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Navig8 Chemical Tankers Sinks Further into Red

Posted By Tony Sanchez / Cargo Sea Line / 0 Comments

August 15, 2018 Navig8 Chemical Tankers sank deeper into loss in the second quarter of 2018 due to lower gross average daily time charter equivalent (TCE) rates. Net loss widened to USD 5.7 million for the three months ended June 30, 2018, compared to a net loss of USD 3.6 million seen a year earlier. The […]

Brexit inaction ‘not an option’, says CILT

Posted By Tony Sanchez / Cargo News / 0 Comments

August 14, 2018 On Thursday August 9, Chris Grayling MP, the UK’S secretary of state for transport, hosted a road haulage round table with professional representatives, the Department for Transport (DfT), the Chartered Institute of Logistics and Transport (CILT) and other government departments to consider plans for Brexit, including a no-deal scenario. Reflecting on the […]

HMM Widens Loss amid High Bunker Costs, Poor Freight Rates

Posted By Tony Sanchez / Cargo Sea Line / 0 Comments

August 14, 2018 South Korea’s Hyundai Merchant Marine (HMM) saw its net loss expand in the second quarter, mainly due to higher bunker costs and lower average freight rates. The company ended the second quarter of 2018 with a net loss of KRW 242.7 billion, compared to a net loss of KRW 175.7 billion seen in […]

GulfNav Upgrading Fleet ahead of New Environmental Rules

Posted By Tony Sanchez / Cargo Sea Line / 0 Comments

August 14, 2018 Dubai-based shipping company Gulf Navigation Holding (GulfNav) is upgrading its fleet with new technologies that will help reduce the vessels’ fuel consumption and prepare them for new environmental regulations.  The company revealed that two of its petrochemical tankers have entered the dry dock for the mandatory five-year maintenance that includes major upgrades […]

Pan Ocean Delivers Nearly Double Net Profit

Posted By Tony Sanchez / Cargo Sea Line / 0 Comments

August 14, 2018 South Korean shipping company Pan Ocean witnessed almost a double net profit in the second quarter of 2018, compared to the same period a year earlier, driven by a recovery in freight rates. The company’s net profit jumped to KRW 37.3 billion (USD 33 million) from KRW 20 billion reported in the same quarter […]

Electronics company facing $126,000 HazMat fine from FAA

Posted By Tony Sanchez / Cargo News / 0 Comments

August 13, 2018 A Florida-based electronics company is facing a $126,000 fine from the Federal Aviation Administration (FAA) for alleged violations of Hazardous Materials Violations. RAE-I.T. Asset Management of Ocala, Florida is accused of offering a shipment containing 220 lithium ion mobile phone batteries weighing 16 kilos to UPS for shipment by air on 24 […]

Hong Kong cargo volumes remain steady in July

Posted By Tony Sanchez / Airport / 0 Comments

August 13, 2018 Cargo and airmail remained steady in July at Hong Kong International Airport (HKIA) with exports proving stronger than imports. The airport handled 433,000 tonnes of cargo and airmail in July, with unloaded cargo increasing 3.6 per cent to 154,000 tonnes, loaded cargo decreasing 1.1 per cent to 271,000 tonnes and airmail falling […]

Fewer freighter flights means less cargo for Frankfurt

Posted By Tony Sanchez / Airport / 0 Comments

August 13, 2018 Cargo volumes at Frankfurt Airport fell by 6.4 per cent in July due to fewer freighters and less freight being shipped in passenger aircraft. The German airport handled 175,960 tons, the lowest figure in July since the 2009 financial crisis, mainly due to the number of freighter aircraft operating from Frankfurt, with […]

“Exceptional” year for Ethiopian Airlines as freight grows 18%

Posted By Tony Sanchez / Airlines / 0 Comments

August 13, 2018 Freight traffic at Ethiopian Airlines grew 18 per cent in the 2017/18 fiscal year as the airline expanded its fleet and network. The airline handled 400,339 tons during the year, with operating revenue growing 43 per cent to 89.1 billion Ethiopian birr (ETB) and net profit standing at 6.8 billion ETB ($241.6 […]

COSCO Shipping International Bounces Back to Profit

Posted By Tony Sanchez / Cargo Sea Line / 0 Comments

August 13, 2018 Singapore-listed COSCO Shipping International saw its turnover from continuing operations jump by 271 pct in the second quarter of 2018. The logistics management company posted a turnover of SGD 40 million (USD 29 million) for Q2 2018, mainly driven by the turnover of SGD 32.3 million from newly acquired logistics businesses, the 100% […]