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Danish shipping and oil group A.P. Moller-Maersk (MAERSKb.CO: Quote, Profile, Research) said on Tuesday it had signed a deal with Hyundai Heavy Industries (009540.KS: Quote, Profile, Research) for the delivery of 18 container vessels in 2011 and 2012. In a statement Maersk, which operates the world's largest container shipping line, said the ships wo...
Kawasaki Kisen Kaisha, Ltd. (K Line) announces that the company will become a strategic investor in FLEX LNG Ltd. (FLEX LNG), having agreed to take a 15% stake in FLEX LNG through participation in the private placement of ordinary shares announced by FLEX yesterday. As part of the strategic investment the two companies have entered into a Memorandum of Un...
Bunker operations were suspended in Hong Kong on Tuesday at the approach of tropical storm Fengshen. Traders said the Hong Kong Observatory raised the strong wind signal to Number Three during the afternoon, triggering the suspension of deliveries. “Bunkering activities may resume tomorrow (Wednesday) afternoon,” one of the traders said. Tropical storm Fe...
The world’s fourth largest steel producer, South Korea’s POSCO, has decided to compensate higher raw material prices by increased prices on steel products, Reuters reports according to RZD-Partner. The price for ship plates will be raised by 17 per cent to KRW 920,000 (EUR 572) per ton. Asian steel producers have accepted demands to double the prices...
United Arab Shipping Co. on Monday took delivery of the fifth of eight 6,919-TEU containerships ordered from Hyundai Heavy industries. The new vessel, Al Manamah, and its sisters can operate at a service speed of 25.5 knots. They can load 459 FEU units of reefer containers and are also equipped to transport hazardous cargoes. Source: American Ship...
Frontline Ltd. said today it has acquired five double-hull Suezmax tankers from Top Ships at a purchase price of $240 million and an agreement to take five similar vessels on time charter from Eigir Shipping. The vessels coming from Top Ships were built between 1992 to 1996 and will be delivered to Frontline by the end of August. The company is also t...
Carriers from the New World Alliance -- APL, Hyundai Merchant Marine and MOL -- and the Grand Alliance -- Hapag-Lloyd, MISC Berhad, NYK and OOCL -- have agreed to merge their respective fortnightly Asia/Black Sea services into one weekly string, effective immediately. The parties already entered into a slot exchange agreement on both services since Fe...
The shipping industry unnecessarily wastes 4.37 million barrels of oil each day, the equivalent of more than $140 billion in fuel costs per year at current prices, according to Dutch maritime technology company DK Group. DK's said shipping consumes 369 million tons of bunker fuel each year, equivalent to 7.29 million barrels a day or 2.66 billion barr...
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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