CMA CGM Founder Jacques Saade Dies at 81
Mr. Jacques R. Saade, founding president of the CMA CGM Group, died on June 24, 2018 at the age of 81, according to the company. Jacques R. Saadé dedicated his life to CMA CGM. An extraordinary visionary and entrepreneur, he made the group into a world leader in the maritime transport of containers, developing the company in more than 160 countries, while maintaining the family dimension with its values. After having left Lebanon to protect his family for Civil War, Jacques R Saadé founded the Compagnie Maritime d’Affretement (CMA) 40 years ago…
Klein Named Carnival Maritime MD
Carnival Maritime GmbH has announced that Dr Hermann J. Klein has been appointed as its new Managing Director, starting September 1st, 2018. Klein is currently Managing Director and Group COO of CPO Holding (Offen Group) in Hamburg, Germany. He will be succeeding Lars Ljoen, who will join Carnival Cruise Lines in Miami, USA, as Head of Marine Operations. Carnival Maritime is the marine service unit for Costa Group with its brands AIDA Cruises, Costa Cruises, and Costa Asia. “Hermann Klein is a long-standing, well recognized executive of the maritime industry and has the perfect background and profound marine experience to further drive innovation and operational excellence across our fleet,” said Michael Thamm, Group CEO, Costa Group and Carnival Asia.
Hapag-Lloyd CEO: No Big Shipping Mergers at Moment
The chief executive of German container shipping liner Hapag-Lloyd said he was not aware of major merger activities in the sector a day after a Reuters report said his company had been approached by French rival CMA CGM."We do not see major takeovers in the industry," Rolf Habben Jansen said in a statement issued on the day of the firm's annual general meeting in Hamburg."If at all, there are smaller tie-ups by niche players in the short term," he said.(Reporting by Vera Eckert Editing by Arno Schuetze)
MAN D&T Rebrands ‘MAN Energy Solutions’
MAN Energy Solutions represents a new vision, as reflected by a new, corporate design. The new branding embodies a strategic and technological transformation, a process the company had already begun back in 2017 by implementing its new strategy for the future: to expand its business with sustainable technologies and solutions such that they become its main source of revenue by 2030. This strategic realignment is supported by the expansion of MAN Energy Solutions’ product range to include hybrid…
Yilport Makes a Bid for Taranto Container Terminal
Yilport Holding has submitted its offer for Taranto Container Terminal concession in Italy. Ionian Sea Port Authority (AdSP), the managing institution of Port of Taranto has officially received the request of Yilport Holding to operate the entire set of multi-purpose port facilities in the Port of Taranto. These terminals in Southern Italy handle container traffic, bulk cargo and serve ro-ro traffic. Well located as a relay hub for the Mediterranean Sea, the terminals are integrated to intermodal networks, connecting Southern Italy to Northern Italy and finally to the center of Europe.
Container Shipping a 'Mixed Bag' - Drewry
South Asia container trade with Europe continues to outpace the Middle East, says Drewry in its Container Insight Weekly report.Container shipments in the combined eastbound Europe to the Middle East and South Asia trade performed well in the first quarter, rising by 5.2 percent year-on-year according to Container Trade Statistics. However, that aggregate rate hides two very different performances by the two destinations. CTS reports that inbound traffic to South Asia soared by 18 percent in 1Q18 to reach approximately 410…
Oosterhout Container Terminal Joins West-Brabant Corridor
Oosterhout Container Terminal (OCT) has now joined the West-Brabant corridor, the partnership launched in February 2018 between deep-sea terminals, inland shipping companies and inland terminals to bundle container cargo on the sailing route between Tilburg, Moerdijk and the Port of Rotterdam. The addition of OCT has resulted in an approximate thirty-percent increase in container volume on this sailing route. In practice, the partnership means that vessels consolidate cargo at different terminals in Moerdijk…
APM Terminals' New Gateway to Iraq
New pre-arrival clearance protocols and reduced terminal handling charges for containers in transit, mean that Jordan’s deep-water Aqaba Container Terminal (ACT), located on the Red Sea, is now a realistic alternative maritime gateway for Iraq-bound cargo. Containers imported into Iraq will no longer have to be trans-loaded onto new trucks as they cross the Jordanian/Iraqi border. “The Aqaba Container Terminal has been working hard over the years to develop a competitive gateway to Iraq," says ACT Managing Director Steven Yoogalingam.
Danaos Corporation Refinances USD 2.2bln in Debt
Danaos Corporation, a leading international owner of containerships, has reached an agreement with certain of its lenders currently holding approximately $2.2 billion of debt maturing on December 31, 2018, that will significantly strengthen the Company's capital structure and result in a debt reduction of approximately $551 million. Pursuant to a comprehensive debt re-financing agreement (RA) with certain of its lenders, as well as Danaos Investment Limited as Trustee of the 883 Trust (DIL), its largest stockholder, and its manager, Danaos Shipping Co.
Xeneta Rolls-out Container Shipping Index
Xeneta, the leading ocean freight rate benchmarking and market intelligence platform, is launching a product offering that aims to transform the way shippers, freight forwarders and carriers conduct freight rate negotiations. The Oslo headquartered firm has created a new offering, Xeneta Shipping Index (XSI) that allows all parties to set rates at transparent, efficient and fair prices that directly follow market fluctuations. This ensures all stakeholders get the right price for their products and services, relationships are improved and complex, time-consuming negotiations become efficient.
Customers Not Happy with Service Quality of Ocean Carriers
The service provided by container shipping lines has deteriorated since 2016 and is now seen by exporters, importers and freight forwarders as more problematic, according to the second annual shipper satisfaction survey of Drewry and the European Shippers’ Council (ESC). The joint ESC and Drewry survey reveals that the 400 shippers and forwarders who took part rated the service of container shipping lines with a score of 3.2 on average on a scale of 1 (very dissatisfied) to 5 (very satisfied).
Trade Wars Threaten to Derail Container Revival: Drewry
The risk to container shipping from US-led trade wars is currently low, but potentially very damaging, according to the latest edition of the Container Forecaster published by global shipping consultancy Drewry. “In the March report we said that we were hopeful of a peaceful resolution, but at this point in time we must accept that tariffs are going to become a reality. The only question now is: how severe will they be?” said Simon Heaney, senior manager, container research at Drewry and editor of the Container Forecaster.
CMA CGM Made Merger Approach to Hapag Lloyd
The world's no. 3 container shipping line CMA CGM of France has made an exploratory approach to German rival Hapag-Lloyd over a possible merger as players in the sector hunt for tie-ups to beat depressed conditions, finance sources say.Three finance sources with knowledge of the matter, who declined to be named due to market sensitivity, said CMA CGM had initiated discussions in recent months with Hapag-Lloyd, which is ranked fifth globally, to look into some form of share merger of the two groups."The idea which has been proposed...
Cosco Shipping Gets US 'Go-Ahead' for OOCL Deal
China’s Cosco Shipping Holdings Co received the clearance of a U.S. national-security review body, removing a major overhang of the USD 6.3 billion deal of taking over Orient Overseas International Ltd (OOCL). According to a Reuters' report, the U.S. Committee on Foreign Investment in the United States had notified it that it does not have any outstanding security issues following an agreement with the U.S. government to divest the Long Beach container terminal business to a third party. Cosco said the U.S.
ZIM Ranked First in Schedule Reliability
ZIM Integrated Shipping Services (ZIM) ranked first in schedule reliability on the Asia - US East Coast trade, said a press release from the company. According to the recent Seaintel Global Liner Performance Report for June 2018, ZIM is the best performing carrier on the Asia - US East Coast trade among the top-19 companies reviewed. ZIM President & CEO Eli Glickman said: “ZIM’s performance on this trade has been consistently one of the best in the industry, with reliability levels above the industry average. ZIM is one of the leading carriers in the global container shipping industry.
Wärtsilä Tallies $197 Mln Scrubber Deal
A major European container shipping company has ordered Wärtsilä’s hybrid exhaust gas cleaning equipment and retrofit services to its container vessels, worth EUR 170 million ($197 million).Wärtsilä Services will deliver 50 MW, 60 MW and 70 MW Wärtsilä hybrid scrubber systems which will be retrofitted to its container vessels. These are solutions which have the flexibility to operate in both open and closed loop. When operating in open loop mode, it uses seawater and in closed loop mode seawater with an additional reagent to remove SOx from the exhaust…
Singapore Reports Higher May Bunker Fuel Sales
Singapore marine fuel sales climbed to a four-month high of 4.283 million tonnes in May, up 1.2 percent from the previous month and 2.5 percent higher compared with a year ago, data from the Maritime and Port Authority of Singapore (MPA) showed on Wednesday.The strong volumes sold in May were largely in line with industry expectations and come despite sharply higher bunker fuel prices due to rising crude oil prices and shortages of finished grade bunker fuel oil during the month.The cost of 380-centistoke (cst) fuel oil cargoes, the mainstay bunker fuel for large vessels, in May averaged $433
Macroeconomic Trends Signal Good News for Shipping
The current global economic growth (GDP) looks like it may be as good as it gets, with indicators across the globe signaling healthy expansion, but at a slower pace compared to the levels seen in the last half of 2017.Global economic growth seems on track to reach its highest level since 2011, as the International Monetary Fund (IMF) maintain its projection for the world GDP at 3.9 percent and expects the global economic growth to be supported by a strong momentum, favorable market sentiment and accommodative financial conditions in 2018 and 2019.
Euroseas Completes EuroDry Spinoff
Euroseas announced that it has completed the spin-off of its drybulk fleet into EuroDry Ltd. Euroseas shareholders received one EuroDry Ltd share for every five shares of the Company they owned. Aristides Pittas, Chairman and CEO of Euroseas, commented: "We are very pleased to complete the spin-off of our drybulk fleet into a separate publicly listed company, EuroDry Ltd. Euroseas now becomes a pure containership company, the only US-listed containership owner focused on the feeder sector. EuroDry was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands.
Container Shipping Shakeup Needed for Higher Rates
Container shipping: Change required for higher ratesDemandThe growing imports of loaded containers into the U.S. East Coast (USEC) continues to be a focal point for the container shipping industry. Growing by 10.4 percent in Q1-2018, the first three months saw 215,000 TEU more entering the USEC than in Q1-2017. Exports grew by 55,000 TEU in the same time span, growing outbound loaded containers by 3.8 percent.This illustrates the constantly changing imbalance in U.S. foreign trade. For every five containers entering the USEC in 2013, four were exported.
Navios Maritime Containers files for a $100 million IPO
Monaco-based container ship company Navios Maritime Containers has filed with the SEC to raise up to $100 million in an initial public offering. The information of IPO was originally provided by the IPO investment manager Renaissance Capital. The Navios Holdings company run by Angeliki Frangou was founded in 2017 and booked $69 million in sales for the 12 months ended March 31, 2018. According to the company website: "We are a growth-oriented international owner and operator of containerships.
CMA CGM to Buy Finland's Containerships
French-based CMA CGM, one of the world's largest container shipping firms, has agreed to acquire Finland's Containerships from Container Finance Ltd Oy.Terms of the deal, which is expected to close in three to six months, were not disclosed.Containerships, which recorded sales of 227 million euros ($263 million) last year, ships cargo between Finland, Russia, the Baltic States, continental Europe, the UK and Ireland as well as in the Mediterranean region between Turkey and North Africa, it said in a regulatory filing.The acquisition will add to CMA CGM's regional network in northern Europe and
Hapag-Lloyd Scaling Back Iran Business
German shipping line Hapag-Lloyd has stopped one of two feeder services to Iran and will decide on the remaining one before a Nov. 4 deadline imposed by the United States, which has reimposed sanctions on Tehran.Hamburg-based Hapag-Lloyd, the world's fifth largest container company, said it had initiated a process to stop handling products included in the list of commodities hit by U.S. sanctions, within the required wind down timeline.The group said it did not have any direct services handling Iran volumes of its own…