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ISRAELI flag carrier Zim returned to profitability in the third quarter with a net profit of US$37 million, reversing a year-on-year loss of $208 million. Revenue increases came from cargo volumes, higher freight rates, income from uncompleted voyages and revenues from subsidiaries. Freight rates rose 46 per cent on average from $1,027 per TEU year on y...
Transpacific carriers are forecasting up to nine percent cargo growth from Asia to the US in 2011 and have begun softening up shippers in preparation for hikes in freight rates and a peak season surcharge. Transpacific Stabilisation Agreement (TSA) chairman and Hanjin Shipping chief executive officer Y M Kim said added revenue was necessary to support t...
Yildirim Group of Turkey will invest US$500 million to acquire a 20 percent shareholding of CMA CGM, the French line announced. In an agreement between CMA CGM shareholders and Yildirim, the Turkish group will acquire five-year ORA equity notes that will give it access to 20 percent of CMA CGM's share capital. Yildirim Group will be given three sea...
The recent rise in fuel prices to almost US$500 per tonne and the availability of surplus ships, freed up by winter capacity adjustments, have provided the impetus for carriers to launch additional loops to extra slow steaming (ESS), according to industry analyst AXS Alphaliner. Apart from the savings in fuel costs, ESS provides a useful escape valve fo...
Hong Kong: China Shipping Development announced over the weekend that it will build eight 48,000dwt crude/product oil ships at Guangzhou Shipyard International. The total contact value is around $300m. The official shipbuilding contact will be signed this week and the company will release detailed announcements later. In addition, apart from the fou...
HONG KONG's Kerry Logistics has acquired ADCO Shipping and Forwarding, a privately held Rotterdam company specialising in ocean freight forwarding. The addition will strengthen Kerry's base in northern Europe and complement its existing network of offices across the continent, said a company statement. "We will be able to expand the range of logis...
THE 917-TEU Tiger Spring, after its collision with the 1,095-TEU Green Valley in the Hooghly River in West Bengal south of Kolkata now poses a threat to other ships using the shipping channel as it awaits Dutch salvagers to arrive from Rotterdam. "The vessel is now grounded beside the navigational channel and there is a possibility that the ship may sli...
RATING agency Moody's Investors Service has upgraded the outlook of Japanese shipping giant NYK Line from negative to stable after its positive results report. This is in line up grades enjoyed by other container shipping lines this year, after ratings tumbled in the 2009 global downturn, leading to widespread industry losses. But in NYK's case Mo...
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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