Dubai-based port and terminal operator DP World Limited and Eastern Canada’s Port Saint John in New Brunswick have entered a long-term lease agreement for the operation of the port’s container terminal starting from January 1, 2017. Under the agreement, the lease, which represents the largest privat
The shipping industry must adopt a transparent, proactive approach to corporate governance or else risk exposure to business and reputational damage, according to the international accountant and shipping adviser Moore Stephens. Corporate governance in shipping has been in sharp focus recently, part
This year’s weak market conditions in the Far East – North America transpacific trade have claimed another casualty as the French shipping company CMA CGM, Germany-based Hamburg Süd and United Arab Shipping Company (UASC) decided to withdraw their joint Far East – USEC Vespucci/ APNE/NEU 1 service,
Dubai-based port and terminal operator DP World Limited and the state run Taiwan International Ports Corporation (TIPC) signed a Memorandum of Understanding (MoU) for the development of Kaohsiung Port’s Terminal 7 in Taiwan. The agreement marks the beginning of a joint effort to seek future business
National Shipping Company of Saudi Arabia (Bahri) has seen a surge of 47.2 percent in its net profit for the second quarter of 2016, as the company’s net profit stood at SAR 504.1 million (USD 134.4 million), against SAR 342.4 million (USD 91.3 million) seen in the same period a year earlier. Bahri
Due to a glut of surplus capacity in the container shipping industry, the peak season seems to have lost its previous impact, which was instead spread out through the year, the market intelligence platform for containerized ocean freight Xeneta said. As the traditional peak shipping season is fast a
The Suez Canal Authority has reduced transit tolls for Very Large Crude Carriers (VLCCs) of more than 200,000 dwt in ballast coming from America and heading for the Arabian Gulf, GAC Egypt said. According to a circular released by the Suez Canal Authority, the vessels coming from the Gulf of Mexico,
Dubai-based port and terminal operator DP World Limited handled 31.4 million TEU across its global portfolio of container terminals during the first half of 2016, with gross container volumes growing by 2.5% on a reported basis, and up 1.2% on a like-for-like basis. Growth in the first half of 2016
Piracy and armed robbery at sea have fallen to their lowest levels since 1995, despite a surge in kidnappings off West Africa, according to a report from the International Chamber of Commerce’s International Maritime Bureau (IMB). IMB’s global piracy report shows 98 incidents in the first half of 20
Last week’s merger agreement between German shipping major Hapag-Lloyd and United Arab Shipping Company (UASC) was made amid ‘significant financial challenges’ that both companies are facing, according to Alphaliner. Despite annual synergy savings of USD 400 million, which the company hopes to achie
Stolt-Nielsen Buys Jo Tankers’ Chemical Operations Stolt-Nielsen Limited has agreed to acquire the chemical tanker operations of Jo Tankers comprising 13 chemical tankers and a 50% share in a joint venture with eight chemical tanker newbuildings… Read More CMA CGM Enters Total NOL Takeover Mode Fren
Maritime security incidents on a global level declined by 24 percent in the first six months of 2016, compared with the same period in 2015, according to Control Risks, a global risk consultancy. This decrease has been driven by a 61 percent decline in cases in South-East Asia, where incidents of pi
The regions of Scandinavia, the Mediterranean and France-Belgium were the best negotiators in terms of vessel buying activity between 1 July 2015 and 30 June 2016, according to the first Country Overview Report issued by VesselsValue (VV). A ‘good negotiation’ could be assessed by comparing the diff
World’s biggest container carrier Maersk Line is rerouting its TP12 Asia – US East Coast service through the expanded Panama Canal and turning it into a standalone, around-the-world service. From the Far East to the US East Coast the TP12 service will transit the new Panama Canal locks and call the
