The French ocean carrier received confirmation today for its estimated $2.4 billion acquisition of Neptune Orient Lines and its APL container shipping subsidiary by the Anti-monopoly Bureau of the Chinese Ministry of Commerce.
Dubai-based DP World Ltd. raised $1.2 billion from the sale of Islamic bonds and said a tender offer to buy back securities received 48 percent more bids than the target.
Container lines have bungled the International Maritime Organization's new container weight verification requirement, and some now realize they face high internal costs unless they offer a more flexible approach, Peter Friedmann said.
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However, the International Maritime Organization's Maritime Safety Committee said there should be no delay in the implementation of the verified gross mass rule.
The U.S. Coast Guard bulletin regarding compliance with the International Maritime Organization's verified gross mass requirement "seems to allow for more flexibility," says Federal Maritime Commission Chairman Mario Cordero.
The proposed ocean carrier alliance will include Hapag-Lloyd of Germany; Japan's MOL, NYK and "K" Line; Taiwan-based Yang Ming; and South Korean line Hanjin, and could potentially add Dubai-based UASC and Korea's HMM down the road.