Temasek remains invested in Adani Ports, says report | SEA LINE GROUP

Singapore investor, Temasek Holdings (Private) Limited, remains invested in Adani Ports and Special Economic Zone even though the Indian conglomerate is facing criticism from a US-based forensics research institution, according to a media report.

Temasek “remains invested in Adani Ports, as per their latest public shareholding disclosures”, The Straits Times reported on Monday, citing a spokesman for the 49-year-old state-owned investor which has USD 496.59 billion in assets under management as of December 2022.

Temasek, through its subsidiary Camas Investments, owns just over 1.2 per cent in Adani Port, the Singapore broadsheet reported, citing the company’s shareholder information.

The stake was acquired in 2018 for around SGD 147 million. 

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Containers stuck at ports despite SBP order: KATI | Marine Vacancies

President of the Korangi Association of Trade and Industry (KATI) Faraz-ur-Rehman has expressed concerns that containers are still stuck at ports despite the permission of State Bank of Pakistan to release them.

He said that the State Bank had issued a circular for releasing the containers of Chapter 84, 85 and 87 goods from January 2, but despite the permission the containers have not been released to date, which is increasing the difficulties of the stakeholders.

President KATI said that an immediate solution to the problem should be found because if a businessman is fined 15,000 dollars for a container worth 10,000 dollars, the business will be destroyed, due to which the inflation rate in the country will rise sharply and necessary commodities will be out of reach of a poor and common man.

Faraz-ur-Rehman said that the traders, especially the Furniture Association, sought permission from the buyers to release the containers based on the delayed payment (DA) documents, but the government is not allowing them on the same, which made the situation even worse. He said that traders cannot afford to pay fines that are double the value of the containers. If the government does not take immediate action, the business community will be on the brink of collapse. Keeping the goods at the ports will spoil them and Pakistan will be discredited all over the world for not being able to pay for the goods ordered. 

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Container shipping stocks decline on lower freight rates | SEA LINE GROUP

South Korean container shipping stocks, which surged after the Covid-19 pandemic, are falling amid concerns about an economic downturn and lower freight rates that have plunged nearly 80 percent from their peak.

Shares of HMM Co., the country’s biggest container shipping company, closed at 19,950 won ($16) on Monday, down 61 percent from their peak of 51,100 won in May 2021. HMM shares have gained up to 16 times since the pandemic but they now remain sluggish.

Shares of exchange-traded funds (ETFs) that track transportation indices on Korea Exchange (KRX) remain low. The KODEX Transportation ETF fell 38 percent from its peak in July 2021. HMM accounts for 18.4 percent of the KRX Transportation Index, the largest after Korean Air Lines Co. at 23.6 percent.

Foreign investors have net sold 133.5 billion won worth of HMM shares from January last year and institutional investors 49.7 billion won. Pension funds in particular offloaded 36.4 billion won in HMM shares.

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Vesconite connected to communication satellite launch | Our sea world

Vesconite Bearings is proud to be associated with an exciting communication satellite launch that took place in September 2022.

The company supplied marine bearings to a vessel that has historically transported launcher components, including communications satellites, for various heavy-lift space launch vehicles.

Vesconite Bearings marine applications engineer Monique Potgieter explains that, when the MN Colibri charter ship was undergoing planned inspection, it was found that the upper and lower flap bearings needed to be replaced on the flap type rudders.

The bearing supplier was then approached by a company that focuses on rudder new builds and servicing to supply the bushing.

Vesconite Bearings had the right size bushing material in stock at its Netherlands warehouse, and was able to quickly deliver the stock to Hamburg, Germany, for further machining and installation.

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