Japan's Top 3 Shippers Sail to Profit in Q1
The healthy international trade and cost cutting measures augurs well for Japan's to three marine shippers - Nippon Yusen, Mitsui O.S.K. Lines and Kawasaki Kisen Kaisha - reported Nikkei. The report said that the three companies are expected to post a group pretax profit for April-June, the first time in seven quarters. According to the report, Mitsui O.S.K.'s pretax profit likely tripled on the year to around 2 billion yen ($17.7 million), while Nippon Yusen's is seen reaching about 5 billion yen after a year-earlier pretax loss of 9.9 billion yen.
Jeremy Nixon is CEO of ONE Ocean Network
The management of the new company, Ocean Network Express Holdings (ONE) - the joint venture between three Japanese shipowning societies Kawasaki Kisen Kaisha ("K" Linens), Mitsui O.S.K. Lines (MOL) and Nippon Yusen Kaisha (NYK) was unveiled. The existing NYK Line chief executive Jeremy Nixon named as the chief executive of ONE. Nixon has been chief executive of NYK’s liner division since 2012, and moved to Singapore two years before that to head its South Asia operation. The holding company with ultimate governance of ONE will remain in Tokyo…
K Line, MOL, NYK Announce Container Business Merger
Kawasaki Kisen Kaisha (K Line), Mitsui O.S.K. Lines (MOL) and Nippon Yusen Kabushiki Kaisha (NYK) announced the establishment of a holding company and an operating company, for the integration of the three companies' container shipping businesses, including terminal operation businesses outside Japan. "The new company to be established has received all necessary approvals for compliance with local competition laws in regions and countries where compliance is required for the new company's establishment…
Seaspan Signs Contract for Five Ships
Seaspan Corp has signed contracts for Samsung Heavy Industries Co Ltd to build five new 4,520 TEU container ships. Seaspan has also completed more than $900 million in debt financing with a long-term fixed interest rate of less than 6 percent. The company has signed 12-year time charters for the vessels with Kawasaki Kisen Kaisha Ltd, Japan's third-largest liner operator. The five new vessels are due to be delivered in 2010 and 2011.
Kawasaki Kisen Pleads Guilty to Price Fixing
Japanese shipping company Kawasaki Kisen Kaisha will pay a $67.7 million fine and plead guilty to participating in a conspiracy to fix prices and rig bids to internationally ship cargo that included cars and trucks, the U.S. Justice Department said on Friday. (Reporting by Aruna Viswanatha)
China Fines Shippers $63 mln for Price Fixing
China has fined seven shipping companies, including Japan's Kawasaki Kisen Kaisha, a total of 407 million yuan ($62.85 million) for price-fixing, the country's state economic planner said in a statement on Monday. The National Development and Reform Commission (NDRC) said the companies colluded to raise rates on shipments of cars, trucks, and construction machinery across five shipping routes, including between China and Europe, for at least four years, violating the country's anti-monopoly laws. The other six companies fined were Japan's Mitsui OSK Lines and Eastern Car Liner Ltd., South Korea's Eukor Car Carriers, Norway's Wallenius Wilhelmsen Logistics AS, Chile's Compania Sud Americana de Vapores, and a separate shipping subsidiary within CSAV, the NDRC said.
“K” Line Group to Implement “K” Line Wind program
“K” Line Group (Kawasaki Kisen Kaisha) taking steps to improve our corporate culture and climate through the “K”-no-Kaze” (“K” Line Wind) program. Additionally, it is prepared a long-term policy for environmental conservation—called “Environmental Vision 2050”—to fulfill its responsibility to minimize our impact on the global environment. Early next month, DRIVE GREEN PROJECT, construction of a car carrier equipped with state-of-the-art technologies and designed to achieve the highest level of energy savings and environment-friendliness, is scheduled to be completed.
Japan's Big 3 Shipping Lines Eyes Profits
Japan's top three shippers -Nippon Yusen KK (NYK), Mitsui OSK Lines and Kawasaki Kisen Kaisha - appear on course for net profit in fiscal 2017, buoyed by better market conditions and restructuring efforts, Reuters reported. The brighter outlook comes amid a gradual recovery in prices for shipping containers, which carry 90 percent of the world’s manufactured goods. Mitsui O.S.K. Lines likely will achieve a net profit of about 10 billion yen ($90 million) in the current year, up from an expectation of breaking even for the year ended in March, according to Nikkei.
GAIL Scraps $7-bn LNG Tender
Indian state-owned energy firm GAIL India Ltd has scrapped a USD 7 billion tender for hiring newly built ships to ferry LNG from US after bidders did not agree to 'Make-in-India' terms, says a report by PTI. Gail will now hire the ships from the global spot or current market to transport LNG. Gail, which was forced by the oil ministry to add the ‘Make-in-India’ condition to its tender, will now hire the ships from the global spot or current market to transport LNG, a senior official with knowledge of the matter said.
Japan Orders $1.8B in LNG Tankers
According to a Bloomberg report, Nippon Yusen K.K. and Mitsui O.S.K. Lines Ltd., Japan's two largest shipping lines, will join Qatar in ordering $1.8 billion of liquefied natural gas (LNG) tankers to carry the fuel to North America. The ships will be built in as yet-unnamed South Korean yards. Kawasaki Kisen Kaisha Ltd., Japan's third-biggest shipping company, Iino Kaiun Kaisha Ltd. and trading house Mitsui & Co. are also among the investors, according to the report. The Japanese group is buying more LNG tankers as trade in the fuel increases and shipping lines prepare for a forecast decline in rates to transport containers to the U.S. and Europe. Power plants and other companies are switching to cleaner- burning LNG, or gas chilled to liquid, after oil prices surged.
Keppel secures contract for Qatargas LNG carriers
Keppel Shipyard Limited (Keppel Shipyard) has entered an Alliance Service Agreement for the drydocking of a fleet of Moss Rosenburg (MOSS) type of Liquefied Natural Gas (LNG) carriers chartered by Qatar Liquefied Gas Company Ltd (Qatargas). The five-year agreement was signed with MO LNG Transport Co., Ltd (MOL), Nippon Yusen Kaisha Ltd (NYK) and Kawasaki Kisen Kaisha Ltd (K-Line). The vessels under the fleet agreement are Al Zubarah, Al Khor, Al Rayyan, Al Wajbah, Broog, Zekreet, Al Wakrah, Doha, Al Bidda, and Al Jasra. Keppel Shipyard has been servicing this fleet of LNG carriers from Qatargas since 1999. The scope of work involves drydocking for survey, maintenance and repair.
India Approves Shipping Corp LNG Joint Venture
The Indian government on March 4 approved state-run Shipping Corporation of India Ltd.'s plan to take a 33.8 percent stake in a new Panama-based liquefied natural gas (LNG) transportation company. Shipping Corp. will invest $21 million in the firm, in which Japan's Mitsui OSK Lines Ltd., Nippon Yusen Kabushiki Kaisha and Kawasaki Kisen Kaisha Ltd. would be other partners. The new company would transport LNG for India's state-run Petronet LNG Ltd., which operates a 5-million-tonne LNG terminal in Dahej on India's west coast. The company would transport 2.5 million tonnes of LNG for an expanded facility at Dahej. Petronet LNG has a long-term contract with Qatar's Rasgas to buy 7.5 million tonnes of LNG for its terminal.
MOL to Upgrade Container Service
Mitsui O.S.K. Lines, Ltd. (MOL) has announced an upgrade to its Asia-East Coast South America Service (CSW). From July 2011 through 2012, MOL will launch a total of 10 new 5,600 TEU container ships and replace the currently-operated vessels. The newbuilding ships will adopt a new wide-beam and shallow-draft design, featuring high loading capacity and compatibility with shallow-draft ports in South America, as well as superior fuel efficiency. Moreover, effective July 2011, MOL will assign an additional ship to CSW with a total of 13 ships, which allows sufficient time and enhance the schedule stability with a revised schedule. Along with the fleet expansion, MOL will begin chartering space to a consortium of Nippon Yusen Kabushiki Kaisha (NYK Line), Kawasaki Kisen Kaisha, Ltd.
Qatar Drydock has 7 LNG Carriers Under Repair
As part of the Erhama Bin Jaber Al Jalahma Shipyard, N-KOM has successfully completed marine, offshore and onshore projects for both local and international clients, with LNG repairs making up almost half of these projects reports LNG World News. The seven LNG carriers (Al Jasra, Al Bidda, Al Wajbah, Dukhan, Al Gharrafa , Al Rayyan and Al Thumama) are undergoing drydocking repairs, including the overhauling of the main engine, valves, pumps and other general repairs and maintenance. Most of these vessels are jointly owned by a consortium of Japanese shipping companies: Mitsui O.S.K. Lines Ltd (MOL), Nippon Yusen Kaisha Line (NYK), Kawasaki Kisen Kaisha Ltd (“K” Line), with Al Gharrafa being technically managed by OSG Shipmanagement (UK) Ltd.
Japanese Shipping Companies in Troubled Waters
Though the challenging market conditions in the container shipping industry continued to add pressure to Japan’s major shipping companies, turnaround seen as write-downs set to fizzle out, earnings forecasts upgraded, reports Nikkei. Nippon Yusen Kabushiki Kaisha (NYK Line) reported the largest net loss for the nine-month period which amounted to JPY 226 billion ($ 1.98 billion) in the first nine months of fiscal year 2016 ended December 31. Kawasaki Kisen Kaisha (K Line) concluded…
"K" Line Joins Indian National Shipowner's Association
"K" Line (India) Shipping Private Ltd (KLISP), affiliated company of Kawasaki Kisen Kaisha Ltd., joined Indian National Shipowner's Association(INSA) at the end of January 2017. KLISP was established in 2014 and actively participates in Indian Coastal Trade as well as International Trade business as an Indian Shipping company. In the same year, KLISP successfully entered into a long-term CVC contract with an Indian Charterer. From December 2016, KLISP acquired ownership of an Indian flag vessel…
'K' Line: Change of Executive Officers
Kawasaki Kisen Kaisha Ltd (“K” Line) announced changes to executive officers. “K” Line has promoted Senior Managing Executive Officer Kazutaka Imaizumi to the position of chairman of “K” Line India Private Ltd., Executive Officer Aka Hiraoka to counselor of “K” Line Logistics Ltd., and Executive Officer Tomoyuki Okawa to chief executive officer of “K” Line Offshore AS. Tomoyuki Okawa will provide assistance to Energy Transportation Business, in charge of Tankers, General Manager of Energy & Off-Shore Business Planning Group. Tomoyuki Okawa has joined “K” Line in 1983.
K Line Sues APL Logistics
Kawasaki Kisen Kaisha, Ltd. (“K’’ Line) has today filed a civil lawsuit in Tokyo District Court against APL Logistics Ltd. (“APLL”), a Singapore entity which is engaged in international transportation business, seeking compensation for damages arising from APLL employees’ acts of disseminating false information relating to “K” Line. Some of APLL employees have disseminated false information to “K” Line’s clients, which had spread globally, by sending e-mails in which they strongly recommend terminating bookings on “K” Line and shifting to other carriers, because of a potential bankruptcy.
Maersk Mulls More Mergers
Mergers like the combination of its three main Japanese rivals -Nippon Yusen KK, Mitsui O.S.K. Lines Ltd. and Kawasaki Kisen Kaisha Ltd - provide relief to an ailing industry that has been characterized by over-capacity, Bloomberg reported Maersk Group as saying. Soren Skou, Maersk Line’s chief executive officer who also runs the A.P. Moller-Maersk A/S, owner of the world’s largest container line, said last month that his company will stop buying new ships and instead try to expand through takeovers.
K Line, The Next Takeover Target?
Speculation has been mounting on possible taking over the Japanese shipping company Kawasaki Kisen Kaisha (K Line). According to a FT report, analysts and investors have been baffled by the recent activities of Effissimo, Singapore-based fund had increased its stake in K Line to 37 per cent by early August from 6.2 per cent about a year ago. K Line could be targeted for takeover by Effissimo Capital Management, the firm’s largest shareholder as of early August, according to recent media reports.
China Cosco Shipping to Maintain Alliances until Expiry
China Cosco Shipping plans to retain its current container alliances until they expire, after which it plans to sign a new deal, it said on Monday. The group's spokesman, Yu Zenggang, did not say when the current alliance agreements were due to expire. China COSCO , a unit of COSCO, is part of the CKYHE alliance with Kawasaki Kisen Kaisha, Yang Ming Marine Transport, Hanjin Shipping and Evergreen Marine, while China Shipping Container Lines , a unit of China Shipping Group, CMA CGM CMACG.UL and United Arab Shipping Co make up the Ocean Three alliance.
'K' Line Takes Delivery of Corona Series Coal Carrier
Kawasaki Kisen Kaisha, Ltd., Tokyo, (“K” Line) has announced the delivery of Corona Victory, an 88,000 DWT-type special coal carrier at Marugame Shipyard of Imabari Shipbuilding Co., Ltd., Japan on May 24, 2016. Corona Victory is same type as “K” Line’s specialized fleet for transport of thermal coal known as the Corona-series, which consists of epoch-making coal carriers equipped with wide beam and shallow draft, which are the most suitable type to enter ports of domestic Thermal Power Stations to discharge cargo. With this new latest deployment, the Corona-series now consists of 19 carriers. Specifications LOA 229.98 M Beam 38.00 M Depth 19.90 M Deadweight Tons 88,909 MT Gross Tons 49,721 T Net Tons 28,535 T Full Draft 13.904 M Hold/Hatch 5/5
Wan Hai Orders Eight New Containerships
Taiwan’s shipping company Wan Hai Lines has placed an order for eight 1,900 teu box ships worth a total of $212 million - $236 million. Wan Hai said that the vessels will be built by shipbuilder Naikai Zosen Corp. Delivery dates for the newbuildings were not disclosed, according to a stock exchange filing. The shipping liner has already sealed a deal with Japan’s Kawasaki Kisen Kaisha (“K”Line) and Singapore’s Pacific International Lines (PIL) to jointly operate a transpacific service from Vietnam and South PRC to the U. S. Pacific South West with seven ships of about 8,000 TEUs.