Finance News

 

Valencia Containerized Freight Index (VCFI) rises for the 15th Straight Month

Nov 05, 2021

The Valencia Containerized Freight Index (VCFI), the indicator that measures the trend and evolution of container transport costs by sea from the Port of Valencia, stood at 3,743.95 points in October, which represents an increase of 5.23% over…

Japanese Shipping Companies Reap Big Profits Amid Supply Chain Chaos

Nov 04, 2021

Nippon Yusen and Kawasaki Kisen Kaisha, Japan's biggest and third-biggest shipping companies, reported record quarterly profits as they benefited from higher freight rates amid the chaos hitting global supply chains.The logjams and bottlenecks in the world's trade system…

Finance: UK Shakes-up its Shipping Tax to Attract Global Players

Oct 28, 2021

In an attempt to bring more international shipping firms onshore to the UK, the British chancellor of the Exchequer Rishi Sunak provided the biggest shake-up to the UK’s domestic tonnage tax since its introduction 20 years ago.The British government…

Shipping Industry Faces ESG Heat From Lenders

Oct 19, 2021

Banks are demanding much stricter environmental criteria when financing shipping companies as investor pressure grows on the sector to accelerate going greener, according to Boston Consulting Group (BCG).Shipping, which transports about 90% of world trade…

Container Shipping: Record Delays, Record Profits

Sep 09, 2021

As ports and hinterland transport struggle to keep up, delays at ports are soaking up capacity leading to frustration on the shippers’ side and leaving carriers struggling to keep up all the while making record profits, shipping organization BIMCO reports…

ADQ Plans to List Abu Dhabi Ports on the Stock Exchange

Sep 07, 2021

State-backed holding company ADQ said on Tuesday it plans to list Abu Dhabi Ports Co on the Abu Dhabi Securities Exchange (ADX) before the end of the year.The proposed listing of a portion of existing shares is expected before the end of 2021…

Maersk Lifts Outlook as Supply Chain Disruptions Boost Shipping Rates

Aug 02, 2021

The world's biggest container shipping company, A.P. Moller-Maersk, on Monday lifted its full-year earnings outlook after reporting strong preliminary quarterly results as chaotic conditions in the global supply chain pushed freight rates higher…

Suez Canal Posts Record $5.84 Billion Annual Revenue

Jul 12, 2021

Egypt's Suez Canal revenue rose to a record $5.84 billion in its 2020-21 financial year (July-June), up from $5.72 bln in the previous year, the Suez Canal Authority said on Sunday.The Authority also said the canal's revenues in the first six…

Freight Tech Startup Forto Raises $240 Million in Softbank-led Round

Jun 21, 2021

Forto has raised $240 million from investors led by Softbank (9984.T), the freight technology startup said on Monday, and will invest in expanding its platform for organizing trade shipments between China and Europe.The five-year-old Berlin…

Deutsche Bank Set for $1 Bln Windfall from Zim Bets

Jun 15, 2021

Deutsche Bank is on course to make up to $1 billion on a long-shot bet on Israeli shipping firm Zim after it surged in value on the back of record-high global freight rates, Bloomberg reported on Tuesday.Citing unnamed sources familiar with the matter…

CMA CGM Earnings Jump as Shipping Rush Continues

Jun 04, 2021

CMA CGM, one of the world's largest container shipping groups, on Friday posted a jump in first-quarter earnings and said it expected strong demand for transporting consumer goods to continue for the rest of the year.French-based CMA CGM's net profit rose to $2…

Suez Canal Revenues Reach $552 Million in April

May 20, 2021

Egypt's Suez Canal Authority said on Thursday its revenues in April were $552 million compared with $476 million in the same month last year.The canal's authority said 1,814 ships transited in April, up from 1,731 ships in the same month last year…

Abu Dhabi Ports Hires Banks for Dollar Bonds

Apr 26, 2021

Abu Dhabi Ports has hired banks to arrange an issuance of 10-year U.S. dollar-denominated bonds, which it will use for general corporate purposes, a presentation for investors seen by Reuters showed on Monday.Citi, First Abu Dhabi Bank and Standard Chartered will act as joint global coordinators…

Capesize Surge Lifts Baltic Dry Index Above 10-year Peak

Apr 21, 2021

The Baltic Exchange's main sea freight index surged to its highest in over a decade on Wednesday, powered by a jump in the larger capesize vessel segment on increasing iron ore shipments from Brazil.The Baltic dry index, which tracks rates for capesize…

Survitec Completes $372M Refinancing

Apr 12, 2021

Survitec completed a $372M refinancing with funds managed or advised by the Credit Group of Ares Management Corporation.“Successfully concluding this financing demonstrates the confidence we believe that Ares and M&G have in our business,' said Ray Leclercq…

Logistics News

Italian Union Files Legal Complaint Against Snam's LNG Terminal

Italian Union Files Legal Complaint Against Snam's LNG Terminal

EVENT: Reuters U.S. Offshore Wind Returns to Boston

EVENT: Reuters U.S. Offshore Wind Returns to Boston

Wisconsin Awards $5.3 Million in Harbor Maintenance Grants

Wisconsin Awards $5.3 Million in Harbor Maintenance Grants

'Mega Green Port' Project Planned in Åland

'Mega Green Port' Project Planned in Åland

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