Finance - News

Tokyo – Leading Classification Society, ClassNK has granted an Approval in Principle (AiP) to Imabari Shipbuilding Co., Ltd., for their concept design of a 180,000 DWT LPG dual fuelled bulk carrier, developed in cooperation with Mitsubishi Shipbuilding Co., Ltd. Approval in Principle (AiP) The AiP was granted to the concept design, based on ClassNK’s Guidelines for Ships Using Low-Flashpoint Fuels and its Rule Part GF (regulation for ships using low-flashpoint fuels), incorporating...

HMM held a naming ceremony for a 24,000 TEU-class containership ‘HMM Algeciras’, the world’s largest containership, at the DSME (Daewoo Shipbuilding & Marine Engineering)’s Okpo shipyard in Geoje, Korea. Distinguished guests attending the ceremony  About 160 distinguished persons attended the ceremony, including Moon Jae-in (President of the Republic of Korea), Hong Nam-ki (Deputy Prime Minister and Minister of Economy and Finance), Moon Seong-hyeok (Minister o...

In this webinar on ‘Improving inventory availability in a volatile supply chain’ hosted by MIT University and delivered by Dr. Erez Agmoni, Head of Supply Chain Warehousing and Distribution, North America at Maersk, on 7 April 2020, we discussed how Maersk and its customers can ensure their supply chains are kept moving and improving even during volatile times. Webinar Agenda Reasons for supply chain volatility How to prepare for supply chain disruptions Innovational approaches...

FESCO Transportation Group’s (‘FESCO’) diesel motor vessel - Vasiliy Golovnin successfully finished the Antarctic expedition of 2020. The vessel delivered cargoes for two Indian and one Belgian research stations. The expedition lasted for three and a half months; the vessel returned to the port of Cape Town (South Africa) on 10 April 2020. Vasiliy Golovnin delivers various cargoes The vessel - Vasiliy Golovnin under the command of Captain Iksan Yusupov delivered 1382 to...

After only 9 months post the construction began in June 2019, the chilled capabilities of A.P. Moller - Maersk’s own cold store facility in St. Petersburg, Russia, are operational, addressing the needs of a high-demand Russian market. In the near future, the St. Petersburg cold store facility will also offer freezing capabilities in a separate storage chamber for frozen produce (-25°C). Maersk’s cold store facility in St. Petersburg The first container to arrive at the new war...

In the second interview with Lloyd’s List published April 14th, 2020, Wrsit Group CEO Jens Holger Nielsen elaborates on keeping international trade moving to ensure deliveries to workers at sea – Seafarers' suppers fed by triple barrel supply pipeline. Local, regional, and global sourcing is needed to ensure food reaches those working at sea, and who are on the front line of helping to keep supermarket shelves stocked. Food supply challenge  Jens Holger Nielsen is adamant tha...

A.P. Moller - Maersk announces that it has closed its acquisition of Performance Team, a US-based warehousing and Distribution Company, to further strengthen its capabilities as an integrated container logistics company, offering end-to-end supply chain solutions to its customers.  The addition of Performance Team’s engineered solutions and distribution center capabilities to retail, wholesale and direct to consumer services will integrate ideally with Maersk Warehousing & Distri...

HMM announced that the company has decided to stop using the name ‘Hyundai Merchant Marine’ as its official corporate name and brand, starting on 1 April 2020. The decision was approved at the 44th Annual Shareholders Meeting of the company, which was held at HMM headquarters, in Seoul, South Korea, on 27 March. The name ‘Hyundai Merchant Marine’ has been used for 37 years, since the company changed its name from the ‘Asia Merchant Marine’ in 1983. ‘HMM...

The International Transport Forum (ITF) has announced the postponement of the ITF 2020 Summit, which was earlier scheduled to take place from May 27 to May 29, 2020. ITF 2020 Summit postponed The world’s renowned transport policy event, ITF 2020 Summit, was slated to take place in Leipzig, Germany The world’s renowned transport policy event, ITF 2020 Summit, was slated to take place in Leipzig, Germany, under the theme of ‘Transport Innovation for Sustainable Development&rsq...

Provided by Zurich, this new service will offer customers the synergy of world-class logistics and insurance solutions. Maersk has teamed up with Zurich Insurance Plc (Zurich) to bring Maersk Cargo Insurance, a product to protect customer’s goods against physical loss or damage. A customers’ cargo can be exposed to various risks while in transit and Maersk Cargo Insurance covers goods from the time they are first moved for loading until the completion of unloading at destination, fr...

On the afternoon of December 3, 2020, the China Shipping 50 Forum, acclaimed as a think tank in the shipping industry, held its 7th annual meeting in Qingdao. As a member of the Forum, Chairman of CULines Raymond Chen attended the meeting upon invitation. Guest attending the event The event gathered top-class experts and scholars from the port and shipping logistics sector The event gathered top-class experts and scholars from the port and shipping logistics sector, senior executives at...

Neptune Pacific Line (Neptune) announced it has acquired Pacific Direct Line (PDL) from PDL’s parent holding company, Pacific International Lines (PIL). The combined business will seamlessly link transport, warehousing, depots, and customs clearance services and fully integrate customers’ supply chains across 18 South Pacific markets. The acquisition of PDL will strengthen Neptune’s Melanesian and Polynesian network, provide a link to Micronesia and the French territories, and...

Maritime engineering business - Cammell Laird is celebrating the valuable contribution of its female members of staff on International Women’s Day. Held all over the world on Sunday 8 March, International Women’s Day celebrates the social, economic, cultural and political achievements of women and makes a call to action for women’s equality. Office-based roles Cammell Laird has a number of female employees working in engineering and office-based roles Cammell Laird has a nu...

FESCO Transportation Group announces the appointment of Maxim Sakharov as the Group’s President effective March 6, 2020. Maxim Sakharov, previously Vice President for Finance, will replace Aleksandrs Isurins who is stepping down as the Group’s President on the same date. Authority comment “On behalf of the Board of Directors, I want to thank Aleksandrs Isurins. During the time he served as the President, he implemented a number of strategic projects, restructured public debt...

Following the cancellation of a number of global events, including the Mobile World Conference in Spain, ITB in Germany and the Geneva International Auto Show, the DIMDEX 2020 organising committee has been consulting with public health officials and the Government of the State of Qatar regarding the status of the event. DIMDEX 2020 event cancelled After extensive consideration, the DIMDEX 2020 organising committee has made the difficult decision to cancel the Doha International Maritime Defenc...

The Board of Directors of Pacific International Lines (Private) Limited (“PIL”) announces that Mr. Kwa Wee Keng is appointed Executive Director – Finance Division of PIL with effect from 15 February 2020. He is responsible for PIL Group’s finance and treasury activities. Kwa Wee Keng Wee Keng graduated with B. Acc (Hons) and a Master’s degree in accountancy from Nanyang Technological University, Singapore. He also holds an MBA with Distinction from The University...

In fulfilling its mission to provide the most optimised service to its customers, Evergreen Marine Corporation (Evergreen Line) has launched ‘GreenX’ platform. Responding to the need for greater efficiencies through digitalisation, GreenX allows customers to enjoy seamless booking capabilities, in addition to direct access to integrated trade services. GreenX digital platform GreenX has received nearly two thousands of sign-ups via this one-stop digital platform GreenX provides a...

A.P. Moller - Maersk secures a new sustainability-linked revolving credit facility of $5.0bn through a syndicate of 26 selected banks. This is the first bank refinancing arranged by Maersk after its transformation from a diversified conglomerate to a global container logistics company. The facility refinances the undrawn $5.1bn facilities maturing in 2021 and has a tenor of five years which may be extended by up to two years. It will be part of the company’s liquidity reserve. Financia...

A.P. Moller - Maersk secures a new sustainability-linked revolving credit facility of $5.0bn through a syndicate of 26 selected banks. This is the first bank refinancing arranged by Maersk after its transformation from a diversified conglomerate to a global container logistics company. The facility refinances the undrawn $5.1bn facilities maturing in 2021 and has a tenor of five years which may be extended by up to two years. It will be part of the company’s liquidity reserve. Financia...

In support of international military collaboration and exchange, the organising committee of the Doha International Maritime Defence Exhibition and Conference 2020 (DIMDEX 2020) will host the Middle East Naval Commanders Conference (MENC), under the theme – ‘Resilience in the Maritime Domain - Confronting Asymmetric Threats’. The upcoming MENC edition will feature panel discussions that will once again address current multifarious naval security challenges. Under the auspices...

SBM Offshore is pleased to announce a EUR 150 million (c. US$165 million) share repurchase program, effective from February 13, 2020. The objective of the program is to reduce share capital and, in addition, to provide shares for regular management and employee share programs. Share repurchase program The Execution of the share repurchase program will be done under the terms of an engagement letter with a third party The repurchase program is expected to be completed within the year 2020, an...

The Norwegian Shipowners Association follows the development of the Corona virus (COVID-19) closely and has a good dialogue with its members, and other actors about the situation. A large number of people in China and elsewhere in the world have been infected, and more than 600 deaths have been reported. COVID-19 implications for shipping industry Norwegian shipping companies operate all over the world and are thus, directly affected by the development Norwegian shipping companies operate all...

Unifeeder is happy to announce that it is adding London Gateway as Hub Port to their UK East Coast port network. They will have a weekly service from Grangemouth and Teesport to/from London Gateway and further connections from this point to Antwerp and Dunkerque. The new service is an addition to Unifeeder’s existing port network, now connecting the UK East Coast (Grangemouth, South Shields, Teesport and Immingham) and the hub ports of Felistowe, London Gateway, Rotterdam, Antwerp, Dunker...

The Organising Committee of the Doha International Maritime Defence Exhibition and Conference (DIMDEX) held a successful diplomat briefing session focused on the preparation of the upcoming event at Sharq Village and Spa yesterday, which was attended by high-level diplomats. DIMDEX 2020 A fixture on the global maritime defence and security calendar, DIMDEX 2020 expects an unprecedented turnout of exhibitors and attendees from up to 80 countries. Attendees of the delegate briefing session rece...

Inmarsat, the renowned company in global, mobile satellite communications, has launched a new video to demonstrate the potential of high-speed, always-on satellite connectivity, to revolutionise the use of digital technologies and remote access solutions onboard superyachts and ocean racing yachts. Remote connectivity solutions onboard yachts Yachts equipped with global, reliable satellite connectivity have access to a variety of cutting-edge applications Offering unique insight into the late...

FESCO diesel motor vessel - Vasiliy Golovnin departed from the port of Cape Town (RSA) to Antarctica on December 24, 2019, delivering cargo to two Indian and Belgium scientific research stations. The voyage will last until April 2020. Vasiliy Golovnin vessel loaded with various goods In Cape Town, the Vasiliy Golovnin vessel was loaded with 1382 tons of various goods, including equipment, fuel and food. The vessel will also transport 35 Indian members of the expedition to the stations - Bhar...

MetOcean Telematics is pleased to announce that it has officially opened a new office in Ottawa, Ontario, Canada. MetOcean Telematics shows continued growth with the opening of a new office that houses a dedicated team of sales and product development professionals. Sales and product location This new regional office is positioned to further support the growing customer base This new regional office is positioned to further support the growing customer base, which seeks to further increa...

Marintec China 2019, organised by Informa Markets and the Shanghai Society of Naval Architects & Marine Engineers (SSNAME), the most influential and Asia largest maritime exhibition will be held from 3 to 6 December in Shanghai. 2019 marks a milestone for the 40th anniversary of Marintec China as well as the reform of the China shipbuilding industry over the past 40 years. Promoting Chinese and global maritime industry For 40 years, Marintec China progresses hand in hand with China's ship...

The digital evolution is shaping the maritime future in multiple aspects – both onshore and offshore – and shipping organisations are facing pressure to operate more efficiently and profitably while catering to the increasingly sophisticated customer demands. As with any change, digitalisation was initially met with scepticism. But this has given way to building digital momentum, given the many strategic business benefits to be reaped – from operational efficiency improvements...

FESCO Transportation Group (FESCO) has signed an agreement on the development of cooperation with Qingdao Port International Co. and Chongqing Longqilin Supply Chain Management Co. at the China International Import Expo in Shanghai. By the agreement between FESCO and Qingdao Port International Co., the parties will explore possibilities of launching new services working through the port of Qingdao, and FESCO providing empty containers in Qingdao port on a priority basis. Logistics services for...