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China Shipbuilding Industry Co, the country's biggest ship equipment producer, said on Wednesday it would launch an initial public stock offering as it needs 6.4 billion yuan ($937 million) to expand capacity to produce equipment such as ship engines. China Shipbuilding plans to issue up to 2 billion A shares denominated in yuan, or up to 30 percent of it...
ARIES Maritime Transport is reported to be selling its last two container ships, the MSC Saronikos Bridge and MSC Seine, before year-end for an estimated US$11.4 million as part of a major restructuring drive. Grandunion Incorporated, which acquired a controlling interest in Aries in September, plans to transfer the assets of Newlead Ship Management, name...
IRANIAN flag-carrier Islamic Republic of Iran Shipping Lines (IRISL), suffering bans from the US and Britain, has transferred its container operations to a new and hitherto unknown entity called HDS Lines without warning or announcement. The move comes after United States ban was imposed last year after IRISL was reportedly caught transporting weapons for...
DENIS RANQUE, former Thales Group CEO, has reportedly been tapped to take over troubled French shipping giant CMA CGM, reports London's TradeWinds, citing WanSquare financial news service sources. "Word of the management change comes nearly three weeks after CMA CGM founder Jacques Saade bristled at reports that creditors want to oust him as chief execut...
REGIONAL Container Lines (RCL) and its subsidiaries have recorded a consolidated net loss of THB589 million (US$17.74 million) for the third quarter of 2009 compared to a net loss of THB440.5 million for same quarter last year, on the back of falling volumes and lower freight rates. For the first nine months of the year, the group suffered a net loss of T...
SOUTH KOREA's Hyundai Merchant Marine (HMM) has announced its worse ever quarterly loss of KRW379 billion (US$307 million) as well as an operating loss of KRW170.5 billion in its container trade. Hyundai's container trade declined as freight rates on transpacific trade, which accounts for 44 per cent of its trade, dropped 38 per cent over last year's t...
COSCO Container Lines has announced a general rate increase of US$200 per TEU and $400 per FEU for shipments from Far East to the South American east coast from December 1. For cargo from the north west Europe and Mediterranean (Israel, Lebanon, Syria, North Africa and the Black Sea) to South China (which includes Guangdong, Guangxi, Yunnan and Hainan pro...
Hapag-Lloyd is on track for a further loss in 2010, one of its largest stakeholders said on Sunday. "I don't expect a profit at Hapag next year either," German logistics billionaire Klaus-Michael Kuehne told the German weekly Welt am Sonntag newspaper. "However, I think the worst is behind us," said Kuehne the biggest investor in the Albert Ballin consort...
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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