INTERNATIONAL NEWS

Korean lines rationalise value of links

SOUTH Korea’s Hanjin Shipping is to team up with New World Alliance member Hyundai Merchant Marine (HMM) in one of a number of rationalisation moves being organised across the industry.

Hanjin Shipping to split in half

HANJIN Shipping, South Korea’s largest shipping line, is planning to split into two separate organisations from December 1 and each will have a separate Seoul stock exchange listing from December 29.

DP World parent gives up idea of stake sale

DUBAI-based port operator DP World has reasserted that it is not involved in negotiations to sell a stake in the business and that talks between parent company Dubai World and a regional private equity player were “no longer ongoing”.

Maersk Alabama trial is lost in translation

THE TRIAL of a Somali teenager accused of leading the pirate attack on boxship Maersk Alabama last April has been delayed to allow time for the translation of more material into English.

Bargain hunt planned by offshore firm

MERMAID Maritime is seeking to raise US$110m from a rights issue as it eyes distressed assets and merger and acquisition possibilities.

US Customs backtracks on Jones Act change

US CUSTOMS and Border Protection (CBP) has withdrawn a proposed change in its interpretation of the Jones Act that would have barred foreign ships from transporting specialist equipment for construction or modification of offshore installations in the US Gulf of Mexico.

China’s airfreight hub banks on local takeoff

CHINA’S air cargo sector is still in its infancy compared with countries such as South Korea, Japan and Taiwan, and none of the big three airlines can match the air freight volumes carried by Hong Kong’s Cathay Pacific Airways.

Arctic ice shrinks but transit still unlikely

SHIPPING experts are dampening enthusiasm for sending vessels through the north-east passage after scientists report a third summer of reduced Arctic ice.

Fall in US box imports starts to level off

THE STEEP decline in US import container volumes destined for high street retailers is beginning to level off, according to the latest statistics.

LIFE AFTER LEHMANS

In the 12 months since the demise of the Wall Street behemoth and after global economic action, trade finance remains scarce and expensive and dry bulk prospects are still uncertain. DAVID OSLER reports on a stormy year for the shipping sector

Asian shipbuilding’s offshore wake up call

ASIAN shipyards have woken up after “a deep slumber” but the recovery will be led by an “offshore bonanza” and not by merchant vessels said a new report from HSBC Global Research.

Now Brussels prods China, US to review liner conferences

CHINA, the US and other jurisdictions will be urged to study the benefits of ending price-fixing conferences during meetings with the European Commission.

CMA CGM throttles back to make 15% cut in C02

FRENCH container shipping group CMA CGM has set itself the target of achieving a 15% reduction in fleet carbon dioxide emissions by the end of 2011.

Hapag-Lloyd edges closer to government aid bailout

THE CITY state of Hamburg has cleared the way for government aid for Hapag-Lloyd. Its parliament, the Hamburger Bürgerschaft, decided unanimously in favour of loan guarantees last week.

Record US grain crop lifts Atlantic rates

INCREASED US grain exports were propping up the panamax Atlantic market last week as charterers looked for bulk carriers available to load in the second half of October.

Anti-piracy forces bracing for resurgence of attacks

COUNTER-piracy professionals are gearing up for the resumption of attacks on shipping in the Gulf of Aden as the monsoon season ends, even though the latest figures from the International Maritime Bureau indicate that the number of vessels held has fallen to a recent low of just five.

Cargo insurers urge P&I contribution to the costs of piracy

LONDON marine cargo and hull insurers used their Bruges conference platform last week to urge their P&I counterparts to contribute to increasingly frequent and costly general average bills after piracy hijacks.

Iran line hires ex-marines

EX-BRITISH Marines are being routinely deployed as guards onboard Iranian oil tankers which are under regular attack from heavily armed pirates off the Gulf of Aden.

nterpol wants pirate information sharing set up

INTERPOL has called for increased collaboration between national law enforcement agencies to tackle piracy.

Asian shippers change tack on Rotterdam Rules with review

ASIAN shippers have set up a regional task force to assess the impact of the Rotterdam Rules cargo liability scheme which undergoes a formal signing ceremony this week.