While China’s ports continue to face growth pressure, the country’s largest port operator is reaping the rewards of years of investments in overseas projects. China Merchants Holdings (International) reported first-half net profit rose 29 per cent to HK$2.78 billion ($US 361 million) from a year ago, after throughput gains at Chinese terminals exceeded China’s overall container growth rate and traffic through overseas facilities rose at a double-digit clip. The profit is driven by steady growth from ports and contributions from overseas greenfield projects. Chairman Li Jianhong said he expected the growth of mainland operations to slow, but noted an overall growth in the second half can be sustained. By the end of June, the company handled a total container throughput of 41.35 million 20-foot equivalent units, up 5.3 percent. However, the container throughput in Hong Kong and Taiwan fell 18.8 percent due to the upgrading of operating system of Modern Terminals Limited. Li expects overseas business to account for 20 percent of total revenue this year. Li Jianhong said, "Benefited by contribution from overseas ports, in particular the Sri Lanka project, container throughput handled during the first half of 2015 rose 5.3% year-on-year to 41.35 million TEUs
Jee Ltd, an indepenedent multi-discipline engineering and training firm, has announced further plans for expansion to accommodate the company’s growth strategy and the creation of 150 new jobs in the UK. The company which provides a complete range of subsea engineering expertise also announced the appointment of new board members Andrea Haywood, Finance Director, and Jenny Matthew, Director, who will help drive steady growth plans
By Rich DeSimone The economic storm signals are all around us: the wild swings in stock markets globally, the contraction of credit availability worldwide and the frequent use of the dreaded “R” word. Is the United States headed for a deep recession? Is a recession already under way? Will the slowing U.S. economy drag the rest of the world’s countries into recession as well?
Industry Leader Continues Strategic Path of Growth. Denison Yacht Sales is pleased to announce its acquisition of Generation Marine, a Fort Lauderdale-based yacht brokerage and service company. Generation Marine's reputation in the trawler and explorer yacht categories helps strengthen Denison's position in this segment of the yachting market. "We feel strongly that the trawler and expedition markets will continue their steady growth," said Bob Denison
Brightoil Petroleum (Holdings) Limited announced its interim results for the six months ended December 31, 2014, reporting steady growth over the period. During the period, profit attributable to the owners of the group increased 3% year-on-year to HK$561 million. Basic earnings per share amounted to 6.41 HK cents, up 3% from a year ago. Total revenue climbed 11% from HK$40.3 billion in 1HFY2014 toHK$44.9 billion for the period as the twin-engines business model (upstream and
Murray Hill-based intermodal information technology company Advent Intermodal Solutions on Tuesday announced it has named a new CEO as it plans a redesign of its signature supply chain management system. Parvez Mansuri, who at one time was chief information officer of the company, will now serve as CEO after spending the past four years running an independent venture known as Wireless Asset Management. Mansuri, who had been serving as an adviser and director to AIS
Moody's Investors Service placed the long term debt ratings of Royal Caribbean Cruises Ltd. on review for possible upgrade based on its improved debt protection measures, and the steady growth in earnings and cash flow as well as its reduced need for debt to fund capital expenditures following its equity issuance. Moody's review will focus on the impact of Royal's extensive ship building program on debt protection measures
The International Bunker Industry Association (IBIA) gained Consultative Status at the International Maritime Organization (IMO). IBIA's status has been confirmed by IMO's Council after IBIA received formal recommendation from the Marine Environment Protection Committee (MEPC) at its meeting in 2005. Don Gregory, chairman of IBIA, says: "IBIA has rapidly developed in stature and influence and has enjoyed steady growth in membership since its formation 10 years ago
A sharp contraction in world trade has idled more than 200 container ships, threatening the survival of many companies, according to The Journal of Commerce. "The slump in container shipping appears certain to extend into 2010 or beyond. Some companies won't survive," said Joseph Bonney, editor-in-chief of The Journal of Commerce. Carriers operating from Asia to Europe, the world's busiest container trade route, are expected to lose up to $5b this year
A high-level delegation from Japan External Trade Organization (JETRO) recently visited Dubai World Central, the world’s first purpose-built aerotropolis, to take a closer look at the state-of-the-art infrastructure and facilities available to Japanese companies seeking to establish and expand their business operations in the Middle East. The visit of the Japanese delegation is in line with DWC’s strategy of attracting leading international companies to commence
The outlook for the US ports industry is stable for 2016 on the expectation of continued economic growth and a steady rise in US container volume, Moody’s Investors Service says in “Ports – US: 2016 Outlook – Container Volume Growth Supports Stable Outlook.”
Global economy: menacing clouds in the sky cast a shadow on global economic developments 2015 never really took off, even though the global economic activity looked stronger earlier in the year. The negative indicators seen at the end of 2014 were not overcome
With tanker owners “on top of the world” and their dry bulk counterparts often feeling like they are “staring into the abyss”, 2015 was a year of contrasting fortunes across bulk shipping, says Clarksons Research.
Taiwan President Ma Ying-jeou honored Evergreen Group founder Dr. Chang Yung-Fa with a posthumous commendation in recognition of his contributions to international transportation and social welfare during the memorial service today. The company's North America headquarters are in Jersey City, N.J
The Swedish Club reported a solid operating result to its board today, continuing a record of building on steady growth. 2014 was seen as a stable year, where the underwriting result outperformed the financial performance and the insurance products across the board returned a staunch to high
Frost & Sullivan today launched its latest research, Mega Trends Malaysia in collaboration with the Malaysian Investment Development Authority (MIDA). Mega Trends are defined as transformative, global forces that define the future world with their far reaching impact on business
Evergreen Line announced it will partner with Simatech, a feeder operator based in Dubai, in launching a joint Chennai-Colombo-Gulf Service (CCG) service next month aiming to improve its service on the India-Gulf trade. The CCG service will utilize four containerships of around 2
The Union Cabinet of India has given its approval for signing of a shipping agreement between India and Jordan. The Union Cabinet was chaired by Prime Minister Narendra Modi. An official press release said the government had decided to sign the agreement with a view to
Tanker earnings for crude oil tankers have climbed to new strong levels in the first quarter of 2015, with averages not seen since 2008, the Baltic and International Maritime Council (BIMCO) reported. The demand for crude oil tankers remains high even though the winter months are far
In light of the increasing capacity demand, Evergreen Line will launch its new Vietnam-Singapore-Malaysia service (VSM) this month. The dedicated feeder loop will utilize two A-type containerships of 1,164 TEU. The first sailing of the weekly service will start from Haiphong on May
Specialist shipbuilder, Strategic Marine, has appointed Rob Osborn as General Manager for Fabrication and Engineering. Over the last few years, Strategic Marine has established and rapidly developed production capability in the sectors of marine infrastructure
Recovering stock markets boost oil prices; U.S. crude on track for first weekly gain in nine weeks. Oil prices steadied on Friday after bouncing back from six-and-a-half-year lows on recovering equities markets, strong U.S. economic growth and news of low crude supplies from Nigeria.
Healthy returns enjoyed by the product tanker market in recent years are under threat as impending fleet growth is expected to reduce the sector’s earnings over the medium term, according to the Product Tanker Market Annual Report 2015 published by global shipping consultancy Drewry.
The port of Antwerp handled 156,515,552 tonnes of freight in the first nine months of this year, up 5.5% on the same period last year. The steady growth in the volume of container freight (up 8.0% in TEU, 5.4% in tonnage) and of liquid bulk (up 7
Refining capacity in Asia has been growing rapidly for many years. Not surprisingly, the vast majority of this growth took place in China, which more than doubled its refining capacity over the last 10 years. The other significant growth engine in Asia has been India