Takeover is given the European go-ahead on condition that APL exits the G6 Alliance and paves the way for the proposed Ocean Alliance of CMA CGM, China Cosco Shipping, Evergreen Line and OOCL.
Singapore-listed shipbuilder Yangzijiang Shipbuilding has posted lower net profit for the first quarter to 31 March 2016, citing weak shipbuilding demand and vessels oversupply as main factors.
RBS has reduced its non-core operations and shipping is among the businesses which it wants to exit. Its total committed exposure to shipping had decreased to GBP7.38 billion at the end of March from GBP7.69 billion at the close of 2015.
New Jersey-based Atlantic Container Line (ACL)’s strategy of revitalising and bolstering con-ro fleet capacity has reached a further stage in its realisation with the entry of the 45,000 dwt Atlantic Sail to the trade between northwest Europe and the North American eastern seaboard.
Great Lakes Dredge & Dock has signed three contracts worth USD93 million for land reclamation and beach restoration projects that will help keep the US contractor’s dredging equipment in the Middle East and the US busy over the next two years.
Samsung Heavy Industries returned to profitability with a KRW15.9 billion (USD13.9 million) profit for 1Q16, reversing a KRW42.9 billion loss in 1Q15. The shipbuilder delivered seven vessels during the period, half of what it did in 1Q15, but incurred losses due to cost overruns for its Egina FPSO project and other offshore plant orders.
Claims by the International Transport Workers’ Federation (ITF) at a press conference in Panama City that new locks built for the Panama Canal expansion will be unsafe in operation have been strongly rejected by the Panama Canal Authority (ACP).
Indebted shipping line Hanjin Shipping has written to its tonnage providers and creditors, seeking their understanding as it tries to restructure its debt. The letter, while stopping short of requesting to renegotiate charter rates, indicates that such a move is on the cards.
Daewoo Shipbuilding & Marine Engineering said today that it is in talks with an Iranian customer for a potential offshore plant order. South Korea's third largest shipbuilder made the revelation in a Korea Exchange filing in response to rumours, adding that the contract value is being discussed.
Three mid-sized South Korean general cargo shipping companies which have long-term shipping contracts with compatriot steel mill POSCO appear to be struggling nonetheless.
Seadrill Limited, the listed London based drill rig and ship operator in John Fredriksen's business empire, said that it has reached agreement with its banking group to extend its three nearest maturing borrowing facilities and amend certain covenants across its secured credit facilities, as the first phase of a broader plan to refinance and recapitalise the business.
Reports that London-based shipowner John Fredriksen has placed two firm orders with two options for VLCC tankers at the Jinhai Heavy Industries' shipyard in China at just under USD78 million per vessel has raised concerns that the low price would put commodity ship values in general and tanker values in particular under downward pressure.
Australia is ‘ready to go’ with liquefied natural gas (LNG) fuelled vessels and bunkering, according to a recent LNG18 ta