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CHINA COSCO HOLDINGS has declared it expects year-end results to show a year-on-year 205 per cent increase in third quarter net profit to US$315 million following losses suffered in 2009. Its container business increased coverage on routes and saw 2010 peak season up on transpacific routes by 39.8 per cent and on Far East/European routes by 42.9 per cen...
Hong Kong: Hong Kong-listed Sinotrans Shipping has agreed to buy a 2008-built oil tanker for $100m from MS Tanker Shipping, a price deemed fair for the company to pay in cash. MS Tanker Shipping is a jointly controlled entity in which Sinotrans Shipping holds 50% stake. “It is intended that payment of the consideration will be satisfied entirely...
Seoul: Korea's STX Pan Ocean is to set up six special purpose companies to finance newbuilding orders already placed. The Seoul- and Singapore-listed shipowner said Wednesday in a regulatory filing that the new companies would owe debt to financial institutions, which would be guaranteed by STX to the amount of KRW402.3bn ($358m). The period of deb...
Hong Kong: China's leading shipping giant, China COSCO Holdings, expects to have a significant business growth in 2010. The company expects to bag a record net profit for 2010 against a net loss for 2009, according to a file to the Hong Kong stock exchange on Wednesday. China COSCO Holdings made a net profit of 5.64bn yuan ($851.4m) in ...
Mumbai: Container throughput at major ports in India for April to December 2010 increased 11% comparing with the last same fiscal period in 2009, the Indian Ports Association(IPA) said on 5 January. Total volume for the first three quarters of fiscal 2010-2011 was estimated at 5.59m teu, up from 5.04m teu a year earlier. Cont...
Singapore: Three Islamic Republic of Iran Shipping Lines (IRISL) boxships impounded in Singapore have been released. The vessels Tochal, Sahand and Sabal were put for auction by the Singapore courts in December, but the sale was put on hold at the 11th hour after IRISL paid $200m owed to French bank Credit Agricole. The company had been forced to repa...
Tokyo: Japanese liner Nippon Yusen Kaisha (NYK) has stared a new service from Asia into the Adriatic region via the China-Europe Shuttle (CES) service. The CES service will connect Taranto onto two Adriatic services - Adriatic Service 1 and Adriatic Service 2 (ADS1 and ADS2). “It will expand our coverage from Asia to the northern Adriatic ports of Ven...
Hong Kong: SITC International Holdings has through its wholly-owned subsidiary inked contracts on Thursday to build two container vessels for a price of $39m. SITC Development has contracted Dae Sun Shipbuilding & Engineering to construct two 1,040 teu gearless container vessels Delivery of a first vessel is scheduled on or before 30 September 201...
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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