French shipping company CMA CGM has revealed that the Turkish conglomerate Yildirim Group wants to sell its 24% stake in the carrier. Yildirim Holding planned to divest its major stake of one fourth in CMA CGM, by 2015, President and CEO of Yildrim Holding…
Confirming that the company is preparing its initial public offering, Hapag-Lloyd said it “expects total gross proceeds in the equivalent euro amount of US$500 million from the IPO,” says a report in Reuters. Rolf Habben Jansen, Chief Executive…
Malaysia and China are working to boost connectivity between their sea ports to raise bilateral trade to achieve a trade volume of $160bn by 2017, says a report in the Star. Transport Minister Datuk Seri Liow Tiong Lai said the two countries…
Israel’s Zim Integrated Shipping Services has hired two banks to carry out its initial public offering (IPO) in the US, Bloomberg reported. Zim Integrated Shipping Services Ltd has hired Bank of America Corp.’s Merrill Lynch unit and Barclays Plc to lead a New York IPO…
Crude, product and LNG tanker operator Tsakos Energy Navigation Ltd (TNP) announced the charter for an average of 36-months per vessel for its three LR2 Aframax tankers to a major European oil concern for crude trading operations. The total…
The container shipping market may find comfort in the fact that global volumes were up by 1.1% in the first six months of 2015. Following a disastrous first quarter, all three months of the second quarter posted year-on-year increases. Behind the headline…
Three former executives of ocean freight shipping firms have been indicted for participating in a long-running price-fixing conspiracy, the U.S. Justice Department announced. The executives – Yoshiyuki Aoki, Masahiro Kato and Shunichi Kusunose…
The Islamic Republic of Iran Shipping Lines (IRISL) plans to become one of the world's top ten shipping lines. It plans to modernize its fleet and ally with international shipping majors to tap western markets , reports WSJ. Mohammad Saeidi…
Indonesia Port Corporations (IPC) or PT Pelabuhan Indonesia (Pelindo) II, Indonesia’s state-owned port operator is to build 22 ports in the country in the next five years for an anticipated cost of around $3.5 billion. “We are targeting…
The Port of Ipswich is hosting Associated British Ports’ (ABP) two-day annual Marine Conference for the first time starting today. Held at the Old Custom House on the Ipswich waterfront, the conference is an annual event for more than…
The Port of New Orleans is set to host the 2nd Annual Maritime Workforce Summit and Career Expo presented by WWL-TV’s ‘We Choose Louisiana.” Designed to expand awareness of the economic impact of commerce on the Lower Mississippi River and highlight career opportunities and pathways…
On Thursday evening, October 1, 2016, the ship EL FARO went missing. The ship was en route from Jacksonville, Florida to San Juan, Puerto Rico. On Monday, four days after the ship vanished, the Coast Guard concluded it sank near the Bahamas in about 15…
Swiss Re Corporate Solutions has expanded its marine business by opening a North America marine office. Beginning October 1, 2015, the New York-based team will provide ocean cargo insurance, with additional products to follow, the company said…
Khalifa Port and Zayed Port become first commercial ports in Middle East to achieve certification for marine pilots; Abu Dhabi Ports Marine Services gets I.S.P.O – International Standard for Maritime Pilot Organizations – certification for pilots…
Although Cosco Pacific, the Hong Kong-listed subsidiary of China’s biggest shipping company China Cosc, is expanding in the Mediterranean area after taking part in the acquisition of port in neighbouring Turkey, it faces stiff competition…