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Reuters reported that China COSCO Holdings flagship of the country premier shipping firm returned to the black in the second quarter as the global shipping market rebounded from record losses in 2009. China COSCO which operates the world’s largest bulk cargo fleet and is the No 7 container shipping firm globally reported a profit of CNY [...] China Cosco Holdings Co., Asia’s largest shipping company by market value, said lines needs to stay “level-headed” to prevent a capacity glut from overwhelming a rebound in cargo demand. China Cosco and China Shipping Container Lines Co. both said today they won’t order any new vessels this year as shipyards works through box-ship backlogs with a [...] The strike by Port of Los Angeles clerical workers has prompted concern among experts that the ripple effects could affect the Inland Empire, where many businesses are dependent on the flow of goods from the L.A. and Long Beach ports. Target Logistics, Kohl’s Logistics, Big 5 Distribution, Home Depot Logistics, Kmart Distribution, among many others, are [...] Hamburg, the port city that sends 1 million tons of goods to foreign markets each week, has a reply to those who say Germany’s economy is too reliant on exports. “Nonsense,” said the city’s Chamber of Commerce president. “You cannot say Germany has to stop exports, it makes no sense. Germany was born out of this.” Chancellor [...] Singapore-listed Chinese shipping firm Cosco clinched $440 million worth of ship-building contracts from four European shipowners to build 15 bulk carriers. The bulk carriers, of which 4 are 82,000 dead weight ton each and 11 are 57,000 dwt each, are expected to be delivered between the end of 2011 and mid- 2013. From Reuters, June 15, 2010 China Cosco Holdings Co., the nation’s largest container line, said it had won a targeted increase in transpacific rates, bolstering industrywide efforts to end losses. Hanjin Shipping Co. and China Shipping Container Lines Co. have also said that most customers accepted higher rates in annual contracts as rebounding U.S. consumer spending spurs demand for shipments of [...] Hundreds of empty container ships sat idle off the coast of Singapore last year. The world’s top container lines lost an average of $1,500 per 20-foot equivalent unit of fleet capacity while racking up an estimated $15 billion in operating losses last year, AXS-Alphaliner reported in its weekly newsletter. The Paris-based information service said 18 of [...] Cosco ship in San Francisco China Cosco Holdings Co., Asia’s biggest shipping company by market value, said container lines will win a targeted increase in Asia-U.S. rates this year because of rebounding trade. “We strongly believe that this year’s TSA rates goal can be achieved,” said a company executive. The Transpacific Stabilization Agreement, a group of [...] China Cosco Holdings Co., the world’s largest operator of dry-bulk ships, slumped to an annual loss after rates for hauling commodities and containers tumbled on overcapacity and the global recession. The 7.47 billion yuan ($1.09 billion) net loss compared with a restated profit of 11.6 billion yuan a year earlier. This year, fees are rebounding because [...] Cosco Container Lines said Tuesday it will restore capacity on its weekly North China-U.S. Southwest Express service by bringing back six 7,500-TEU vessels to replace the six current 5,500-TEU vessels. The Chinese carrier will start adding the larger capacity vessels to the string on April 24 and phase all of them in by the end [...] Asian container shippers, which slogged through their worst-ever year in 2009, could be headed for a smoother ride this year after a surprise upswing in volumes and freight rates propelled major routes back to profitable levels. Optimism that the shipping market has bottomed out lifted shares of Asian liners across the board this year with [...] A Cosco ship in Seattle. Photo courtesy of the Port of Seattle. While announcing its annual results today COSCO Shipping revealed it has set aside up to 3.9bn yuan to buy 18 new multi-purpose and heavylift ships. The firm, COSCO’s specialist and heavylift subsidiary based in Guangzhou, has two 50,000 dwt semi-submersible vessels due to [...] China Cosco Holdings Co., the nation’s largest container-ship operator, expects to win its targeted rate increase in new contracts as world trade rebounds and shipping lines curb capacity. “I’m full of confidence” about the on-going annual contract negotiations, the Cosco President said in a March 12 interview in Beijing. “The full recovery has yet to [...] Container shipping lines in the Westbound Transpacific Stabilization Agreement (WTSA) are recommending a further general rate increase on ocean cargo moving from the U.S. to Asia. Effective April 1, 2010, WTSA carriers say they intend to raise dry cargo rates by US$300 per 40-foot container (FEU) and US$240 per 20-foot container (TEU), as well as [...] China Cosco Holdings Co., Hanjin Shipping Co. and eight other shipping companies plan to raise rates for hauling containers to Asia from the U.S. in a bid to end losses on transpacific routes. The Westbound Transpacific Stabilization Agreement set a guideline for lines to boost rates by $300 per 40-foot container and by $240 for [...] |
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