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Monthly Archives: September 2016

DP World to advise Azerbaijan on free zone

DP World has entered into an advisory agreement with Azerbaijan and the Port of Baku to develop a plan for a free trade zone in the country. The project, which involves the development of the Alyat Free Trade Zone and will be implemented in collaboration with the government of the self-declared republic of Somaliland, will focus on containers with the ... Read More »

ICS chairman warns IMO’s authority at risk

The new chairman of the International Chamber of Shipping (ICS) has claimed that the shipping industry has to tackle the challenge of maintaining the authority of the International Maritime Organization (IMO). At the ICS’s annual Conference in London, Esben Poulsson said during his first major address in his new role that three major challenges the shipping sector has to respond to include protecting the global maritime ... Read More »

New York/New Jersey completes channel deepening project

The project required an investment of US$2.1bn

The port of New York and New Jersey has announced that it completed its US$2.1bn main navigation channel deepening programme. The project, which was jointly financed by the port and the US Army Corps of Engineers, involved dredging the port to a 50 ft depth. The US Army Corps of Engineers claimed that larger and more environmentally-friendly container vessels will ... Read More »

Bromma appoints new president

Bromma has announced that Cargotec’s veteran Mika Virtanen will succeed the recently-appointed Peter McLean as the company’s new president effective from September 1. McLean, who has been holding the role of president at Bromma since June 2016, will hold the role of head of Asia-Pacific at Kalmar. Virtanen has for many years held several senior management positions in both Bromma ... Read More »

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 signs MOU with Summa Group

The signing featured  Russia's transport minister Maksim Sokolov (rear)

DP World has signed a memorandum of understanding (MoU) with an investor in Russian infrastructure, the Summa Group, in order to explore investment opportunities in ports, special economic zones and inland logistics facilities. The partnership will also focus on the development and implementation of freight delivery and port processing technologies. The development and promotion of the Asia-Pacific Economic Cooperation (APEC) ... Read More »

ICTSI breaks ground on auto logistics hub

International Container Terminal Services, Inc. (ICTSI) has broken ground along with NYK Auto Logistics Philippines (NALP) and other project partners on NYK’s new pre-delivery inspection and storage facility. The area is located on ICTSI-owned land in Barangay Niugan, Cabuyao Laguna, in the Philippines. The facility will serve as a storage center for completely built-up units (CBUs) discharged from Bauan International ... Read More »