Here are some highlights from last week - 3-9th June
Euroseas Has Signed A Deal For Four Feeder Boxships From Pittas Family
The Euroseas shipping organization from Greece has signed an agreement for acquiring no less than four feeder boxships from the Pittas family. According to the deal, Euroseas will invest an amount of $15m and issue an approximate number of 22.5m shares that represents 64.3% of the company’s outstanding common shares to the sellers. The four feeder vessels are listed as Diamantis P, EM Hydra, EM Kea and EM Spetses.
After the acquisition has been successfully carried out, Euroseas can boast of a strong fleet that includes 15, modern-day vessels. Also, the company has decided on refinancing two vessels from its existing fleet in order to make way for $8m cash. It’s essential to note that all of the vessels under the Euroseas banner are being financed by the same banking institution, which will play an instrumental role in decreasing the loan quotient of the total loan facility by at least 0.5%. This agreement will ensure that Euroseas will be a far more prominent name in the maritime industry as a well-established, capitalized company with an upgraded fleet.
Konecranes Will Deliver Four Barge Handlers To The Port Of Lille
Renowned as one of the best providers of smart port solutions in the market, Konecranes has signed a deal for delivering four, well-equipped barge handlers to the Port of Lille in Northern France, which is well-known as the third largest inland waterway port in the entire country. This action will definitely prove beneficial in boosting the growth of container handling services in the northern region of France. The port has earned huge popularity after it admirably handled over 7.9 million tons of freight during last year.
Encouraged by its streak of success, the Port of Lille has planned to maintain its stellar performance and has signed up for an upgrade in container handling operations to be able to keep up with the high throughput volume. The necessity of barge handlers will be evident while the loading and unloading operations of floating barges come into play. These up-to-date handlers are nothing but advanced reach stackers that are specially designed to enhance the services provided by the port. Since the Port of Lille is a very busy port, the introduction of efficient machinery will definitely make sure that the current level of throughput is observed.
India’s Containerised Exports Has Witnessed A Growth Surge Of 6 Percent
Starting on a good note, India’s containerised exports across the globe has experienced a growth surge of 6 per cent as has been recorded in the first quarter of this year. This achievement has been deemed possible through the power-packed performances in the field of refrigerated cargo, pharmaceuticals and engineering. On the other hand and quite contrary to the aforementioned progress in exports, the imports sector has experienced a negative growth by 2.2 per cent in the first quarter of 2019.
The reason behind this is the growing demand for paper, appliances, metal, kitchenware, fruits and nuts, chemicals and pharmaceuticals, primarily from China, Northern Europe, Russia and South Asia. In the case of exports, the main contribution came from the Eastern and Western regions of the country and was focused on commodities like vegetables, plastic, textile, rubber, and vehicles. Since the exporters have achieved their goals of enhancing a couple of significant factors like product diversification and geographical scale of the commodities, the country’s participation in the global trade has prospered and picked up great momentum.
Jawaharlal Nehru Port Has Set Up An Air Quality Monitoring Station
Jawaharlal Nehru Port (JNPT) is considered as the top container port in the country owing to its steadily brilliant performance over the years. In a wonderful attempt to celebrate World Environment Day, JNPT has installed a new Air Quality Monitoring Station that will go a long way indeed in promoting eco-friendly measures like sustainable development and environment conservation. This station will prove beneficial in supervising the level of pollution (lest that it should reach an alarming level!), air quality and a few other necessary parameters involved in the procedure.
India-Based Allcargo Logistics Sings Off After Selling Its Last Vessel
After providing long-term service to the shipping industry in India, Allcargo Logistics has decided to quit the maritime arena after selling its last vessel from its five-ship powerful fleet. Allcargo Logistics had carved out its niche as one of the major private logistics organizations in the country that concentrated on breakbulk, containerised cargo, moving bulk and project cargo. Throwing light on this matter, Prakash Tulsiani (the CEO of the organization), has highlighted the fact that the growth rate related to the coastal bulk shipping has significantly declined and has resulted in an unwanted, shipping recession.