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China Merchants Energy Shipping plunges to Q1 loss

PostTime:2013-04-25 08:41:45 View:479

Shanghai: China Merchants Energy Shipping (CMES) plunged to a first quarter net loss amid a sluggish oil tanker shipping market. Shanghai-listed CMES posted first quarter deficit of RMB70.87m ($11.46m) as against a net profit of RMB52.23m in the same period of last year. The VLCC owner saw operating revenue decreased 20% year-on-year to RMB650.45m. In 2012, CMES recorded full year profit of RMB91.07m on revenue of RMB2.87bn.

Shanghai's first quarter trade value down 0.9pc - 'first decline in years'

PostTime:2013-04-24 08:15:41 View:476

SHANGHAI Customs, which processes 20 per cent of China's trade, recorded a year-on-year decline of 0.9 per cent in its foreign trade value to US$184.19 billion - its "first decline in many years", reports Xinhua.  Imports fell 6.7 per cent to $70.14 billion while exports increased 3.1 per cent to $114.05 billion.  The decrease indicated that trade in the Yangtze River Delta and regions along the river is still weak.  Exports to the European Union dropped 0.9 per cent to $21.29 billion. EU imports declined 7.4 per cent to $16.33 billion. Even in 2012, the most depressing year for the EU market, Shanghai imports from the EU posted 1.4 per cent growth.  Shanghai Customs also reported trade with Japan suffered an even bigger decrease than with the EU. Japanese volume fell 9.2 per cent to $22.65 billion. The fall was 5.3 percentage points more than the EU's.  In the first quarter, among the three largest trade partners of Shanghai, only trade with the US increased, up 5.3 per cent.  In the first quarter, Shanghai's automobile imports plunged 26.5 per cent to $2.87 billion.  A survey on 200 multi-national enterprises in China conducted by Shanghai International Sourcing Promotion Centre shows that the international sourcing confidence index was 53.8 points in the first quarter, only 0.1 points higher than the fourth quarter of 2012.  Industrial product sourcing index was 52.31 points, lower than last quarter's 52.47 points. Consumer product sourcing index was 57.69 points, higher than last quarter's 57.11 points.

Sloppy stowing in China risks lives, says insurer

PostTime:2013-04-22 07:59:24 View:500

Shanghai: Badly secured breakbulk cargoes are coming loose and putting lives and vessels at risk – especially in China - according to a report from the North P&I club. The insurer cites an increasing number of insurance claims arising from poor stowage of goods, with over-stowing of incompatible cargoes and insufficient lashings, dunnage and shoring, particularly from vessels leaving Chinese ports. According to Tony Baker, head of loss prevention at North P&I: “Poor loading practices of breakbulk cargoes are particularly prevalent in Chinese ports and have led to cargo shifting and stows collapsing during voyages. This in turn has resulted in damage to vessels and cargo and to items of cargo being lost overboard, resulting in substantial claims.” “We have seen heavy cargoes such as steel girders, vehicles and containers stowed over jumbo bulk bags, and lashings tied to ship's ladders and pipework that are obviously not designed for the task.” North recommends that charterers be involved as soon as problems arise, with notes of protest issued if stevedores fail to address concerns. “We are aware of instances where Masters have challenged stevedores on the method of stowage and securing of the cargo and yet stevedores have ignored these objections," says Baker. "It is vital in such situations that masters exercise their authority and stop further loading until satisfied the stowage and securing is safe.”

Shanghai box throughput improves in March

PostTime:2013-04-10 08:27:31 View:547

Shanghai: Shanghai, the world's largest container port, moved higher throughput in March both year-on-year and month-on-month, according to figures from Shanghai International Port (Group) (SIPG). The Chinese port handled 2.88m teu last month, an improvement of 5.3% compared to 2.73m teu recorded in the same month of the previous year. Month-on-month, throughput at Shanghai port jumped 43% compared to 2.01m teu in February – a slower month due to the Chinese New Year holidays and shorter number of working days. In the first quarter of this year, Shanghai port registered box volumes of 7.8m teu, an increase from 7.54m teu recorded in the same period of 2012.  

8,888-TEU OOCL Memphis debuts in Shanghai, to join transpacific fleet

PostTime:2013-04-02 08:16:55 View:515

HONG KONG's Orient Overseas Container Line (OOCL) has unveiled its newest 8,888-TEU vessel, the OOCL Memphis, in Shanghai, which will be used on the Super Shuttle Express between Asia and North America.  The ship is the fourth of eight 8,888-TEUers OOCL has ordered from Hudong-Zhonghua Shipbuilding (Group) Company.  In thanking the shipbuilder, OOCL chief executive Andy Tung said: "The OOCL Memphis cannot only help lower energy consumption levels but also reduce emissions to improve our environment."  The ship's 42-day port rotation is Shenzhen-Yantian, Shenzhen-Da Chan Bay, Hong Kong, Kaohsiung and Long Beach, then back to Asia, calling at Kaohsiung, Xiamen, Hong Kong and Shenzhen-Yantian.

CSCL back in the black in 2012

PostTime:2013-03-28 08:24:24 View:446

Shanghai: China Shipping Container Lines (CSCL) emerged from a 2011 net loss to post a net profit of RMB524.92m ($84.43m) due largely to non-operating gains. The Shanghai- and Hong Kong-listed container line of state-owned China Shipping Group returned to the black last year from a massive deficit of RMB2.74bn. CSCL said the profit “mainly consisted of gain from disposal of a proportion of self-owned containers by the company.” Revenue in 2012 rose to RMB32.55bn from RMB28.25bn due primarily to increase in volume of loaded cargoes and rise in freight rates. Despite freight rates improving at the start of 2012 compared to a year earlier, it remains difficult for the container shipping sector to be optimistic in 2013, according to CSCL. Li Shaode, chairman of China Shipping Group, commented that the oversupply situation of shipping capacity will see no genuine improvement in the near future, as 258 ships with a total capacity of 1.59m teu will be delivered in 2013, raising new global capacity by 7.3%. In addition, uncertainties such as global economy and trade development, volatile bunker fuel prices and competition will continue to hinder the development of the industry, he added.

CSDC profit tumbles 93%, delaying ship deliveries

PostTime:2013-03-21 08:18:42 View:485

Shanghai: China Shipping Development Co (CSDC) narrowly managed to stay profitable in 2012 but is looking to delay taking deliveries of some new vessels in view of the oversupplied shipping market. The Shanghai and Hong Kong-listed shipping company registered a full year net profit of RMB73.74m ($11.85m), a plunge of 93% compared to a profit of RMB1.06bn in 2011. The figures were in line with the company's expectations of approximately 90% plummet in profits. CSDC achieved gains on revaluation of investment properties of RMB439.13m last year compared to just RMB16.49m in 2011. Revenue declined 9.1% year-on-year to RMB11.05bn. Meanwhile, CSDC admitted that it will “actively negotiate with shipyards to delay the construction and delivery schedule of part of the new vessels”. The company has 31 new vessels with a total tonnage of 2,776,000 dwt scheduled to be delivered for use in 2013, including six tankers and 25 dry bulk carriers. “As the current oversupply condition of the shipping market is yet to improve, the company will also be under relatively greater pressure to deliver new vessels,” it said. Looking into 2013, CSDC believed that it will be able to improve its core competitiveness in the sluggish shipping market by adapting to the large vessels and low carbon development trends to make scientific and reasonable adjustment to the fleet structure. It will also continue to promote its LNG business by exploring new LNG transportation projects and establishing its own LNG fleet.

Shanghai port ends yard transfer fee, but storage, reefer fees remain

PostTime:2013-03-06 08:55:49 View:814

SHANGHAI International Port Group (SIPG) has stopped charging customers to transfer import containers from the yard inside the port to another outside the port to alleviate congestion. There are about 650,000 TEU that need to transfer between yards which once generated fees of CNY200 million (US$32.14 million), Wen Wei Po reports. But storage and reefer fees will remain unchanged. Meanwhile, the procedures for picking up containers have also been streamlined. Customers now need to go through such procedures at the terminal for once before they can pick up boxes.

BIMCO opens in Shanghai to enhance relations with Chinese stakeholders

PostTime:2013-03-01 08:54:05 View:755

THE Baltic and International Maritime Council (BIMCO) officially launched its Shanghai Centre office on February 25 in Shanghai, in conjunction with a forum of senior leadership.  This is the first time that an international shipping organisation set up office in Shanghai. Bimco's presence is bound to enhance Shanghai's status as a global shipping centre, enabling it to have more say in the world industry, said Xinhua.  BIMCO's press release said Wei Zhuang, who has been with the BIMCO Secretariat in Copenhagen for some years, has been promoted to head the new BIMCO Shanghai Centre.  BIMCO said the new office in China will enhance communication with Chinese members and other stakeholders and facilitate timely access to the association's services, including advice on a wide spectrum of issues including operational, legal, technical, security and educational information.  Torben Skaanild, secretary general and CEO of BIMCO, who attended Shanghai inauguration pointed out, "The establishment of BIMCO Shanghai Centre is a milestone for BIMCO, but a natural development considering the growth in Chinese shipping and the close ties that have existed between the Chinese shipping community and BIMCO for many years."  Shanghai Mayor Yang Xiong, pointed out that the establishment of BIMCO's Shanghai Centre would further stimulate a mutually beneficial dialogue with the Chinese shipping community as part of the process of Shanghai's ambitious plans as an international shipping centre.

Shanghai exports to EU up 0.9pc while European imports leap 14.8pc

PostTime:2013-02-27 08:25:12 View:479

SHANGHAI customs noted a mere 0.9 per cent increase in exports to the European Union from the port last year while EU imports into the port leapt 14.8 per cent, a trend expected to continue throughout 2013.  A Shanghai customs analyst said causes were a shrinkage in European consumer demand, the appreciation of renminbi against euro and that manufacturers are moving away from China. Statistics from the Shanghai customs show that trade goods with EU handled by the customs in January grew 6.2 per cent to US$14.02 billion. Exports were valued at US$8.28 billion; imports, $5.74 billion.  Being the largest customs office in foreign trade in China, Shanghai accounts for 30 per cent of China's trade with EU. But the downturn dragged its EU trade down 7.6 per cent to $164.7 billion last year with exports falling 13.4 per cent to $93.43 billion while imports increased 1.4 per cent to $71.27 billion.  The EU has long been Shanghai's largest trading partner. But the weakening export and increasing trade friction might hurt bilateral relations in the long term, said Xinhua.  Shanghai's export to Germany, France, Italy and Spain, the four largest EU economies, fell substantially last year. Exports to Germany fell 5.5 per cent to $20.5 billion. Those to France shrank 23.5 per cent to $7.73 billion. Those to Italy fell 29.2 per cent to $8.54 billion. Those to Spain dropped 10 per cent to $5.1 billion.

Jiaxing-Shaoxing sea bridge soon to reduce travel time to Shanghai

PostTime:2013-02-26 08:45:47 View:1949

 THE bridge spanning across the Hangzhou Bay, connecting two Zhejiang province cities of Jiaxing and Shaoxing, has been completed and will soon open to traffic, reducing travel time from Shaoxing to Shanghai by nearly half, Xinhua reports. Starting construction in late 2008, the bridge is the second one crossing Hangzhou Bay after the Hangzhou Bay Bridge, costing about CNY13.9 billion (US$2.23 billion) to build. The section over water is 10 kilometres long and has a design speed of 100 kilometres per hour. The section over the navigational channel is 2,680 metres long and can allow containerships of 3,000 tonnes to cross below it.

Lone crewman stranded aboard blazing bulker

PostTime:2013-02-26 08:43:12 View:444

Shanghai: Bulk carrier SITC Hua Shan has caught fire off the east coast of China, with one crewman according to officials as “still stranded aboard”, Xinhua reported. Distress calls from the  vessel loaded with 4,000 tonnes was crippled by a fire in the engine room, reached the Shandong maritime rescue centre on Sunday 19:57 local time, whereupon 15 of the 16 North Korean crew members boarded a lifeboat and were picked up by a passing vessel. The 15 seafarers have since been rescued uninjured, 18 miles off Chaolian Island, about 20 miles from Quingdao city.