DP World has announced a 50.2% increase in profit attributable to shareholders of $608m for the first half of 2016 and says it remains well placed to “continue to outperform the market” despite on-going global trade uncertainty. The global terminal operator unveiled a 10.2% growth in revenue to $2.09bn in its half year report to …
The repositioning of an underwater fibre-optic cable is set to see the critical Port of Fujairah Offshore Anchorage Area become even busier. An additional 24 anchoring positions will come on stream once the cable is moved, taking the total to 133. Lying outside the Straits of Hormuz, Fujairah is a key service point for many …
Bahrain-based Arab Ship Repair Yard (ASRY) has confirmed the shock resignation of chief executive Nils Kristian Berge, saying the Norwegian is to return home for family reasons. As Seatrade Maritime News revealed yesterday on breaking the news of Berge’s unexpected departure, Magdy Mustafa has been named acting chief executive. In a brief two paragraph statement, …
Berge resignation confirmed as ASRY outline “seamless" transition to Mustafa Read More »
DP World has gone all sci-fi, unveiling a partnership with a US company it hopes will eventually lead to the movement of containers between its flagship port at Jebel Ali and a new inland container depot in Dubai via Hyperloop technology. The global terminal operator signed an agreement with Hyperloop One in Los Angeles recently …
If the recent call of MSC Zoe is any indication, the 27.6% increase in container volumes recorded by Port of Salalah in the first half of 2016 is a sign of things to come. The 19,224-teu behemoth, which stands alongside MSC sisterships Oscar, Oliver and Maya as the world’s largest operational boxship (by teu capacity), …
Port of Salalah spearheads growth at Oman terminals Read More »
Qatar Navigation (Milaha) has reported a 15% dip in net profit for the first half of 2016 on the back of pressures on its investment arm, general cargo and ro-ro businesses and the “extremely challenging” offshore market. However, president and ceo Abdulrahman Essa Al-Mannai has hailed Milaha’s “healthy results supported by a strong balance sheet” …
Milaha H1 profit down 15% but still a 'healthy' $151m Read More »
Despite the widely reported financial woes of many KG Funds the German Shipowners’ Association (VDR) says cooperative ventures have avoided the bankruptcies of whole shipping companies. VDR noted a trend towards co-operative ventures in ship management and the financing of ships over the last year especially among smaller-to-mid-sized owners. In particular in the sub-5,000 teu …
German owners say cooperation has stopped insolvencies Read More »
