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JAPANESE shipping giant MOL has announced revised coverage on its Asia-Mexico/West Coast South America network operated with NYK with the integration of two loops, the WL1 and WL2, into a single service called WL1. Changes have been made to fit volume trends, said MOL liner division general manager TK Konishi. The combination of the new WL1 with...
Standard Chartered Bank, together with Rabobank and ING Wholesale Banking, Sunday announced a $125m loan facility for Sharjah-based Lamnalco Group. Standard Chartered Bank acted as structuring bank for the facility, which was lead arranged by the three banks. Lamnalco Group is a global provider of solutions to the marine terminal towage and associate...
A Greek shipping magnate has been kidnapped at gunpoint near his home on the outskirts of Athens, police say. Pericles Panagopoulos was abducted, along with his driver, after their car was deliberately blocked in the seaside suburb of Kavouri. The two men were bundled into another vehicle, though the driver was released a short while later. ...
Evergreen Marine has announced plans to spend $5.5 billion to build 100 container ships before the anticipated recovery of the global economy in 2012. The fleet augmentation will help the world's fourth largest container shipping line to move to the third slot. In its first major shipbuilding project, the company plans to go for some 30 ships in ...
Maersk Line said it has made changes in its services between the Middle East, Mediterranean, and U.S. East Coast. Effective Jan. 31 with the first eastbound sailing of the Maersk Missouri from Norfolk, the MECL1 service will: • Remove the Malaga call to improve eastbound transit times. • Reverse Charleston and Norfol...
Singapore-based bulk carrier charterer Armada filed for bankruptcy protection in a U.S. court filing, Bloomberg reported over the weekend. The filing said the carrier's losses from derivatives would hit $375 million this year due to the bottoming out of charter rates. The company is the latest to be impacted by the drop in freight and charter ...
Somali pirates reportedly released the Saudi-owned oil tanker Sirius Star Friday after a ransom of $3 million was paid. The U.S. Navy ( posted photographs of a small plane apparently dropping the ransom by parachute to the tanker. The ship is owned by Vela, the shipping arm of Saudi Aramco, and was carrying a full load of about 2 million bar...
A. P. Møller-Mærsk has started to reduce the staff at its head office in Copenhagen by around 100 persons. The 100 persons will be the first ever to be laid of at the head office. CEO Nils Smedegaard Andersen has initiated a new organisation in order to improve efficiency. More responsibility and decision-making will be decentralised to each profit centre...
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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