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1,535 days ago by arnekiel

Hapag Lloyd won loan to build 10 13,200-TEU ships from Hyundai Heavy Industries
Hapag-Lloyd has won a US$925 million loan with a banking syndicate made up of HSBC, Citibank, Deutsche Bank, KfW IPEX-Bank and UniCredit Bank. to finance the building of ten 13,200-TEU ships from Hyundai Heavy Industries. The ships will be the largest in Hapag-Lloyd's fleet, and are to be delivered from mid-2012 through the end of 2013. The shipping company recently posted an operating loss of $31 million, but its quarterly EBIT grew 140pc to EUR6.1 million, drawn on revenues of EUR1.4 billion, up 16.5 per cent year on year.

1,536 days ago by arnekiel

AP Moller-Maersk A/S,, CMA CGM and Hapag-Lloyd AG raided by European Union antitrust officials
AP Moller-Maersk A/S, owner of the world’s largest container shipping company, CMA CGM SA and Hapag-Lloyd AG were among companies raided by European Union antitrust officials over possible collusion, Bloomberg reports. The European Commission made unannounced inspections at the offices of companies active in “container liner shipping in several member states,” it said in an e-mailed statement yesterday. It didn’t name the companies involved. EU regulators said they had “reason to believe” that the companies may have breached EU cartel or monopoly-abuse rules. The raid doesn’t mean that the companies are guilty of anti- competitive behavior, the commission said.

1,541 days ago by arnekiel

Hapag-Lloyd has posted a first quarter year-on-year pre-tax profit (EBIT) increase of 140.2 per cent to EUR6.1 million (US$22.8 million), drawn on revenues of EUR1.4 billion, up 16.5 per cent, shednet reports. But after deductions of interest payments and taxes, a group result came to a EUR22.1 million loss. At the same time, the first quarter the cash flow on current operations increased EUR16.1 million to EUR34.5 million euros in 2011. The murky result arises from its relationship with German travel giant TUI and its dealing with repaying investor, government loans and loan guarantees as well as meeting other obligations to relieve long standing financial pressures on the company.

1,541 days ago by arnekiel

Nippon Yusen Kaisha (NYK) is chartering four of the 13,000 teu boxships ordered by Orient Overseas Container Line (OOCL) this year. Earlier this week OOCL added four additional 13,000 teu ships to an existing order for six such vessels at Samsung Heavy Industries. NYK is to charter four of the 10 ships ordered by OOCL for a period of three years after they are delivered in 2013.

1,542 days ago by arnekiel

Orient Overseas (International) Ltd (OOIL) is splashing out $544m on a further quartet of 13,000 teu boxships from Samsung Heavy Industries (SHI). The 13,000 teu containerships are due to be delivered in 2013 and 2014. OOIL said it was currently arranging bank finance for the vessels and about 70% of the $544m order price would be covered by financing. The company said the new vessels would improve its operating efficiency and profitability. The Hong Kong company ordered six similar vessels in March this year for $816m, also from SHI.

1,542 days ago by arnekiel

Wan Hai Lines has started the year with improved earnings due largely to a hefty income from long-term equity investments. The Taipei-listed liner posted first quarter net profit of NT$366.88m ($12.86m), surfacing from a net loss of NT$36.14m in the same quarter last year, it announced. Revenue rose to NT$15.62bn in the quarter from NT$13.28bn in the corresponding quarter of 2010. Its income from long-term equity investments under the equity method rose to NT$616.8m compared to a loss of NT$1.4bn in 2010.

South Korea's Sungdong Shipbuilding and Marine Engineering Co Ltd said it has won a combined $625 million in orders to build five container ships and four bulk carriers, Reuters reports. Unlisted Sungdong said in an emailed statement that Costamare Inc had ordered the container vessels, each with a capacity of 8,800 twenty-foot equivalent units (TEU).

Vantage Drilling Co. said Tuesday it hired Daewoo Shipbuilding and Marine Engineering Co. to build an ultra-deep water drilling ship at an estimated cost of $580 million to $590 million, Forbes reports. The company said it would make a down payment of slightly more than $100 million, with the rest due upon delivery in May 2013. Vantage said it will pay for the down payment with debt in connection with its plans to refinance high-cost debt.

1,545 days ago by arnekiel

THE world's largest shipping company is stepping up efforts to battle piracy off the coast of Somalia. A.P. Moller-Maersk A/S, says the problem is becoming ever bigger and increasingly costly. Maersk's container freight division has raised the emergency risk surcharge on each 12 metre container shipped through risky waters to $200-$500 from $100-$400 in a move to pass on some of the rising costs to its customers, the unit's head of daily operations, Erik Rabjerg Nielsen, said. The risk surcharge hike reflected on one hand a spike in the number of piracy-related incidents in the first quarter of 2011 and on the other, a massive increase in Maersk Line's cost burden related to piracy.

Ocean Rig has recently ordered two more drill ships for construction at the Samsung Heavy Industries shipyard in Korea. The drill ships are scheduled for delivery in July and October 2013.

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