Hyundai Merchant Marine to Become No. 2 stakeholder in Long Beach Terminal
Jan24

Hyundai Merchant Marine to Become No. 2 stakeholder in Long Beach Terminal

Hyundai Merchant Marine Co. (HMM), has decided to buy a 20 percent stake in Hanjin Shipping Co.’s Terminals International LLC (TTI), which operates a terminal at the Port of Long Beach in the United States. With the latest decision, the company will be able to secure a stable profit on the Asia-U.S. services. HMM, South Korea’s largest shipping line following Hanjin’s collapse, said its board of directors agreed to buy a 20 percent...

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New South Korean Container Company Launched
Jan23

New South Korean Container Company Launched

A South Korean construction company, Samra Midas (SM) Group, is entering the container shipping domain with the launch of SM Line. The company made the announcement after it confirmed that SM Group would complete the acquisition of the bankrupt Hanjin Shipping’s Asia-to-US assets. The shipping company plans to acquire 12 container ships in the first half of this year and start its liner business in March and to build its fleet to...

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Carnival Corporation to Build Two New Cruise Ships
Jan20

Carnival Corporation to Build Two New Cruise Ships

Carnival Corporation, the world’s largest leisure travel company, today announced that it has signed a memorandum of agreement with Italian shipbuilder Fincantieri S.p.A. to build two new cruise ships with final contracts expected to be executed in early 2017. The two new ships are designated for the company’s Holland America Line and Princess Cruises brands. With the new agreement, Carnival Corporation now has 19 new...

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Too many vessels spoil the oil tanker rate
Jan19

Too many vessels spoil the oil tanker rate

The freight rates that large oil carriers charge on certain routes have plunged about 30% since the beginning of the year. The reason is twofold: There are suddenly more tankers looking for work and less demand for their services because of OPEC’s production cut. The benchmark Worldscale rate for very large crude carrier tankers in the 300,000-ton class has sharply fallen to around WS65 at present — the lowest point since November —...

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Seaboard Marine Announces New Ocean Freight Service to St. Lucia
Jan18

Seaboard Marine Announces New Ocean Freight Service to St. Lucia

Seaboard Marine recently announced a new ocean freight service in the Caribbean that will now include Castries, St. Lucia. The new weekly service is support by two container ships that will commence Thursday, January 26th, 2017, departing from PortMiami, Florida with a five (5) day transit to Castries, St. Lucia. “This direct, weekly service enhancement gives our valued customers an early departure and the shortest available...

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DCT Gdansk Handles Record Container Volume
Jan17

DCT Gdansk Handles Record Container Volume

Polish Port of Gdansk’s Deepwater Container Terminal (DCT) concluded 2016 with an operational result at the level of 1.3 million TEUs, representing a record in the history of the terminal. The record number of containers was driven by a number of factors, including the growing need for directs calls of oceanic container vessels in the Baltic, as well as the visible growth of cargo targeted at Eastern and Central Europe markets....

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Port of Virginia Sets New Volume Record in 2016
Jan16

Port of Virginia Sets New Volume Record in 2016

The Port of Virginia® set a new annual record for container cargo volume having handled more than 2.65 million twenty-foot equivalent units, or TEUs, a 4.2 percent increase over last year’s total. In 2016, import and export volumes were up 6 percent and 2.6 percent, respectively, over the prior year. The port saw increases in TEUs, rail volume and total volume at Virginia Inland Port, the port’s growing intermodal ramp located in...

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Hyundai Merchant Marine signs MoU with local companies to form new consortium
Jan13

Hyundai Merchant Marine signs MoU with local companies to form new consortium

South Korean logistics company Hyundai Merchant Marine has signed a memorandum of understanding (MoU) with intra-Asia trade carriers Heung-A Shipping and Sinokor Merchant Marine in order to develop a new HMM + K2 consortium. Apparently, the agreement has been signed as a move to overcome the downturn affecting the entire industry, reported Hellenic Shipping News. With the signing of its formal contract in February this year, Hyundai...

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