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THE International Air Transport Association (IATA) has cut industry 2011 profit 2011 forecast to US$8.6 billion from last's year's $16 billion because of high oil prices. "Today oil is the biggest risk. If its rise stalls global economic expansion, the outlook will deteriorate quickly," said Giovanni Bisignani, IATA's director general and CEO. IA...
DANISH shipping giant Maersk Line is launching a weekly service this month to meet fruit export demand from Peru and Ecuador for the US east coast market, and provide department store merchandise for South America on southbound leg. The Spondylus Service provides weekend arrivals at Miami, Newark, Philadelphia's Packer Avenue Marine (PAM) Terminal and ...
NORWEGIAN Deputy Foreign Minister Erik Lahnstein has blasted Norwegian shipowner Jacob Stolt-Nielsen for declaring in his newspaper commentary that pirates should have their ships sunk and be drowned at sea. Mr Stolt-Nielsen, founder of Stolt-Nielsen Tankers, a unit of Stolt-Nielsen Limited (SNL) wrote in the Oslo financial paper Dagens Naeringsliv, that ...
HANOVER-based tour operator TUI announced that it intends to sell 11.33 per cent of Hapag-Lloyd shares to another shareholder Albert Ballin consortium for EUR315 million (US$439 million). Holding 49.8 per cent of Hapag-Lloyd, TUI said it plans to sell up to 30 per cent through an initial public offering (IPO), reports Newark's Journal of Commerce. If ca...
TUI, a holding company with assets in tourism and shipping, has sold part of its stake in container-shipping company Hapag-Lloyd and could reduce its holding further through an initial public offering, reported Dow Jones Newswires. TUI sold a stake of 11.33 percent in Hapag-Lloyd to the Albert Ballin and KG consortium for US$439.76 million, reducing its s...
Horizon Lines swung to a loss in the fourth quarter after a large legal settlement cut into a bottom line already hurt by volume and fuel-price troubles, reported Dow Joones Newswires. The result came a week after the container-shipping and intermodal-transportation company agreed to plead guilty to charges of conspiring to fix rates and surcharges for ma...
Wilhelmsen Ships Service Bulgaria has relocated its Varna, Bulgaria office to upgraded premises, reflecting the growth of business for the company in the region. Wilhelmsen Ships Service Bulgaria was established in December 2008 as a 100% owned company of Barwil Agencies Oslo, successor of the previous joint-venture in Bulgaria, Barwil Unimasters Ltd, whi...
NYK has announced that it will be offering a direct service between Europe and north-west India, Pakistan and the Middle East with effect from April, Exim News Service reports. This service will be part of a joint service agreement pertaining to the existing CMA CGM Europe Pakistan India Consortium (EPIC) service. The service will commence with the west...
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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