Container Ships News
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The 33,000 containers handled at JadeWeserPort since Germany’s only deepwater docks opened for business in September are a far cry from the annual 2.7 million forecast when state governments embarked on the 1 billion-euro ($1.3 billion) project a decade ago.
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Hyundai Heavy Industries Co. failed for eight years to win ship orders from China. That ended when it pledged to build the world’s biggest container carrier.
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South Korea’s won strengthened to the highest level in two months on speculation exporters are repatriating overseas income to guard against further gains that erode earnings. Government bonds rose.
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A group led by Kiewit Corp. and a Macquarie Group Ltd. unit won a Port Authority of New York and New Jersey contract to finance, design and build a $1.5 billion replacement for the 85-year-old Goethals Bridge.
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HSH Nordbank AG, the world’s largest shipping bank, agreed to sell a portfolio of 10 unprofitable vessels to Greek freight company Navios Group to reduce its risks on loans by about $300 million.
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The rout in rates for tankers that haul 20 percent of the world’s crude is poised to last another two years as China passes the U.S. as the world’s biggest oil importer, causing voyage durations to contract.
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Record delays for vessels loading corn and soybeans in Brazil, the biggest exporter, are failing to diminish enough of the global capacity glut in shipping to return Excel Maritime Carriers Ltd. and other owners to profit.
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STX Pan Ocean Co., a commodities shipping operator, led drops among STX Group units in Seoul trading after failing to draw buyers for a stake as part of plans to raise 2.5 trillion won ($2.2 billion) to pay debt.
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Shipping defaults will increase in the next few quarters after charter rates for the merchant fleet plunged and banks imposed tougher lending conditions, according to Standard & Poor’s.
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A Mitsubishi Corp. subsidiary plans to seek $750 million for a fund managed by former General Electric Co. shipping-team members that will try to take advantage of depressed prices in the industry.
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