Company News

The latest news from companies at Pages.

1,390 days ago by arnekiel

Norwegian cruise company Hurtigruten ASA will continue to operate the coastal route Bergen-Kirkenes for further eight years for an average NOK 640 million (EUR 81m) a year, starting in 2012 and keeping the existing route schedule, a company speaker told on a local press meeting. Under a deal with Norway's Ministry of Transport and Communications, Hurtigruten will continue to offer daily departures from all 34 ports on the route the year round, the company speaker said on Wednesday.

COSCO Corporation (Singapore) Ltd's subsidiary has secured a contract with Seadrill to construct a new drilling rig valued at $66m, Seatrade-asia reports. Seadrill has exercised one of the options awarded by COSCO after it was awarded altogether two options in February 2011. COSCO (Nantong) Shipyard will delivery the rig equipped with enhanced drilling capabilities allowing it to drill at 6,500 feet and a drilling depth capacity of 20,000 feet. The contract excludes owner furnished drilling equipment.

Damen is putting the finishing touches on an innovative “Twin Axe” High Speed Support Vessel 2610, a vessel design which is believed to be one of the most innovative design concepts developed by Damen in the last decade, and which will serve the burgeoning offshore wind farm market. Compared to conventional catamarans with the same displacement the new concept offers reduced peak accelerations upto 75%, reduced calm water resistance upto 15% and reduced added resistance in waves upto 60%, according to Damen. To date Damen has delivered 25 Sea Axe monohulls and 22 are under construction. The first HSSV 2610 will be introduced during “Seawork 2011” in Southampton. Source: and Damen

1,390 days ago by arnekiel

NOL Group today announced a maritime milestone: its vessels will become the first to use cleaner-burning, low-sulphur gas oil in Singapore. The decision is expected to curb sulphur oxides emissions from ships by almost 90%. Sulphur oxides are considered a key component of acid rain. Ash and particulate matter emissions could be reduced by 80% to 90%. “We are proud to be the first container shipping line to convert to cleaner-burning fuel here,” said Eng Aik Meng, President of APL, the NOL Group’s shipping line. “As Singapore’s largest carrier, we feel a responsibility to manage the environmental impact of global trade.” All 80 APL vessels calling in Singapore will start converting to marine gas oil at berth tomorrow. The ships make more than 900 port calls here annually. Source: NOL-Group

1,391 days ago by arnekiel

Maersk Line, the world's top container shipping firm, expects the largest shipping companies to acquire larger and larger vessels to drive costs down, forcing smaller rivals out of the market, the head of its Asia Pacific region said, as Reuters agency reports. "We believe that ... the largest shipping companies will continue to expand the scale of economies of the industry," said Thomas Knudsen, Maersk Line's chief executive for Asia Pacific Region, at an industry conference in Singapore. "As we drive these scales of economy, it will be difficult for the smaller carriers in these industries to compete. That will drive consolidation." Maersk had said that the 18,000 TEU container vessels will be used to serve the benchmark Asia-European route and likely call at five Chinese ports.

Box liner Mitsui O.S.K. Lines (MOL) has entered an agreement to borrow a bank loan for up to JYP30bn ($354m) from banks led by Sumitomo Mitsui Banking Corp, Seatrade Asia reports. The loan will be over a three-year period with MOL paying 0.03% more than the three-month London interbank offered rate for Japanese yen, Bloomberg reported. Last month, MOL filed a documentation with Japan's ministry of finance on plans to sell up to JPY100bn worth of bonds over the next two years.

1,391 days ago by arnekiel

Hanjin Shipping announced Tuesday that it has received two 8,600 teu containerships from its yard. Hanjin Rotterdam and Hanjin Seattle are the last two of the series of five 8,600 teu ships received from Hyundai Sambo Heavy Industries. These vessels are equipped with fuel-efficient and eco-friendly engines that can reduce fuel consumption and carbon dioxide emission. The ships will be deployed in Hanjin Shipping's Asia-North Europe 6 (NE6) service soon after the delivery. Hanjin Rotterdam is scheduled to be deployed this week while Hanjin Seattle will be deployed at the end of April. The port rotation of the NE6 service is Kwangyang, Busan, Ningbo, Shanghai, Xiamen, Hong Kong, Yantian, Felixstowe, Hamburg, Rotterdam, Singapore and Kwangyang.

1,391 days ago by arnekiel

JOC reports today, that the CKYH alliance consisting of Cosco, "K" Line, Yang Ming and Hanjin Shipping is restructuring and upgrading its all-water services from Asia to the U.S. East Coast later this month. The alliance, which operates five weekly loops (AWE-1 through AWE-5), said Monday it will increase the capacity of the ships on the AWE-5 service and change the ports of call on the AWE-2 and AWE-3 service by adding calls at Norfolk and Shanghai respectively.

1,391 days ago by arnekiel

As Seatrade Asia reports, Hanjin Shipping will upgrade one of its transpacific trades that covers the Far East and the US East Coast from 24 April. The All Waters East Coast-5 (AWE-5) service is currently operated by Hanjin and Yang Ming Line with nine of 4,250-4,300 teu class ships. From the end of April, Cosco Container Lines will join as a new partner and the vessels will be replaced with nine of 5,500 teu class of which the three partners will deploy three ships each. The port rotation starts from Kaohsiung to Hong Kong, Yantian, Ho Chi Minh, Singapore, Suez Canal, New York, Norfolk, Boston, Suez Canal, Singapore, and back to Kaohsiung.

1,391 days ago by arnekiel

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.

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