Shareholders OK HHI Split-up Plan
Shareholders of Hyundai Heavy Industries (HHI) have approved the South Korean shipbuilder's split-up plan amid fierce opposition from its labor union.According to local media reports, Hyundai Heavy Industries, , South Korea's largest shipbuilder, is now divided into mid-holding companies and subsidiaries engaged in shipbuilding, special ship, offshore plant, engine and machinery business.HHI changed its name and mission to the Korea Shipbuilding & Marine Engineering Co., Ltd.
Chinese Eye Philippines Hanjin Shipyard
Two Chinese shipbuilding companies have expressed intent to invest in the largest Philippine shipyard, debt-riddled Hanjin Heavy Industries and Construction Philippines, the Department of Trade Industry (DTI) said.Drowning in debt, the Philippine business of the Hanjin Group of South Korea, has asked the government for help in search of an investor who would take over the business and save the troubled shipbuilder.Philippines Rodrigo Duterte administration has stepped in to help save the troubled investor in Subic.According to local media reports…
Afghan Launches India-Iran Shipping
Afghan Ministry of Transportation will soon launch a commercial shipping line with the assistance of the Islamic Republic of Iran to conduct business activities between Chabahar Free Trade Zone and India.IRNA reported quoted the Afghan Ministry of Transportation as saying that the shipping sector would soon be formed and the ships could operate commercial activities with the flag of Afghanistan in free waters.The other local media hailed the move saying that Afghan will soon establish a department of shipping and ships will plough the ocean flying the Afghan flag.
Lost containers Bring Windfall to Dutch Islanders
Dozens of containers with items including flat-screen televisions have washed up on Dutch islands in the North Sea after a ship lost part of its cargo in heavy seas, bringing a windfall for local treasure hunters.The Dutch Coast Guard said up to 270 containers had fallen off the Panamanian-flagged MSC ZOE, one of the world's biggest container ships, in rough weather near the German island of Borkum and floated southwest toward Dutch waters.Containers broke open on the shores of the Dutch islands of Terschelling and Vlieland.
Hyundai Merchant Marine to Say Good Bye to 2M Alliance?
South Korea's largest shipping firm Hyundai Merchant Marine (HMM) is likely to part ways with the 2M Alliance which will expire in April 2020 and join a new ocean alliance said a local media report.According to a report in Business Korea, the 2M Alliance (consists of Maersk Line and MSC) is disadvantageous to HMM as it is not a full member of the alliance. HMM's status fell as the 2M Alliance inked a partnership deal with Israel's Zim Integrated Shipping Services, the report…
Vietnam Could Halt Certain 'Dangerous' Wheat Imports
Vietnam might halt imports of wheat cargoes containing cirsium arvense, or thistle seed, while suggesting local importers should seek supplies from Kazakhstan, Australia and Argentina, local media reported on Thursday.Wheat importer Vietnam, whose main suppliers include Russia, Australia and Canada, has been battling with imported wheat contaminated with thistle seed since May and has sought measures to stop the issue.From Nov. 1, cargoes containing cirsium arvense will be re-exported…
South Korea's SK Group to Sell SK Shipping
South Korea's large family-owned business conglomerate SK Group is planning to get out of shipping by offloading shipping subsidiary SK Shipping Co., on account of the debt burden amid an industry slowdown.According to a report in the Pulse, SK Holdings Co., the holding entity of SK Group, is reportedly seeking to sell a majority of its stake in SK Shipping to local private equity firm Hahn & Co. for an estimated 1.5 trillion won ($1.3 billion).Hahn & Company is said to be reviewing…
CNOOC to Build $2.17B LNG Terminal
China National Offshore Oil Company, or CNOOC, plans to build a receiving terminal of liquefied natural gas in the eastern province of Jiangsu- expected to cost $2.17 billion, local media reported .The project, located in the city of Yancheng, will include a berth to anchor 100,000 ton vessels, land-based storage and a pipeline grid.
Angelicoussis Books its 100th Ship at DSME
South Korean shipyard Daewoo Shipbuilding and Marine Engineering (DSME) has bagged an order from the Angelicoussis Shipping Group’s unit Maran Gas Maritime, for a floating storage and regasification unit (FSRU). The local media which quoted DSME sources saying Tthat the vessel with a 173,400 cubic meter storage capacity is the 100th vessel ordered by the Angelicoussis Shipping Group at DSME since 1994. The FSRU with a length of 295 meters and a width of 46 meters is scheduled for delivery in the first half of 2021.
Egina FPSO Sails to Offshore Field
The $3.3 billion Floating Production Storage Offloading (FPSO) unit built by Samsung Heavy Industries of Korea (SHI) for the 200,000 barrels per day capacity Egina oilfield began to sail to the oilfield Sunday, reports local media.Following fabrication and integration works in Lagos, the FPSO will arrive in three days’ time at the Egina oilfield located in Oil Mining Lease (OML) 130, which is being developed at the cost of $16 billion by the French oil major, TotalT.Nicholas Terraz…
Antwerp Port Fire Creates Toxic Cloud
Toxic smoke from a massive smoldering fire has triggered an evacuation in the Port of Antwerp, local media reported.All vessels and business within 6,000 feet from the fire have been evacuated, RTL broadcaster reported.The authorities have reportedly urged the people who live nearby to keep their windows closed due to danger from the toxic smoke.According to RT, Firefighters are still battling the blaze, which produces “poisonous substances.”Some 5,000 tons of nickel sulfide caught fire in a warehouse of one of Europe’s largest seaports…
YM Efficiency Docks in Sydney after Losing 83 Containers at Sea
A Taiwan-owned cargo ship docked safely in Sydney on Wednesday after losing 83 containers off the coast of Australia during a massive storm which saw the ship battered by five metre (15 feet) swells.The YM Efficiency limped into Sydney with a container hanging halfway off its side. It had arrived off Sydney four days earlier but was kept out at sea because the city's main port was closed due to bad weather.The challenge for port operators is to unload the remaining 26 damaged…
DP World to Invest $1bn in Expansion
DP World is planning to annually inject up to $1 billion in global investments until 2020, local media quoted company chairman and CEO Sultan Ahmed Bin Sulayem as saying. The expansion at Prince Rupert in Canada opened for business. DP World Limassol in Cyprus opened a new cruise terminal. A series of acquisitions, technology tie-ups and sustainable business achievements all formed part of the activities that saw the global trade enabler expand its business horizons across the world.
CMPort Acquires Container Terminal in Brazil
China Merchants Port Holdings Company Limited (CMPort) said that the Company's transaction regarding the acquisition of Paranaguá Container Terminal (TCP) in Brazil is completed. The acquisition is the biggest merger and acquisition so far in Brazilian and Latin American port sector. It is not only the first investment of CMPort in Latin America, but also the first M&A in mature port assets overseas with controlling stake. Since then, TCP has officially become a subsidiary of CMPort…
Sri Lanka in China Port Deal
Sri Lanka’s government on Saturday signed a long-delayed agreement to sell a 70% stake in a USD 1.5-billion port to China in a bid to recover from the heavy burden of repaying a Chinese loan obtained to build the facility, report local media. After 10 years of negotiations, China Merchants Port Holdings has signed the agreement with the Sri Lanka Ports Authority to develop the Hambantota Port in southern Sri Lanka. According to the agreement, which is described as "a win-win situation for both countries".
Jakarta Terminal Begins One Week Strike Today
Trade unions in Jakarta International Container Terminal (SPJICT) will be striking from 3 until 10 August over what they claim as "ruthless attacks to workers’ rights". According to local media, the Federation of Indonesia Ports Union (FPPI) and Jakarta International Container Terminal Union (SP JICT) jointly participate in the strike. The unions say that the focus is on to pension rights and performance bonuses. The unions are protesting for their unpaid 2016 yearly bonus and blaming the corporate allocation for the rental fee has forced the management to delay such bonus disbursement.
Protest in Brazil May Delay Grain Loadings
Brazil grains exporters group Anec on Thursday said it will send an official communication to foreign buyers saying that protests by truck drivers in the country might delay grain loading operations at Brazilian ports. Anec's director Sergio Mendes said protests against high diesel prices have impacted the flow of grains particularly in Mato Grosso, Brazil's top producing state. The demonstrations entered a third day on Thursday and have spread to other states such as Rio Grande do Sul and Paraná, local media reported.
Paris Kassidokosta-Latsis Rolls Out Ivy Shipping
Greek shipping heir Paris Kassidokostas-Latsis along with with two leading global investors formed a joint venture vehicle, Ivy Shipping LLC, with the primary purpose to invest in Supramax and Panamax dry bulk carriers. As a first investment move, Ivy Shipping proceeded to purchase four Supramax built in Japan. According to Deal News, the vessels expected to be delivered by the end of summer and managed by Marla Shipmanagement Ltd, the interests of Paris Kassidokostas-Latsis.
Jakarta Port Strike Hits Biggest Terminal Operator
More than 600 workers at Jakarta's Tanjung Priok port have gone on strike and could extend the action until Aug. 10, their union said on Friday, disrupting operations at the biggest terminal of Indonesia's busiest port. The labour union of PT Jakarta International Container Terminal (JICT) launched the strike on Thursday demanding bonus payments promised to workers by the company, Nova Sofyan Hakim, chairman of the union told Reuters. JICT operates the largest container terminal at Tanjung Priok, handling 70 percent of the port's exports and imports.
South Korea’s 14 Cargo Carriers for Alliance
South Korea’s 14 container carriers will sign a memorandum of understanding next Tuesday to establish the Korea Shipping Partnership (KSP), the Korea Shipowners’ Association said, reported Pulse News. The move is to help the nation better compete in the global container shipping industry in the wake of Hanjin’s collapse, according to local media. The carriers, which include South Korea's largest, Hyundai Merchant Marine (HMM), and newcomer SM Line, will cooperate to increase their collective strength through several measures…
Ports Ponder Public Private Partnerships
Because any port is only as efficient as its weakest link, so-called P3 funding will be the key to driving the future intermodal equation. Seaport and marine terminal finance draws from a wide range of funding sources, often combined to pay for a particular project. Ports are public goods, and as such, sometimes they also see varying contributions from federal, state, regional and local entities. At its lowest common denominator, the port business is all about connectivity; hence ‘port’ projects will frequently include an intermodal component…
Korea to Establish Maritime Promotion Corporation
Korea Maritime Promotion Corporation (KMPC), a dedicated support organization for the shipping industry, will be established in Busan in June of next year with capital of 5 trillion won (US$4.5 billion), reported BusinessKorea. KMPC is set to offer financial and industrial policy support, in order to reform and upgrade the shipping industry in Korea, in response to the Hanjin Shipping bankruptcy. At Seoul meeting of the ministers of economic affairs, on 24 August, South Korea’s Ministry of Oceans and Fisheries announced a plan to establish Korea Maritime Promotion Corporation…
Box Ship Breaks from Mooring in Boston
The U.S. Coast Guard said it is investigating how a containership broke free from its mooring in Boston on Wednesday morning. The Coast Guard, along with Massport Fire Department, Boston Police Department, Massachusetts State Police and port tugs responded to 1,065-foot vessel, Helsinki Bridge, that broke free at the Paul W. Conley Container Terminal at around 12:45 a.m. Wednesday morning. Terminal workers aboard the ship at the time were able to safely disembark, and no injuries or pollution have been reported, the Coast Guard said.
Japan’s KHI Moves Merchant Ship Construction to China
Japan’s Kawasaki Heavy Industries (KHI) diverts more shipbuilding work to its joint-venture yards in China, local media says. According to a report in Nikkei, KHI will step up commercial shipbuilding in China and scale down production in Japan to improve cost competitiveness as the market rebounds from a yearslong slump. The Japanese firm plans a 50% capacity boost at a shipyard in Dalian, Liaoning Province, that builds mainly large ships, including tankers and bulk carriers. The facility is jointly operated with China Ocean Shipping (Group) Co., also known as Cosco.
Samsung Heavy Bags USD 197 Mln LNG Carrier Order
South Korean shipbuilder Samsung Heavy Industries (SHI) has bagged a KRW 210 billion (USD 195 million) deal, for construction of an liquefied natural gas (LNG) carrier. A report in Business Korea said that SHI will ink the contract with a foreign shipping company by the end of the year, Samsung Heavy Industries officials said. The name of the company, however, remained undisclosed. SHI reportedly said it is a “foreign company”. The ship will have capacity of transporting 180,000 cubic meters of LNG and she will be probably delivered in 2020, according to local media.
Palumbo Buys Mondomarine
Italian yard Palumbo Group has acquired the former Mondomarine facility in Savona on an initial six-month lease, reports local media. "By leasing the business unit of the Savona shipyard, Palumbo Group will grant the restart of the shipyard's activities, along with the immediate reinstatement of nine employees." Palumbo Group explained in a statement. The deal saves 9 jobs from the Italian shipyard that went into liquidation towards the end of 2017, which put a total of 57 jobs at risk.