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Belships Continues with Fleet Expansion | Brazil Modal

Illustration. Image Courtesy: Daniel Norris on Unsplash.

The Ultramax ship in question is M/V Sofie Victory, built at New Times Shipbuilding in China in 2016.

As informed, Belships will acquire all shares in the single purpose company Sofie Victory AS, being the owner of the vessel.

Sellers are Norway-based company EGD Ultra Eco AS, which holds 80 percent of the shares in Sofie Victory and Cyprus-based Blossom Shipmanagement, which owns 20 percent of the shares in the bulker.

The agreed purchase price is USD 24.15 million, of which approximately USD 14 million is debt, according to Belships.

Of the net consideration of approximately USD 10 million, USD 2 million will be paid in cash while the remaining amount will be settled through a proposed issue of new Belships shares to the sellers of Sofie Victory AS.

The 78,500 cbm vessel is time chartered to ED&F Man Shipping until March 2021.

The acquisition is expected to be completed by the end of the second quarter of 2019.

Following the transaction, the Belships fleet will count 17 Supramax and Ultramax bulk carriers. Furthermore, Belships will take delivery of one newbuilding in the first half of 2020.

Belships said that the acquisition of Sofie Victory and the proposed share issue will, in accordance with Belships’ shareholder strategy, further expand the company’s shareholder base and improve share liquidity.

Earlier this month, the company also inked an agreement to acquire a 58,700 dwt bulker from Wenaas Shipping. The agreed purchase price is USD 13 million, of which half will be paid in cash.


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China’s Foreign Exchange Regulator Piloting Blockchain in Trade Finance

The agency that regulates and manages China’s foreign exchange reserves has developed a blockchain system aimed to address inefficiencies in cross-border trade finance.

As reported by local financial news source CNStock, the State Administration of Foreign Exchange (SAFE) worked with the Hangzhou Blockchain Technology Research Institute to build the open blockchain platform, which uses multi-signature technology to keep transaction content private, revealing details only to the firms involved and regulators such as those relating to customs, taxation, industry and commerce.

Traditionally, China’s import and export financing uses a manual, paper-based operation for processing a hugely complex industry and that brings low efficiency, commonplace errors, high operational risk and, thus, elevated cost of financing. Putting the financial data on a distributed network enables information to be shared transparently and in real-time, according to the report.

The forex watchdog’s blockchain platform takes a focus on export receivables – the funds owed to a company by a foreign buyer after delivery – allowing firms to enter data on financing, audits, loans repayments and so on, and manages the entire process. It further automatically verifies customs documents and calculates a final balance for the customs declaration, a factor that prevents double or excessive financing, according to the report.

With initial development now complete, SAFE will now pilot the blockchain platform in three major trading provinces – Jiangsu, Zhejiang and Fujian – and two cities, Shanghai and Chongqing, CNStock indicates.

The pilot will run for six months and is expected to be taken nationwide going forward, with many banks said to be involved in the scheme.

Chinese yuan and U.S. dollars image via Shutterstock


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Egypt invites India Inc to invest in Suez Canal Economic Zone

Egypt is rolling out the red carpet for India Inc to invest in the Suez Canal Economic Zone, as it expects the bilateral trade to nearly double to USD 8 billion by 2022.

The Arab nation is also in talks with New Delhi to establish an India Economic Zone at the Suez Canal Economic Zone, on the models of the ones established by Russia and China and is looking at asset-light industries like food processing, packaging and IT, Egyptian ambassador Heba Salaheldin Elmarassi said here Tuesday.

India Inc led by over 50 companies have already invested over USD 3 billion across Egypt, she said, adding while companies from there have invested around USD 150 million here.

“Indian companies are welcome to explore emerging investment opportunities in the economic zone, especially in sectors like chemicals, petrochemicals, pharma, textiles, and auto & auto components among others,” Elmarassi said at an event organized by the industry lobby CII.

Companies from agricultural and agri-processing, IT, telecom, power, renewables are also welcome to explore investment opportunities in the economic zone, she added.

India is the sixth largest export market for Egypt and the 10th largest source of imports and the bilateral trade stood in favour of the Northeastern African nation at USD 4.4 billion in 2018, up from USD 3.5 billion in the previous fiscal year.

“There is a vast potential and we are targeting to boost the trade volumes between the two countries to reach USD 8 billion by 2022,” Elmarassi told PTI.

India’s export to Egypt stood at USD 1.6 billion in FY8, up from USD 1.2 billion in 2017, while imports stood at USD 2.7 billion and USD 2.3 billion respectively, leading to a trade deficit.

Egypt is trying to diversify its trade beyond the traditional items of dates, grapes, strawberry and green beans.

She said already over 5o Indian companies are operating in here country, including the Tatas, Ashok Leyland, M&M, Dabur, Marico, Forbes Marshall, Kirloskar, Asian Paints, Gail India, Sun Pharma, Pidilite, Sanmar, and Essel Propack among others, with total investments of around USD 3 billion.

The Suez Canal Economic Zone, one of the main projects where Egypt is trying to attract foreign investments, is a free zone and trade hub along the banks of the newly-expanded Suez Canal.

Strategically located on the main trade route between Europe and Asia, over 8 per cent of global trade passes through the canal annually. Spanning 461 km, which is almost two- thirds of Singapore, the zone consists of two integrated areas, two development areas and four large ports.

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Elbe Deepening Contract Goes to DEME | Brazil Modal

Illustration. Image Courtesy: Pixabay under CC0 Creative Commons license

The project consists of the widening and deepening of the 116 km long fairway between Cuxhaven and Hamburg to a level of -14.5 meters.

This will allow ships to sail the River Elbe with a draught of 13.5 meters, compared to 12.5 meters at present, and not be restricted by the tide and with a 14.5 meters draught (tide-dependent) when sailing from and towards the port of Hamburg.

The EUR 238 million deal for the adaptation of the fairway was granted by The Waterways and Shipping Administration Cuxhaven (WSA Cuxhaven) to DEME Group’s subsidiaries Nordsee Nassbagger- und Tiefbau and Dredging International.

The company will deploy its trailing suction hopper dredgers, backhoe dredgers and spreader pontoons for the dredging, transportation and relocation of around 32 mio m³ of material.

“The preparatory phase of this important project is now in full swing and is taken care of by our specialist teams located in our offices in Bremen,” Christopher Iwens, General Manager German Subsidiaries, said.

“We are pleased to partner with our client WSA Cuxhaven, and look forward to working closely with them to ensure the successful execution of this project.”


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Schoolboy, 16, turns £150 into £61k in eight months by studying trading tips on YouTube for five hours a day

A TEENAGER has made more than £60,000 in just a few months by playing the stockmarkets after learning tips online.

Edward Ricketts, 16, spent five hours a day watching YouTube videos on how to profit by buying and selling global currencies online.

SWNS:South West News Service

Edward turned his savings from a summer job into a small fortune
 The teenager has bought trainers with his tidy earning and wants to buy a flash motor when he's old enough to drive

SWNS:South West News Service

The teenager has bought trainers with his tidy earning and wants to buy a flash motor when he’s old enough to drive

The business studies student’s career began after seeking advice from a successful trader who said he would never succeed without formal training.

To prove him wrong Edward set about teaching himself the tricks of the trade and what factors affect the currency markets.

In just eight months he has turned his £150 — savings from a summer job — into £61,000 by monitoring the money markets.

The shrewd teenager, who lives in Walthamstow, East London, with dad Oscar, a 54-year-old security guard, and two siblings, told the Mail on Sunday: “I keep up with the news because it makes a massive difference.

“The pound is affected by Brexit and I’ve been taking advantage.”

So good is he now at currency deals, he has scores of clients who pay him £155 a time for his top tips.

To celebrate he plans to splash out on a £30,000 Mercedes A-class — when he’s old enough to drive.

He also wants to take his family to America for a holiday of a lifetime.

The budding entrepreneur is aiming for a career in business and is keen to become a property development.

 Whizz kid... Edward has trained himself to recognise how world events impact on currencies

SWNS:South West News Service

Whizz kid… Edward has trained himself to recognise how world events impact on currencies
 Inspired... Edward Ricketts spotted a Foreign Exchange Market trader boasting on Instagram about how much money he was making

SWNS:South West News Service

Inspired… Edward Ricketts spotted a Foreign Exchange Market trader boasting on Instagram about how much money he was making

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Yang Ming to Charter Another 11,000 TEU Newbuild Quartet from Shoei Kisen | Brazil Modal

Image Courtesy: Yang Ming

The signing ceremony was held in Hong Kong on April 10, 2019.

The four boxships have been ordered by Shoei Kisen Kaisha at Imabari yard, according to data provided by Asiasis.

As informed, the vessels are expected to be delivered in the first three quarters of 2022.

Yang Ming’s fleet optimization is part of the company’s strategy aimed at enhancing its mid to long-term operational efficiency and competitiveness.

“In addition to these four new 11,000 TEU containerships, Yang Ming had ordered another ten 11,000 TEU newbuildings through long-term charter agreements with Owners Costamare and Shoei Kisen since 2018, which will enable Yang Ming to have a total of fourteen 11,000 TEU newly-built full containerships during the years 2020 to 2022,” the company said in a statement.

These eco-type new containerships would gradually replace some of Yang Ming’s high-cost, older ships.

Referring to the International Maritime Organization’s (IMO) sulphur cap 2020 which will enter into force on January 1 next year, Yang Ming added:

“Every carrier has prepared accordingly to ensure a smooth transition in operation next year. All the newbuildings Yang Ming has ordered are designed in compliance with the IMO regulation with lower bunker consumption.”


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China's exporters fear heyday is over amid sour mood at Canton Fair as US-China trade war lingers

The optimism expressed by officials from China and the United States suggesting the trade war is almost over has not trickled down to small exporters …


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Siemens enhances HHLA rail network | Brazil Modal

“It is our pleasure to expand the Metrans vehicle fleet by ten multisystem Vectron locomotives from Siemens Mobility. This underlines our ambition to continue growing along the transport streams of the future. The acquisition of additional locomotives will help us to be even more flexible and reliable in responding to the wishes of our customers,” said Peter Kiss, CEO Metrans Group.

“We are confident that the new Vectron locomotives enable our customer Metrans to meet current and future transportation requirements and make its long-term plans successful. The Vectron locomotives are writing a great story since their introduction on the European market and we are proud that, together with Metrans, we can celebrate the 900th Vectron sold,” said Roman Kokšal, CEO Siemens Mobility Czech Republic.

The locomotives for Metrans have a maximum output of 6.4 megawatts and a top speed of 160 km/h, and are equipped with the required national train control systems as well as the European Train Control System (ETCS). The locomotives are certified to operate in Austria, the Czech Republic, Germany, Hungary, Poland and Slovakia. Future upgrades for Bulgaria, Croatia, the Netherlands, Romania, Serbia and Slovenia are possible.


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Happy Easter 2019


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(FTZ) 167

ForeignTrade Zone (FTZ) 167 – Green Bay, Wisconsin;. Notification of Proposed Production Activity. ProAmpac Holdings, Inc. (Flexible Packaging …


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