Finance - News

On the afternoon of December 3, 2020, the China Shipping 50 Forum, acclaimed as a think tank in the shipping industry, held its 7th annual meeting in Qingdao. As a member of the Forum, Chairman of CULines Raymond Chen attended the meeting upon invitation. Guest attending the event The event gathered top-class experts and scholars from the port and shipping logistics sector The event gathered top-class experts and scholars from the port and shipping logistics sector, senior executives at...

Neptune Pacific Line (Neptune) announced it has acquired Pacific Direct Line (PDL) from PDL’s parent holding company, Pacific International Lines (PIL). The combined business will seamlessly link transport, warehousing, depots, and customs clearance services and fully integrate customers’ supply chains across 18 South Pacific markets. The acquisition of PDL will strengthen Neptune’s Melanesian and Polynesian network, provide a link to Micronesia and the French territories, and...

FESCO Transportation Group announces the appointment of Maxim Sakharov as the Group’s President effective March 6, 2020. Maxim Sakharov, previously Vice President for Finance, will replace Aleksandrs Isurins who is stepping down as the Group’s President on the same date. Authority comment “On behalf of the Board of Directors, I want to thank Aleksandrs Isurins. During the time he served as the President, he implemented a number of strategic projects, restructured public debt...

Following the cancellation of a number of global events, including the Mobile World Conference in Spain, ITB in Germany and the Geneva International Auto Show, the DIMDEX 2020 organising committee has been consulting with public health officials and the Government of the State of Qatar regarding the status of the event. DIMDEX 2020 event cancelled After extensive consideration, the DIMDEX 2020 organising committee has made the difficult decision to cancel the Doha International Maritime Defenc...

The Board of Directors of Pacific International Lines (Private) Limited (“PIL”) announces that Mr. Kwa Wee Keng is appointed Executive Director – Finance Division of PIL with effect from 15 February 2020. He is responsible for PIL Group’s finance and treasury activities. Kwa Wee Keng Wee Keng graduated with B. Acc (Hons) and a Master’s degree in accountancy from Nanyang Technological University, Singapore. He also holds an MBA with Distinction from The University...

In fulfilling its mission to provide the most optimised service to its customers, Evergreen Marine Corporation (Evergreen Line) has launched ‘GreenX’ platform. Responding to the need for greater efficiencies through digitalisation, GreenX allows customers to enjoy seamless booking capabilities, in addition to direct access to integrated trade services. GreenX digital platform GreenX has received nearly two thousands of sign-ups via this one-stop digital platform GreenX provides a...

A.P. Moller - Maersk secures a new sustainability-linked revolving credit facility of $5.0bn through a syndicate of 26 selected banks. This is the first bank refinancing arranged by Maersk after its transformation from a diversified conglomerate to a global container logistics company. The facility refinances the undrawn $5.1bn facilities maturing in 2021 and has a tenor of five years which may be extended by up to two years. It will be part of the company’s liquidity reserve. Financia...

A.P. Moller - Maersk secures a new sustainability-linked revolving credit facility of $5.0bn through a syndicate of 26 selected banks. This is the first bank refinancing arranged by Maersk after its transformation from a diversified conglomerate to a global container logistics company. The facility refinances the undrawn $5.1bn facilities maturing in 2021 and has a tenor of five years which may be extended by up to two years. It will be part of the company’s liquidity reserve. Financia...

In support of international military collaboration and exchange, the organising committee of the Doha International Maritime Defence Exhibition and Conference 2020 (DIMDEX 2020) will host the Middle East Naval Commanders Conference (MENC), under the theme – ‘Resilience in the Maritime Domain - Confronting Asymmetric Threats’. The upcoming MENC edition will feature panel discussions that will once again address current multifarious naval security challenges. Under the auspices...

SBM Offshore is pleased to announce a EUR 150 million (c. US$165 million) share repurchase program, effective from February 13, 2020. The objective of the program is to reduce share capital and, in addition, to provide shares for regular management and employee share programs. Share repurchase program The Execution of the share repurchase program will be done under the terms of an engagement letter with a third party The repurchase program is expected to be completed within the year 2020, an...

The Norwegian Shipowners Association follows the development of the Corona virus (COVID-19) closely and has a good dialogue with its members, and other actors about the situation. A large number of people in China and elsewhere in the world have been infected, and more than 600 deaths have been reported. COVID-19 implications for shipping industry Norwegian shipping companies operate all over the world and are thus, directly affected by the development Norwegian shipping companies operate all...

Unifeeder is happy to announce that it is adding London Gateway as Hub Port to their UK East Coast port network. They will have a weekly service from Grangemouth and Teesport to/from London Gateway and further connections from this point to Antwerp and Dunkerque. The new service is an addition to Unifeeder’s existing port network, now connecting the UK East Coast (Grangemouth, South Shields, Teesport and Immingham) and the hub ports of Felistowe, London Gateway, Rotterdam, Antwerp, Dunker...

The Organising Committee of the Doha International Maritime Defence Exhibition and Conference (DIMDEX) held a successful diplomat briefing session focused on the preparation of the upcoming event at Sharq Village and Spa yesterday, which was attended by high-level diplomats. DIMDEX 2020 A fixture on the global maritime defence and security calendar, DIMDEX 2020 expects an unprecedented turnout of exhibitors and attendees from up to 80 countries. Attendees of the delegate briefing session rece...

Inmarsat, the renowned company in global, mobile satellite communications, has launched a new video to demonstrate the potential of high-speed, always-on satellite connectivity, to revolutionise the use of digital technologies and remote access solutions onboard superyachts and ocean racing yachts. Remote connectivity solutions onboard yachts Yachts equipped with global, reliable satellite connectivity have access to a variety of cutting-edge applications Offering unique insight into the late...

FESCO diesel motor vessel - Vasiliy Golovnin departed from the port of Cape Town (RSA) to Antarctica on December 24, 2019, delivering cargo to two Indian and Belgium scientific research stations. The voyage will last until April 2020. Vasiliy Golovnin vessel loaded with various goods In Cape Town, the Vasiliy Golovnin vessel was loaded with 1382 tons of various goods, including equipment, fuel and food. The vessel will also transport 35 Indian members of the expedition to the stations - Bhar...

MetOcean Telematics is pleased to announce that it has officially opened a new office in Ottawa, Ontario, Canada. MetOcean Telematics shows continued growth with the opening of a new office that houses a dedicated team of sales and product development professionals. Sales and product location This new regional office is positioned to further support the growing customer base This new regional office is positioned to further support the growing customer base, which seeks to further increa...

Marintec China 2019, organised by Informa Markets and the Shanghai Society of Naval Architects & Marine Engineers (SSNAME), the most influential and Asia largest maritime exhibition will be held from 3 to 6 December in Shanghai. 2019 marks a milestone for the 40th anniversary of Marintec China as well as the reform of the China shipbuilding industry over the past 40 years. Promoting Chinese and global maritime industry For 40 years, Marintec China progresses hand in hand with China's ship...

The digital evolution is shaping the maritime future in multiple aspects – both onshore and offshore – and shipping organisations are facing pressure to operate more efficiently and profitably while catering to the increasingly sophisticated customer demands. As with any change, digitalisation was initially met with scepticism. But this has given way to building digital momentum, given the many strategic business benefits to be reaped – from operational efficiency improvements...

FESCO Transportation Group (FESCO) has signed an agreement on the development of cooperation with Qingdao Port International Co. and Chongqing Longqilin Supply Chain Management Co. at the China International Import Expo in Shanghai. By the agreement between FESCO and Qingdao Port International Co., the parties will explore possibilities of launching new services working through the port of Qingdao, and FESCO providing empty containers in Qingdao port on a priority basis. Logistics services for...

Satcom Direct’s (SD) reputation as a pioneer in providing game changing business aviation solutions was confirmed by the Asian business aviation community during this year’s Icons of Aviation Awards 2019, held on Saturday, November 2, 2019. Up against an elite business aviation line-up, SD was named Most Innovative Company of the year at the prestigious, black-tie charity gala event, held in Hong Kong. Hosted by the Asian Business Aviation Association, AsBAA, the awards recognise ex...

Business aviation solutions provider - Satcom Direct (SD) is highlighting the benefits of its open architecture technology, as it introduces an impressive set of new strategic alliances with third-party systems at NBAA-BACE 2019 – Booth C10217. The seamless integration of digital pre-flight trip-planning, into the intelligent data management platform, SD Pro® conveniently centralises flight operations. Flight departments subscribed to SD Scheduler will have the ability to integrate se...

Ocean Network Express (‘ONE’) is pleased to announce the establishment of ‘Advanced Ocean Container Transportation Engineering Lab’ (AOCTEL), a stowage planning hub located in Kumamoto, Japan. AOCTEL is established to succeed the role and responsibility of Kumamoto Stowage Planning Office. The office was founded by Kozo Keikaku Engineering Inc (‘KKE’) for Nippon Yusen Kabushiki Kaisha five years ago, and ONE succeeded the service agreement with KKE when liner...

On September 21st, 2019, the world’s first container ship retrofitted with a Liquefied Natural Gas (LNG) engine, “Wes Amelie”, received LNG through a SIMOPS (simultaneous operations) ship-to-ship bunker operation from the world’s largest LNG bunker supply vessel “Kairos”. LNG ship-to-ship operation The operation took place at the Vuosaari Harbour container terminal in the Port of Helsinki, Finland. The transfer of LNG between the two vessels marks an import...

Alfa Laval PureSOx Water Cleaning System (WCS) gives customers the option of scrubbing in closed-loop, either by choosing a fully-equipped hybrid system or by installing a hybrid-ready system, which can be upgraded for closed-loop operation later. PureSOx water cleaning system The local bans on open-loop scrubbing have intensified the interest in hybrid scrubber solutions With the launch of a modular new PureSOx water cleaning system by Alfa Laval, these possibilities become even more attract...

GreenSteam, the global supplier of vessel-based machine learning solutions, and Unifeeder, the largest, Pan-European feeder and short-sea operator, are expanding their partnership to pave the way for sustainable shipping. The Climate is a hot topic, which is why we need to find new sustainable ways to create energy. GHG emissions caused by vessels have long been a major challenge facing the modern shipping industry. Shipping strategy to focus on reducing annual GHG emissions Vessels are still...

Pacific International Lines (PIL), Singapore’s containership operator, has successfully attained Environmental Ship Index (ESI) certification for its fleet comprising of half a million TEUs. This is a major milestone for the Singaporean shipowner ahead of the transition towards the Global Sulphur Cap 2020 from 1 January 2020. ESI certification To qualify for certification, vessels have to demonstrate that their emission levels are below what is allowed by IMO ESI certification is an on...

In December 2018, All Freight Services International (AFSI) in Canada and Blue Water Shipping were awarded the contract to transport the world’s first Siemens SGT-A45 Mobile Turbine from Alabama, United States to Mazar-e Sharif, Afghanistan by Bayat Power, the largest gas-fired power generation company in Afghanistan.  This is the first new gas turbine to be deployed in Afghanistan in more than 40 years, and it will provide reliable and affordable electricity to over 200,000 homes. T...

The Goltens Worldwide group of companies announced the appointment of Mr. Sandeep Seth as President. Mr. Seth first joined Goltens in 2002 and has steadily climbed the ranks, serving in positions of progressively increasing responsibility. Mr. Seth will continue to serve as a member of the Board of Directors. Mr. Seth has most recently served as Vice President Asia Pacific and Vice President Finance of Goltens Worldwide. In these positions, he has overseen the operational, business development,...

Global shipment management software solutions provider, CargoSmart, announced the execution of Global Shipping Business Network (GSBN) Services Agreements with maritime industry operators CMA CGM, COSCO Shipping Lines, COSCO SHIPPING Ports, Hapag-Lloyd, Hutchison Ports, OOCL, Port of Qingdao, PSA International and Shanghai International Port Group. Under these agreements, each signatory commits to provide resources to support preparatory work required to establish the GSBN, a not-for-profit joi...

The 19th China International Transportation and Logistics Expo (CITLE), the 2019 Global Logistics Technology Conference, and the 2019 Transport Logistic China kicked off at the Hangzhou International Expo Center. Upon invitation, CULines made their debut at the CITLE. During the three-day fair, the booth attracted an endless stream of customers and partners for communication and consultation. CULines’ staff received visitors warmly and professionally by introducing to them the compan...