The container volume at eight major Chinese ports increased 13.1% year-on-year in early November.
Under pressure Pacific International Lines (PIL) told the Singapore Exchange on Monday it would not pay back S$60m ($44.6m) of notes due yesterday.
The Cypriot-flagged container ship Fesco Askold, operated by the Russian Far Eastern Shipping Company (Fesco) is being linked to a new outbreak of the COVID-19. Samoa and American Samoa are rushing to react to the possibility of exposure to the virus.
Manila-based port operator ICTSI has connected all of its 31 terminals to TradeLens, a blockchain platform jointly developed by IBM and Maersk.
PIL executive chairman SS Teo told Splash today: “As we have formulated a comprehensive restructuring plan with financial lenders, advisors and Heliconia Capital Management, today’s commencement of a scheme of arrangement process is a significant milestone for PIL in the debt-reprofiling plan to ensure the company’s long-term sustainability and success. It is a natural progression and will provide our creditors, noteholders, banks, and other interested parties the assurance that their interests will be treated in a fair and transparent way.”
Containership S&P activities dominate the week’s transactions with many ships changing hands, and freight and charter rates surging.
Containership sales have roared back as have prices for secondhand tonnage, while charter rates have gone through the roof in the topsy-turvy pandemic year liner shipping has been through.
Shipmanagement and services giant V.Group has strengthened an exisiting partnership with Costamare in a move which will see it manage an additional 41 container vessels associated with the Greek company.
The administrators of Chinese domestic container shipping major Antong Holdings has officially signed with Fujian Zhaohang Logistics Management to conduct a restructuring.
Taiwanese shipping line Evergreen Marine has announced the appointment of Chang Yen-I as the new chairman of the company, replacing Anchor Chang who has moved to Taipei Port Container Terminal (TPCT) as chairman.
The French shipping giant said in an update on Wednesday that its back-offices are gradually being reconnected to the network, improving booking and documentation processing times.
A first-of-its-kind digital naming ceremony was held today for the 23,000 TEU CMA CGM Jacques Saade, the largest LNG-powered containership in the world.
Jebel Ali Port welcomed one of the world’s largest containership's, the 24,000 teu HMM Gdansk, earlier this week.
While the container shipping industry is particularly vulnerable to changes in consumer spending, the major carriers were successful in managing their business to produce strong results in the first half of 2020.
CMA CGM has made a positive forecast for container shipping trades to continue growing especially on the transpacific, despite a stunted start to the year due to the coronavirus (Covid-19) pandemic.
Ocean carriers are scrambling to charter larger containerships to take advantage of skyrocketing freight rates caused by a spike in demand across major tradelanes.
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