Hapag-Lloyd and United Arab Shipping Co (UASC) have completed their merger and will now focus on the integration of the two companies.
The Master of a containership committed suicide on a voyage from New York to Tilbury in the UK.
The shipping industry caught off guard last October when the IMO decided to mandate the use marine fuel with a maximum of 0.5% sulphur worldwide from the start of 2020 rather than the widely expected date of 2025.
Germany’s Rickmers Group has failed to secure the majority support needed from bondholders to carry out a proposed restructuring, prompting the company to make a last ditch effort to invite bondholders for a vote again.
China’s financial leasing institutions are stepping up their game in shipping becoming more flexible and competitive in their deal terms compared to traditional bank lendings, according to Western shipowners.
The tonnage oversupply problem will continue to shadow the global container shipping market over the next couple of years despite international carriers’ efforts at realigning alliances to optimise tonnage, increased scrapping and a major carrier bankruptcy.