Dalian Port Group to fund new Lvshunkou port projects

Shanghai: The Dalian Port Group has signed an agreement with Dalian’s Lvshunkou district government to jointly develop Yangtouwa and Double-Island Bay areas, reports China Knowledge.

Under this new agreement, Dalian Port Group, which operates China’s largest crude oil port will increase its investment in the planning, construction, operation of Lvshunkou district. A new venture, named Dalian Double Island Investment and Development Co Ltd, will be established to expedite the construction of an integrated port project and an industrial zone nearby.

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Iran still hopeful on Turkey deals

Iranian President Mahmoud Ahmadinejad said today he hoped his country and Turkey would soon sign deals, opposed by Washington, in the natural gas and electricity sectors.

Ahmadinejad was speaking in Istanbul during a two-day visit where the two neighbours have failed to conclude expected energy accords. Turkish sources have attributed this to new demands from Iran, including pricing and investment conditions, wrote Reuters. Turkey has come under fire for inviting Ahmadinejad, who has lobbied hard since coming to power in 2005 to visit Turkey. Ankara is a Nato member with strong ties with the US and Israel. Europe has shunned the Iranian leader, who has called for the destruction of Israel and defied international demands for a suspension of his country’s nuclear enrichment programme – the subject of ongoing talks between Iran and Western powers. “We have reached important agreements on natural gas and electricity issues. God willing we will complete them as soon as possible,” Ahmadinejad said. The US has voiced its opposition to the energy deal amid a standoff between Iran and Western countries and is trying to isolate the Islamic Republic over fears it is pursuing a secret nuclear weapons programme. Tehran denies this.

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Seaspan profit rises 154 percent in second quarter

Boxship owner, Seaspan, announced a net profit of US$85.3 million in its second quarter compared to US$33.5 million in the same period last year.

Dahlman Rose & Co, the brokerage firm told American Shipper that the results were in line with expectations. “The containership market has eased this year, particularly on the Asia-US and Asia-Europe routes, although Eastern Hemisphere trading has remained robust,” he said. During the reported period ending June 30, normalised net earnings were at US$19.3 million compared to US$15.6 million in the same period of 2007. Seaspan’s position in the marketplace is based on its access to debt capital for fleet expansion. “The major focus is either sale/leasebacks with top quality liner operators, taking over distressed newbuild construction slots or acquiring smaller companies with cash flow and/or credit shortfalls,” said Dahlman Rose.

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