South Korean shipbuilding and construction group Hanjin Heavy Industries & Construction is expediting the sale of its engineering subsidiary as part of its massive self-restructuring efforts.
Thai group Thoresen Thai Agencies restores profitability on the back of improving dry bulk market driven by a narrowing supply-demand gap.
Taiwan’s shipping company Wan Hai Lines cancels eight container ship orders from Japanese shipbuilder owing to significant changes in newbuilding rules and environmental regulations.
The head of Maersk Line said the industry as a whole would benefit by carriers holding off making any large container ship orders for another next two years.
Storres-Fox says maritime industry must take swift and significant action to protect itself.
Despite HMM's prominent status in the South Korean shipping companies, it has never transported cargoes across the Arctic Ocean despite the government's interest in exploiting the Northern Sea Route.
The government is hoping that the financial arrangement could persuade HHI to re-open its secondary yard in Gunsan, which was temporarily shut in July due to a decline in new ship orders.
A steadily improving market has pushed Maersk Group to a profit in Q2, although a possible USD300 million loss from the cyber attack will dent earnings in the next quarter.
Maersk Tankers, which operates 160 product carriers, made a loss of USD483 million compared to a profit of USD28 million a year earlier.
Terminal business says it lost liner business at some of its terminals and rates were hit by industry consolidation and overcapacity in certain markets.