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Monthly Archives: September 2016

India incorporates port development company

The Indian government has incorporated the Sagarmala Development Company (SDC) with an initial authorised share capital of Rs.1,000 crore (US$150m), to promote port development in the country. The new firm will have a subscribed share capital of Rs. 90 crore (US$13m), the ministry of shipping announced. SDC will raise funds “as debt/equity (as long term capital), as per the the ... Read More »

Hanjin files for receivership

Hyundai Merchant Marine is interested in acquiring Hanjin's assets

Hanjin Shipping has filed for court receivership after its creditors refused to provide any further loans to the debt-ridden carrier. Ports including those in Shanghai, Xiamen, Valencia, and Savannah have blocked access to Hanjin ships due to concerns they would not be able to pay fees, reported Reuters. The firm’s board unanimously agreed to make the court filing after failing ... Read More »

APM Terminals to invest US$70m in New Jersey facility

APM Terminals (APMT) is to invest US$70m in its largest facility on the US East Coast, enabling it to receive increased loads from larger vessels travelling via the Panama Canal. Annual capacity at the terminal in Port Elizabeth, New Jersey, will increase from 1.5m teu to 2.3m teu due to the addition of a new berth capable of handling 13,000 ... Read More »