Tianjin blast has less impact on insurance than fall in commodity prices

PostTime:2016-01-12 08:13:37 View:958

MARINE reinsurance rates continued to fall from the first of the year with greater impact than the huge costs arising from the explosions in Tianjin port last August, Reuters reports. "Tianjin has had little or no impact on marine pricing," said Chris Klein, head of strategy at London's Guy Carpenter reinsurance brokers. Of greater import were falling commodity prices reduced cargo value, while slow growth in China dragged down reinsurance rates, he said. "Less cargo is being moved and the cargo being moved is worth less - you can see how that has had an effect," said Mr Klein. Rising competition to offer reinsurance was another factor depressing rates, he told a press conference. The blasts at Tianjin caused insured losses of up to US$3.3 billion, while reinsurer Swiss Re has called it the largest man-made insurance loss in Asia. The explosions killed more than 170 people. Many reinsurance contracts are renewed in January and Mr Klein said marine reinsurance prices this month were down by between five and 20 per cent from a year ago.

Dangerous chemicals companies ordered to relocate from Tianjin port

PostTime:2015-10-15 08:11:59 View:1038

Chinese authorities in Tianjin have ordered a relocation of companies that handle dangerous chemicals to industrial zone following the deadly explosions at Tianjin port in mid-August, reports said. The government of Binhai New Area in Tianjin said such companies would need to relocate to Tianjin Nangang Industrial Zone, located at least 30 km from the explosion site and 10 km from the nearest residential area, Xinhua reported. The Nangang area covers some 200 sq km and it aims to become a world-class port and base for the heavy chemical industry. Tianjin port suffered massive explosions in August caused by highly flammable goods stored in a warehouse, leaving more than a hundred people dead and scores injured, as well as ruining nearby buildings and sending toxic pollutants into the air and water. The Tianjin authorities said they are conducting safety inspections on companies handling dangerous chemicals, and are increasing housing land supply in the affected area to those in need. They added that a third-party organisation will be authorised to ena

Tianjin Tianhai sets aside $400m to build four VLCCs

PostTime:2015-09-11 07:59:03 View:490

Tianjin Tianhai Investment Co, formerly Tianjin Marine Shipping, will float a public tender for the construction of four VLCCs for no more than $400m, it announced to ths stock exchange. Shanghai-listed Tianjin Tianhai said an option for four more VLCCs may be added, on top of the planned four firm orders. The company said it has completed the preparation for the tender, and commissioned China National Technical Import & Export Corporation to carry out the tender process. Tianjin Tianhai is principally engaged in marine transportation services, and operates its businesses through international and domestic shipping transportation and related business. In the first half of 2015, Tianjin Tianhai reported a net profit of RMB95.31m ($14.93m), a surge from the gain of RMB6.79m in the same period of last year. First half revenue, however, dropped by 13.4% year-on-year to RMB176.1m.

Chinese authorities detain 12 over Tianjin explosions

PostTime:2015-08-28 07:35:24 View:504

Chinese authorities have detained 12 people over the deadly explosions in Tianjin port on 12 August that have killed around 145 people, reports said. Among those detained included the chairman, vice-chairman and three deputy general managers of Tianjin Ruihai International Logistics, owner of the warehouse that blew up due to the storage of the hazardous goods, according to Xinhua news. Apart from the dozens detained, several other officials and port executives were also questioned for dereliction of duty or abuse of power. The state-owned media reported that Zheng Qingyue, chairman of Tianjin Port Holdings, was being investigated in relation to the explosion, and the company’s vice-chairman has temporarily taken over Zheng’s duties. China’s state prosecutor said an investigation of the blasts had found officials from a range of agencies to have been irresponsible and negligent in the supervision of Tianjin Ruihai. These agencies included Tianjin’s transport, land resources, work safety and customs offices, and state-owned port companies. The aftermath of the explosions has sparked fears of toxic pollutants contaminating the city’s air and water.

Tianjin Marine proceeds with newbuild plans for VLCCs, LNG carriers

PostTime:2014-12-04 08:18:54 View:458

Tianjin Marine, an arm of HNA Logistics owned by HNA Group, is expected to proceed with its planned order for VLCCs and LNG carriers after obtaining Chinese regulatory approval for a share issue. Shanghai-listed Tianjin Marine announced that the China Securities Regulatory Commission has endorsed a private sale of up to 3.45m shares. The share issue is expected to raise cash for its proposed acquisition of 10 VLCCs and four LNG carriers. The company will use about $400m of raised funds to order the first four VLCCs. Tianjin Marine had announced the fleet expansion plan back in August 2013, revealing that the 10 VLCCs could cost a total of RMB5.52bn ($898.7m) and the four 160,000 cu m LNG carriers a total of RMB4.9bn. Tianjin Marine will select a local shipyard to construct the newbuildings via a public bidding process.

Yangzijiang slams Tianjin Guoheng's allegations of illegal financial practices

PostTime:2014-06-03 08:25:10 View:552

Yangzijiang Shipbuilding has slammed allegations of misdeeds against its executive chairman Ren Yuanlin as "mischievous", as the Chinese yard faces possible investigation into illegal financial practices. Privately-owned Yangzijiang said in a statement to the Singapore Exchange on Sunday that the allegations were made by Tianjin Guoheng Railway Holding against Ren and Taixing City Liyuan Investment, Ren's investment vehicle. Liyuan Investment acquired a 12.08% stake in Tianjin Guoheng in January this year and became its largest shareholder. Liyuan Investment then made an approach in early May to the incumbent board of directors of Tianjin Guoheng to convene a general meeting of shareholders to reconstitute its board, including the appointment of nominees of Liyuan Investment. “The incumbent board of directors however unreasonably resisted Liyuan Investment's legitimate approach, and shortly thereafter, on 26 May 2014 alleged misdeeds against Liyuan Investment and Ren,” Yangzijiang said in the statement. Ren has said that the “allegations and its publicity are mischievous, and calculated to damage him and thwart Liyuan Investment's corporate objectives in relation to Tianjin Guoheng.” Yangzijiang affirmed that Ren “will not be deterred from pursuing Liyuan Investment's lawful interest as the largest shareholder of Tianjin Guoheng and takes a very serious view of such allegations and conduct, and will explore all remedies available to him against the perpetrators in consultation with his professional advisers.” Tianjin Guoheng accused Ren of being involved in illegal financial practices such as insider trading, misrepresentation, infringement of the independent operation of a listed company, illegal access to shares of a listed company, and manipulation of stock prices.

Tianjin quarterly auto imports up 47.2pc to 118,615 vehicles

PostTime:2014-05-15 09:03:46 View:523

 TIANJIN posted a 47.2 per cent year-on-year increase in overall automobile imports to 118,615 vehicles in the first quarter of the year, with the import value rising 58.8 per cent to US$4.63 billion, reports Xinhua. According to official from the Tianjin Inspection and Quarantine Bureau, 539 batches of unqualified imported automobiles were processed during the first quarter, totalling 2,186 vehicles valued at US$94.24 million.

Tianjin plans to build high-end cold chain logistics park

PostTime:2014-04-21 08:23:32 View:1765

NORTHERN China's Tianjin is to build a high-end cold chain logistics park in its Xiqing Economic-Technological Development Area, reports Xinhua. With a planned area of six square kilometres, the Saida logistics park will be jointly constructed by Tianjin Xiqing development area and Xinkou town in Xiqing district.  The facility has attracted six enterprises such as two e-commerce logistics companies, one logistics supporting service enterprise and one high-end agricultural products exhibition trading company, with a total investment of CNY4.4 billion (US$708.4 million). The logistics park will focus on the construction of three major projects. One will be a high-end cold chain logistics project with a service centre to focus on e-commerce. Another will be a trade logistics park, with a focus on pharma one for modern industrial service and logistics auxiliary facilities. After completion of the first phase, its annual sales is expected to reach CNY10 billion with annual rate of CNY300 million.  

Tianjin Xingang inks French BC order

PostTime:2014-03-05 13:38:46 View:667

CSIC-affiliated Tianjin Xingang Shipbuilding Heavy Industry signed a newbuilding agreement with French shipowner Louis Dreyfus Armateurs for four 39,700 dwt bulkers.     According to overseas press, delivery is planned from late 2014 by April 2015 with newbuilding price not disclosed.     Back in January 2011, Tianjin Xingang had once inked an order with the same owner for 2+2 units of Capesize and Handysize bulker. At the Chinese yard in October last year, a naming ceremony was held for the first unit of the Capesize newbuilding duo, “LEOPOLD LD”, and the first and the second units among the four Handysizes, “LA BRIANTAIS” and “LA GUIMORAIS".     These newbuild bulkers are said to be eco-friendly and high-efficient vessels with less fuel consumption and CO2 emission.  

Tianjin became China's No 1 city auto import hub as of December 1

PostTime:2013-12-16 09:06:08 View:665

TIANJIN's inspection and quarantine authority has inspected 23,438 consignments of automobiles with an aggregate value of US$15.1 billion as of December 1, making it the No 1 auto imports centre in China, Xinhua reports. In 2011, Tianjin imported 381,700 automobiles. In the next year, it imported 416,700. Both ranked first in the country. Gu Xu, a director from the city's inspection and quarantine authority, said that Tianjin has handled imports from more than 40 carmakers, which covers nearly all the famous brands.  Most of the auto imports are of high quality. Nevertheless, there are still some of them that do not meet China's mandatory safety and environmental standards. In order to enhance automobile inspection efficiency, the Tianjin inspection and quarantine authority became the first in China to inaugurate the "concentration inspection" service for automobiles.

Tianjin docks its biggest ever boxship, the 15,500-TEU Eugen Maersk

PostTime:2013-12-05 08:30:53 View:621

THE Port of Tianjin recently handled the largest containership that has ever called at the port, the 15,550-TEU Eugen Maersk, Xinhua reports.  At 170,794 gross tonnes, it is 397.7 metres long and 56.4 metres wide with a draft of 16 metres.  The ship came from Dalian carrying 150,000 tonnes of freight, and called at Tianjin Port Alliance International Container Terminal's N4 berth. It stayed at Tianjin for 24 hours, loaded and unloaded 5,500 containers and departed for Qingdao.  In order to secure smooth operation and high efficiency, Tianjin sent a special task force of highly skilled workers to handle the mega ship, and had a number of quay cranes to handle cargo at the same time.  

Tianjin's 300,000-tonne capacity ship channel soon to be completed

PostTime:2013-10-25 08:38:15 View:676

THE second phase of Tianjin's 300,000-tonne capacity navigation channel, which started construction in 2012, will be completed by the end of the year, Xinhua reports.  The channel will enhance Tianjin's port capacity, said Xinhua. The first phase was the dredging of the existing 250,000-tonne channel to 21 metres. The second phase involved dredging to 22 metres.  After completion of the phase two, tankers and bulkers of 300,000 tonnes, drawing 20 metres can use the channel.  Four state-of-the-art dredgers are working day and night at the navigational channel to ensure the project is finished in time, said Xinhua.  By 2015, Tianjin aims to raise box throughput to 18 million TEU as well as 560 million tonnes cargo overall. The channel is expected to provide important support to achieving of the port's target.  Tianjin is the highest-level artificial deepwater port in the world. In 2012, it posted a throughput of 12.3 million TEU as well as 476 million tonnes in total cargo. From 2006 to 2010, the port finished building a 250,000-tonne capacity and a 300,000-tonne ship capacity oil terminal.