Philip Damas News
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Israel is planning a train link between its Red Sea and Mediterranean ports intended to serve as an overland alternative to the Suez Canal and to spur increased trade from China, India and other Asian countries.
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Container freight rates on Asia to Europe trade jumped 114 percent this week, suggesting shipping lines are having some success with their proposed increases, according to estimates by Drewry Shipping Consultants Ltd.
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Maersk Line, the world’s largest container carrier, said it will cut 9 percent of its shipping capacity on Asia to Europe, its largest trade route, in an effort to restore profitability.
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The container-shipping industry is contending with the longest stretch of near-zero rates in its half-century history on the Asia-to-Europe route, as a capacity glut combines with the slowest growth in trade since 2009.
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The container-shipping industry is contending with the longest stretch of near-zero rates in its half-century history on the Asia-to-Europe route, as a capacity glut combines with the slowest growth in trade since 2009.
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A.P. Moeller-Maersk A/S may be the only shipping line to profit from growing trade between Asia and Europe even as rates reach a two-year low.
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Bonds and derivatives tied to CMA CGM SA, the third-largest container line, are signaling that the company has a nine in 10 chance of defaulting as the slowing global recovery pushes freight rates to about zero.
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Chile’s Luksic family became the country’s wealthiest by buying underperforming businesses and turning them around. With shipping company Cia. Sud Americana de Vapores SA, it may have lost its way.
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Maersk Line, the world’s largest container shipper, may extend its market share and lift earnings by taking delivery of the 10 biggest cargo vessels ever built just as a global shortfall in capacity increases carriage rates.
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Dutch authorities have found traces of radiation on 19 containers originating from Japan, two months after an earthquake and tsunami there caused leaks from the Fukushima Dai-Ichi nuclear plant.
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