Tuesday , 14 August 2018
Latest News

Monthly Archives: November 2017

China approves Maersk Line’s acquisition of Hamburg Süd

Closure of the deal is expected by the end of 2017

Maersk Line’s proposed acquisition of Hamburg Süd has received approval from China’s ministry of commerce subject to capacity limitations on certain routes as well as the German carrier no longer taking part in specific vessel sharing agreements (VSAs). Maersk Line has committed to reducing its combined capacity with Hamburg Süd for shipping reefer containers on the Far East Asia – West Coast of ... Read More »

DP World and Suez Canal team up for new economic zone project

DP World and the Suez Canal Economic Zone Authority (SCZone) have agreed to develop an integrated industrial and residential zone in Sokhna, Egypt. SCZone will have a 51% share in the joint venture, with DP World holding the remaining stake and also managing the zone. The zone is projected to start in the first quarter of 2018, and will feature ... Read More »

Japanese lines join Xvela cloud collaboration platform

The One Network Express (ONE), the new company formed by the merger of K Line, NYK Line and MOL, has selected Xvela’s collaborative stowage solution to help meet its stowage planning needs. The platform, which is backed by Navis, was created in an effort to help terminals and carriers better coordinate on stowage planning, with the goal of improving port ... Read More »

Maersk struggles in third quarter

Maersk CEO Søren Skou

Maersk has lowered its full-year underlying profit expectation after a difficult third quarter in which volumes, utilisation and unit cost performance all suffered. Maersk CEO Søren Skou said the company ‘cannot be satisfied with our performance’ when detailing the quarterly results, in which the company lowered its full-year underlying profit forecast from in excess of US$1bn to around US$1bn. Volumes ... Read More »

Hutchison opens new UAE terminal

Terminal operations at a new 350,000 teu Hutchison Ports facility located in the north of the United Arab Emirates (UAE) have commenced following a commemorative ceremony. Hutchison Ports signed a concession agreement at Saqr Port, located in the emirate of Ras Al Khaimah (RAK), to operate the terminal for 25 years. RAK is home to the one of the world’s ... Read More »

Former US commerce secretary named in Paradise Papers over Triton shares

Pritzker served as US commerce secretary between June 2013 and January 2017

Penny Pritzker, who served as US commerce secretary during President Barack Obama’s second term, was named in the Paradise Papers over a potential conflict of interest relating to shares she owned in companies including container lessor Triton Container International. Rather than selling the shares, as was expected at the time, they were transferred to an investment firm “owned by trusts that ... Read More »

MCI appoints new CEO

Maersk Container Industry (MCI) has appointed manufacturing company Joy Global China’s president as its new CEO. Sean Fitzgerald, who has more than 20 years of experiences across management, manufacturing, product management and marketing, will leave his job at Joy Global China in January 2018 and join MCI. Chairman of MCI’s advisory board, Soren Toft, said: “Having returned to profitability after ... Read More »

DP World in talks for Yuzhny concession

President Poroshenko visited Jebel Ali

DP World’s group chairman and CEO Sultan Ahmed Bin Sulayem has held talks with Ukrainian President Petro Poroshenko on participating in the concession of the state port Yuzhny. The pair also spoke about collaboration on technology-driven customs operations during Poroshenko’s visit to Jebel Ali Port and Freezone. Last year, DP World signed a Memorandum of Understanding (MoU) with the government ... Read More »

Auckland announces 30-year master plan despite prospective move

Auckland's berth may be extended by 30 m

Ports of Auckland (POA) has released a 30-year master plan detailing prospective projects to help build the port until its site is moved from the Waitematā Harbour. The proposal includes automating Auckland’s container terminal, adding three new cranes, deepening its berths, and possibly extending berth length past its current 300 m. Ports of Auckland chief executive Tony Gibson said: “This ... Read More »