1.China’s largest maritime conglomerate, state-backed Cosco, has leapt from fifth spot to bronze in the newly termed ‘premier league’ of global terminal operators. The Chinese giant now stands just 0.6m teu away from overtaking Hutchison Ports into second place behind Singapore-headquartered PSA International.
2.Chinese chemical tanker operator Shanghai Dingheng Shipping has entered into a framework agreement with Wuhan University of Technology (WUT) to jointly develop smart shipping technologies.
3.Hong Kong-based Orient Overseas Container Line issued a note to its customers on 31 July informing them that it will strengthen the company’s Dangerous Cargo acceptance and container inspection policy.
4.Mega shipyard mergers in South Korea and China are forging a new reality in the industrial sector that underpins the global shipping industry.
5.Hong Kong-based minor bulk specialist Pacific Basin saw first half net profit fall to US$8.2m, an underlying loss of US$0.6m, from a 2018 1H figure of US$30.8m as a crowd of adverse conditions battered the trade.
6.China has announced opening up the upstream exploration of its oil and natural gas resources by scrapping joint-venture restrictions, as a vital step in easing market access for foreign investors, sources reported.
7.The Baltic Exchange’s main sea freight index fell for an eighth straight session on Thursday, as increased vessel supply and easing demand for shipping iron ore dragged down capesize rates, while soft South American orders hurt panamaxes.
8.Hong Kong's Orient Overseas Container Line (OOCL), now a unit of Cosco, has cancelled a number of Asia-Europe sailings owing to low market demand.
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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