Carnival outshines forecast

Carnival Corp has more than doubled its quarterly profits as a result of a greater than expected rebound in passenger spending.
The cruise giant reported net income of USD222 million for 2Q15 versus USD98 million in 2Q14. Excluding non-cash and special items, adjusted net income was USD193 million

GasLog transfers three LNG carriers

NYSE-listed GasLog Partners is selling equity to acquire three LNG carriers from parent GasLog Ltd.
On 22 June, GasLog Ltd announced the sale of the 145,000 cbm, 2007-built Methane Alison Victoria, Methane Shirley Elisabeth, and Methane Heather Sally to the partnership for USD483 million. The

Striking Ferry Workers Blockade Port of Calais

By MarEx 2015-06-23 10:55:42

Over 400 French ferry workers blockaded the Port of Calais Tuesday morning severely disrupting maritime traffic.

Shipping was halted around 4am at the French port and workers erected stacks of burning tires to block the main road leading to the Channel Tunnel. Traffic was suspended through the tunnel linking Britain and France after protestors accessed the terminal on the French side and set fire to tires.

A spokeswoman for undersea train operator Eurotunnel said, “Traffic in the tunnel is suspended because of burning tires, which are the result of port workers,” she said, adding that the incident was at the entrance of the terminal.

Image of highway tire fires. Courtesy of Chris Cary via Twitter @chriscary180605

There are reports of MyFerryLink vessels blocking access at the port. Additionally, all ferries on the high-volume Calais to Dover route have remained suspended through the afternoon.

P&O Ferries reports that all operations at the Port of Calais have been affected by the strike and that it was bearing the brunt of the disruptions.

Eurotunnel said the industrial action had reduced its shuttle train services which transport passengers and heavy trucks between Calais and Folkestone.

“Traffic is disrupted but there are still trains running,” a Eurotunnel spokesman said.

The strikes are in protest to the restructuring of Myferrylink, which will cause the operator to cease passenger transportation July 2. The worker’s union opposes plans by Eurotunnel to sell two of MyFerryLink’s three passenger vessels to Denmark’s DFDS and convert the third to freight.

Helen Deeble, chief executive of P&O Ferries said that Eurotunnel and DFDS had appeared not to engage in constructive dialogue with the staff at MyFerryLink about the changes coming into effect. As a result, many ferry workers have felt betrayed. Around 600 workers are at risk of losing their jobs in the current restructuring plan.

The Eurotunnel spokeswoman noted that the company was well aware of the port worker’s concerns and added that the Eurotunnel was working to resolve their grievances.

“We hope that there will be suitable job proposals tomorrow,” she said, referring to a meeting planned for Wednesday.

The strikes are set to continue until around 8pm local time, but delays at the Port of Calais are expected to continue after it reopens.


Singapore Grows Container Terminal in Mega-ship Bid

By Reuters 2015-06-23 09:25:00

Singapore opened the newest addition to its container port on Tuesday, aiming to handle more of the increasing number of mega-ships plying the oceans.

A few of the planned 15 berths in Phases 3 and 4 of the Pasir Panjang Terminal are operational. The rest of the S$3.5 billion ($2.6 billion) project is scheduled to be completed by the end of 2017, pushing Singapore’s annual container handling capacity to 50 million Twenty-foot Equivalent Units (TEUs), said Singapore’s main container terminal operator PSA.

All the new berths at Pasir Panjang Terminal, one of PSA’s terminals in Singapore, are designed to be able to handle container ships with capacities larger than 10,000 TEUs.

Shipowners have been turning to mega-ships to cut down on fuel costs, despite the fact that container shipping capacity has outpaced demand and freight rates remain under pressure.

“This project also reflects our philosophy … always to scan the horizon, discern the trends, plan and invest ahead of time, said Fock Siew Wah, group chairman of PSA International.

Singapore is the world’s second busiest container port after Shanghai in China, which took over Singapore in 2010.

In 2014, Singapore’s container throughput grew 4 percent to a record high of nearly 34 million TEUs, but the growth rate was down from around 10 percent in 2010, data from Singapore’s Maritime and Port Authority showed.