tag:blogger.com,1999:blog-34491851518087675582024-03-13T03:15:28.039-07:00International Shipping NewsLynda Applegatehttp://www.blogger.com/profile/16908522737974915594noreply@blogger.comBlogger745125tag:blogger.com,1999:blog-3449185151808767558.post-18333235164837867112016-12-01T12:05:00.005-08:002016-12-01T12:05:58.164-08:00Oetker Group divesting the shipping division (Hamburg Süd) to Maersk<div class="tr_bq">
Press release from Oetker Group, parent of Hamburg Süd </div>
<br />
<blockquote>
Dec. 1, 2016</blockquote>
<br />
<blockquote>
Oetker Group divesting the shipping division
<bielefeld 1="" 2016="" december=""> Dr. August Oetker KG
announces that, after more than 80 years, it is divesting its
shipping business and will be selling Hamburg Süd with all
activities, subsidiaries and principal assets.
Following intensive talks with several interested parties, an agreement has
been signed with Maersk Line A/S, Copenhagen, Denmark, which is subject
to proper due diligence and the negotiation of a Sale and Purchase
Agreement as well as the notification to various regulatory authorities. It is
to be assumed that the transaction will be closed in late 2017 at the earliest, once the necessary approvals have been obtained.
Global container liner shipping has been generating losses for years in the
face of rising overcapacity. Nevertheless, Hamburg Süd has performed
well compared with its competitors. It has grown clearly in excess of the
market and has financed the expansion of its network as well as the ship
and container fleet largely from its own cash flow.
The owners and management of Hamburg Süd must, however, recognize
that active participation in the consolidation process of the sector currently
taking place would entail an even higher capital requirement. This would,
in addition, make the balancing of risk within the Oetker Group business
portfolio more cumbersome.</bielefeld><bielefeld 1="" 2016="" december=""><br /></bielefeld><bielefeld 1="" 2016="" december="">The owners of the Oetker Group have therefore decided to put Hamburg
Süd in the hands of new owners. The global market leader Maersk is, in
their view, the ideal partner to preserve and further develop the shipping
company’s successful business model.
With a carrying volume of around 4.1 million TEU (twenty-foot equivalent
units) and a slot capacity of approximately 625,000 TEU Hamburg Süd
ranks among the world’s ten largest container shipping companies. The
tramp, product tanker and other operations make up some 7 percent of
the total turnover. The shipping company has roughly 6,000 employees
and, with revenues of around 6.1 billion euros, contributes just under 50
percent to the total sales of the Oetker Group (all figures refer to the 2015
financial year). </bielefeld><bielefeld 1="" 2016="" december=""><br /></bielefeld><bielefeld 1="" 2016="" december=""> </bielefeld></blockquote>
Lynda Applegatehttp://www.blogger.com/profile/16908522737974915594noreply@blogger.com0tag:blogger.com,1999:blog-3449185151808767558.post-40301393112644373862016-11-26T13:06:00.001-08:002016-12-02T10:09:17.341-08:00Hamburg Süd expected to be sold<h1 style="background-color: white; border: 0px; color: #9f2d20; font-family: Arial, Helvetica, sans-serif; font-size: 16.0092px; line-height: 1.3em; margin: 0px; outline: 0px; padding: 0px 0px 25px; vertical-align: baseline; width: 405px;">
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<span style="font-family: "courier new" , "courier" , monospace;">Hamburg Sud has been owned by The Oetker Group since 1936. The German government has been very supportive of the shipping industry, offering important tax advantages which has made Hamburg Sud important to The Oetker Group portfolio.</span><br />
<span style="font-family: "courier new" , "courier" , monospace;"><br /></span>
<span style="font-family: "courier new" , "courier" , monospace;">I do not know if these tax advantages have diminished, or if it is the overall sorry state of the outlook for the shipping industry which has finally caused The Oetker Group to decide to sell this business. I suspect it's that the tax advantages no longer outweigh the poor economic outlook for this industry, and Oetker has decided to not wait out the supposed return to viable profitability. Also, I believe the Chairman has reached maximum retirement age, so it would be a good time to sell. No CEO likes to see their job eliminated.</span><br />
<span style="font-family: "courier new" , "courier" , monospace;"><br /></span>
<span style="font-family: "courier new" , "courier" , monospace;">Profitability will only be restored in the shipping industry if there is consolidation, which will be a way to decrease/control capacity. After the extreme downturn in 2008 (after the massive demand in the years just prior), all of those folks running shipping companies said "now is the time to buy new ships...the cost is low and the industry will turn around in a few years". So, they bought and bought, and ordered and ordered, and yet the demand did not nearly match the supply. </span><br />
<span style="font-family: "courier new" , "courier" , monospace;"><br /></span>
<span style="font-family: "courier new" , "courier" , monospace;">Companies started scrapping ships, only to see their competitors add capacity and cut rates. The larger companies tried to convince the others to reduce capacity, go into joint ventures sharing ships, and all those things one does in this industry to reduce capacity in the hope they can increase rates. It didn't work, and finally in the last several months carriers are going bankrupt, (witness Hanjin), merging (the 3 Japanese lines, <span style="background-color: white; color: #3c3c3c; font-size: 18px;">Nippon Yusen KK, Mitsui O.S.K. Lines Ltd. and Kawasaki Kisen Kaisha Ltd. agreed in Oct 2016 to merge), or be sold. </span></span><br />
<span style="font-family: "courier new" , "courier" , monospace;"><span style="background-color: white; color: #3c3c3c; font-size: 18px;"><br /></span>
<span style="background-color: white; color: #3c3c3c; font-size: 18px;">The shipping industry has not taken advantage of the efficiences which could be achieved by adapting new computer technology for booking, pricing, documentation, tracking, etc. Why isn't there an app for that?</span></span><br />
<span style="font-family: "courier new" , "courier" , monospace;"><span style="background-color: white; color: #3c3c3c; font-size: 18px;"><br /></span>
<span style="background-color: white; color: #3c3c3c; font-size: 18px;">The ocean carriers became wholesalers of their transport services many years ago, turning over way too much of the control to the forwarders, consolidators, NVOCC's, whatever you want to call them. Sure, it's much easier to accept a fully loaded container called "Freight All Kinds" than it is to do the hard work of loading, pricing, each individual small shipment, but that is where they failed.</span></span><br />
<span style="font-family: "courier new" , "courier" , monospace;"><span style="background-color: white; color: #3c3c3c; font-size: 18px;"><br /></span>
<span style="background-color: white; color: #3c3c3c; font-size: 18px;">I haven't posted for a year because honestly, I got tired of hearing myself always complain about the bad decisions made by those running these companies. The consolidation which I have been saying for years has begun to occur.</span></span><br />
<span style="font-family: "courier new" , "courier" , monospace;"><span style="background-color: white; color: #3c3c3c; font-size: 18px;"><br /></span>
<span style="background-color: white; color: #3c3c3c; font-size: 18px;">Now let's see if anyone in the industry can get smart and improve their computer systems and regain the profitable cargo.</span></span><br />
<span style="font-family: "courier new" , "courier" , monospace;"><span style="background-color: white; color: #3c3c3c; font-size: 18px;"><br /></span></span><br />
<span style="font-family: "courier new" , "courier" , monospace;"><span style="background-color: white; color: #3c3c3c; font-size: 18px;"><br /></span>
<span style="background-color: white; color: #3c3c3c; font-size: 18px;">The comments expressed here are my own.</span></span><br />
<span style="font-family: "courier new" , "courier" , monospace;"><span style="background-color: white; color: #3c3c3c; font-size: 18px;"><br /></span>
<span style="background-color: white; color: #3c3c3c; font-size: 18px;"><br /></span>
<span style="background-color: white; color: #3c3c3c; font-size: 18px;"><br /></span></span>
<span style="background-color: white; color: #3c3c3c; font-family: , "georgia" , serif; font-size: 18px;"><br /></span>
Lynda Applegatehttp://www.blogger.com/profile/16908522737974915594noreply@blogger.com0tag:blogger.com,1999:blog-3449185151808767558.post-24507954830052034222015-12-31T12:06:00.000-08:002015-12-31T12:10:17.611-08:00CMA CGM- 2015 3rd quarter resultsCMA CGM announced their 3rd quarter 2015 results. The operating profit for 3rd quarter 2015 is<br />
less than the 3rd quarter of 2014. Here are some details from their web-site.<br />
<br />
<br />
<blockquote class="tr_bq">
MD&A 30th of September 2015 versus 30th of September 2014 </blockquote>
<blockquote class="tr_bq">
Operating revenue
General: </blockquote>
<blockquote class="tr_bq">
Consolidated operating revenue decreased by USD 408.5 million, or 3.3%
from USD 12,509.1 million in the first 9 months of 2014 to USD 12,100.6 million in the first
9 months of 2015 primarily due to a 3.9% decrease in shipping revenue and a 5.3% increase
in other activities.
Transported volumes increased by 6.5% or 593 thousand TEU, from 9,110 thousand
TEU in the first 9 months of 2014 to 9,703 thousand TEU in the first 9 months of 2015. </blockquote>
<br />
<a href="https://www.cma-cgm.com/static/Finance/PDFFinancialRelease/2015%20-%20Q3%20-%20MD_A.pdf">click here </a>for link to complete summary <br />
<br />
And, from the finance report<br />
<br />
<blockquote class="tr_bq">
OPERATING PROFIT BEFORE GAINS ON DISPOSAL OF PROPERTY AND
EQUIPMENT AND SUBSIDIARIES, DEPRECIATION & AMORTIZATION, etc.</blockquote>
For the nine-month period ended For the three-month period ended <br />
2015 2014 2015 2014<br />
<br />
1,137.8 876.4 243.7 325.1 <br />
<br />
As you can see, the first 9 months the profit increased, but for the 3rd quarter is decreased compared\<br />
to 2014. This does not bode well for end year 2015 results.<br />
<br />
<a href="http://click%20here/">click here</a> for link to finance report<br />
<br />
<br />
<br />Lynda Applegatehttp://www.blogger.com/profile/16908522737974915594noreply@blogger.com6tag:blogger.com,1999:blog-3449185151808767558.post-89685642542555117462015-12-30T21:33:00.001-08:002015-12-30T21:33:51.492-08:00Scorpio Bulkers Inc. - one-for-twelve reverse stock split<h1 class="tr_bq" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; border: 0px; color: #425782; font-family: inherit; font-size: 15px; font-style: inherit; margin: 0px 0px 13px; outline: 0px; padding: 0px; vertical-align: baseline;">
Press Release from Scorpio Bulkers</h1>
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Scorpio Bulkers Inc. Announces Reverse Stock Split to Be Effective December 31, 2015<br />MONACO--(Marketwired - Dec 30, 2015) - Scorpio Bulkers Inc. (<exchange name="NYSE">NYSE</exchange>: <ticker name="SALT">SALT</ticker>) (the "Company" or "Scorpio Bulkers") announced today that its board of directors (the "Board") has determined to effect a one-for-twelve reverse stock split of the Company's common shares, par value $0.01 per share, and a reduction in the total number of authorized common shares to 56,250,000 shares. The Company's shareholders approved the reverse stock split and change in authorized common shares at the Company's special meeting of shareholders held on December 23, 2015.<br />The reverse stock split will take effect, and the Company's common shares will begin trading on a split-adjusted basis on the New York Stock Exchange ("NYSE") as of the opening of trading on December 31, 2015. A new CUSIP number will be assigned to the Company's common shares when the reverse stock split becomes effective.<br />When the reverse stock split becomes effective, every twelve of the Company's issued and outstanding common shares will be combined into one issued and outstanding common share, without any change to the par value per share. This will reduce the number of outstanding common shares from approximately 344.2 million shares to approximately 28.7 million shares.<br />No fractional shares will be issued in connection with the reverse stock split. Shareholders who would otherwise hold a fraction of a common share of the Company will receive a cash payment in lieu thereof at a price equal to that fraction of a shares to which the shareholder would otherwise be entitled, multiplied by the closing price of the Company's common shares on the NYSE on December 30, 2015.<br />Shareholders with shares held in book-entry form or through a bank, broker, or other nominee are not required to take any action and will see the impact of the reverse stock split reflected in their accounts on or after December 31, 2015. Such beneficial holders may contact their bank, broker, or nominee for more information.<br />On December 17, 2015, the Company received notice from the NYSE that the Company was no longer in compliance with the NYSE's continued listing standards because the average closing share price of its common shares over a consecutive 30 trading-day period ending December 15, 2015 has fallen below the requirement to be at least $1.00 per share. The purpose for seeking shareholder approval to effect the reverse stock split was to increase the market price of the Company's common shares. The Compapany believes that the increased market price for its common shares that is expected as a result of implementing the reverse stock split will cure this deficiency.</blockquote>
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<b>In a separate release, Scorpio announced the sale of 5 vessels, 2 of which are still being built. </b></div>
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<b>It appears the management is doing everything they can to hang on. The question is, will it be enough?</b></div>
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Lynda Applegatehttp://www.blogger.com/profile/16908522737974915594noreply@blogger.com0tag:blogger.com,1999:blog-3449185151808767558.post-45056807149966197202015-12-30T20:17:00.000-08:002015-12-30T20:17:09.531-08:00New Rules for container weighing<blockquote class="tr_bq">
<span style="background-color: white; color: #232124; font-family: Helvetica, Arial, sans-serif; font-size: 12px; line-height: 18px;">As from July 1, 2016 the International Maritime Organization (IMO) amendments to the Safety of Life at Sea (SOLAS) Convention requires the shipper of a packed container to provide the container`s verified gross mass (VGM) prior to stowage aboard ship.</span></blockquote>
This is VERY IMPORTANT. Beginning July 1, 2016, shippers will be required to VERIFY the<br />
weight of the contents and packaging inside the container they deliver to be shipped.<br />
<br />
Here is a link to the brochure published by The World Shipping Council.<br />
<br />
<a href="http://www.worldshipping.org/industry-issues/safety/faqs/SOLAS_VGM__Industry_FAQs_Dec_2015_US_letter_WEB.pdf">http://www.worldshipping.org/industry-issues/safety/faqs/SOLAS_VGM__Industry_FAQs_Dec_2015_US_letter_WEB.pdf</a><br />
Lynda Applegatehttp://www.blogger.com/profile/16908522737974915594noreply@blogger.com1tag:blogger.com,1999:blog-3449185151808767558.post-59531103518340457372015-12-18T21:32:00.001-08:002015-12-18T21:34:10.295-08:00Christmas at sea and in the port of Hamburg | Traditions and customs<iframe allowfullscreen="" frameborder="0" height="270" src="https://www.youtube.com/embed/xtD9lF-zNEU" width="480"></iframe>Lynda Applegatehttp://www.blogger.com/profile/16908522737974915594noreply@blogger.com1tag:blogger.com,1999:blog-3449185151808767558.post-64643784998956758292015-12-17T21:16:00.001-08:002015-12-17T21:16:51.413-08:00Mergers AheadNow that CMA CGM will purchase NOL (APL), and China Shipping and COSCO are set to merge,<br />
what will be the next mergers?<br />
<br />
Hapag Lloyd was looking to buy NOL, but lost out to CMA CGM, so will Hapag Lloyd be looking for another line to acquire?<br />
<br />
Who are the likely candidates?<br />
<br />
A merger between the two Korean companies, Hyundai Merchant Marine and Hanjin Shipping is possible. Even though the stock of each company is traded on the Korean stock exchange, somehow I think the government would not let either company be sold to a non-Korean company.<br />
<br />
OOCL is listed on the Hong Kong stock exchange. I don't know if there is a majority owner who could possibly block a sale. According to published data they are making money. If I were looking to buy a shipping company, this one has possibilities.<br />
<br />
Yang Ming's stock is listed on the Taiwan Exchange. According to Bloomberg, this company has negative earnings of around 1.00, with the stock trading around 8.00. This company is leasing newbuilds (ships) from Seaspan, and I don't know how many of their fleet might be owned. The fundamentals of this company look problematic. They might be purchased cheaply, but if the industry continues in it's downward trend this company might not make it.<br />
<br />
That's it for now.<br />
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<br />Lynda Applegatehttp://www.blogger.com/profile/16908522737974915594noreply@blogger.com1tag:blogger.com,1999:blog-3449185151808767558.post-59616941765119180752015-12-17T20:50:00.000-08:002015-12-17T20:50:42.282-08:00Hamburg Süd name Carrier of the Year 2015 by DHLPRESS RELEASE<br />
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17-Dec-2015</h5>
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Press Information</h3>
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<img alt="" height="173" src="http://www.hamburgsud.com/group/media/hamburgsd/contentpictures/miscellaneous/151217_HS_DHL_Award_image230.jpg" style="border: 0px; display: block; font-family: inherit; font-size: 12.0096px; font-style: inherit; font-weight: inherit; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;" width="230" /><span style="background: rgb(211, 213, 216); border: 0px; display: block; font-family: inherit; font-size: 11.0069px; font-style: inherit; font-weight: inherit; line-height: 1.3; margin: 0px; outline: 0px; padding: 3px; vertical-align: baseline;">Peter Frederiksen, Hamburg Süd (front row r.), was presented with the award by Dominique von Orelli, DHL Global Forwarding (front row l.).</span></div>
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On 9th December, DHL Global Forwarding presented Hamburg Süd with the ‘Carrier of the Year 2015’ award. DHL is one of the leading global logistics enterprises and, with this honour, is underscoring the outstanding working relationship with Hamburg Süd, which ranks among the ten largest container shipping companies worldwide.</div>
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“We are happy to award Hamburg Süd as the Ocean Carrier of the Year for outstanding customer service, schedule reliability and rate competitiveness. The company has proven to be a trustworthy partner and shown great commitment to supporting DHL Global Forwarding’s business needs over the last couple of years,” explains Dominique von Orelli, Head of FCL Product & Capacity Management, DHL Global Forwarding. “Hamburg Süd has improved its value proposition for us on many key trade lanes, such as Asia to Latin America or Asia to the US. This allows us to offer high-quality, increasingly competitive service to our customers globally.”</div>
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The award was received by Peter Frederiksen, Member of the Executive Board of Hamburg Süd, at the annual DHL Carrier Meeting in Bonn: “Hamburg Süd sees itself as a quality carrier. Our aim is to offer the best possible solution for every logistical challenge. The excellent collaboration with DHL is aspiration and motivation in equal measure. The award confirms our belief that, in an extremely competitive market, it is possible to score successes with customer orientation and operational excellence. And it reflects the strong commitment of the entire Hamburg Süd team globally.”</div>
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Lynda Applegatehttp://www.blogger.com/profile/16908522737974915594noreply@blogger.com0tag:blogger.com,1999:blog-3449185151808767558.post-64699355529686081062015-12-15T22:23:00.002-08:002015-12-15T22:23:59.772-08:00Basis for bunker charge as published by the TSA (Transpacific Stabilization Agreement)This is the basis listed by the TSA for the bunker charge<br />
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<table border="0" cellpadding="0" cellspacing="0" class="table-med" style="background-color: #e5e9e5; color: black; font-family: Verdana, Arial, sans-serif; font-size: 10px; line-height: 13px; width: 361px;"><tbody>
<tr align="left" valign="top"><td colspan="6"><b>TSA Fuel Price-Bunker Charge Conversion Table</b></td></tr>
<tr align="left" valign="top"></tr>
<tr align="left" valign="top"><td width="22"><br /></td><td width="106"><b>Average</b></td><td colspan="5"><b>Bunker Charge for Next Quarter (US$)</b></td></tr>
<tr align="left" valign="top"><td width="22"><br /></td><td width="106"><b>Weighted </b><span style="margin-bottom: 0px; margin-top: 0px;"><b>Fuel Price</b></span></td><td colspan="2"><b><br />West Coast</b></td><td width="27"><img alt="spacer" border="0" height="22" src="http://www.tsacarriers.org/images/spacer.gif" width="27" /></td><td colspan="2"><b><br />East Coast/Gulf</b></td></tr>
<tr align="left" valign="top"><td width="22"><br /></td><td width="106"><b>(US$/Ton)</b><br /><br />800.01 - 820<br />780.01 - 800<br />760.01 - 780<br />740.01 - 760<br />720.01 - 740<br />700.01 - 720<br />680-01 - 700<br />660.01 - 680<br />640.01 - 660<br />620.01 - 640<br />600.01 - 620<br />580.01 - 600<br />560.01 - 580<br />540.01 - 560<br />520.01 - 540<br />500.01 - 520<br />480-01 - 500<br />460.01 - 480<br />440.01 - 460<br />420.01 - 440<br />400.01 - 420<br />380.01 - 400<br />360.01 - 380<br />340.01 - 360<br />320.01 - 340<br />300.01 - 320<br />280.01 - 300<br />260.01 - 280<br />240.01 - 260<br />220.01 - 240<br />200.01 - 220<br />180.01 - 200</td><td width="40"><b>20'</b><br /><br />551<br />540<br />529<br />518<br />508<br />497<br />486<br />475<br />464<br />454<br />443<br />432<br />421<br />410<br />400<br />389<br />378<br />367<br />356<br />346<br />335<br />324<br />313<br />302<br />292<br />281<br />270<br />259<br />248<br />238<br />227<br />216<br /></td><td width="53"><b>40'</b><br /><br />612<br />600<br />588<br />576<br />564<br />552<br />540<br />528<br />516<br />504<br />492<br />480<br />468<br />456<br />444<br />432<br />420<br />408<br />396<br />384<br />372<br />360<br />348<br />336<br />324<br />312<br />300<br />288<br />276<br />264<br />252<br />240<br /></td><td width="27"> </td><td width="40"><b>20'</b><br /><br />1077<br />1056<br />1034<br />1013<br />991<br />969<br />948<br />926<br />905<br />883<br />861<br />840<br />818<br />797<br />775<br />753<br />732<br />710<br />689<br />667<br />645<br />624<br />602<br />581<br />559<br />537<br />516<br />494<br />473<br />451<br />429<br />408<br /></td><td width="74"><b>40'</b><br /><br />1197<br />1173<br />1149<br />1125<br />1101<br />1077<br />1053<br />1029<br />1005<br />981<br />957<br />933<br />909<br />885<br />861<br />837<br />813<br />789<br />765<br />741<br />717<br />693<br />669<br />645<br />621<br />597<br />573<br />549<br />525<br />501<br />477<br />453<br /></td></tr>
<tr align="left" valign="top"><td width="22"><br /></td><td colspan="5"><br /></td><td><img alt="" border="0" height="22" src="http://www.tsacarriers.org/images/spacer.gif" width="46" /></td></tr>
</tbody></table>
<br />And this is what the TSA has stated is the recent costs for bunker fuel<div>
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<table border="0" cellpadding="0" cellspacing="0" class="table-dark" style="background-color: #d8dfd8; color: black; font-family: Verdana, Arial, sans-serif; font-size: 10px; line-height: 13px; width: 361px;"><tbody>
<tr align="left" valign="top"><td colspan="3"><b>Weekly Average Price Differentials<br />0.1% MGO Low-Sulfur vs. Standard Bunker Fuel<br /></b></td></tr>
<tr align="left" valign="top"><td height="221" width="34"><br /></td><td width="116"><b>Week Of:</b><br /><br />Nov 30<br />Dec 07<br />Dec 14<br />Dec 21<br />Dec 28<br />Jan 04 2016<br />Jan 11<br />Jan 18<br />Jan 25<br />Feb 01<br />Feb 08<br />Feb 15<br />Feb 22<br /></td><td width="88"><b>USWC</b><br /><br />271<br />261.5<br />253 </td><td width="124"><b>USEC/Gulf</b><br /><br />213<br />200.5<br />188<br /></td></tr>
<tr align="left" valign="top"><td width="34"><br /></td><td colspan="3"><i><b>Source:</b></i> <i>Bunkerworld</i><br /><br /><strong>Reminder:</strong> <em>Figures denote difference in price; as example, “100” means that at the load port in question, low-sulfur fuel cost $100/MT more than standard bunker fuel.</em></td></tr>
</tbody></table>
<br />I guess if the bunker prices drop below 180 they will have to update their chart.</div>
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<a href="http://www.tsacarriers.org/calc_bunker.html">click here </a>for link to their site</div>
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Lynda Applegatehttp://www.blogger.com/profile/16908522737974915594noreply@blogger.com0tag:blogger.com,1999:blog-3449185151808767558.post-72790608710375738272015-12-11T12:03:00.000-08:002015-12-11T12:03:17.547-08:00Hapag Lloyd stockHapag Lloyd issued an IPO (initial public offering of stock) back in November. <br />
<br />
From Bloomberg news (at the time of issue). The stock ticker symbol is HLAG and trades on Xetra exchange.<br />
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<blockquote class="tr_bq" style="font-family: arial, helvetica, sans-serif; font-size: 1.6em; line-height: 1.6em; margin-bottom: 20px; padding: 0px;">
Hapag-Lloyd shares were sold at 20 euros ($21.92) apiece, the German shipping company said on Tuesday, confirming an earlier Reuters report.<br />The company had originally targeted a market cap of more than 5 billion euros, but in wobbly markets offered shares for 23-29 euros each.<br />Weak demand later prompted it to postpone the IPO, trim the number of shares on offer and lower the price range to 20-22 euros.<br />Several large investors had cancelled share orders after a profit warning from peer Maersk rocked already jittery markets.</blockquote>
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<span id="midArticle_4" style="font-family: arial, helvetica, sans-serif; font-size: 10px;"></span><span id="midArticle_5" style="font-family: arial, helvetica, sans-serif; font-size: 10px;"></span><span style="background-color: white; font-family: arial, helvetica, sans-serif; font-size: 10px;"></span><span class="first-article-divide" style="font-family: arial, helvetica, sans-serif; font-size: 10px;"></span><span id="midArticle_6" style="font-family: arial, helvetica, sans-serif; font-size: 10px;"></span><span id="midArticle_7" style="font-family: arial, helvetica, sans-serif; font-size: 10px;"></span><span style="font-family: arial, helvetica, sans-serif; font-size: 10px;"><br />Read more at Reutershttp://www.reuters.com/article/hapag-lloyd-ipo-idUSL8N12Y3Q820151103#gVW9QRZjDioSPTrl.99</span><br />
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<span style="font-family: arial, helvetica, sans-serif; font-size: 10px;"><br /></span>Lynda Applegatehttp://www.blogger.com/profile/16908522737974915594noreply@blogger.com0tag:blogger.com,1999:blog-3449185151808767558.post-57859174485859500152015-12-10T11:17:00.000-08:002015-12-10T11:17:52.235-08:00CMA CGM to buy NOL (operating as APL). Consolidation in the industry continues.<br />
CMA CGM, the French shipping company, has offered to buy NOL, (formerly Neptune Orient Line) which is a Singapore company, and operates under the name of APL (formerly American President Line).<br />
<br />
This sale will probably be approved by the various governments. It's doubtful China would protest, as they are getting ready to merge COSCO and China Shipping.<br />
<br />
These mergers are the continuation of consolidation in the container shipping industry. However, it is not yet enough to improve their fortunes. All of the carriers continue to believe growth will come, when they need to be realizing profits will not come by growth, but by increased efficiencies by each company.<br />
<br />
Because the "per slot cost" has been the indicator for lowest cost in the industry, everyone has concluded that bigger is better, because each slot would then cost less. However, those nickles and dimes in the other parts of business add up, and those costs of have been ignored by the carriers for years.<br />
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The industry is sadly lacking in efficient computer systems. They allow terminal operators to run and dictate the shore side part of the business. The carriers are unwilling to take on the unions. They have become "wholesalers" of cargo, giving the NVOCC/consolidators cheap rates because the carriers have been too lazy to deal with the difficulties of handling small shipments.<br />
<br />
Just as it has taken 40 years after deregulation for the airline industry to see consolidation and profits, it will likely take this many years for the container shipping industry.<br />
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<br />Lynda Applegatehttp://www.blogger.com/profile/16908522737974915594noreply@blogger.com0tag:blogger.com,1999:blog-3449185151808767558.post-39367578174390301012015-11-13T09:37:00.001-08:002015-11-13T09:37:11.073-08:00Maersk Line - decline in 3rd quarter profitMaersk Line posted disappointed profit for the 3rd quarter of 2015. I fear we will not be seeing and upturn in the industry until there is more consolidation in the industry.<br />
<br />
From <a href="http://www.maersk.com/en/the-maersk-group/press-room/press-release-archive/2015/11/maersk-interim-report-q3-2015-press-release">Maersk Line</a><br />
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<span style="background-color: #e5e8e9; color: #2e454d; font-family: 'Zetta Ssans'; font-size: 18px; line-height: 23.4px;">“The Maersk Group delivered an underlying profit of USD 662m in the third quarter. The decline of nearly 50 percent compared to last year was primarily due to container freight rates deteriorating to a historically low level, especially in the later part of Q3, and profits in Maersk Oil being impacted by the lower oil price. The expected underlying result of around USD 3.4bn for 2015 reflects good performance in very challenging oil and container shipping markets, where the continuous actions taken in all our business units to reduce the cost base will enable us to maintain our ability to pursue the opportunities arising in our industries,” says Group CEO Nils S. Andersen.</span><br />
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<span style="background-color: #e5e8e9; color: #2e454d; font-family: 'Zetta Ssans'; font-size: 18px; line-height: 23.4px;"><br /></span>Lynda Applegatehttp://www.blogger.com/profile/16908522737974915594noreply@blogger.com0tag:blogger.com,1999:blog-3449185151808767558.post-50897395337404671532015-11-09T19:33:00.001-08:002015-11-09T19:33:21.327-08:00American President Line (APL) parent company confirms takeover talks<div class="tr_bq">
NOL, the parent company of APL has confirmed they are in take over talks with</div>
Maersk and CMA CGM. I presume they are in separate talks with each company,<br />
however the combination of these 3 companies would certainly be interesting.<br />
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From <a href="http://worldmaritimenews.com/archives/175907/nol-confirms-takeover-talks-with-maersk-and-cma-cgm/">World Maritime News</a><br />
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<blockquote style="background-color: white; box-sizing: border-box; color: #333333; font-family: OpenSansRegular, Verdana; font-size: 14px; line-height: 20px; margin-bottom: 14px;">
<span style="background-color: white; box-sizing: border-box; color: #333333; font-family: OpenSansSemibold, Verdana; font-size: 1.15em;">Singapore-based container shipping company Neptune Orient Lines Limited (NOL) is in preliminary discussions with French CMA CGM SA and Danish A.P. Moeller-Maersk A/S with respect to a potential acquisition of NOL, the company said, thus confirming recent media reports.</span><span style="background-color: white; box-sizing: border-box; color: #333333; font-family: OpenSansSemibold, Verdana; font-size: 1.15em;"><br /></span><em style="box-sizing: border-box;">“NOL has a duty to assess all options to maximise shareholder value and improve its competitiveness. From time to time, NOL enters into discussions on possible combinations involving NOL, while remaining focused on returning its core liner business to sustainable growth and profitability,”</em> NOL added.<br />However, the company stressed that there is no assurance that any such discussions will result in any definitive agreement or transaction, or that any offer for NOL will be made.<br /><em style="box-sizing: border-box;">“NOL will make an appropriate announcement in the event that there are any material developments. Shareholders of NOL and investors are therefore advised to exercise caution when dealing in shares in and other securities of NOL,”</em> the company concluded.<br />The confirmation comes on the back of an announcement <a href="http://worldmaritimenews.com/archives/166916/nol-no-deal-on-sale-yet/" style="background: transparent; box-sizing: border-box; color: #f37033;" target="_blank">dating back to July</a>, in which NOL said that the investment company Temasek Holdings Pte. Ltd, NOL’s majority stake owner, was in talks with an undisclosed buyer to sell its stake in NOL, but that there was still no definitive deal yet.<br />Previously, NOL had been linked to a potential merger with German carrier Hapag-Loyd and subsequently Hong Kong’s Orient Overseas (International)<span class="company-name-type" style="box-sizing: border-box;"> Ltd, nevertheless none of them were realized.</span>Tamasek holds 65% stake in the company whereas the remaining 35% is traded on the Singapore Stock Exchange. NOL, which operates through the APL brand, has 92 vessels in its fleet.</blockquote>
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Lynda Applegatehttp://www.blogger.com/profile/16908522737974915594noreply@blogger.com0tag:blogger.com,1999:blog-3449185151808767558.post-63402563290326801342015-11-05T22:13:00.001-08:002015-11-05T22:13:26.708-08:00Swift International Logistics- license revoked by the FMCThe U.S. Federal Maritime Commission has received several complaints from customers of<br />
Swift, stating their cargo has not been delivered, and they cannot get information from Swift. <br />
<br />
On Nov. 3, 2015 the FMC announced they have revoked the license of Swift, and some of the apparently abandoned cargo is in peril of being auctioned. Following is the news release from the FMC.<br />
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November 3, 2015</div>
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On November 2, 2015, the Federal Maritime Commission (FMC) revoked Swift International Logistics Inc.’s (Swift) ocean transportation intermediary (OTI) license. Swift is no longer authorized to provide OTI services. Consumers and businesses should not tender cargo to Swift or its agents for the international shipment of goods.</div>
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The Commission has information that four shipments that were handled by Swift will be auctioned by transportation providers to whom payments for service have not been made.</div>
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The consignees are:</div>
<ol style="background-color: #c8d5df; font-family: Tahoma, Arial, Verdana, Geneva, sans-serif; font-size: 12px;">
<li>Naveed Ali <ul>
<li>place of delivery: Jebel Ali, United Arab Emirates </li>
<li>estimated date of arrival: 7 October, 2015</li>
</ul>
</li>
<li>Francoise Marie<ul>
<li>place of delivery: Bassens, France</li>
<li>estimated date of arrival: 25 August, 2015</li>
</ul>
</li>
<li>Allan Fraser Brown<ul>
<li>place of delivery: Dar Es Salaam, Tanzania</li>
<li>estimated date of arrival: 18 September, 2015</li>
</ul>
</li>
<li>Pasquale Vassilli<ul>
<li>place of delivery: Lisbon, Portugal</li>
<li>estimated date of arrival, 27 August, 2015</li>
</ul>
</li>
</ol>
<div style="background-color: #c8d5df; font-family: Tahoma, Arial, sans-serif; font-size: 12px; margin-bottom: 1em;">
The above-named consignees or their agents should contact the Commission’s Office of Consumer Affairs and Dispute Resolution Services at 202-523-5807 or <a href="mailto:complaints@fmc.gov" style="color: #1b7df1; text-decoration: none;">complaints@fmc.gov</a> as soon as possible.</div>
click <a href="http://www.fmc.gov/swift_shipments_auction/?CategoryId=2">here</a> for link to FMC<br />
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<br />Lynda Applegatehttp://www.blogger.com/profile/16908522737974915594noreply@blogger.com0tag:blogger.com,1999:blog-3449185151808767558.post-21625479980505944382015-10-31T16:50:00.001-07:002015-10-31T16:50:52.473-07:00Another Carjacking Ring in New Jersey Last year a carjacking ring was broken up. I wrote about it in this blog posting.<br />
<br />
<br />
<a href="http://internationalshippingnews.blogspot.com/2014/03/your-stolen-car-is-in-east-africa.html?showComment=1404457749793#c5944904258516232591">Your Stolen Car is In West Africa</a><br />
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Now, another carjacking ring operating mainly in New Jersey was broken up. They were going after specific high end cars. If you drive a black Mercedes S550, take extra precautions.<br />
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From The Waterfront Commission<br />
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<div style="background-color: #e7e7e7; color: #666666; font-family: Verdana; font-size: 10px; line-height: 15px;">
<strong>21 CHARGED IN TAKEDOWN OF INTERNATIONAL CARJACKING/THEFT RING THAT STOLE LUXURY CARS FROM SUBURBS IN NEW JERSEY AND NEW YORK TO SELL OVERSEAS</strong><br /><strong><i>Law enforcement partners in “Operation 17 Corridor” recovered 90 cars worth over $4 million</i></strong></div>
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October 28, 2015</div>
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<b>TOTOWA, N.J.</b> – Acting Attorney General John J. Hoffman announced that 21 men have been charged in the takedown of a major international carjacking and stolen car trafficking ring that stole luxury cars from suburbs along the Route 17 corridor in New Jersey and neighboring New York, as well as other suburban communities in northern and central New Jersey, shipping the cars to West Africa where they command premium prices. Eighteen men were arrested yesterday on charges including first-degree racketeering, carjacking and money laundering as a multi-agency team fanned out to execute arrest warrants. Three men are being sought as fugitives on arrest warrants.</div>
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click <a href="https://www.wcnyh.org/newspage210.html">here </a>complete report</div>
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Lynda Applegatehttp://www.blogger.com/profile/16908522737974915594noreply@blogger.com0tag:blogger.com,1999:blog-3449185151808767558.post-84664066418548485902015-10-29T12:32:00.000-07:002015-10-29T12:32:15.797-07:00Hapag-Llloyd IPOHapag-Lloyd has been trying to do an IPO for a few years. The world economy is not making this easy, and once again they have postponed it for a few days, because their competitor Maersk, downgraded their forecast.<br />
<br />
Hapag-Lloyd says their forecast is unchanged. They are not as involved in the Asian trade as Maersk, and Maersk also has much more exposure in the oil exploration and transportation than Hapag-Lloyd, so I think<br />
Hapag-Lloyd is probably valid to hold to their forecast.<br />
<br />
Here's what <a href="http://uk.reuters.com/article/2015/10/27/us-hapag-lloyd-ipo-idUKKCN0SL1VU20151027">Reuters reported</a><br />
<span class="focusParagraph" style="font-family: arial, helvetica, sans-serif; font-size: 10px;"><blockquote style="color: #222222; font-family: arial, helvetica, sans-serif; font-size: 1.6em; line-height: 1.6em; margin-bottom: 20px; padding: 0px;">
German container shipping group Hapag-Lloyd [HPLG.UL] is postponing its stock market debut by a week after investors turned its back on the company following peer Maersk's (<span id="symbol_MAERSKb.CO_0"><a href="http://uk.reuters.com/business/quotes/overview?symbol=MAERSKb.CO" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #006e97; text-decoration: none;">MAERSKb.CO</a></span>) profit warning, two sources told Reuters.<br />If demand for the shares remains weak Hapag may lower the offer price, the people familiar with the deal said on Tuesday, adding that cancelling the IPO also remained an option.<br />Hapag-Lloyd said it was extending the offer period for its initial public offering (IPO) by a week to Nov. 3, with trading now likely to start on Nov. 6.<br />"The order book had been more than one time subscribed. Now the main goal is to get investors to come back who have shied away due to Maersk," one of the people said.<br />Hapag-Lloyd reiterated that its earnings outlook remained unchanged, despite peer Maersk's (<span id="symbol_MAERSKb.CO_1"><a href="http://uk.reuters.com/business/quotes/overview?symbol=MAERSKb.CO" style="background-attachment: initial; background-clip: initial; background-image: initial; background-origin: initial; background-position: initial; background-repeat: initial; background-size: initial; color: #006e97; text-decoration: none;">MAERSKb.CO</a></span>) slashing its 2015 profit targets last week.</blockquote>
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Lynda Applegatehttp://www.blogger.com/profile/16908522737974915594noreply@blogger.com0tag:blogger.com,1999:blog-3449185151808767558.post-40455738789964604532015-10-26T23:09:00.001-07:002015-10-26T23:09:10.996-07:00Don't do business with Medrano Express, also known as Diamond Shipping<div style="font-size: 16px; line-height: 24px; margin: 0px; outline: 0px; padding: 0px 0px 18px;">
I don't know the history behind this company, but many people got taken for a ride.</div>
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<a href="http://www.greensboro.com/news/local_news/international-shipping-company-banned-from-north-carolina/article_f2affe6e-d3de-5c21-b5c4-1d601831f266.html">http://www.greensboro.com/news/local_news/international-shipping-company-banned-from-north-carolina/article_f2affe6e-d3de-5c21-b5c4-1d601831f266.html</a></div>
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A news release from the N.C. Attorney General's Office said Medrano Express, Diamond Shipping, Inc. and Jorge Medrano are permanently banned from the shipping business in North Carolina after Judge Donald Stephens signed a default judgement on Monday. </blockquote>
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Medrano Express, which is based in Hempstead, N.Y. and operates under the name Diamond Shipping, specializes in shipping items to Colombia, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, and Mexico. The company operates in 20 states and had offices in Raleigh and Charlotte. </div>
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Lynda Applegatehttp://www.blogger.com/profile/16908522737974915594noreply@blogger.com0tag:blogger.com,1999:blog-3449185151808767558.post-57403282636980394392015-10-26T00:21:00.001-07:002015-10-26T00:21:55.121-07:00Price of WTI Oil for 2016It's been some time since I have posted, and several years since I dared to make a prediction regarding the price of oil.<br />
<br />
My last forecast was for 2012, and I thought oil we be around $100.00 a barrel. That prediction was a little high, but not by much.<br />
<br />
Now that oil has dropped down to half of that, I will go out on a limb and say that for 2016, the WTI Oil price will be around $60.00 a barrel. <br />
<br />
It's been in the $50.00 range for most of 2015, and it really should hang around that or even lower, as no one seems to be halting production. But, I just feel it in my bones that it's going to inch up a bit.<br />
<br />
Now, as for predictions for the shipping industry for 2016, I will have to put on my "thinking cap" for a bit.<br />
<br />
Later.<br />
<br />
<br />
<br />
<br />
Lynda Applegatehttp://www.blogger.com/profile/16908522737974915594noreply@blogger.com0tag:blogger.com,1999:blog-3449185151808767558.post-13293233937272122562015-02-13T11:36:00.000-08:002015-02-13T11:36:15.485-08:00U.S. West Coast Ports standoff<br />
I'll be honest. I don't understand what is going on with the labor situation on the U.S. West Coast.<br />
<br />
There are allegations that labor has slowed down since Nov. 2014. Labor has said they didn't slow<br />
down their work, that cargo didn't move due to a chassis shortage, or something along that line.<br />
<br />
Now the terminals, or carriers (one never know who is in charge) has decided to teach the union a lesson,<br />
and has decided to not hire labor to work ships for 4 days, because they would need to pay a lot of extra overtime due to the holidays. The shipping companies haven't been making money for several years, the daily cost of vessels has decreased immensely due to all the competition, so I guess they are happy to go along with this position.<br />
<br />
There is probably something behind all this posturing, but it doesn't seem to be really strategic, more like a couple of kids on the playground not agreeing to work together to get a baseball game going. <br />
<br />
News reports say the only sticking point in the contract negotiation is the arbitration clause. It doesn't make a lot of sense, but neither the union nor the Pacific Maritime Association are putting out anything which really makes a lot of sense. <br />
<br />
If anyone has any inside information on what is going on, feel free to share.<br />
<br />
<br />Lynda Applegatehttp://www.blogger.com/profile/16908522737974915594noreply@blogger.com0tag:blogger.com,1999:blog-3449185151808767558.post-6266164802788975292014-11-12T10:46:00.003-08:002014-11-12T10:46:56.346-08:00Matson to acquire Horizon Lines<div class="tr_bq">
<br /></div>
Matson will buy Horizon Lines. Prior to the acquisition, Pasha will purchase the Hawaii trade lane from Horizon. I suspect this is because if Matson took over the Horizon Hawaii service, it would not be approved because it would be a monopoly (although Horizon says this was done to reduce debt).<br />
<br />
<a href="http://www.horizonlines.com/blog/press-releases/post/horizon-lines-to-be-acquired-by-matson-for-072-per-share-in-cash">click here </a>for link to complete press release<br />
<br />
<br />
<blockquote style="background: rgb(248, 249, 250); border: 0px; color: #333333; font-family: 'Avenir LT W01 45 Book'; font-size: 14px; line-height: 1.3; outline: 0px; padding: 0px 0px 14px; vertical-align: baseline;">
Horizon Lines To Be Acquired By Matson For $0.72 Per Share In Cash<br />November 11, 2014<br />CHARLOTTE, N.C., Nov. 11, 2014 /PRNewswire/ -- Horizon Lines, Inc. (OTCQB: HRZL) ("Horizon") today announced it has entered into definitive agreements with each of Matson Inc. (NYSE: MATX) ("Matson") and The Pasha Group ("Pasha"). Under the Matson agreement, Matson will acquire all outstanding shares of Horizon Lines for $0.72 per share in an all-cash transaction. The acquisition price represents a premium of approximately 89% over Horizon's closing stock price on November 10, 2014. The Matson agreement has been unanimously approved by Horizon's Board of Directors and Horizon shareholders representing 55% of the fully diluted equity, which also represents 41% of the outstanding voting common stock on November 11, 2014, have agreed to vote their shares in support of the transaction.<br />Under the Pasha agreement, Pasha will acquire Horizon Lines' Hawaii trade lane business, prior to closing of the Matson agreement, for approximately $141.5 million in cash. The proceeds from the Pasha transaction will reduce Horizon Lines' debt obligations prior to closing of the Matson transaction, at which time Matson will acquire all of the outstanding shares of Horizon Lines and repay the remaining debt outstanding at closing. The Pasha agreement has been unanimously approved by Horizon's Board of Directors.<br />As a result of the transactions, Matson, Inc. will acquire all of Horizon Lines' business operations, except for the Hawaii trade lane business. The two transactions taken together are valued at approximately $598 million on an enterprise value basis. Matson will fund its transaction from available borrowings under its bank credit facilities and existing cash on hand. Pasha will fund its transaction from a committed debt financing agreement. There are no financing conditions to either transaction.</blockquote>
Lynda Applegatehttp://www.blogger.com/profile/16908522737974915594noreply@blogger.com0tag:blogger.com,1999:blog-3449185151808767558.post-29093341113315070132014-11-08T09:14:00.000-08:002014-11-08T09:14:46.625-08:00OW Bunker will file for bankruptcy<br />
The bankers decided to not give OW Bunker more money, after the announcement yesterday<br />
of extensive losses due to fraud and mismanagement.<br />
<br />
They will file bankruptcy. This is only 8 months after their IPO.<br />
<br />
From Bloomberg<br />
<br />
<blockquote class="tr_bq" style="background-color: white; box-sizing: border-box; color: #2d2b2c; font-family: akzidenz-grotesk-std-bloom, Arial, Helvetica, sans-serif; font-size: 1.1em; line-height: 1.3125em; margin-bottom: 28px;">
<a class="web_ticker" density="full" href="http://www.bloomberg.com/quote/OW:DC" style="box-sizing: border-box; color: #003399; cursor: pointer; font-weight: 700; outline: none; text-decoration: none;" ticker="OW:DC" title="Get Quote">OW Bunker (OW)</a> A/S, a Danish shipping fuel provider that went <a class="web_ticker" density="full" href="http://www.bloomberg.com/quote/OW:DC" style="box-sizing: border-box; color: #003399; cursor: pointer; font-weight: 700; outline: none; text-decoration: none;" title="Get Quote">public in March</a>, has declared bankruptcy and reported two employees at its <a density="sparse" href="http://topics.bloomberg.com/singapore/" style="box-sizing: border-box; color: #003399; cursor: pointer; font-weight: 700; outline: none; text-decoration: none;">Singapore</a> unit to the police following allegations of fraud.<br />“The board of directors and management deeply regret to inform that it has not been possible to find a sustainable solution,” the company said late yesterday in a statement. As a consequence, OW Bunker A/S, O.W. Bunker & Trading A/S and O.W. Supply & Trading A/S will file for bankruptcy, it said.<br />OW Bunker said Wednesday shortly before midnight it had lost $275 million through a combination of fraud committed by senior executives at its Singapore office and poor risk management. Trading in its shares was suspended on Nov. 5 and the company said its banks had refused to provide more credit. Just <a class="web_ticker" density="sparse" href="http://www.bloomberg.com/quote/OW:DC" style="box-sizing: border-box; color: #003399; cursor: pointer; font-weight: 700; outline: none; text-decoration: none;" title="Get Quote">eight months ago</a>, investors drove OW Bunker’s shares up 21 percent in their first day of trading, following an initial public offering that valued it at almost $1 billion.<br />Police in Denmark are still trying to establish the jurisdiction of the case and whether fraud was actually committed, Inspector Michael Kjeldgaard said yesterday by phone. His office wasn’t aware of any case having been filed with police in Singapore, he said.</blockquote>
<figure class="hide_caption image_focus inline toggle_caption" style="background-color: white; box-sizing: border-box; clear: right; color: #2d2b2c; float: right; font-family: akzidenz-grotesk-std-bloom, Arial, Helvetica, sans-serif; font-size: 16px; margin: 0px -80px 1em 2.813em; position: relative; width: 281px;"><a href="http://www.bloomberg.com/photo/ow-bunker-a-s-/-iudhsbDlp3DY.html" rel="#img_iudhsbDlp3DY" style="box-sizing: border-box; color: #003399; cursor: pointer; font-weight: 700; outline: none; text-decoration: none;" target="_blank"><span class="photo" style="box-sizing: border-box; cursor: pointer; float: right; max-width: 100%; position: relative;"><img src="http://www.bloomberg.com/image/ipAGT.t23RUE.jpg" style="border: 0px; box-sizing: border-box; float: right; height: auto; max-width: 100%; width: inherit;" /></span></a><figcaption style="box-sizing: border-box; clear: both; color: #6e6c6c; font-family: Arial, Helvetica, sans-serif; font-size: 0.6875em; margin-bottom: 1.125em; margin-top: 0px; padding-top: 0.5em; text-align: right;">Photographer: Kasper Palsnov/OW Bunker A/S via Bloomberg</figcaption><div class="ext_caption caption_preview" style="box-sizing: border-box; color: #6e6c6c; font-family: Arial, Helvetica, sans-serif; font-size: 0.75em; font-style: italic; line-height: 1.25em; margin-bottom: 1.75em;">
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OW Bunker ship OW Aalborg, a floating gas station for the offshore refuelling of large...<a href="http://www.bloomberg.com/news/2014-11-07/ow-bunker-reports-2-employees-to-police-files-for-bankruptcy.html#" style="box-sizing: border-box; color: black; cursor: pointer; font-family: akzidenz-grotesk-std-bloom, Arial, Helvetica, sans-serif; font-style: normal; font-weight: 700; outline: none; position: relative; text-decoration: none; z-index: 1;">Read More</a></div>
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</figure>Lynda Applegatehttp://www.blogger.com/profile/16908522737974915594noreply@blogger.com0tag:blogger.com,1999:blog-3449185151808767558.post-28396862358461956332014-11-06T11:26:00.000-08:002014-11-06T11:26:07.031-08:00Scandal in Denmark - OW Bunker<span style="background-color: white; color: #2d2b2c; font-family: akzidenz-grotesk-std-bloom, Arial, Helvetica, sans-serif; font-size: 18px; line-height: 23.1000003814697px;">It will be interesting to follow the outcome of this investigation. </span><br />
<span style="background-color: white; color: #2d2b2c; font-family: akzidenz-grotesk-std-bloom, Arial, Helvetica, sans-serif; font-size: 18px; line-height: 23.1000003814697px;"><br /></span>
<span style="background-color: white; color: #2d2b2c; font-family: akzidenz-grotesk-std-bloom, Arial, Helvetica, sans-serif; font-size: 18px; line-height: 23.1000003814697px;">From <a href="http://www.bloomberg.com/news/2014-11-06/ipo-that-raised-1-billion-implodes-in-denmark-after-8-months.html">Bloomberg News</a></span><br />
<span style="background-color: white; color: #2d2b2c; font-family: akzidenz-grotesk-std-bloom, Arial, Helvetica, sans-serif; font-size: 18px; line-height: 23.1000003814697px;"><br /></span>
<span style="background-color: white; color: #2d2b2c; font-family: akzidenz-grotesk-std-bloom, Arial, Helvetica, sans-serif; font-size: 18px; line-height: 23.1000003814697px;"><br /></span>
<blockquote class="tr_bq">
<span style="background-color: white; color: #2d2b2c; font-family: akzidenz-grotesk-std-bloom, Arial, Helvetica, sans-serif; font-size: 18px; line-height: 23.1000003814697px;">OW Bunker, which provides fuel to the marine industry, said shortly before midnight local time it had lost $275 million through a combination of fraud committed by senior executives at its Singapore office and poor risk management. Its shares have been suspended since yesterday and the company says its equity has been wiped out. Just </span><a class="web_ticker" density="full" href="http://www.bloomberg.com/quote/OW:DC" style="background-color: white; box-sizing: border-box; color: #003399; cursor: pointer; font-family: akzidenz-grotesk-std-bloom, Arial, Helvetica, sans-serif; font-size: 18px; font-weight: 700; line-height: 23.1000003814697px; outline: none; text-decoration: none;" title="Get Quote">eight months ago</a><span style="background-color: white; color: #2d2b2c; font-family: akzidenz-grotesk-std-bloom, Arial, Helvetica, sans-serif; font-size: 18px; line-height: 23.1000003814697px;">, investors drove OW Bunker’s shares up 21 percent in their first day of trading, following an initial public offering that valued it at almost $1 billion.</span><span style="background-color: white; color: #2d2b2c; font-family: akzidenz-grotesk-std-bloom, Arial, Helvetica, sans-serif; font-size: 18px; line-height: 23.1000003814697px;">OW Bunker, which provides fuel to the marine industry, said shortly before midnight local time it had lost $275 million through a combination of fraud committed by senior executives at its Singapore office and poor risk management. Its shares have been suspended since yesterday and the company says its equity has been wiped out. Just </span><a class="web_ticker" density="full" href="http://www.bloomberg.com/quote/OW:DC" style="background-color: white; box-sizing: border-box; color: #003399; cursor: pointer; font-family: akzidenz-grotesk-std-bloom, Arial, Helvetica, sans-serif; font-size: 18px; font-weight: 700; line-height: 23.1000003814697px; outline: none; text-decoration: none;" title="Get Quote">eight months ago</a><span style="background-color: white; color: #2d2b2c; font-family: akzidenz-grotesk-std-bloom, Arial, Helvetica, sans-serif; font-size: 18px; line-height: 23.1000003814697px;">, investors drove OW Bunker’s shares up 21 percent in their first day of trading, following an initial public offering that valued it at almost $1 billion.</span></blockquote>
Lynda Applegatehttp://www.blogger.com/profile/16908522737974915594noreply@blogger.com0tag:blogger.com,1999:blog-3449185151808767558.post-40476203512984151002014-07-25T13:59:00.002-07:002014-07-25T13:59:46.903-07:00Hamburg Sued to purchase CCNI container line and agenciesPress Release from Hamburg Sued<br />
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<div class="thread-body" id="yui_3_16_0_1_1406321476003_9162" role="presentation" style="background-color: white; font-family: 'Helvetica Neue', 'Segoe UI', Helvetica, Arial, 'Lucida Grande', sans-serif; font-size: 13px; margin: 0px 27px; word-wrap: break-word;">
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<b><span lang="EN-US" style="font-size: 12pt;">Press Release</span></b></div>
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<i id="yui_3_16_0_1_1406321476003_9503"><span id="yui_3_16_0_1_1406321476003_9502" lang="EN-US" style="font-size: 11pt;">Compañía Chilena de Navegación Interoceánica S.A. (CCNI)</span></i><span id="yui_3_16_0_1_1406321476003_9496" lang="EN-US" style="font-size: 11pt;"> with headquarters in Valparaiso, Chile and <i id="yui_3_16_0_1_1406321476003_9495">Hamburg Südamerikanische Dampfschifffahrts-Gesellschaft KG (HSDG)</i> with headquarters in Hamburg, Germany are pleased to announce that they have signed a preliminary agreement whereby HSDG will acquire the container liner activities of CCNI including the related general agency functions subject to Due Diligence, execution of a Sale & Purchase Agreement and approval by the competent authorities. This acquisition is scheduled to be executed by the latest on December 31, 2014.</span></div>
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<span id="yui_3_16_0_1_1406321476003_9498" lang="EN-US" style="font-size: 11pt;">HSDG intends to strengthen its liner network to and from South America by integrating the CCNI liner services. Merging the dedicated and experienced workforce of CCNI and HSDG will help to create an even stronger organization that will provide a first class service to the customers of both companies.</span></div>
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<span id="yui_3_16_0_1_1406321476003_9500" lang="EN-US" style="font-size: 11pt;">Following the transaction CCNI will continue its non-liner shipping activities including the car carrier and ship-owning business.</span></div>
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<span lang="EN-US" style="font-size: 11pt;">Valparaiso / Hamburg, July 25, 2014</span></div>
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<u><span lang="EN-US" style="font-size: 11pt;">Contact:</span></u></div>
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<span lang="EN-US" style="font-size: 11pt;">CCNI: Alejandra Graf<br />Phone: +56-2-2339-1300</span></div>
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<span lang="EN-US" style="font-size: 11pt;">Email: </span><span style="font-size: 11pt;"><a href="mailto:alejandra.graf@ccni.cl" rel="nofollow" style="background-color: rgba(0, 0, 0, 0); color: purple; margin: 0px; outline: none; padding: 0px;" target="_blank" ymailto="mailto:alejandra.graf@ccni.cl"><span lang="EN-US">alejandra.graf@ccni.cl</span></a></span><span lang="EN-US" style="font-size: 11pt;"></span></div>
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<span lang="EN-US" style="font-size: 11pt;">HSDG: Eva Graumann<br />Phone: +49-40-3705-2627<br />Email: </span><span style="font-size: 11pt;"><span lang="EN-US" style="background-color: rgba(0, 0, 0, 0); color: purple; margin: 0px; outline: none; padding: 0px;"><a href="mailto:eva.graumann@hamburgsud.com" rel="nofollow" style="background-color: rgba(0, 0, 0, 0); color: purple; margin: 0px; outline: none; padding: 0px;" target="_blank" ymailto="mailto:eva.graumann@hamburgsud.com">eva.graumann@hamburgsud.com</a></span></span><span lang="EN-US"></span></div>
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Lynda Applegatehttp://www.blogger.com/profile/16908522737974915594noreply@blogger.com0tag:blogger.com,1999:blog-3449185151808767558.post-91833981253546802272014-06-17T18:46:00.000-07:002014-06-17T18:46:26.482-07:00China vetoes P3 NetworkWow. This is really interesting. Am sure Maersk, MSC and CMA-CGM thought this would be no big deal.<br />
China decided it was.<br />
<br />
From <a href="http://english.peopledaily.com.cn/n/2014/0618/c90883-8742582.html"> peopledaily.com</a><br />
<blockquote class="tr_bq">
<h2>
<span id="p_title">China vetoes shipping alliance</span></h2>
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(<a href="http://www.xinhuanet.com/english2010/">Xinhua</a>) 07:54, June 18, 2014</div>
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<blockquote>
BEIJING, June 17 -- An application by three leading global shipping firms to build an operational alliance has been rejected by China due to monopoly concerns, the Ministry of Commerce said on Tuesday.<br />
Major container shipping lines, Maersk Line, Mediterranean Shipping Company and CMA-CGM, in October 2013 agreed to establish an operational alliance named P3 Network to provide customers with more frequent and flexible services. The network would involve three trade lanes: Asia-Europe, Trans-Pacific and Trans-Atlantic.<br />
The network was expected to start operation in the second quarter of 2014, but will be subject to approvals by various authorities, including the European Union, United States and China.<br />
The ministry supports companies to sharpen their competitive edge, but when firms try to improve market share through a "concentration of undertakings", it should be carefully studied, said a statement on the ministry's website.<br />
The three operators handed in the application to the ministry on September 18, 2013 for a "concentration of undertakings" anti-monopoly probe.</blockquote>
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Lynda Applegatehttp://www.blogger.com/profile/16908522737974915594noreply@blogger.com1tag:blogger.com,1999:blog-3449185151808767558.post-36319664454687496992014-05-26T18:55:00.000-07:002014-05-26T18:55:44.186-07:00Christmas Tributes in the ILA - IT'S TRUE!Not sure what's going on behind the scenes, but finally the Waterfront Commission is keeping up the pressure, and people are folding. No wonder the ILA has been so intent on keeping the Container Royalty Fund intact.<br />
<br />
From The NY/NJ Waterfront Commission<br />
<br />
<blockquote class="tr_bq">
<b>Longshoremen Plead Guilty To Extortion Conspiracy Involving Christmastime Tribute Payments</b><br />
May 21, 2014<br />
NEWARK, N.J. - Three former longshoremen
admitted today that they conspired to extort others in Local 1235 of the
International Longshoremen’s Association (ILA) for Christmastime
tribute payments, New Jersey U.S. Attorney Paul J. Fishman and Eastern
District of New York U.S. Attorney Loretta E. Lynch announced.<br />
Salvatore LaGrasso, 58, of Edison, N.J.;
Michael Nicolosi, 45, of Staten Island, N.Y.; and Julio Porrao, 71, of
Palm Coast, Fla. – all former supervisors on the New Jersey piers –
pleaded guilty today to conspiring to extort Christmastime tributes from
the union members – count three of the second superseding indictment
against them. LaGrasso, Nicolosi and Porrao entered their guilty pleas
before U.S. District Judge Claire C. Cecchi in Newark federal court.<br />
According to documents filed in this case and statements made in court:<br />
During their guilty plea proceedings,
LaGrasso, Nicolosi and Porrao admitted that they conspired with each
other and others to compel tribute payments from ILA union members, who
made the payments based on actual and threatened force, violence and
fear. The timing of the extortions typically coincided with the receipt
by certain ILA members of “Container Royalty Fund” checks, a form of
year-end compensation. LaGrasso and Nicolosi were suspended from their
positions following their arrests in this case. Porrao had already
retired from his employment on the New Jersey piers at the time of his
arrest.</blockquote>
<br />
<a href="http://www.waterfrontcommission.org/newspage162.html">click here</a> for link to read complete article<br />
<br />Lynda Applegatehttp://www.blogger.com/profile/16908522737974915594noreply@blogger.com2