Development Project in Manila Bay, Philippines in cooperation with CHEC from China.The award was made by the publicly listed company SM Prime Holdings Inc. (SMPHI), one of the largest property developers in Southeast Asia. The development will create a new commercial and residential area in a densely populated part of Manila.
AET Wins $245Mln Charter Deal with Shell
Petroleum and chemical tanker owner AET Tanker Holdings has been awarded three long-term time charter contracts by Brazil Shipping I Limited, a Shell group entity.The subsidiary of Malaysia’s maritime solutions and services provider MISC Berhad said in a press release that Under the terms of the deal it will own and operate the related newbuilding Suezmax Class Dynamic Positioning (DP) shuttle tankers for operations in international and Brazilian waters.The estimated contract…
Port Everglades & Dominican Republic Port Authority Sign MOU
Broward County's Port Everglades Department and the Dominican Republic Port Authority have signed a Memorandum of Understanding (MOU) as part of a joint Sister Seaports agreement.The MOU will promote bilateral trade. The two parties want to establish an alliance of cooperation aimed at facilitating international trade and generating new business by promoting the sea trade routes between the two countries. The MOU outlines joint initiatives, including marketing activities and market studies…
JAXPORT Board Extends CEO Green’s Contract
During the December meeting of the JAXPORT Board of Directors, the Board unanimously voted to extend CEO Eric Green’s contract through fiscal year 2024. The new five-year contract is effective October 1, 2019.Green has been with JAXPORT since 2005 and was named CEO in 2017. Under Green’s leadership, the port set new container, auto and overall cargo volume records.With Green at the helm, JAXPORT has continued to secure funding for the federal project to deepen the Jacksonville shipping channel to 47 feet, keeping the project two years ahead of its original schedule, based on continued funding.
CME Adds Two Delivery Points to WTI Houston
CME Group on Thursday said it would add two more delivery points for its WTI Houston crude futures contract, pending regulatory review, as it seeks to provide customers with additional options to hedge physical price risk.* Beginning with the March 2020 contract, customers can take delivery of U.S.
Diana Shipping Wins Ausca, Koch Charters
Diana Shipping announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Ausca Shipping Limited, Hong Kong, for one of its Kamsarmax dry bulk vessels, the m/v Myrsini.According to the global shipping company specializing in the ownership of dry bulk vessels, the gross charter rate is US$11,500 per day, minus a 5% commission paid to third parties, for a period of minimum 13 months to about 15 months. The charter is expected to commence on December 4…
Grindrod Extends IVS Bulk JV
Singapore based shipowner and operator Grindrod Shipping announced a number of transactions relating to the extension of its IVS Bulk joint venture, implementation of a financing arrangement and a fleet update.Grindrod Shipping has extended the termination date of its IVS Bulk joint venture from September 30, 2019 to November 30, 2019."We continue to progress the transaction agreed in principle with the joint venture partners whereby the company would acquire an additional 33.25% stake from one of the partners with the other partner retaining its 33.25% stake…
Baltic Index Up for Seventh-Straight Session
The Baltic Exchange's main sea freight index rose for a seventh consecutive session, helped by growing demand for ships across vessel segments.The Baltic index, which tracks rates for capesize, panamax and supramax vessels that ferry dry bulk commodities, rose 40 points, or 2.6%, to 1,568 points, its highest since Nov. 5.The capesize index rose 100 points, or 3.2%, to its highest since mid-Oct at 3,231 points. Average daily earnings for capesizes, which typically transport 170…
Diana Shipping Posts $1.8M Q3 Net Income
Diana Shipping reported net income of $1.8 million and net income attributed to common stockholders of $3 million for the third quarter of 2019. This compares to net income of $14.8 million and net income attributed to common stockholders of $13.3 million reported in the third quarter of 2018.Time charter revenues were $53.5 million for the third quarter of 2019, compared to $61.5 million for the same period of 2018. The decrease in time charter revenues was mainly due to decreased…
U.S. Assures Banks on COSCO Shipping Sanction Rules
The Trump administration assured U.S. banks on Wednesday that they can temporarily process U.S. dollar transactions on Chinese shipping companies it had previously sanctioned for allegedly transporting oil from Iran, in a move meant to blunt the impact of the sanctions on global shipping markets.The administration slapped sanctions on Sept 25 on Dalian units of Chinese shipping company COSCO, a move that pushed global freight costs to record highs. The Treasury Department's Office of Foreign Assets Control, or OFAC, said in the guidance on Wednesday it "would not expect the intermediary U.S.
Stronger Demand Bolsters Baltic Index
The Baltic Exchange's main sea freight index, which tracks rates for ships ferrying dry bulk commodities, inched up on Wednesday, helped by stronger demand across all vessel segments.The Baltic index, which tracks rates for capesize, panamax and supramax vessels, rose 14 points, or nearly 1%, to 1,440 points, after registering its biggest one-day percentage gain in four-and-a-half months on Tuesday. The capesize index jumped 30 points, or 1%, to 2,983.Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal, rose $193 to $22,465.
BIMCO: Dry Bulk Shipping Outlook
Freight rates down from multi-year highs as the market fundamentals make themselves felt.The fundamental balance in the market has worsened in 2019 with supply growth outstripping demand, and BIMCO expects that this will continue into 2020.Demand drivers and freight ratesAfter peaking in September, the fundamentals of the market have begun to drag on freight rates – although the rates remain above the average experienced so far this year, buoyed by a handful of positive developments during Q3.For only the third time this year…
ACL, Peel Ports Sign 15-year Contract
Atlantic Container Line (ACL), a Grimaldi Group Company, has agreed a new 15-year contract extension for container and roll-on/roll-off operations at the Port of Liverpool until 2035. Peel Ports Group is making a significant investment at RSCT to accommodate ACL’s new fleet of G4 vessels, which are registered in the UK and fly the Red Ensign. The passage entrance into the Seaforth Basin has been widened by 28 metres to allow safe access for the large G4 vessels into the terminal.
Greece's National Bank Dumps Impaired Shipping Loans
National Bank (NBG) has signed deals to sell a 262 million euro ($288.78 million) portfolio of shipping loans to investment funds as part of its effort to reduce its load of soured credit, Greece's second-largest lender said on Wednesday.The bank said it sold the loans for about 50% of their outstanding balance as of end June 2019.
Stocks Nearing Record Highs on Trade Hopes
World shares made another push for an all-time high on Wednesday after U.S. President Donald Trump said Washington and Beijing were in the final throes of inking an initial trade deal.European trading was restrained, with MSCI's all-country world index now within 0.4%, or 2 points, of its record high from January 2018.London, Frankfurt, Paris and Wall Street futures all rose, and though Shanghai had struggled after Chinese industrial company profits shrank, Australia had set its…
CMA CGM to Raise $2 bln to Fund CEVA Deal
Shipping group CMA CGM said it planned to raise $2 billion to help finance its takeover of CEVA Logistics, with half the cash coming from selling port assets to its joint venture with China Merchants Port Holdings Co.France-based CMA CGM, the world's fourth-largest container shipping company, bought CEVA this year to expand in land logistics, valuing the firm at about $1.7 billion.CMA CGM said it was pushing back some of Switzerland-based CEVA's financial targets by two or three years, partly because of a slowdown in some industries, such as car manufacturing.Under an agreement with China Merc
Baltic Index Logs Best Day Since July on Capesize Rates
The Baltic Exchange's main sea freight index, which tracks rates for ships ferrying dry bulk commodities, on Monday recorded its biggest daily percentage jump in more than four-and-a-half months, buoyed by a surge in capesize rates.The Baltic index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, climbed 67 points, or 5.2%, to 1,351 points. The index posted its biggest daily percentage gain since July 4.The capesize index rose 223 points, or nearly 9%, to 2,716, also registering its biggest percentage rise since July 4.
Gunvor to Charter Flex LNG Newbuild
Commodity trader Gunvor Group will charter a liquefied natural gas (LNG) carrier from shipping firm Flex LNG for up to 10 years, the two companies said on Monday.Geneva-based Gunvor, which has said it wants to take a lead in energy transition by investing in cleaner natural gas, last year became the biggest trader in the burgeoning LNG market.The initial contract is for five years, with options to extend to 10, the firms said. The vessel, with capacity to transport 173,400 cubic meters of LNG…
Diana Shipping Announces T/C Contracts
Diana Shipping Inc. has announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Oldendorff Carriers GmbH & Co. KG, Lübeck, Germany, for one of its Post-Panamax dry bulk vessels, the m/v Electra. The gross charter rate is US$10,250 per day, minus a 5% commission paid to third parties, for a period of minimum eleven (11) months to maximum thirteen (13) months. The charter commenced earlier today.The “Electra” is a 87,150 dwt Post-Panamax dry bulk vessel built in 2013.The company also announced that…
SMS Group Completes Refit for Holland America
The SMS Group has completed two pieces of major interior outfit work for Holland America Line in the Caribbean and Canada.This division is led by industry veteran Dan Lockyer. In respect to the recent wins Dan said: “We completed these first two, major projects, on time and on budget. “The Noordam refit, undertaken in the Seaspan yard in Victoria, Canada, We had over 20 men onsite, with two project managers, and completed works in 742 cabins. “The Volendam was similar, although a slightly smaller project. The works were undertaken in Freeport, Grand Bahamas.
Baltic Index Records Fifth Straight Fall
The Baltic Exchange's main sea freight index, which tracks rates for ships ferrying dry bulk commodities, dipped for a fifth successive session on Wednesday, weighed down by weaker capesize vessel rates.The Baltic index, which reflects rates for capesize, panamax and supramax vessels, was down by 44 points, or 3.4%, to 1,260.The capesize index dropped 108 points, or 4.3%, to 2,435 points. Average daily earnings for capesizes, which typically transport 170,000-180,000 tonne cargoes such as iron ore and coal…
Protesters Block Iraq Port as Strike Escalates
Protesters blocked entry to Iraq's main commodities port again on Monday while schools and government offices in many southern cities were shut in response to calls for a general strike.At least 315 people have been killed since the start of mass unrest in Baghdad and southern Iraq in early October, the largest demonstrations since the fall of Saddam Hussein in 2003.Protesters are demanding the overthrow of a political class seen as corrupt and beholden to foreign interests. Unsatisfied by government reform promises they see as meagre…
Diana Shipping Fixes Medusa with Cargill
Diana Shipping announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Cargill International S.A., Geneva, for one of its Kamsarmax dry bulk vessels, the m/v Medusa.The gross charter rate is US$11,000 per day, minus a 4.75% commission paid to third parties, for a period of about 11 months to maximum 13 months, said the global shipping company specializing in the ownership of dry bulk vessels.The new charter period is expected to commence on November 15…
Retail Imports to See Final Tariff-Driven Surge
Imports at the nation’s major retail container ports are expected to see their final surge of the year this month ahead of new tariffs set to take effect in December, according to the Global Port Tracker report released today by the National Retail Federation and Hackett Associates.“Retailers are highly competitive, but the ability to compete has been challenging this year because of the uncertainty of the trade war and continued tariff escalation,” NRF Vice President for Supply Chain and Customs Policy Jonathan Gold said.
Namdock wins Angolan Navy Maintenance Contract
In September 2019, in a milestone agreement, Namdock concluded a contract to maintain and repair the vessels of the Marinha de Guerra Angolana (MGA), the Angolan Navy.According to Namdock’s Commercial and Operations Manager, Willie Esterhuyse, although the contract has been concluded, the exact date when the vessels will be arriving in Walvis Bay has not been finalized, it is anticipated that this will be early in 2020.In terms of this agreement, Namdock will take two Angolan Navy vessels into its dry docks initially.
White House: Tariff May be Removed if Trade Deal Reached
Tariffs could be lifted amid the U.S.-China trade deal if an agreement is reached, a White House spokeswoman said on Friday, citing optimism about a final pact but giving no further details."We're very optimistic for some kind of a deal, and I imagine if we reach one then some tariffs could be lifted," White House spokeswoman Stephanie Grisham told Fox Business News in an interview, adding that she did not want to get ahead of negotiations.Reporting by Susan Heavey
Russian Gas Tanker to Lift U.S. LNG
A gas tanker once hailed by President Vladimir Putin as a bulwark of Russian energy security is heading for a liquefied natural gas (LNG) terminal in the United States, ship tracking data from Refinitiv's Eikon showed on Friday.The collection of an LNG cargo from the United States by a Russian tanker would be potentially awkward for Putin and Kremlin-controlled gas company Gazprom, which leased out the vessel to Austrian company OMV in August until November.Two industry sources…
China, U.S. Reportedly to Cancel Tariffs in Phases
China and the United States have agreed to cancel in phases the tariffs imposed during their months-long trade war, the Chinese commerce ministry said on Thursday, without specifying a timetable.An interim U.S.-China trade deal is widely expected to include a U.S. pledge to scrap tariffs scheduled for Dec. 15 on about $156 billion worth of Chinese imports, including cell phones, laptop computers and toys.Tariff cancellation was an important condition for any agreement, ministry spokesman Gao Feng said…
Oil surges as China Pushes Tariff Rollbacks
Oil prices rose more than 1% on Tuesday on hopes for a U.S.-China trade agreement and optimism that Washington could roll back some tariffs on Chinese imports.Brent crude futures rose 74 cents, or 1.2%, to $62.87 a barrel by 12:56 p.m. EST (1756 GMT). U.S. West Texas Intermediate (WTI) crude futures rose 68 cents, or 1.2%, to $57.22 a barrel.China is pushing U.S. President Donald Trump to remove more tariffs imposed in September as part of a so-called Phase 1 deal, which would…
Bullet Dodged? Markets Bet on Global Economy
World shares climbed back towards record highs and safe-haven bonds tumbled on Tuesday, as hopes that Washington may roll back some of the tariffs it has imposed on Chinese imports rekindled optimism about the global economic outlook.A year-end rally looked to be building. Wall Street's main markets were expected to add to their 20% gains and best year since 2013. MSCI's 49-country world index was just 1.4% shy its early 2018 peak.Europe had galloped to a 21-month high on Monday before retreating on Tuesday. Asia had raced to its highest since May.
Venezuela's Oil Exports top 800,000 bpd Again
Venezuela's oil exports eased in October, but surpassed 800,000 barrels per day (bpd) for second month in a row, helping to drain an inventory buildup that had forced the OPEC country to cut output, according to documents and data.Since the United States imposed sanctions on Venezuelan state-run oil firm PDVSA in January to oust socialist President Nicolas Maduro, the OPEC-member country has struggled to find customers and tankers for its oil.New rounds of sanctions in August and September on Venezuela and maritime firms carrying the nation's oil pushed its crude stocks to record levels…
Boston’s Conley Terminal Receives Two New RTG Cranes
On Saturday, November 2nd, the Massachusetts Port Authority (Massport) received two new rubber-tired gantries (RTGs), increasing the number of RTGs at the Paul W. Conley Container Terminal to 16. Adding equipment is part of an $850 million investment to keep Conley Terminal competitive and efficient with truck turntimes averaging under 35 minutes. Another two RTGs were also delivered back in May. The Port of Boston contributes over $8 billion to the regional economy and supports more than 9,000 direct jobs.
RORO Company Launches New Platform
The Roll On Roll Off (RORO) Company, a digital freight forwarder, recently launched its new platform, RORO.com, to accelerate global trade of large assets. With access to instant quotes, schedules and bookings, users can save time and money on shipping machinery, automobiles, boats and more. Global trade of large assets moves too slowly. Online auctions, such as Ritchie Bros., make it easy to purchase items worldwide, but delivering these items across the world is slow. The current model relies on a subset of shipping companies called freight forwarders.
Baltic Index at 4-month Low on Weak Demand
The Baltic Exchange's main sea freight index, which tracks rates for ships ferrying dry bulk commodities, fell to a four-month low on Monday, weighed down by easing rates across vessel segments.The Baltic index, which reflects rates for capesize, panamax and supramax vessels, fell 22 points, or 1.3%, to 1,675, its lowest since July 3.The capesize index dropped 4 points, or 0.1% to 2,946 points, its lowest in more than a week. Average daily earnings for capesizes, which typically transport 170…
Baltic Index Slips to Near 4-Month Low
The Baltic Exchange's main sea freight index, which tracks rates for ships ferrying dry bulk commodities, fell to a near 4-month low on Friday as rates fell across vessel segments.The Baltic index, which reflects rates for capesize, panamax and supramax vessels, fell 34 points, or 1.96%, to 1,697, its lowest since July 3. The index posted its seventh weekly loss in eight.The capesize index was down by 28 points, or 0.94% at 2,950 points. Average daily earnings for capesizes, which typically transport 170…
Peel Ports sees Brexit Boost
Cargo shippers are diverting goods to more ports across Britain to ensure stable supply lines due to uncertainty over whether the UK will leave the European Union without an agreement, a top port executive said.Brexit has been delayed for a third time, until the end of January, and Britain is headed for a snap general election in December designed to break the impasse.The European Union's Brexit negotiator Michel Barnier this week said there was still a risk that Britain could exit the bloc chaotically with no divorce agreement.In the meantime…
Phase One Trade Deal with China in 'Good Shape'
The initial "phase one" trade pact with China appears to be in good shape and is likely to be signed around mid-November, although a finite date is still in question, U.S. Commerce Secretary Wilbur Ross said on Friday."We're pretty comfortable that the phase one is in good shape," he told Fox Business Network in an interview.Reporting by Susan Heavey