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Laid-up container vessels are beginning to return to service and new deliveries are being accepted in a sign that international trade is slowly recovering. The latest deliveries to be announced are to the CMA CGM Group, which has taken delivery of the CMA CGM LAMARTINE (6,500 TEU) and CMA CGM CALLISTO (11,400 TEU) in [...] Port of Los Angeles officials’ concerns about where to put dredged sediment if they approve a new $50 million shipyard may have just become a non-issue, thanks to a request from the Port of Long Beach for dredged material it can use to create land for the Long Beach Middle Harbor Project. 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 After announcing recently a mega fleet expansion plan involving 100 vessels, Evergreen Group chairman Y.F. Chang has ordered 10 8,000-TEU container ships from a South Korean builder, as well as considering to order 12 same-class container ships from CSBC Corp., Taiwan. Evergreen is executing fleet expansion when shipbuilding costs are still relatively low. The direct flights [...] A European shipowner canceled an order for three container ships because it could not finance the $300 million contract with a South Korean shipyard. The Hanjin shipbuilding company said the unidentified owner had agreed to forfeit the deposit on the vessels which were part of an order for five container ships placed in 2007. This is [...] Hanjin Shipping Co., South Korea’s largest container-shipping line, plans to sell 49 percent of a terminal operator at the nation’s busiest port and sell new shares to boost finances after posting a first-quarter loss. The company expects to raise 200 billion won (US$177 million) by selling the stake in Hanjin New Port Co., which runs facilities [...] Long Beach-based Gambol Industries will make yet another pitch on Tuesday in its ongoing attempt to operate a shipbuilding business from a pair of unused slips at the Port of Los Angeles. Port officials have warned that Gambol’s plan would drive up costs and eventually delay a $96 million dredging project for the Main Channel, which [...] 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 [...] OOIL Group Chairman CC Tung said Tuesday that it could take three to four years before the container industry works its way out of the glut of vessel capacity that hangs over the market. “We are pleased to see that after a very tough year for the container shipping industry in 2009, demand seems to be [...] 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 [...] After refraining from placing any order for new ships for the past two years, the head of the Evergreen Group now sees the opportune time to order 100 new containerships in the near future and negotiations with shipbuilders are expected to start in May. In 2007 and 2008 with high freight rates and tight spaces, shipowners [...] The biggest reason to own a shipping company stock today is the nascent economic recovery. As economies recover, trade should rebound, and that will increase the demand for international shipping. That, in turn, should lead to an increase in shipping rates, which is often measured through the Baltic Dry Index (BDI). Of course, China is a [...] Four months of increased cargo volumes is causing optimism. But, experts say, not so fast. While the latest container trade data suggests container shipping may have entered a real recovery phase, Drewry Shipping Consultants cautions that comparisons with the depth of the recession in 2009 may be misleading. “Until we see consistent month-on-month improvements on the [...] When Maersk Line Chief Operating Officer Marcus Engelstoft opened a shipping conference in London by saying a look back to assess the industry’s economic pain over the past two years was “not a blame game,” it inevitably set off, well, a blame game. So who to blame? Gerry Wang, CEO of container ship lessor Seaspan … [...] OOIL Group Chairman CC Tung said Tuesday that it could take three to four years before the container industry works its way out of the glut of vessel capacity that hangs over the market. “We are pleased to see that after a very tough year for the container shipping industry in 2009, demand seems to be [...] |
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