Jacksonville, Florida-based shipping company Crowley Maritime Corporation was among multiple Jones Act shipping companies to receive a Humanitarian Award from Seamen’s Church Institute (SCI) for their role in the relief effort in Puerto Rico in the aftermath of Hurricane Maria. The award, which was accepted on the behalf of the company’s Puerto Rico employees by Tom Crowley, … [Read more...]
Paris MoU Releases 2017 “White, Grey and Black” List: United States Falls to Grey as Korea, Poland Move to White
The Paris MoU has approved its 2017 port state control inspection results for 2017 and adopted its new "White, Grey, and Black" performance lists for flag states and Recognized Organizations (ROs). The Paris MoU's annual “White, Grey and Black (WGB) List” ranks flag states from best to worst, from flags with a high performance (White) to flags with poor performance that are … [Read more...]
China Accuses U.S. of Initiating Trade War as Trump Issues New $200 Billion Threat
By Michael Martina and Eric Beech BEIJING/WASHINGTON, June 19 (Reuters) - U.S. President Donald Trump threatened to impose a 10 percent tariff on $200 billion of Chinese goods and Beijing warned it would retaliate, in a rapid escalation of the trade conflict between the world's two biggest economies. Trump's latest move, as Washington fights trade battles on several … [Read more...]
Deutsche Bank Sells $1 Billion Ship Loan Portfolio
By Arno Schuetze FRANKFURT, June 19 (Reuters) - Deutsche Bank is selling a $1 billion portfolio of legacy shipping loans to an entity owned by funds managed by Oak Hill Advisors and Varde Partners, it said on Tuesday. Reuters reported last week that the sale of the portfolio was imminent, as the bank draws a line under sour investments in the sector and starts a fresh push … [Read more...]
Container Line Profits Will Be Wiped Out By Rising Fuel Costs
By Mike Wackett (TheLoadstar) A leading shipping analyst has drastically cut its 2018 ocean carrier profitability forecast from $5bn to “breakeven at best”. In a new research note published this morning, Drewry claims “carriers’ lack of control has come back to bite them this year”. A surge in oil prices destroyed their profitability in the first quarter, which … [Read more...]