NOL completes APL Logistics sale

Singapore’s Neptune Orient Lines completed the sale of its logistics business, APL Logistics, to Japan’s Kintetsu World Express on 29 May.
NOL, the parent of liner operator APL, sold the logistics unit for USD1.2 billion.
The sale will enable NOL to raise funds as it works towards restoring

Product tankers face oversupply risk

Although product tanker freight rates remain in positive territory, shipowners should be cautious about newbuilding investments as there are still a number of ships to be delivered, Italian broker Banchero Costa has reported.
Freight rates have been at a five-year high, driven by low crude oil

JST abandons newbuild bulker

Jinhui Shipping and Transportation (JST) has abandoned a bulk carrier newbuild ordered at Oshima Shipbuilding, citing the benefit of reducing future capital expenditure during an extremely challenging operating environment.
Zanzibar Naviera will take over the newbuild, a 60,000 dwt bulk carrier, a

JES appoints new non-executive chairman

Singapore-listed shipbuilder JES International Holdings (JES) has appointed Chu Caixia as its non-executive chairman.
JES cited in its filing to the Singapore Exchange (SGX) that Chu is the mother of the incumbent CEO of JES, Jin Yu.
Prior to Chu’s appointment, the company had announced that its