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CMES, Sinotrans & CSC to merge operations to reform shipping sector

BEIJING: China’s shipping conglomerates China Merchants Energy Shipping (CMES) and Sinotrans & CSC Group are going to merge their operations as part of the Chinese government’s plan to reform its state-run shipping sector. The information has been disclosed by local media citing sources familiar with the matter from the two companies and SASAC Enterprise Reform Bureau. As informed, the integration ... Read More »

NYK establishes first ro-ro port terminal in Saudi Arabia

JEDDAH: NYK has established its first exclusive roll-on/roll-off (ro-ro) terminal in Saudi Arabia at King Abdullah port (KAP). KAP RORO Terminal is a joint-venture initiative between the Japan-headquartered shipping company and Saudi Arabia-based Ports Development Company (PDC). Scheduled to start full operation by the third quarter of 2016, the terminal will become NYK’s first automotive logistics base in the Middle ... Read More »

Asia Tankers-VLCC rates may up and down in volatile market

BEIJING: Freight rates for very large crude carriers (VLCCs) face a roller-coaster ride on uncertain cargo volumes and vessel supply ahead of a fourth-quarter boom, brokers said. Charter rates, which have rebounded sharply, could fall as more supertankers become available for charter in the last 10 days of this month, a Singapore-based VLCC ship broker said on Friday. Rates from ... Read More »

Paragon Shipping Inc. reports Q2 Six Months Ended June 30 2015 Results

ATHENS: Paragon Shipping Inc., a global shipping transportation company specializing in drybulk cargoes, announced its results for the second quarter and six months ended June 30, 2015. Second Quarter 2015 Highlights & Recent Developments Net revenue, net of voyage expenses, of $7.9 million in the second quarter of 2015. Reduced average daily adjusted total vessel operating expenses by 11.1% year-over-year. ... Read More »

Chinese Tianjin port damages could hit $3.3b

BEIJING: The total costs of the damages wrought by the giant explosions at Tianjin port last month could be as high as $3.3bn, far higher than original estimates, according to reinsurance specialist Guy Carpenter & Company, part of Marsh & McLennan. The firm said in a report out today it had used high definition satellite images to evaluate how buildings, ... Read More »

China Cosco Dalian shipyard wins arbitration

BEIJING: A long running dispute between Cosco Dalian Shipyard and Dalian Deepwater Developer has been resolved in the yard’s favour at an arbitration. The pair had been in dispute since October 2013 over a contract to build a DP3 deepwater drillship. The shipowner had served a notice of termination and submitted a request for arbitration in London. The arbitral tribunal ... Read More »

Russia bans Bulgarian food import for Sept

MOSCOW: Russia has banned imports of all agricultural produce from Bulgaria as of Sept. 1 over forged certificates from the EU country, Russia’s agriculture watchdog said in a statement Thursday. A wide range of food imports from Bulgaria is already subject to Russia’s food embargo, which Russia introduced last year in response to Western sanctions imposed on the country over ... Read More »

Iran keens to export oil, gas to Bangladesh

TEHRAN: Iranian ambassador to Bangladesh Abbas Vaezi has voiced Tehran’s readiness to export oil and gas to Bangladesh. Vaezi said that Iran is ready to extend Iran-Pakistan-India gas pipeline to Bangladesh. He said that Iran has talked with Pakistani and Indian sides over the gas pipeline project and is prepared to negotiate with Bangladeshi officials about the extension of the ... Read More »

Saudi Arabian Industrial Investments appoints Shubaili as new CEO

RIYADH: The recently formed Saudi Arabian Industrial Investments Company (SAIIC) has appointed Rasheed M Al-Shubaili as its chief executive officer (CEO) with effect from September 1. Abdullatif Al-Othman, SAICC chairman, said: “I am happy to welcome Rasheed Al-Shubaili as SAIIC’s first CEO. He is well respected as an accomplished leader, and his knowledge and extensive experience will be valuable to ... Read More »

Saudi Arabia Tadawul shares rise 0.22%

RIYADH: Saudi Arabia stocks were higher after the close on Thursday, as gains in the Insurance, Multi Investment and Retail sectors led shares higher. At the close in Saudi Arabia, the Tadawul All Share rose 0.22%. The best performers of the session on the Tadawul All Share were ACE ARABIA COOPERATIVE INSURANCE (SE:8240), which rose 9.89% or 5.13 points to ... Read More »

Iran exports to Europe registers 49.7% increase during five months

TEHRAN: Iran’s exports to Europe registered a 49.7 percent increase in terms of value year on year and stood at $643 million during the first five months of the current Iranian fiscal year (March 21-Aug. 22). The Islamic Republic exported 777,000 tons of goods to the European countries in the 5-month period, which indicates an increase of 8.1 percent in ... Read More »

China Dangdang Inc revenue surges 29.8% to $373m in Q2

BEIJING: E-commerce China Dangdang Inc., a leading Chinese web retailer of books, music, video and other media, reported continued sales growth in the second quarter. But the e-retailer swung to a loss as Dangdang increased spending on sales and promotions for its growing selection of nonmedia products. The Beijing-based web-only retailer’s total net revenues in the second quarter of 2015 ... Read More »

China mutual funds aggregate revenue rises to $138.6bn in H1

SHANGHAI: Shanghai Securities Journal has cited figures from TX Investment Consulting claiming 2,483 out of the 2,593 domestic registered mutual funds from 94 Chinese fund houses were profit-making in the first half of the year. The country’s registered mutual funds recorded aggregated revenue of 866.7 billion RMB (US$138.6 billion) for the first half, against the sum of 520.9 billion RMB ... Read More »

China border patrol seizes 620 smuggled turtles, tortoises

BEIJING: Chinese border patrol officials seized 620 wild turtles and tortoises ,510 of them considered endangered , that were found alive in a shipment of frozen seafood from Vietnam, state media said here the other day. The official Xinhua News Agency said border police detected crawling sounds when they were inspecting the shipment at a border city in the southwestern ... Read More »

Chinese police bust wild life smuggling ring

BEIJING: Police in China have successfully cracked an underground wild life smuggling operation. A haul of more than 1,500 whole animals and their body parts were discovered, including rare and protected wild life such as pangolin, salamander and leopard cats, reported People’s Daily Online. This large and lucrative network was spread out over more than 10 provinces in China and ... Read More »

China Customs helps promote “the Belt and Road” air route

SHANGHAI: Recently, an American-made passenger aircraft, imported through leasing trade, has successfully settled down in Dalian, Liaoning Province to implement its maiden flight along  Dalian-Hohhot-Yinchuan route, which will expand “the Belt and Road” route of Dalian Airlines. Dalian Airport Customs House(affiliated to Dalian Customs District) thoroughly secured a smooth clearance for the import aircraft. This aircraft, declared to Customs in ... Read More »

China’s crude steel production dips 1.8% to 476m tonnes in first seven months

BEIJING: China’s crude steel output continued to decline after recording its first half-year drop in two decades, the latest data from the country’s top economic planner showed. Crude steel production dipped 1.8 percent year on year to 476 million tons in the first seven months of 2015, compared with a 2.7 percent increase in the same period of last year, ... Read More »

HNA unit to acquire Avolon Holdings for $2.5b

SHANGHAI: Irish aircraft leasing firm Avolon Holdings Ltd said it agreed to be acquired for about $2.5 billion by Bohai Leasing Co Ltd, a unit of Chinese aviation and shipping conglomerate HNA Group. Avolon shareholders will receive $31 per share in cash, which is lower than the $32 per share the companies were discussing in exclusive talks in August. Avolon ... Read More »

Alibaba plans to raise $2b via margin loan

SHANGHAI: Alibaba Group Holding Ltd Chairman Jack Ma and Vice-Chairman Joseph Tsai are planning to raise more than $2 billion through a margin loan pledged against the company’s stock, according to people familiar with the matter. The money raised may be used to fund Blue Pool Capital Ltd, the family office of Alibaba set up by Tsai, two of the ... Read More »

China railway builds US railcar plant

BEIJING: A subsidiary of the world’s largest railcar maker in China – the China Railway Rolling Stock Corp Ltd – just broke ground on a $95 million manufacturing facility in Springfield, Massachusetts in the United States. “There are many firsts here in Massachusetts,” said Yu Weiping, vice-president of CRRC, at the groundbreaking ceremony here the other day. “One is being ... Read More »