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Groups Say NZ Port Merger will Cut Costs

Reports said that shipping and business groups say a proposed merger of New Zealand's largest ports will cut costs. The Ports of Auckland and Ports of Tauranga say they are in advanced discussions about working together, making savings for exporters through a more efficient supply chain. The Employers' & Manufacturers' Association agrees the merger has the potential to reduce costs. The association says they could keep the land but publicly float the combined company, freeing ratepayers' money for investment in other areas. The talks come as Danish shipping company Maersk reviews the option of dealing with a single port in the North and South Islands. Source: Radio NZ


Freight Rate Hikes Benefit South Korean Shipping Firms

South Korea’s major shipping companies benefited in 1999 from freight rate hikes and lower foreign debt service costs resulting from the won’s surge against the dollar, analysts said. However, they said, expectations of rising shipping capacity following more deliveries of new ships would weigh down the growth of revenues for shipping firms this year. Container shipping rates rose about six percent on average last year, which is in line with the country’s recovering exports, one analyst said


New Paintjob for Sullom Voe Tugs

The five bright red tugs operating at the Sullom Voe Terminal are soon to display the blue and white corporate colors of their new owner. Shetland Towage, a company wholly owned by the Shetland Charitable Trust, was incorporated into the Shetland Islands Council's ports and harbor operation on February 10, in a bid to streamline operations at the harbor and to cut costs. The first of the tugs is expected to be back in the isles from dry-docking in late June


Halter Marine Confirms Merger Talks

Shipbuilder Halter Marine Group Inc. confirmed it is in talks with an oilfield service company about a possible stock-for-stock merger. The company, which in January announced a sweeping restructuring to cut costs, said it cannot assure the talks will lead to a transaction. It also said it cannot guarantee a deal, if any, would represent a premium over current market prices. Halter Marine, which also builds offshore drilling rigs and engineered products serving the offshore energy industry


Tanker Groups To Pool Vessel Marketing

Two major clean oil product tanker operators will reportedly form a vessel pool to market each other's ships on opposite sides of the world. Japan's NYK Line and International Product Tankers Ltd. (IPC), a joint venture company formed by OMI Corp. and Osprey Maritime Ltd., said the agreement would cut costs and improve services. Under the agreement, IPC will market NYK's fleet of product tankers to European and U.S. customers when positioned in European or Atlantic waters


Pentagon Expected To OK NNS Deal

The Pentagon is widely expected to clear the proposed $2.1 billion merger between the two remaining U.S. builders of nuclear submarines and aircraft carriers, eliminating prospects of any future competition between former rivals. Defense Department officials recognize the peculiarities of the situation faced by General Dynamics Corp. and Newport News Shipbuilding Inc., according to antitrust lawyers, industry consultants and Wall Street analysts. With only one major customer -- the U.S


GAC EnvironHull Unveils Fuel Savings Calculator

GAC EnvironHull Photo GAC

Ship owners and operators can now compare fuel cost savings reaped by hull cleaning with GAC EnvironHull’s online fuel savings calculator. A foul-free hull offers the benefits of significantly enhanced fuel efficiency and lower operating costs by reducing resistance in the water. A clean ship sails smoother through the water, gives a greener and more sustainable solution and offers energy savings of up to 10% of fuel.


Petrobras’ Could Cut Logistics Costs by R$1 bi

  One of a series of management improvement measures adopted by Petrobras in the last two years, the Logistics Infrastructure Optimization Program (Infralog) should generate approximately R$1.8 billion (US$719 million) in savings for the company from the time it was created (November 2012) until the end of this year. By 2013, the program had already cut costs by around R$800 million. Petrobras’ target is to save R$4 billion (US$1


Short-Term Perils of Lower Oil Prices: DW Monday

Oil tanks: File image

At present we are seeing lower oil prices as a function of softer demand growth in both Europe and China combined with recent output increases from OPEC, particularly Libya, together with the ongoing surge in US production, notes Douglas-Westwood in the latest 'DW Monday'. In the short-term, supply could start to be taken out of the market quite quickly if lower price levels are sustained – we have earlier noted that returns for most E&P companies have been eroded by


Cummins Announces 2002 Outlook

Cummins Inc. today released its expectation for improved profitability despite essentially flat revenues for 2002. Cummins Chairman and CEO, Tim Solso, said, "continuing efforts to reduce costs will enable Cummins to achieve a profitability improvement over 2001 with little to no improvement in revenue." During the October 11th teleconference on third quarter earnings Solso noted that rapid market changes in the U.S


EURONAV Selects Jotun’s HPS for Two Suezmax Vessels

Photo: EURONAV

EURONAV has selected Jotun’s Hull Performance Solutions (HPS) for two of its Suezmax vessels. The agreement will see Samsung-built sister ships M/T Cap Guillaume and M/T Cap Philippe receive coatings of Jotun’s advanced SeaQuantum X200 antifouling


Sevan Marine Divests Stake in KANFA Aragon

Sevan Marine ASA said it has disposed 50 percent of its stake in KANFA Aragon AS to Sembcorp Marine Ltd. for cash consideration of NOK 20 million, representing a step in the company’s efforts to cut costs and complexity while increasing its focus on its core cylindrical hull technology.


EU to Accept Antitrust Offer from Maersk, MSC, 13 Others

File photo: Maersk Line

World No.1 container liner Maersk, Swiss peer MSC and 13 other shipping firms are set to escape possible penalties as EU antitrust regulators plan to accept their offer to end a five-year probe, three people familiar with the matter said on Tuesday.  


EU to Accept Antitrust Offer From Maersk, MSC, 13 Others

World No.1 container liner Maersk, Swiss peer MSC and 13 other shipping firms are set to escape possible penalties as EU antitrust regulators plan to accept their offer to end a five-year probe, three people familiar with the matter said on Tuesday.  


Maersk Fights to Stay on top as Containership Downturn Deepens

Maersk Mc_Kinney Moller (Photo courtesy Maersk)

Denmark's Maersk Line is fighting to remain the world's no.1 container shipping carrier as a wave of mergers and acquisitions, particularly in Asia, creates new challengers trying to grab a bigger share of a depressed market. Maersk itself hasn't made a major acquisition for more than a decade


GAC's HullWiper set to launch in Rotterdam Port

Hullwiper in operation Photo GAC

GAC EnvironHull has announced that its pioneering hull cleaning system, HullWiper, will be available to shipowners berthing in the Port of Rotterdam next month. HullWiper - which will be demonstrated at an event co-hosted by GAC EnvironHull and the Port of Rotterdam at the port on 23 June - is


UASC Shareholders Back Hapag-Lloyd Merger Talks

Photo: United Arab Shipping Co

 The Middle East container shipping group United Arab Shipping Co. (UASC ) met with shareholders at the company's corporate office in Dubai to discuss a possible combination with German rival  Hapag-Lloyd, but no decision was finalized.  


UASC Says Shareholders Back Hapag-Lloyd Merger

Photo: UASC

The shareholders of Middle East container shipping group United Arab Shipping Company (UASC) back the company's merger talks with German rival Hapag-Lloyd although there has not yet been a vote to approve a deal, UASC said on Thursday. UASC, which is owned by Gulf governments


S.Korea Shipbuilders' Lead creditors back Asset Sale, Cost Cuts

The lead creditors of two of South Korea's biggest shipbuilders have provisionally approved plans by Hyundai Heavy Industries and Samsung Heavy Industries to raise up to $4.2 billion in asset sales and cost cuts, people with knowledge of the plans said on Wednesday.


Commodities Shipping Firms Struggle to Ride Out Worst Downturn

Shipping companies transporting coal, and iron ore and other commodities are urgently seeking ways to conserve cash and withstand the worst market downturn on record as too many ships chase shrinking business.   A shortage of financing - estimated at $30 billion and caused in part by banks


CMA CGM Aims to Cut Costs by $1 Bln

Photo: CMA CGM

France's CMA CGM, the world's third-largest container shipping firm, reported a first-quarter net loss on Friday and targeted $1 billion in cost cuts to keep operating margins positive during the current market downturn.   Weak freight rates in the past year have left many lines operating


Daewoo Shipyard Posts Q1 Operating Loss

Photo: Daewoo Shipbuilding & Marine Engineering Co

 South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co. posted a first-quarter loss after incurring more costs to finish some offshore projects.   First-quarter operating loss came to 26.3 billion won ($22.8 million) , sharply narrowing from an operating loss of 1


Maersk Mulls Acquisitions after Surprising Profit

File Image: a Maersk containership alongside (Maersk)

Fragmented sector chasing alliances to cut costs; Maersk has plenty of cash for deals - CEO. A.P. Moller-Maersk returned to profit at its main container shipping business in the first quarter, putting the cash rich company in a strong position as the struggling industry consolidates.


CRMG Cranes Arrive in Mersey for Liverpool2

Photo: Peel Ports

 First six of 22 to be installed at £300m terminal; arrival marks end of 13,730 mile (11,930nm) journey from Nantong, China   The first six cantilever rail-mounted gantry (CRMG) cranes arrived in the River Mersey on Sunday, May 1 ready for installing and commissioning at the


Fitch: M&A, Not Alliances to Help Revive Container Shipping

File Image: a containership at the berth in the Port of Savannah, GA (credit: GPA)

The following statement was released by the rating agency: Mergers and acquisitions, rather than the historically more popular alliances, are inevitable to address chronic overcapacity and drive further cost savings in container shipping, Fitch Ratings says






 
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