business

Scorpio Bulkers Announce Sale of Their Ultramax Bulk Carrier

Scorpio Bulkers Inc., in a website, have announced the sale of their Ultramax bulk carrier, SBI Gemini.

SBI Gemini

Scorpio Bulkers Inc. announced that they have entered into an agreement with an unaffiliated third party to sell the SBI Gemini, an Ultramax bulk carrier built in 2015, for approximately $16 million.

Delivery of the vessel is expected to take place in the first quarter of 2021.

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Source: Scorpio Bulkers Inc.

The...

https://mfame.guru/scorpio-bulkers-announce-sale-of-their-ultramax-bulk-carrier/

BHP Seals LNG Supply Deal With Shell

  • Australian resource company BHP signed the first LNG supply deal for its Newcastlemax bulkers with Shell.
  • Shell has been awarded the contract to fuel the vessels, which BHP will charter from Eastern Pacific Shipping (EPS) for five-year terms.
  • The five vessels will transport iron ore between Western Australia and China from 2022.
  • The contract is the result of a tender process that included potential suppliers across several geographies.

Mining giant BHP has awarded Shell a landmark contract to...

https://mfame.guru/bhp-seals-lng-supply-deal-with-shell/

Canada Based Shipping Company Orders New Methanol Fuelled Ships

Canada-based Waterfront Shipping Company (WFS), a wholly-owned subsidiary of Methanex Corporation, has placed an order for eight new methanol dual-fuel vessels with South Korean shipbuilder Hyundai Mipo Dockyard, reports Offshore Energy.

Delivery to arrive by 2023

The vessels will add to WFS’s existing fleet of 11 methanol-fuelled ships, which have been recognized by the marine industry for their use of clean-burning methanol as a lower emission fuel.

The eight, 49,999 deadweight tonne vessels are...

https://mfame.guru/canada-based-shipping-company-orders-new-methanol-fuelled-ships/

News Alert: Specific PPP loan information released by SBA; 4 companies in key sectors got maximum

Four trucking-related companies received the top grant of $10 million under the Paycheck Protection Program, according to a massive amount of data dumped out by the Small Business Administration late Tuesday.

The SBA gave up on fighting a lawsuit brought by the Washington Post and other organizations that had sought full granular disclosure of all the more than 5 million loans disbursed under PPP. A federal court last week lifted a stay that had given SBA time to prepare an appeal, but the stay...

https://www.freightwaves.com/news/news-alert-specific-ppp-loan-information-released-by-sba-4-companies-in-key-sectors-got-maximum

Diana Shipping Inc. Announces Time Charter With Glencore

Diana Shipping Inc. has entered into a time charter contract for m/v Artemis with Glencore, says a press release published on their website.

Time charter contract

Diana Shipping Inc. announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Glencore Agriculture B.V., Rotterdam, for one of its Panamax dry bulk vessels, the m/v Artemis. 

Charter rate & revenue

Gross charter rate

The gross charter rate is US$10,250 per day, minus a 5% commission paid...

https://mfame.guru/diana-shipping-inc-announces-time-charter-with-glencore/

News alert: Transfix said in talks to go public in reverse merger

Digital freight brokerage Transfix Inc. may be the reverse merger target of a $150 million special purpose acquisition company (SPAC), according to Bloomberg.

Transfix and Tuscan are in exclusive negotiations, with terms yet to be finalized, according to a person with knowledge of the talks that Bloomberg did not identify because the discussions are private. Neither New York City-based Transfix nor Tuscan Holdings Corp. II (NASDAQ: THCA) would comment on discussions. 

Tuscan II raised $150...

https://www.freightwaves.com/news/news-alert-transfix-said-in-talks-to-go-public-in-reverse-merger

Canadian fuel distributor Parkland targeted in cyberattack

A white semi truck hauling a tanker trailer. Parkland Corp, major Canadian fuel distributor, was targeted in a cyberattack.

Canadian fuel distributor Parkland Corp. (TSE:PKI) confirmed on Tuesday that it is investigating a recent cyberattack after a ransomware gang claimed it targeted the company.  

The Alberta-based company said it had detected the attack on Nov. 14 on a “subset of its Canadian network” and that it temporarily disabled some computer applications as a precaution. The attack failed to result in any significant operational disruptions, a company spokesperson told FreightWaves.

Parkland disclosed...

https://www.freightwaves.com/news/canadian-fuel-distributor-parkland-targeted-in-cyberattack

Loadsmart, SmartHop partner to make digital freight networks more inclusive

A partnership between SmartHop, an early-stage startup offering a dispatch solution for small carriers, and Loadsmart, a more established digital freight brokerage and technology company, aims to offer more opportunities for drivers as well as shippers in a tight freight market.

The news, announced on Tuesday, marks a milestone for SmartHop, which was founded in 2017 and this summer raised a $4.5 million seed funding round.

New York City-based Loadsmart closed a $90 million Series C round in...

https://s29755.pcdn.co/news/loadsmart-partners-with-smarthop

FreightWaves Haul of Fame: American Carriers, Inc. failed due to increased competition and a bad acquisition

Deregulation of the U.S. trucking industry began in the late 1970s. Congress passed the Motor Carrier Act of 1980 and it was signed into law by President Carter on July 1, 1980. 

One of the most dramatic changes due to deregulation was the virtual explosion in the number of trucking firms. From 1980 to 1990, the number of licensed carriers doubled – from fewer than 20,000 to more than 40,000! 

Deregulation provided great opportunities for existing and new U.S. trucking companies. However, not...

https://www.freightwaves.com/news/freightwaves-haul-of-fame-american-carriers-inc-failed-due-to-deregulation-and-a-bad-acquisition

Trucking industry lender’s quarterly data shows significant market improvement

The stronger freight and trucking market can be clearly seen in the fourth-quarter earnings of Canadian-based bank BMO, the former Bank of Montreal, which is a significant lender to that sector.

Given the size and significance to the trucking community, the quarterly data of BMO is an indication of the health of the industry. Stronger markets result in fewer write-offs and impairments; weaker markets do the opposite.

BMO is the only known key lender to the trucking industry to disclose such...

https://www.freightwaves.com/news/trucking-industry-lenders-quarterly-data-shows-significant-market-improvement

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