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US Jones Act carrier Horizon Lines has reached a settlement agreement in a class action lawsuit accusing the company, and several other domestic shippers, of breaching antitrust laws on the Puerto Rico-US trade. Horizon Lines will pay the plaintiffs US$ 20m in damages or give them the option of having shipping rates frozen for two years if the...
Oil giant Exxon has been ordered by a US appeals court to pay US$ 507.5m in damages and around a further US$ 480m in interest over the Exxon Valdez oil spill in 1989. The ruling reaffirmed the figure set last year by the US Supreme Court and, importantly, decided that interest payments should run from the time of the original judgement in...
DEUTSCHE Schiffsbank has demanded that Italian shipping group D’Amato immediately repay a $ 28.65M loan and has publicly disclosed details of D’Amato’s restructuring plan and its threat to enter Italian bankruptcy. In the ‘ amended notice of default, acceleration, cancellation and demand’ dated 15 June, the bank cited a ...
Brazil, Russia, India and China (BRIC) called for a more diversified international monetary system on Tuesday, but wrapped up their first full-fledged summit by avoiding any explicit criticism of the world's dominant currency, the US dollar. A statement issued by the leaders of the BRIC nations contained no reference to the idea of developing new reserve...
In London, the Brent Crude contract was down $2.05 on June 16 to $70.24 per barrel on the ICE Futures exchange. Light Sweet Crude fell $0.00 to $70.47 on the New York Mercantile Exchange, Segodnya.Ru reports. (Source: Port News)
BEIJING -- The Chinese mainland will send its second purchasing delegation to Taiwan next month after notching up deals worth billions of US dollars in early June, a mainland official said Monday. The planned trip had already drawn more than 60 mainland companies interested in Taiwan food, drinks, garments and daily necessities, Yao Jian, a spokesman with...
For the first time in 11 months China's holdings of US Treasury bonds fell - to $763.5 billion in April, US government data showed. The figure, down from March's $767.9 billion, was the lowest since June 2008. They do not include US Treasury bond holding in Hong Kong Special Administrative Region, which climbed to $80.9 billion in April from $78.9 bil...
The global economic slowdown and regional security are high on the agenda of the annual summit of the Shanghai Cooperation Organization (SCO), which opens today in Yekaterinburg, Russia. President Hu Jintao, who arrived here last night, is expected to exchange views with Russian President Dmitry Medvedev and the heads of four other SCO member states over ...
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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