Cash boost for DSR-Senator HANJIN Shipping is preparing to inject more cash into its ailing subsidiary, DSR-Senator Lines.
Decisive restructuring by Korean chaebol appeases analysts HANJIN'S recent restructuring is being seen by many Asian analysts as probably the most decisive yet unveiled by a Korean chaebol. The local perception is that Hanjin has pleased the international financial community by its willingness to confront and tackle its problems, writes Matthew Flynn, Hong Kong Correspondent.
Hopes rise of reefer upturn HOPES are emerging that China will resume banana imports in August 1998, although a series of problems may put severe curbs on volumes.
A taste for garlic boosts cargo trade A LITTLE touch of garlic means a lot to the refrigerated shipping trades, especially when cargoes are scarce. World production is estimated at 10.4m tonnes, of which Asia's share is just over 9m tonnes, according to the London-based Fresh Fruit and Vegetables Information Bureau.
Ship finance plan to cut forex risk Shipowners tempted to order vessels in Japan by the weakness of the yen may increasingly use a novel financial mechanism to manage their foreign-exchange exposure during the building period.
'Happy River' moves Thai cargo MAMMOET Shipping's 16,516 dwt heavylift vessel Happy River, pictured, has delivered an unusually awkward consignment of project cargo to Thailand.
Egypt unveils new shipping hub plan PLANS for a new multi-million dollar shipping hub at the northern end of the Suez Canal have been unveiled by Egypt's economy minister.
Turkish company rejects ITF list link TURKISH shipping company Semih Sohtorik has dissociated itself from the similarly named Sohtorik Denizcilik, which last week featured on a list of the 20 alleged "worst shipowners in the world" published by the International Transport Workers Federation, writes David Osler.
Grimaldi posts encouraging first half results GRIMALDI, the Naples-based roro operator, has posted turnover up ten per cent and pre-tax profit up more than 40 per cent for 1997.
Indonesia slides into recession INDONESIA'S economy has slid into recession ' its first in more than 30 years ' as the rupiah's collapse and record interest rates choke off business.
Millions lost during battle for Subic Bay post MILLIONS of dollars have been lost in the battle for chairmanship of Subic Bay Metropolitan Authority.
Mercosur members meet to form shipping policy REPRESENTATIVES from Brazil and Argentina meet in Buenos Aires on July 21 and 22 to hammer out a shipping policy for the Mercosur states.
Manila leans on regional court over SBMA post PHILIPPINE government lawyers have asked the Olongapo Regional Trial Court to reconsider its extension to a restraining order in favour of SBMA chairman Richard Gordon.
Wah Kwong family battle for control HONG Kong-based Wah Kwong is being torn apart by bitter allegations involving the family of former chairman Chao Tsong-yea.
CGM, Transroll upgrade South American service CGM and Transroll are to upgrade the frequency of their Europe-east coast South America service from every ten to every eight days.
Texas foundation increases its stake in OSG A FOUNDATION controlled by the wealthy Bass family of Texas has raised its investment stake in Overseas Shipholding Group, the New York shipping company.
Marine contractor implicated in tragedy A MAJOR marine contractor has been implicated in a naval tragedy off Fremantle, Western Australia in May.
San Juan crippled by strikes STRIKES across the island of Puerto Rico have paralysed the island, bringing business and commerce to a virtual standstill.
Upgrade rating for Teekay Shipping STANDARD & Poor's, the credit rating agency, has raised its corporate credit and senior secured debt ratings on Teekay Shipping.
Illinois Central loses out in Mexican rail bid THE Illinois Central railroad has lost out in its bid to gain an interest in Mexico's Southeast Line railway system.
Containership sinks off Colombo TIGER Force, a 224 teu capacity containership operated by Bengal Tiger Lines, was abandoned by its crew shortly before it sank on July 7.
Kandla food stocks destroyed STOCKS of foodgrains, oil seeds and other edibles worth Rs343m ($8m), which were damaged in the recent cyclone in Gujarat, have been destroyed by the Kandla port authorities.
Patrick peace deal in doubt DOUBT has arisen about last month's peace deal that ended a six-month dispute between the Maritime Union of Australia and Patrick stevedoring.
BLG signs terminal venture with major operators MÆRSK and Sea-Land have set up a joint container handling company with Bremer Lagerhaus (BLG) in Bremerhaven.
"Le Havre ne veut pas être sacrifié au profit d'Anvers!" Il y a près de deux semaines (LL du 27 juin), nous posions la question: "Vers une alliance SNCF/SNCB pour jouer Anvers face à Rotterdam?" Cette éventuelle collaboration entre la SNCF et la SNCB a fait grand bruit en France. Au point que, très attaqué par les ports français, Armand Toubol, directeur Fret SNCF, doit faire le point en urgence face à la presse. Mais sans attendre les éclaircissements qu'il pourra apporter, la presse quotidienne française s'est emparée de ce dossier. Sans citer d'interlocuteur précis, elle écrit: "La SNCB confirme sans ambages l'existence de discussions sur une coopération avec la SNCF."
Mærsk Line va mettre les ports US à l'épreuve Mærsk Line semble décidé à mettre les responsables portuaires américains de la côte est au pied du mur. L'armement danois va diriger pour la première fois vers certains des ports de la région une unité de 6.500 à 7.000 TEU, le "Regina Mærsk" (318 m de long, tirant d'eau 14 m, largeur de pontée 17 TEU). Outre Halifax, où une première escale est prévue pour le 20 juillet, Newark, Norfolk et Charleston seront touchés. Le "Regina Mærsk" est aligné dans le service pendulaire Suez Express, qui de la côte ouest des USA dessert l'Asie, l'Europe et la côte est des Etats-Unis. Ce service est actuellement assuré avec une flotte de 15 porte-containers de 4.300 TEU. L'armement aurait l'intention d'introduire progressivement plusieurs unités de 6 à 7.000 TEU dans ce service, où elles remplaceraient des PC plus petits.
Canadian Pacific: concentration et rationalisation conditionnent une forte expansion Le groupe Canadian Pacific a incontestablement le vent en poupe. Sa nouvelle stratégie, qui consiste à se défaire des activités qui ne s'inscrivent pas dans ses secteurs de base, et à renforcer ces derniers par une audacieuse politique d'investissements, s'est avérée payante. L'exercice 97 a permis de réaliser un nouveau record et cette tendance positive s'est encore accentuée pendant le premier trimestre de cette année. A l'issue du dernier exercice, le revenu net a progressé de près de 50% pour se situer à 1,26 milliard de dollars canadiens ou 3,64 CAD par action. Le chiffre d'affaires issu des opérations a augmenté de 13% avec 9,6 mia. de CAD, tandis que le revenu opérationnel (1,8 mia.) était en hausse de 20%. Quant au cash flow, il a progressé de 10% à 2,2 mia. de dollars. Par ailleurs, CP devient progressivement un acteur de premier plan dans le contexte du liner mondial.
Les ports maritimes et fluviaux allemands ont traité 492 mio. de t en 1997 Les ports fluviaux et maritimes allemands ont transbordé 492 mio. de t de marchandises en 1997, ce qui représente 12 mio. de t, soit 2,6% de plus qu'en 1996. Le transbordement global vers le fluvial était de l'ordre de 279 mio. de t, tandis que le secteur maritime a transbordé quelque 213 mio. de t.
ACCC urged to drop MUA case Several members of parliament are believed to have written to the Australian Competition and Consumer Commission urging the consumer watchdog to drop its case against the Maritime Union of Australia. It is understood they have argued this would be in the "public interest". The union has stated that all legal action is dropped, the agreement hammered out between Patrick and itself will not proceed, threatening the re-opening of the entire dispute.
ITF reports on Asia Pacific waterfront The latest report on waterfront industrial developments in the Asia/Pacific region from the International Transport Workers' Federation gives an overview in three countries: India, Australia and Burma. The ITF said India's Transport & Dock Workers' Union (T & DWU) members in Mumbai (Bombay) have been on strike since 12 June in support of demands for increased wages and benefits. The strike involves employees of the Bombay Custom House Agents who work in licensed custom houses, container freight stations and Mumbai International Airport's air cargo complex.
VCA drops charges The Victorian Channels Authority has announced that it has reduced its charges, effective from yesterday. VCA chief executive Ian Edwards said the new charges would involve a reduction in the base rate per gross tonne to 30.4 cents from 35.5 cents. The VCA said the reduction in channel usage charges was in line with the Victorian government's goal of reducing costs to shippers using the ports of Geelong and Melbourne.
Sydney airport charges still under ACCC scrutiny The Australian Competition and Consumer Commission's acceptance of the Federal Airport Corporation's restructuring of aeronautical services charges at Sydney's Airport over 1998-99 has been welcomed by airlines but only because the ACCC has recognised there are "unresolved issues" associated with the new charging regime.
The Suez Canal Authority has announced that it will introduce surcharges on transit tariffs through the Egyptian canal for most major cargo vessels, effective July 15.
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