State-owned conglomerate China Shipping Group (CSG) has entered a $13 billion agreement with the Industrial and Commercial Bank of China (ISBC) to cooperate on a joint strategy to reduce financial risks and raise market competitiveness.
Private investment will support the development of five new ports in western India, according to Karnataka state minister of ports, Baburao Chinchansur. The projects are planned in Honnavar, Manki, Mavinakurve Basavaraj Durga Island, Belekeri and Thadadi in Uttara Kannada district and are hoped to atttract investment of over $1 billion.
China Merchants and China Harbour Engineering are to jointly invest almost $400 million for a majority stake in a Sri Lankan port project, in Hambantota.
Dubai-based port operator DP World is offering its “expertise and experience” to the Maldives to help it develop “a strong economy based on modern infrastructure.”
“Ocean Three is the final piece in the ‘mega-alliance’ jigsaw,” says Drewry Maritime Research, noting that the success of the new container shipping partnership will depend on achieving unit-cost savings and on how well CMA CGM, CSCL and UASC can work together.
CMA CGM has formed Ocean Three with China Shipping Container Lines (CSCL) and United Arab Shipping Company (UASC).
CMA CGM announced today the formation of “Ocean Three” after signing agreements with China Shipping Container Lines (CSCL) and United Arab Shipping Company (UASC).
Rostec and Shenhua are to invest up to $10 billion in a coal mine project that will include the construction of a transshipment terminal in the Russian Far East, Port Vera.
Is the dreaded “C” word returning to haunt the container shipping industry? Not since the mid-2000s have there been so many incidents reported of congestion in the world’s ports and terminals as in the past month or so. Several facilities across northern Europe, in parts of Asia and North America and throughout Africa are struggling to handle the volumes of cargo being pushed through them.
Considerable hype surrounded the US-Africa Leaders’ Summit convened in Washington (DC) by President Barack Obama earlier this month and attended by close to 50 of Africa’s heads of state. A large number of US and African business leaders and bankers were also present at the three-day event.