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Tuesday, December 1, 2020

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  • Far East Maritime (375) (X)

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Saade moves to stem French line’s mounting debts

Posted to Far East Maritime (by Greg Knowler) on October 20, 2009

In 2007, CMA CGM made a net profit of US$230 million. In 2008, that had fallen by 87 percent to $123 million. In the first six months of this year, the French line plummeted to a net loss of $515 million. It is not the worst performer out there…

Green worries no match for south China bridge project

Posted to Far East Maritime (by Greg Knowler) on October 15, 2009

Building infrastructure in the US is a tortuous affair, with years of negotiations, horse-trading and compromise often resulting in a project being declined anyway. In China (and that includes Hong Kong), that has never been a problem. Little stands in the way of the juggernaut of progress…

Tardy Hong Kong missing the cruise boat

Posted to Far East Maritime (by Greg Knowler) on October 13, 2009

It took the Hong Kong government 10 years after the airport moved to call for tenders to develop the old Kai Tak airport site and slap a cruise terminal at one end. And it has taken another two years on top of that for the first foot to finally step on the first shovel to begin preparation work.

How much longer can the carriers bleed out?

Posted to Far East Maritime (by Greg Knowler) on November 3, 2009

The world’s number four carrier Evergreen Marine said it lost US$227 million between January and September, but even that was chump change compared to China Cosco’s dismal showing. The seventh largest container line by capacity plunged to a…

China’s GDP figure is more fantasy than fact

Posted to Far East Maritime (by Greg Knowler) on October 29, 2009

In China, officials’ job performance is measured according to the GDP growth of the provinces over which they preside. This growth is earned often through corruption and a complete disregard for health, environmental and safety issues. So it…

Suspending anti-trust immunity not the answer, Mr Tung

Posted to Far East Maritime (by Greg Knowler) on October 27, 2009

Orient Overseas International Ltd (OOIL) chairman and CEO C.C. Tung made a surprising statement in a recent editorial. He said instead of governments bailing out container shipping companies, governments should instead provide a temporary reprieve from anti-trust regulations.

Chasing market share will kill container lines

Posted to Far East Maritime (by Greg Knowler) on October 22, 2009

The term “wake-up call” is being heard more frequently from shipping executives as they contemplate GDP-sized losses this year. The problem is that it gives the impression of a gently buzzing alarm clock next to the bed. The wake-up call being…

Depressed analysts don't make happy forecasts

Posted to Far East Maritime (by Greg Knowler) on October 8, 2009

By definition, depression is a condition that makes it hard for its sufferer to see a way out. They remain trapped in a bleak world with no answers. For consumers in the US, and all the analysts and economists who thumb suck the predictions, this is the world in which they find themselves.

Too much tonnage, recession or no recession

Posted to Far East Maritime (by Greg Knowler) on October 7, 2009

When Maersk chief financial officer Morten Nicolaisen was asked at a New Jersey conference this week how on earth the lines could have found themselves in such a catastrophic overcapacity situation, all he could come up with was a verbal shrug.

China's northern ports show signs of recovery

Posted to Far East Maritime (by Greg Knowler) on October 1, 2009

The echoes reverberating around the maritime business may not be so jovial, although signs of a recovery are getting stronger by the month. It is the Mid-Autumn Festival here in China, one of the mainland’s two most important holidays (the other being Chinese New Year).

Not all about China as port operators head for Vietnam

Posted to Far East Maritime (by Greg Knowler) on September 29, 2009

Like most developing countries, Vietnam is plagued by infrastructure shortcomings that frustrate rapid economic growth. No matter how efficiently factories churn out goods for export, if they can’t get to the port, and if the ports can’t accommodate vessels…

Trade slowdown hampers world's top port race

Posted to Far East Maritime (by Greg Knowler) on September 25, 2009

For some reason, annual container throughput has always been the measure by which ports are judged instead of total tonnage, or even total revenue. Container throughput is tallied according to the number of box moves and this conveniently allows…

Reversal of fortunes for China's box ports

Posted to Far East Maritime (by Greg Knowler) on September 23, 2009

Several years of record export numbers have this year turned into dust. Or rather double digit declines, which is almost as bad. China started its container transportation industry in September 1973 at Tianjin port with the first international container route from Tianjin to Kobe in Japan.

Future uncertain for troubled box lines

Posted to Far East Maritime (by Greg Knowler) on September 19, 2009

Box-shaped, is what the container shipping business is hoping for with freight rates returning to merely unacceptable, as opposed to catastrophic, levels. But as executives at container lines look ahead they will agree that planning for the future has never been more difficult.

Bottom lines wallowing in red ink

Posted to Far East Maritime (by Greg Knowler) on September 15, 2009

Take a look at the figures. It would be hard to find a more dismal set of interim results than the first-half financials of container shipping lines, and that is without including the Japanese carriers. Just for fun, I have added up the first half losses of the AP Moller-Maersk Group…