In normal business cycles, some companies prosper and some companies fail. These are not normal business times so it is difficult to know whether STX Pan Ocean, South Korea's largest commodities shipping line, might have filed for court receivership even
Liquidity is the oil that makes a company work. It seems that managers at STX Pan Ocean held out for a rebounding of rates that never came but the clients hold the whip-hand at present in bulk shipping markets. There is heavy lift interest in this story as the company operates six geared heavy lift ships and two semi-submersibles and had expected to increase the number of heavy lift vessels by up to ten.
With this capacity, it had secured a contract with Geodis Wilson Italia to carry lock gates from Europe to Central America destined for the expansion of the Panama Canal. Will this receivership disrupt the installation of vital infrastructure in this significant improvement to the canal? Only time will tell.
Another freight operator flagging up concern over falling freight turnover is Air Partner which has revealed its freight revenues remain significantly lower year-on-year in 2013. In management speak, it has said it has "realigned the division's cost base" and positioned it accordingly to take advantage of any opportunities when they arise. One wonders why they have not been doing that already?
This week's Friday Flyer is sponsored by Broekman Project Services, located in the Port of Rotterdam, which offers a total solution for handling and assembly of project cargoes - www.broekman-group.com/bps
In the corporate world
In South Africa, Paccon Logistics has bought out minority shareholder Paccon Logistics Australia to become totally South African-owned; whilst in Myanmar, Singapore-headquartered Tiong Woon Corporation Holding (TWCH) has incorporated its wholly-owned subsidiary - Tiong Woon Myanmar Company Limited (TWMCL).
In Oslo, Arctic shipping was the theme of discussions between the International Chamber of Shipping (ICS), ministers from shipping nations around the world and the International Maritime Organization (IMO).
Meanwhile, impending environmental legislation could land the global shipping industry with a USD500 billion price tag, warns the International Chamber of Shipping (ICS).
In the air, Volga-Dnepr will position up to three of its IL-76TD-90VD freighters at Paris Vatry International airport; Air Partner has a new weekly B747-400 freighter service from Frankfurt to Sochi, Russia; and Cargolux Airlines International now connects Atlanta, USA and Munich, via its home hub of Luxembourg, by B747-400F. Meanwhile, the Saudia Cargo charter fleet has grown further, following the acquisition of two B747-400Fs.
On the waves, Crowley Maritime Corporation's Caribbean logistics arm is now offering weekly LCL services to and from San Juan, Puerto Rico and select countries within Central America.
Innovative Dorman Long Technology (DLT) has been awarded a contract by China Petroleum First Construction Company (CPFCC) for the design and supply of a modular jacking tower system.
Meanwhile, Netherlands-headquartered heavy transport specialist, Van der Vlist, has extended its Belgian operations with the expansion of its Zeebrugge site.
Four super post-Panamax ship-to-shore cranes have arrived at the Port of Savannah's Garden City Terminal, Georgia, USA. Heavy lift shipping specialist Dockwise delivered the cranes from China to the US gateway onboard the vessel Teal.
Wärtsilä Corporation has been contracted to design a large heavy construction vessel (HCV) for Subsea 7, which will be built by Hyundai Heavy Industries (HHI).
The Project Cargo Network (PCN) has added Nonpareil International Freight & Cargo Services (NIFCS) as its third and final member in the Philippines.
Gebrüder Weiss has strengthened its Czech network by opening a new office in Jablonec nad Nisou, in Liberec, North Bohemia.
Hatches, matches and despatches
It's revolving doors at Hochtief Solutions as Essimari Kairisto becomes a member of its executive board and cfo next month while Peter Sassenfeld steps down.
Steen Georg Pedersen is now Swissport International's commercial director integrator handling.
Bjarne Mathiesen, port director at Denmark's Port of Aarhus, is packing it in after tendering his resignation.
ASCO Group has given the thumbs up to Matt Thomas as its ceo Australasia region.
John Batten has been named the new managing director of UK headquartered all-cargo carrier Coyne Airways.
All about Evie
Evie knows the secret of good PR is sometimes saying nothing rather than saying something that makes the client look a little ridiculous. A release floated into her inbox this week that boasted about a well-known forwarder finishing 320th out of over 1,400 entrants in a corporate yachting event. She won't mention their name to avoid any embarrassment but you know who you are.
Our Evie doesn't have favourites among the HLPFI staff but she does hold a little flame for Luke King, field sales representative extraordinaire. She is excited that our forthcoming July/ August edition will include our annual review of the Canadian marketplace and Luke will attend the Gas and Oil Expo in Calgary on Tuesday (June 11). To arrange a meeting, or for more information about our Canada country review, email - firstname.lastname@example.org - You won't regret it. Promise!