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Average spot rates for shipping a 40-foot container from Hong Kong to Los Angeles grew 5.5 percent in the week ending Aug. 9, the second straight weekly increase in shipping prices in the key trans-Pacific market. Although the rate, compiled weekly by Drewry Shipping Consultants in London and published by The Journal of Commerce, remains 34.4 percent belo...
India’s biggest company by market value, Reliance Industries Ltd (RIL), is looking to sell a stake of as much as 15% in the country’s most ambitious port project that it is building at Rewas in Maharashtra, according to two persons briefed on the matter. Reliance needs to sell the stake both to fund the project as well as to bring in specialis...
The container ship order book is down to its lowest point since 2005 as ocean carriers and charter ship owners impose a buying freeze in a bid to rein in capacity amid plunging freight rates and shrinking cargo volumes. The 30-year growth in the global container fleet also is stalling as increasing numbers of older vessels are scrapped and shipyard delive...
Port of Tauranga Ltd., New Zealand’s biggest port company, posted a 7% gain in full-year profit as lower finance costs and increased returns from Northport made up for the impact of reduced volumes. Net profit rose to NZ$45.2 million, or 33.7 cents a share in the 12 months ended June 30, from NZ$42.1 million, or 31.4 cents a year earlier, the compan...
THE new Indus service launched by Chilean shipping company CSAV has started calling at the Shenzhen's Chiwan Container Terminal (CCT) in Pearl River Delta. CSAV deploys five 2,800-TEU vessels to operate the Indus service which now calls at CCT every Sunday. The rotation is Shanghai, Ningbo, CCT, Port Kelang, Colombo, Nhava Sheva, Mundra and Karachi. ...
THE loss of major client Fonterra at New Zealand's PrimePort Timaru is expected to result in job losses, unless the port company can find ways to raise container throughput 38 per cent. PrimePort Timaru Board Chairman Sid McAuley said the decision by Fonterra to redirect its exports out of Lyttelton would lower container throughput from 61,000 in the pas...
Cargotec has secured an order for six of its MacGregor knuckle-jib crane units from STX Europe. The cranes are specifically designed to operate in severe climatic conditions and extreme air temperatures and will be installed on three icebreaker tugs, designed by Aker Arctic Technology Inc. The units are scheduled for delivery throughout the period between J...
FIGURES from the Hong Kong Marine Department show the port handled 1.93 million TEU in July, a fall of 14.5 per cent over the 2.25 million TEU in July of last year. Singapore's Maritime and Port Authority reported an 18.6 per cent decrease in container movement in July, having handled 2.22 million TEU compared to 2.72 million TEU in July of last year. ...
Port of Tallinn is the biggest port authority in Estonia and as far as both cargo and passenger traffic are taken into account, the biggest port on the shores of the Baltic Sea.
Qingdao Saint Voyage Logistics Inc. (SVL) is an Experienced International Shi
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