Finance & Insurance

Japan’s Mitsui OSK Lines (MOL) has finalised agreements with leading commercial banks to draw on approximately JPY140bn ($1.3bn) in case of potential cash flow issues due to the coronavirus (COVID-19) global outbreak.

Willis Towers Watson, a global advisory, broking and solutions company, has unveiled a new type of cyber insurance product for shipowners that re-designs standard cyber policies to better navigate the risks for ship operators in the digital era.

The South Korean government has pledged a hefty KRW1.25trn ($1bn) to support the country’s ailing shipping industry severely impacted by the coronavirus (COVID-19) outbreak.

The Singapore authorities have sought to reassure businesses that there is “no serious impact” on the bunkering and oil trading sectors from the bankruptcy filing of major local player Hin Leong Trading.

Hin Leong Trading and Ocean Tankers have filed for bankruptcy protection with the former revealed to have $800m in losses from oil futures trading.

Singapore-headquartered Pacific International Lines (PIL) has hit out at rumours that it is facing bankruptcy threatening legal action against those making false claims.

As part of the second anniversary for the construction of Hainan Pilot Free Trade Zone (Port) China Cosco Shipping inked several documents relating to the development shipping and related business in Yangpu, Hainan.

The automobile supply chain service provider Changjiu Logistics has set up a shipping joint venture with Beijing Glovis Warehousing & Transportation to develop a ro-ro shipping business.

China Merchants Port Group has jointly set up China Merchants Northeast Asia Development & Investment Company with Liaoning Port Group and China Merchants Shekou.

China Development Bank Financial Leasing entered into vessel building contract with New Ocean Shipbuilding in Jiangsu for eight 63,000 dwt bulk carriers at a total cost of $188.92m.