Matson, Inc has entered into a private placement agreement pursuant to which Matson expects to issue $75 million of 30-year senior unsecured notes. The Notes will have a weighted average life of approximately 13 years and will bear interest at a rate of 3.92 percent, payable semi-annually, the company said in a press release.
Photo from Matson’s web site offering service to Alaska. Matson has earmarked more than USD 30 million to invest in new equipment planned by Horizon prior to its acquisition.
U. S. carrier Matson, Inc. is pushing ahead with its plans to fund improvements in its new Alaska operations following its acquisition of Horizon Lines’ [...]
BBC photo from Saturday’s event at the Suez Canal.
The first trial operation of the new Suez Canal started Saturday morning, with six large ships crossing in both directions, Youm7 reported.
The trial operation aims to assure that the canal allows ships with different sizes and drafts to sail.
The executive agency that manages [...]
Reports in the past twenty four hours that Hapag-Lloyd has hired investment banks to advise on an initial public offering and the Singapore government is selling its majority stake in Neptune Orient Lines have refuelled speculation of a merger between the two ocean carriers.
The timing of the – as yet unconfirmed – reports is [...]
From Port Technology:
The US Federal Maritime Commission (FMC) has called on the world’s largest shipping companies to provide detailed documentation on how they are implementing service agreements on the US West Coast amid concerns over a supposed collaboration the companies formed to address port congestion, according to the Wall Street Journal.
Nineteen, as yet [...]
APM Terminals, part of A.P. Moller-Maersk, said on Friday it is interested in buying into Greek ports Piraeus and Thessaloniki, slated for privatization if a new bailout deal is agreed between Athens and the European Union.
“Yes, we are interested in the Greek ports of Piraeus and Thessaloniki and are pursuing them as part of [...]
Oil and shipping conglomerate A.P. Moller-Maersk said it was experiencing no problems funding operations in Greece or getting paid by Greek customers despite the imposition of capital controls by Athens.
Maersk Line, the world’s largest container shipping company, has offices in Greece and vessels passing though its ports. Maersk’s terminal operator unit, APM Terminals, was [...]
Excerpts from the Journal of Commerce:
One major global shipper compared the container shipping freight market to a car dealership. “The basic product is not profitable, but if you can sign the customer up for a sufficient number of additionals, you’ll survive,” he told JOC.com.
[S]urcharges contained, among other items, terminal handling fees at both [...]
The Port of Los Angeles announced this week it will begin construction this summer on a two-year, $127 million project to improve the marine terminal operated by Yusen Terminals, so that it can more efficiently handle larger vessels.
West Coast marine terminals’ inability to handle larger vessels was one of the main contributors to port [...]
Cosco has reportedly ordered nine 20,000-teu ships, with an option for four additional vessels of the same size, according to several news media.
The ultra-large container ship newbuilding order comes just days after Maersk Line ordered 11 similarly-sized vessels of 19,630-teu each. That order came after CMA CGM confirmed it had ordered six 14,000-teu ships, [...]
From the Journal of Commerce:
The capacity of container ships ordered so far this year is up 60 percent on the same period in 2014, at just over 1 million 20-foot-equivalent units, driven by a wave of contracts for mega vessels, according to Alphaliner.
The surge in orders is largely focused on vessels above 18,000 [...]
”Things are going from bad to worse, with these threatened sackings and the use of navy sailors as strikebreaking mercenaries. Those kind of tactics would be unthinkable in APMT’s home country of the Netherlands, not to mention Denmark, home of its parent, the Maersk Group.” — Paddy Crumlin, ITF President
The International Transport Workers’ [...]
Hapag-Lloyd has ordered five modern container ships from the South Korean shipbuilder Hyundai Samho Heavy Industries (HSHI) for its South American trade. Each of the new ships is 333 meters long, 48 meters wide and has capacity for 10,500 standard containers (TEU). In addition, they are equipped with a highly efficient main engine, an optimized [...]
Lloyd’s Register has signed a contract with COSCO Zhoushan Shipyard in China and Maersk Line in Denmark for the classification of the shipping carrier’s seven new 3,600 teu containerships.
The vessels will be built to Danish Flag and have a length of 200 meters and a breadth of 35.2 meters, according to Maersk.
Maersk Line has announced that it has entered into Vessel Sharing Agreement (VSA) with Mediterranean Shipping Company (MSC) and Mitsui OSK Lines (MOL) on the Asia to East Coast of South America trade.
The news comes days after Maersk Line revealed it had turned in its best-ever first quarter result, with profit up 57.1 per [...]