Shipping News

India Shipping Corp places orders for 29 vesselsJun 7, 2011

State-controlled Shipping Corp of India has ordered 29 vessels, increasing its fleet by 37%, Reuters reported quoting a company executive. The new bulk carriers and tankers worth $781 million will be added to the Corp’s current fleet of 79 vessels. The company aims to take delivery of 17 vessels -- including two in July -- in the current fiscal year...

Palmali (Russia), RussNeft ink agreement for oil transportationJun 7, 2011

Rostov-on-Don-based Russian shipping company Palmali signed today a 10-year agreement with the oil company RussNeft (until 2021) on the transportation of oil products by Palmali’s sea-going and river tankers on Russian inland waterways (RIW), Palmali told PortNews. The terms of the agreement includes carriage of 2 million tons oil products in 2011 f...

Cosco, Hanjin launch Asia/North Europe Weekly Express Service 1Jun 7, 2011

China's liner Cosco and South Korea's Hanjin Shipping have jointly started the Asia/North Europe Weekly Express Service 1 (NE1) last week. The eastbound service has a total of nine 10,000-teu vessels. The ports of call are Shanghai, Ningbo, Hong Kong, Nansha, Hamburg, Rotterdam, Felixstowe, Singapore and Yantian. (Source:http://en.portnews.ru)  

APL's Sappio says no to move, quits after 29 years to stay in Califor...Jun 7, 2011

SINGAPORE's container shipping line APL has announced that 29-year veteran Bob Sappio, head of the company's PanAmerican Trades, will leave the company August 1 to remain in the San Francisco Bay Area after the carrier moved its Americas headquarters to Phoenix, Arizona. Mr Sappio has been the head of APL's transpacific trade since 2003, playing a key...

Derivatives: Curse or blessing, useful tool or dangerous distractionJun 7, 2011

REPRESENTATIVES of a major carrier and shipper dismissed freight rate derivatives while a big forwarder and a famous maritime consultant defended them at the recent Containerisation International shipping conference in London. Nicolas Sartini, senior vice president, CMA CGM Group, said derivatives had little value and were based a questionable data in the...

Daewoo Ship, Hyundai Heavy get joint LNG orderJun 3, 2011

Daewoo Shipbuilding and Marine Engineering and Hyundai Heavy Industries said they were jointly in preliminary deal to build up to eight LNG carriers for Greece's Maran Gas, a Daewoo spokesman said, Reuters reports. Industry sources estimate the deal could be worth $1.6 billion in total. The Korean shipyards signed a letter of intent on the deal which i...

NOL completes $1.1 bln in ship financingJun 3, 2011

Neptune Orient Lines said Thursday it completed $1.1 billion in loan agreements and documentation with financial institutions providing financing for the 12 container ships the carrier ordered last year and two vessels ordered in 2007, Journal of Commerce reports.The Singapore-based parent of APL ordered 12 vessels with capacities of 8,400 20-foot equivalen...

MSC rises Trans-Atlantic rates to Canada, MexicoJun 3, 2011

Mediterranean Shipping Co. will raise general rates on cargo shipped from northern European and Mediterranean ports to Canada and Mexico, effective July 1, Journal of Commerce reports.The increases, announced Thursday, follow a series of GRIs the Geneva-based container ship operator has posted this year, including most recently a May 1 increase on exports f...

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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.

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Qingdao Saint Voyage Log

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