German shipping company Hapag-Lloyd has received an approval from its shareholders during the company’s annual general meeting held on Friday on creating the capital conditions required for the planned merger with the Arabian carrier United Arab Shipping Company (UASC). Hapag-Lloyd’s shareholders ap
Switzerland-headquartered Mediterranean Shipping Company (MSC) plans to launch a new weekly container service connecting East Africa, Middle East, Pakistan and India, the Cheetah Service, starting from September this year. The company said it will deploy five 2,200 TEU vessels on the route. The new
A steep rise in refinery capacity in the Middle East could diminish oil trade growth and with it prospects for tanker shipping, according to shipping consultancy Drewry. The global crude oil trade, which surged last year on the back of strong growth in oil demand and stocking activity, is expected t
Ahead of Hapag-Lloyd’s annual general meeting, the German company has revealed the financials of its merger partner Dubai-based shipping firm United Arab Shipping Company (UASC), which include the Arab carrier’s total financial debts of USD 4 billion as at the end of June 2016, according to Alphalin
Singapore-based container shipping company APL plans to set up a new weekly service – the India Pakistan Europe (IPE) Service, that will connect India and Pakistan to major ports in Europe starting from October. The IPE service will call the ports of Port Qasim (Pakistan), Nhava Sheva, Hazira, Mundr
Nakilat, the shipping arm of Qatar’s liquefied natural gas (LNG) sector, has entered into a contract with Global Eagle Entertainment’s Emerging Markets Communications (EMC) service line that will provide marine VSAT (Very-Small-Aperture Terminal) services for the company’s LPG and LNG vessels. Under
Current conditions in the Very Large Crude Carrier (VLCC) freight market are not entirely attributed to seasonality, according to Maritime Strategies International (MSI), instead, MSI says dynamics reflect lower rates of crude import growth across the year combined with reduced waiting times and muc
Dubai-based port and terminal operator DP World has delayed the planned expansion of of its flagship port of Jebel Ali due to softer market conditions, the company said in its latest financial report. Namely, the company postponed 1.5 million TEU of Terminal 3 capacity expansion into 2017, while it
The dry bulk markets are expected to see a fourth quarter bounce in chartering activity for both the Capesize and Panamax sectors,driven by improving iron ore, coal and grain trades, but the effects may be limited, according to Maritime Strategies International (MSI). MSI said that it sees positive
Dubai’s port and terminal operator DP World has seen a 50.2 percent surge in its year-on-year earnings from USD 405 million reported in the first half of 2015 to USD 608 million in the first half of 2016. The company’s revenue for the period grew by 10.2 percent to USD 2 billion from a revenue of US
The National Shipping Company of Saudi Arabia (Bahri) has signed an agreement for a USD 133.2 million loan facility to finance the purchase of five chemical tankers, the company said in a stock exchange filing. Namely, the company’s subsidiary, National Chemical Carriers, is set to receive the funds
As the container industry revenues are contracting faster than carriers can cut costs, the shipping consultancy Drewry said that prolonged losses in the container shipping industry are likely to lead to more container merger and acquisition activity or more industry consolidation among carriers. The
Hapag-Lloyd Sees Disappointing First-Half Year Result German shipping major Hapag-Lloyd said its first-half year “result is disappointing,” due to subdued economic growth in many parts of the world, persistently tough competition in the liner shipping industry and further declines in freight rates…
French container shipping company CMA CGM plans to change the port coverage of its French Asia Line 1 (FAL 1) service by no longer calling Belgium’s port of Zeebrugge and China’s port of Dalian. As from MV CMA CGM Jules Verne voyage 115 FLE, the service will no longer call the port of Zeebrugge. Las
