Singapore is top maritime centre for 10th consecutive year

Singapore is ranked the top maritime centre in the Xinhua-Baltic International Shipping Centre Development Index (ISCDI) Report for the tenth consecutive year. The report, published jointly by the Chinese state news agency Xinhua and global marine data supplier Baltic Exchange, names Singapore as the world’s leading maritime centre, followed by London and Shanghai. Singapore received […]

HMM to become minority owner of Polaris Shipping

South Korea’s flagship box line HMM is set to become a minor shareholder in compatriot shipping outfit Polaris Shipping, which focuses on operating very large ore carriers. HMM and state-backed ship finance institution Korea Ocean Business Corporation are participating as financial investors in Woori Private Equity Asset Management (Woori PE), a private equity fund headed […]

SITC International spends over US$100 million buying ships and containers from associate

SITC Cagayan / Source: VesselFinder SITC International Holdings, the holding company of Hong Kong-based intra-Asia carrier SITC Container Lines, said on 21 September that it will spend over US$100 million to buy five existing ships and two newbuildings from an associated company. The associate, SITC Investment, is a British Virgin Islands-incorporated entity owned by SITC […]

Maersk opens new warehouse in Cameroon

Maersk has announced the opening of a new, technology-driven Warehousing & Distribution (W&D) facility in Douala, Cameroon. Maersk’s new facility is located within the Douala Port Zone, which serves as a gateway to several markets within Central Africa. “With the rapid expansion of the middle-class population in the region, there is a growing demand for […]

Imports to major US box ports to reach 2 million TEUs in September

According to the latest Global Port Tracker study released by the National Retail Federation (NRF) and Hackett Associates, imports to major container ports in the United States are likely to exceed two million TEUs for the second month in a row in September and remain there in October. “These are strong numbers and a sign […]

Port of Melbourne issues sustainability linked loan

Port of Melbourne has recently completed a $475 million sustainability-linked loan (SLL), financed by a syndicate of 10 banks. The loan links to two sustainability indicators covering scope 1 and 2 emissions reduction, and a mental health first aid workplace certification together with an overarching gateway target tied to engagement with port stakeholders to facilitate […]

Port of New York and New Jersey handles over 725,000 TEUs in July

The Port of New York and New Jersey was the busiest port in the United States in July, moving 725,479 TEUs, the highest monthly total since October 2022, and taking the port’s year-through July total to 4,465,823 TEUs. The monthly result represents a 6.5% reduction from July 2022, when the port handled 776,167 TEUs. Moreover, […]