The President of Ecuador Lenín Moreno and DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem today performed a ground-breaking ceremony to mark the start of construction of the greenfield multi-purpose port project at Posorja, Ecuador…
New rules governing Brazil's ethanol imports, which slap a 20 percent penalty for volumes above a tax-free import quota, took effect on Friday, authorities said. Brazil's foreign trade chamber Camex said in an official written resolution that the rules will be valid for two years…
South Korea’s largest ocean carrier Hyundai Merchant Marine (HMM) will invest USD 417.61 million in five new very large crude oil carriers (VLCCs), Reuters reported quoting company sources. 'HMM will invest 470 billion South Korean won (U…
Hong Kong-Listed China Merchants Port Holdings reported an 86% surge in first-half net profit, thanks to a one-off gain and higher volume handled by the company's ports. Net profit attributable to shareholders rose to HK$3.15 billion ($402…
Samsung Heavy Industries (SHI) and Daewoo Shipbuilding & Marine Engineering (DSME) - two major shipyards in South Korea - are poised to sign a deal worth $1.5 billion to build container ships for Mediterranean Shipping Company (MSC), according to the Financial Times…
Despite the turbulent conditions seen in conventional markets, SCF Group has continued to demonstrate resilience whilst remaining able to position itself to take advantage of the future upswing in these markets when it comes. The first…
Leasing companies are tightening their stranglehold over container equipment ownership as ocean carriers cut back on new purchasing and sell older inventory for leaseback, Drewry's report said. But the lessors’ rapid expansion has come…
A pilot program delivered by logistics technology company Marine Transport International (MTI) demonstrates that the logistics industry will see improved connectivity, efficiency and security thanks to blockchain. MTI, in conjunction with Agility Sciences…
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Wednesday due to weaker demand for larger vessels.The overall index — which factors in rates for capesize, panamax, supramax and handysize shipping vessels — was down 22 points…
Traders adding U.S. port options to cargoes for flexibility. Traders are scrambling to find oil products in Asia to ship to the United States and Latin America after Hurricane Harvey shut almost a quarter of U.S. refining capacity, several trading and shipping sources told Reuters on Wednesday…
China's COSCO Shipping Holdings Co Ltd reported a first-half profit on Wednesday and forecast that improved demand in the container shipping market would continue for the rest of the year. China's largest shipping group, which last month…
Rickmers Trust Management, a trustee-manager of Rickmers Maritime, informed that the trust has been wound up. The units of the trust and its notes shall cease to exist, said its trustee-manager in a Singapore Exchange (SGX) filing. The trust has made final distributions to unsecured creditors…
Scorpio Tankers said shareholders of Navig8 Product Tankers Inc. (NPTI) approved the previously announced merger of Scorpio and NPTI at shareholders meeting held Tuesday. At the meeting, approximately 94.25 percent of the NPTI shares outstanding were voted…
The port terminal operator division of China COSCO Shipping Corp. posted net profits of US$384.7 million, an increase of 123.7% for FY 2017, compared with the corresponding period last year. Total throughput of the Group’s container terminals increased by 11…
New alliances, structural change and positive economic trends have transformed the container shipping market over the past year, driving growth and pushing business performance figures from deep red into black. However, despite long-term rates that are…
