Wan Hai Lines has reversed its losses to post a net profit in 2010 as revenue improved, Sea Trade Asia reports today. The Taiwanese containership owner recorded net profit of TWD5.44bn ($187.9m) in 2010 compared to a net loss of TWD1.63bn in 2009. Revenue climbed to TWD64.71bn last year as against TWD47.08bn posted in 2009. The company also registered higher operating profit amidst higher operating costs.
Shareholders in Chilean shipping firm CSAV approved a $1 billion capital increase to strengthen its business, which has been hit by lower shipping rates in the wake of the financial crisis. The capital hike was supported by the Luksic family group, which over the last three weeks bought an 18 percent stake in the firm and boosted its share prices.
Samsung Heavy Industries announced that it has inked a total of six LNG carriers, including four from Golar LNG Energy, for $1.2bn in total. The 160,000 cu m LNG carriers, deploying dual fuel engines and electric motors, will be delivered by the first half of 2014. Samsung president Roh In-sik said, "Golar LNG Energy has ordered LNG carriers at Samsung for the first time."
Israeli shipping firm Zim Integrated Shipping Services has announced a US$54m profit for 2010, compared with a loss of US$432m in 2009. EBITDA (earnings before interest, taxes, depreciation, and amortisation) stood at US$403m, according to the company, compared with a loss of US$518m in 2009, reports Fruitnet.
As Digital Ship reports, norwegian ro/ro shipping company Höegh Autoliners has signed with VSAT company ShipEquip to install its SEVSAT broadband communications service on 26 of its car carriers and 2 new builds. Höegh decided to install the system as part of a general fleet communications upgrade, from what ShipEquip describes as "pay by the megabyte past generation solutions" and dial-up.
Autoliners pays for the VSAT by fixed monthly rate for broadband and low cost call by minute rates for voice calls.
One of Höegh's biggest motivations for installing the system were to provide services to crew, to help with crew retention.
STX Finland Oy and Finferries signed a contract for the construction of a Double Ended Ferry to operate in Finland, Turku Archipelago, STX published today. The ship will be built on STX Rauma shipyard and it will be delivered at the end of 2012. The ship will be 65 metres in length and 12.8 metres in breadth. The construction of the environmentally friendly ferry will bring some 100 man-years of work to STX Rauma shipyard personnel and the personnel of its supplier network. The value of the contract will not be published.
The new passenger ferry will operate in Finland, Turku Archipelago, on the Korpo - Houtskär route, of which the length and challenging ice conditions will set special requirements to the performance of the vessel. In addition, the vessel will be constructed in accordance with the safety regulations defined in the EU shipbuilding directive and it will be the first vessel to reach the new generation safety level.
The Luksik group, a Chilean mining and investment group, has agreed to pay $120 million for an additional 8 percent of container line CSAV, in addition to the 10 percent it bought last month. The purchases were made from Marinsa, CSAV's primary stockholder, through Quinenco, the company through which Luksik controls its investments. Luksic said it will ask shareholders to raise an additional $500 million in capital. CSAV warned last month of "negative results" for the first quarter and said the company would seek a $500 million capital increase and to sell up to 49 percent of the company's ports and shipping services subsidiary. CSAV has expanded rapidly since receiving a cash bailout of $770 million in 2009 from German shipowners, including Peter Dohle, which took a minority stake in the company in exchange for lower charter rates.
Wilhelmsen Ships Service has announced the finalisation of the acquisition of Eurokor Logistics, a ships agency, logistics and forwarding company based in the Netherlands and Belgium, which took place on April 1st. Bård Bjørløw, Vice President Europe at Wilhelmsen Ships Service said: “The Netherlands and Belgium are key strategic locations for our customers and Eurokor will be a valuable addition to our ships agency and logistics expertise in this market. We need to continuously adjust our company’s offer to meet our customers’ needs and wants and Eurokor has demonstrated first class capabilities in agency and bulk cargo. With their freight forwarding expertise, they will strengthen our offers to customers handling dry, wet and break-bulk cargo.”
THE world's biggest ships will soon join CSCL, Evergreen, CMA CGM and UASC's Far East to north Europe AEX 7/FAL 2/AEC 8 services with ships between 10,000 to 14,000 TEU, increasing the strings capacity 30 per cent, reports Alphaliner. After phasing out the 8,500 to 9,500-TEU ships on the route, replacements will be the 13,100-TEU Unn Salal, sailing from Shanghai on April 30; the 14,074-TEU CSCL Venus, to sail from Shanghai on May 7; the 14,074-TEU CSCL Jupiter, to sail from Shanghai on May 21; the 14,074-TEU CSCL Mercury, to sail from Shanghai on July 22 and later to be joined in late May by the 14,074-TEU CSCL Star, now engaged in the AEX1/CEM service.
The AEX 7 rotation is Shanghai, Ningbo, Shenzhen-Shekou, Hong Kong, Shenzhen-Yantian, Port Klang, Le Havre, Rotterdam, Hamburg, Zeebrugge, Port Klang and back to Shanghai. The FAL 2 calls at Shanghai, Hong Kong, Shenzhen-Yantian, Singapore, Port Klang, Southampton, Hamburg, Rotterdam, Zeebrugge and Le Havre.
THE last eight-week rotation on the Far East-North Europe route - the CSCL/Evergreen AEX 1/CEM service - will switch to slow steaming on April 20, thus making the trade lane the first to be entirely taken up with once novel fuel saving technique, reports Alphaliner. A 10-week transit is now typical because of the rise in bunker prices, which makes slow steaming attractive to shipowners and operators because fuel burn is much reduced at lower speeds. Over the last five years, transit times have increased 22 per cent, or two more weeks on the route, said Alphaliner.