Temasek Holdings Is Looking Forward To Seal A Deal Of $450m To Support Pacific International Lines
The ongoing COVID-19 pandemic is proving to be a huge disaster for the maritime industry as the deadly Coronavirus is wreaking havoc across the globe and making it impossible to drive smooth business operations. In the recent news, Temasek Holdings is offering a helping hand in an attempt to revive Pacific International Lines (PIL) through its well-established Heliconia Capital Management that has finalized an agreement of $450m to clear the belated bunker payments and the pending charter fees. Needless to day, Pacific International Lines was suffering through a financial crisis for the past two years and Heliconia Capital Management was planning on sealing off a major investment into the container line for a long time. Though it is struggling through a tough phase now, PIL has already secured its position in the container business as the tenth-largest container line in the whole world. PIL has been going through a rough financial patch with delayed bunker bills and detained vessels which has led to its untimely exit from the Europe-Asia trading routes.
The Baltic Dry Index Surged Over Four-Fold After Experiencing A Sharp Decline During The Worldwide Lockdown Phase
As you must be aware, the Baltic Dry Index is responsible for efficiently tracking the necessary rates for ships carrying dry bulk commodities and highlights the rates regarding the Panamax, Capesize, and Supramax vessels. The Baltic Dry Index has witnessed a praiseworthy development as its main sea freight index has recently gained growth after going through a depressing phase owing to the lockdown that has affected the world at large, especially the shipping industry that is facing huge losses. Due to the sudden surge in robust demand across all the vessel sectors, the Baltic Dry Index experienced a growth of 88 points or 5.4 percent that shows the highest record since October in 2019. The index had suffered a low record of 393 points in the wake of the Coronavirus pandemic and now it has made an amazing recovery by at least four-fold.
Hyundai Heavy Industries Plans To Combine Its Shipbuilding Sector And Offshore Units To Streamline Its Business
South Korea-based Hyundai Heavy Industries has earned its good reputation as the largest shipbuilder in the whole world as it is undergoing a rough phase due to the worldwide lockdown and its dire consequences in global trade. Throwing light on the current scenario that is affecting every marine organization, Hyundai Heavy Industries has worked on a brand-new strategy in an attempt to streamline its business operations during the low-demand situation that we are witnessing as difficulties keep cropping up with the life-threatening pandemic displaying no signs of an end. Hyundai Heavy Industries is working on collaborating its shipbuilding and offshore units to consolidate the organization’s business and also decreasing the number of executives associated with it. Unfortunately, the organization has to eliminate a few departments while it is looking forward to merging certain units to give a boost to its current business scenario that is aiming for survival in such uncertain times.
UK Government Awards An Innovation Grant To Belfast-Based Companies To Construct A Brand-New Design For Zero Emission Ferries
The UK Government has agreed to provide 33 million pounds as an innovation grant to an association of Belfast-based companies to develop an avant-garde design concept that revolves around advanced hydrofoil ferries with zero emission. The project is focused on building an electric hydrofoil propulsion system that will trigger the vessels to utilize up to 90 percent less energy and thus fulfill the requirement of zero emission that will prove beneficial in preserving our precious environment.
The Dutch Safety Board That The Shipping Routes Linked To Wadden Islands Can Be Dangerous During The Northwestern Storms
The Dutch Safety Board has stressed on the significant matter that the shipping routes that are connected to the Wadden Islands can pose as major risks for large-sized container vessels during the northwestern storms as has been the tragic case with MSC Zoe in 2019 that has resulted in its loss of no less than 342 containers. MSC Zoe encountered a huge loss as three million kilograms of cargo on board toppled over into the stormy sea due to the severe weather conditions in the shipping route above the Dutch Wadden Islands.