The plan will see CMA CGM’s PAD service and Seatrade’s Meridian service combined under one joint vessel string, resulting in improved sailing frequencies for both partners.
APMT operates terminals in Los Angeles and New York, the country’s two largest container ports, in addition to the ports of Miami, Florida; Tacoma, Washington; and Mobile, Alabama.
The deal has been hailed as a major step for the insurance market as a whole and for UK insurers and re-insurers post- Brexit.
Move comes as Yang Ming struggled for profitability having suffered losses in five of the last six years.
China has committed to a significant expansion of LNG as the country aims to raise imports to 100 million tonnes by 2025, in line with its fight against pollution and use of cleaner energy.
China’s main container ports continued their strong performance since the start of the year in the month of May with a double-digit expansion in throughput compared with May of 2016.
Cosco Corporation (Singapore) has agreed to postpone the delivery of a newbuild jackup drilling rig to KS Drilling Pte Ltd by two years.
South Korean shipbuilder Sungdong Shipbuilding & Marine Engineering has secured refund guarantees from Korea Eximbank for five Aframax tankers from Greek owner Kyklades Maritime.
Hyundai Glovis, the logistics unit under South Korean Hyundai Motor Group has taken over Eusu Ship Management for USD9.7 million.
Demand for vessels carrying breakbulk cargoes is expected to be patchy over the next 12 months with some cargoes showing growth compared with last year’s figures, while there are unclear expectations for others.