Finance

  • Bouchard bankruptcy plan approved, clearing way...

    The bankruptcy judge hearing the case of Bouchard Transportation approved the bankruptcy plan which will see the company’s assets divided off to two buyers with partial recovery for the creditors. Efforts to develop an alternate plan that would have seen Bouchard retain some of its assets failed to materialize.

     

  • HMM job action is delayed while line says it...

    Last minute discussions between the leaders of South Korea’s maritime union and the CEO of HMM adverted the planned mass resignation of seafarers in a demonstration over their demand for wage increases. The two sides agreed to hold a new bargaining session on September 1. 

     

  • Japan's Last Whaling Mother Ship May Cost...

    Anti-whaling activists are pleased that Japan's last whaling mothership operator is ordering a replacement vessel - not because they expect it to succeed, but because they believe that the cost and debt load from the order will put the firm out of business. 

     

  • Hyundai meets 2021 order target with US offshore...

    Hyundai Heavy Industries (HHI) has secured a $577 million deal from Beacon Offshore to build a floating production system (FPS) for its Shenandoah field in the US Gulf of Mexico. In a regulatory filing, HHI holding company, Korea Shipbuilding and Offshore Engineering (KSOE) said that it would undertake the first phase of construction for the offshore crude oil storage facility. The order is the latest in a series of moves by the South Korean shipbuilding industry to diversify and expand the scope of their construction projects. With this order HHI has met 100 percent of its order targets for the year.

     

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Maersk Sells Container Manufacturing Business as China Solidifies Lead

A.P. Moller – Maersk is selling its container manufacturing operation to China International Marine Containers Ltd. in a transaction designed to support both company’s long-term strategic plans. Maersk is focusing on its transportation and logistics business, while China is consolidating its lead as the sole manufacturer of cargo containers.

 
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Thailand Plans for National Shipping Line to Support Economic Growth

The government of Thailand confirmed that it plans to move forward with efforts to re-establish a national shipping company to help grow the struggling country’s economy. The effort is also seen as a novel response to the current global shortage of cargo ship capacity, which Thai officials cited as contributing to higher costs and hindering trade.

 
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Evergreen Orders $1B in Feeder Ships as Orderbook Nears All-Time High

The rush to build new containerships is continuing with orders poised to set a record for the total orderbook before the end of 2021. With its new ultra-large containership, the Ever Ace, still on its maiden voyage, Evergreen Marine confirmed that it placed an order valued at nearly $1.1 billion for feeder ships as the Taiwanese carrier continues the rapid buildout of its fleet.  

 
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Greece to Invest $1.2 Billion in Port and Ferry Service Upgrades

The Government of Greece with the support of the European Union is launching a $1.2 billion program designed to upgrade and enhance maritime operations in Greece. The projects will focus both on enhancement and repairs to the country’s ports as well as efforts to improve ferry service both inter-island and from the mainland.

 
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Bouchard bankruptcy plan approved, clearing way for sale

The bankruptcy judge hearing the case of Bouchard Transportation approved the bankruptcy plan which will see the company’s assets divided off to two buyers with partial recovery for the creditors. Efforts to develop an alternate plan that would have seen Bouchard retain some of its assets failed to materialize.

 
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