Monday, June 25, 2018
Emirates will then increase to daily service, starting in winter. The carrier will employ a 777-300ER aircraft on the route, which will provide 23 tonnes of belly cargo capacity per flight.The airline has operated a Dubai-Angola route since 2009 - at the time, on an A330-200 aircraft - increasing the frequency to seven times per week.However, in 2017, Emirates reduced the service to three times a week, but company vice president Orhan Abbas said reinstating the Luanda flights "will benefit trade links, boost investment and contribute to the economy by promoting business and supporting Angola's supply chain."The southwestern African nation has been in economic recovery since its 27-year civil war ended in 2002, stimulated by an abundance of oil and gas resources, but the drop in oil prices in 2014 deflated the momentum of growth.Government initiatives launched early this year aim to diversify the economy and reduce its dependence on revenue from oil exports.
FedEx attributed the jump in net income primarily to an estimated $2.1 billion in tax benefits, including a $1.6 billion reduction in the company's net US deferred tax liability that stemmed from the lowering of the federal tax rate for US-based corporations from 35 per cent to 21 per cent, reported American Shipper.Operating results in the fourth quarter also benefitted from higher base rates, increased volume at FedEx Ground and FedEx Freight, and a favourable net impact from fuel, the company said. Those factors were offset in part by negative impacts from an acceleration in wage increases for certain hourly employees."It was a year of opportunities and challenges - anticipated and unexpected - and FedEx emerged more competitive than ever," said FedEx Corp chief executive officer Frederick Smith. "In all my years at FedEx, I have never been so optimistic and so sure of our strategy and our ability to deliver an exciting future."Looking ahead to the company's fiscal 2019 year, the company forecasts revenue growth of nine per cent and improved earnings."Our fiscal 2019 results will benefit from our continued focus on revenue quality as well as from synergy realisation as we make progress in combining TNT Express with FedEx Express," said FedEx Corp chief financial officer Alan Graf.
Paul Loo Kar-pui said the loss-making airline was taking the threat seriously and monitoring the long-term effects of the trade situation "very closely," reported SCMP."We don't see any immediate impact. God knows, the whole thing is developing every day, we really don't want to see trade disrupted. A trade war is not to anyone's benefit," Mr Loo said in Toulouse, France, ahead of the airline receiving its first Airbus A350-1000 and flying the aircraft back to Hong Kong.Cathay Pacific has recorded two years of annual losses amid rising competition. It has relied on its profitable cargo unit to help offset the losses from its passenger business. However, it recorded an overall profit in the second half of last year, suggesting that the worst of the company's troubles are over.The shift in Cathay Pacific's view of the looming trade war can be seen in the changing nature of the comments made by Mr Loo over the past three months.At the March announcement of the company's financial earnings for 2017, Mr Loo said the airline did not see the rhetoric from Mr Trump's anti-trade agenda having a potential impact on its cargo business.Two weeks ago, Mr Loo was asked about the same issue in Dublin ahead of the airline commencing a new flight to the Irish capital, and the carrier said it was not worried.
The founder O S Jainul Abdeen began with a vision of setting up world-class shipping services, in the tumultuous years of WW II. The Group has over the past 77 years been providing a range of quality shipping services that have been appreciated and endorsed by clientele resulting in high retention rates of valued customers around the globe, the company said.Khaja Abdeen, a second-generation scion of the family now helms OceanMasters. Twenty years ago, as a young man, he established OceanMasters in the UAE. From then on, OceanMasters has grown from strength to strength, opening offices in the UK, Oman, Qatar, India, Sri Lanka, Bangladesh, Malaysia and its home base of Singapore.Widely recognised for its ability to handle complex project shipments as well as generic container cargo, OceanMasters boasts of specialised skills to cater to changing requirements of its demanding clients."Time and again, OceanMasters has helped clients when they were at their wit's end; The clients were happy and very soon we were getting repeat orders and referrals," said S Saravanan, executive director.With several leading NVOCC agencies already under its belt, OceanMasters has now been awarded the prestigious marketing agency for Ceylon Shipping Corporation for Malaysia and Singapore. "It is a huge win for OceanMasters against stiff competition and we are confident of delivering more than our client's expectations," said Capt Shankar, Group CEO."To cater to our clients' requirements in Malaysia, we are moving to our own premises in Port Klang and opening a new office in Johor Bahru at Taman Molek," Mr Saravanan added.OceanMasters has entered into a joint venture under the name of OceanMasters Garuda Logistics in Indonesia and will be starting operations next month.With its impressive history and pedigree, OceanMasters is ready to sail on its next voyage towards its centennial, the company said.
"We are worried about the worsening Sino-US trade dispute and it is a pity to see that the goodwill the two countries built over the years is being lost," Mr Yau told the SCMP in a phone interview from Paris, France while on a business tour with Chief Executive Carrie Lam."We fear that the trade war will become an irreversible step as each side only cares about its own interests," he said.Hong Kong also faced an "unquantifiable impact from the spillover" of the dispute between the US and Europe, which could lead to trade being diverted from Hong Kong, he said.Beijing and Washington are ensnared in a tit-for-tat trade row, with China on June 19 vowing to use quantitative and qualitative measures to retaliate if US President Donald Trump's threat to impose a 10 per cent punitive tariff on US$200 billion worth of Chinese products went into effect.Following Mr Trump's announcement on June 15 to impose 25 per cent tariffs on $50 billion worth of Chinese imports, Beijing responded by publishing a list of US products - ranging from soybeans to cars - that it would subject to retaliatory measures of the "same scale and intensity." Beijing calculated that the value of US product imports last year was $154 billion."Hong Kong can withstand the tariff tsunami if it continues to develop its regional relationships and Greater Bay Area and advancing on IT development," said American Chamber of Commerce in Hong Kong president Tara Joseph, referring to Beijing's plan to develop Hong Kong, Macau and nine cities in Guangdong into a new economic zone and IT-led powerhouse rivalling Silicon Valley in the US.According to the Hong Kong government's trade figures, Asean became the city's second largest trade partner after mainland China last year in total trade. The Association of Southeast Asian Nations is an economic bloc comprising Indonesia, Malaysia, Singapore, the Philippines, Thailand, Brunei, Cambodia, Laos, Myanmar and Vietnam.Federation of Hong Kong Industries chairman Jimmy Kwok said Hong Kong companies in the re-export and transshipment business would be hit hardest."The trade war has spread to food such as meat and fish, which to some extent will put them in trouble," Mr Kwok said.
Flying the flag of Hong Kong, the 366 metre long and 51.2 metre wide containership has a market value of US$88.11 million, according to VesselsValue's data, reported World Maritime News.The newbuild is the company's fourth 14,500 TEU containership that will serve the trade lane to Europe. It is a next-generation environmentally friendly box ship developed by Hudong Zhonghua.Cosco Shipping Denali's sister ships - Cosco Shipping Himalayas, Cosco Shipping Kilimanjaro and Cosco Shipping Alps - were delivered in July and December 2017 and January 2018, respectively.
In spite of fears that spikes in cargo exchange caused by mega ship calls could strain port resources and systems, congestion has not worsened, and terminal gate truck backups and chassis access problems have not materialised, according to port truckers, shippers and the New York Shipping Association (NYSA), reported IHS Media.The opening of the elevated bridge in June 2017 has enabled containerships of more than 9,500 TEU to reach Maher Terminals, Port Newark Container Terminal (PNCT), Global Container Terminals (GCT) New York and APM Terminals. Prior to the bridge raising only GCT Bayonne could handle vessels of that size.The largest ships to date to call at the port are 14,414 TEU ships on a monthly CMA CGM rotation from China.Since the elevation, the port has seen a doubling in the number of ships sized 10,000 TEU or more calling at the port. In addition, the port's share of east coast-loaded cargo, on the decline since 2010, has ticked up, yet the port's share of Asian loaded cargo imported to the east coast has continued to drop.The first year's performance prompted an positive assessment from port officials, with director Molly Campbell calling it "a good story, and it's good for the port." She said the port has seen a "continuing cascade of the larger ships." Truckers also agree that mega vessel arrivals appear to have sparked few problems.Although the size of vessels has risen, the volume of cargo unloaded and loaded from the biggest ships has not so far changed much from the typical volume of an 8,000 TEU or 9,000 TEU ship.Vessels sized 10,000 TEU to 11,000 TEU in 2017 loaded or unloaded between 45 and 54 per cent of their capacity, or between 4,500 TEU and 5,940 TEU, according to port authority figures.In 2018 eight of the top 10 vessel exchanges were on vessels of 13,000 TEU, which handled cargo equal to 46 per cent of the capacity, or 6,000 TEU. All of those volumes are under the average figure for an 8,000 TEU to 9,000 TEU ship at the port, which in 2017 loaded or unloaded 75 per cent of its capacity, or between 6,000 TEU and 6,750 TEU.The number of 10,000 TEU or more ships entering the port rose from between five and eight a month after the opening of the elevated bridge to 13 of that size in March. An average of ten ships of 10,000 TEU or more called at the port in the first quarter of 2018 and a total of 93 ships of that size called at the port in the first 10 months after the raised bridge opened, compared with 57 in the same period in 2017.
Group CEO Soren Skou singled out Maersk Line for specific criticism, lashing the carrier for delivering "unsatisfactory" results. At last month's results announcement, Mr Skou said steps were being taken to bolster performance. These measures now include the scrapping of a number of unprofitable routes.Maersk is not alone in struggling in the first months of this year with the majority of its peers also reporting losses on the back of weak freight rates and higher bunker and charter costs, reported Singapore's Splash 247."Carriers are fully aware that spot rates are under pressure this year and overall they have not secured meaningful increases on the key east-west lanes for BCO (beneficial cargo owner) contacted cargo," ClipperMaritime container consultant Neil Dekker said."It seems that some lines are looking at their portfolio of services to determine where it is now profitable to run a service and any that are not will be up for serious scrutiny."Maersk along with MSC have both axed a service on the Asia to Middle East/Red Sea route - their Horn of Africa and Petra services respectively.Spot rates into Jebel Ali have been below US$500 per TEU for most of the year and are on average 30 per cent below the levels recorded in the first half of 2017, ClipperMaritime data shows.In addition, the AC5 loop previously launched on the Asia to west coast South America (WCSA) trade this April has been suspended. Maersk is now taking slots on competitor loops."This is a strategic shift with operators deploying tonnage in the markets that make money, although this will cut options for shippers on certain port pairs as carriers decide whether they want to be a vessel deployer or slot charterer," Mr Dekker commented.It is understood that the re-launch of services on the Asia-WCSA trade in April caused spot rates to drop from an average of $2,000 per TEU to $500 per TEU in a matter of weeks and so their removal will help restore the supply/demand balance.
The loop has a rotation of Kaohsiung, Yantian, Xiamen, Shanghai, Busan, Vancouver (Canada), Seattle, Yokohama, Busan and Kaohsiung.Six vessels averaging 4,624 TEU operate on the loop, according to BlueWater Reporting. MSC provides four of the vessels, while Maersk supplies the other two.The TP1/New Eagle has the smallest vessels of the five 2M Alliance services currently operating on the Asia West Coast of North America trade, according to BlueWater Reporting.Effective with voyage 826N, cargo originally intended to be loaded on the TP1/New Eagle will be covered by the 2M Alliance's transpacific TP9/Maple service, according to MSC's contingency plan, reports American Shipper.MSC said the TP1/New Eagle is being suspended due to "the challenging operating environment for business on the transpacific trade."
Under the new arrangement a fleet of twelve 8,750 TEU vessels will be deployed on the service starting on July 7 with the sailing of CMA CGM BIANCA in Qingdao.The shipping liner said the port rotation in Asia has been modified with Qingdao port call just after Busan and Xingang and the transit times from Qingdao to West Africa will be shorter by up to 7 days. The new rotation will also offer competitive transit times: Luanda is reached direct from Qingdao in 43 days, Pointe Noire in 37 days, Kribi in 40 days, and Cape Town in 30 days.The new ASAF port rotation: Busan, Tianjin/Xingang, Qingdao, Shanghai, Ningbo, Nansha, Tanjung Pelepas, Singapore, Cape Town, Pointe Noire, Kribi, Luanda, Cape Town, Port Kelang, Singapore and Busan.
Asia-Mediterranean trade fell 1.1 per cent to $905 per TEU, London's Loadstar reported.Asia to the US west coast tumbled 5.7 per cent to $1,194 per FEU while those to the east coast were down 2.5 per cent to $2,181 per FEU.