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Monthly Archives: November 2015

DP World plans to develop Tasmanian terminal

An artist's impression of the container terminal

DP World and the Tasmanian Ports Corporation have announced that they will work together to develop a 200,000 teu capacity container terminal at the Port of Burnie on the Australian island of Tasmania. DP World’s investment will involve refurbishing the existing ship-to-shore (STS) crane and providing an additional one; developing the container yard for general and refrigerated containers; integrating the ... Read More »

Maersk Line and APMT profits plunge in third quarter

The world’s biggest shipping company, Maersk Line, has announced a 59% year-on-year drop in its pre-tax profit during the third quarter of 2015 amid continued overcapacity and low freight rates. The company, part of Maersk Group, recorded a US$303m profit before tax in the three months to September 30, 2015, compared to a pre-tax profit of US$740m in the same ... Read More »

China set to prosecute Tianjin Port Group boss

Chinese state media has reported that the president of Tianjin Port Group Zheng Qinyue has been sacked and will be prosecuted for dereliction of duty over August’s explosions. The People’s Daily newspaper said that Zheng’s assistant Li Hongfeng and the deputy chief of the company’s safety bureau Zheng Shuguo would also face criminal prosecution for dereliction of duty. The state-owned ... Read More »

CMA CGM launches “My first container ship” childrens’ toy

CMA CGM said this is the first maritime-themed wooden toy

CMA CGM has teamed up with French wooden toy manufacturer VILAC to launch a wooden toy container ship for children. The toy will be branded with both CMA CGM and VILAC containers. It was designed by CMA CGM and will be sold by VILAC. It will be distributed in more than 12 countries, including France, the USA, Italy, the UK ... Read More »

Maersk Line set to cut 17% of land-based jobs by 2017

Søren Skou said that staff numbers would be reduced

The world’s biggest shipping line has announced that it aims to reduce its number of staff members by 4,000 by the end of 2017. Currently the company has 23,000 land-based staff and said in a statement that it will aim to minimise redundancies, losing staff to retirement and resignation instead. In 2016 and 2017, the company aims to lower the ... Read More »

Hapag-Lloyd’s IPO prices shares at just €20

Container shipping line Hapag-Lloyd has set the final offer price for its shares at just €20 (US$21.91) in its initial public offering on November 3 (IPO). This will give the company a market capitalisation of about €2.4bn (US$2.6bn), far less than the €5bn (US$5.4bn) which the company had originally targeted. Weak demand and a profit warning by competitor Maersk Line ... Read More »

ICTSI’s revenue falls in the third quarter as volume growth slows

One of ICTSI's problems is that Hanjin no longer calls at ICTSI Oregon

Phillipines-based terminal operator ICTSI has released third quarter results showing that its strong growth in the first six months of the year slowed in the third quarter. While throughput in the first nine months of 2015 was up by 7% on the same period in 2014, third quarter throughput was only 2% higher. The contrast between the first nine months ... Read More »

Shanghai port’s biggest operator is hit by China’s economic slowdown

Shanghai port’s biggest operator Shanghai International Port Group Co Ltd has announced an 18.3% fall in its net profit for the third quarter of 2015 compared to the same period last year amid China’s economic growth slowdown. The terminal operator, which reported a CNY1.4bn (US$220.9m) net profit in the third quarter this year in a filing on the Shanghai stock ... Read More »

Cosco plans regular sailings along Northern Sea Route

Chinese shipping line Cosco is conducting a feasibility study on regular services on the Northern route between Asia and Europe. A spokesperson told the Wall Street Journal that the company is considering buying second-hand or new-build ships for potential routine services. The state-owned line has made two test runs already, one in 2013 and one in October 2015, with its ... Read More »