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Armada (Singapore) Pte, a shipping line that sought court protection in January, offered to pay some creditors 32.5 cents on the dollar over five years as it seeks to reorganise. The company will also repay debt owed to some creditors completely as they become due, Armada said in a March 2 Singapore court filing. The debt reorganisation plan, which still ...
Greek dry bulk carrier DryShips Inc (DRYS.O) said it agreed to halve the sale price of its Panamax vessel and would recognize about $2.4 million in gain on the sale in the first quarter. DryShips said it agreed to sell the vessel, a 1995-built Panamax drybulk carrier for $30.8 million, as against the previous price of $61 million. The company also said ...
The AP Moller-Maersk Group, a Danish shipping giant, says that it maintains a 'keen interest' in the Port of Tanjung Pelepas (PTP) in Johor, Malaysia's second largest container port, according to a report in Malaysia's Business Times. It owns 30 per cent of PTP through its port unit APM Terminals, while MMC Corp Bhd holds the rest. MMC has received a...
YICT launched a new rail service on March 1st, enabling export cargo from Changping in eastern Dongguan City, Guangdong to be transported to Yantian in just 100 minutes. The service runs five times a day, seven days a week, with fixed services and train timetables that guarantee on-time arrival and door-to-door logistics services. The service can carry ...
Dubai Maritime City Authority announced that the Emirate witnessed a 31% growth in the registration of new maritime businesses in 2008 compared to the same period last year. Back in mid-2008, the Authority launched its 'Raseina' service, which is a one-stop-shop for all maritime-related transactions. 'This is a clear indication of the growing importa...
A unit of U.S.-Norwegian cruise line Royal Caribbean Cruises Ltd has agreed a loan of up to 444 million euros ($562 mln) with Germany's KfW IPEX-Bank GmbH to finance a new vessel, Royal Caribbean said. The company intends to use the proceeds of the loan towards the purchase of the fourth Solstice-class ship which is scheduled for delivery in the third q...
The demand for tanker transportation will fall by 10% in 2009 due to production decrease by OPEC states, Pareto Securities AS Erik Helberg forecasts according to Bloomberg, RZD-Partner reports. OPEC has cut quotes by 80%, Saudi Arabia has decreased production to below 8 mln barrels per day for the first time from November 2002 to stop the decrease of oi...
Singapore-based Orient Express Lines has launched a Yangon (Myanmar)-Kolkata-Yangon direct container feeder service, reported The Hindu. The first vessel, Mare Blaticum, with 325 containers on board from Yangon, arrived at the Netaji Subhas Dock under the Kolkata Dock System on Monday. The vessel will leave the Kolkata Dock System for Yangon tonight wit...
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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