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Monthly Archives: March 2016

Konecranes sticks by Stig Gustavson despite fraud allegations

Stig Gustavson will be replaced by Christoph Vitzthum

Stig Gustavson will continue in his role as chairman of Konecranes board despite being criminally charged with allegedly carrying out aggravated subsidy fraud in a previous position. In a statement, the company said: “The board of directors and its nomination and compensation committee have now acquainted themselves with the matter and not found anything, which would give the reason to ... Read More »

PSA profit hit by decline in Singapore volume

Lower container volumes in Singapore hit PSA's profit

PSA International has suffered a double digit fall in pre-tax profits as its flagship Singapore Terminals lost 8.7% in container volumes in 2015. Profit before tax plunged 10.4% to SG$1.5bn (US$1.1bn) while revenue declined by 6.7% to SG$3.6bn (US$2.6bn) as PSA’s overall business handled 64.1m teu last year, a 2% fall from 2014. Its Singapore Terminals contributed 30.6m teu while ... Read More »

Hyundai Merchant Marine fights to avoid bankruptcy

Shareholders of Hyundai Group’s shipping segment Hyundai Merchant Marine (HMM) have agreed to a capital reduction aiming to keep it listed on the Korea stock exchange as the company’s creditors rejected its offer to reschedule debt, pushing the company closer to bankruptcy. Despite the rejection, according to a statement by the company, HMM and its main creditor, the state-owned Korea ... Read More »

Logistics hub acquisition pushes DP World profits up 31%

The acquisition of free zone Economic Zones World (EZW) helped DP World’s profit, attributable to the company’s owners, leap by 30.7% to US$883m in 2015. Despite limited container volume growth of 2.7%, the terminal operator’s increase in capacity at Rotterdam, London Gateway, EZW and Yarmica saw its revenue climb 16.3% On like-for-like terms at constant currency excluding the addition of ... Read More »

Kalmar moves forklift production from Sweden to Poland

Kalmar's forklift trucks will be produced in Poland

Kalmar has announced plans to move its forklift truck production from Sweden to Poland. Production will switch from the company’s site in Lidhult, Sweden to Kalmar’s current assembly operations centre in Stargard, Poland. In a statement, the company said the gradual transfer would take around two years, affecting approximately 190 Swedish workers and creating around 200 new jobs in Poland. ... Read More »

Zoomlion continues to challenge Terex-Konecranes merger

Terex’s shares increased as much as 12% after the news on March 15

Chinese industrial group Zoomlion has challenged Terex’s merger with Konecranes by improving its offer to acquire the American equipment manufacturer, according to Reuters’ sources. Zoomlion offered to pay Terex’s shareholders an additional special dividend of US$1 per share which would bring the cash offer to US$31 per share, thus increasing its bid to US$3.4bn. In response, Terex reportedly asked for ... Read More »

Kalmar lets ten workers go in restructuring

Kalmar has announced that ten of its workers will leave the company and not be replaced, due to restructuring of its automation and projects division. On top of these ten, thirteen workers will be transferred from Kalmar to Rainbow Cargotec Industries (RCI) competence team, still based in Tampere, from April 1, 2016. The number of lay-offs is less than expected, ... Read More »

Port operators and shipping lines sign up to stowage pilot

Numerous container terminal operators and shipping lines have signed on to pilot test new stowage and collaboration platform XVELA following the first participant Hapag-Lloyd. Hamburger Hafen und Logistik AG (HHLA), PSA International, DP World, Maersk Line, Orient Overseas Container Line (OOCL) and Nippon Yusen Kabushiki Kaisha (NYK Line) are among the companies to have committed to the test so far. ... Read More »

Transport companies promise not to ‘knowingly facilitate’ illegal wildlife trade

DP World's CEO with British dignitaries

Leaders of several cargo transportation companies have signed a declaration which commits them not to “knowingly facilitate or tolerate the carriage of [illegal wildlife products]”. The declaration was signed by members of the United for Wildlife transport taskforce at Buckingham Palace in London. The container terminal operators and carriers who signed the agreement were: China Cosco Shipping, DP World, Hamburg ... Read More »