Ocean freight rates for cargo moving under contracts on the major East-West trade routes fell by another 18% between February and May, according to Drewry’s Benchmarking Club, a closed user group of multinational retailers and manufacturers who closely monitor their contract freight rates…
The buy-out of the Greece's Piraeus Port by Chinese shipping giant COSCO is closer to completion, as shareholders approved a new concession agreement, reports Reuters. Greece had already agreed in April to sell a 67 percent stake in Piraeus to COSCO for $415…
Japanese shipping giant Nippon Yusen Kabushiki Kaisha (NYK) has agreed to invest in EMAS Chiyoda, a subsea services joint venture between oilfield services firm Ezra Holdings Ltd and Chiyoda Corp. NYK has reached an agreement with Ezra…
Diana Shipping Inc. through a separate wholly-owned subsidiary, has entered into a time charter contract with Transgrain Shipping B.V., Rotterdam, for one of its Panamax dry bulk vessels, the m/v Thetis. The gross charter rate is US$5…
Closer business ties with Iran would enable Hong Kong to tackle the downturn in the seaborne sector, reports Tasnim quoting Stephen Wong of Hong Kong Trade Development Council (HKTDC). 'Hong Kong's crucial shipping trade is hoping China's…
Japanese shipper Nippon Yusen Kaisha (NYK) has agreed to invest in EMAS Chiyoda, a subsea services joint venture between oilfield services firm Ezra Holdings Ltd and Chiyoda Corp, Ezra said in a statement late on Friday.Singapore's Ezra…
Terminals in the Port of Ventspils handled a total of 9 million tons of cargo in January-May 2016 or by 23.98% less than in the same period in 2015. The transit of oil products and coal had declined steeply year-on-year, affecting the total cargo turnover at Ventspils…
Port of New York and New Jersey will be able to handle 14,000 TEU vessels toward the end of 2017, says officials at the Port Authority of New York and New Jersey. The planned completion of the 50-foot Harbor Deepening Project later this…
The newly released 2016 Indiana Logistics Directory reports that Indiana ranks high nationally in its ability to move freight via truck, rail, water and air. The state is ranked in the top five states in more than 25 logistics-related categories and in the top 10 in 109…
France’s CMA CGM now holds over 78 percent of the shares in Neptune Orient Lines (NOL), bringing it closer to taking the Singapore company private. CMA CGM currently owns approximately 78.07% of all NOL shares, and does not intend to preserve the listing status of NOL…
DONG Energy's Chief Executive Henrik Poulsen said renewable energy like wind will be produced at a lower cost in the future. 'I have no doubt that costs of offshore wind and solar energy over time will come down and be at same level as fossil fuels…
A new fireboat was officially welcomed into service Wednesday at the Port of Long Beach, representing a significant leap forward in protecting the harbor and the flow of trade through the nation’s second-busiest seaport.In a dockside ceremony attended by 100 invited guests…
The Board of Directors of Caterpillar Inc. (NYSE: CAT) voted today to maintain the quarterly cash dividend of seventy-seven cents ($0.77) per share of common stock, payable August 20, 2016, to stockholders of record at the close of business on July 20…
Beach Energy Ltd has appointed Mr Morné Engelbrecht as its Chief Financial Officer, effective 29 August 2016.Mr Engelbrecht is a Chartered Accountant with experience in the oil, gas and resource sectors across various jurisdictions, including Australia…
South Korea will pump $9.5bn (11 trillion won) into state-run policy lenders reeling from huge losses on loans made to the beleaguered shipbuilding and shipping sectors to help them deal with further corporate distress, says FT. South Korea's…
