Evergreen Orders Ten Boxships

first_imgzoom As previously announced by World Maritime News, Taiwan’s Evergreen Group, the parent company of Evergreen Line, has signed an agreement with compatriot CSBC Corporation to build ten 2,800 TEU, class B-type feeder ships.Evergreen did not reveal the value of the contract, but it is speculated that the price tag for these ten feeders could be around USD 400 million.The first ship is planned to be delivered during the second half of 2017 with the completion of the series due by the first half of 2018. The vessels are planned to be deployed in the intra-Asia trade.The boxships will be 211 meters in length, 32.8 meters wide, and have a design draft of 10 meters. The ships are designed to load 13 rows of containers on deck, which is within the span of existing gantry cranes in the major ports of intra-Asian trade. The hull design of the vessels is wider in comparison to ships of a similar capacity. Such design enables the ships to navigate in shallower ports encountered in the intra-Asia trade and to enhance their cargo carrying capability.The ten ships will be equipped with CSBC’s Sea-Sword Bow (SSB) technology. This energy-saving device enables the ships to maintain optimum performance in various navigational conditions and to reduce fuel consumption by around 10% compared to traditional bow designs, according to Evrergreen.The ships will also be equipped with an electronic-controlled fuel injection engine, which meets the IMO Tier II standards for NOx emission and can reduce the emissions by around 20%. In line with IMO’s requirements of Energy Efficiency Design Index (EEDI), the ships can cruise at a speeds up to 21.8 knots.”After the negotiations of Regional Comprehensive Economic Partnership (RCEP) are concluded, the ASEAN countries, Australia, China, India, Japan, South Korea and New Zealand are expected to remove trade barriers, enhancing bilateral trades and thereby boosting regional cargo growth. Our decision to invest in these newbuildings is aimed at providing for the growth potential brought about by this free trade development,” Bronson Hsieh, Evergreen Group’s Second Vice Group Chairman, said.last_img read more

Stocks slip as oil worries surge after Saudi Arabia attack

NEW YORK — Stock markets around the world took an apprehensive step backward Monday after an attack on Saudi Arabia’s biggest oil processing facility sent the price of oil surging.The attack, which Yemeni rebels said they were behind, raised worries about the risk of more disruptions for oil. President Donald Trump warned that the United States was “locked and loaded” to respond as his administration pinned the blame for the attacks on Iran.Crude prices soared 10%, while prices for Treasurys, gold and other investments seen as less risky rose.The S&P 500 was down modestly, and stocks across the New York Stock Exchange were nearly evenly split between winners and losers. Energy stocks climbed with the price of oil, while airlines and other companies that have big oil and fuel bills were sharply lower.The stock market has been volatile since the summer, as worries waxed and waned about the U.S.-China trade war. The move for stocks has been higher the past few weeks, boosted by renewed optimism about easing tensions between Washington and Beijing, and the S&P 500 had climbed back within 1% of its record.KEEPING SCORE: The S&P 500 dipped 0.2%, as of 10 a.m. Eastern time, after paring a loss that hit 0.5% shortly after trading opened.The Dow Jones Industrial Average fell 73 points, or 0.3%, to 27,146, and the Nasdaq composite slipped 0.3%. Small stocks in the Russell 2000 index were better performers, and it climbed 0.3%.ENERGY SPIKE: The attack in Saudi Arabia caused a big disruption to oil supplies, but only a temporary one. Other countries can release some of the oil supplies they’ve built up in reserves to make up for the loss, analysts said. The bigger threat is the worry about more attacks in the future.“At a time when oil markets have been in the shadows of a weak global macroeconomic backdrop, the attack on critical Saudi oil infrastructure calls into question the reliability of supplies from not just one of the largest net exporters of crude oil and petroleum products but also the country that holds most of the world’s spare production capacity,” Barclays analyst Amarpreet Singh wrote in a report.Benchmark U.S. crude jumped more than $5 to $60.11 per barrel. Brent crude, the international standard, rocketed up $6.22 to $66.44 per barrel.That helped energy stocks in the S&P 500 surge 3.1%, the only sector among the 11 that make up the index to rise. Marathon Oil gained 9.2%, Devon Energy rose 8.1% and oilfield services provider Halliburton climbed 8%.PAIN AT THE PUMP: Airlines have huge fuel bills, and any rise in the price of oil can hurt them. American Airlines Group, which spent $3.7 billion on fuel and taxes in the first half of the year, fell 5.6% for one of the biggest losses in the S&P 500.United Airlines lost 2.9%, and Delta Air Lines lost 2.8%.Cruise ships also burn lots of fuel, and Carnival lost 2.6%.STRIKE ONE: General Motors sank 2.1% after more than 49,000 members of the United Auto Workers went on strike. The union and company have been locked in contract talks, and it wasn’t clear how long the walkout would last.WEEK AHEAD: The week’s headline event is the Federal Reserve’s meeting on interest rates. Investors are confident the central bank will cut short-term rates by a quarter of a percentage point to a range of 1.75% to 2%. It would be the second such cut in two months, as the Fed tries to protect the economy from a global slowdown and the effects of the U.S.-China trade war.MARKETS ABROAD: European markets mostly fell, and France’s CAC 40 was down 0.6%. Germany’s DAX lost 0.5%, and the FTSE 100 in London slipped 0.3%.Trading in Asia was mixed. The Hang Seng in Hong Kong fell 0.8%, the Kospi in South Korea rose 0.6% and Chinese stocks in Shanghai were virtually flat.___AP Business Writer Joe McDonald contributed from Beijing.Stan Choe, The Associated Press read more