Jun 13, 2016

Park urges 'bone-crushing' reform of South Korean shipbuilding industry

South Korean President Park Geun-Hye on Monday urged “bone-crushing” efforts to overhaul the nation’s ailing shipbuilders faced with mounting losses caused by slowing global demand and increased competition. The South’s mighty shipbuilders including Hyundai Heavy Industries and Daewoo Shipbuilding and Marine Engineering have dominated ...

Jan 29, 2016

Mitsui O.S.K. expects to sink into red ink for business 2015

Shipping giant Mitsui O.S.K. Lines Ltd. said Friday it will fall into the red in the business year ending in March after incurring huge restructuring costs amid deteriorating profitability on sluggish demand linked to China’s economic slowdown. The company is forecasting a consolidated net ...

COSCO announces Arctic shipping route to Europe

Oct 27, 2015

COSCO announces Arctic shipping route to Europe

China’s biggest shipping company intends to launch regular services through the Arctic Ocean to Europe, a spokeswoman said Tuesday, as global warming makes the route viable and Beijing steps up its northerly economic ambitions. State-owned industry giant COSCO has only twice sent a vessel ...

Ships beached for scrap as returns reach record low

Mar 13, 2015

Ships beached for scrap as returns reach record low

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Scrap yards are preparing for record numbers of freighters as shipping rates tumble to all-time lows. Owners may demolish 40 million deadweight tons of dry bulk carriers, more than double last year’s total, according to Arctic Securities ASA in Oslo. Rates to ship commodities ...

Feb 21, 2015

Tentative West Coast port deal reached

Negotiators reached a tentative contract covering West Coast dockworkers on Friday evening, likely ending a protracted labor dispute that snarled international trade at seaports handling about $1 trillion worth of cargo annually. The breakthrough came after nine months of negotiations that turned contentious in ...

Southeast Asia now biggest global danger zone for piracy: U.N.

Jun 13, 2014

Southeast Asia now biggest global danger zone for piracy: U.N.

Southeast Asia has overtaken the Horn of Africa as the world’s hot spot for pirate attacks after concerted international efforts to police the waters off Somalia, the U.N. said Thursday. Last year 28 boats were attacked in the western Indian Ocean but none taken ...