World's Richest Travellers Prefer Panama
According to AFP Relaxnews, Panama saw the most growth in interest among the world’s richest jetsetters for travel this winter and spring. Panama saw the most significant growth in bookings —107 per cent — compared to the previous year for the travel period between January and March of 2016, says luxury travel boutique Virtuoso. After Panama, Thailand and Switzerland round out the top three spots for highest growth in bookings.
Indian Navy Shows Off Strength
India’s naval might was on full display off the coast of Visakhapatnam today (Saturday) as President Pranab Mukherjee reviewed the naval fleet. Mukherjee, the Supreme Commander of the Armed Forces, was accompanied by Prime Minister Narendra Modi and Defence Minister Manohar Parrikar, among others at International Fleet Review (IFR)-2016. Close to 75 Indian warships and 24 from Navies across the globe sailed past the Presidential yacht- INS Sumitra.
Cosco Merger May Change Industry Dynamics
The merger between China Shipping group and the Cosco Group has given rise to a mammoth company that could trigger stability and extended consolidation in the global shipping industry, says a report in the WSJ. The merger will free the two Chinese shipping groups from competing against each other at home and abroad, in an industry swamped with oversupply and depressed freight rates. The new world leader in shipping industry is likely to own 832 ships including containers…
Hijacked Singaporean Ship Released in Nigeria
The crew of a Singapore-registered container vessel, Safmarine Kuramo, hijacked off the Nigerian Coast earlier this week, were released unharmed on Saturday (Feb 6) following efforts by Nigerian authorities. All 25 crew members on board, comprising nationals from India, South Africa, the UK, Thailand and the Philippines, are reported to be safe. Nigerian authorities had secured the release of all crew members and the vessel at 1.20am this morning…
MISC Bhd: Revenue Up
Malaysia International Shipping Corporation Berhad (MISC Berhad), a shipping arm of Petronas, has seen an increase of 12.3 percent in its net profit for the 2015 full year financials when compared to 2014. The liquefied natural gas (LNG) shipper said the higher earnings compared with RM2.04bil from a year ago were supported by the 17.3% rise in revenue. Revenue increased to RM10.91bil from RM9.29bil while group operating profit jumped 54.1% to RM2.84bil from RM1.84bil a year ago.
MOL Enhances CSW Service between Asia and East Coast South America
Mitsui O.S.K. Lines (MOL, President & CEO: Junichiro Ikeda) today announced the enhancement of its Asia and East Coast South America trade by merging existing CSW and SW2 services to form a new CSW service. The existing CSW and SW2 services, which are operated jointly by MOL, Maersk Line (ML) and Mediterranean Shipping Company (MSC), will be merged into a new enhanced CSW service to strengthen the coverage between the major trading hub of Asia and key ports in the east coast of South America.
COSCO Plans European Transhipment Hub
China's COSCO is forging ahead with a plan to build a European transhipment hub, reports Reuters. The state owned shipping giant is expected to make an offer for Greece's rail network after becoming the sole bidder for the country's largest port. Buying TRAINOSE and Piraeus Port would give COSCO maritime connections to the Suez Canal and rail links to the Balkans and central and Eastern Europe. However, COSCO could face competition for the rail network, including from U.S.
Antietam, McCampbell Build Relationships at IFR 2016
Ticonderoga-class guided-missile cruiser USS Antietam (CG 54) and Arleigh Burke-class guided-missile destroyer USS McCampbell (DDG 85) arrived Feb. 4 in India to participate in the nation's International Fleet Review (IFR) 2016. IFR 2016 is an international military exercise hosted by the Indian Navy to help enhance mutual trust and confidence with navies around the world. From Feb. 4 through 8, more than 50 countries will participate in the event, according to the Indian Navy's website.
Globus Maritime Reclassifies Board Member
Globus Maritime Limited, a dry bulk shipping company, announced today that when Georgios Karageorgiou, a Class I director of Globus Maritime Limited resigned on December 28, 2015, the Company’s Board of Directors was comprised of two Class II directors, two Class III directors, and no Class I directors. The Company’s Articles of Incorporation require each class of the Board to consist, as nearly as possible, of an equal number of directors.
MHI's Entity to Oversee Material Handling Equipment, Engine and Turbocharger Businesses
Today Mitsubishi Heavy Industries, Ltd. (MHI) decided in principle to launch a new wholly owned entity to integrally oversee its current businesses in material handling equipment centered on forklift trucks, engines and turbochargers. The new entity will serve as an independent management body to provide integrated and swift responsive oversight of these three core businesses. Under this initiative…