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DANISH shipping giant Maersk's first quarter profit soared 82 per cent year on year to US$1.2 billion drawn on revenue of $14.5 billion, up 10 per cent due to higher container freight rates, container volumes and oil prices. Maersk Oil made a profit of $512 million, up 35.2 per cent and was helped by the 38 per cent rise in oil prices to $105 per barrel....
COSCO, Yang Ming and Hanjin will soon offer a Suez direct service to Boston, according to Massachusetts Port Authority director Mike Leone, reported American Shipper. "There are shorter transit times to Boston from south east Asia, which is a critical market for New England shippers," he said in an online chat in which he answered questions from the publi...
CHINA Shipping Container Line (CSCL) has held a launch party for the opening of Phase 2 of its terminal in the Port of Los Angeles, Xinhua reports. The project expands the terminal over 57 hectares with an annual capacity of 1.5 million TEU. It now has eight quay cranes and can operate two megaships at the same time. China Shipping signed a 25-year le...
TWO Grand China Shipping transpacific services will commence as the existing SPX (Super Pacific Express) splits into two and creates the PPX (Pearl River Delta-Pacific Express) service from May 15. The new SPX, that focuses on Central China and Korea, will have the following rotation: Ningbo, Shanghai, Busan, Long Beach, Oakland and back to Ningbo with th...
HONG KONG's Orient Overseas (International) Ltd (OOIL), parent of OOCL, announced it has ordered an additional four 13,100-TEU vessels from Korean shipbuilder Samsung Heavy Industries for US$544 million, adding OOCL's aggregate fleet of this size to 10 ships with an earlier US$816 million deal of six similar units confirmed in March. The new 10 vessels,...
FIRST quarter containership reliability slipped again in the first three months of 2011, according to London's Drewry Maritime Research "Schedule Reliability Insight" report. Of the 2,972 vessel calls vetted at pre-selected ports in the first quarter, only 51 per cent were on time, a decline from 55 per cent achieved in the last three months of 2010, sai...
HONG KONG's Orient Overseas Container Line (OOCL) has announced it will increase rates on Asia-Europe services US$275 per TEU for all westbound cargo from Far East (excluding Japan), the Indian subcontinent and the Middle East to North Europe on June 1. This increase follows an earlier announcement of May 15 rate rise for services from Asia to the Medite...
Danish oil and shipping company A P Moller-Maersk reported an 85 percent rise in first-quarter net profit but reiterated it expects its 2011 bottom line to fall as container margins are squeezed, income from oil activities falls and exploration costs rise. Maersk's first-quarter net profit rose to US$1.22 billion from $664.29 million a year earlier. Sale...
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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