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Monday, January 18, 2021

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  • Far East Maritime (375) (X)

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Global Recovery Picking Up Steam

Posted to Far East Maritime (by Greg Knowler) on February 15, 2011

Robust numbers on both sides of the Pacific Ocean show that the global economic recovery and domestic demand in China is gaining momentum. Mainland exports grew by almost 38 percent year-on-year in January, while import cargo volume at US ports is expected to top 11 percent this month.

Crucifixion Expert Required to Nail Pirates

Posted to Far East Maritime (by Greg Knowler) on February 10, 2011

A posting this week by fellow blogger Denis Bryant recorded how Julius Caesar took the problem of piracy seriously after a boat he was travelling in was boarded and held for ransom. As we all know, crucifixion was a popular Roman method of execution back then…

Transpac Lines Expect Balance in 2011 – Others Not So Much

Posted to Far East Maritime (by Greg Knowler) on February 9, 2011

The Transpacific Stabilisation Agreement, for instance, are positive that trade across the Pacific this year will increase enough to balance out the capacity floating into service. In a statement by TSA boss and Hanjin CEO YM Kim, the discussion…

Korean shipbuilders in euphoric mode, despite stiff China competition

Posted to Far East Maritime (by Greg Knowler) on February 5, 2011

Last month, Hyundai Heavy Industries announced that it was aiming to win US$26.6 billion in orders. If it happens it will be an incredible 55 percent increase over the $17.2 billion Hyundai won in 2010. That’s nothing, said STX Group, a shipping and shipbuilding conglomerate.

All Shipping Eyes on Suez As Egypt Revolts

Posted to Far East Maritime (by Greg Knowler) on February 1, 2011

In the early 1970s, I was a young lad growing up in Durban, a bustling port city on South Africa’s east coast. As it happened, my father was a shipping reporter for the local afternoon newspaper, the Daily News. The big story in the maritime world back then was…

Battle for the books: Container line profitability vs huge capacity increase

Posted to Far East Maritime (by Greg Knowler) on January 24, 2011

The US economy is recovering faster than that of Europe. Retail holiday sales before Christmas were up more than five percent as consumers released some pent up demand and spread around the good cheer. For the shipping business, this meant high vessel utilization and better spot rates…

Singapore beats HK in latest battle of the bourses

Posted to Far East Maritime (by Greg Knowler) on January 20, 2011

The news had barely hit the streets that Hong Kong tycoon Li Ka-shing was planning to list the China port assets of his Hutchison Port Holdings unit in Singapore when the gnashing of teeth started. “Why Singapore and not the Hong Kong Exchange,” was the agonized wail by legislators in Hong Kong.

Hutch wants deep-water ports to woo global investors

Posted to Far East Maritime (by Greg Knowler) on January 19, 2011

So how about that. Once the arch enemy of Singapore, Hutchison Port Holdings plans to list its Pearl River Delta terminals on the Singapore Stock Exchange. Okay, those days are over and it has been five or six years since the worlds top two port operators were actually rivals.

China’s slowing exports allow country time to take a breath

Posted to Far East Maritime (by Greg Knowler) on January 14, 2011

The year 2010 was going along nicely for about seven months before momentum suddenly stalled. Shipping line execs held their breath and made the sign of the evil eye, but they weren’t too worried. By then the carriers knew they would finish the year in the black…

Shanghai finally wins annual “mine is bigger than yours” port contest

Posted to Far East Maritime (by Greg Knowler) on January 12, 2011

Singapore was toppled from its busiest port position by Shanghai in 2010 and its fall was accompanied by the huge sound of … nothing. Because no one outside the media or those writing blogs cares. The only vaguely newsworthy piece of new information…

Beijing battles with inflation headache

Posted to Far East Maritime (by Greg Knowler) on January 6, 2011

Manufacturers are finding that the goodwill generated by payroll increases earlier this year is being erased by anger at rising food prices. Back in May, the Foxconn suicides kicked off a wave of industrial action followed by some impressive…

China keeps port construction at full steam ahead

Posted to Far East Maritime (by Greg Knowler) on January 4, 2011

Here’s something that may raise your eyebrows right off the top of your head: In the last five years, China has built 661 deepwater berths with an annual throughput capacity of three billion tonnes. The country now has 1,774 deepwater berths with a capacity of 5.5 billion tonnes.

China’s energy demands take sting out of BP lawsuit

Posted to Far East Maritime (by Greg Knowler) on December 16, 2010

BP has just been slapped with a civil lawsuit by the US Department of Justice that some news reports reckon could end up as high as US$40 billion. This comes on top of the US$21 billion the company put in an escrow account for those affected after the Deepwater Horizon blew up in April.

FMC probe guarantees shipper-carrier tensions will continue

Posted to Far East Maritime (by Greg Knowler) on December 14, 2010

In a probe into malpractice by shipping lines on transpacific routes, rather than acting against the container lines on the busy trade route, the FMC instead announced a five-point plan last week that increases oversight of shipping line alliances…

Carriers warn Vale's big bulkers will dampen rates

Posted to Far East Maritime (by Greg Knowler) on December 9, 2010

The dry bulk shipping business is going through a tough time. It is an incredible 80 percent down on the market peak in May 2008, and rates have led carrier operators on a wild and volatile ride ever since. The industry is currently oversupplied with bulk carriers…

FTA between Korea and US will have to box its way through parliament

Posted to Far East Maritime (by Greg Knowler) on December 7, 2010

Last week the US and South Korea finally reached agreement on a bilateral trade deal that is expected to radically boost imports and exports between the two nations. In fact, 10 years after the free trade deal between Korea and the US comes into effect in 2012…

Going west a slow but inevitable process for China’s factories

Posted to Far East Maritime (by Greg Knowler) on December 3, 2010

China has some of the strictest environmental regulations in the world. Unfortunately, the country’s enforcement of those regulations is not as robust. Not much stands in the way of profit making. The result is more than 90 percent of China’s…

No point in trying to prolong Hong Kong’s maritime hub position

Posted to Far East Maritime (by Greg Knowler) on November 30, 2010

Earlier this week a coalition of maritime industry groups called for the government to establish a policy bureau to strengthen Hong Kong's position as an international maritime centre. The alliance, comprising the Hong Kong Shipowners' Association…

Transpac shippers and carriers show signs of détente

Posted to Far East Maritime (by Greg Knowler) on November 26, 2010

The Transpacific Stabilisation Agreement launched its 2011 rates campaign this week with modest increases for FEUs moving from Asia to the US. With hefty profits already filling their coffers, the 15 member shipping lines of the TSA are obviously…

Slack season the best time for a war between Koreas

Posted to Far East Maritime (by Greg Knowler) on November 23, 2010

Harry, the South China Morning Post cartoonist, today drew the spikey haired little North Korean tyrant with his arm around his son and successor, Kim Jong-un. The cartoon was in reference to yesterday’s surprise bombardment of a South Korean military base that killed two marines and injured 20.