Worldwide Container Shipping news - Archive 2007, September

News was prepared under the information
support of Online Daily Newspaper
on Hellenic and international
Shipping "Hellenic Shipping News".

Genco Shipping & Trading "buy," target price raised

Analysts at Cantor Fitzgerald reiterate their "buy" rating on Genco Shipping & Trading Ltd (ticker: GNK), while raising their estimates for the company. The target price has been raised from $69 to $70. In a research note published this morning, ... »

28 Sep 2007

Genco Shipping & Trading Limited Announces Launch of Common Stock Offering Under Shelf Registration Statement

Genco Shipping & Trading Limited announced yesterday the commencement of a public offering of primary and secondary shares of its common stock, par value $0.01 per share (the "Common Stock"). Genco expects to offer approximately 3,305,000 shares ... »

28 Sep 2007

Asian Product Tanker Rates May Fall on Holidays, Ship Supply

Asian rates for long-range oil- product tanker rates may fall for a fifth week as bookings slow because of holidays and the supply of ships outpaces cargo available for loading. The cost of transporting 75,000 metric tons from the Persian Gulf to Jap ... »

28 Sep 2007

Tsakos Energy Navigation Increases Semi-Annual Cash Dividend to $1.65 Per Common Share

Tsakos Energy Navigation Limited (TEN) announced today that its Board of Directors has declared the Company's initial cash dividend for the fiscal year 2007 of $1.65 per common share, payable October 26th, 2007 to stockholders of record on October 22 ... »

28 Sep 2007

Pertamina Scraps Gasoline Purchases; Prices Too High

PT Pertamina, Indonesia's state- owned oil company, canceled plans to buy gasoline for October delivery because of high prices, said two company officials who declined to be identified, citing internal policy. The Jakarta-based company had sought to ... »

28 Sep 2007

Emma Maersk nearly 15,000 TEUs, says AXS-Alphaliner

Paris-based AXS-Alphaliner has upgraded its capacity estimate of Maersk Line's giant boxship Emma Maersk that suggests it, and its seven sisters, will remain the world's largest containerships even when the rash of mega-ships ordered in the summer ar ... »

28 Sep 2007

The DryShips Spike Continues - Company Announces Quarterly Cash Dividend of $0.20 per Common Share

DryShips Inc. is a global provider of marine transportation services, specializing in the transportation of major and minor bulks cargoes. The company's vessels are able to trade worldwide in a multitude of trade routes carrying a wide range of cargo ... »

28 Sep 2007

Rate hike forecast on US trade lane

Vessel capacity and shipper demand in the eastbound Pacific will be in equilibrium in 2008, leading to rate increases in the largest US trade lane, according to a senior APL executive. "It's not a question of if rates go up. The question is how much, ... »

28 Sep 2007

PHA Commission Considers $1.4 Million in Contracts and Projects for Bayport Container, Cruise Terminals

The Port Commission of the Port of Houston Authority (PHA) will consider $1.4 million in contracts and projects for the Bayport container and cruise terminals to permit it to meet future demands - including a new 50-acre container yard - that will re ... »

28 Sep 2007

Capital Product Partners L.P. Completes Acquisition of Product Tanker M/T Attikos

Capital Product Partners L.P. announced yesterday that it has completed the acquisition of the 12,000 dwt double-hull product tanker M/T Attikos, built in 2005, for an aggregate purchase price of $23 million from Capital Maritime & Trading Corp., ... »

28 Sep 2007

Coal, Ore Shipping Rate Rises to Record; Index May Break 9,000

Coal and iron ore shipping rates may extend gains to records this week on rising demand to transport raw materials across the Pacific and the Atlantic amid a limited supply of vessels. The Baltic Dry Index, an overall measure of commodity - shipping ... »

28 Sep 2007

IPO Analysis: Paragon Shipping Could Deliver The Strongest Yield In Its Sector

On August 9, Bill Simpson wrote an analysis of Paragon Shipping (PRGN). In its debut August 9, Paragon's initial public offering priced at $16 per share, the low end of the anticipated price range. Friday the stock closed at $16.59.The text of Mr. Si ... »

28 Sep 2007

Seatrade expands Asian regional HQ in Singapore

Seatrade, the global maritime publisher and events organiser, has expanded its Asia Representative office in Singapore. The new office will provide close contact with Seatrade's regional clients and partners.Seatrade said this reinforces its commitme ... »

28 Sep 2007

Container Terminals in Nakhodka Will Be Able to Handle 5 Mln TEU a Year

The Russian Ministry of transport presented a project for development of ports and neighbouring special economic zones, which the Government was entrusted to prepare in May, the RBC Daily reports. According to the Acting Minister of transport Ig ... »

28 Sep 2007

Aegis Logistics expanding port handling, storage capacity

Aegis Logistics Ltd. plans to invest 750 million rupees to almost double its port handling and oil and chemical storage capacity in 18 months, a top official said on Tuesday. The company, which offers sourcing, storage and transport services fo ... »

28 Sep 2007

VSC to invest $250 mln into container transshipment via Vostochny Port

Vostochnaya Stevedore Limited Liability Company (VSC, Vostochny Port) will invest $250 million into container transshipment via Vostochny Port, the company's Director General John Skorties told journalists according to PrimaMedia. Asian transit shoul ... »

28 Sep 2007

MPA in spill payout schedule deal

Singapore has become the first country to develop an agreed schedule with the International Tanker Pollution Federation Ltd (I-TOPF) to speed up payment of compensation for dealing with oil spills. The agreement was announced yesterday by Minister of ... »

28 Sep 2007

Teeside to build US$603 million container terminal

Teeside group PD Ports plans to build a GBP300 million (US$603.7 million) deep-sea container terminal at Teesport. There have been no longer any objections, so the project directors hope to gain the green light to build from the government. A report ... »

28 Sep 2007

Baltimor to invest $$1.5-2 billion into Lomomosov port complex (St. Petersburg) till 2020

Baltimor plans to invest $$1.5-2 billion into Lomomosov port complex near St. Petersburg till 2020, Andrei Belonogov, Baltimor representative, told journalists at the ceremony dedicated to putting of Lomonosov berths into operation, RBC reports. The ... »

28 Sep 2007

'Turkish shipping ban is everyone's problem'

THE TURKISH ban on Greek Cypriot ships is a problem not only for Cyprus but also for the EU, and for Turkey, Vice President of the European Commission and Commissioner for Transport Jacques Barrot said yesterday. Barrot was speaking at the opening of ... »

28 Sep 2007

Horizon Lines Recognized with Environmental Excellence Awards for 2007 by Chamber of Shipping of America

Recognition for outstanding achievements in Environmental Excellence was presented to 13 Horizon Lines vessels by the Chamber of Shipping of America at the fourth annual Environmental Achievement Awards Dinner held at the Washington Marriott Hotel. T ... »

28 Sep 2007

Increase in pollution fines in Turkey

Skuld received this advice from our correspondent Omur Marine Ltd., Turkey, regarding pollution fines. Please read the advice if you are entering Turkish ports.ADVICE FOR VESSELS VISITING TURKISH WATERS FOR PREVENTING POLLUTION FINES We would like to ... »

28 Sep 2007

Iran to observe IMO rules

Iran has obliged its maritime bodies to carry out their activities according to the latest International Maritime Organization's (IMO) standards, the road and transportation minister said here on Tuesday. On the sidelines of the World Maritime Day, M ... »

28 Sep 2007

California seeks to enforce banned fuel rules

The California Air Resources Board (ARB) has announced its intention to seek to enforce its banned auxiliary engine fuel rules. A California district court issued an injunction against the enforcement of ARB's regulations at the end of August, after ... »

28 Sep 2007

Four companies handle 30% of world traffic

PSA and APM Terminals BV. have overtaken Hutchison Port Holdings (HPH) as the world's largest container port operators, says a report from Drewry Shipping Consultants. Between them, PSA, APM Terminals, Hutchison and DP World handle some 30% of worldw ... »

28 Sep 2007

Diana Shipping's Relative Strength Enticing

The market surge after the Fed announcement has moved the market to overbought readings in our 10-day SARSI indicator, as well as our intermediate-term 40-day SARSI indicator. Our back-testing shows that when the market reaches overbought levels, suc ... »

28 Sep 2007

Shipping bodies challenge EU pollution rule

A coalition of shipping industry bodies went to the European Court of Justice (ECJ) on Tuesday to challenge a tough directive against polluting ships which they argue breaks international law. The EU directive, that came into effect in April this yea ... »

28 Sep 2007

Bengal revives Kulpi port plans

The proposal for setting up a port in Kulpi in South 24 Paraganas district of West Bengal is being revived again. Mr Ganesh Raj, CEO of Dubai Port World in India, met the senior officials of the West Bengal Government and Kolkata Port Trust here on M ... »

28 Sep 2007

Stena President delivered from Brodosplit

Concordia MaritimeвЂ™s product tanker Stena President was delivered from Brodosplit Shipyard in Croatia. The tanker will enter a 10-year charter with the Russian company Argo Shipping and transport refined products from the Baltic S ... »

28 Sep 2007

OSG Announces Dividend

The Board of Directors of Overseas Shipholding Group, Inc., a market leader in providing energy transportation services, today declared a regular quarterly dividend of $0.3125 per share on the common stock outstanding, payable on November 28, 2007 to ... »

28 Sep 2007

Departures from Rafina Port,Thursday, 27 Sep 2007

Thursday, 27 Sep 2007 Time Destination Vessel Company 07:25 TINOS - MYKONOS - NAXOS - PAROS HIGHSPEED 2 HELLENIC SEAWAYS 07:35 ANDROS - TINOS - MYKONOS PINELOPI A 07:40 TINOS - MYKONOS - PAROS SEA JET II SEA JETS ... »

28 Sep 2007

Dubai issues Maritime City law

The Dubai Government has issued the Law No. (11) of 2007 establishing the Dubai Maritime City, which is to gradually incorporate the ship repair and maritime services companies located at Jadaf Dubai, a top official said.According to the new law, the ... »

28 Sep 2007

Departures from Piraeus Thursday, 27 Sep 2007

Thursday, 27 Sep 2007 Time Destination Vessel Company 07:10 PAROS, IOS, THIRA HIGHSPEED 5 HELLENIC SEAWAYS 07:15 SYROS, TINOS, MYKONOS HIGHSPEED 4 HELLENIC SEAWAYS 07:25 PAROS, NAXOS, THIRA(SANTORINI), IOS BLUE STAR PAROS ... »

28 Sep 2007

Singapore's elder statesman sends environmental message

Environmental sustainability is a key issue for the maritime industry, according to Singapore's elder statesman Lee Kuan Yew. MM Lee wants Singapore to maintain a strong maritime sector Minister Mentor Lee, after delivering his inaugural maritime lec ... »

28 Sep 2007

GE Shipping augments fleet

GE Shipping has informed the BSE that the company has taken delivery of a 147,000 dwt, 2000 built modern double hull Suezmax Tanker. Now named Jag Lakshita, the vessel was contracted in June 2007. The rationale behind the purchase of a modern double ... »

28 Sep 2007

Turkish UN Ro-Ro sees $1bln KKR deal done next week

Turkish shipper UN Ro-Ro expects a sale to buyout firm KKR to be completed next week, in a deal valuing the whole firm at 910 million euros ($1.28 billion), CEO Cuneyt Solakoglu told Reuters on Wednesday. Turkey's leading roll-on roll-off shipper had ... »

28 Sep 2007

Port points to lower growth in emissions

Overall container-related emissions have not kept pace with port expansion in Los Angeles, according to an air inventory report released this week.Bigger ships, better air quality in Los Angeles.The Port of Los Angeles released its 2001-2005 Air Emis ... »

28 Sep 2007

Trafigura takes 100,000 cu m S'pore clean oil tanks

Western trader Trafigura will lease up to 100,000 cubic metres (cu m) of clean oil storage capacity under phase three of Singapore's Horizon Terminal project, due for operations by fourth-quarter 2008, industry sources said on Wednesday.With this lea ... »

28 Sep 2007

US box scan a 'challenge'

PSA's chief executive officer for Southeast Asia and Singapore Terminal, Kuah Boon Wee, has called new American security legislation requiring 100% scanning of all US-bound containers a ''challenge'' for the port of Singapore. Speaking at the opening ... »

28 Sep 2007

Singapore's Keppel Corp unit wins ship conversion contracts worth 100 mln sgd

Industrial conglomerate Keppel Corp said Wednesday its unit Keppel Shipyard Ltd was awarded two ship conversion contracts from repeat clients worth a combined 100 million Singapore dollars. The first contract, awarded by Prosafe Production Pte Ltd, i ... »

28 Sep 2007

Norway's fleet set to fly UK flag in tax row

An article in Daily Telegraph states that Norway's biggest shipowners are considering reflagging their vessels under Britain's Red Ensign after a furious row over backdated tax.The Norwegian government has proposed an overhaul of its shipping tax reg ... »

28 Sep 2007

Chinese delegation briefed on shipping opportunities in UAE

A Chinese shipping delegation was given a detailed briefing on growing shipping opportunities in the UAE by officials of Abu Dhabi Ports Company (ADPC) and Abu Dhabi Terminals. Abu Dhabi Ports Company (ADPC) and Abu Dhabi Terminals (ADT) received a d ... »

28 Sep 2007

Rina invests in training college

Italian classification society Rina has invested in crew training in, it says, "a bid to help owners overcome the major challenge of manning their growing fleets". It has put money into the new Manila-based Italian Training Academy Phils Inc which op ... »

28 Sep 2007

Persian Gulf Tanker Rates May Extend Gain as Demand Strengthens

The cost of shipping Middle East crude to Asia may rise for a ninth day as demand accelerates in the world's biggest market for supertankers for vessels due to load next month. Refineries may book as many as 115 very large crude carriers, or VLC ... »

28 Sep 2007

South Africa: Richards Bay Touted As Premier Bulk Port

SA's premier bulk port, Richards Bay, could soon replace its Durban counterpart as the country's busiest multi purpose harbour, and potentially one of the largest ports in the world, if a planned expansion strategy was adopted, Public Enterprises Min ... »

28 Sep 2007

TT CLUB CALLS FOR DG TRAINING

INTERMODAL transport insurer TT Club has called for the training of those handling dangerous goods on land prior to shipment by sea to be mandated under the International Maritime Dangerous Goods (IMDG) Code. The demand came in support of a proposal ... »

28 Sep 2007

Owners' costs mounting

Shipping may be enjoying one of its most buoyant periods in recent memory, but London-based shipping accountant Moore Stephens warns shipowners to keep an eye on operating costs. The firm's ship operating cost benchmark, OpCost 2007, reveals that all ... »

28 Sep 2007

Genco Shipping Announces Pricing of Offering of Common Stock Under Shelf

Genco Shipping & Trading Limited today announced the pricing of a public offering of primary and secondary shares of its common stock, par value $0.01 per share (the "Common Stock"). Genco is offering 3,208,955 shares of Common Stock and a sellin ... »

28 Sep 2007

Chartworld Shipping emerges as potential buyer of Navibulgar

Lou Kollakis has proven himself during the course of this year as a rather active investor in the market, opting for direct ship acquisitions. This was proved once more, since Chartworld Shipping Corporation has been selected as one of the three elig ... »

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