Eimskip signs jv with the port authorities in Qingdao

PostTime:2014-07-03 08:34:57 View:645

​Eimskip has signed a joint venture contract with the port authorities in the city of Qingdao in China, regarding operation of a 55,000 ton cold storage. The cold storage has been operated by A1988 hf., formerly known as HF. Eimskipafélag Íslands, since 2007, the company said in its press release. According to the joint venture contract, Eimskip will become a 30% partner in a new joint venture company where the port authorities will own 70%. Involvement of the Qingdao port authorities is an important factor in strengthening the operation of the cold storage since various changes are planned in the port’s environment that the operation will benefit from in the near future. The port authorities have selected Eimskip as a partner to develop transport related services to importers and exporters in reefer forwarding business which Eimskip is specialized in. The joint venture company will lease the cold storage from the port authorities in Qingdao. James Liu, the CEO of Eimskip in China, will manage the operation of the cold storage along with Eimskip’s other operations in China. Eimskip’s investment in this project amounts to EUR 700,000 in the form of share capital in the new company. The cold storage in Qingdao is located at the city’s container terminal which is the seventh largest container port in the world with a turnover of about 15.5 million TEU per year. Approximately 80 employees will be working in the new company and annual revenue at the outset is expected to be in the amount of about EUR 4.5 million. Eimskip’s operations in China are in four locations, in Qingdao, Dalian, Xiamen and Shenzen, with a total of about 140 employees. The headquarters are located in Qingdao, which is an area of seafood production, extensive export of fruit and vegetables and import of meat. In November this year, Eimskip will celebrate its ten year anniversary in Asia, but the company opened its first office in China in 2004. Eimskip and the port authorities of Qingdao will at the same time work on the strategy of the cooperation and further development of reefer forwarding services in Qingdao. Annual transported volume in Eimskip’s reefer forwarding services to and from China is over 40,000 TEU and has been growing in recent years, especially in the Intra Asian market. The cooperation with the port authorities in Qingdao is a significant step to further developing the company’s reefer forwarding services in Asia. On 1 July 2014, the effective date of the Free Trade Agreement between Iceland and China, Eimskip’s new container vessel Lagarfoss will dock beside the cold storage in Qingdao to load new reefer containers which will be transported to Iceland and also Chinese goods under the new Free Trade Agreement. “After long discussions it is pleasant to reach an agreement with the port authorities in Qingdao regarding future operation of the cold storage and it is also a great recognition for Eimskip’s development and achievement in Asia. The agreement reinforces the operation of the cold storage and other operations of Eimskip in China and in the entire Asia. Positive changes in the business environment of the cold storage have also taken place recently, among other due to storing of other products than seafood, such as meat, fruit and vegetables. The operation fits well to Eimskip’s strategy of strengthening its reefer forwarding services, but the Qingdao port is the seventh largest container terminal in the world and plays a major role in our reefer logistics services. Qingdao has about 8.7 million inhabitants and the city itself is therefore a large market for Eimskip.” About Eimskip Eimskip runs a network of 51 offices in 19 countries and operates 16 vessels. Total number of employees is around 1,400, of which about 800 are located in Iceland. Approximately half of Eimskip’s operating revenue comes from operations outside Iceland. The company’s vision is to provide outstanding transportation services through a dependable transport system in the North Atlantic, as well as offering an extensive worldwide network of reefer logistics services.

Qingdao's Hong Kong IPO to be half subscribed by big name investors

PostTime:2014-05-29 08:29:34 View:502

QINGDAO Port (Group) Co, which runs world's eighth largest container port, announced to the Hong Kong stock exchange that it will launch an initial public offering in Hong Kong to raise US$377 million. The state-owned port operator said it will sell 776.38 million new shares at HK$3.76 (US$0.48) before listing in Hong Kong on June 6, according to the stock exchange filing. The IPO has met with lukewarm response from investors, said Lloyd's List. It is the second port IPO in six months in Hong Kong. Qinhuangdao Port Co went public in December, raising less money than it expected. Qinhuangdao Port raised $562 million in its IPO failing to reach its $700 million target and its share price fell 17 per cent since the December 12 IPO. But several big investors have pledged to buy nearly 50 per cent of Qingdao IPO targeting $168 million. They are Shanghai Zhenhua Port Machinery and Sinotruk International Investment (together with $50 million) as well as China International Marine Containers ($30 million) and DP World Asia ($10 million). The company is the primary operator in the Port of Qingdao, but its market share has shrunk while volumes through the port have increased, Qingdao Port Group share fell from 88 per cent in 2011 to 83 per cent in 2012 and to 76 per cent in 2013.

Qingdao Port eyes $377m IPO in Hong Kong

PostTime:2014-05-28 08:32:10 View:480

Qingdao Port International Co is seeking to raise up to $337m from an initial public offering (IPO) on the Hong Kong Stock Exchange. The Chinese state-owned port operator intends to sell 776.38m new shares at HKD3.76 ($0.485) each and the listing date is planned on 6 June, according to a term sheet seen by The Wall Street Journal. Qingdao Port has won the backing of six cornerstone investors that could buy nearly half the shares offered worth $167.7m. The port operator said the funds raised would be channeled to building port facilities. Qingdao Port is ranked seventh in container throughput globally in 2013 on volumes of 15.52m teu, an increase of 7% year-on-year.

Qingdao plans to build millions of square metres of logistics parks

PostTime:2014-05-08 08:09:59 View:639

QINGQDAO Municipal Transport Committee plans to accelerate transformation and upgrade of logistics industry on port and shipping and to build logistics parks of 10 million square metres in 2014, reports Xinhua. Involving an annual investment of CNY11.8 billion (US$287.7 million) this year, the authority will focus on 28 major logistics projects in the city, with the aim to start construction of 2.92 million square metres and complete construction of 1.06 million square metres. At present, construction of 5.7 million square metres' projects has been completed with six logistics parks, seven logistics centres and eight distribution centres built. In 2013, Qingdao's added value of logistics industry reached CNY70.8 billion, accounting for 8.9 per cent of the city's GDP and making Qingdao a logistics hub city in the province. Annual cargo volume and container throughput of the port is expected to reach 470 million tonnes and 16.6 million TEU in 2014 with the added value of logistics industry hitting CNY77 billion.  

Qingdao McDermott Wuchuan wins module work

PostTime:2014-04-01 09:02:20 View:599

HOUSTON--(BUSINESS WIRE)--Mar. 27, 2014-- McDermott International, Inc. (NYSE: MDR) (“McDermott”) announced that one of its joint venture companies, Qingdao McDermott Wuchuan Offshore Engineering Co., Ltd. (“QMW”), in Qingdao China, has been awarded a contract by Jord Oil & Gas Systems B.V. for process module fabrication work. The award will be included in QMW’s first quarter 2014 backlog.     “We are pleased to be awarded this work for our Chinese fabrication joint venture,” said David Dickson, President and Chief Executive Officer, McDermott. “The yard is a first-class facility that offers competitive fabrication solutions for modules and exemplifies our global execution capabilities.”     The scope of work includes fabrication, pre-commissioning and load-out of three process modules.     Once completed, the modules will be integrated onto a jack-up rig that will be linked by bridge to the Akal G1 platform offshore Mexico, operated by Mexican oil company Nuvoil for end user PEMEX.     “Our commitment and responsiveness to the client throughout the bidding process helped us secure this award,” said EC Leong, General Manager of QMW. “We are focused on exceeding our client’s expectations and the safe and successful completion of this fast-track project.”     Fabrication is expected to commence in the second quarter of this year, with completion expected during the third quarter of 2014.

MOL offers two intra-Asia Qingdao-Manila/Bangkok services with RCL

PostTime:2014-03-03 08:50:48 View:655

MOL Liner Ltd (MOL) has announced the launch of two intra-Asia services, the "CVT" and "CVT2", to serve the China-Vietnam and China-Thailand network on top of the existing service networks, namely the PSX on wayport and CBE/CBW via transshipment at Busan. The CVT, starting April 6, will be operated with Regional Container Lines (RCL) and deploy three vessels. CVT offers a seven-day transit on the Qingdao-Ho Chi Minh City run while the Qingdao to Laem Chabang route will be covered in 10 days.  This also provides a direct connection from Thailand to Manila on the northbound rotation. The CVT rotation will be Qingdao (Wed/Wed), Shanghai (Fri/Fri), Cat Lai (Wed/Thu), Laem Chabang (Sat/Sat), Bangkok (Sun/Sun), Laem Chabang (Mon/Tue) - Manila (Fri/Sat) and back to Qingdao. The CVT2 rotation, commencing April 16, will be Ningbo (Thu/Fri), Shanghai (Sat/Sun), Laem Chabang (Sat/Sun), Bangkok (Sun/Mon), Laem Chabang (Mon/Tue), Cat Lai (Thu/Thu) and back to Ningbo.

Qingdao expects March recovery as post-New Year production resumes

PostTime:2014-02-26 08:39:38 View:766

QINGDAO, one of China's biggest ports, is suffering from sharp shrinkage in shipping demand as many factories only recommence full production after middle of the first month in the Chinese New Year, Xinhua reports.  An analyst from a local freight forwarder said that the post-Chinese New Year holiday period is the slack season when factories have their products shipped before the holiday to secure enough supply in the overseas markets.  The slow season usually lasts till March, when demand will gradually rises and peaks in June. Though demand will fall from July to October, it will climb again in November till the Chinese New Year holiday next year.  Europe and Mediterranean trade lanes have always been the indicators of the shipping market. Before Chinese New Year, capacity was short on these lines and freight rates grew to around US$1,500 per TEU. After the holiday, the rates have dropped by $100 to $200.  

Qingdao port container volume up 7pc to 15.52 million TEU in 2013

PostTime:2014-02-19 08:20:22 View:528

THE Port of Qingdao in northern China's Shandong province posted a seven per cent year-on-year increase in container volume to 15.52 million TEU in 2013, reports Xinhua. Its overall cargo volume in the year increased 10.6 per cent year on year to 450 million tonnes. Shanghai Shipping Exchange released data show that the port had successfully raised its 2013 status in both cargo and container volume from the eighth to seventh largest in the world and from the fifth to fourth in China.

Qingdao logistics added value up 9pc to US$7.69 billion in nine months

PostTime:2013-11-29 08:19:07 View:517

NORTHERN China Qingdao's logistics added value totalled CNY46.88 billion (US$7.69 billion) in the first three quarters, up nine per cent year on year, taking up 8.3 per cent of the city's GDP and 17.3 per cent of its service industry added value, reports Xinhua. Qingdao's social logistics value in the period increased 9.3 per cent to CNY2.0 trillion. Its total logistics cost, namely the cost of all logistics operation in the city was CNY95.5 billion.  The city has successfully attracted five more national Class A logistics enterprises including Deppon Express to raise its total logistics enterprises of such size to reach 51.  Also its logistics facilities have greatly enhanced in this period as the completion of eight mega projects such as Southern Gangcheng Distribution Centre, Suning Logistics and Tsingtao Merchants Logistics.

Port of Qingdao, reopens, operates normally after pipeline explosion

PostTime:2013-11-28 08:25:17 View:515

THE Port of Qingdao Port is now reopened and operating normally following the pipeline explosion in the city's Huangdao district last week, reports Inchcape Shipping Services. Two vessels are currently alongside and discharging, while two further vessels are at anchorage waiting to discharge. Following the explosion, most vessels changed their destination ports, so no backlog occurred, said Inchcape. Marine pollution is being treated in the bay and is expected to take some time to clear. The clean-up operation currently involves 24 cleaning vessels, 10 fishing boats and one salvage boat.  

Qingdao reopens after explosion, clean up underway

PostTime:2013-11-27 08:08:12 View:459

Qingdao port in China is now back to normal operations following a pipeline explosion last week, Inchcape Shipping Services (ISS) reports. Six VLCCs were ordered to leave the berthing facilities last Monday after an explosion at Huangdao oil terminal killed 52 people and injured over 100 last week. The maritime service provider claims that two vessels are alongside and discharging, with two others awaiting discharge at anchorage. A backlog was avoided at the port as ships chose alternative destinations to avoid the disruption. Twenty-four cleaning vessels, ten fishing boats and one salvage boat are currently working to clean up pollution in the bay.

VLCCs ordered to leave Qingdao port after pipeline explosion

PostTime:2013-11-26 08:04:36 View:552

Six VLCCs have been ordered to leave the berthing facilities of China's Qingdao port after a deadly explosion at a Sinopec-controlled pipeline, reports quoted a statement from the municipal government on Sunday. Pipeline explosions due to an oil leak on Friday have affected operations at Huangdao oil terminal at the port, and resulted in 52 people dead and more than 100 injured, the local media reported. A spokesman for Qingdao Port Group was quoted saying that port operations continue to operate smoothly. Qingdao port has the capacity to handle about 30m tonnes of oil a year and it was the fifth busiest container port in China. The affected Huangdao oil terminal had stopped operations last Friday following the explosion and local authorities said oil had spilled into the port.