Wallenius Wilhelmsen takes 9 vessels out of cold layup
Wallenius Wilhelmsen will reactivate up to 9 of its 16 vessels that are currently in cold layup. Reactivation will take place during the first quarter of 2021 and the reactivated vessels will replace capacity currently...Read more
Jüngerhans succeeds in difficult heavy-lift fleet restructuring
After almost two years of intensive negotiations and preparations, Jüngerhans has succeeded in securing financing for 10 heavy-lift ships.Read more
France and UK reopen border for freight traffic
Transport companies and trade associations are relieved that the border between England and France is reopening for freight traffic. However, it will take days before all the trucks that have accumulated on the British side...Read more
Pandemic drives up vessel operating costs
PRESS RELEASE – Vessel operating costs have risen at their fastest pace in over a decade this year due to higher insurance cover premiums and Covid-19 related expenses. Yet, they are expected to moderate in...Read more
Wilson maintains profitability through cost control
Norwegian shortsea carrier Wilson Shipping is reporting fairly stable earnings despite the lower day rates and difficult market circumstances due to Covid-19. In the third quarter, the company’s operating profit amounted to EUR 11.5 million,...Read more
Machinery volumes to decline as Caterpillar’s sales fall by 23%
Industrial manufacturer Caterpillar is shipping out a lot less machinery as a result of the pandemic. Third-quarter sales have fallen by 23% to USD 9.9 billion, compared to USD 12.8 billion in the third quarter...Read more
“Charterers preventing crew change must be held accountable”
Dry bulk representative Intercargo is criticising charterers that prevent crew changes during the period of the charter. The organisation says it has learned that in a number of instances, charterers in the dry bulk sector...Read more
Pacific Drilling latest rig operator to file for Chapter 11 bankruptcy
New York-listed Pacific Drilling is the latest rig operator to file for a voluntary Chapter 11 bankruptcy in the US to get out of a major debt. Several other rig operators have made a similar move...Read moreRecession not as bad as initially feared
Although the global economy is still predicted for a recession in 2020, the intensity of it is now lower than previously anticipated, analysis of the IMF projections by shipping consultant SeaIntelligence shows. Compared to June,...Read more
“Traditional freight forwarding now requires additional services”
The Covid-19 pandemic is forcing freight forwarders to expand their services in order to secure contracts. “We have to rethink how we handle project forwarding and offer additional services like engineering”, said managing director Maria...Read more
Charter rates continue upward trend
The charter rates for multipurpose vessels continue to crawl back up from the low levels of June and July this year. Toepfer’s Multipurpose Shipping Index for October shows an increase of 70 dollars to an...Read more
BIMCO: Sharp rebound in shipping unlikely
At the Project Cargo Summit, taking place on 23 and 24 September, Peter Sand of BIMCO presented his outlook for project cargo, heavy lift and breakbulk shipping. He sees ‘an industry under pressure’. Yet, there...Read more
Turn crisis into opportunity with the Project Cargo Summit 2020 Online
The world economy has taken a massive hit, but as entrepreneurs and economists will often tell you, crises also present opportunities. During the online edition of the Project Cargo Summit 2020 on the 23rd and...Read more
Breakbulk Americas is the latest event to bite the dust due to Covid-19
Breakbulk Americas is the latest event to have been cancelled as the coronavirus pandemic remains cause to prohibit events and restrict international travel. Organizer Hyve Group has rescheduled the event to return to Houston from...Read more
Agility’s profit falls sharply but projects division performs strong
Freight forwarder Agility has recorded a sharp decline in net profit but was able to remain profitable in the first half of 2020. “If the crisis has demonstrated anything, it is the essential value of...Read more
Boskalis in red due to write-offs on ships and goodwill
Offshore contractor Boskalis has recorded a net loss of more than EUR 96 million in the first half of the year as a result of a substantial write-off on ships and goodwill of almost EUR...Read more
Jumbo calls on Solis to mobilise vessel in Covid-19 workaround
Jumbo Offshore partnered with Solis Marine to prepare its vessel Jumbo Javelin for the transport and installation works at the Yunlin Offshore Wind Farm in Taiwan, after the company’s engineering team itself was unable to...Read more
Vestas increases revenue by 67% despite “challenging circumstances”
Vestas has increased its revenue by 67% in the second quarter to a total of EUR 3.5 billion. While the pandemic is creating some difficulties, the turbine manufacturer is confident about the remainder of 2020...Read more