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Höegh FSRU Starts Commissioning for China Ops | Brazil Modal

By courtesy of Höegh LNG


The vessel is currently serving a three-plus-one year FSRU/LNGC time charter with CNOOC Gas & Power Trading and Marketing Ltd.

Under the contract, Höegh Esperanza will be utilised in FSRU mode for a minimum period each year, with the balance of the year in LNG carrier mode and/or FSRU mode.

The company said that the rate structure corresponds to the mode of use, with an anticipated annualised EBITDA contribution when in FSRU mode of approximately USD 33 million.

Höegh Esperanza, which features a storage capacity of 170,000 cubic meters of LNG, was delivered from Hyundai Heavy Industries in April 2018 and entered the contract with CNOOC in June 2018.

“Combined with the sale-and-leaseback financing for FSRU #10 secured earlier this year, this FSRU/LNGC contract for Höegh Esperanza with CNOOC reflects Höegh LNG’s commitment to the Chinese market, and our ambition to remain the preferred partner for future LNG import expansions,” Sveinung J.S. Støhle, CEO & President of Höegh LNG, said.


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A low-key meeting in 1991 gave rise to the ASEAN Free Trade Area

In late 2015, ASEAN took another step toward regional economic integration with the ASEAN Economic Community (AEC). With no prospect of …


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Ship Finance Fetches USD 400 Mn to Finance Boxship Quartet | Brazil Modal

Illustration. Image Courtesy: Pixabay under CC0 Creative Commons license


The boxships, which were acquired in May 2018, are employed under long term time charters to Taiwan’s Evergreen Marine Corporation until 2024, with options to extend the charters by 18 additional months.

Secured with an Asian-based institution, each financing has a term of nearly nine years, with an option to purchase the vessel back after six years, around expiry of the firm period of the charters to Evergreen.

A portion of the proceeds from the financings would be used to refinance the USD 320 million unsecured loan facility arranged at the vessels’ delivery in May. Lease financings for three of the vessels have already been finalized, and the last vessel is expected to close within the next two weeks.

Ship Finance said that the interest rate of the financings “are very attractive,” and the transactions free up USD 80 million of investment capacity, which is expected to be deployed in new investments.

“These financing transactions demonstrate our continued ability to attract highly competitive capital,” Ole B. Hjertaker, CEO of Ship Finance Management AS, said.


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Georgia Foreign-Trade Zone Recognized as Top Zone in U.S. for Second Consecutive Year

Georgia Foreign-Trade Zone announced that it was  awarded the “Top Free Zones Award” by Site Selection magazine for the second consecutive year. GFTZ, which is consistently increasing its client base, was chosen for this recognition following a confidential global survey of more than 1,000 supply chain executives and site selection consultants.

“This recognition is particularly gratifying because of the professionals involved in the selection process. GFTZ and its board of directors works extremely hard to grow the foreign-trade zone program in Georgia by finding ways to bring additional value,” said President and CEO Julie Brown. “Our national network of leading trade experts helps to keep the businesses in our community well-informed on shifts in trade policy with insights and recommendations on how to maximize their savings and efficiencies. It’s our goal to be the best partner that our clients have to optimize the receipt of merchandise from a global supply chain.”

“The businesses that we work with are leaders in our state’s economy and the FTZ program is a key ingredient in their success. By reducing the cost of doing business for job creators in our economy we’re supporting job growth, wage growth and productivity. This is an important program and I’m proud of the work that we’re doing to keep Georgia moving,” said GFTZ Board Chairman Joe Bankoff.

Site Selection’s survey respondents voted on the top foreign-trade zones based on proven track record of success with investors; ease-of-access to necessary information; assistance to current and prospective investors; knowledgeable staff; professionality of communications; ability to cater to customers who speak different languages; and the quality of their web presence.


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Matson Delivers Stronger Earnings, Raises 2018 Outlook | Brazil Modal

Illustration. Image Courtesy: Pxhere under CC0 Creative Commons license


The company’s net income for the third quarter increased to USD 41.6 million, compared to USD 34.1 million reported in the same period a year earlier. Consolidated revenue was USD 589.4 million, up from USD 543.9 million seen in the third quarter of 2017.

For the nine months ended September 30, 2018, Matson reported a net income of USD 88.4 million, compared with USD 65.1 million in 2017, while revenue increased to USD 1.65 billion from USD 1.53 billion reported a year before.

“Our performance in the quarter was in line with our expectations with Ocean Transportation results approaching the level achieved last year and continued strong execution across all service lines in Logistics,” Matt Cox, Matson’s Chairman and Chief Executive Officer,

For the quarter within Ocean Transportation, the company saw a favorable rate environment in China and continued strong performance from SSAT, but also faced unfavorable timing in fuel surcharge collections relative to fuel cost increases and lower volume in Alaska primarily due to a weaker-than-expected seafood season.

The company’s container volume in the Hawaii service in the third quarter 2018 was 1.1 percent lower year-over-year primarily due to one less sailing. In China, the company’s container volume in the third quarter 2018 was 3.3 percent lower year-over-year largely due to a dry-dock return sailing in the year ago period.

Guam container volume was flat on a year-over-year and sequential basis, while in Alaska, the company’s container volume was 2 percent lower year-over-year, primarily due to lower southbound volume as a result of a weaker-than-expected seafood season.

“We expect our businesses to continue to perform well in the fourth quarter,” Cox said, adding that the company is therefore raising its outlook for Ocean Transportation. For the full year 2018, Matson expects Ocean Transportation operating income to be modestly higher than the level achieved in 2017.


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China COSCO Shipping Group News Minister of Foreign Trade of Costa Rica Visited COSCO …

On the morning of 7th November, Madam Dyala Jimenez Figueres, Minister of Foreign Trade of Costa Rica visited COSCO SHIPPING. Mr. Yu …


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Port of Hueneme hits an all-time record | Brazil Modal

Oxnard Harbor District President, Mary Anne Rooney announced the record year at the Board of Commissioners public meeting on Monday evening stating, “This has been a tremendous year for our Port community, with more cargo than ever before passing through our seaport. This is a testament to the collaboration between our customers, community partners, and stakeholders to move cargo in the most efficient ways possible.” With the Port’s strategic location of being only 60 miles north of the San Pedro Bay ports, customers enjoy an uncongested harbor with efficient access to both the Southern and Northern California markets. On average, the Port saves its customers 10% of operation costs to process their cargo through Hueneme.


This new cargo record resulted from increases in nearly all areas of cargo imports and exports. Pineapples and melons rose a staggering 50%. Banana imports increased by 5%. “A 5% increase in banana imports may not sound like a big deal, but when you take into account that we import over 3.3 billion bananas a year, that percentage increase can make a significant impact on our overall cargo tonnage,” explained Oxnard Harbor District Commissioner Jason Hodge. “And we’ve done this all while leading the industry in environmental initiatives and being named the Greenest Port in the United States.” The Port serves as the West Coast hub for the Chiquita, Del Monte and One Banana brands, along with exporting produce from several California grown companies.

Since 2012, the Port’s cargo volume has increased by 23%, and an impressive 44% since the Great Recession in 2009. “This new cargo record is a result of our customer’s commitment to send their products through Hueneme, to the hard work of our dedicated longshore men and women who handle the cargo efficiently and safely, and to the willingness of our community stakeholders to work with us in moving cargo to the marketplace,” said CEO & Port Director Kristin Decas. “Every spoke in the wheel is necessary to move this amount of cargo and achieve this type of unprecedented growth.”


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US midterms, US-China trade war, currencies in focus

Asian stocks were mainly higher on Tuesday morning after the Dow rose nearly 200 points ahead of the U.S. midterm elections.

Japan’s Nikkei 225 climbed 0.85 percent in early trade and the Topix index saw gains of 0.86 percent.

Shares of conglomerate Softbank were up around 0.88 percent in the morning after the company reported a profit surge for the second quarter of 2018 helped by higher valuations on high-tech bets. The conglomerate’s CEO, Masayoshi Son, said on Monday that “there may be some impact” on its Saudi-backed Vision Fund following the killing of Saudi journalist Jamal Khashoggi

The Japanese tech investment giant has poured billions into start-ups in Silicon Valley and around the world through this investment fund.

The ASX 200 was 0.65 percent higher in morning trade, with most sectors seeing gains. The energy and materials sectors were up 1.27 and 1.05 percent, respectively, as the heavily-weighted financial subindex advanced 0.45 percent.

The Reserve Bank of Australia is due to announce its interest rate decision at 11:30 a.m. HK/SIN.

“The main event risk for the Asian session is the Reserve Bank of Australia’s latest Cash Rate Announcement. However, once again there is close to zero chance of a rate change and local investors looking to make money today will probably be (focusing) more on the Melbourne Cup which takes place 30 mins after the announcement,” said Rakuten Securities Australia in a morning note, in reference to an upcoming horse race.

“Despite this situation, market participants will be paying close attention to the accompanying rate statement for any subtle changes in the forecast from the bank and this could add some volatility to the currency at the very least,” the note said.

Meanwhile, South Korea’s Kospi saw a gain of 0.26 percent in early trade.


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Costamare Gets Funds for Newbuilds, Opts for Scrubbers | Brazil Modal

Illustration. Image Courtesy: Pixabay under CC0 Creative Commons license

In August 2018, the company concluded pre and post delivery financing deals for its five newbuild vessels, ordered earlier this year from China’s Jiangsu Yangzijiang Shipbuilding Group.

Currently under construction, the 12,690 TEU units are expected to be delivered between the second quarter of 2020 and the second quarter of 2021. The ships will enter into ten-year charters to Yang Ming upon their delivery.

Additionally, the company agreed to install scrubbers on five Post Panamax container vessels. Following the installation of the scrubbers, the existing charter rates will be increased and the original charter expiry, ranging from 2023 to 2024, will be extended for a period of 3 years.

The ships in question are the 2014-built 9,403 TEU containerships MSC Azov, MSC Ajaccio and MSC Amalfi, for which the current daily rate is USD 43,000, and the 2013-built 8,827 TEU MSC Athens and MSC Athos with MSC, currently earning USD 42,000 per day.

Furthermore, in September 2018, the company purchased two 1996-built, 8,044 TEU sister containerships Maersk Kleven and Maersk Kotka. Upon their delivery the vessels commenced a 2.5-year charter with Maersk Line at a daily rate of USD 17,500. The company is currently in discussions regarding the debt financing of those ships.

Also, during the quarter, Costamare secured charter deals for 23 vessels, excluding the two secondhand acquisitions. The company’s net income for the quarter was at USD 14 million, down from USD 24.1 million reported a year earlier, as voyage revenues deflated to USD 90.9 million compared to USD 101.2 million seen a year earlier.

“Seasonality, combined with concerns about demand growth and trade tensions have resulted in a softer market, both in terms of charter rates and asset prices,” Gregory Zikos, Chief Financial Officer of Costamare Inc., said.


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Finnish Foreign Trade Minister To Head Delegation At Chinese Import Exhibition – Adviser

HELSINKI (UrduPoint News / Sputnik – 04th November, 2018) Finnish Minister for Foreign Trade and Development Anne-Mari Virolainen will head a delegation of Finnish business persons at the China International Import Expo (CIIE) exhibition, Tuuli-Maaria Aalto, Virolainen’s diplomatic adviser, told Sputnik on Sunday.

“Foreign Trade and Development Minister Anne-Mari Virolainen will hold a visit to Shanghai and Beijing on November 4-9. The main aim of her visit is to attend the CIIE, where Finland will have its own pavilion,” Aalto said.

Over 20 Finnish companies will participate in the CIIE, Aalto specified, adding that this would one of China‘s major events in 2018, with 480,000 participants, including 220,000 foreign participants, set be involved.

According to a press release of the Finnish trade ministry, China is Finland‘s fourth biggest trade partner, with the two countries’ trade reaching $9.11 billion in 2017, and the CIIE would offer Finnish businesses an opportunity to enhance their cooperation with Chinese companies and government.

During her visit, Virolainen will also open a High-level Dialogue Conference of the China Europe Water Platform in Beijing, and hold a meeting with Chinese Water Resources Minister E Jingping.

The CIIE will start on November 5 and last through November 10. This will be the first edition of the event aimed at attracting foreign investment into the country.


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