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Cosco signs new investment deal with Piraeus Port

Cosco signs new investment deal with Piraeus Port

Shanghai: Piraeus Port Authority (PPA) and Piraeus Container Terminal (PCT), part of Chinese company Cosco Pacific Limited, signed a new revised investment agreement yesterday, under which Cosco Pacific will further invest €230m into the Greek port. The plan is already approved by the port shareholders.

Yantian Port takes RMB1bn loan from parent

Yantian Port takes RMB1bn loan from parentGuangzhou: Shenzhen-listed Yantian Port Ltd has announced that it plans to take a two-year loan of RMB1bn from parent Yantian Port Group. The port said the loan will be used to replenish working capital.

Guide to Singapore shipping launches

Guide to Singapore shipping launches Singapore: Chinese shipping companies continue to flock to Singapore to set up shop. Among the latest entrants is CSSC Shipping, the Hong Kong shipowning arm of the nation’s top state-run shipbuilder. The city is also a destina...

Taiwan Strait Containerized Freight Index launched

Taiwan Strait Containerized Freight Index launchedShanghai: Taiwan Strait Containerized Freight Index (TWFI), co-developed by the Shanghai Shipping Exchange (SSE) and Xiamen Shipping Exchange (XSE), was officially launched in Shanghai this week. The index started trial run in April...

Chinese boxship rescued off Japan

Chinese boxship rescued off JapanShanghai: According to local reports, a Chinese containership ran into trouble when it lost power yesterday afternoon while navigating near Kanmon Kaikyo in Japan. The vessel sent out recue signals, and the local maritime safety ...

SC Lowy looks at shipping joint ventures

SC Lowy looks at shipping joint ventures Hong Kong: Hong Kong’s SC Lowy, a firm specialising in distressed debt financing, is looking at the possibility of entering into a joint venture with a shipping company. Speaking with our sister site, Maritime CEO, Soo Cheon Lee, ...

Liuzhou Iron and Steel forces shipping industry reshuffle

Liuzhou Iron and Steel forces shipping industry reshuffleGuangzhou: Liuzhou Iron and Steel Group, a major steel producer in Guangxi province, has sent out notice to about 20 local shipping companies that has been providing shipping services for the group, asking them to pay a RMB8m risk d...

Hebei sets target for port development

Hebei sets target for port developmentShanghai: Hebei government has introduced a new guidance for port development in the province. The government aims to develop Tangshan Port as a shipping center, which will be supported by another two ports - Huanghua Port and Qi...

Chinese premier to inspect CSSC and China Shipping Group

Chinese premier to inspect CSSC and China Shipping GroupShanghai: China State Shipbuilding Corporation, the China Shipping Group and oil giant Sinopec are among 13 state-owned groups that will be subject to anti-corruption inspections by China’s government. Xi Jinping, China’s pre...

ICS hits out at China's ship scrapping policy

ICS hits out at China's ship scrapping policyBeijing: The International Chamber of Shipping (ICS) has criticised China’s ship scrapping/newbuilding policy, saying it could delay the global recovery of shipping markets and release unnecessary carbon dioxide (CO2) emissions. ...

Brightoil continues bunker barge acquisition despite setbacks

Brightoil continues bunker barge acquisition despite setbacksHong Kong: Hong Kong-listed Brightoil Petroleum announced that it is moving forward with the acquisition of two bunker barges from affiliate companies of its chairman Sit Kwong Lam, despite a series of setbacks. Both of the two v...

Xinya Shipyard to auction Indian tanker

Shanghai: Ningbo Maritime Court announced that it will auction an Indian-flag vessel oil tanker Pratibha Chandrabhaga, which is operated by India’s Pratibha Shipping, under the request of Zhoushan Xinya Shipyard, a ship reparing yard in Zhejiang. ...

Zhoushan Zhong Chuan wins ship order from local owner

Shanghai: Zhoushan-based Zhong Chuan Heavy Industry Shipbulding has signed shipbuilding contracts with local company Zhejiang Jianyang Harbour Engineering for the construction of two 6,300dwt, 300teu multipurpose vessels. The vessels are due for d...

Yantian to invest in Yangtze port

Shanghai: Shenzhen Yantian Port has announced that it plans to set up a joint venture called Huangshi Qipanzhou Port Company with Huangshi Communications Investment Company in Hubei.

Shore power to hit the docks of Tianjin

Beijing: A new shore power supply will be launched at Pacific Terminal in the Port of Tianjin before the end of this year, the second such project to be completed in China so far. Tianjin Binhai Power Supply Company and Tianjin Port are jointly de...

Brightoil appoints new ceo for Singapore subsidiary

Hong Kong: Brightoil Petroleum has announced that Wang Wei has been appointed as the ceo of the company’s wholly owned subsidiary Brightoil Petroleum (Singapore). Wang Wei has over 28 years working experience in the oil and gas industry. Before ...

Lianyungang Port in negotiations with Vale

Shanghai: A delegation led by Jiangsu provincial government has met with the senior management of Brazilian mining giant Vale to negotiate various cooperation possibilities, including establishing a shipping route between Lianyungang and Brazil and a...

Haiyue increases capital in Qijiashan chemical terminal

Shanghai: Shanghai-listed energy and infrastructure investment company Haiyue has announced that the company will increase capital in Ningbo Qijiashan chemical terminal through two subsidiaries of the company. The two subsidiaries, Ningbo Haiyu an...

Zhejiang Ouhua inks two bulkers

Shanghai: Zhejiang Ouhua Shipbuilding has received shipbuilding orders for two 37,200dwt bulkers from repeat customer Reederei Nord. The vessels are scheduled for delivery in 2016.

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Autumn 2014
Summer 2014

In Focus

Aluminum alarm

Mark Downing on worries regarding bauxite trading

Aluminum alarm

Essential to China’s relentless urbanisation, aluminium is yet another of China’s fixes. It is increasingly producing more of this versatile metal than any other country for use throughout industries as diverse as construction, manufacturing and packaging. Despite global oversupply, plant closures and rising production costs, China continues to expand its production capacity while struggling to secure sufficient raw ore.

According to Bloomberg, domestic bauxite supplied just over a third of China’s needs last year, with an additional 71.6m tonnes imported of which 48.7m tonnes were sourced from Indonesia. Bauxite is refined into alumina and then transformed via electrolysis into aluminium. But since January, China has been forced to find alternative sources owing to the Indonesian ban on ores to spur on its local processing industry.

Some observers speculate that the new Indonesian president Joko Widodo may relax the export ban. If the ban holds, much of the Indonesian bauxite industry may be shut down for several years as developing upstream facilities is expensive and time consuming. The Chinese alumina refiners were given the option that, if they committed to build facilities in Indonesia, they could continue imports until their refineries were operational. However, faced with domestic processing overcapacity and low profitability, such investment is not feasible.

Ahead of the ban, China’s aluminium producers stockpiled upwards of a year’s worth of supply of raw material. Moreover, they have been actively seeking new sources to accommodate their ambitious plans for capacity expansion. Wood Mackenzie, a consultancy, estimates that Chinese bauxite demand will increase by 30% by 2018 and may reach as much as 240m tonnes by 2030.

China’s aluminium industry, like many others, is blighted by overcapacity and in need of restructuring. Falling prices and heavy losses have forced several ...   More>>