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Port of Incheon Volume to Reach 3.08 million TEU in 2017

Photo:  Port of Incheon

 The Container Handing Volume by the Republic of Korea's  Port of Incheon is expected to reach 3.08 million TEU in 2017, said a company release.   On August 3, the Incheon Port Authority (IPA) announced that its container handling volume for the second half of the year would be 1.61 million TEU, totaling 3.

Asia Tankers-VLCC Rates to Remain Low on Tonnage Glut

File Image: A VLCC Underway in the Suez Canala (CREDIT: Suez Canal)

Around 90 ships charter free for early September loading.   Freight rates for very large crude carriers (VLCCs) on Asian routes will remain under pressure for at least the next month, facing strong headwinds from a glut of tonnage, brokers said.   "There are around 80 to 90 ships available for charter

Port of Hamburg Maintains Seaborne Cargo Volume

Photo: Port of Hamburg

 At 70 million tons, first-half seaborne cargo throughput in Hamburg in 2017, including the general and bulk cargo segments, all but matched the previous year’s, being only one-fifth of one percent (0.2%) lower.   In the first six months of 2017 containerized general cargo throughput at 4.45 million

Saudis Installing Cranes at Yemen Ports

Saudi Arabia said on Thursday it was installing four cranes at three ports in Yemen to help boost humanitarian aid deliveries and was ready to assist with installing cranes at the key port of Hodeidah once it was under control of a neutral party.   The Saudi mission to the United Nations said in a

Global Ports Sells Logistika-Terminal to PJSC TransContainer

Photo: Global Ports Investments Plc

 Global Ports Investments PLC announced that First Container Terminal Inc., one of the Group’s sea terminals, has signed an agreement to sell its 100% shares in JSC Logistika-Terminal (LT), one of the Group’s two inland terminals, to PJSC TransContainer for a consideration of 1.9 billion Russian rubles to be paid upon completion of the transaction.

Maersk Wants Trade Finance Role

(File photo: Maersk Line)

Maersk Line, the world's biggest container shipper, is venturing into trade finance, as it seeks to fill a lending gap left by indebted banks pulling out of the crisis-hit shipping industry.   Moving into traditional bank territory and further down the shipping value chain, Maersk Line, part of A.

Maersk Reports Q2 Loss, Sees Cyber Attack Bill at $200-$300 Mln

Maersk Chief Executive Soren Skou (CREDIT: Maersk)

Danish shipping group A.P. Moller Maersk reported an unexpected net loss in the second quarter due to terminal and tanker impairment charges, but said it was upbeat on the container shipping outlook.   Maersk also said it expected a $200 million to $300 million bill from a June cyber attack that disrupted

Fog Lifts as Maersk CEO Remains Upbeat

File Image: The Madrid Maersk, one of Maersk's largest boxships. CREDIT: Maersk

Container shipping fundamentals at best since 2010 - CEO.   Denmark's A.P. Moller Maersk gave an upbeat outlook for container shipping on Wednesday, lifting its shares by more than 4.5 percent as investors looked beyond one-off second-quarter charges.   Maersk has been hit by low oil prices at its

Navig8 to Acquire 32 Chemical Tankers

Photo: Navig8 Chemical Tankers Inc.

 Navig8 Chemical Tankers Inc,  international  shipping company focused on the transportation of chemicals, has  entered  into  contracts  to  acquire  32  modern,  fuel-efficient  newbuilding  chemical  tankers.    As of today, 31 of these vessels have been delivered and are in operation, the company said in a press release.

Cuban Trade with Venezuela Plunges over Two Years

© Chepe Nicoli / Adobe Stock

Cuban trade with socialist ally Venezuela has fallen 70 percent since 2014 due to the South American oil producer's inability to meet delivery contracts and purchase goods as it struggles with low oil prices and a resulting economic meltdown.   A cash crunch and lower oil supplies from Venezuela have

Volvo Penta Names Ljungström VP of Finance, CFO

Lars Ljungström (Photo: Volvo Penta)

 Lars Ljungström has been appointed to vice president of finance and chief financial officer (CFO) for Volvo Penta of the Americas, effective July 2017.    Ljungström will provide strategic leadership over finance, planning, budgeting and reporting for North, South and Central America and the Caribbean.

Transocean to Buy Songa Offshore

(File photo: Songa Offshore)

About 77 pct of Songa shareholders have so far accepted deal.   Transocean, one of the world's biggest drilling rig operators, has agreed a deal to buy Norwegian competitor Songa Offshore for 9.1 billion Norwegian crowns ($1.1 bln), the two companies said on Tuesday.   The deal, which would be mostly paid for in shares and convertible bonds,

Oil Slips on Strong Dollar, OPEC and China Weigh

File Image (CREDIT: AdobeStock / (c) scanrail)

Chinese Demand Falters as OPEC production remains stronger despite promised cuts.   Oil prices slipped on Tuesday, extending a heavy sell-off after a surge in the dollar and weighed down by signs of weaker demand in China, the world's second-largest consumer.   Benchmark Brent crude was down 30 cents at $50.

SITC Shipowning Orders Four Newbuilds

Photo:  SITC International Holdings Co., Ltd

 SITC Shipowning, a wholly-owned subsidiary of SITC International Holdings Co, has exercised the options for the construction of two container vessels, said a company release.   SITC Shipowning also entered into the New Shipbuilding Contracts with the Builder for the construction of two additional container vessels.

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