Search results for: Evergreen

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  • 25 April 2017
    Business & Finance

    The Ocean Alliance is restarting its Med-Far East service from the Port of Venice as from May 2017, after the service was stopped last winter because of a structural drop in demand, the port informed. The direct service of the Ocean Alliance, formed by China Cosco Shipping, Evergreen Line, CMA CGM and OOCL, will start […]

  • 25 April 2017
    Business & Finance

    The first container vessel in the new South Korea-Taiwan-Philippines (KTP) service has arrived at the International Container Terminal Services, Inc. (ICTSI)-operated Subic Bay Freeport container terminals, signaling the start of the new Intra-Asian trade route. New container terminals 1 and 2 serviced the 1,440-TEU capacity Cape Fulmar’s inaugural call in Subic on April 19, marking the launch of […]

  • 24 April 2017

    The Port of Los Angeles and US Army Corps of Engineers have prepared a Draft Environmental Impact Statement/Report (EIS/EIR) for the container terminal located at Berths 226-236 on Terminal Island at the Port of Los Angeles, operated by Everport Terminal Services. The proposed project would improve the container-handling efficiency and capacity of the existing terminal […]

  • 11 April 2017
    Business & Finance

    The Port of Virginia is set to benefit from an increased trade especially as bigger ships start bringing in more cargo. Namely, the port has just wrapped up one of the busiest months in its history and is now preparing to welcome its biggest ship ever, the 13,000 TEU COSCO Development. COSCO Development is expected to be […]

  • 11 April 2017
    Business & Finance

    UK-based energy services company Wood Group has been awarded a contract with Statoil to provide front end engineering design (FEED) to the subsea flowline system of the Snorre expansion project in the Norwegian sector of the North Sea.  The contract will be delivered by Wood Group’s Stavanger, Norway office and follows on from the completion […]

  • 7 April 2017
    Business & Finance

    Panama Canal Authority is looking into development opportunities in the gas shipping market now that it has introduced transit for liquefied natural gas (LNG) carriers. Namely, a Panama Canal delegation has embarked on a data collection mission to Asia where it met with shipping companies and maritime organizations from Japan, South Korea, China and Taiwan. According to the […]

  • 3 April 2017
    Business & Finance

    CMA CGM, COSCO Container Lines, Evergreen Line and Orient Overseas Container Line (OOCL) launched the forty new services through the OCEAN Alliance on Saturday, April 1. The OCEAN Alliance comprises a total of 323 ships with an estimated total carrying capacity of over 3 million TEUs, and will run for the next ten years. CMA CGM has deployed 119 […]

  • 30 March 2017
    Business & Finance

    Shanghai-listed COSCO Shipping Holdings Co, a unit of China Cosco Shipping Corporation Limited (Cosco Shipping), has reported a loss of CNY 9.9 billion (USD 1.4 billion) in its annual report for 2016. As a result the company proposed that no dividend is distributed this year. The loss was mainly attributed to the challenges posed by the complexity of […]

  • 13 March 2017
    Business & Finance

    The Ocean Alliance has the most services at its disposal with a total of 40 loops spread across seven East-West trades, a comparison of new carrier alliances from shipping consultancy Drewry shows. The Ocean Alliance is followed by THE Alliance with 32 services and 2M with 25. As the market braces for the new alliance networks set […]

  • 13 March 2017
    Business & Finance

    Due to challenging market conditions, Hong Kong’s Orient Overseas International Limited (OOIL), owner of container transport businesses OOCL, suffered a full-year loss of USD 219.2 million in 2016, compared to a profit of USD 283.9 million seen a year earlier.  The company’s operating loss stood at USD 138.2 million, against an operating profit of USD […]

  • 21 February 2017
    Business & Finance

    Six more container shipping lines will start calling at Germany’s only deep water port, Wilhelmshaven, from April 2017, Bremen-based terminal operator EUROGATE informed. The newly formed shipping alliance OCEAN Alliance is to include EUROGATE Container Terminal Wilhelmshaven in its schedules as part of Asia-North Europe 1 service. The alliance, comprised of French shipping company CMA CGM, […]

  • 21 February 2017
    Business & Finance

    China’s Ministry of Transport has fined 14 international container shipping companies because they either failed to report freight tariffs to the ministry or were inconsistent with the reported ones. Companies have been punished with a total of RMB 2.39 (around USD 350,000), the ministry informed. The carriers in question include Hamburg Süd, Wan Hai Lines, Wan Hai […]

  • 8 February 2017
    Business & Finance

    Rodolphe Saadé has been appointed as the new Chief Executive Officer of the French shipping company CMA CGM Group, taking over the reins from his father Mr. Jacques Saadé. Jacques Saadé remains Chairman of the Board of Directors, the company informed.  “Rodolphe has proven himself over the years, and he has my deepest trust as Chief Executive […]

  • 8 February 2017
    Business & Finance

    Danish boxship giant Maersk Line has reached an agreement today with the Federal Antimonopoly Service of the Russian Federation (FAS) to settle a competition case regarding Maersk Line and other shipping lines’ use of price announcements to the Russian market. As explained, the deal is subject to payment of a settlement fee worth USD 230,000 by Maersk […]

  • 18 January 2017
    Business & Finance

    The share price of Orient Overseas (International) Limited (OOIL), parent company of the container carrier Orient Overseas Container Line (OOCL), continues to trade at a significant discount to book value despite a recent price surge that came amidst speculation that OOIL’s container shipping business unit could be up for sale, according to Alphaliner. While several […]

  • 17 January 2017
    Business & Finance

    French container shipping major CMA CGM has upgraded its SEAS1 and SEAS2 services, now providing two departures per week between Asia and the East Coast of South America.  Starting from January 20, 2017, the SEAS1 service will directly connect China, Hong Kong, Singapore, Brazil, Uruguay, and Argentina. Twelve containerships ranging from 8,700 to 9,400 TEU […]

  • 28 November 2016

    Slovenia’s Port of Koper has welcomed for the first time COSCO Shipping Panama, one of the largest container vessels to moor in Koper. Arriving from the Chinese Port Kelang, COSCO Shipping Panama will call afterward at Trieste, Italy, and then sail to Turkey. According to the port, about 3,000 TEUs will be loaded and unloaded from the […]

  • 23 November 2016
    Business & Finance

    Increased government intervention to provide financial support to struggling carriers could ultimately delay a much-needed restructuring of the container shipping sector, according to Alphaliner. State aid might well prolong the industry’s recovery process, as shipping continues to grapple with the problem of vessel overcapacity. Last week, the government of Taiwan approved a TWD 60 billion […]

  • 20 November 2016
    Business & Finance

    French shipping major CMA CGM reported a net loss of USD 202 million in the third quarter of 2016, while its revenue for the quarter fell by 16.3 percent to USD 3.33 billion, excluding NOL contribution. The company said that, including NOL contribution, CMA CGM’s quarterly net loss stood at USD 268 million, while its revenue for […]

  • 9 November 2016
    Business & Finance

    Although the new carrier alliances will only start operating from April 2017, battle lines on the main east-west routes are already being drawn, after the OCEAN Alliance and THE Alliance unveiled the respective service networks, according to Alphaliner. The OCEAN Alliance will start with an initial deployment of 331 ships with an aggregate capacity of […]

  • 7 November 2016
    Business & Finance

    Whilst freight rates have improved marginally from the extreme lows seen over the middle of the year, the entire container shipping industry remains under significant pressure, according to Maritime Strategies International. As most liner companies are now breaking even, with weaker lines still probably in a loss-making position, the situation is even worse for charter owners, […]

  • 3 November 2016
    Business & Finance

    Members of the OCEAN Alliance have signed the Day One Product document, setting out the proposed network, including port rotation for each service loop. Under the agreement, the French shipping company CMA CGM, China’s COSCO Container Lines, Hong Kong-based Orient Overseas Container Line (OOCL) and Taiwanese Evergreen Line, plan to deploy around 350 container vessels with […]

  • 25 October 2016
    Business & Finance

    Athens-based containership owner Costamare Inc. has agreed to postpone the deliveries of the remaining four newbuilding 11,010 TEU containerships, ordered through the company’s joint venture with York Capital. The four vessels, three of which were scheduled to join the company’s fleet in October 2016, are now expected to be delivered from South Korean shipbuilder Hanjin Heavy Industries in […]

  • 24 October 2016
    Business & Finance

    The US Federal Maritime Commission (FMC) has concluded its review of the proposed OCEAN Alliance, allowing it to become effective on Monday, October 24, 2016. The OCEAN Alliance is comprised of French shipping company CMA CGM, China’s COSCO Shipping, Hong Kong-based Orient Overseas Container Line (OOCL) and Taiwanese Evergreen. Agreement members are now permitted to […]

  • 26 September 2016
    Business & Finance

    Following the bankruptcy of South Korea’s container carrier Hanjin Shipping, the proposed carrier grouping THE Alliance is left at a size disadvantage to both its future rivals, according to shipping consultancy Drewry. Even before Hanjin Shipping filed for bankruptcy protection the industry was preparing itself for big changes to the make-up of the major shipping […]