World Maritime Archives — Page 10 of 11

March 10, 2019 No Responses

Hyundai Acquires Daewoo Shipbuilding Firm

South Korea’s shipbuilding group Hyundai Heavy Industries (HHI) has signed a formal deal to proceed with the acquisition of its smaller rival Daewoo Shipbuilding & Marine Engineering (DSME). The deal was inked with Korean state lender Korea Development Bank (KDB)...

March 5, 2019 No Responses

CMA CGM Explains $1.2b Cost-Cutting Plan

French shipping major CMA CGM is launching a USD 1.2 billion cost reduction plan despite record revenues seen in 2018. As informed, the company will implement “a global plan” in 2019 to improve its operational performance. CMA CGM intends to...

March 4, 2019 No Responses

Fuel Supply Experts Implore Marine Sector On 2020 Compliance Solution

The marine sector should look beyond just the initial choice of compliance solution ahead of the impending 0.5% global sulphur cap, according to Finland-based provider of fuel supply systems Auramarine. The company added that the industry needs to fully u...

March 2, 2019 No Responses

Crane Manufacturer Acquires $62.8M Of COSCO Shares

China’s crane manufacturer Shanghai Zhenhua Heavy Industries (ZPMC) has decided to invest in compatriot shipping company COSCO Shipping Holdings by acquiring CNY 419.9 million (USD 62.8 million) worth of COSCO shares. ZPMC recently signed the share sub...

March 1, 2019 No Responses

Firm Votes $1.2B For New Vessels

Bermuda-based shipowner Ship Finance International Limited (SFL) invested USD 1.2 billion in new assets in 2018, continuing its fleet renewal efforts. As explained, these transactions added USD 1.3 billion in future contracted charter revenue. The company inte...

February 28, 2019 No Responses

Firm Secures Contract For Expedition Ship

Norwegian ship designer Ulstein has received a contract to design the fourth expedition cruise vessel for Miami-based SunStone Ships. The vessel, Ocean Explorer, will be constructed at the China Merchants Heavy Industries (CMHI) shipyard. Belonging to t...

February 27, 2019 No Responses

Maersk To Attain Carbon Neutral Status By 2050

At the end of last year, the world’s largest shipping company Maersk revealed plans on becoming a carbon neutral company by 2050. The efforts are in line with the shipping industry’s push to halve its carbon footprint by 2050 compared to 200...

February 22, 2019 No Responses

A.P. Moller – Maersk Explains $8.7b Debt, 2019 Investment Agenda

For the 2018 financial year, A.P Moller-Maersk net interest-bearing debt reduced from $14.8billion to $8.7billion. Meanwhile, the company remains investment grade rated. Following the listing of Maersk Drilling through a demerger and subject to maintaini...

February 19, 2019 No Responses

Maritime Firm Records $75m Loss In 2018

Norwegian maritime industry group Wilhelmsen ended 2018 — the first full year with present corporate structure — in loss. In the preliminary result for the year, the group reported a loss for the period of USD 75 million in 2018, compared to a loss...

February 16, 2019 No Responses

Vessel Fire Claims Six Casualties

Six people have lost their lives in an incident involving a vessel fire at the Port of Durban, according to the South African Maritime Safety Authority (SAMSA). The authority confirmed the casualties, adding that the extent of the fire caused the...

January 22, 2019 No Responses

Firm Gets $86.6m Refund On Four Cancelled Shipbuilding Deals

Canadian shipping company, Algoma Central Corporation has received full refund of instalment payments for the now-cancelled shipbuilding contracts with Croatia’s Uljanik and 3. Maj Shipyard. The company entered into five shipbuilding contracts with 3. M...

January 18, 2019 No Responses

Ocean Alliance Deploys 330 Ships

The Ocean Alliance partners have presented their new service offering, which would see the carriers utilize 330 containerships. Namely, CMA CGM, COSCO Shipping Lines, OOCL and Evergreen signed the agreement for the launch of Ocean Alliance Day 3 Product, ...

January 16, 2019 No Responses

Firm To Finance New Ships With $240m Loan

Norwegian shipowner 2020 Bulkers has signed a USD 240 million deal for the post-delivery financing of its newbuilding program. The financing facility, agreed on January 11, carries an interest of Libor+250 bps. It has an 18-year repayment profile for...

January 13, 2019 No Responses

Commission Probes Terminal Operators

The Hong Kong Competition Commission has opened an investigation to assess whether the recently created alliance between several container terminal operators may restrict competition in Hong Kong. Recently, COSCO-HIT Terminals (Hong Kong) Limited (CHT), ...