World's First: Japanese Firms to Looking to Build Sustainable Bulk Carriers for Copper Transport from Chile
Japan's NYK Line said Thursday its NYK Bulk & Project Carriers Ltd. (NBP), Oshima Shipbuilding Co., Ltd. (OSHIMA), and Sumitomo Corporation (SUMITOMO) had signed a memorandum of understanding to study, design, and construct the world’s first Handymax bulk carrier (ammonia dual fuel type) dedicated to the transport of copper products, that will reduce CO2 emissions to zero.The MoU signing comes just a year after Corporación Nacional del Cobre de Chile (CODELCO), a Chilean state-owned company and one of the world's leading copper producers, and NYK Bulk & Project Carriers Ltd.
China Port Metal Scandal Hits CITIC Shares
CITIC Resources Holdings Ltd said on Tuesday that metal it owns at Qingdao port may be affected by a probe into suspected fraud, the latest firm caught up in a scandal that has raised broader worries about the risks of metal financing in China. The probe at the Chinese port, where a third-party firm is suspected of using single cargoes of metal multiple times to obtain financing, has also shaken markets amid fears the problems could extend to other ports and force a crackdown on using metal as collateral for finance. The investigation into the status of aluminium and copper products stored at the world's seventh-biggest port may hit the group, CITIC Resources said, sending its shares down by more than 8 percent to their lowest since May 7.
CITIC Resources Says Qingdao Port Probe May Impact Business
CITIC Resources Holdings Ltd said on Tuesday an investigation into the status of certain aluminium and copper products stored at China's Qingdao port may hit the group, signalling a possible broader impact on businesses exposed to the port. News of an investigation into a metal financing fraud at the port, where a third-party company is suspected of using single cargoes of metal multiple times to obtain financing, has rattled banks and trading houses and unsettled markets. "At present, the status of the investigation is unknown to the group," chairman Kwok Peter Viem said in a filing to the Hong Kong stock exchange. "Until the status of the investigation is clarified…
Hamburg Leads Foreign Trade with India
A joint delegation consisting of representatives of Hamburg’s port-related industries and the marketing organization for Finland’s transport and logistics sector, Straight-way Finland, visited the Indian port city of Mumbai this week. At a workshop organized by Port of Hamburg Marketing (HHM) and the Indo-German Chamber of Commerce (AHK), Axel Mattern from HHM, Thomas Lütje and Bernt Wegener from HHLA Container Terminals GmbH, and Werner Schulze-Freyberg from Polzug Intermodal GmbH highlighted the strong trade relations between Hamburg and the Indian sub-continent in their presentations and then detailed the range of services available for the container-handling and intermodal transport segments.
Strike Halts Steelmaking and Shipbuilding in Finland
Companies affected by the strike launched by about 3,000 members of the Finnish Union of Salaried Employees (TU) told the Finnish News Agency (STT) that the industrial action would have an impact within just days. Juha Heikinheimo, the head of the cruise and ferries division of Norwegian shipbuilder Aker Yards, said the company's Finnish yards, with a total workforce of about 4,000 people, would grind to a halt in a day or a couple of days. Outokumpu said its stainless steel production would halt very quickly while Rautaruukki, another Finnish steelmaker, assured that it could carry on with production but would have to shut down hot rolling and cutting lines. Boliden said production at its Finnish sites would continue thanks to extraordinary measures.
