Philip Damas’ Post

It appears that the Red Sea crisis and Hapag-Lloyd’s imminent break from THE Alliance are adding weight to calls for HMM’s sale to South Korean poultry processor Harim Group to be delayed. Over the past two weeks, unions representing HMM’s office and seafaring employees held talks with stakeholders in South Korea’s maritime industry arguing that the Red Sea crisis will bring another rates windfall to container carriers. And opponents of the sale say there will, therefore, be less synergy between the flagship carrier and the dry bulk-focused operations of Harim. Martina Li reports. #oceanshipping #hmm #redsea #southkorea #supplychain

Pangaea and MTM to combine fleets of dry bulk vessels in all-stock transaction Read the full story on Dry Bulk! Register (free of charge) to get access to the latest Dry Bulk news: https://lnkd.in/dGFvc7Rs

It appears that the Red Sea crisis and Hapag-Lloyd’s imminent break from THE Alliance are adding weight to calls for HMM’s sale to South Korean poultry processor Harim Group to be delayed. Over the past two weeks, unions representing HMM’s office and seafaring employees held talks with stakeholders in South Korea’s maritime industry arguing that the Red Sea crisis will bring another rates windfall to container carriers. And opponents of the sale say there will, therefore, be less synergy between the flagship carrier and the dry bulk-focused operations of Harim. Martina Li reports. #oceanshipping #hmm #redsea #southkorea #supplychain

In the 79th edition of CIF Weekly, managing associate Rebecca Crookenden and associate Nur Hijazi Jaffar consider the Singapore high court case of Marchand Navigation Co v (1) Olam Global Agri Pte Ltd; and (2) Sinco Shipping Pte Ltd, in which the court examined the operation of a lien over sub-hires, sub-freights and demurrage. To read the full article, click below. #Commodities #TransportationAndTrade #CIFweekly

🔔 #BreakingNews: #HMM #Sale #Negotiations #Fall #Through 🔔 🚢 Background: HMM's sale has unfortunately not proceeded as planned. The negotiations between the government and the #Harim #GroupJKL Partners consortium, despite being the preferred bidder since last December, reached a standstill. 💡 Key Points: 🤝 The deal #breakdown occurred after extensive negotiations, leaving HMM under its current creditor management system, including the Korea Development Bank (KDB). 🏦 Harim Consortium, having overtaken Dongwon Group for the preferred bidder position, faced strong opposition regarding post-sale management leadership roles. 🛑 Harim advocated for minimal management intervention by KDB and Korea Ocean Business Corporation (#KOBC), emphasizing their role as creditors through permanent bonds. 📊 On the flip side, including #KDB, KOBC, and the Ministry of Oceans and Fisheries, emphasized the need for some level of management oversight post-sale, citing HMM's critical role in the national shipping industry. 🔄 What’s Next?: Despite this setback, KDB and KOBC are expected to explore future resale opportunities for HMM. Critics suggest that the optimal timing for restructuring the shipping industry may have been missed. source : https://lnkd.in/gnC4mx_4 #containershipping #maritime #shippinglines #Maersk #cmacgm #hapaglloyd #carriers #shipping #msc #globaltrade #yangming #wanhai #evergreen #seafreight #shipping #maritime #freight #export #import #forwarder #liner #container #shipping #earning #HMMNegotiationBreakdown

Listed shipping companies provide visibility on rates and market trends via their public disclosures. Privatisations make shipping markets more opaque – which is how private shipowners like them. The visibility on the Jones Act tanker market, in particular, is about to get hazier, as the purchase of Overseas Shipholding Group by Saltchuk Resources, announced on Monday, will cull the last remaining Jones Act tanker operator from the public reporting sphere. It’s just the latest in a long line of privatisations in the Jones Act shipping space, not just on the tanker side but on the container shipping side as well https://lnkd.in/eY4X97Ti

🔔 #BreakingNews: #HMM #Sale #Negotiations #Fall #Through 🔔 🚢 Background: HMM's sale has unfortunately not proceeded as planned. The negotiations between the government and the #Harim #GroupJKL Partners consortium, despite being the preferred bidder since last December, reached a standstill. 💡 Key Points: 🤝 The deal #breakdown occurred after extensive negotiations, leaving HMM under its current creditor management system, including the Korea Development Bank (KDB). 🏦 Harim Consortium, having overtaken Dongwon Group for the preferred bidder position, faced strong opposition regarding post-sale management leadership roles. 🛑 Harim advocated for minimal management intervention by KDB and Korea Ocean Business Corporation (#KOBC), emphasizing their role as creditors through permanent bonds. 📊 On the flip side, including #KDB, KOBC, and the Ministry of Oceans and Fisheries, emphasized the need for some level of management oversight post-sale, citing HMM's critical role in the national shipping industry. 🔄 What’s Next?: Despite this setback, KDB and KOBC are expected to explore future resale opportunities for HMM. Critics suggest that the optimal timing for restructuring the shipping industry may have been missed. source : https://lnkd.in/gnC4mx_4 #containershipping #maritime #shippinglines #Maersk #cmacgm #hapaglloyd #carriers #shipping #msc #globaltrade #yangming #wanhai #evergreen #seafreight #shipping #maritime #freight #export #import #forwarder #liner #container #shipping #earning #HMMNegotiationBreakdown

Can a contract be entered by using a simple emoji? This is what the courts in the cases of South West Terminal Ltd v Achter Land (Canadian judgment) and Southeaster Maritime Ltd v Trafigura Maritime Logistics Pte Ltd [2024] EWHC 255 (Comm) had to consider. In both cases, the question for the court was whether a ‘👍🏼’ (thumbs up emoji) amounted to acceptance of an agreement. In both cases, the court held that it was. In the former case, the party had used the ‘👍🏼’ to accept previous agreements and so the court held that it was interpreted as acceptance to the most recent agreement. In the latter, it was noted that ‘👍🏼’ is an accepted legal form of language signifying acceptance. The takeaway point is: be careful using emoji’s. The simple use of a ‘👍🏼’ could make you contractually and legally liable.

The market for product tankers might be on the verge of a recovery following a sluggish August. According to the most recent weekly update from shipbroker Gib, signs point to a potential upturn. Read more: https://buff.ly/3My8cVK #MarinerNews #ShippingNews #MaritimeNews #News #ShippingIndustry

HMM reports growth in the first quarter and sees several positive indicators for the coming months. HMM posted a net profit of KRW 485bn (USD 354m), compared to KRW 298bn at the start of 2023, according to financial results released on Tuesday. ”The main economic indicators are favorable due to consistent consumer demand, including the recovery of the US economy, growth in online business from China, and the easing of inflation,” the company wrote. #shipping #containershipping #freight #oceanfreight #business #finance #globaltrade #logistics #economy