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Oakland-based Jones Act carrier Matson Navigation Co. said Friday it will raise its shipping fuel surcharge by 2.25 percentage points effective April 6, due to rapidly escalating international fuel prices. The increase, which will boost the carrier's surcharge to a record 33.75 percent, will affect Hawaii, Guam, the Commonwealth of the Northern Marian...
A/S Dampskibsselskabet TORM on Monday completed its previously announced 50 percent acquisition of FR8 Holdings after receiving approval from the relevant competition authorities. The Danish company paid $125 million for the shares from FR8 Ltd., a subsidiary of the international oil trader Projector S.A. Projector will continue to control the rem...
A battle over the future of the Hapag-Lloyd is heating up in advance of a meeting next Monday of the supervisory board of its parent company. Shipping magnate John Fredriksen, chairman and chief executive officer of the tanker company Frontline, has reportedly increased to somewhere between 5 percent to 10 percent his stake in TUI, the German tourism ...
ThyssenKrupp Marine Systems AG (TKMS), headquartered in Hamburg, will restructure as of April 1. In a meeting of the Supervisory Board on March 7, it was decided that the naval shipbuilding and merchant shipbuilding sectors of Blohm + Voss GmbH are to be divided into two legally separate, autonomous companies. From April 2008, the naval sectors of...
Singapore's government is continuing to try to lure maritime financial activity to the island nation. On Friday, Singapore's Transport Minister Lim Hwee Hua outlined new enhancements in measures to boost Singapore's attractiveness as a hub for maritime businesses. The changes include: Enhancing tax certainty on the treatment of gains f...
The U.S. Federal Maritime Commission has announced two slot exchange agreements covering the trades from Florida to Central American and the Caribbean. Crowley Liner Service Inc. and Mediterranean Shipping Co. have filed an agreement to charter space to and from one another between ports in Florida and ports in the Bahamas, while Maruba is looking to ...
Container imports at the major U.S. ports have declined for seven consecutive months with February's inbound volume estimated to be down nearly 10 percent year on year, according to the monthly Port Tracker report of the National Retail Federation and Global Insight. The report said inbound traffic will continue to reflect the slowdown in the U.S. eco...
Bahrain's Venture Capital Bank has joined forces with Cypriot company Lemissoler Shipping Group to create a joint venture company with initial plans to invest $166 million on ships this year. Lemissoler Maritime Bahrain will be located in Bahrain with VC Bank holding an 87.5 percent stake and the rest being held by Lemissoler. Lemissoler has been ...
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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