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Sinokor, Heung-A merger will have little impact on S Korean bunker market: traders
Monday, 16 April 2018 02:06

A merger of the container shipping businesses of Sinokor Merchant Marine and Heung-A Shipping is expected to have minimal impact on the South Korean bunker fuel market, trade sources said this week.

The two companies released a statement late last week announcing the merger, with Sinokor expected to be the main stakeholder of the new entity.

“There’s not likely to be a huge effect on the bunker market due to this merger,” a South Korean bunker trader said late Wednesday.

“There are no additional vessels or decrease in vessels [for the two shipping companies] currently, so we do not expect any change for bunker fuel volumes as well,” another trader said.

Sinokor and Heung-A are intra-Asia operators, mostly plying regional routes.

Industry sources estimated that Sinokor and Heung-A’s bunker fuel consumption amounts to a total of 450,000 mt/year.

South Korean traders said this week that both companies buy bunker fuel on both spot and term basis, with term volumes usually settled on a six-month or 1-year contract, which is the typical duration of term contracts in the North Asian bunker fuel market.

South Korean market participants were broadly supportive of the merger, with many saying that it would help improve the financial standing of both companies.

“Heung-A’s financial status has been of concern for some time now, and only some traders were heard giving credit to it. So I think it’s better for both companies that they are finally getting merged,” a trader said this week.

Sinokor and Heung-A signed a memorandum of understanding on Tuesday. The merger is expected to be completed by December 31, 2019.

Sinokor and Heung-A, together with Hyundai Merchant Marine’s short-haul intra-Asia business, are part of the HMM+2K consortium. The companies had signed a business cooperation agreement on March 1, 2017.

The merger of Sinokor and Heung-A was an expansion of the earlier agreement, according to the press release.

 
Sinokor, Heung-A merger will have little impact on S Korean bunker market: traders
Monday, 16 April 2018 02:06

A merger of the container shipping businesses of Sinokor Merchant Marine and Heung-A Shipping is expected to have minimal impact on the South Korean bunker fuel market, trade sources said this week.

The two companies released a statement late last week announcing the merger, with Sinokor expected to be the main stakeholder of the new entity.

“There’s not likely to be a huge effect on the bunker market due to this merger,” a South Korean bunker trader said late Wednesday.

“There are no additional vessels or decrease in vessels [for the two shipping companies] currently, so we do not expect any change for bunker fuel volumes as well,” another trader said.

Sinokor and Heung-A are intra-Asia operators, mostly plying regional routes.

Industry sources estimated that Sinokor and Heung-A’s bunker fuel consumption amounts to a total of 450,000 mt/year.

South Korean traders said this week that both companies buy bunker fuel on both spot and term basis, with term volumes usually settled on a six-month or 1-year contract, which is the typical duration of term contracts in the North Asian bunker fuel market.

South Korean market participants were broadly supportive of the merger, with many saying that it would help improve the financial standing of both companies.

“Heung-A’s financial status has been of concern for some time now, and only some traders were heard giving credit to it. So I think it’s better for both companies that they are finally getting merged,” a trader said this week.

Sinokor and Heung-A signed a memorandum of understanding on Tuesday. The merger is expected to be completed by December 31, 2019.

Sinokor and Heung-A, together with Hyundai Merchant Marine’s short-haul intra-Asia business, are part of the HMM+2K consortium. The companies had signed a business cooperation agreement on March 1, 2017.

The merger of Sinokor and Heung-A was an expansion of the earlier agreement, according to the press release.

 
APL launches new service to connect central Vietnam port of Chu Lai
Thursday, 12 April 2018 01:35

APL launched its new service to cover Central Vietnam, catering to Japanese automakers and other manufacturers, with the maiden call of the 1200-teu APL Chu Lai at the Chu Lai Tam Hiep Port this weekend.

The new weekly Chu Lai Haiphong Express (CHX) service delivered its first inbound shipment of automobile components from Japan trans-shipped via Shekou. The cargo has arrived in line with the newly-opened Truong Hai Automobile Joint-Stock company (THACO) – Mazda owned plant situated in the Chu Lai Open Economic Zone.

At an event attended by Vietnam pm Nguyen Xuan Phuc, APL global commercial head, Indika Dassanayake said, “We are excited to be opening a direct sea route to Chu Lai in Central Vietnam via the APL Chu Lai Haiphong Express service. Besides transporting materials and parts for the assembly plant for Mazda cars in Chu Lai, this service is dedicated to serving Chu Lai’s emerging industrial zones in Quang Nam and her neighbouring Central Coast and Central Highlands provinces. Exporters and importers are now able to leverage the service to gain immediate access to China and Hong Kong, benefit from more competitive transit times and reduce related logistics and transportation costs.”

Each week, the namesake vessel deployed on the CHX service will call the ports of Chu Lai, Haiphong, Hong Kong and Shekou (China). Inbound shipments from Hong Kong and Shekou to Chu Lai will take three and two days respectively. Outbound shipments from Chu Lai will arrive in Hong Kong and Shekou in four days. From the two trans-shipment hubs, shippers can expect to be connected to more Intra-Asia markets such as Japan, Korea and Singapore; as well as farther destinations such as North America, the Middle East and Europe among others via APL’s extensive global network.

APL currently offers 20 services that call the major Vietnam ports of Ho Chi Minh City, Hanoi, Haiphong, Da Nang and now Quang Nam. The carrier is focused on enhancing its services to Vietnam as the country diversifies her industrial zones to Central Vietnam where the transportation and logistics infrastructure have been increasingly developed.

Dassanayake added: “Vietnam is one of the Asian economies that is most open to international trade. As a global carrier, we seek to provide market linkages through our services at non-traditional seaports such as the Chu Lai port, as they are increasingly being developed to accommodate direct international maritime routes.”

 
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