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COSCO to Create a Shipping Fund with China Cinda
Hong Kong-listed Cosco Shipping Development is planning to establish a shipping fund with China Cinda Asset Management Co., Ltd.
The move is being pursued in line with the company’s investment in the financing sector of the shipping industry.
Initially, the fund will dispose of a total of USD 154 million and Cosco plans to take a 49.95 pct in the fund or an investment worth approximately USD 77 million (RMB 500 million).
As disclosed, the shipping fund will be used for financing of ship assets including non-performing assets and restructuring programs.
The shipping industry has been faced with restricted availability of financing opportunities over the recent period as banks started to curb their exposure to bad shipping loans amid industry downturn.
The CMA CGM Corporate Foundation presents its 2017 award in Lebanon to the SESOBEL association
Tanya Saadé Zeenny, Vice-President of the CMA CGM Corporate Foundation and Executive Officer of the CMA CGM Group, presented today the Foundation’s 2017 Prize to the SESOBEL association. This award recognizes the work done by SESOBEL for children with disabilities and their families.
Founded in 1976, SESOBEL helps children and adolescents with physical, mental or invasive disorders and works with their families for better support. A multidisciplinary team of professionals, specialized educators as well as hundreds of volunteers supervise daily these children and young people from all over of Lebanon, for medical follow-up, rehabilitation and an educational program aiming to develop their capacities and to make them autonomous.
Thus, a help center through work allows these young people to find jobs according to their abilities. In addition, a large center for children and young people with autism has been under construction since 2015.
Each year, the CMA CGM Foundation Prize recognizes, in Lebanon and France, two associations for their commitment in the social and humanitarian field. In France, the SOS Children’s Villages association received the 2017 Foundation Prize. In addition, the CMA CGM Corporate Foundation has rewarded, as part of its 2017 call for projects, 13 Lebanese and French associations working to improve the living conditions, well-being and development of children who are ill or victims of trauma. Since 2012, the Foundation has also been running the Containers of Hope operation, which enables French non-governmental Organizations to deliver humanitarian material free of charge thanks to the CMA CGM Group’s shipping services.
HHIC-Phil Sends 20,600 TEU CMA CGM Newbuild to Sea Trials
CMA CGM’s newest ultra large container vessel (ULCV) has been performing sea trials in the North Pacific, Hanjin Heavy Industries and Construction – Philippines (HHIC-Phil) said.
The 20,600 TEU CMA CGM Antoine de Saint Exupery was out in the open seas from December 29, 2017, to January 2, 2018.
The giant vessel embarked on a four-day journey to undergo a series of performance tests and technical inspections prior to its expected delivery in early 2018, according to the shipbuilder.
Launched in August 2017, the newbuilding has a length of 400 meters and a width of 59 meters, making it one of the largest containerships in the world.
The 197,500 dwt CMA CGM Antoine de Saint Exupery has a market value of USD 129.49 million, VesselsValue’s data shows.
French container shipping major CMA CGM has two more identical vessels in the advanced stages of shipbuilding process at HHIC-Phil’s Subic shipyard. The boxships are scheduled for delivery in November and December 2018.
Spotted: New ULCV Joins COSCO Shipping
Hudong-Zhonghua Shipbuilding, part of China State Shipbuilding Corporation (CSSC), has delivered COSCO Shipping Alps, a 14,500 TEU containership, to compatriot COSCO Shipping Lines.
As informed, the newbuilding was delivered 56 days in advance on January 3, 2018.
COSCO Shipping Alps, which features a length of 366 meters and a width of 51.2 meters, is said to be more environmentally friendly when compared to ships of the same type.
The newly built containership has a market value of USD 87.09 million, according to data provided by VesselsValue.
The shipbuilder said that COSCO Shipping Alps is the third 14,500 TEU boxship delivered to COSCO so far.
Its sister vessels, COSCO Shipping Himalayas and COSCO Shipping Kilimanjaro, were handed over to COSCO in July and December 2017, respectively.
MOL CEO: We Need to Drive Innovation
The shipping industry is not shielded from the new trends stemming from disruptive innovation, including those that have transformed the way goods are distributed in society.
“No one should be surprised to see disruptive innovation reshape the shipping industry at any time. Know that once we can clearly see the change, it is already too late. The frontrunners who instigated the change have already set their sights farther ahead,” President & CEO of Mitsui O.S.K Lines (MOL) Junichiro Ikeda said in his New Year message to the company employees.
In order to stay ahead of the curve, MOL needs to drive new innovation, Ikeda added, stressing that the tides of change are relentless.
According to Ikeda, MOL is entering the second year of its rolling plan 2017 and in 2018 the company will be drawing up specific business policies based on in-depth discussions with each division.
In 2017, MOL Group launched its investments in line with the Vision for the MOL Group Ten Years from Now, as laid out in the plan.
2017 kept MOL on its toes as the operating environment surrounding the group became increasingly unstable due to factors such as the North Korea situation. In addition, the shipping market is yet to attain fully-fledged recovery.
However, MOL expects to finish fiscal 2017 with results in line with its initial forecasts, “as steady operational enhancements and efforts on the sales frontline come to fruition,” following business structural reforms.
Source: World Maritime News
