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JAPANESE Mitsui OSK Lines (MOL) has sealed a three-year loan of JPY30 billion (US$354 million) with a consortium of banks led by Sumitomo Mitsui Banking Corp. The move follows the carrier's announcement to Japan's ministry of finance to issue bonds valued at $1.2 billion. According to a Bloomberg report, MOL will pay 0.03 per cent more than the three...
CHINA has commenced dredging an inland river channel in Hubei, Guangxi and Jiangsu provinces, part of China State Council's five-year plan to enhance the navigation on the Yangtze and its tributaries, reports Xinhua. The plan calls for a smooth, efficient, safe, inland waterway system over 10 years, and increased throughput to 1.3 billion tonnes through...
AS world shipping recovers, Guangdong province's laden container movement to Hong Kong increased fivefold year on year to 56,000 TEU in the first two months, Xinhua reports. In this period, Guangdong exported 99,000 TEU, surging 250 per cent. Exports to the US increased 60 per cent 22,000 TEU. Those to the EU jumped 120 per cent to 10,000. Exports to th...
CONTAINER shipping lines will find it hard to profit in 2011 as east-west rates decline and bunker costs increase, according to a Drewry Shipping Consultants latest Container Forecaster. Drewry expects east-west freight rates excluding fuel will fall 13.2 per cent year on year in 2011. "The market is clearly out of kilter and a correction is required," sa...
SHANGHAI-Europe spot rates fell to US$978 per TEU as of April 8, down $14 from the previous week, while Shanghai-Mediterranean rates shrank $15 to $963 per TEU during the same period, according to the Shanghai Containerised Freight Index (SCFI). Though there are reports that prices are below the average bunker adjustment factor (BAF), London's Internatio...
KOREA's Hanjin Shipping has announced a rate increase on both its Asia-Europe and South Asia/subcontinent to the Mediterranean-North Europe routes from May 15. From that date, there will be an increase of US$200 per TEU and $400 per FEU for all cargo from the Far East (excluding Japan) to the Mediterranean and North Europe, and a $150 increase per TEU an...
NOL Group today announced a maritime milestone: its vessels will become the first to use cleaner-burning, low-sulphur gas oil in Singapore. The decision is expected to curb sulphur oxides emissions from ships by almost 90 percent. Sulphur oxides are considered a key component of acid rain. Ash and particulate matter emissions could be reduced by 80 perce...
The first major machinery for Kia Motors’ West Point manufacturing plant expansion arrived in the US on Wednesday when the Chongming Voyage 90 coasted into the Port of Savannah carrying the automobile-making equipment. The shipment left Pyeongtaek, Korea, on March 11, the Georgia Port Authority said in a statement. Once the equipment is unloaded ...
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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