Short news
March 28, 2013 Category Logistics, Short news
Airlines & airports
- Cathay Pacific Airways cancelled an order for eight Boeing 777-200 freighters as it revamps its fleet. Cathay will instead buy three Boeing 747-8 freighters worth USD1 billion at list prices. The firm will sell four Boeing 747-400 converted freighters to Boeing as part of the restructuring.
- Cargo throughput at airports in Shanghai, Beijing and Guangzhou accounted for over half of the total cargo volume handled by all Chinese airports in 2012, the Civil Aviation Administration of China (CAAC) said. Chinese airports handled 11.99 million tons in cargo traffic in 2012, up 3.6% on 2011.
Logistics industry
- China Grain and Logistics Corp will become a subsidiary of China National Cereals, Oils and Foodstuffs Corp. Zheng Yujie, Analyst with CI Consulting, said that “the takeover is an important step for the company’s whole industry chain strategies.”
Ports & sea transport
- China Ocean Shipping (Group) Co (Cosco) is confident of returning to profitability in 2013, President Ma Zehua has said in Beijing. Cosco said on January 25 it may report a large loss for 2012 – the second year of losses in a row. In 2011, Cosco lost CNY10.4 billion. If Cosco records another loss in 2013, it risks being delisted from the stock market.
- China Petroleum & Chemical Corp (Sinopec) and other fuel producers and traders are borrowing more than USD500 million to build storage facilities at Fujairah in the United Arab Emirates (UAE). It is the biggest oil port in the Persian Gulf region outside the Strait of Hormuz. Borrowers in the region are paying the lowest interest rates since 2010, according to data for 209 GCC loans compiled by Bloomberg. Investors are betting that demand for refined oil products in a region holding 48% of the world’s crude reserves will boost their profits from storing fuel in Fujairah, now one of the largest ports for refueling ships with bunker fuel.
- A rising number of shipping companies have been found moving cars overseas in containers without filing proper reports, which could lead to problems due to the dangers of car batteries and fuel, Shanghai maritime authorities said. Maritime supervisors this year have seized 36 such containers with more than 130 vehicles and fined the shipping companies. Most of the vehicles are used and will be sold in other countries, using Shanghai as a transshipment point. Authorities said the vehicles should be classified as dangerous goods if there is fuel left in the vehicles’ tanks.
- Nanjing Tanker would be suspended from the Shanghai stock exchange this year if it reported a net loss for 2012, which would be its third consecutive negative result. CSC Phoenix faces similar action by the Shenzhen bourse if it posts a net loss next year. The firms will be delisted if the losses continue for a fourth year. A profit warning had been issued for Nanjing Tanker but the firm’s 2012 annual results had not been released.
- China Shipping Development saw net profit drop 93.1% to CNY73.74 million. The firm, which operates dry cargo ships and oil tankers, only remained profitable as a result of a CNY469.14 million one-off tax gain. The firm’s pre-tax loss was CNY331.37 million, fueled by a CNY220.3 million loss from its tanker business, while dry bulk posted a CNY21.7 million pre-tax profit.
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