Hapag-Lloyd’s second quarter profit tumbled to 26 million euros ($37 million) from $294 million in the second quarter of 2010 as declining rates and higher fuel costs offset a 3.3 percent increase in container volume, the Journal of Commerce reports.
The German container line said its results also were affected by soft demand for transport services in Japan following the March earthquake and tsunami, and the dollar’s weakness against the euro. Revenue for the quarter totaled $2.1 billion, down 9 percent after conversion into euros.
Hapag-Lloyd said it expects continued growth for container shipping in the medium to long term but “short-term results will be influenced by high crude oil prices and pressure on freight rates as a result of tougher competition, particularly in the Asia-related trades.”
No joint venture with French shipyards group DCNS planned
In response to persistent speculation about the formation of a joint venture by ThyssenKrupp Marine Systems and the French shipyards group DCNS or a merger of the two companies, ThyssenKrupp AG issues the following statement:
ThyssenKrupp Marine Systems is not planning a joint venture with the French shipyards group DCNS, nor are there any plans for a merger or other partnership or alliance with the French shipyards. No talks on this are currently being held by the companies and no talks are planned. More to read at: www.defpro.com/ne...
Orient Overseas (OOCL) profit plunges 86% in first half 2011
Orient Overseas (International) Ltd, operator of Hong Kong's biggest container line, reported an 86 percent slump in its first-half profit and said it expected "difficult" conditions this year as shipping rates decline, China Daily reports.
Net income fell to $175 million, or 28 cents a share, in the six months ended June 30 from $1.28 billion, or 205.3 US cents, a year earlier, the shipping line said in a statement to the Hong Kong Stock Exchange on Monday. That compares with the $65.7 million average estimate in a Bloomberg survey of three analysts. Revenue rose 6.9 percent to $2.92 billion.
The shipping line handled 2.44 million 20-foot containers in the first half, up 9.4 percent year on year. Freight rates to charter container vessels have fallen as new capacity outpaced demand growth, particularly on the Asia-Europe trades.
Knutsen takes delivery of 105,000dwt shuttle tanker from COSCO
COSCO (Nantong) Shipyard has delivered a second shuttle tanker ‘Recife Knutsen’ for Norwegian owner Knutsen Oas Shipping. The 105,000DWT vessel measures 246.8 metres in length overall, 42 metres in breath and 22.5 metres in depth.
Leading German heavy lift shipping company BBC Chartering announces the commencement of a new monthly liner service that connects Asia with North America.
With the new service, BBC Chartering aims to further strengthen its position in the liner segment of the global project cargo, break‐bulk and heavy lift market.
With the introduction of the Trans-Pacific service the company calls loading ports in Shanghai, Masan, Kobe, and Yokohama and discharges in Long Beach (West Coast), Charleston and Houston. Source: BBC Chartering, August 5, 2011
Germany and France plan naval shipbuilding merger with TKMS and DCNS
Germany and France are considering merging their naval shipbuilding expertise in what would be their biggest industrial partnership since the creation of EADS in 2000, a German newspaper reported, Reuters reports. ThyssenKrupp , French naval shipyard DCNS and the two governments plan to hold talks on the matter after the summer lull, daily Financial Times Deutschland reported on Monday, citing no sources.
A spokesman for DCNS declined to comment. DCNS shareholder Thales and ThyssenKrupp were not immediately available for comment.
ThyssenKrupp, Germany's largest steelmaker, last month said it had cancelled a deal with Abu Dhabi MAR to set up a joint venture to sell naval surface ships to the Middle East and North Africa, blaming changes in the political landscape.
China Shipping Container Lines (CSCL) has warned its shareholders that it expects to make a loss during the first six months of the year, partly because of overcapacity, IFW reports.
In an announcement on the Hong Kong stock exchange, the deepsea carrier said it expected a reversal of the Rmb1.17billion (US$181m) net profit it recorded in the first six months of 2010.
It said the expected loss for the six months ended 30 June, was mainly attributable to the adverse effect of the global economy, the debt crisis in Europe, the earthquake in Japan, substantial increase in the crude oil price and the newly added shipping capacity in the shipping industry. More at www.ifw-net.com/f...
Daewoo secures $850mio. order for 2 LNG carriers from Economou Group
Daewoo Shipbuilding & Marine Engineering Co., says it has secured orders worth $850 million to build four liquefied natural gas (LNG) carriers for the George Economou Group. The 159,800 cu.m ships will have dual fuel diesel electric propulsion and will be delivered by 2014. The deal includes options for two more ships.