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Member container lines in the Westbound Transpacific Stabilization Agreement (WTSA) have moved to halt the steady erosion of rates in the U.S.-Asia freight market in recent months, with a general rate increase (GRI) recommended to take effect September 1, 2009 for all cargoes moving to all Asian destinations. Effective September 1, WTSA members say they i...
In London, the Brent Crude contract up $3.58 on July 30 to $70.11 per barrel on the ICE Futures exchange. Light Sweet Crude climbed $3.59 to $66.94 on the New York Mercantile Exchange, RBC reports. (Source: Port News)
A Finnish ship was hijacked off the island in south-eastern Sweden in the early hours of last Friday, according to the local reports on Thursday. A group of black-clad masked men who spoke English boarded the ship off the island Oland of Baltic Sea at around 3 am on July 24. They claimed to be police officers, searched the Maltese- registered vessel which...
BAE Systems, Europe’s largest defence company, revealed yesterday that it is in dispute with VT, the defence services provider, over the price of their shipbuilding joint venture. BAE and VT merged their shipbuilding yards on the River Clyde and in Portsmouth last year to create a company called BVT, but VT has decided to sell its 45 per cent stake i...
Greek containership owner Danaos has suffered a 35 per cent year-on-year decline in second quarter net profit to US$15.9 million, but CEO John Coustas says the peak season would produce a container shipping recovery. "We believe that during the upcoming August-September peak season liner companies should be able to restore some pricing power on box rates,...
CSAV, the Chilean shipping group battling to steer a course through the hazards of the container market, has told investors that it will seek to raise another $300m through a new equity offering. Shareholders have been invited to an emergency general meeting in Valparaiso to approve the fund-raising initiative on August 18. The second of three equity of...
Russian pipeline operator Transneft said on Thursday its net profit calculated to Russian Accounting Standards decreased 3.4% , year-on-year, in January-June 2009 to 2.21 billion rubles ($69 million), RIA Novosti reports. The state-controlled company, which owns around 50,000 kilometers (31,000 miles) of trunk oil pipelines, said its Q2 net profit almost ...
Evergreen Line filed a range of rate increases on a number of different commodity exports in the trans-Pacific and the Trans-Atlantic to support what it called “sustainability.” Evergreen forecast the ocean carrier industry collectively will lose more than $20 billion in 2009 and said rates have fallen in every major trade lane to the point tha...
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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