A number of Singapore’s top shipowners are ready for the transition to IMO 2020 low sulphur fuel with BW Group, Maersk Tankers, Pacific Carriers Ltd, AET, and Pacific International Lines (PIL) all named at an industry seminar on Thursday.
China's Belt and Road Initiative (BRI) is anticipated to create demand growth for shipping and Singapore is keen to continue playing an important role in the ambitious development strategy, according to Singapore’s minister for trade and industry Chan Chun Sing.
The Southeast Asia region is poised for strong economic growth over the next few decades and container shipping can expect to benefit from increased volume demand, according to SS Teo, managing director of Pacific International Lines (PIL).
At 100-years old Pacific International Lines (PIL) founder and billionaire businessman YC Chang still remains very active in the company coming to the office every day.
Rapidly following through on its January announcement planning to set up a blockchain platform, AP Moller–Maersk and IBM have launched TradeLens, jointly developed by the two companies to apply blockchain to the world’s global supply chain.
DP World has taken a small step forward in its tussle with the Djibouti government over the Doraleh Container Terminal. The international port operator said in a press release that an Arbitral Tribunal of the London Court of International Arbitration (LCIA) has confirmed the illegitimacy of the Government of Djibouti’s action of seizing control of the Doraleh Container Terminal (DCT) from DP World.
Trade facilitation, especially across Asia, is set to be improved with the launch of Global eTrade Services’ (GeTS) Open Trade Blockchain (OTB), an inclusive and extensible blockchain service.
The fight over port facilities in Djibouti continues and potentially pits port operating giants DP World and China Merchants against each other as the former reiterated in a press release that its concession agreement for the Doraleh Container Terminal (DCT) remains in force, and warned that the Djibouti government’s illegal seizure of the facility “doesn’t give the right to any third party to violate the terms of the concession agreement”.