INTERNATIONAL NEWS

Protection racket

HAS there ever been a case that justified state intervention of the sort which containership operators fast running out of options are now demanding? And perhaps more importantly, has there ever been a case where such an intervention did not produce many more problems than it ever solved in the long run?

Longest bridge will reforge Hong Kong supply chains

DEVELOPMENT of the world’s longest sea crossing, a Yuan73bn (US$10.7bn) bridge and tunnel link across the Pearl River delta that will connect Hong Kong with Macau and Zhuhai, is set to change the dynamics of the region’s logistics sector, observers believe.

Carnival predicts a flat year

CARNIVAL was projecting flat profit trends for fiscal 2010, after reporting a halving of fourth-quarter profits for this year amid what chairman and chief executive Micky Arison described as the “most challenging economic environment in the company’s history”.

MOL issues seven-year bonds to repay loans

MITSUI OSK Lines has completed a ¥20bn (US$221.5m) bond issue in Japan. The seven-year unsecured bond carries a coupon of 1.1% with an AA- rating from the Japan Credit Rating Agency.

Copenhagen turns its gaze on new taxes for shipping

THE SHIPPING industry’s worst fears appeared to be coming true as high-level support for a multi-billion dollar global tax on shipping and aviation fuel outside of the International Maritime Organization’s (IMO) control was growing at the Copenhagen climate change talks.

Yemen Navy protection – at a price

THERE is one way to repel Somali pirates: hire the Yemen Navy. UK-based Gulf of Aden Group Transits has an exclusive commercial contract with the Yemen Navy, underscoring to international shipowners that anti-piracy protection comes at a price.

Farewell to world’s largest as she heads for scrap yard

THE WORLD’S largest ship, Knock Nevis, is heading for demolition in India four weeks after her former owner, Norway’s Fred.Olsen Production, said she had been sold for floating crude storage.

High oil prices will help green push, says Maersk

AP MOLLER-Maersk chief executive Nils Andersen has welcomed an eventual hike in fuel prices as a result of ongoing climate talks.

Los Angeles cuts port rent in a bid to help box tenants

THE PORT of Los Angeles has unveiled a 6% discount on the rent it charges its container terminal operators, as part of a relief package that is projected to save the tenants US$26m next year.

Hapag-Lloyd hits the ‘bottom’

GERMAN container line Hapag-Lloyd reported an operating loss of €675m (US$982m) in the first nine months of this year, but may not need to use government guarantees to back its loans should markets recover next year

China Cosco issues new profit warning

CHINA Cosco Holdings, the listed arm of China’s largest shipping company China Ocean Shipping (Group), could post a full-year net loss of around Yuan5bn (US$735m).

CMA CGM buys time with US$500m credit line

FAMILY-owned CMA CGM has finally bowed to pressure from banks by agreeing to appoint a new chief executive and bring in outsiders to its board as part of an interim rescue package that will protect cashflow while debt restructuring talks continue next year.

OOCL sees trade growth in 2010

BOX CARRIER Orient Overseas Container Line (OOCL) was set to scale back its program of redelivering chartered-in tonnage next year in the face of renewed growth in container volumes.

Right time for containership investment

NOW could be a good time to consider investing in containerships despite the poor state of the liner and boxship charter markets, according to chief executive of DVB Bank’s shipping division Dagfinn Lunde.