The Southeast Asian transhipment hub market is hugely competitive with Singapore and the Port of Tanjung Pelepas (PTP) in a massive headline grabbing battle at the start of the last decade. The question of which Southeast Asian hub port will be used by partners of the new proposed P3 mega alliance remains up in the air but analysts speculate that the most likely one to be dropped will be CMA CGM's calls at Port Klang.
Inconsistency of Maritime Labour Convention (MLC) inspections and potential unnecessary detentions are a concern for shipowners as the code comes into force in the first 30 countries to ratify it.
The services unit of the giant Cosco group, Cosco International, posted a 44% drop in net profit for the first half to HKD130.92m ($16.9m) as the continued slowdown in the industry inevitably impacted on its business, however its previously announced plan to diversify into the leasing business may be hampered by the greater needs of its parent, which seems to be currently pre-occupied with reviving its flagship China Cosco container shipping unit.
Iran is demanding a guarantee of $1m in exchange for the release of Indian tanker Desh Shanti, detained on allegations of marine pollution.