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.
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."
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.
Sherborne Sensors Limited announced the establishment of Sherborne Sensors, Inc., a fully dedicated sales, marketing, logistics and support entity, now serving a growing number of customers throughout the United States, Canada and Mexico. From its offices in Mahwah (Bergen County), N.J., USA, Sherborne Sensors, Inc., is providing a number of enhanced local service offerings, including reduced product lead times and freight costs; real-time order fulfillment and applications engineering
The U.S. will become more dependent on tanker-borne petroleum imports in coming years, coinciding with a ship shortage which will push freight costs sharply higher, energy and tanker analysts said on Wednesday. "Products imports are playing a bigger swing role in the U.S. than ever before," Paul Horsnell of Oxford Institute of Energy Studies said. "They're becoming a structural feature of the U.S. system." Horsnell told members of the tanker owners' organization Intertanko
When OPA 90 was introduced in wake of the Valdez accident, the stipulation that tankers trading in the U.S. must be double hulled was roundly panned throughout the world, as industry experts bemoaned the fact that one country have such a deciding impact on vessel design. How soon they forget. Ten years and a few tragic sinkings off European shores have let to Italy's sudden plan to ban single-hulled tankers from seven key port areas
The Maritime Administration (MarAd,) with the Export-Import Bank, has developed a program to provide added incentives for the commercial public to ship their United States export cargo on U.S.-flag vessels. Under this program, the Ex-Im Bank provides guaranteed working capital loans for transportation-related cost associated with the export move that is carried on a U.S.-flag vessel. Such transportation costs could include ocean freight, marine insurance, export packing, trucking
High fuel costs, low freight rates conspire to create tough 1Q NOL Group, the Singapore-based container shipping and logistics company, reported a first quarter 2012 net loss of 254 million compared to a net loss of $10 million in the same period last year. NOL said high fuel costs and low freight rates in container shipping affected first quarter 2012 performance. NOL said that in the first quarter of 2012 it achieved about $100 million of cost savings under its ongoing
The American Association of Port Authorities today sent a strong message to Congressional Senate, House and Committee leaders, urging them to "take swift action" to avert a rail strike on Dec. 6, which would lead to a discontinuation of freight rail service, potentially costing American businesses and consumers $2 billion a day. "Railroads are a vital component of the freight transportation system and are critical to international trade and goods movement
ABB Turbocharging is celebrating its 25th anniversary in UAE. Established in 1989 in Dubai, ABB has grown to become a fully-fledged service station capable of carrying out all repair works with 27 employees in three locations. ABB Turbocharging Dubai provides customers with
Vessel operating costs are expected to rise by almost three per cent in both 2014 and 2015, according to a new survey by international accountant and shipping consultant Moore Stephens. &nbs
Container shipping company Maersk Line, a unit of Danish conglomerate A.P. Moller-Maersk , plans to raise freight rates sharply on main routes from ports in Asia to ports in northern Europe, with effect from Nov 1. Rates for twenty foot equivalent unit containers (TEU) will rise by $900
Rates for capesize bulk carriers on key Asian routes are again likely to fall as the volume of tonnage limits any price gains from an increase in chartering activity, brokers said. Freight rates for a voyage from Australia to China have steadily fallen since Sept
Falling oil prices still to attract large scale storage at sea Oil tanker rates gaining ground after years in doldrums Despite falling oil prices, traders in recent weeks have booked just a few tankers to store cargoes at sea as higher freight costs outweigh any profit play for now
Paul “Chip” Jaenichen was appointed by President Obama and sworn in as Maritime Administrator on July 25, 2014. Before his appointment, Administrator Jaenichen served as Acting Administrator beginning in June 2013. He joined the U.S
Container freight rates fell 10.2 percent on busy route; Maersk expects gradually declining rates. Freight rates for shipping containers from ports in Asia to Northern Europe fell 10.2 percent to $738 per 20-foot container (TEU) in the week ended on Friday
Rates for capesize bulk carriers on key Asian routes could continue to fall next week in the absence of major charterers although lower freight rates could tempt top iron ore miners back into the market and potentially buoy rates, brokers said.
The more than 25,000 miles of navigable Great Lakes, rivers, and waterways that make up America’s Marine Highway System are – and will remain – a key economic asset. Our nation’s marine highway routes and the tugs and barges that ply those marine highways help alleviate
International accountant and shipping consultant Moore Stephens said total annual operating costs in the shipping industry fell by an average of 0.3 percent in 2013. This compares with the 1.8 percent average fall in costs recorded for the previous year
ITIC has warned shipbrokers that they face the risk of serious financial loss if they fail to ensure that all parties to fixture agreements are in possession of full, confirmed information prior to the conclusion of negotiations.
A steel-cutting ceremony was held on September 29 for the lead gas tanker ordered by SCF Group for transportation of liquefied natural gas (LNG) under the Yamal LNG project. The prototype vessel will be operated under a long-term time charter between OAO Sovcomflot and JSC Yamal LNG.
The Inland Rivers, Ports and Terminals (IRPT) Trade Association announced today that it has entered into a memorandum of understanding with Lewis & Clark Community College - National Great Rivers Research and Education Center (NGRREC) and the Mississippi River Transportation
The mission of the Lawrence Livermore National Laboratory (LLNL) is to strengthen United States’ security through development and application of world-class science and technology. LLNL seeks to enhance the nation’s defense; reduce the global threat from terrorism and weapons of mass
3rd U.S. condensate export cargo heading to Singapore; Pioneer expects exports to rise to 50,000 bpd next year. Eyes exports of bigger cargoes to reduce freight costs. Pioneer Natural Resources plans to double its U.S. exports of condensate, an ultra-light oil, to 50