CITIC Resources Says Qingdao Port Probe May Impact Business

Posted by Joseph R. Fonseca
Monday, June 09, 2014
Qingdao port

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, the company is not able to accurately assess its impact on the group's alumina and copper stored at Qingdao port or on the group itself," Kwok added.

CITIC Resources' commodities import and export business owns some alumina and copper stored in bonded warehouses at Qingdao port, the world's seventh largest.

The company said it was not in a position to provide any other information on the effect of the investigation on its alumina and copper business.

It has taken steps to protect its interests and applied to the Qingdao courts and obtained sequestration orders in respect of the group's alumina and copper. It did not elaborate.

(Reporting by Donny Kwok; Editing by Ed Davies)


Contracts

Weak Freight Rates push Grindrod to H1 loss

Africa's biggest shipping group Grindrod reported a first-half loss on Thursday, pressured by low global growth and declining dry bulk shipping rates but it expects

J.F. Lehman Acquires Heavy Equipment Group of Oldenburg Group

J.F. Lehman & Company (“JFLCO”) has signed a definitive agreement with Oldenburg Group Incorporated to acquire its Heavy Equipment Group, including both its defense and mining business units.

New Crane Orders for Huisman

Huisman has secured new crane contracts with a total value of around 300 million Euro from various major offshore, shipping and wind farm installation contractors: •

Legal

El Faro Captain Ordered Crew to Abandon Ship before Sinking

The captain of the doomed El Faro cargo ship sounded an alarm for his crew to abandon the vessel shortly before it sank last fall in a hurricane near the Bahamas, killing all 33 onboard, the U.

Foreship Establishes Tallinn Subsidiary

Naval architect and marine engineering company Foreship has created a wholly-owned subsidiary located in Tallinn to strengthen ties with shipowners, shipyards and

UASC's Dismal Performance

United Arab Shipping Company (UASC), which is close to merging with Hapag-Lloyd, revealed enormous deficits and a massive debt in its key financial figures, says Alphaliner.

Ports

China COSCO Falls to H1 Net Loss

China COSCO Holdings Co Ltd fell to a first-half loss hurt by a persistent slump in the global container market, the world's fourth largest container shipper said on Thursday.

New Crane Orders for Huisman

Huisman has secured new crane contracts with a total value of around 300 million Euro from various major offshore, shipping and wind farm installation contractors: •

Cosco Eyes Spanish port of Algeciras

Algeciras Bay Port Authority in southern Spain has put up a tender for its third container terminal, and China's Cosco Shipping Ports is already being mentioned as a fore runner candidate,

Finance

China COSCO Falls to H1 Net Loss

China COSCO Holdings Co Ltd fell to a first-half loss hurt by a persistent slump in the global container market, the world's fourth largest container shipper said on Thursday.

Weak Freight Rates push Grindrod to H1 loss

Africa's biggest shipping group Grindrod reported a first-half loss on Thursday, pressured by low global growth and declining dry bulk shipping rates but it expects

Cosco Eyes Spanish port of Algeciras

Algeciras Bay Port Authority in southern Spain has put up a tender for its third container terminal, and China's Cosco Shipping Ports is already being mentioned as a fore runner candidate,

News

Former HMS Illustrious Sold for Scrap

The former aircraft carrier HMS Illustrious will be recycled after 32 years of service, announced the U.K. Ministry of Defense (MOD) who sold the ship to Turkish

Tuco’s New Arctic Workboat to Debut at SMM

Danish producer Tuco Marine said it will reveal a new Arctic workboat daughter craft at next month’s SMM in Hamburg.   Many arctic patrol vessels, icebrakers

El Faro Captain Ordered Crew to Abandon Ship before Sinking

The captain of the doomed El Faro cargo ship sounded an alarm for his crew to abandon the vessel shortly before it sank last fall in a hurricane near the Bahamas, killing all 33 onboard, the U.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Offshore Oil Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1100 sec (9 req/sec)