Shipping and Maritime

Japan Lines MOL, NYK, K Line to Join Shipping, Terminal Ops

Japan Lines MOL, NYK, K Line to Join Shipping, Terminal Ops

Three major Japanese container shipping lines said Monday they plan to merge their shipping and overseas terminal operations as the industry struggles with overcapacity and mounting losses.

Mitsui O.S.K. Lines, Nippon Yusen K.K. and Kawasaki Kisen Kaisha, or K Line, said in a statement that they are forming a joint venture to unite their shipping operations. They also are merging terminal management businesses outside Japan.

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Hanjin May Sell Stake in Long Beach Terminal to MSC

Hanjin May Sell Stake in Long Beach Terminal to MSC

Hanjin Shipping is in talks to sell its stake in the Long Beach Terminal in California to Geneva-based Mediterranean Shipping Company S.A. (MSC), a spokesman for the Seoul court overseeing the shipper’s receivership said on Friday.

Hanjin Shipping owns a 54 percent stake in Total Terminals International LLC, which operates Long Beach Terminal in the U.S. MSC owns the remaining 46 percent.

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Panama Canal Records Third Highest Annual Cargo Tonnage in Fiscal Year 2016

Strong container traffic, newly introduced segments and the Expanded Canal all contribute to the 330.7 million tons of goods welcomed through the Canal in FY16
Panama Canal Records Third Highest Annual Cargo Tonnage in Fiscal Year 2016

Press Release

At the close of the 2016 fiscal year (FY16), the Panama Canal Authority (ACP) recorded the third-highest annual tonnage in its history, welcoming 330.7 million Panama Canal tons (PC/UMS).

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Gearbulk and Grieg Star announce intention to enter into a joint venture

Gearbulk and Grieg Star announce intention to enter into a joint venture

PRESS RELEASE

October 19, 2016 – The joint venture (JV) will combine the companies’ global resources and expertise to operate the parties’ combined fleet of open hatch, semi open hatch and conventional bulk vessels. The JV will be jointly controlled by Gearbulk and Grieg Star, with Gearbulk owning 65% and Grieg Star owning 35%. The Board of Directors will be composed of 5 members; 3 appointed by Gearbulk and 2 appointed by Grieg Star. Chair of the Board of Directors will be Kristian Jebsen, with Grieg Star holding the vice chair.

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Container shipping market has bottomed out

Worse than expected second quarter financial results will be followed by a better second half-year
Container shipping market has bottomed out

Press Release

Hanjin’s receivership represents the trough of the container shipping market and despite continuing concerns of weak trade growth and fleet oversupply a gradual market recovery is now expected, according to the latest annual Container Forecaster and Review 2016/17 report published by global shipping consultancy Drewry.

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