Seaspan seals charter extensions with Cosco for 17 vessels

The vessels charters with Cosco were set to end for two vessels in 2021, 13 vessels in 2022, and two vessels in 2023. All have now been extended for a three-year term from the end of their current charter period.

HMM confirms cyber attack

South Korea’s HMM has become another shipowner to suffer a cyber attack. The company confirmed today that it had detected an unidentified security breach, which led to limited access to the e-mail outlook system in certain areas.

COSCO Ports takes stake in Saudi Arabian terminal

China’s COSCO Shipping Ports (CSPL) has entered into an agreement with the founding shareholders of Saudi Arabia’s Red Sea Gateway Terminal Limited (RSGT) to acquire a 20 per cent stake in the terminal which is located at Jeddah Islamic Port.

Cosco sending 10 tankers to scrap

The vessels being disposed are made up of five VLCCs, three suezmaxes, one panamax and one handy tanker. The ages of the vessels are between 16 years and 18 years.

Aegean Shipping orders another eco-friendly Aframax

Greek shipping company Aegean Shipping Management has exercised an option to build its third Aframax tanker in China.

Cosco sells major stake in Cosco Shipping Leasing to state fund

Cosco Shipping Development has announced that it has entered into an agreement with Chengtong Fund Management to sell a 35.22% stake in Cosco Shipping Leasing for a price of RMB1.8bn ($275m).

Seoul summons liners as red-hot transpacific market worries exporters

With transpacific freight rates hitting extraordinary highs and shippers struggling to find slots on crowded boxships, the South Korean government has waded in, determined that carriers do not skip the peninsula in favour of neighbouring China.

Chinese state fund injects $447m into SinoOcean

Chinese state fund injects $447m into SinoOcean to promote the sale of idle offshore assets

FMC to investigate carriers’ runaway rates success

Following up on last week’s efforts by the Chinese Ministry of Transport to curb runaway spot rates, United States authorities have threatened to take carriers to court if they discover evidence of collusion in the container shipping industry’s highly profitable response to the global pandemic.