Search results for: Asia-US route

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A list of search results

  • 5 October 2016
    Business & Finance

    South Korean shipping major Hyundai Merchant Marine (HMM) is planning to keep its new Asia-US route as a regular weekly service, according to Reuters. The route was initially taken over in an effort to decrease the effects of Hanjin Shipping’s filing for court receivership at the end of August. Starting from October 14, the company will reportedly deploy […]

  • 14 November 2016
    Business & Finance

    South Korean shipping company Korea Line Corp. has been selected as the preferred bidder for bankrupt Hanjin Shipping’s Asia-US route and for the firm’s stake in a container terminal at California’s Long Beach, local media reports. Korea Line has outbid its compatriot shipping company Hyundai Merchant Marine (HMM), after both companies submitted their final proposals to […]

  • 3 January 2017
    Business & Finance

    The shareholders of the South Korean shipping company Korea Line Corp., part of SM Group, have refused to approve the purchase of Hanjin Shipping’s Asia-US route network, according to Yonhap News Agency. Namely, the proposal to buy the route network and the bankrupt Korean carrier’s client information related to the route was rejected during the company’s shareholders meeting. The move comes […]

  • 22 November 2016
    Business & Finance

    South Korea’s shipping company Korea Line Corp has signed a KRW 37 billion (USD 31.4 million) agreement to buy the Asia-US route network from the bankrupt container carrier Hanjin Shipping, the company said in a stock exchange filing. The deal includes Hanjin’s business network and client information related to the route, subsidiaries and logistics management systems in seven countries, […]

  • 21 February 2017
    Business & Finance

    SM Shipping, a new container carrier established by South Korea’s Samra Midas (SM) Group after the group acquired Asia-US route from bankrupt Hanjin Shipping, plans to start its first service on March 8 along the East and the South China Sea, Korean news site Pulse informed.  The service will depart Busan in South Korea and stop in […]

  • 22 June 2016
    Business & Finance

    Weak US demand is forcing container shipping companies to search for new homes for their 13,000 TEU vessels, according to Alphaliner. Displaced by even larger tonnage on their current services, many such ships were originally earmarked for re-deployment to transpacific Asia – US routes. Meanwhile however, several carriers have decided to downscale their transpacific capacity provision in […]

  • 27 September 2013
    Business & Finance, Operations & Maintenance

    Alcatel-Lucent and Asia America Gateway, the cable system owned by a consortium of operators, have reaffirmed their cooperation with the signature of a contract to upgrade the Asia America Gateway (AAG) submarine cable system, covering the route from Philippines to the United States. By leveraging Alcatel-Lucent’s advanced coherent technology, the 20,000km-long AAG system will add […]

  • 23 February 2017
    Business & Finance

    Five vessels previously owned by South Korea’s bankrupt carrier Hanjin Shipping are to be deployed in the first service of SM Line, a new shipping firm formed by Samra Midas (SM) Group. On February 14, SM Line acquired the five 6,655 TEU boxships for USD 60 million, VesselsValue’s data shows. The ships in question are Hanjin Bremerhaven, Hanjin […]

  • 7 December 2016
    Business & Finance

    Three containerships of the bankrupt Korean shipping firm Hanjin Shipping were sold at an auction in Rotterdam for a total of USD 392 million, according to Dutch media. The vessels in question are the 13,000 TEU Hanjin Europe, Hanjin Africa and Hanjin Harmony, built in 2012 and 2013, respectively. Featuring 141,000 dwt, the boxships, which […]

  • 7 April 2017
    Business & Finance

    Emerging South Korean maritime player Samra Midas (SM) Group has been linked to a purchase of a stake in Korea Ship Finance from the ailing shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME). The move is said to be part of DSME’s restructuring efforts aimed at boosting the company’s liquidity that took a major hit over […]

  • 7 December 2016
    Business & Finance

    South Korean shipping company Korea Line Corp., part of SM Group, has decided to withdraw from the race for Hanjin Shipping’s stake in US Port of Long Beach container terminal, the firm revealed in its stock exchange filing. The company withdrew its bid after local media reported it may propose a joint acquisition of the stake […]

  • 1 December 2016
    Business & Finance

    Swiss-based container shipping major, Mediterranean Shipping Company (MSC), and South Korea’s carrier, Hyundai Merchant Marine (HMM), have jointly placed a bid to acquire a stake in a container terminal at California’s Port of Long Beach currently controlled by ailing Hanjin Shipping, Yonhap News Agency reported industrial sources as saying. Hanjin’s 54% stake in terminal operator Total Terminals […]

  • 20 March 2017
    Business & Finance

    In an effort to expand its foothold in the maritime sector, South Korea’s Samra Midas Group (SM Group) said that it is looking to acquire some overseas shippers, among other businesses, Yonhap News Agency cited one of the company’s officials. Woo Oh-heun, chairman of SM Group, was cited as saying that the company intends to “regain the fame” once […]

  • 25 November 2016
    Business & Finance

    South Korean shipping giant Hyundai Merchant Marine (HMM) has been selected as the preferred bidder for a terminal in Algeciras, Spain, owned by its bankrupt compatriot Hanjin Shipping. The company earlier said that it would purchase of a 100 percent stake in Total Terminal International Algeciras, situated at Port of Algeciras Bay, from its owners, including IBK […]

  • 21 December 2016
    Business & Finance

    Swiss-based container shipping major Mediterranean Shipping Company (MSC) has signed an agreement to buy Hanjin Shipping’s stake in a container terminal at California’s Port of Long Beach, according to Yonhap News Agency. Namely, the Seoul Central District Court has reportedly given its nod to the contract with MSC, under which Hanjin will sell its 54 percent […]

  • 11 January 2017
    Business & Finance

    South Korean shipping giant Hyundai Merchant Marine (HMM) has decided to employ a total of 220 employees from its bankrupt compatriot Hanjin Shipping starting from next month. The company said that it will initially employ 131 of Hanjin’s workforce including onshore, offshore, overseas staffs and ship managers as well as recruit 41 more ex-Hanjin employees including […]

  • 28 December 2016
    Business & Finance

    South Korean container carrier Hyundai Merchant Marine (HMM) has unveiled its intentions to secure 5 percent of the global liner market by 2021, more than double its current 2.2 percent capacity share, according to Alphaliner. However, although the company unveiled its ambitious target on December 12, “it failed to back up these growth plans with any coherent […]

  • 15 March 2017
    Business & Finance

    A consortium spearheaded by South Korea’s Samra Midas Group (SM Group) has been selected as the preferred bidder for compatriot STX Corporation which was put on sale by its creditors.  As disclosed in a listing to Korea Exchange, the company is to revert in three months on whether the two parties agreed on the details […]

  • 29 December 2016
    Business & Finance

    The fall of South Korean carrier Hanjin Shipping into rehabilitation at the beginning of September 2016 has sent tremors through the cargo insurance market because of the serious delays and disruption it has caused to the supply chain, particularly to cargoes on the Asia-US route. Fortunately, the vast majority of Hanjin vessels have now discharged […]

  • 30 November 2016
    Business & Finance

    SM Group, owner of South Korea’s shipping company Korea Line Corp., may propose a joint acquisition of Hanjin Shipping’s 54% stake in a container terminal at California’s Long Beach to another shipping company, Hyundai Merchant Marine (HMM), local media reports.  Last week, Korea Line signed a KRW 37 billion (USD 31.4 million) agreement to buy the Asia-US route network […]

  • 20 February 2017
    Business & Finance

    Bondholders of the former South Korean shipping company Hanjin Shipping, which was officially declared bankrupt on February 17, could experience losses of up to KRW 1.2 trillion (USD 1.05 billion), Yonhap News Agency cited industry sources as saying.  Bondholders in question are the state-run Korea Development Bank (KDB), other state-run debt guarantee agencies and retail […]

  • 1 April 2015
    Operations & Maintenance

    A global consortium of telecommunications companies, formed to build and operate the South-East Asia – United States (SEA-US) submarine cable system, announced the start of construction for the landmark project, the first to directly connect Indonesia and the United States. NEC Corporation and NEC Corporation of America are the system suppliers for the US $250 […]