Asian Shipping News

China's Cosco Shipping confirmed that investment in Peru's Chancay port continues and that it expects a quick resolution to a pending question over exclusivity rights to the facility, a local executive told reporters on Tuesday.Carlos Tejada, the company's general manager in Peru, made the announcement at an international trade event in the capital Lima.Last month, the Asian shipping firm said it was evaluating the impact of a move by Peru's government to annul the exclusivity it holds over operations at the under-construction megaport, seen as a key driver of growth for the South American cou

The Green Award Foundation has announced that eight ports managed by the Osaka Ports and Harbors Bureau have joined as new Incentive Providers, offering discounted port fees to Green Award certified vessels that call their ports.This expands The Green Award’s network to 47 ports incentivising safety and sustainability in shipping globally.Among the eight new Japanese ports are the Port of Sakai-Senboku and Port of Hannan, two major industrial ports situated in the Osaka Bay. With a long history as trading hubs…

Hong Kong providers of shipping services are breathing a sigh of relief after authorities announced they would ease strict quarantine restrictions imposed last July on vessels calling at the Asian shipping hub, trade sources said.From Tuesday, crew of non-cargo goods vessels visiting Hong Kong for shipping services, including bunkering and provision supplies, will be exempt from the curbs, subject to conditions, the Marine Department told shipping firms in a letter.“This is a long overdue relaxation as the trade had already demonstrated to the health authority here in Hong Kong that there is n

South Korean shipbuilding giant Hyundai Heavy Industries (HHI) has secured orders for a total of six liquefied natural gas (LNG) carriers from European and Asian shipowners, totaling $1.13 billion.The ships - four LNG carriers for a European client and two others for an Asian shipping company - will be installed with a dual-fuel propulsion system to enhance efficiency and reduce toxic gas emissions.Four of the vessels for the European owner will be built by Hyundai Samho Heavy Industries while the remaining two will be built by Hyundai Heavy Industries.According to Yonhap, all six vessels will be capably capable of transporting 174,000 cubic meters of LNG…

OOCL Hong Kong, the third largest cargo container ship in the world, docked in the port of Hong Kong for the first time on Thursday.The Hong Kong-based container shipping and logistics service company Orient Overseas Container Line (OOCL) said in a press note that the vessel was warmly welcomed at Kwai Tsing Container Terminal V by many friends, colleagues, and the community who went to marvel at one of the world’s largest containerships with a carrying capacity of 21,413 TEU.The vessel’s debut to the city of Hong Kong, an entrepôt well known for its long and vibrant history in international trade and commerce, has a very special meaning for OOCL.

Dutch gas prices hit 10-year lows this week, reflecting high European inventories swelled by liquefied natural gas (LNG) imports, testing levels at which companies that committed to buy U.S. LNG will start making serious losses.Prices for month-ahead Dutch gas have dropped by two-thirds since their peak last September of just under 30 euros per megawatt hour (MWh).On Friday, Dutch gas for July delivery slumped to 8.95 euros per MWh, the lowest since August 2009.The price falls are in part thanks to an influx of U.S. LNG supplies. But customers of Cheniere Energy, which dominates U.S.

The independent ship classification society Indian Register of Shipping (IRClass), continues to grow steadily in the Asia Pacific region – enhancing presence in key Asian shipping markets including Malaysia, Indonesia and China.IRClass said that it has recently  received authorisation as Recognised Organisation (RO) from the flag administrations of Malaysia and Thailand and expects to attain recognition from other key nations in the region.The Singapore office remains the classification society’s regional headquarters as it strengthens its operations in this region, it said."IRClass has secured newbuilding projects in China, Japan, Korea and Malaysia…

The International Chamber of Shipping (ICS), the Asian Shipowners’ Association (ASA) and the European Community Shipowners’ Associations (ECSA) signed a joint memorandum of understanding in Singapore.The new MOU codifies the extensive level of co-operation that already exists between these important international trade associations and provides a framework for their closer co-operation, said a press release. The three associations collectively represent over 90 percent of the world merchant fleet. The agreement recognises their respective memberships of national shipowners’ associations and the unique and special relationship which their members enjoy with their national governments.The MOU confirms the roles of ICS…

Inmarsat launches Crew Xpress, a new service for crew available on Fleet Xpress.Connectivity of ships at sea is starting to grow at pace with the evolution of internet connectivity on shore, with the dual needs of data for ship and fleet operations and crew connectivity as the drivers Crew Xpress includes a managed Wi-Fi solution ‘Fleet Hotspot’, a leased antenna, a business use data package, automated billing and a usage revenue recovery scheme to incentivize ship managers to…

The Baltic Exchange announced it will launch an Escrow Service for its members to hold deposits for ship sale transactions.The paid-for service will be available from May 2018 for use in transactions where the buyer of the vessel is a Baltic Exchange member. The service will cost $5,000 per side and is likely to be extended to disputes related payments, the Baltic Exchange said.The Escrow Service will be run by the Baltic Exchange's Asia office in Singapore and will be subject to the Singapore Exchange's (SGX) compliance and money laundering procedures.

Hong Kong’s first-ever cruise and yachting event, International Cruise and Yachting Festival (Hong Kong) 2018, is scheduled to be held from November 22 to 25 at the Kai Tak Cruise Terminal, Kai Tak Runway Park and Kwun Tong Typhoon Shelter. The four-day event, organized by the Hong Kong Cruise and Yacht Industry Association, will bring together global cruise and yacht brands and boats with Maritime Education and Employment, Marine and Leisure Tourism and Maritime Industry Developments as the major focuses.

KVH Industries, Inc., announced today that its longtime satellite capacity partner SKY Perfect JSAT Corporation (SJC) has agreed to invest $4.5 million in KVH as part of the two companies’ ongoing commitment to deliver next-generation maritime broadband services. KVH and SJC intend to collaborate on value-added services in the area of shipping digitalization and improved broadband access at sea. SJC agreed to purchase $4.5 million of KVH common stock in a private placement at a purchase price of $11.95 per share…

Satellite communication provider Marlink said its Tokyo office has relocated to new, larger premises as the company grows its Japan team to meet the needs of an expanding VSAT customer-base in the region. “The new location is over twice the size, which helps us to accommodate more field engineers, technical support and sales staff, in addition to enabling us to build a new service management function for better coordination and smoother operations towards the customer,” said Shinobu Suzuki, Marlink Japan.

A Marlink commissioned survey of Asian ship owners has confirmed that many shipping companies are ready to embrace the increased capacity and greater data usage enabled by maritime VSAT. Marlink initiated the survey to further deepen its understanding of the Asian markets, align its service development roadmap and ensure the specific needs of Asian customers are met with flexible, cost-effective and innovative new communication services. A key finding of the survey showed that…

Singapore Exchange has completed its takeover of the privately-owned Baltic Exchange, sealing an 87 million pound ($108 million) deal for one of London's oldest institutions, the groups said on Tuesday. The acquisition is one of the latest developments in a string of mergers, bidding wars and failed deals among global exchanges. SGX's offer also comes as the global shipping industry is struggling with its deepest downturn. "The acquisition ... has been completed today as planned, bringing together complementary strengths of Singapore and London, two of the world's most important maritime centres," the two said in a joint statement. The deal received UK regulatory approval last month after Baltic shareholders unanimously approved the takeover on Sept. 26.

The European Union's securities markets regulator has dropped proposals to make participants in the multi-billion dollar commodity derivatives market for freight rates disclose knowledge of loading conditions, the Baltic Exchange said. The European Securities and Markets Authority (ESMA) published its report on Sept. 30 on its proposals for more disclosure of inside knowledge about commodity derivatives trading to prevent market abuse. ESMA's initial proposals could have meant that a Freight Forward Agreements (FFA) trader with private information related to a commodity to be shipped could have been found to be in breach of disclosure regulations.

As Western firms wait to for Arctic shipping to show its worth, Asian countries are already betting on the emergence of an Arctic economic rim, reports The Arctic Journal. For centuries, a harsh climate and ice-choked seas dashed the dreams of sailors attempting to cross the Canadian Northwest Passage between Asia and Europe. Now, thanks to climate change and reduced ice cover, the trip isn't nearly so daunting, says Bloomberg. Last weekend, the Crystal Serenity, a luxury cruise ship, carried a record thousand-plus passengers and crew through the passage. Next year, it'll do the same. “The opening of the Arctic to shipping is fait accompli.

Singapore Exchange Ltd (SGX) sees the potential to develop new freight derivatives centred on active Asian shipping routes and expand the use of freight derivatives with its acquisition of London's Baltic Exchange, a senior SGX official told Reuters. "We believe there are a number of opportunities that the Baltic Exchange and SGX can realise together, including the creation and adoption of new benchmarks of Asian shipping routes," Michael Syn, head of derivatives at SGX told Reuters. The Baltic's daily benchmark rates and indices are used to trade and settle freight contracts as well as for settling freight derivatives, or FFAs, that allow investors to take positions on freight rates in the future.

A Transpacific shipping route linking Asia and the U.S. will add weekly Port of Oakland stops beginning in November. The Port said that  Oakland will become the sixth stop in the service operated by three Asian shipping lines. The service, known as the Calco-C, connects ports in Vietnam, China and California. It’s expected to bring an additional 50 vessel arrivals to Oakland annually. That could increase Oakland cargo volume by as much as 30,000 20-foot-containers a year. The Port handled the equivalent of 2.28 million 20-foot containers last year. Volume growth could lead to more cargo-handling jobs in Oakland, the Port said. “For the benefit of our customers and our community we’re pleased to be joining this service,” said Maritime Director John Driscoll.

Hapag-Lloyd launches “THE Alliance” with old and new partners – Customers benefit from additional sailings and direct connections. The container shipping industry is undergoing a period of reorganization – and Hapag-Lloyd is assuming a leading role in the process. The carrier has just teamed up with five other shipping companies to forge one of the world’s largest container shipping alliances. Plans call for the new alliance – appropriately named “THE Alliance” – to officially begin operations in April 2017. Together, the member shipping companies currently possess approximately 3.5 million TEU, or some 18 percent of the global container fleet capacity.

Global law firm Reed Smith has announced the arrival of market-leading admiralty and casualty response lawyer, Richard Lovell, as a partner in the firm’s Singapore office. Richard joins Reed Smith from Ince & Co, where he was head of shipping and managing partner of the firm’s Singapore office. Richard has almost 30 years’ experience as an admiralty and marine insurance practitioner in Asia. He joins Reed Smith to head a highly experienced Singapore team of casualty lawyers (including two senior ex-mariners) handling a wide range of marine casualties and offshore oil and gas matters. The team advises ship owners, clubs, underwriters, charterers, offshore oil and gas producers and commodities traders.

China’s National Development and Reform Commission (NDRC) said Japan’s Kawasaki Kisen Kaisha (K Line), South Korea’s Hanjin Shipping, Hyundai Merchant Marine (HMM), Taiwan’s Evergreen, Wan Hai Lines, Yang Ming, China Shipping Container Lines (CSCL) and others  have notified of their initiatives to reduce various shipping surcharges in China. Reuters quotes a statement by the NDRC comes after China’s cabinet last month said it was probing shipping firms over allegations that they have been levying arbitrary and excessive charges. The shipping lines will lower various charges ranging from port fee, bill of lading fee, signing and cancellation fees, vessel licence fee, documentation fee, among others. NDRC said the companies are expected to implement the reduced surcharges from 15 October.

Asian shipping lines including Japan's Kawasaki Kisen Kaisha and China Shipping Container Lines have voluntarily lowered shipping surcharges, the country's top economic planner said on Monday. The statement by the National Development and Reform Commission (NDRC) comes after China's cabinet last month said it was probing shipping firms over allegations that they have been levying arbitrary and excessive charges. The NDRC said Korea's Hanjin Shipping and Hyundai Merchant Marine as well as Taiwan's Evergreen Marine, Wan Hai Lines and Yang Ming Marine Transport Corp were among firms the firms reducing their surcharges. Japan's Nippon Yusen KK had adjusted its fees on Sept. 15, it added.