Neptune Orient Lines (NOL), the parent of containerline, APL, narrowed its fourth-quarter loss to US$75.45 million as the shipping company cut costs amid ongoing weakness in the industry. For the full year, NOL swung to a net profit of US$707…
CMA CGM acquisition target Neptune Orient Lines (NOL) has made all necessary anti-trust filings and expect that the approvals will come sometime in the middle of 2016. NOL group president and chief executive Ng Yat Chung said NOL, which…
The German shipping line Hapag-Lloyd posted an operating profit of €366m ($406m) in 2015 compared with a loss of €382m a year earlier. The ocean carrier, which merged with the container arm of Chile’s CSAV in late 2014, reported revenue of $9…
The feud among the scions of late billionaire Evergreen Group founder Chang Yung-fa's family boiled to the surface, reports local Taiwanese media. The struggle between the heirs to Evergreen Group has escalated as the three older brothers…
Tanker shipping freight rates are expected to remain firm in the first few months of 2016, but with the influx of tonnage these rates are expected to soften towards the end of the year, according to the latest edition of the Tanker Forecaster…
Rickmers Maritime, which is affiliated to the Hamburg-based Rickmers Group, slumped to a $129.2 million loss in 2015 from a $16 million profit a year earlier on increased write offs on the value of its ships and depressed container charter rates…
India’s biggest private port operator Adani Ports and Special Economic Zone (APSEZ) is actively looking at acquisitions to complete its “string of pearls” ports strategy, reports Livemint. CEO Karan Adani is leading the drive, it adds. In India…
International accountant and shipping adviser Moore Stephens has warned that shipping sector employers need to take action to ensure that they meet their compliance obligations following a recent ruling by the High Court in London that peripatetic ships’ crew living in the UK…
Ports of Auckland Chief Executive Tony Gibson has announced a ‘solid’ half year result for the company, achieved despite a fall in volumes and revenue. The port produced an interim net profit of $31.6 million for the six months to December 31…
Back in early 1999 the price of a 5 year old Panamax bulkcarrier dipped to $13.5m, and ever since analysts have hailed purchase decisions made at that time as some of the most lucrative shipping deals ever seen, says a report from Clarksons…
Offshore marine services provider PACC Offshore Services Holdings (POSH) has plunged into the red in 2015 due mainly to a huge impairment charge of $144.58m. The group reported yesterday a net loss of US$149.7 million (S$211 million) for the three months to Dec 31…
Off the coast of a nearly deserted island below the southern tip of Hong Kong, at least 10 massive ships that normally carry hundreds of thousands of tons of coal or iron ore lie idle near one of the world's busiest sea routes.These empty…
The dry bulk shipping sector has been dashed upon the rocks of vessel oversupply and slowing economic growth. Not dry bulk shipping business is grappling with an unprecedented crisis of too many ships and not enough cargoes, says a report in WSJ…
According to Clarkson Research Services, the record pace of fleet growth over the last decade and weakening global demand outlook has left many of the major shipping segments facing severe oversupply. Demolition of older ships is one way…
Diana Shipping has chartered the 73,630 dwt, 2004-built panamax, Protefs to Transgrain shipping for 12 – 16 months at a rate of $4,500 per day minus 5% commission. This employment is anticipated to generate approximately US$1.55 million…
