Home / Author Archives: hellenicshippingnews. (page 41)

Author Archives: hellenicshippingnews.

China Dec factory contraction deepens, more stimulus on the cards

China’s manufacturing activity shrank for a third straight month in December and weakenedmore than expected, clouding the outlook for the country’s economic recovery and raising the case for fresh stimulus measures in the new year. The government has in recent months introduced a series of policies to shore up a feeble post-pandemic recovery, which is being held back by a severe property slump, local government debt risks and soft global demand. But the world’s second-largest economy is still struggling to gain traction. The official purchasing managers’ index (PMI) fell to ...

Read More »

Xi says China to consolidate and enhance economic recovery in 2024

President Xi Jinping said on Sunday that China will consolidate and enhance the positive trend of its economic recovery in 2024, and sustain long-term economic development with deeper reforms. In a televised speech to mark the New Year, Xi said China would deepen reforms to shore up confidence in the economy. Xi said China will “consolidate and enhance the positive trend of economic recovery, and achieve stable and long-term economic development,” Xi said. “We must comprehensively deepen reform and opening up, further boost confidence in development, enhance economic vitality, and ...

Read More »

The global economy in 2024: Key clues to watch out for

The world economy has proved more resilient than most analysts anticipated at the start of 2023. In particular, global inflation has fallen without big surges in unemployment. But policymakers, desperate to engineer a “soft landing“, are not out of the woods yet. According to the Organisation for Economic Co-operation and Development (OECD), global output, while highly fragmented, will slow in 2024 as high interest rates snuff out persistent inflation and, by extension, economic activity. The Paris-based organisation does not anticipate growth to edge up until 2025, at which point leading ...

Read More »

Shipping firms react to Houthi attacks in the Red Sea

Iranian-backed Houthi militants in Yemen have stepped up attacks on vessels in the Red Sea to show their support for Palestinian Islamist group Hamas fighting Israel in Gaza. The attacks, targeting a route that allows East-West trade, especially of oil, to use the Suez Canal to save the time and expense of circumnavigating Africa, prompted some shipping companies to reroute vessels earlier in December. Others, now encouraged by the deployment of a U.S.-led military operation, are resuming crossings of the area. Below are companies’ reactions (in alphabetical order) to the ...

Read More »

Red Sea Crisis: Shipping industry association warns rerouting may spike costs by 80%

The rerouting of ships to Europe via the Cape of Good Hope due to ongoing attacks on containers in the Red Sea could lead to an increase of up to 80% in shipping costs. Sunil K Vaswani, Executive Director of the Container Shipping Lines Association, explained that rerouting necessitates the use of extra capacities, leading to higher costs. He noted that if the situation continues, customers may have to shoulder the burden of these increased expenses, The Red Sea, a vital maritime route, has become a focal point of concern ...

Read More »

HMM stake sale picks up pace as Harim Holdings named preferred bidder

State-owned agencies, Korea Development Bank (KDB) and Korea Ocean Business Corp (KOBC) announced compatriot conglomerate Harim Holdings Co., Ltd. (Harim), in partnership with the private equity firm JKL Partners, as their preferred bidder to buy the authorities’ combined stake in the South Korean container shipping company HMM. KDB and KOBC combined 57.9% stake in the carrier comprises 198.8mn regular shares, convertible bonds and warrants converted into 200mn common shares (as of 10 November 2023). The market consensus suggests that Harim’s bid for the 57.9% ownership, which equates to 398.8mn outstanding ...

Read More »

Shanghai exchange increases margins for some shipping futures

Shanghai International Energy Exchange has increased the trading margin ratio and expanded the trading bands on some futures contracts for its container shipping index linked to European service, it said this week. For the April and June contracts, the margin ratio will be raised to 19% from 14%, while the trading band – which limits how much values can fluctuate – will be widened to 17% from 12%. For the August, October and December contracts, the margin ratio will be adjusted to 17% from 12%, and the trading band to ...

Read More »

Maersk signs MoU with City of Yokohama and Mitsubishi Gas Chemical on development of green methanol bunkering infrastructure in Yokohama

A.P. Moller-Maersk (Maersk) announced that the company has signed a Memorandum of Understanding (MoU) with the City of Yokohama and Mitsubishi Gas Chemical (MGC). This collaborative agreement will focus on the development of green methanol bunkering infrastructure in Yokohama as Maersk’s 16,000 TEU green methanol-powered container vessels will be delivered since 2024. It also highlights the parties’ shared commitment to sustainable initiatives and the transition towards a greener future. Maersk has an ambitious target of achieving net-zero emissions by 2040 throughout its entire business. For shipping, it will equip its ...

Read More »

ClassNK releases amendments to class rules

ClassNK has released amendments to its Rules and Guidance for the Survey and Construction of Steel Ships dated 22 December 2023. ClassNK is constantly revising its Rules and Guidance in order to reflect the latest results from relevant research and development projects, feedback from damage investigations, requests from industry as well as changes made to relevant international conventions, IACS Unified Requirements (UR), etc. More specifically, some of the amendments made this time are as follows: Responding to requests from relevant industries, the expansion of usability range of piping manufactured in ...

Read More »

Data Moves Freight. Getting Ready for ICS-2

The second phase of the European customs import system has been postponed, and this delay allows the industry to get prepared. By Bryn Heimbeck, president and co-founder of Trade Tech, an industry-leading global logistics platform and provider of innovative cloud-based supply chain management software solutions. The ecosystem of international trade is continuing to take on increased complexity. Carriers physically moving freight remains essential, but without data, shipments aren’t going anywhere fast. Data moves freight. And incorrect, untimely, or missing data disrupts the movement of goods. It is through this lens ...

Read More »

Bidding Announcement of 12871DWT Bulk Carrier “JING HUA 167”

Entrusted by the transferor (the Sellers), we have scheduled to hold a public bidding online (www.shipbid.net) from 14:00 to 14:30 (Beijing time) on January 5th, 2024. 1. Bidding Object: MV “JING HUA 167”, Bulk Carrier; PoR: Yangpu, China; Inspection Authority: CCS; Trading Area: offshore; LOA: 139.80m; MLB: 20.00m; MLD: 10.60m; DWCC: 12871t @ 7.60m draft; GRT: 8600; NRT:4816; M/E: Shaanxi Diesel Heavy Industry 8DKM-28,2500kW@750rpm x 1 set; Built : November 18th, 2009; Builder: Zhejiang Zhenxing Shipbuilding Co., Ltd; (Data and relevant information provided in this announcement are for reference only) ...

Read More »

Samsung Heavy Industries Suspends Block Production for 10 Out of 15 Contracted LNG Carriers with Russian Shipyards

This icebreaking oil tanker Vasily Dinkov was built by Samsung Heavy Industries in 2007. As a consequence of the aftermath of the Russia-Ukraine war, Samsung Heavy Industries has suspended the production of blocks and components for 10 out of 15 liquefied natural gas (LNG) carriers contracted with a Russian shipyard. This move aligns with the international community’s collaborative efforts in imposing economic sanctions on Russia, and the total contract value for the 15 vessels is reported to exceed 4 trillion won. On Dec. 26, Reuters reported that Samsung Heavy Industries ...

Read More »

Onshore Power Supply package for port stakeholders now available

A workshop package on Onshore Power Supply (OPS) for use by port stakeholders is now available. The package explains how ports can use OPS and supports the use of OPS to reduce ship emissions in ports, in line with the objectives of IMO resolution MEPC.366(79) which encourages voluntary cooperation between the port and shipping sectors to contribute to the reduction of GHG emissions from ships. The package has been developed by the IMO-GreenVoyage2050 project, in collaboration with the International Association of Ports and Harbours (IAPH). The OPS workshop package provides ...

Read More »

AD Ports Group and RSPA Sign Definitive Concession Agreement to Develop and Operate Multipurpose Terminal in Safaga Port

AD Ports Group (ADX: ADPORTS), a leading facilitator of global trade, logistics, and industry, has today announced that it has signed a definitive concession agreement with the Red Sea Ports Authority (“RSPA”) for the development and operation of a multi-purpose terminal at Safaga Sea Port. Following the Government of Egypt’s approval, this significant milestone reaffirms the strong trade ties between the United Arab Emirates and the Arab Republic of Egypt. The definitive agreement was signed at the Egyptian Cabinet headquarters in Cairo in the presence of His Excellency Dr. Mostafa ...

Read More »

Turkey Dec LNG imports climb to multi-month high

LNG imports into Turkey in December reached their highest level since February as the country stocks up ahead of the expected increase in demand in the new year. Turkish imports of LNG stood at 1.47 million mt so far in December, up from 610,000 mt in November, according to data from S&P Global Commodity Insights. It is the highest volume since February, when Turkey imported 2.04 million mt. Of the December total, 38% came from the US, while Algeria and Russia contributed around 37% and 10%, respectively. Egypt and Nigeria ...

Read More »

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping