Mr. Jacques R. Saade, founding president of the CMA CGM Group, died on June 24, 2018 at the age of 81, according to the company. Jacques R. Saadé dedicated his life to CMA CGM. An extraordinary visionary and entrepreneur, he made the group…
The Port of Prince Rupert and DP World have agreed on terms of a project development plan that outlines the next phase of expansion for the DP World Prince Rupert Fairview Container Terminal. The Phase 2B expansion will increase annual…
China Merchants Port Holdings (CM Port) has invested the final tranche of USD 584.2 million in Sri Lanka’s Hambantota Port after acquiring an 85 percent stake in the port last year. The cheque to the effect was handed over to the Chairman of Sri Lanka Ports Authority (SLPA) – Dr…
Owner and operator of LNG carriers Golar LNG has secured $ 200 million in additional liquidity as part of a debt financing deal related to the Hilli Episeyo. Golar LNG announced that following the June 4th announcement of commercial acceptance of Hilli Episeyo…
The Baltic Exchange's main sea freight index on Thursday fell to its lowest level in two weeks, pulled down by falling rates for capesize and panamax vessels.The overall index, which tracks rates for ships carrying dry bulk commodities, slid 26 points…
Danaos Corporation, a leading international owner of containerships, has reached an agreement with certain of its lenders currently holding approximately $2.2 billion of debt maturing on December 31, 2018, that will significantly strengthen…
Today, the South Carolina Ports Authority Board of Directors adopted a 2019 fiscal year financial plan that includes five percent pier container growth, $280.8 million in operating revenues, $42.9 million in operating earnings, and capital expenditures of $277…
China Merchants Port Holdings has made a $584 million payment as part of a $1.12 billion deal to operate Sri Lanka's deep sea Hambantota port, a state-run agency said on Wednesday.Under the deal, signed in July 2017, China Merchants Port (CM Port) will run the $1…
The Cyprus shipping sector continues to make news, as Dr. Heinrich Schulte, the chairman of the Schulte Group, underlined his long-term commitment to the Cypriot shipping industry when he met with H.E. Mr. Nicos Anastasiades, the President of the Republic of Cyprus…
Denmark's A.P. Moller-Maersk has chosen Carolina Dybeck Happe as its new Chief Finance Officer, it said on Wednesday.Happe will take the position at a time where Maersk is undergoing a strategic transformation from a broader conglomerate including an oil business to a more focused shipping company…
Deutsche Bank is selling a $1 billion portfolio of legacy shipping loans to an entity owned by funds managed by Oak Hill Advisors and Varde Partners, it said on Tuesday.Reuters reported last week that the sale of the portfolio was imminent,…
China and the United States sank into a deepening trade conflict that roiled financial markets Tuesday after U.S. President Donald Trump threatened to impose tariffs on an additional $200 billion of Chinese products, prompting Beijing to accuse Washington of starting a trade war…
Somalia and Ethiopia announced they were jointly investing in four seaports to attract foreign investment to their two countries, the latest move in a tussle for access to ports along one of the world's most strategic waterways.After Somalia's…
Asian shares fell to a 2-1/2 week low on Monday after U.S. President Donald Trump cranked up trade tensions by going ahead with tariffs on Chinese imports, prompting Beijing to immediately respond in kind.Fears of a global trade war added to pressure on oil prices…
China's threat to impose duties on U.S. oil imports will hit a business that has soared in the last two years, and which is now worth almost $1 billion per month.In an escalating spat over the United States' trade deficit with most of its major trading partners…