Latest news for this week

11 July 2017

Posted in ArticlesBlogNews

Here are the top stories for this week.

China shipping firm Cosco to buy HK rival OOIL for $6.3bn

Cosco Shipping Holdings CO Ltd has offered to buy Orient Overseas International Ltd (OOIL) for HK$49.23 billion ($6.30 billion), in a deal that will see the mainland China group become the world’s third largest container liner, with more than 400 vessels.

 

The proposed deal is the latest in a wave of mergers and acquisitions in global container shipping that has left the top six shipping lines controlling 63 percent of the market. OOIL’s shipping subsidiary, OOCL, has a 2.7 percent slice of the market.

It has been reported that OOIL’s majority owner has accepted the bid, though the sale will still need regulatory approval.

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Three HHIC workers injured in blast

Three workers have been seriously injured in an explosion at Hanjin Heavy Industries (HHIC) in the Philippines. The blast occurred in Subic Bay on Friday, according to HHIC security officer Florante Ancheta, who was cited by the InterAksyon website.

He identified the victims as Alvin Salvador, Noel Hilario and Liendon Hanopol.

Ancheta told authorities that sparks from grinding machines could have caused the accident.

The men were said to be in a stable condition after being thrown several metres by the explosion. The yard has vowed to support the injured men.

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Drugs ship to be scuttled

Miami’s Volusia County is planning to scuttle a cargoship that was at the centre of a cocaine bust in March.

It will pay about $100,000 to tow and clean the 590-dwt Lady Philomena (built 1956) and then sink it in the Atlantic, the News Journal reported. The vessel will go down 10 miles off Ponce Inlet to become a diving attraction.

The ship is currently in the hands of the customs service and the county has applied to take it over.

Three people were arrested after 47kg of drugs were found on it. Haitian nationals Jihmy Jean-Pierre, Franz Mompremier and Emanuel Reginald were held after they were spotted trying to unload the drugs from a cargo hold in buckets.

A search of the ship uncovered six buckets with cocaine in them.

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Chemical tanker Collision at Yangtze River Petrochemical Terminal sparks fire

General cargo ship Tian Sheng lost control and hit chemical tanker Shuang Long Hai at Yangtze River Petrochemical Terminal operated by China Resources in Changzhou, Jiangsu on the 9th of July.

The collision damaged the tankers chemical pipes, which triggered a fire onboard the vessel.

The fire was put out the following morning as the ship became stabilised. Operations at the terminal were however suspended.

All 15 crew members onboard the tanker were evacuated safely and have been reported safe.

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