Container Tonnage Declined by 4% Since the Crisis Began
... by 4%.
According to research published by the French company Alphaliner, during the last 12 months the container fleet managed by the world’s 24 largest container lines has declined by 4%. Since September 2008, which became the pre-crisis month, the tonnage declined from 10.86 million TEU to 10.43 million TEU. If the vessels which had been anchored because of the crisis were to be used by container lines again, the total tonnage of the world’s 24 largest container carrier...
tonnage , reduction , crisis , Alphaliner
Electronic Trade to Rescue During Crisis
In the times of global financial crisis, cargo owners are preferring electronic order document processing for container shipments, reports INTTRA company, an internet-service provider for ocean shipping companies.
In the times of global financial crisis, cargo owners are preferring...
INTTRA , internet , electronic trade , crisis
Asian Lines Reduce Tonnage
... Co., Yang Ming Marine Transport Corp. and Kawasaki Kisen Kaisha Ltd. plan to reduce the tonnage on their Asia-Europe routes.
China Shipping Container Lines Co., the China’s second largest container line, announced it was planning to fight the crisis by selling its old vessels. Hong Kong’s largest container line Orient Overseas (International) Ltd. announced it would postpone the delivery of two new vessels.
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China COSCO Holdings Company Limited was created in the People’s...
COSCO , tonnage , crisis , vessels
Maersk Lost $540 Million in Half Year
... Moeller-Maersk, the owner of the world’s largest container line Maersk Line, announced it had incurred a loss of $540 million during the first half of 2009. The company explains this by decreasing global consumer market demand caused by the global economic crisis. Last year, A.P. Moeller-Maersk profits reached $2.45 billion. The company’s revenues for the first six months of 2009 decreased by 25% to $22.75 billion. In 2008 the revenues were $30.43 billion. “We are witnessing a historical-scale...
A.P. Moeller-Maersk , half year , loss , crisis
Hapag-Lloyd’s Appetite Grows
The German company Hapag-Lloyd which is currently experiencing financial difficulties has announced it needs more external financial resources.
The German company Hapag-Lloyd which is currently experiencing financial difficulties has announced it needs more external financial resources. According to Financial Times Deutschland, the pessimistic financial forecast foresees that by 2011 the company will need 1.95 billion euro instead of 1.75 billion which has been forecasted earlier. According t
Hapag-Lloyd , shareholders , financial aid , crisis
Maersk, MSC and CMA CGM Modernize Pacific Services
By the end of September of 2009 the Danish shipping company Maersk Line plans to rearrange its Pacific services operated as part of the agreement for shared use of container vessels with the Swiss Mediterranean Shipping Company (MSC) and the French CMA CGM.
By the end of September of 2009 the Danish shipping company Maersk Line plans to rearrange its Pacific services operated as part of the agreement for shared use of container vessels with the Swiss Mediterranean Shipping Company (MSC) and t
Maersk Line , MSC , CMA CGM , service , crisis
Maersk Shuts Down Shipyard
The Danish shipping company A.P.Moeller-Maersk plans to stop all operations of its Odense Steel Shipyard which was founded in 1918, says the company’s official press release.
The Danish shipping company A.P.Moeller-Maersk plans to stop all operations of its Odense Steel Shipyard which was founded in 1918, says the company’s official press release.
“Because of expanding shipbuilding capacities in developing countries, the competition on the shipbuilding market in the Far East
Maersk , Odense Steel , shipyard , crisis
ZIM Plans to Borrow $350 million from Israel Corporation
The Israeli shipping company ZIM Integrated Shipping Services plans to receive a credit of $350 million from its parent company Israel Corporation for implementing its anti-crisis plan.
The Israeli shipping company ZIM Integrated Shipping Services plans to receive a credit of $350 million from its parent company Israel Corporation for implementing its anti-crisis plan.
The container line is currently actively managing...
ZIM , Israel Corporation , credit , crisis
HHLA to Sell Terminal in Lübeck
... offering container delivery services to the city by road.
Currently these services, as well as servicing the feeder lines, is being conducted by the subsidiary company Combisped, which will also be sold to its current CEO Thomas Dreier.
The financial crisis has also affected the company’s terminals in the port of Hamburg where HHLA has transferred 2,000 out of its 3,500 employees to a reduced working week chedule.
Recall, that during the first quarter of 2009 net profits of HHLA decreased by...
HHLA , terminal , Lübeck , crisis
Port of Singapore Volumes Stable
In June the port of Singapore serviced 17% less containers than during the same period last year. Since May the container turnover remained unchanged.
In June the port of Singapore serviced 17% less containers than during the same period last year. Since May the container turnover remained unchanged. According to the data received from the Singapore government, the container business has stabilized because the country’s export-oriented economy has overcome the recession that it had been
Singapore , volumes , crisis
Zim Prepares For Upturn
... shipyard Hyundai Heavy Industries. They will operate on the Pacific North-Western service that connects Eastern Asia with the Western coast of Canada and US.
“The world economy is changing, and particularly its shipping segment. When the economic crisis is over, we must be prepared to have the proper fleet in place in order to satisfy the global demand” - said Zim’s president Idan Ofer.
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Zim Integrated Shipping is 98% owned by the Israel Corporation, the largest Israeli...
Zim , container vessels , crisis
Shareholders Will Rescue Hapag Lloyd
The shareholders of Germany’s largest container line Hapag-Lloyd are planning to provide financial support for the company during the crisis.
The shareholders of Germany’s largest container line Hapag-Lloyd are planning to provide financial support for the company during the crisis. The Hamburg-based company Albert Ballin and the travel agency TUI announced yesterday that the...
Hapag-Lloyd , ALbert Ballin , TUI , shareholders , assistance , crisis
Container Operators Agreed On Rates
Container lines members of the Transpacific Stabilizing Agreement (TSA) - APL, Cosco Container, Evergreen Marine, Hanjin, Hapag Lloyd AG, Hyundai Merchant Marine Co., Kawasaki Kisen Kaisha Ltd., Mediterranean Shipping Co., Nippon Yusen K.K., Orient Overseas, Yangming Marine Transport Corp., and Zim Integrated Shipping Services - agreed to lift up their shipping rates on the Asian-American direction in order to stop the price war caused by low demand and excessive tonnage.
Container lines memb
TSA , rates , Asia , America , crisis
Port of Singapore Volumes Pick UP
The container turnover volumes in the world’s largest port of Singapore decreased by 18% year-on-year between January and May 2009 and reached 9.93 million TEU.
The container turnover volumes in the world’s largest port of Singapore decreased by 18% year-on-year between January and May 2009 and reached 9.93 million TEU. In May some 2.1 million TEU were shipped, which is 20.3% less than during the same period of 2008 but almost unchanged compared with the April 2009 figures.
The po
Singapore , PSA , turnover , crisis
K-Line Cuts Costs
... on the market” - said the company’s president Hiroyuki Maekawa.
K-Line’s revenues have fallen by almost a half since last year. The company has been cutting the tonnage and reducing the number of services because due to the economic crisis the demand for furniture, construction materials, and consumer electronics has fallen dramatically.
“We can cut our costs by $20-30 million” - said the company’s CEO Takashi Saeki. According to Mr.Saeki, the company has already...
K-Line , costs , crisis
OMG Shuts Down Container Operator
OMG Group (former Oslo Marine Group, St. Petersburg) halts the operations of the Vyborg Shipping Company (VSC Ltd.) which was created in 2007 to conduct container shipping operations.
OMG Group (former Oslo Marine Group, St. Petersburg) halts the operations of the Vyborg Shipping Company (VSC Ltd.) which was created in 2007 to conduct container shipping operations.
According to Vitaly Arkhangelsky, president of OGM Group, the main reasons for the business failure of VSC were decreasing volum
OMG , VSC , crisis , bankruptcy
MOL Restructures Unprofitable Container Business
Mitsui O.S.K. Lines (MOL), Japan’s second largest shipping company in terms of sales volumes, announced it might move its container division into a separate business unit in order to avoid losses.
Mitsui O.S.K. Lines (MOL), Japan’s second largest shipping company in terms of sales volumes, announced it might move its container division into a separate business unit in order to avoid losses.
MOL was the only out of three main Japanese shipping companies who announced it expected
Mitsui O.S.K. Lines , results , losses , crisis
Baltic Dry Growth Continues
The Baltic Dry Index which tracks prices for transportation of bulk cargo around the world grew by 1505 points in 10 days.
The Baltic Dry Index which tracks prices for transportation of bulk cargo around the world grew by 1505 points in 10 days.
According to the London-based Baltic Exchange, as of the 3rd of June of 2009 the index had gained 185 points (+4.5%) and reached the level of 4291 points. During the last trade in 2008 the Index closed at the 774 points. Thus, since the start of 200
Baltic Dry , crisis
Zim Gets Support From Owner
The Israel Corporation offered its container subdivision Zim Integrated Shipping Services $50 million worth of credit in order for the company to be able to overcome the difficulties resulting from the falling demand for cargo transportation and decreasing freight rates.
The Israel Corporation offered its container subdivision Zim Integrated Shipping Services $50 million worth of credit in order for the company to be able to overcome the difficulties resulting from the falling demand for carg
Zim , Israel Corporation , credit , crisis
Large Vessels Source of Losses
... (London), said that at least one large shipping company will file for bankruptcy within the next one or two years due to inability to pay for the running contracts. “Only companies with significant cash flows will be able to survive the current crisis” - he added.
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Neptune Orient Lines Ltd. is the world’s largest container operator in terms of shipping volumes with headquarters in Singapore. In 2008 the company’s revenues reached $9.3 billion. NOL’s shares...
Neptune Orient Lines , Drewry Shipping Consultants , lines , crisis
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