US, Japan Keen to Raise South China Sea at G-7
South China Sea warning looms over G7 summit. The United States is keen to raise the issue of South China Sea at a Group of Seven foreign ministers (G-7) meeting in Hiroshima. The US expects that this move would likely draw an angry response from the government in Beijing. Japan also wants to discuss South China Sea. The Shinzo Abe administration of Japan has been trying to place the South China Sea on top of the agenda at the upcoming two-day meeting in Hiroshima, despite pressing issues of combating terrorism and extremism, and the refugee crisis troubling Europe and the Middle East.
Matson Reports Q4 Earnings Per Share $3.90
Honolulu-based Matson Inc reported fourth-quarter net income of $166.9 million. On a per-share basis it has profit of $3.90. The ocean transportation and logistics services company posted revenue of $516.1 million in the period, beating Street forecasts. Four analysts surveyed by Zacks expected $503.2 million. The U.S. carrier in the Pacific reported profit of $232 million, or $5.37 per share for the year. Revenue was reported as $2.05 billion. Matt Cox, Matson's Chairman and Chief Executive Officer…
NYK Cautions of Illegal Conducts in Chinese Subsidiary
Nippon Yusen Kabushiki Kaisha (NYK) said that it has discovered that there is a possibility that former locally hired management personnel in NYK Car Carrier (China), its consolidated subsidiary located in Shanghai. The China unit is engaged in finished car logistics business in China, had committed unlawful expenditure or embezzlement. The Company established an investigation committee (the Committee ) to investigat the aforementioned matter on February 5, 2018 (with Tadaaki Naito President Representative Director and President Corporate Officer as the Chairman of the Committee…
Will COSCO-CSCL Marriage Happen Soon?
The ocean carrier merger - between China’s two state-owned megacarriers, COSCO and CSCL - rumours are back in the news! The beleaguered state behemoths struggling in a protracted industry slump - China Ocean Shipping Group (Cosco) and China Shipping Group - were ordered to come up with a merger plan late Thursday, sources told the South China Morning Post. The mainland’s two largest shipping and logistics conglomerates together control 11 listed entities in Shanghai, Shenzhen, Hong Kong and Singapore.
China to Invest in Greek Transport Infrastructure
China wants to invest in Greek airports and railways as well as the busiest port, officials said on Friday, as the country where the euro debt crisis began seeks a role as China's gateway into Europe. Chinese Premier Li Keqiang is on a three-day trip to Greece to boost economic ties between the nations, who have drawn closer since China's Cosco Paficic won a 35-year concession in 2009 to upgrade and run two cargo piers at the Piraeus port. Greece, which relies on bailout loans from the European Union and the International Monetary Fund…
THE Alliance Announces Further 2018 Network Enhancements
Following the announcement of the 2018 service network in December the members of THE Alliance, Hapag-Lloyd, Ocean Network Express, and Yang Ming have worked to refine the product offerings. Several services will see additional enhancements to improve transit times, boost reliability, and deliver more choice to the marketplace. “The fine tuning of the 2018 product package will further strengthen our already robust portfolio and allow THE Alliance members to provide enhanced value tailored to exceed the need of the marketplace” the members said in a statement.
Hamburg Süd Adds 8,000 New Containers
Container carrier Hamburg Süd said it has taken delivery of more than 8,000 new 40-foot high cube standard containers. The new batch of boxes is part of a larger container order by Maersk Line and has now been delivered by the container factory of Maersk Container Industry (MCI) in Dongguan, China. The containers are coated with a water-based, environmentally friendly paint in Hamburg Süd’s distinctive red exterior paint and white lettering. “The new red containers made by MCI…
Amid Sea Disputes, China to set up maritime "Judicial Center"
China plans to set up an "international maritime judicial centre" to help protect the country's sovereignty and rights at sea, its top judge said on Sunday. Giving a work report at the annual meeting of China's largely rubber-stamp parliament, chief justice Zhou Qiang said courts across China were working to implement the national strategy of building China into a "maritime power". "(We) must resolutely safeguard China's national sovereignty, maritime rights and other core interests," he said. He gave no details.
China Unveils 'Polar Silk Road' Arctic Vision
China on Friday outlined its ambitions to extend President Xi Jinping's signature Belt and Road Initiative to the Arctic by developing shipping lanes opened up by global warming. Releasing its first official Arctic policy white paper, China said it would encourage enterprises to build infrastructure and conduct commercial trial voyages, paving the way for Arctic shipping routes that would form a "Polar Silk Road". "China hopes to work with all parties to build a 'Polar Silk Road' through developing the Arctic shipping routes," the paper, issued by the State Council Information Office, said.
US, Australia and EU Warn China on South China Sea
China was warned by many the United States and the European Union that it should respect a ruling later this year on its dispute with the Philippines over territory in the South China Sea, reports Reuters. In a message has been sent to China, which is attempting to turn the artificial islands it has built in the South China Sea into military strongholds, US warned that its self-serving actions are unacceptable. With the South China Sea in mind, a joint statement by the leaders…
COSCO Rolls Out Shipping Financial Platform
China COSCO Shipping Co. Ltd (China COSCO Shipping) officially inaugurated the company “COSCO shipping Financial Holdings Limited (COSCO shipping Financial) in Hong Kong. It was former China Shipping (Hong Kong) Holdings, reports Sinocast. The formation of Cosco Shipping Financial followed the completion of the merger between China Cosco Group and China Shipping Group in February this year to become Coscocs. COSCO Shipping Financial Holdings, together with China Shipping Container Lines, will form a financial holding platform of China COSCO Shipping Corporation.
South China Sea Boils Up
The overlapping territorial disputes in the South China Sea involve China, Brunei, Malaysia, Taiwan, the Philippines and Vietnam have recently been moving from bad to worse. Vietnam is seeking to upgrade its air defences by acquiring western fighter jets and drones, a move which would further militarize a dispute with Beijing over territorial claims in the South China Sea. Taiwan's coast guard has commissioned its biggest ships for duty in the form of two 3,000-ton patrol vessels…
China Reveals “Polar Silk Road” in Arctic
China unveiled its ambitions to develop a "Polar Silk Road" through the Arctic, joining a multinational race to exploit opportunities in the resource-rich region, as the shipping lanes opened up by global warming. China said it would encourage enterprises to build infrastructure and conduct commercial trial voyages, paving the way for Arctic shipping routes, in its first official Arctic policy white paper. "China hopes to work with all parties to build a 'Polar Silk Road' through developing the Arctic shipping routes," the paper, issued by the State Council Information Office, said.
China's Maritime Silk Road Gamble with ASEAN
The Chinese Foreign Minister Wang Yi said China hopes to connect its 21st-century Maritime Silk Road with the ASEAN Community, reports the state news agency Xinhua. China and the Southeast Asian countries were linked with each other by the ancient maritime Silk Road in history, and he hoped that the construction of the 21st Century Maritime Silk Road could be aligned with the forthcoming establishment of ASEAN Community, he said. Wang alos said:"The Maritime Silk Road must pass through Southeast Asia.
Will China's Economic Slowdown Affect Latin America Trade?
Erik Bethel, of SinoLatin Capital addressed the question at recent Latin America China Investors Forum in Shanghai. Amidst much speculation regarding the slowdown of China’s GDP, with 2012 estimates likely to fall below 8%, SinoLatin Capital dispelled fears of a “China Meltdown” to an audience of 500 delegates from Latin America and China. “Latin America will continue to be an indispensable commodities supplier for China. “The majority of the China analysts in the western media are focused on the short-term,” noted Bethel.
Maritime 'Silk Road' Between China, Middle East & Africa
Trade corridors between China and the MENA region carry huge economic growth potential for businesses, offering the greatest prospects in the commodity and energy sectors said HSBC at its Middle East and North Africa (MENA) and China Forum recently held in the UAE. Emphasising the growth of China as a trading powerhouse, HSBC added that China is poised to become the world's largest trading nation by 2016 and will account for 12.3% of world trade by 2026. An HSBC Trade Connections report, also highlighted that China is currently the MENA region's second largest trading partner after the USA.
China Cruise Ship to Visit Disputed Islands
China's plans to sail a cruise ship to the Paracels Islands in the South China Sea ahead of the nation's coming May Day holiday likely to escalate tensions. China is planning to let tourists visit the Xisha Islands (the name China has given to the Paracels Archipelago) ahead of the forthcoming May Day holiday, according to Vietnam's Thanhnien News, citing a China state news agency Xinhua report. An unnamed 47,000 tons cruise ship owned by Haihang Group with accommodation for 1,965 passengers is ready for sailing.
Tacoma’s Giant Container Cranes to Arrive this Week
A heavy-lift ship carrying four of the U.S. West Coast’s largest container cranes is scheduled to travel through Puget Sound on February 23. Puget Sound Pilots are scheduled to board the Zhen Hua 28, a 761-foot-long heavy-lift ship, early Friday morning in Port Angeles and begin the journey to Tacoma. The ship will sit at anchor in Commencement Bay for a day or two before delivering the cranes to Husky Terminal at the northwest end of the Blair Waterway. The Northwest Seaport Alliance ordered eight new super-post-Panamax cranes from Shanghai Zhenhua Heavy Industries Co.
China May Be Installing Radar on Disputed Islands
Satellite images show China may be installing a high-frequency radar system in the Spratly Islands that could significantly boost its ability control the disputed South China Sea, a U.S. think tank reported on Monday. The Asian Maritime Transparency Initiative at Washington's Center for Strategic and International Studies said the images showed that construction of facilities at Cuarteron Reef appeared nearly complete and that the artificial island now covered an area of about 52 acres (21 hectares).
Carnival Signs MOA for First New Cruise Ships Built in China
Carnival Corporation & plc has announced that its cruise joint venture in China has signed a non-binding memorandum of agreement (MOA) to order the industry’s first new cruise ships built in China for the Chinese market. The MOA is subject to several conditions including closing of the joint venture, financing and other key terms. As part of the new MOA, Carnival Corporation’s cruise joint venture in China agreed to order two new cruise ships to be built by a newly formed China-based shipbuilding joint venture between China’s largest shipbuilder…
Sino-Australian Seaborne Trade
In recent decades, trade between the Australia and China have made an increasingly significant contribution to growth in global seaborne trade, and the signing of the China-Australia Free Trade Agreement in 2015 is driving further co-operation, says a report by Clarkson Research Services. But just how important has the impact of trade between these two countries been? Between 2006 and 2016, Chinese imports from Australia grew by a CAGR of 17% p.a. to reach an estimated 792mt in 2016.
G7 May Address South China Sea Dispute
AFP reports that the G7 summit would express concern about unilateral efforts to assert sovereignty claims in the disputed South China Sea. John Kirton, director of think-tank the G7 Research Group, has said maritime disputes between China and its neighbours would be on the agenda of the summit in Germany. Japan's Yomiuri newspaper also said Saturday the summit would take up the issue. Citing sources, the paper said a closing statement would express concern about unilateral attempts to change the status quo in the East China Sea and the South China Sea.
China Hooked to South China Sea
Despite US President Barack Obama’s warning thatthe land reclamation work in the strategically important South China Sea would affect peaceful resolution of maritime disputes in the area, China might press on, reports SCMP. Obama said he had “candid” discussions with President Xi Jinping on Asia-Pacific disputes, voicing concerns about Chinese militarisation of artificial islands in the waters where China has competing territorial claims with several Southeast Asian neighbours.
China Merges Shipping Firms in Reform Push
Chinese shipping subsidiaries will realign their businesses in response to the merger between China Ocean Shipping (Group), known as Cosco Group, and China Shipping Group, reports Nikkei. Sinotrans & CSC Holdings Co., the nation's third largest shipping company, will become a wholly-owned subsidiary of China Merchants Group (CMG). Earlier in December, China approved the merger of another two of its biggest state-owned shipping companies, China Ocean Shipping Group (Cosco) and China Shipping Group.
China Justifies Reclamation of Islands in South China Sea
China has justified its reclamation work on some disputed islands in the Spratly archipelago in the South China Sea, saying they would be used for military defense and to provide civilian services that would benefit other countries. Chinese Foreign Ministry spokeswoman Hua Chunying defended China’s island-building work in contested waters saying that it was being used for maritime purposes and not aimed at making claims at the expense of other nations. "We are building shelters…
China COSCO to Sell Subsidiary to China Ocean Shipping
China Cosco plans to sell Cosco Logistics to state-backed parent company China Ocean Shipping. The unit may be valued at about seven billion yuan, and the company is also considering selling other assests to China Ocean to raise as much as an additional 20-billion yuan, reports the South China Morning Post. Shares in China Cosco fell after the logistics sale was announced, on concern that divesting the profitable unit would undermine earnings over the longer term. Tianjin…