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South Korea's STX Group said Tuesday its Chinese affiliates have secured 2.85 billion yuan (US$417 million) in loans from Chinese lenders to fund the construction of its industrial complex in Dalian. STX Dalian Shipbuilding borrowed 1.35 billion yuan from the state-run China Construction Bank, while STX Dalian Engine clinched the remainder from another ...
The Russian Foreign Ministry officially confirmed on Monday that Somali pirates have released the Norwegian-owned chemical tanker Bow Asir with a Russian crewmember onboard, RIA Novosti reports. According to reports from Russian embassies in Kenya and Norway, Somali pirates have released the Bow Asir tanker, seized on March 26, the Foreign Ministry said i...
Two major container carriers said they are maintaining the routing of the big ships that ply the trade lane between Asia and Europe via the Suez Canal during the recent spate of pirate attacks off the Horn of Africa, but they are increasing security measures. Both Maersk Line and APL told The Journal of Commerce that they are not changing the routings of th...
Transpacific container lines are recommending an unprecedented schedule of minimum base freight rates from Asia to U.S. for their upcoming service contracts, in an effort to stabilize revenues and services. Member lines in the Transpacific Stabilization Agreement (TSA) say that establishing a floor on rates, in light of the recent flurry of reductions, will...
The Wärtsilä 32 engine reached an important milestone in March as the 6000th engine rolled out of the Wärtsilä factory in Vaasa, Finland. This popular engine, which is efficient, has low emissions, and is able to run on various liquid fuels, has stayed at the top of the industry thanks to long-term product development. The engine still a...
Diana Shipping Inc. (NYSE: DSX), a global shipping company specializing in the transportation of dry bulk cargoes (“Diana”), announced that it has executed an agreement with a related party to acquire a single purpose company, Gala Properties Inc., that has a contract with China Shipbuilding Trading Company, Limited and Shanghai Jiangnan-Changxi...
CKYH (COSCON, “K” LINE, Yang Ming, and Hanjin Shipping) Alliance announced that they held 2009 Summit Meeting in JEJU, KOREA last Thursday, April, 9th. With the senior management staff of each line present, the Alliance members shared concerns and ideas on market prospects as well as on how to overcome the current crisis in the shipping ...
CMA CGM, one of the world’s top three companies in container shipping, expects its cost-effective measures to save about US$600mil this year. The French company will continue to rationalise its services in slowing markets, consolidating lines and strengthening partnerships to maintain service quality while reducing costs. According to a company st...
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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