Korea's Hyundai Heavy Industries expects to post a net profit of $39.8 million (44.4 billion won) in the first half, down 68.2 percent from the first half of 1999. The shipbuilding unit of the Hyundai Group expects the lower profits despite an expected rise in first-half sales to $2.69 billion (3 trillion won), up 8.9 percent. Net profits were shaved by investment losses stemming from the company's sale of stakes in Hyundai affiliates, even though its operating profits increased, he said.
Malaysia's Port of Tanjung Pelepas (PTP) intends to buy more than 400 million ringgit ($105 million) of equipment to handle an expected rise in container shipments. PTP's chief executive Mohd Sidik Shaik Osman was quoted by national Bernama news agency as saying he expected volume to triple to 150,000 TEUs by March after averaging 40,000 to 50,000 in the second-half of last year. PTP, a deep-sea port located at the south-western tip of Peninsular Malaysia
Judging by the findings of Drewry Maritime Research’s latest 'Ship Operating Costs Annual Review and Forecast' , ship operators were able to keep increases in operating costs in 2013 quite low – with increases in total costs typically ranging between 1.0-2.5% depending on the sector in question – despite 2013 being another difficult year for most. Commenting on the latest findings Nigel Gardiner, Managing Director
Teekay Tankers Ltd. reported adjusted net income attributable to its shareholders of $48.5 million, or $0.31 per share, for the quarter ended December 31, 2015, compared to $18.6 million, or $0.21 per share, for the same period in the prior year. The results fell short of Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 42 cents per share.
Chemical tanker shipping freight rates are expected to remain firm over the medium term, thanks to rising production capacity in key exporting countries, according to the latest edition of the Chemical Forecaster, published by global shipping consultancy Drewry. Since 2015, the US has started to export more and import less volume of liquid chemical products. US methanol capacity surged 77% in 2015 with the addition of around 3.5 million tonnes per year of new capacity.
The transport sector is looking to Asia Pacific as the key market for investment over the next five years, according to the seventh The way ahead Transport survey from global law firm Norton Rose Fulbright. China and India are the most popular jurisdictions for investment, followed by the US, with growth through consolidation viewed as the best investment opportunity currently. Harry Theochari, global head of transport at Norton Rose Fulbright
Container volume at Port Klang, Malaysia's busiest port, is expected to rise to 2.1 million TEUs in 1999 from 1.82 million TEUs in 1998.
Total traffic through Zeebrugge port rose by 6.6 percent to 26.67 million tons in the first nine months of 1999. At the end of the year it expected total traffic to rise to 35 million tons versus 33.4 million tons in 1998. "On the basis of these interim figures we can see that 1999 will be an absolute record year," port management said in a statement, noting that traffic rose by more than 20 percent over the past three years.
P&O Nedlloyd said on Thursday that global economic slowdown was expected to affect future revenues, as the container shipping group posted a slight rise in second quarter operating profit. P&O Nedlloyd - a joint venture between Peninsular & Oriental Steam Navigation Company Plc (P&O) and Koninklijke Nedlloyd Groep - said operating profit for the quarter rose to $46 million from $44 million a year ago. Overall volumes rose four percent from last year
Singapore-based offshore energy group Swiber Holdings issues its Q2 & HY 2012 financial report. Swiber Holdings provide offshore construction, offshore marine, subsea & offshore development services. 2Q 2012 highlights: Net Profit surges 66.0% to US$20.9 million Revenue rises 27.1% to US$229.6 million HY 2012 highlights: Net Profit rose 36.9% to US$33.5 million Revenue increases 28.0% to US$424.0 million
Spot container freight rates on the major East-West routes reached a 20-month high this week and have risen above the average of the last 5 years, said a report by Drewry. The latest weekly reading is $1,770/40ft container for the composite index
Spot container freight rates on the major East-West routes reached a 20-month high this week and have risen above the average of the last 5 years. The latest weekly reading is $1,770/40ft container for the composite index, reflecting increases on individual lanes to $1
Libya's UN-backed government will declare force majeure on two ports to stop fuel smuggling from them, a statement from its presidential council said on Saturday. The statement gave no details on when the measure would come into effect, but it comes after officials accused a local armed group
The Sulu Sea between eastern Malaysia and the Philippines has become dangerous for merchant shipping due to rising threat of kidnappings, the International Maritime Bureau (IMB) said on Tuesday. The Sulu archipelago is a stronghold of the Abu Sayyaf
In wake of new low-sulfur rules for maritime, IEA expects to drive a 2-million-bpd increase in demand for low-sulphur diesel Even if the diesel engine's scandal-driven fall from grace pushes it out of the world's passenger cars, an increasing need for it on ships
Shipping confidence improved for the third successive quarter in the three months to end-November 2016, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens.
Shipping confidence improved for the third successive quarter in the three months to end-November 2016, says a report by Moore Stephens, an accounting and advisory network in UK. In November 2016, the average confidence level expressed by respondents was 5.6 out of 10
U.S. Gulf Coast refiners are cashing in on rising fuel demand from Mexico, shipping record volumes to a southern neighbor that has failed to expand its refining network to supply a fast-growing economy. The fuel trade could top a million barrels per day (bpd) at times in 2017 as Mexico
Saudi Arabia, at war in Yemen and competing for regional influence with arch-rival Iran, projects a 6.7 percent rise in defence spending in 2017 to 191 billion riyals ($50.8 billion), according to official budget figures released on Thursday.
A report from the Washington Post described how high Arctic temperatures had risen by about 36 degrees Fahrenheit last month, coinciding with record-low sea ice levels. Scientists have just discovered something int he Arctic that could totally change how they see the drastically
The cost of transporting containers from ports now shows signs of recovery after the fall of Hanjin Shpiping Co after a period of down play, says a report in Business Korea. It appears that the strategy of Maersk Line, the world’s largest shipping group which cuts down
Chilean forestry exports will total $5.3 billion by value in 2016, 3 percent less than last year, as supply has increased and the economies of key export markets remain sluggish, an industry body said on Tuesday. The Chilean Wood Corporation (Corma) said in a statement that exports in
The port of Antwerp will close 2016 with an expected record volume of more than 214 million tonnes of freight handled. The shipping container volume for its part has risen above 10 million TEU (twenty-foot equivalent units, i.e. standard containers) for the first time in the history of the port
U.S. crude oil stocks unexpectedly rose last week, while gasoline and distillate product inventories dropped, the U.S. Energy Information Administration said on Thursday. Crude inventories were up 614,000 barrels in the week to Dec. 23, compared with expectations for a decrease of 2
It creates a certain unease over what 2017 might have in store for us, given that the words have gotten bigger and the tone sharper in both political and diplomatic dialogue across the globe. It certainly makes practicing the dark art of making predictions of the future even more terrifying than