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Busan Port has unveiled plans to enable it to handle 13m teu of transhipment cargo by 2020, aiming to be the number two transshipment port in the world.

United Arab Shipping Company (UASC) has appointed senior executives from Saudi Ports Authority and Milaha to its board of directors.

Nordic American Tankers (NAT) has purchased two suezmax tankers for a total of $122m.

Compagnie Maritime Belge (CMB) has reported a $16.3m loss in the second quarter, bringing its first half loss to $55.9m.

The crew of the Seaman Guard Ohio are seeking legal representation as their case in India is due to move from magistrate court to sessions court.

BP Exploration (Shah Deniz) has awarded a $523m, five-year extension to Maersk Drilling's Heydar Aliyev semi-submersible rig.

Dryships has agreed to write off $16.5m owed to it by a charterer in return for renegotiated charters on 11 vessels.

The International Maritime Bureau (IMB) has reported that so far this year 250 crew members have been taken hostage, 14 assaulted, 10 kidnapped, nine injured and one killed in incidents of piracy and armed robbery against ships.

DP World's first distribution centre at the London Gateway Logistics Park opened officially yesterday, with the UK's shipping minister, Robert Goodwill, in attendance.

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