NOL's freight rates soar 29% in June REFLECTING the ongoing recovery in the container shipping industry across the major trade lanes, Neptune Orient Lines said its average freight rates in June surged 29 per cent over the same period last year, due to improved yield mix and rate restorations.
Another tug hijacked off Indon islands ARMED pirates have hijacked another Singapore-flagged tug and barge in Indonesian waters, in the latest in an alarming spike in violent attacks in the past month.
Maersk, P&O, Cosco in China venture AP Moller-Maersk A/S said it agreed with Cosco Pacific, the port arm of China's largest shipping company, and P&O Ports to develop a US$877 million container terminal, which will be China's largest, in the eastern city of Qingdao.
Hutchison buys 51% stake in Mexican port HUTCHISON Port Holdings, the port operating arm of the world's biggest port company Hutchison Whampoa Ltd, bought a 51 per cent stake in LC Terminal Portuaria de Contenedores SA de CV, its third investment in a Mexican port, the Hong Kong-based company said in a statement.
Air and Land Transport
Weekend strike hits more BA flights at Heathrow A wildcat strike hit British Airways' Heathrow Airport operations causing delays and the airline's shares to stumble yesterday.
Sydney Airport's earnings up 19%
BA among 30 carriers seeking flights to Baghdad
European airlines' loss to hit US$2.4b
Eurotunnel cuts first-half loss with exceptional gains
NOL's freight rates soar 29% in June REFLECTING the ongoing recovery in the container shipping industry across the major trade lanes, Neptune Orient Lines said its average freight rates in June surged 29 per cent over the same period last year, due to improved yield mix and rate restorations.
Another tug hijacked off Indon islands ARMED pirates have hijacked another Singapore-flagged tug and barge in Indonesian waters, in the latest in an alarming spike in violent attacks in the past month.
Maersk, P&O, Cosco in China venture AP Moller-Maersk A/S said it agreed with Cosco Pacific, the port arm of China's largest shipping company, and P&O Ports to develop a US$877 million container terminal, which will be China's largest, in the eastern city of Qingdao.
Hutchison buys 51% stake in Mexican port HUTCHISON Port Holdings, the port operating arm of the world's biggest port company Hutchison Whampoa Ltd, bought a 51 per cent stake in LC Terminal Portuaria de Contenedores SA de CV, its third investment in a Mexican port, the Hong Kong-based company said in a statement.
Air and Land Transport
Weekend strike hits more BA flights at Heathrow A wildcat strike hit British Airways' Heathrow Airport operations causing delays and the airline's shares to stumble yesterday.
Sydney Airport's earnings up 19%
BA among 30 carriers seeking flights to Baghdad
European airlines' loss to hit US$2.4b
Eurotunnel cuts first-half loss with exceptional gains
OPEC bullish on oil demand outlook, basket price above $28 again OPEC has upgraded its forecast for demand growth in the 2nd half of the year, boosting the call on OPEC oil to 26.32 million bpd during the 4th quarter. Despite this bullish demand forecast, there seems to be growing consensus within OPEC not to touch current production quotas of 25.4 million bpd a a meeting later this month.
Great Belt market softens
Crude seen steady near recent highs as supply concerns persist With OPEC keeping a lid on supply and demand expected to rise, the outlook for crude prices seems strong. There is enough oil in the market to satisfy demand, but because there is no inventory cushion in the US, the market stays high.
Baltic supply problems continue
Brazilian market update
Mixed demand in major Asian markets as suppliers lower prices
Terminal congestion still blighting St Petersburg fueloil avails
Singapore opens week steady to soft despite Friday crude gains Suppliers were a bit puzzled that cargo prices closed steady to soft even as crude prices have been firmer, but blamed weak demand in the bunker market. There is also a bit of regional weakness as Chinese buying interest is expected to ease off for August after hefty imports in June has left storage in Huangpu brimming with fuel.
Liner giants back $1bn bid to boost Qingdao box port P&O, AP Møller-Maersk and China Ocean Shipping Co have backed a massive expansion of Qingdao that would push the Chinese container port into the world's top 10.
Oil prices retreat but market likely to remain tight for rest of the year OIL prices ebbed back from five-week highs yesterday, but analysts warned of a quick return to short-term growth as demand continues to outstrip supply.
Italy seeks protection from Chinese boom ITALY is to push for protectionist measures against China as a counterbalance to the unabated boom in westward flows of Chinese exports.
TNT Logistics has designs on Volkswagen TNT Logistics has landed a five-year contract worth E 100m ($112m) to redesign inbound supply chains for a key player in China's booming car market, writes Roger Hailey.
Lloyd's bids for Beijing licence Lloyd's lodged a submission with Beijing yesterday to secure a sought-after reinsurance licence before the start of 2005, Reuters reports.
Bowers: ILA cleaning up its act Amid reports of a possible federal racketeering lawsuit, union will write code of ethics, set up phone line for employees to report intimidation.
Shanghai box volume jumps China's largest port handled 5.2 million TEUs in the first half of the year, up 35.6 percent year-on-year, continuing steady growth that is prompting rapid expansion.
China hub tops A.P. Moller agenda The parent of Maersk Sealand said it has inked several large contracts with a range of business partners in China.
Terminal majors' northern China partnership 'will create new global top 10 container port' AP Moller and COSCO today signed into the Qingdao Qianwan Container Terminal (QQCT) phase III, which partner P&O Ports (POP) said will place Qingdao among the global top 10 container ports.
Terminal that will push HK above 25.5m TEU opens
Update: Antwerp collision lays up two Europe/Med boxships
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