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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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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Ocean Carriers Top 30: Tough year on the high seas

Ocean Carriers Top 30: Tough year on the high seas

The poor handling of Hanjin Shipping’s collapse has done irreparable damage to the Korean carrier’s reputation, and it’s improbable that the carrier can be revived, say industry analysts.

According to the Paris-based consultancy Alphaliner, even the Seoul district court’s approval for rehabilitation granted last month will not be enough to rescue Hanjin. Furthermore, a merger with Hyundai Merchant Marine (HMM), or any potential “white knight,” can also be ruled out, given its financially encumbered status.

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Hanjin: Customers Are Not Paying Freight Invoices

Hanjin: Customers Are Not Paying Freight Invoices

Lawyers for Hanjin Shipping told a bankruptcy judge Friday that the firm is having trouble getting cargo owners to pay for freight delivered.

Hanjin has been in the news for its inability to pay port fees, which has created supply chain difficulties for the owners of some $14 billion in cargo stuck on ships at sea. It has recently secured additional funding in order to unload cargo, but its efforts to pay its fees may be complicated by the unwillingness of cargo owners to pay Hanjin’s invoices when containers are delivered – depriving Hanjin of millions in much-needed revenue.

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