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India’s Minister of State for Industry Ashwani Kumar has said that investment in ports, shipping and logistics sector must be quadrupled to bring the sectors up to international standards, reports PTI. Our shipping and logistics infrastructure is far below international standards. We need to improve on speed and cost of handling of cargo. Invest...
SINGAPORE's PSA International has been granted a US$1.1 billion loan from a syndicate of five banks to help refinance maturing debt and for general corporate purposes. The three-year loan that has been made available for two wholly-owned PSA units is being offered by a syndicate comprising the Bank of Tokyo-Mitsubishi UFJ Ltd, DBS Group Holdings Ltd, ...
Indian shipowner Great Eastern Shipping has announced a 17.9% decrease to net profits for Q3 FY 2008-09 to Rs.2.4bn, in spite of a 12% quarter-on-quarter increase to total income during the period. However, the company has stated that its operating profits remained resilient and stayed “marginally positive”. GE Shipping’s freight and charter hire...
Nippon Yusen K.K., Mitsui O.S.K. Lines Ltd. and Kawasaki Kisen Kaisha Ltd. Japan’s three largest shipping lines, slashed full-year profit forecasts as slower growth in China cut demand for commodity transportation. Nippon Yusen fell the most since 1974. Nippon Yusen expects net income of 73 billion yen ($816 million) in the year ending March 31, 48 p...
The cost to transport crude oil from the Caribbean on Aframax tankers has dropped 62 percent in four weeks as rising stockpiles of crude oil and the weakening U.S. economy reduced demand for shipments. Tanker rates dropped as U.S. crude inventories reached 338.9 million barrels, the highest level since August 2007, according to a Jan. 28 Energy Depar...
Ocean freight rates for moving container boxes from Indian ports to Europe have come down by 50 per cent to US$450 per TEU from $900 in the past month, according to the Business Standard. Industry representatives fear freight rates, excluding bunker adjustment factor (BAF) and currency adjustment factor (CAF), would come to “zero level” before mi...
SSC Ferries, a subsidiary of Saaremaa Laevakompanii, reported that in 2009 there will be no passenger traffic on the ship route between Saaremaa and Ventspils, writes Äripäev.ee/LETA. CEO of Saaremaa Laevakompanii Tõnis Rihvk stated that the decision to skip the 2009 season was made due to the factors caused by the general cooling economic cl...
Leading Korean Shipbuilder Hyundai Heavy Industries has announced a to third increase to its quarterly net profits to 854bn won ($623.9m) reports Reuters. The figure compares with net profits of 512.9bn won for the same period a year earlier and 291.8bn won in the third quarter. The global shipbuilding industry faces challenges as shipping demand...
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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