July 6, 2020 A.P. Moller – Maersk has reached an agreement with Bridgepoint Development Capital to acquire KGH Customs Services (KGH), a Sweden-based specialist in trade and customs management services in Europe. The move is aimed at bolstering Maersk’s capabilities as an integrated container logistics company. Maersk plans to acquire KGH for a consideration of […]
July 3, 2020 Eleven years ahead of schedule, Taiwanese shipping company Yang Ming Marine Transport Corporation managed to accomplish the International Maritime Organization (IMO) target of reducing carbon intensity by at least 40 per cent by 2030. As informed, Yang Ming fleet’s average carbon intensity — CO2 emissions per transport work — per TEU/km significantly decreased […]
June 29, 2020 Danish shipping company Norden has entered into a newbuilding contract with Chinese shipbuilder Nantong Cosco Khi Ship Engineering Co. (NACKS) for four 61,000 dwt dry cargo Ultramax ships, expected to deliver during 2022. Norden’s CEO Jan Rindbo said that the contract was in line with the company’s strategy of ‘agile asset trading and active management’ […]
June 25, 2020 Industry majors led by shipping giant A.P. Møller – Mærsk have teamed up in an effort to develop new fuel types and technologies by launching the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping. Aside to Maersk, the founding members include ABS, Cargill, MAN Energy Solutions, Mitsubishi Heavy Industries, NYK Lines and […]
June 25, 2020 Owner and operator of dry bulk vessels GoodBulk is joining its industry peers in securing refinancing and reducing cash break-even levels. The company has received credit committee approval from its banks for a loan of $200 million to refinance the full amounts outstanding under five of its six existing facilities for approximately […]
June 23, 2020 Japanese shipping major Mitsui O.S.K. Lines (MOL) has devised a plan comprising defensive measures the company should take in order to reduce market exposure and reexamine investment activities in response to the coronavirus pandemic’s impact. In order to be able to chart its path forward, MOL had to review the impact of […]
June 22, 2020 Following up on the successful biofuel trial in April, Swedish tanker shipping company Stena Bulk has decided to introduce low-carbon shipping options for its clients. During the ten-day trial, MR tanker Stena Immortal conducted a cross-Atlantic voyage 100 per cent waste-based biofuel. As explained, the recent trial proved the technical and operational […]
June 16, 2020 Japanese shipping major Mitsui O.S.K. Lines will invest in Northwest Innovation Works, Kalama, and provide and operate purpose-built next-generation ships to serve the planned methanol facility at the Port of Kalama in southwest Washington, USA. The planned facility in Kalama, scheduled to commence operation in 2024, will convert regionally sourced natural gas […]
June 8, 2020 Despite challenges caused by the coronavirus pandemic, French container shipping major CMA CGM closed the first quarter of this year with a positive net result. The company saw a net income of $48 million in Q1 2020, an increase of $91 million when compared to a net loss of $43 million suffered […]
June 3, 2020 French container shipping major CMA CGM is joining Maersk in committing to an industry goal of becoming carbon neutral by 2050. Speaking at the UN Global Compact on June 2, Rodolphe Saadé, the company’s CEO, announced CMA CGM’s plans of switching 10 % of its energy supply to alternative fuels by 2023 […]
