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THE owner of the world's biggest container shipping line, Denmark's AP Moller Maersk group, suffered a third quarter profit loss of US$700 million to $4.2 billion while revenue increased 17 per cent to $41.4 billion year on year. The revenue gain was attributed to higher freight rates and higher oil prices that reflected well on the results of the gro...
Singapore: Chinese shipbuilder JES International is the latest to target the offshore industry as its new yard comes onstream. Jin Xin, chairman and ceo of the Singapore-listed shipbuilder said the new yard increased its capabilities and enhanced its reach to a wider market. “In the near term we seek to secure new orders to fully utilize our expanded ...
Singapore: Container freight rates reported by Neptune Orient Lines (NOL) fell for the second month running. For the period 18 September to 15 October NOL said average freight rates across all trades it serves were $2,916 per feu, down from $3,104 per feu in the previous four week period. Although the second month that rates have slid they remained 29% high...
Guangzhou: Cosco boss Wei Jiafu has warned the shipping industry against irrational expansion. Speaking at the World Shipping (China) Summit in Guangzhou Cosco president and ceo Wei noted that the WTO forecast world trade growth would hit 13.5% this year, the highest year-on-year figure since 1950. However, the shipping industry is also facing a massive ove...
Istanbul: 2011 will remain a “depressed market” for both bulkers and tankers, admitted Mohammad Souri, boss of the one of the world’s largest tanker firms, NITC. Speaking at the Turkish Shipping Summit in Istanbul, Souri was adamant, however, that there were opportunities to be had. He pointed to ship prices in China where a VLCC newbuild ...
New York: John Fredriksen’s Ship Finance International (SFI) has snapped up a pair of Chinese bulkers for $61m. SFI is buying the two 57,000 dwt bulkers from an undisclosed Chinese yard and they are due for delivery in the second and third quarters of 2011. The vessels will be chartered for 10 years at $16,500 daily to an Asian-based logistics company...
THE Drewry Container Rate Benchmark dropped five per cent in its most recent week, leaving the spot market pricing measure down 23 per cent from the year's high point set three months ago. "I believe the weaker rates on the eastbound transpacific route come from the reduced demand associated with the slack season and the recent addition of capacity by ...
TAIWAN's Evergreen Marine, the fifth largest container fleet in the world, is "cautiously optimistic" about the shipping industry next year, having order 10 to 12 new cellular ships to augment the 20 it recently ordered. Speaking at the World Shipping (China) Summit in Guangzhou, Evergreen chairman Bronson Hsieh said: "The ships we ordered in July and ...
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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