Singapore Approves Japan Shipping JV
The Competition Commission of Singapore (CCS) has given the nod to a proposed joint venture between three Japanese shipping lines. Japan’s big three shipping groups, Kawasaki Kisen Kaisha (K Line), Mitsui OSK Lines (MOL) and Nippon Yusen Kaisha (NYK), announced last year an integration of their container shipping business with the establishment of a joint venture by 1 July 2017 and the commencement of joint servce from 1 April 2018.
Korean Shipyards Cut Costs to Boost Profit
South Korea's Hyundai Heavy Industries (HHI) and Samsung Heavy Industries (SHI) said that they will strive to boost their profitability via increased orders and continued cost-cutting measures, reports Yonhap. According to Park Dae-young, president of SHI, the shipyard will continue to work toward efficient management while implementing its self-rescue measures as scheduled. "In order to survive, we will make efforts to secure competitiveness and boost profits," Park said.
Songa Bulk Buys Kamsarmax Pair
Songa Bulk has sealed two more bulker acquisitions as its fleet. According to a report in Reuters, the company entered into an agreement to acquire two kamsarmax bulk carriers built in 2008 at tsuneishi japan (82,107 dwt) and 2011 at hyundai samho korea (81,502 dwt). Vessels have been acquired at an aggregate sum of usd 32.85 million. The 2011 built vessel will delivered by mid May and the 2008 built vessel within the end of September.
Greece Gets 3 Bids for Thessaloniki Port
Three foreign investors have bid for the majority stake in Greece's Thessaloniki Port, reports Reuters. Phillipines-based International Container Terminal Services (ICTS), Dubai-based P&O Steam Navigation Company (DP World) and German private equity Deutsche Invest Equity Partners had all submitted offers, the report said. The sale of a 67 percent stake in Greece's second-largest port, which was launched in 2014, has been beset by delays and political resistance.
BW LPG Refinances Six Ex-Aurora Ships
BW LPG Limited has signed a Debt Facility Agreement of USD290 million for the re-financing of six 2016 built ex-Aurora ships. The re-financing has been raised from The Export-Import Bank of Korea (KEXIM) as ECA (Export Credit Agency) lender, with ABN AMRO Bank N.V., Singapore branch and Oversea-Chinese Banking Corporation Limited as Mandated Lead Arrangers. ABN AMRO Bank N.V., Singapore branch also acted as coordinator and facility agent.
Fast-Track to Operational Service
Less than six months out of basic training, Seaman Maritime Logistics - Personnel Operations Jasmine Lortan is already on the front line of a multi-national operation to counter terrorism and promote maritime security in the Middle East. Seaman Lortan is one of 190 sailors crewing HMAS Arunta, Australia’s contribution to maritime security operations for Operation MANITOU. “I’m excited and thankful that at 20 years old and less than six months out of basic training…