Top News

Temasek unit to make interim investment in PIL

A unit of the Singapore government’s investment company Temasek Holdings has agreed to make an initial investment in beleaguered liner operator Pacific International Lines as part of what is essentially a state bailout.

The family-run PIL, headed by MD Teo Siong Seng, confirmed on 27 May that it was in talks with Temasek unit Heliconia Capital, as the company’s liquidity became threatened by poor performance that has been compounded by the Covid-19 pandemic.

In a statement sent to Container News,

https://container-news.com/temasek-unit-to-make-interim-investment-in-pil/

“Planned provocation” deepens Montreal strike crisis

After a period of more than 30 years without striking the latest group of Montreal dockers, Local 1657 of the International Association of Longshoremen (ILA), also known as Checkers, have given notice that they intend to strike to the Maritime Employers Association (MEA).

Dock workers from the ILA will join other striking longshoremen who began their industrial action on 27 July and will continue their action through to 31 July. Up to 175 ILA dockers will strike from Friday 31 July at 6am and...

https://container-news.com/planned-provocation-deepens-montreal-strike-crisis/

Tension in Montreal as union condemns use of ‘scab’ labour

Trade union officers have condemned the use of ‘scab’ labour to move cargo in Montreal following a reported 99% vote in support of strike action.

Employer’s representatives have said that one of the terminal operators at Montreal Port used “management staff to make things secure”.

“A company… used some executives to perform certain tasks, in accordance with the provisions of law, for safety purposes and to free the railways,” a port insider told Container News.

Unions saw the move as provocative...

https://container-news.com/tension-in-montreal-as-union-condemns-use-of-scab-labour/

Strike at Montreal Port commences today

The Maritime Employers Association (MEA) at the Port of Montreal in Canada has said that a dockers strike will commence today, 27 July, at 7am local time and continue until 7am on 31 July.

Container News understands the strike action will only affect container shipping, excluding the Oceanex Service, at the port, preventing cargo handling for all container types, inbound and outbound.

In a statement the MEA said there mooring services ordinarily provided by longshoremen will be suspeneded, but...

https://container-news.com/strike-at-montreal-port-commences-today/

Volumes down and revenues up for OOCL

European shipper’s claims that the lines are manipulating capacity to drive up rates were given further support to their claims by the first half figures released by OOCL on Friday.

Figures for the first half of this year show that total volumes carried by OOCL’s vessels were down 2.6% year-on-year, but its revenues increased 3.2% according to the latest unaudited data released by the company on 24 July.

The Hong Kong based company, now a subsidiary of COSCO Shipping, saw volumes on the Asia to...

https://container-news.com/volumes-down-and-revenues-up-for-oocl/

Rebooting the global economy

Reefer containers protect food supply and boost developing economies says Anders Holm GM marketing and sales, Maersk Container Industry. Even though government reactions to the recent pandemic had the effect of pressing the reset button on much of the world’s economy, the global trade in food remained relatively unaffected. Whatever else was going on, the world’s population still needed to be fed.

However, the major issues highlighted by the recent crisis turned renewed attention on the question...

https://container-news.com/rebooting-the-global-economy/

Zhonggu Logistics set for IPO

Zhonggu Logistics, an affiliate of China’s largest domestic liner operator Zhonggu Shipping Group, plans to raise CNY1.5 billion (US$214 million) through an IPO of its shares on the Shanghai Stock Exchange.

The China Securities Regulatory Commission approved Zhonggu Logistics’ IPO application on 23 July 2020. Chinese investment bank China International Capital Corporation is underwriting the share issuance.

Previously listed on Chinese over-the-counter bourse National Equities Exchange and...

https://container-news.com/zhonggu-logistics-set-for-ipo/

Container stack collapses prompt AMSA focus on boxship losses

A series of high-profile container losses off the coast of Australia has prompted the maritime authority to introduce a focused inspection campaign from 1 August for container vessels calling at Australian ports.

The Australian Maritime Safety Authority (AMSA) said the campaign will run until 31 October and will target cargo securing arrangements on foreign container ships operating in Australian waters, which are required to have cargo securing arrangements approved under regulation 5 of...

https://container-news.com/container-stack-collapses-prompt-amsa-focus-on-boxship-losses/

PIL’s high-rise HQ up for sale

Beleaguered Singaporean liner operator Pacific International Lines is reportedly selling its headquarters, in another sign of its financial struggles.

The Business Times, a Singaporean financial newspaper, cited sources in the local property market as saying that the building, located in the city-state’s central business district (CBD), is being discreetly sold through an expression-of-interest (EOI) exercise that closed on 17 July 2020.

PIL is said to be seeking a price of at least SG$350...

https://container-news.com/pils-high-rise-hq-up-for-sale/

Stowage and lashing issues caused Ever Smart container collapse

The UK’s Marine Accident Investigation Branch (MAIB) has recommended that Evergreen improve the standards of stowage plans produced ashore, increase its knowledge of the dangers of bow flare slamming and further develop its lashing gear maintenance management programmes.

The recommendations came in the investigation report published by the MAIB today, 22 July, which outlines a number of improvements to the Taiwan based company’s procedures. The containers were lost in a storm while the Evergreen...

https://container-news.com/stowage-and-lashing-issues-caused-ever-smart-container-collapse/

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