Shipping Agency Services News

Mitsui O.S.K. Lines (MOL) celebrated the 50th anniversary for the establishment of Mitsui O.S.K. Lines (Thailand).On November 13, it held a party in Bangkok for customers, business partners, and others, marking the event and the centennial anniversary for the opening of liner service to and from Thailand by its predecessor, Osaka Shosen.Around 500 guests attended the event including Arkhom Termpittayapaisith, Minister of Transport, and Shiro Sadoshima, Japanese Ambassador to Thailand. MOL President & CEO Ikeda noted that Thailand is the historical center of MOL's extensive overseas network, and Thailand has built a solid position as an ASEAN leader.

Harry Corkerry, Inchcape Shipping Services (ISS) Port Manager at Tilbury, UK, delivers a master class in handling a detained ship - a situation encountered by most agents at some point. ISS Thames explains that it recently received a request to provide shipping agency services to a vessel that had been placed under detention by UK Port State Control. The detention order was placed on the vessel on account of an extensive list of deficiencies that had been identified. It is important to note that whenever conducting business of this kind, and with companies the agency has  no inside knowledge of, it is essential to bear in mind the financial risks involved. A decision was made by Guy Lear, UK General Manager, to accept this agency appointment.

China COSCO Holdings Co. Ltd, the country's largest shipper, indicates a profit turnaround in 2013 after suffering heavy losses for two consecutive years, reports Xinhau. According to COSCO's earlier, 2013, financial report, the Shanghai-listed company made cutting operational costs a major task for 2013. The Group carried out various measures to overcome the difficulties, including the disposal of its interest in COSCO Logistics and COSCO Container Industries and stringent cost control.

Sino-Global Shipping America, Ltd. (Nasdaq: SINO), an international provider of shipping agency services, today announced its selected financial results for fiscal year ended June 30, 2013. Revenues decreased by 48.85% to US$17.3 million, from US$33.9 million in the fiscal year ended June 30, 2012. Gross margin increased to 11.13% in the current fiscal year compared to 7.96% in the prior fiscal year. Total general and administrative expenses were reduced by $1.36 million during the year, representing a decrease of 25.93% compared to the last fiscal year. Net loss was US$2.58 million compared to net loss of US$2.81 million in fiscal 2012. Basic and diluted losses per share were US$0.38 and US$0.61 for fiscal 2013 and fiscal 2012, respectively.

NorSea Group, a supplier of base services and integrated logistics systems to the Norwegian oil and gas industry, has followed last month’s announcement that it is to develop a supply base at Scrabster Harbor, by signing its first strategic working partnership with local logistics firm Hugh Simpson (Contractors) Ltd. Established in 1964, the company provides a total range of logistics services to the marine and offshore industries. It has two sister companies which provide fuel and oil supply and shipping agency services in the region.

Non-state company, Sino-Global, announces major decline in third quarter 2013 financial results, raises cash by share issue. Sino-Global is a non-state-owned provider of shipping agency services operating primarily in China. Total revenues decreased 74.32% to US$2.34 million, from US$9.11 million in the third fiscal quarter ended March 31, 2013. The devaluation of the US dollar against the Chinese Renminbi ("RMB") resulted in a very slight impact on gross margin, which expanded in the quarter to 14.76% up from 5.22% in the third fiscal quarter of 2012, due to providing more protective services, which carry higher margins. Strong internal budget controls reduced general and administrative expenses in absolute amount by 53%.

Sino-Global Shipping America, Ltd. establishes Sino-Global Shipping Canada Inc., to provide ship services in Canadian ports. Sino-Global Shipping Canada is already providing shipping services to Baosteel's vessels in Canada. Baosteel, based in Shanghai, China, is the second largest steel producer in the world with huge demands for iron ore and other commodities. Mr. Cao Lei , Sino-Global's Chief Executive Officer, stated, "As we have noted in the past, Sino- Global Shipping America Ltd. has always sought to expand its geographical reach by developing relationships and activities worldwide. The new wholly-owned Canadian subsidiary is another step in establishing Sino-Global as the pre-eminent provider of shipping services worldwide.

China mainland shipping agency provider Sino-Global announce increased revenue in fiscal year 2012 results. Sino-Global Shipping America, Ltd. a leading, non-state-owned provider of shipping agency services operating primarily in China, report that Fiscal 2012 was a difficult year for the Company as the economic slowdown in China had a significant impact on the volume of iron ore imported into China and, consequently, on the Company's results. By aggressive marketing activities that resulted in new customers that load iron ore in overseas ports, Sino-Global was able to manage a small increase in revenues. The number of ships served increased from 421 in fiscal 2011 to 477 in fiscal 2012.

Cory Brothers Shipping Agency is pleased to announce it is now able to offer Shipping Agency services in Gibraltar in conjunction with its partner, the Gibunco Ship Agency, part of the Gibunco Group. Cory Brothers, together with Gibunco Ship Agency, brings a wealth of experience to Gibraltar in Port Agency, Bunker Agency, STS Operations and Logistical solutions. Operating in the Port of Gibraltar adds strategically to Cory Brothers continuing global expansion, complimenting the companies’ Singapore office and Far Eastern activities as well as its presence in Europe and South America.

Sino-Global Shipping America, Ltd. (NASDAQ:SINO), a non-state-owned provider of shipping agency and forwarder services operating primarily in China, announced the establishment of a new subsidiary in Shanghai, China. The subsidiary, Trans Pacific Logistics Shanghai, Ltd., increases Sino-Global's presence to nine ports in mainland China and will enable the Company to provide a full range of shipping agency services as well as freight forwarder services. Sino-Global has contractual arrangements with local shipping agencies in all mainland Chinese ports in which it does not have a branch office. "While the economic downturn has taken a toll on China's shipping industry…

Sino-Global Shipping America, Ltd. (NASDAQ:SINO) a non-state-owned provider of shipping agency services operating primarily in China, announced its selected unaudited financial results for its third fiscal quarter of 2009 ended March 31, 2009. •    Revenues were $3.3m, an increase of 8.4% from $3m in the third quarter of 2008. •    Gross margin was 24.2%, compared to 12.3% in the third quarter of 2008. •    Operating margin was -7.5% in the third quarter of 2009, compared to 9.3% in the third quarter of 2008. •    On April 27, 2009, Sino-Global announced that it had established branch offices in the ports of Yantai and Yingkou, enabling the Company to offer a full range of shipping agency services in two additional ports that serve approximately 8.7 million people.

Sino-Global Shipping America, Ltd. (NASDAQ:SINO), a leading, non-state-owned provider of shipping agency services operating primarily in China, announced new cost-cutting measures in response to the weakened global shipping industry. "We are operating in an industry that has been particularly hard-hit by the global financial crisis," said Mr. Cao Lei, Sino-Global's chief executive officer. "While we have been successful in continuing to improve our revenues, our costs in recent quarters have significantly impacted our bottom line. The company noted that it is considering additional cost-cutting measures to continue to improve competitiveness in the future.

Sino-Global Shipping America, Ltd. (NASDAQ:SINO) a leading, non-state-owned provider of shipping agency services operating primarily in China, announced selected unaudited financial results for its second fiscal quarter of 2009 ended December 31, 2008. Revenues were US$4.5 million, an increase of 7.7% from $4.2m in the second quarter of 2008. Gross margin was 9.4%, compared to 20.9% in the second quarter of 2008. Basic and diluted losses per share were US$0.30, compared to basic and diluted earnings per share of US$0.20 in the same period in 2008. Despite the global economic downturn, the number of ships served increased to 47 from 44 in the second quarter of 2008.

Sino-Global Shipping America, Ltd. (NASDAQ:SINO) ("Sino-Global"), a non-state-owned provider of shipping agency services operating primarily in China, announced the appointment of Mr. He Yi Min as chief technical officer, effective January 1, 2009. As chief technical officer, Mr. He will direct standards formulation, process optimization, quality assurance and a number of other technical areas. "Our commitment to investing in top talent enables us to offer a comprehensive set of consistently high-quality shipping agency services even as we expand the geographical reach of our business," said Mr. Cao Lei, Sino-Global's chief executive officer. "Mr.