Belgium’s Antwerp Port Authority has signed a collaboration agreement with Shahid Rajaee Port Authority which controls the port of Bandar Abbas in Iran. Bandar Abbas accounts for 90% of the in- and outgoing containers of Iran and for nearly half of the 200 million tonnes of freight handled by the 11
French container shipping company CMA CGM plans to launch two new weekly services, EPIC 1 and EPIC 2, between the Arab Gulf, Pakistan, North West India and North Europe, in addition to the existing Epic service on this route. EPIC 1 will offer a direct connection between North Europe, Pakistan and N
Container carriers Hapag-Lloyd AG and United Arab Shipping Company S.A.G. (UASC) have signed a Business Combination Agreement (BCA) to merge both companies, subject to the necessary regulatory and contractual approvals. Following regulatory and contractual approvals expected to be obtained by the en
The National Shipping Company of Saudi Arabia (Bahri) and the Arab Petroleum Investments Corporation (APICORP) have inked an agreement on July 17 to launch the USD 1.5 billion APICORP Bahri Oil Shipping Fund (ABOSF) aimed at acquiring 15 Very Large Crude Carriers (VLCCs). The fund will assist Bahri
More containership capacity is being demolished than ever before, including old-design ships made redundant by the new Panama Canal; however, the trend will not make a significant impact on the current capacity surplus unless owners also refrain from ordering many new vessels, according to shipping
Nakilat, the shipping arm of Qatar’s liquefied natural gas (LNG) sector, has reported a net profit of QAR 501 million (USD 137.5 million) for the first half of this year, against QAR 491 million (USD 134.8 million) for the same period a year earlier, representing an increase of 2%. The increase is m
The adoption of a decision that renders legally binding the commitments offered by fourteen container shipping companies, which brings more transparency to the maritime transport of containers price politics, “does not solve” the price fixing problem, according to the European Shippers’ Council (ESC
Dubai-based container shipping firm United Arab Shipping Company (UASC) is considering to sell its USD 600 million-worth chemical tanker segment as part of the merger plans with the German shipping line Hapag-Lloyd AG, Bloomberg cited sources familiar with the matter. The company is reportedly worki
A number of companies have decided to join forces in a new cross-industry initiative called SEALNG, to accelerate the use of liquefied natural gas (LNG) as a marine fuel. Over 90% of global trade moves by sea and this trade is expected to increase substantially over the coming years. In terms of ton
Shipping is experiencing some of its toughest conditions since the financial crisis and, despite its many efforts, may well be heading for an appointment with the bankers, according to Clarksons Research. With the spread of challenges facing the industry, Clarskons said that it is unlikely “the ship
Downsizing of capacity on the Asia-East Coast South America trade has paid dividends to carriers with much improved freight rates, which would tempt container carriers to replicate the plan elsewhere as they will have most success in trades that are most closely coordinated, according to shipping co
The UK Brexit vote will have far-reaching effects on the container shipping market, despite the country’s relatively minor role in global trades, according to Maritime Strategies International (MSI). An analysis of the impact of the UK Brexit vote on the container shipping sector found that amid the
French container shipping company CMA CGM is to reorganize its Noura Express and Swahili services connecting India, Middle East Gulf and East Africa. Operated with four 2,200 TEU vessels, Noura Express will stop Salalah call and add to its port coverage Mundra, effective July 24, and Port Victoria,
The European Commission has closed its formal investigation into fourteen container shipping companies due to a suspected breach of antitrust rules without finding an infringement of EU competition law. The Commission also adopted a decision that renders legally binding the commitments offered by fo
