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Author Archives: Joe Lo

Hanjin’s parent company to fund unloading of stranded cargo

The company’s debt stood at US$5.4bn at the end of June

Hanjin Group and its chairman have announced plans to raise a total of US$91m to fund unloading of cargo on ships stranded following its subsidiary Hanjin Shipping’s bankruptcy last week. The group plans to provide the shipping company with US$55m, while its chairman Cho Yang-ho would contribute another US$36m from private funds, BBC reported. South Korean government-backed creditors offered to ... Read More »

DP World wins 30-year concession for port in Somaliland

DP World has won a 30-year concession with an automatic 10-year extension for the management and development of a deep sea multi-purpose port at Berbera in Somaliland, a self-declared republic within Somalia. The Port of Berbera opens a new point of access to the Red Sea and will increase the port operator’s local presence which includes a facility in Djibouti ... Read More »

CMA CGM suffers US$94m loss

The carrier reported a US$172m net loss in the first half of 2016

CMA CGM has suffered a US$94m pre-tax loss in the second quarter of the year with like-for-like revenue dropping by 19%. Excluding the recently-acquired NOL’s contribution, the company’s net loss stood at US$109m. Revenue excluding NOL’s contribution went down from US$4.1bn to US$3.3bn in the second quarter of the year, while its total revenue was down 15% to US$3.5bn. The ... Read More »

DP World hits setback in Melbourne union row

DP World has been temporarily prevented from using general dock workers to do the job of ‘linesmen’. Australia’s Fair Work Commission has issued a temporary order prohibiting DP World from using general dock workers to moor, unmoor and shift ships at its Melbourne terminal. Currently, these mooring duties are currently performed by external mooring providers, who employ workers known as ... Read More »

Konecranes confirms merger will lead to job losses

Konecranes expects to make short term job losses

Konecranes has confirmed that there will be job losses as a result of its merger with Terex’s material handling and port solutions (MHPS) segment. In a statement to shareholders, ahead of an emergency general meeting on September 15, the company said: “It is anticipated that there will be some overlap across certain functions within the organisation. While some reductions in ... Read More »

Equipment costs hit record lows

In general, container handling equipment has got cheaper

Lower costs and weaker demand have driven down the price of new container handling equipment to record lows, according to shipping analyst Drewry. The container equipment index price has fallen from US$1,900 at the end of 2014 to US$1,450 at the end of 2015, close to an all-time low. According to Drewry, the price fall is down to cheaper production ... Read More »

Samskip installs Rotterdam’s largest solar panel system

Logistics company Samskip has completed the installation of the Port of Rotterdam’s largest solar panel system as part of the facilities’ sustainability strategy. The company completed the project through its subsidiary frigoCare in partnership with Dutch renewable energy company Zon Exploitatie Nederland (ZEN). The new green energy system, which was installed on the roof of frigoCare’s 14,000 pallet-capacity cold-store in ... Read More »

Terex delivers MHC to ICTSI DR Congo

The new terminal is set to start operations in August

Terex Port Solutions (TPS) has delivered the first of two new mobile harbour cranes (MHC) expected to be operated at ICTSI’s new container and general cargo terminal at the Port of Matadi, DR Congo. The new unit is the first of two Terex Model 5 cranes to be operated at the Matadi Gateway Terminal (MGT). The cranes, which have a ... Read More »

Konecranes to deliver 12 RTGs to Charleston

The cranes will be delivered in fall next year

Finnish manufacturer Konecranes has announced that it will deliver 12 new rubber-tyred gantry cranes (RTGs) to the South Carolina Ports Authority (SCPA)’s Wando Welch terminal at the Port of Charleston in 2017. The new units, which will have a lifting capacity of 50 long tonnes, will be able to stack 1-over-5 containers high and six plus truck lane wide. They ... Read More »

Mis-declared cargo causes over a quarter of incidents on ships

Shipping insurance provider UK P&I Club has claimed that over a quarter of incidents on ships are caused by mis-declared cargo. According to the Protection and Indemnity (P&I) insurance provider, data captured by the Cargo Incident Notification System (CINS) over the 2013-2014 period revealed that 27% of incidents in terms of detected causation were attributable to mis-declaration of cargo. As ... Read More »