Tuesday , 12 December 2017
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Author Archives: Joe Lo

India commits to Chabahar development

India sees Chabahar as a way to reach Afghanistan without passing through Pakistan

Indian prime minister Narendra Modi has met his Iranian counterpart Hassan Rouhani and signed an agreement to develop the Iranian port of Chabahar. India will commit US$500m to developing the port, which is in the east of Iran and will facilitate Indian trade with Iran and Afghanistan. Of this money, US$85m will be spent in developing two container berths with ... Read More »

HMM’s creditors agree debt-for-equity swap

Hyundai Merchant Marine’s creditors have agreed to swap 680bn (US$573m) won of debt for equity, according to lead creditor Korea Development Bank. At the end of the first quarter of 2016, the company had debts of 5,2tn won (US$4.28bn)so this move will take it to around 4.52tn won (US$3.8bn), a 13% decrease. In return, creditors will receive a stake in ... Read More »

Only 40% of shippers sufficiently informed on weighing rules

With just over a month to go before new container weighing rules come into force, a survey of shippers has found that only 40% have received sufficient information from their service providers. Of the 49 shippers who responded to Drewry‘s survey, 20 were under-informed, 22 were sufficiently informed and seven declined to answer. The new global rules require shippers to prove that every ... Read More »

CMA CGM records US$72m loss

CMA CGM has recorded a US$72m loss in the first quarter of 2016 as its revenue fell by 15%. The French giant, which recorded a US$435m profit in the first three months of 2015, announced that its revenue went down from US$4bn in the first quarter last year to US$3.4bn in the same period this year. The company recorded a ... Read More »

Evergreen commits to Marseille Fos

Evergreen has pledged its support for Marseille's southern gateway campaign

Evergreen Line has announced plans to replace its 8,500 teu ships calling at Fos’s Seayard terminal with 14,000 teu ones from 2017. Evergreen France chairman James Tang made this announcement at at a ceremony to celebrate Evergreen’s decision to add its own ships to the Asia-Med-North Europe service to replace a slot arrangement with the CKYHE alliance. “Evergreen never completely ... Read More »

Ex-Cavotec fraudster sells shares

A former Cavotec employee who was ordered to pay nearly US$7m after a jury found he had breached his fiduciary duties “with malice, oppression and fraud” has sold his Cavotec shares to help pay the charge. Michael Colaco initiated a lawsuit against Cavotec after he resigned as a member of Cavotec’s executive management committee and as managing director of Cavotec ... Read More »

DP World CEO questions silk road financing

Sulayem said that China’s economy is very strong while Europe's stagnates

DP World’s CEO Ahmed Bin Sulayem told Bloomberg he was struck by the US$8tn gap in funding for China’s new silk road project. Speaking in Hong Kong, he said: “What struck me is the gap of US$8tn which is needed to finish this. It’s a big amount and really the whole discussion is how to fund it. Definitely, there are many, ... Read More »

New calls boost APMT Cai Mep’s quarter results

Terminal operator APM Terminals (APMT) has announced that the container volumes handled at its facilities in Cai Mep, Vietnam, have more than doubled year-on-year during the first quarter of 2016 following the introduction of five new services calls last year. Throughput at the company-operated Cai Mep International Terminal (CMIT) went up by 130% year-on-year to 277,303 teu in the first ... Read More »

Terex delivers ten reach stackers to Benin

The new reach stackers will join eight already operated by the company

Terex Port Solutions (TPS) has delivered ten new reach stackers to the terminal operated by Société Béninoise des Manutentions Portuaires (SOBEMAP) at the Port of Cotonou in Benin, West Africa. The new units, which can stack up to five high-cube containers (9‘6‘‘) in the first row, have a maximum load capacity of 45 tonnes in the first row, 27 tonnes ... Read More »

DP World opens new terminal in Turkey

Port operator DP World has officially opened for business its new greenfield container terminal Yarimca in Kocaeli city, Turkey. The new facilities, which have a handling capacity of 1.3m teu, feature remote-controlled gantry cranes with automated gate operations. The operator’s Yarimca terminal, which has two main berths long 465 m and 430 m, can accommodate two container vessels at the ... Read More »