Commerzbank said Thursday, as it reported its year-end results, that it had reduced the size of its shipping portfolio by €4.5 billion ($6.14 billion) — approximately 24 percent — to €14 billion. The bank, Germany’s second largest, said that in trimming the portfolio to that level, it has reached a goal it set for itself […]
CSAV said it plans to raise up to $600 million by selling additional stock capital in order to finance ships and complete its proposed merger with Hapag-Lloyd. The company said that, subject to approval by shareholders at a special meeting in March, it would raise $200 million to complete the finance of seven […]
Wilh. Wilhelmsen Holding ASA Group (WWH), the Norwegian company that is a part owner in Wallenius Wilhelmsen Logistics and several other roll-on/roll-off cargo companies, said it saw positive growth in the fourth quarter in volumes transported deep sea and continued growth in sales for its maritime services segment. The Wilhelmsen companies have a […]
The Port of Portland, Ore. will pay container carriers an incentive to move containers through the port. Commissioners voted 7-1 Wednesday in favor of the plan to pay carriers $20 for each container they move through the port, plus up to $25 per container if carriers grow their volumes at the port. […]
Rep. John Garamendi, D-CA, withdrew a proposed amendment to the Coast Guard Reauthorization Bill that would have required all export of liquefied natural gas (LNG) to be carried on U.S.-built, flagged- and crewed-ships.
MOL and its car carrier affiliate Nissan Motor Car Carrier Co. (NMCC) will pay a $1,275,000 penalty under a compromise agreement announced by the Federal Maritime Commission (FMC) on Wednesday. FMC said, “The compromise agreement resolved allegations that MOL and NMCC violated section 10(a) of the Shipping Act, 46 U.S.C. § 41102(b), by […]
The container leasing company Textainer reported strong growth in revenue last year, but a drop in profit. Textainer said it had a profit of $45.5 million in the fourth quarter, about 25 percent less than in the same period 2012. Revenue was $137.5 million for the fourth quarter, an increase of 8 percent […]
Riker McKenzie, Local 333 president, said the contract was rejected by a vote of 416-140. He added that members of the union will continue to work and while the union tries to negotiate a “fair and equitable contract.”
Donjon Shipbuilding and Repair, located in Erie, Pa., has entered a contract to construct a 185,000-barrel coastal petroleum and chemical barge for Seabulk Tankers. The barge will become a component of Seabulk’s articulated tug-and-barge vessel. Delivery is expected by the first half of 2016.
Athens-based Danaos, whose stock is traded on the New York Stock Exchange, said it had a loss in the fourth quarter of 2013 of $4.2 million compared to a loss of $116.5 million the same 2012 period.
National Shipping of America, which operates a fortnightly service between Houston, Port Everglades, and Puerto Rico, is partnering with Rickmers-Linie (America) to expand breakbulk service to Puerto Rico.
Maersk Line is returning the 14 ships it had on charter from the German KG fund MPC Flottenfonds III. The ships ranged in size between 3,604 TEU and 4,224 TEU, and they were delivered between December 1991 and March 1995. Maersk acquired the ships as part of its purchase of P&O Nedlloyd in […]
The United States on Monday requested World Trade Organization dispute settlement consultations with India concerning domestic content requirements in Phase II of India’s National Solar Mission. The U.S. government said these domestic content requirements “discriminate against U.S. solar cells and modules by requiring solar power developers participating in Phase II to use Indian-manufactured […]
About one in three containership sailings between China and North America were pulled by carriers during the week of Feb. 3-9, according to BlueWater Reporting, which has launched a new application that generates an analysis of vessel sailings skipped on a week-to-week basis by trade route. For the trade from China to North […]
The commissioners of the Port of Portland, Ore., will consider a program to spend up to $4 million on incentives to keep container carriers calling the port when they meet on Wednesday.
The P3 carriers — Maersk, MSC and CMA CGM — have provided the Federal Maritime Commission with additional information on their proposed vessel sharing agreement, according to the FMC. The agreement will now go into effect in 45 days unless the FMC seeks to block it with an injunction. “The commission is now […]
Total intermodal shipments increased 4.6 percent in 2013 to 15.5 million containers and trailers (of all sizes) and were up 7 percent in the fourth quarter to just shy of 4 million containers and trailers, said the Intermodal Association of North America (IANA). Domestic container volume — which doubled over the past 10 […]
“This initiative is charged with bringing together federal resources to help rural businesses and leaders take advantage of new investment opportunities, and access new … markets abroad,” the White House’s Rural Council said.
The proposed contract largely deals with work on automobile, cruise and forest product ships. A six-year master contract for working container ships was approved by the union last year.
