Amid a rapid growth in the mega boxship fleet, and nearly a year on from the opening of the new expanded locks of the Panama Canal in June 2016, the fleet of giants surged by 29% y-o-y in TEU terms, Clarkson Research informs. The 15,000+ TEU mega boxship fleet has expanded rapidly in recent years an
The shareholders of the German shipping giant Hapag-Lloyd have approved all items on the agenda at the latest Annual General Meeting, including the creation of new authorised share capital. This is to be used for a planned capital increase of USD 400 million, which is scheduled to take place within
Extension of oil production cuts until March 2018 could affect tanker demand, either via lower crude and product exports, or lesser import demand if high prices moderate demand growth. Global oil prices were buoyed in the fourth quarter of 2016 by OPEC’s decision to cut production. At their recent m
The majority of container shipping lines lost money in the first three months of 2017, but higher rates and fast-growing demand will soon show on the bottom line, according to shipping consultancy Drewry. In its last Container Forecaster report, Drewry said that the industry would make an operating
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The number of trade lanes served by the Korean deep sea lines has decreased as well as their deployed capacity following Hanjin’s demise and Hyundai’s reduction in regions served, MDS Transmodal consultancy said in its latest review of non-alliance liners. As explained, the non alliance shipping lin
The shipping industry will have to commit to more ambitious policies, and fast, if it wants to get on track with the adoption of clean technologies and meet the energy efficiency design index (EEDI) requirements, the International energy Agency (IEA) said. Namely, in its latest report titled “Tracki
Several Gulf-based shipping companies have been identified as potential bidders interested in taking a stake in the United Arab Chemical Carriers (UACC), a subsidiary of United Arab Shipping Company (UASC), including Bahri and Milaha, Reuters reports. The sale is directly linked to the now completed
German liner shipping company Hapag-Lloyd and its UAE-based counterpart United Arab Shipping Company (UASC) merged today, Hapag-Lloyd said in a statement. As informed, the merger between the duo was completed today in Hamburg. “This is an important strategic milestone and a big step forward for Hapa
Global ship operating expenses (OPEX) for the world’s cargo fleet have now breached USD 100 billion mark for the first time, up from USD 98 billion last year and USD 83 billion in 2008, maritime intelligence provider Clarksons Research said. Crew wages remain to be the largest constituent in the tot
There is a USD 1.6 trillion shortfall in trade finance globally, the International Chamber of Commerce (ICC) said citing recent studies, urging for an urgent UN-led review of the trade financing gap. As disclosed, the gap has grown since the peak of the 2009 financial crisis—with the biggest gaps pr
Dubai-based shipping company Gulf Navigation Holding PJSC (GulfNav) ended the first three months of 2017 with a 39 percent year-on-year (YOY) rise in its net income. In 1Q 2017, the company’s profit increased to AED 8.8 million (USD 2.4 million) from AED 6.3 million (USD 1.7 million) posted in the s
Qatar’s Nakilat has assumed full ship management and operations of a Q-Flex LNG carrier Onaiza from Shell Trading and Shipping Company (STASCo). The move is part of the planned and phased transition announced in October 2016. With a cargo carrying capacity of 210,150 cubic meters, Onaiza is wholly-o
Everything is on track for the merger between Germany’s shipping line Hapag-Lloyd and United Arab Shipping Company (UASC) to be finalized by the end of May, Hapag-Lloyd’s Spokesperson told World Maritime News. The statement was given on the back of media reports that the merger has already been sign
