Latest news with #COSCO
Yahoo
16-05-2025
- Business
- Yahoo
France's CMA CGM to redeploy fleet to avoid U.S. port fees on Chinese vessels
By Gus Trompiz PARIS (Reuters) -French shipping group CMA CGM will reorganise its global fleet to avoid U.S. port fees on Chinese-built vessels that are due to take effect from October, the company's finance director said. The port charges are another operational headache for shipping firms wrestling with the fallout from U.S. tariffs, though adjustments made by Washington after an industry backlash have made the fee scheme less disruptive than feared, Ramon Fernandez, CMA CGM's chief financial officer, told Reuters. U.S. President Donald Trump's administration aims to use the port fees to counter China's dominance in global shipbuilding and support a revival of U.S. maritime transport. "We have enough ship capacity to adapt to this situation and avoid paying fees," Fernandez said in an interview, adding that less than half of CMA CGM's fleet of around 670 ships were Chinese-built. On a complex scale of fees, Chinese companies operating ships built in China face the steepest levies for calling at U.S. ports. All shipping firms including China's COSCO would adapt to the fees, Fernandez added during a call with reporters, without commenting on the potential impact on Ocean Alliance, a vessel-sharing agreement in which CMA CGM and COSCO are among the partners. The world's third-largest container shipping line, CMA CGM, was hailed by Trump for a plan to invest $20 billion in the United States. Reporting first-quarter results, CMA CGM said a rush to ship goods before the U.S. tariffs announcement on April 2 had supported a 4.2% year-on-year rise in its maritime volumes, contributing to an increase in group sales and profits. Controlled by the French-Lebanese Saade family, CMA CGM also has a large logistics business and growing media interests. Echoing its peers, CMA CGM said the escalation in tariffs in April had stifled trade between China and the U.S., before a revival in demand this week following a Sino-American agreement to scale back tariffs temporarily. The group saw the cancellation of around half of bookings for May shipments between China and the United States prior to an upturn this week, Fernandez said. "Everyone is expecting trade in June to be much more active than was feared just a few days ago." He declined to give an outlook for full-year volume growth in container shipping, citing uncertainty over how the on-off trade war will play out.
Reuters
16-05-2025
- Business
- Reuters
France's CMA CGM to redeploy fleet to avoid U.S. port fees on Chinese vessels
PARIS, May 16 (Reuters) - French shipping group CMA CGM will reorganise its global fleet to avoid U.S. port fees on Chinese-built vessels that are due to take effect from October, the company's finance director said. The port charges are another operational headache for shipping firms wrestling with the fallout from U.S. tariffs, though adjustments made by Washington after an industry backlash have made the fee scheme less disruptive than feared, Ramon Fernandez, CMA CGM's chief financial officer, told Reuters. U.S. President Donald Trump's administration aims to use the port fees to counter China's dominance in global shipbuilding and support a revival of U.S. maritime transport. "We have enough ship capacity to adapt to this situation and avoid paying fees," Fernandez said in an interview, adding that less than half of CMA CGM's fleet of around 670 ships were Chinese-built. On a complex scale of fees, Chinese companies operating ships built in China face the steepest levies for calling at U.S. ports. All shipping firms including China's COSCO would adapt to the fees, Fernandez added during a call with reporters, without commenting on the potential impact on Ocean Alliance, a vessel-sharing agreement in which CMA CGM and COSCO are among the partners. The world's third-largest container shipping line, CMA CGM, was hailed by Trump for a plan to invest $20 billion in the United States. Reporting first-quarter results, CMA CGM said a rush to ship goods before the U.S. tariffs announcement on April 2 had supported a 4.2% year-on-year rise in its maritime volumes, contributing to an increase in group sales and profits. Controlled by the French-Lebanese Saade family, CMA CGM also has a large logistics business and growing media interests. Echoing its peers, CMA CGM said the escalation in tariffs in April had stifled trade between China and the U.S., before a revival in demand this week following a Sino-American agreement to scale back tariffs temporarily. The group saw the cancellation of around half of bookings for May shipments between China and the United States prior to an upturn this week, Fernandez said. "Everyone is expecting trade in June to be much more active than was feared just a few days ago." He declined to give an outlook for full-year volume growth in container shipping, citing uncertainty over how the on-off trade war will play out.
Yahoo
16-05-2025
- Business
- Yahoo
France's CMA CGM to redeploy fleet to avoid U.S. port fees on Chinese vessels
By Gus Trompiz PARIS (Reuters) -French shipping group CMA CGM will reorganise its global fleet to avoid U.S. port fees on Chinese-built vessels that are due to take effect from October, the company's finance director said. The port charges are another operational headache for shipping firms wrestling with the fallout from U.S. tariffs, though adjustments made by Washington after an industry backlash have made the fee scheme less disruptive than feared, Ramon Fernandez, CMA CGM's chief financial officer, told Reuters. U.S. President Donald Trump's administration aims to use the port fees to counter China's dominance in global shipbuilding and support a revival of U.S. maritime transport. "We have enough ship capacity to adapt to this situation and avoid paying fees," Fernandez said in an interview, adding that less than half of CMA CGM's fleet of around 670 ships were Chinese-built. On a complex scale of fees, Chinese companies operating ships built in China face the steepest levies for calling at U.S. ports. All shipping firms including China's COSCO would adapt to the fees, Fernandez added during a call with reporters, without commenting on the potential impact on Ocean Alliance, a vessel-sharing agreement in which CMA CGM and COSCO are among the partners. The world's third-largest container shipping line, CMA CGM, was hailed by Trump for a plan to invest $20 billion in the United States. Reporting first-quarter results, CMA CGM said a rush to ship goods before the U.S. tariffs announcement on April 2 had supported a 4.2% year-on-year rise in its maritime volumes, contributing to an increase in group sales and profits. Controlled by the French-Lebanese Saade family, CMA CGM also has a large logistics business and growing media interests. Echoing its peers, CMA CGM said the escalation in tariffs in April had stifled trade between China and the U.S., before a revival in demand this week following a Sino-American agreement to scale back tariffs temporarily. The group saw the cancellation of around half of bookings for May shipments between China and the United States prior to an upturn this week, Fernandez said. "Everyone is expecting trade in June to be much more active than was feared just a few days ago." He declined to give an outlook for full-year volume growth in container shipping, citing uncertainty over how the on-off trade war will play out. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
14-05-2025
- Business
- Yahoo
McDermott completes Scarborough FPU floatover for Woodside Energy
McDermott has completed the Scarborough floating production unit (FPU) floatover project for Woodside Energy. This milestone encompasses the fabrication, construction and offshore installation of the FPU topside and hull structures. The contract, awarded in 2021, extended McDermott's involvement with the Scarborough Energy Project following the front-end engineering design (FEED) of the FPU. The project's scope includes comprehensive engineering, procurement, construction, installation and commissioning services. McDermott has undertaken the design, fabrication, integration, transportation and installation of the FPU, which features a topside of approximately 30,000 tonnes (t) and a 37,000t hull structure. The company said this FPU is not only the largest that McDermott has ever designed and constructed but also ranks among the most significant semi-submersible production platforms in offshore history. The topsides were fabricated at McDermott's joint venture yard, Qingdao McDermott Wuchuan, in Qingdao, China. Concurrently, the hull was constructed by COSCO at its Qidong shipyard. The topsides boast six deck levels and are equipped with 169 core equipment units including three gas turbine-driven export gas compressors and three main generators with waste heat recovery systems. The facility also includes more than 50,000m of piping, one million metres of cabling, 568 integrated subsystems and a battery energy storage system to support emissions reduction efforts. Earlier this month, the topsides and hull were transported offshore and the topsides were installed onto the hull via a floatover operation off the coast of Dalian, China. Post-floatover, the FPU reached CIMC's Raffles yard in Yantai, China, for the final integration works. The next phase will see the FPU sail to Western Australia to be moored at the Scarborough gas field roughly 375km offshore from the Burrup Peninsula. Additionally, McDermott has also secured an enterprise framework agreement (EFA) with Shell Global Solutions International. Spanning an initial three years with options for two additional one-year extensions, the EFA encompasses engineering and procurement services across McDermott's Low Carbon Solutions, Offshore Middle East, and Subsea and Floating Facilities divisions. "McDermott completes Scarborough FPU floatover for Woodside Energy" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Korea Herald
30-04-2025
- Science
- Korea Herald
China Pavilion Wows Visitors at Osaka Expo
OSAKA, Japan, April 30, 2025 /PRNewswire/ -- Since its officially opening on April 13, the Osaka World Expo's China Pavilion has become one of the most popular attractions at the Expo. By incorporating traditional Chinese cultural elements such as bamboo slips, Chinese characters, and scrolls and presenting exhibits that connect the past, present, and future, the China Pavilion boasts the theme of "Building a Community of Life for Man and Nature—Future Society of Green Development." As of the end of April, it had received nearly 90,000 visitors, over 5,700 per day on average and 8,000 on weekends. The China Pavilion consists of three segments: "Harmony between Humanity and Nature" "Green Mountains and Clear Waters" and "Endless Life." The "Harmony between Humanity and Nature" section highlights China's ancient ecological wisdom, which emphasizes respect and reverence for nature. It features a large multimedia display themed around the 24 solar terms and a digital presentation of Pictures of Tilling and Weaving, the world's earliest agricultural encyclopedia. By using modern technology, it showcases replicas of iconic artifacts such as the oracle bones unearthed in Xiaotun Village, the He Zun, and the copper plates of the imperial edict on unifying weights and measures of the Qin dynasty, as well as key archaeological sites like Sanxingdui, Liangzhu, and Yinxu. The "Green Mountains and Clear Waters" section explains China's ecological philosophy. Through multimedia installations, it features projects such as the Dujiangyan irrigation system, the world's earliest water conservancy project, the 2,500-year-old mulberry-dike fishpond system and so on. The "Endless Life" section focuses on China's breakthroughs in deep space exploration, deep sea research and artificial intelligence. Highlights include the first-ever close-up comparison display of soil from the moon's far side and near side, live video interaction between Chinese astronauts in the Tiangong Space Station and expo visitors, a simulated cabin of the Jiaolong deep-sea submersible showing rare footage from 7,062 meters below the sea, and an AI model that brings the beloved mythological figure Sun Wukong to life and discusses past and present topics with visitors, composing poems, and creating art. The China Pavilion has hosted various events that promote Kunqu Opera and the 24 solar terms, as well as Chinese companies including iFLYTEK and COSCO. In the coming months, dozens of Chinese provinces, regions, and municipalities will bring their amazing exhibits and performances to make the pavilion even a bigger draw.
