Maritime

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SUBIC BAY FREEPORT: Subic Shipbuilder Corp. (Sushicor) has moved to absorb more than 1,200 contractual employees from their manpower agencies, leading all companies within the enterprise zone in heeding the call of President Rodrigo Duterte to end contractualization in the country, the Subic Bay Metropolitan Authority (SBMA) said. According to…

UNCTAD REPORT:

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THE push by the maritime industry to deploy increasingly larger container ships is the root cause of the financial struggles and slow growth in the shipping sector, and is putting ports in developing countries at a disadvantage, a report by the UN Conference on Trade and Development (UNCTAD) said. The…

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DEMOLITION of containerships has reached an all-time high of 500,000 twenty-foot equivalent units (TEUs) in 2016 so far, a positive sign that the overcapacity in the industry is being reduced, maritime association Bimco reported last week. In an industry analysis earlier this year, Bimco stressed that scrapping of old or…

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THE 42nd meeting of the Association of Southeast Asian Ports Association (APA) will be held at the Solaire Resorts Hotel, Parañaque City on November 15 and 16. The event, hosted by the Philippine Ports Authority (PPA) will bring together the top port executives and decision makers from the member nations…

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CARGO throughput in Philippine ports through the first nine months of the year climbed 9 percent from the same period a year earlier, boosted by strong exports, the latest data from the Philippine Ports Authority (PPA) showed. Total cargo throughput from January to September this year reached 183.730 million metric…

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THREE of Japan’s largest shipping companies, Nippon Yusen Kabushiki Kaisha (NYK), Mitsui OSK Lines, and Kawasaki Kisen Kaisha (K-Line), on Monday announced a merger to better handle the financial downturn in the industry, after the move was approved by each company’s board of directors. The three companies, whose combined container…

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COPENHAGEN: Danish conglomerate AP Møller-Maersk said Wednesday that its third-quarter profit tumbled 44 percent to $429 million (387 million euros) as low fees pushed its world-leading shipping service into loss. The net loss of $116 million reversed a profit of $264 million in the July through September period last year.…

Consolidated net income at P1.88B in Jan-Sept

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CEMEX Holdings Philippines Inc. reported a pro-forma consolidated net income of P1.88 billion in January to September on the back of higher sales, better prices, volumes and cost efficiencies. The firm was incorporated only in September 2015 for the purpose of listing on the stock exchange in July. It has…

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Net income of the Philippine Ports Authority (PPA) rose 16 percent year-on-year in the first nine months of 2016 due to the introduction of the terminal truck appointment and booking system (TABS) earlier this year. “Net income increased by 16.11 percent to P5.99 billion from only the P5.16 billion raked…

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HIGHER freight volumes at Manila North Harbor and other ports in the Philippines have prompted domestic shipper Solid Shipping Lines to expand its fleet with higher-capacity ships. Solid Shipping Lines, which serves regular routes between North Harbor and the ports of Davao, Cagayan de Oro, and General Santos City in…

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