German shipping major Hapag-Lloyd and United Arab Shipping Company (UASC) have reached an agreement on the terms and conditions of a Business Combination Agreement (BCA) providing for the contribution of all shares in UASC to Hapag-Lloyd. Today, the Supervisory Board of Hapag-Lloyd has approved the
Dubai-based port and terminal operator DP World’s Group Chairman and CEO, Sultan Ahmed Bin Sulayem, rang the market-opening bell today to celebrate the listing of a USD 1.2 billion sukuk on Nasdaq Dubai. “As the international financial exchange serving the Middle East, Nasdaq Dubai is an excellent l
As the shipping industry is expected to see its earnings worsen, while freight rates are likely to remain “depressed amid ample supply,” the outlook for the global shipping industry over the next 12-18 months is negative, according to Moody’s rating agency. The aggregate EBITDA of Moody’s-rated ship
BIMCO has published three standard novation agreements that provide a legal framework to change one of the original parties to a contract. Corporate changes such as restructuring, sale of a company or sale of part of a company’s interests may make it necessary to replace an original contracting part
Greek shipping company Neptune Lines has decided to launch a short sea vehicle transportation service in the Middle East region, which would link six Arabian Gulf states, according to Automotive Supply Chain. The service is expected to connect United Arab Emirates, Iran, Iraq, Saudi Arabia, Kuwait,
The 2016 third-quarter peak season will not bring much respite to carriers as the period is not expected to see much of a volume uplift in the container shipping industry, a recent study conducted by shipping consultancy Drewry shows. Nearly half of the 51 shippers who responded to the survey said t
As the price war between container shipping companies persists, contract rates in the major East-West trade routes are expected to see at least a 30 percent decrease for new contracts starting from the second quarter, shipping consultancy Drewry said. “The price war between carriers in the container
Tokyo-based classification society ClassNK has resumed operations in Iran with the reopening of its Tehran office and agreements with the Iranian Classification Society (ICS) and Ports and Maritime Organization (PMO), Ministry of Roads & Urban Development in Iran. ClassNK originally opened its Tehra
In an effort to implement the arms embargo imposed on Libya, the United Nations Security Council authorized Member States to “use all measures” to inspect vessels off the coast of Libya believed to be in violation of the embargo. The authorization, approved by the 15-member council on Tuesday, aims
A regular container service connecting Korean Incheon Port directly to the Middle East has been launched, with three 5,100 TEU and four 6,500 TEU boxships to be put in operation, the Incheon Port Authority (IPA) said. The service has been named HDM Loof. IPA further said that among the 5,100 TEU shi
The UK-based Braemar Shipping Services has terminated its involvement in the joint venture ACM ICON Shipping DMCC as it is “no longer part of the group’s overall strategy”. Braemar’s 50 percent share will be acquired by the joint venture partner, Icon Chartering, the company said. The group merged w
Although container shipping spot rates should be more stable through the rest of the year, presuming carriers have ended their rate war, the average rates in 2016 are expected to be lower than last year, according to shipping consultancy Drewry. In recent weeks there have been some large increases i
Price, risk management and loss of trust were identified as the main reasons why businesses end agreements with container ship carriers in a market currently riven by instability, the market intelligence platform for containerized ocean freight Xeneta said. “One might expect bad service to be the ma
Although Iran stopped liquefied petroleum gas (LPG) exports to Japan, the country’s supply will not go to waste as a large number of customers are showing their interest for the LPG, Iranian Mehr News Agency cited the Director general of the Association of Petrochemical Industry Corporations (APIC)
