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Monthly Archives: February 2016

Evergreen Group terminates chairman role amid succession war

Chang Yung-fa died at the age of 88

The children of the Evergreen Group’s late founder’s first wife used their combined voting power to terminate the position of chairman in response to Chang Yung-fa’s youngest son announcement that he would step in as head of the company, local media reported. According to reports, the group will no longer have a chairman and senior executives will be appointed to deal with each subsidiary. Chang Kuo-wei, who is the current chairman of ... Read More »

Hapag-Lloyd to test XVELA stowage-planning software

Hapag-Lloyd has concluded a cooperation agreement with US supplier XVELA, which will make it the first container shipping line to pilot test cloud-based stowage-planning software. Stowage-planning and cargo data of the individual ships in ports will be available in real-time for both the shipping company and the terminal. The shipping company will be able to see the progress of loading ... Read More »

Hyundai chairwoman to invest US$24m into desperate carrier

Hyun Jeong-eun became chairman of the Hyundai Group in 2003

South Korean Hyundai Group’s chairwoman is set to pay in about 30bn won (US$24m) of her personal funds in an attempt to recover the company’s shipping segment, local media reported. The shipping business Hyundai Merchant Marine (HMM) reportedly said in a regulatory filing that it would raise share capital by issuing 6m shares through a third-party allotment. Hyun Jeong-eun and ... Read More »

Zoomlion battles for Terex

Zoomlion is preparing for its acquisition of Terex despite the US-based equipment manufacturer’s board of directors maintaining their recommendation to proceed with a merger with Konecranes. The Chinese manufacturer has prepared a concrete financing plan for the proposed takeover of Terex and plans to utilise its own cash on hand (representing 40% of the overall financing plan) and bank debt ... Read More »

Terex’s profits continue to fall

Terex expects mobile harbour cranes’ sales to remain stable in 2016

Terex has announced a 54% fall in 2015 operating profit for its combined material handling and port solutions (MHPS) segment amid global economic volatility. The business’s annual operating profit fell from US$58m in 2014 to US$27m last year, with operating profit in the fourth quarter of 2015 dropping by 43% year-on-year from US$33m to US$19m. The MHPS segment, which includes ... Read More »

Chinese Silk Road train arrives in Iran

The first Silk Road cargo train to travel directly between China and Iran has arrived in Tehran after a 10,400 km journey, which took 14 days. The locomotive, carrying 32 containers of commercial products from China’s eastern province of Zhejiang, forms part of China’s One Belt One Road strategy of enhancing maritime and rail transport infrastructure between China and Europe ... Read More »

Carriers respond to European Commission’s pricing concerns

The European Commission is concerned over price announcements

Fifteen of the biggest shipping lines have offered to reform the way they announce price changes. The carriers have agreed to stop publishing and communicating general rate increase (GRI) announcements. GRI announcements are defined as announcements of intended changes to the price, expressed solely as an amount or percentage of the change. The European Commission had warned that it is ... Read More »

DP World prepares UK container weighing plan

London Gateway, along with DP World Southampton, will offer a container weighing solution

DP World’s British container terminals are to offer container weighing services for UK exporters to determine the Verified Gross Mass (VGM) of each container ahead of new legislation coming into effect from the July 1, 2016. Both DP World London Gateway and DP World Southampton will “implement scalable solutions” to weigh containers shortly after arrival in the port and provide ... Read More »

AAPA “disappointed” over proposed US port funding

The American Association of Port Authorities (AAPA) has said that it is disappointed in the funding levels proposed in President Obama’s fiscal 2017 budget, which it described as “grossly imbalanced” for US ports. The AAPA criticised the reduction of funding for U.S. Army Corps of Engineers coastal navigation programmes, the Federal Emergency Management Agency’s (FEMA) Port Security Grant programme, and ... Read More »