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Asia Fuel Oil-Bunker premium eases to near 7-wk low on lack of demand

The 380-cst marine fuel premium eased to a near seven-week low on Friday, pressured by a lack of demand amid ample supplies. The 380-cst bunker premium stood at US$3.90 (S$5.34) a tonne above cargo prices, down 33 cents a tonne … Continue reading

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India: Tuticorin port handles over 3 mt cargo in February

Tuticorin port has handled a record cargo traffic of 3.23 million tonne (mt) during February 2015, surpassing the previous 2.85 mt handled during March last year. The port also has crossed the previous year’s traffic of 28.64 mt on February 27 by … Continue reading

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Global Ship Lease posts 540pc profit decline as revenues slip 3.6pc

GLOBAL Ship Lease (GSL), the containership charter owner affiliated with CMA CGM, posted a 540 per cent year-on-year decline in net profit to US$5 million, drawn on revenues of $138.6 million, which fell 3.6 per cent. The company also reported … Continue reading

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ICTSI reports strong results driven by international expansion

International Container Terminal Services, Inc. (ICTSI) reported audited consolidated financial results for the year ended December 31, 2014, posting revenue from port operations of US$1.1 billion, an increase of 24 percent over the US$852.4 million reported for the same period … Continue reading

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VLCCs in Americas hit 3-month low due to robust tonnage, fewer cargoes

Ample tonnage and dwindling cargoes led to VLCC rates in the Caribbean dropping to their lowest levels in more than three months. The Caribbean-Singapore route was assessed at a lump sum of $6.75 million. It was last assessed lower on … Continue reading

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Shadow Transport Minister and Jeanius discuss raising the profile of shipping

Shadow Transport Minister, Gordon Marsden MP, today spent time discussing the shipping industry with leading Maritime PR & marketing company, Jeanius Consulting. Gordon Marsden MP was visiting Milton Keynes, the UK’s no1 city for business growth and investment, as part … Continue reading

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Box Ship Inc suffers 483pc profit loss to US$2 million as revenues fall 39pc

ATHENS-BASED New York-listed Box Ships Inc posted a 483 per cent year-on-year decline in profit to US$2.2 million in 2014, drawn on revenues of $51 million, which fell 39.3 per cent. The company declared a $2.18 million net loss in … Continue reading

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LR to class largest ever boxships

Lloyd’s Register is delighted to learn that the class for MOL’s series of four 20,150 teu container ships to be built at SHI has been awarded to LR. Luis Benito Commenting, Luis Benito, LR’s Marketing Director, Marine (left) said: “These … Continue reading

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MacGregor wins multiple offshore self-unloader order from Chinese shipyard

“The customer chose MacGregor’s pneumatic dry bulk handling system because it offers high functionality and excellent reliability, important benefits supported by testimonials from other satisfied customers,” says Francis Wong, head of Sales and Marketing at MacGregor Offshore Deck Machinery. “The … Continue reading

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Full storage capacity may lead 40% oil-price drop

As the U.S. runs out of space to store its glut of crude-oil supplies, prices for the commodity could sink to as low as $30 a barrel. When storage is full, there is pressure on those holding oil in storage … Continue reading

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“Meet In India- Navigate The Future”

Dry Bulk cargoes such as Coal, Iron Ore, Fertilizers etc. play a very crucial role in a country’s economic development. The Shipping Tribune is pleased to announce “India Dry Bulk Cargo Summit 2015″ A One Day Conference on 5th June 2015 … Continue reading

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Asia Dry Bulk-Capesize rates gloom to persist on tonnage glut

Rates for capesize bulk carriers, which have been hovering close to six-year lows for the last two months, are likely to remain relatively flat next week as excess tonnage continues to weigh on the market, brokers said. That comes despite … Continue reading

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All Above Board | Seafarers’ aspirations get a boost in budget

Of all the decisions taken by the Narendra Modi government to facilitate the ease of doing business or just to boost India’s maritime sector, what stands out is a desire to push the cause of seafarers, both employed as well … Continue reading

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Houston Ship Channel halts after tanker-container ship collision

The Houston Ship Channel was closed Thursday afternoon after a tanker carrying lube oil and a container ship collided in the waterway, the Houston Pilots said. The shutdown came hours after the channel reopened following several days of fog that … Continue reading

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100,000th block future reported to Baltex

The Baltic Exchange’s electronic trading platform, Baltex, has now handled more than 100,000 block futures since launching its new block futures facility on 1 December 2014. The system allows brokers to use LCH.Clearnet’s clearing services while helping the FFA market … Continue reading

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Panalpina profit up 740pc in 2014 to US$89.65 million on flat sales

SWISS forwarding giant Panalpina has posted a 739 per cent year on year profit increase to CHF86.5 million (US$89.65 million) in 2014, drawn on revenues of CHF6.7 billion, which was down 0.7pc. Consolidated fourth quarter 2014 profit amounted to CHF17.3 … Continue reading

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Asia-Middle East, South Asia rates fall due to overcapacity

CARRIERS serving the Asia to the Middle East and South Asia trades are struggling to maintain load factors to support freight rate increases with spot rates falling, according to Drewry Container Insight. The London-based analyst said in a research report: … Continue reading

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Revenue at Port of Rotterdam Authority rises, profits fall

Revenue of the Port Authority rose by 3.1% last year due to increased economic activity at the port. However, profits fell by 4.9% owing to higher interest charges and depreciation. The completion of phase 1 of Maasvlakte 2 brought the … Continue reading

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Dalian iron ore hits 3-month low as some Chinese mills shut

Dalian iron ore futures fell more than 3 percent on Thursday to their lowest level since November as China toughened its fight against pollution by shutting some steel mills, possibly reducing demand for the raw material. A cut in China’s … Continue reading

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Oil to stay below $US50 for the rest of 2015

Surplus storage space and oversupply of capital will keep United States oil prices at less than $US50 a barrel for at least the rest of this year, one of the world’s most-respected commodities analysts says. Goldman Sachs’ global head of … Continue reading

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Shipping in the Indian Ocean is still at risk

Underestimating the security risk in the Indian Ocean could put ships in great danger once again, says maritime security company MAST Ltd. Gerry Northwood OBE, COO of MAST, said: “Whilst recent reports and incidents seem to be pointing to the … Continue reading

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Worldscale rates for India’s Mundra to rise: Worldscale Association

Worldscale rates for loading and discharging in Mundra, India, have been raised, the Worldscale Association said Wednesday. “In light of new information regarding increased port tariffs, the Associations find it necessary to revise all rates involving loading or discharging at … Continue reading

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India: Reliance Infrastructure to acquire Pipavav Defence

Reliance Infrastructure Ltd, a part of billionaire Anil Ambani’s Reliance Group, will spend Rs.819 crore for an 18% stake in Pipavav Defence and Offshore Engineering Co. Ltd, gaining management control. Reliance Infrastructure, through its subsidiary Reliance Defence Systems Pvt. Ltd, … Continue reading

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MOL hikes Asia-east coast South America rate US$750/TEU March 18

JAPAN’s biggest shipping company, MOL, has announced it will implement a general rate restoration for all types of cargo moving from Asia to the east coast of South America, starting March 18. From Asia, including the Indian subcontinent, to the … Continue reading

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