NYK Bulk Shipping Records Lower Profit
Japanese shipping and logistics company Nippon Yusen Kabushiki Kaisha (NYK) said that its bulk Shipping division recorded lower profit than previous year.In the first quarter of the fiscal year ending March 31, 2020 (April 1, 2019, to June 30, 2019), its revenues from the bulk shipping amounted to 195.1 billion yen registering -11.3 decrease compared to the same period last year. The profit is down by -1.2 at 9.2 billion yen"Energy and Car transport is robust but lower dry bulk market due to production stoppage in Brazil and Western Australia," it said.However, its container liner profitability improved by ONE’s increasing Liftings/Utilization…
CSD, Cosco JV to Buy Vale's Bulk Carriers
China Shipping Development (CSD) and Cosco have established a joint venture (JV), China Ore Shipping Pte., in Singapore to purchase four 400,000 dwt ore carriers from Vale and operate them. CSD and Cosco’s bulk shipping division Cosco Bulk Shipping holds 49% and 51% equity shares in the JV respectively. China Ore Shipping will buy four second-hand valemax vessels from Vale Shipping Singapore Pte., a unit of the world's major iron-ore producer, for 445 million U.S. dollars, says a joint statement from the companies. It has signed a 20-year pact with Vale, under which Vale will charter ships owned by China Ore Shipping to transport the steel-making raw material to the world's second-largest economy.
Swift Appointed Foundation GM
Captain Peter J. Swift has been appointed as the General Manager of the Maritime Industry Foundation. He takes up his new position with effect from June 2007. Before joining the Maritime Industry Foundation, Captain Swift spent forty eight years in the maritime industry. Twenty of those years were at sea, with command experience on LNG carriers, OBOs and aframax tankers. Shore experience included marine operations and technical management positions with P & O Bulk Shipping Division, Globtik Tankers and Overseas Shipholding Group, both in Europe and in the U.S. The Maritime Industry Foundation has set itself the exciting challenge of persuading all the diverse but complementary elements of the international maritime industry to work together and contribute to the Foundation’s objectives.
