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K Line To Reduces Fleet To Stop Using Red Ink Kawasaki Kisen Kaisha (K Line) is taking drastic action as it fights to contain red ink stemming from the effects of the coronavirus pandemic. Japanese shipping giant laid out plans to slash its fleet by more than 50 vessels through to 2025 while announcing a loss for the first quarter ending on June 30. Due to Covid 19 Pandemic, the company is planning to implement such measures as reducing operational costs through scaling-back of the fleet due to decline in cargo volume, rationalization of vessel allocation, suspension of vessel operation and mooring of vessels, securing sufficient liquidity on hand, and asset sales intended to support the capital base for a long run . PSA To Become Majority Shareholder In Genoa Container Terminals PSA Investments (PSA), a fully owned subsidiary of PSA International Pte Ltd, and Gruppo Investimenti Portuali (GIP) have received approval from the Genoa Port Authority for the proposed restructuring of their Genoa-based operations. This will result in PSA becoming the majority shareholder in and obtaining management control of both PSA Genova Pra’ and SECH. Both container terminals PSA Genova Pra’ and SECH are located in the North Tyrrhenian region in the port of Genoa. PSA and GIP have been operating and investing in the port for over 25 years, contributing significantly to its development. In 2008 PSA and GIP became partners while the management teams of PSA Genova Pra’ and SECH remained independent. Chinese Exports To India Crash 24.7% In 2020 China’s exports to India since January 2020 have fallen by 24.7 per cent year-on-year to $32.28 billion, customs data from the Chinese government has shown. China’s imports from India have also gone up 6.7 per cent since January this year to $11.09 billion. otal trade with India has registered a slightly lower 18.6 per cent drop since the beginning of 2020 to at $43.47 billion. However, in July China’s exports saw a slight jump to $5.6 billion, up from $4.79 billion in June, 2020. Since the Galwan clash, India has been working on policies to scrutinise and stymie influx of Chinese goods into the country. India is also considering measures to prevent trade partners, mainly in Southeast Asia, from re-routing Chinese goods to India with little added value. India is also looking to hike customs duty on imported active pharmaceutical ingredients (APIs) by 10-15 per cent, which is mainly imported from China. Ship Order Book Shrinks But Fleet Continues To Grow Analysis from BIMCO suggests that the total order book for new ships has reached its lowest point in 17 years because of COVID-19. despite this and the rise in demolitions the fleets continue to grow because in volume terms, deliveries are much higher than demolitions. Analysis considers dry bulk, container and tanker ships and shows that the order book has contracted by 50%, deliveries of new vessels have proven more resilient declining just 2%.The order book for container ships has fallen 10.3% in the past 12 months to its lowest level since September 2003. Container ship deliveries are also down 39.5% from the same period in 2020. Source: https://splash247.com/new-african-shipping-line-launches-first-service/ http://eximin.net/NewsDetails.aspx?name=44702 http://www.maritimegateway.com/jindal-stainless-ties-maersk-logistics-upgrade/ https://www.porttechnology.org/news/montecon-s-a-orders-two-electric-rubber-tyre-gantry-cranes/