Press outlets have reported the Hyundai Group has announced a major restructuring plan, that will include selling financial assets and support for its shipping company, Hyundai Merchant Marine.
Hanjin Shipping said it will raise 300 billion Korean won (KRW) ($283 million) by spinning off its dedicated bulk business into a joint venture.
NYK announced Tuesday it will build Japan’s first LNG-fueled tugboat featuring a dual-fuel engine that can be powered by either liquefied natural gas (LNG) or heavy oil. NYK has worked to enhance environment-responsive technologies such as solar-powered systems and air-lubrication systems, it said in a statement. In 2011, NYK established a team to […]
“K” Line Next Generation Car Carriers The Japanese shipping company “K” Line said it has decided to double the number of next-generation car carrier vessels it is ordering. In September, the company said it was ordering two ships each from Shin Kurushima Dockyard Co., Ltd, and Japan Marine United Corporation. This week, […]
The U.S. Department of Agriculture’s Animal and Plant Health Inspection Service said it is proposing to amend its regulations to allow the importation of fresh beef from certain Brazilian states.
Vilsack U.S. Department of Agriculture Secretary Tom Vilsack on Monday said progress was made on several trade issues with China at the U.S.-China Joint Commission on Commerce and Trade, which ended this week in Beijing. “My discussions with Premier Li Keqiang and other Chinese leaders laid the groundwork for future cooperation related to […]
Hapag-Lloyd is increasing its rates for dry commodities from ports in North America by $160 per TEU and $200 per FEU, it said Monday. The change, effective Feb. 1, raises rates for dry commodities from Canada and the U.S. to East Asia, the Indian Subcontinent and the Middle East. East Asia comprises […]
The Federal Maritime Commission announced it reached compromise agreements with two Japanese companies for alleged violations of the Shipping Act by their roll-on, roll-off cargo operations. Under separate agreements, Kawasaki Kisen Kaisha Ltd. (“K” Line), paid $1.1 million in civil penalties, and Nippon Yusen Kaisha (NYK Line) paid $1.23 million in civil penalties. […]
Jeffrey S. Musser has been elected by the Expeditors International Board of Directors to succeed Peter Rose as director, president and chief executive officer. A long-time Expeditors employee, Musser currently works as the firm’s executive vice president and chief information officer, which has been his role for the past nine years. Expeditors […]
‘Tis the day after Christmas, but no matter how carefully they hung their stockings, for many port executives funding for dredging and port infrastructure remains just a vision dancing in their heads. The American Association of Port Authorities, however, is trying to raise the public’s awareness of the role ports play in bringing […]
Kinder Morgan Energy Partners, L.P., said Monday it had entered into a definitive agreement to acquire American Petroleum Tankers (APT) and State Class Tankers (SCT) from affiliates of The Blackstone Group and Cerberus Capital Management for $962 million in cash. The two tanker companies are engaged in the domestic or Jones Act marine […]
Maersk, in its Dec. 17 “Weekly Highlights” newsletter, has laid out contingency plans in connection with the upcoming Chinese New Year period. “We have endeavored to balance our network capacity to match the reduced demand for the three week period. We aim to minimize the impact to our customers by securing alternate routings […]
Canada’s Port of Sept-Îles on the Saint Lawrence Seaway said it set a new record earlier this month when it loaded 302,264 tons of iron ore on a ship, which it said was the largest amount of bulk cargo ever loaded onto a ship in North American maritime history. It said on Sunday, […]
The per-kilo price of air freight on the east-west trade lane continued to rise in November, inching up to $3.81, according to Drewry. The November result is the highest rates have been in at least a year, and it represents a rise of nearly 20 cents, year over year. In October, Drewry measured […]
A document on the Korean shipping company’s website said the plan involves repayment of debt; financial aid by shareholders and creditors; and a plan for improvement in operations.
The Danish foundation that controls the A.P. Møller-Maersk conglomerate, A.P. Møller og Hustru Chastine Mc-Kinney Møllers Fond til almene Formaal, has restructured. A.P. Møller-Maersk said the foundation, which owns 41.51 percent of the company’s shares and has 51.09 percent of the votes, has “transferred all of its shares in the company to a […]
Vitran has received an unsolicited offer from TransForce to acquire all of its outstanding common shares for $6.50 per share, upping the Dec. 9 acquisition offer proposed by Manitoulin Transport.
CMA CGM will increase its cargo rates from all Asian ports to East Africa, it announced Friday. Effective Jan. 6, CMA CGM will charge $100 more per TEU (dry cargo, OOGs, break-bulk and reefer cargo) from all Asian ports to East Africa.
NOL Group has appointed 30-year logistics industry veteran Beat Simon to president of its APL Logistics subsidiary, effective March 1. Simon joins APL Logistics from Agility, where he has held senior management positions since 2006. He recently served as Agility’s chief executive officer in Europe. Between 2000 and 2006, he served in […]
The American Trucking Associations’ For-Hire seasonally adjusted Truck Tonnage Index increased 2.7 percent in November, after falling 1.9 percent in October, the association reported. “Tonnage snapped back in November, which fits with several other economic indicators,” said ATA Chief Economist Bob Costello. “Assuming that December isn’t weak, tonnage growth this year will be […]
