South Korea's Hyundai Merchant Marine is withdrawing its part of the bid on the Long Beach terminal in California alongside MSC, citing the company's low credit rating, reports the Wall Street Journal.
Spain's government seems to have a majority backing for a new legislative proposal which would privatize Spanish ports after 15 years of deadlock. Unions have already retaliated and call for widespread strikes in May and June. "They cheated us," state the dockworkers.
The EU Commission has introduced new rules for state subsidies to ports. This will make it easier and more simple for member countries to invest, and is expected to reduce the number of cases in need of approval from the commission.
The Port of Gothenburg has now been hit by APM Terminals' lock-out in the intense conflict with port workers. For this reason, the port company has been forced to limit service throughout the rest of May and the month of June. Customers are leaving the port due to the conflict.
After the Spanish government successfully adopted a decree to open competition in the country's ports, a large-scale conflict now looms and could erupt on Wednesday. Meetings on Monday and Tuesday will decide what happens.
Starting at 4 pm CET on Tuesday and lasting 24 hours, APM Terminal's Gothenburg facilities will be at a standstill. An attempt to trip up Swedish exports, says APM Terminals Gothenburg CEO Henrik Kristensen.
Navigare Capital Partners, a new investment company targeting the shipping industry, has made its first investment in two product tankers. "We will invest in different segments," CEO Henrik Ramskov tells ShippingWatch.
One of the last remaining obstacles to forming a deal at the OPEC meeting in Vienna this week has been removed. Now Iraq will back a Russian and Saudi Arabian proposal to extend oil output cuts for 9 months.
The share price of John Fredriksen's drilling company Seadrill has declined drastically since the turn of the year. Ahead of the interim report set for release Wednesday morning, analysts note that the company has been unable to settle its announced restructuring.