SITC opens up new service to Southeast Asia

China’s logistics service provider SITC has launched a new container service from Yantai in Shandong province to Southeast Asia.

Departing from Yantai, the service will call at main ports in the Southeast Asia region including Shanghai, Haiphong and Ho Chi Minh on weekly basis. 

The service positions itself as a convenient and efficient one-stop service, providing a fast shipping solution connecting East Asia and Southeast Asia to clients from Regional Comprehensive Economic Partnership (RCEP) regions.  

As at the end of June this year, SITC operated 97 containerships mainly serving 75 ports from across the Asia and Russia regions.

Copyright © 2022. All rights reserved.  Seatrade, a trading name of Informa Markets (UK) Limited.

Transnet substantially lifts force majeure after two weeks

South African terminal operator Transnet decalred an immediate uplift to the force majeure declared on October 6.

Gary Howard | Oct 21, 2022

Force majeure was declared due to industrial action by South African unions after they rejected Transnet’s 3% pay rise for workers. Inflation in South Africa is running around 7.6%.

The company has since signed a three-year pay deal with United National Transport Union (UNTU), which represented most of the striking workers on October 17, with fellow union South African Transport and Allied Workers' Union (SATAWU) calling off its strike action on October 19.


Related: Transnet agrees pay deal with majority union in South Africa port strike

One area where force majeure will remain in place is container operations, due to extensive backlogs and their impact on operations. Transnet expects force majeure to lift for container operations by the end of October.

“TPT’s full workforce reported for duty with effect from 20 October 2022, and the backlogs in the container terminals are being cleared as part of the recovery plans underway,” said Transnet.

Copyright © 2022. All rights reserved.  Seatrade, a trading name of Informa Markets (UK) Limited.


AD Ports Group maritime services arm adds subsea vessel

Safeen Offshore has expanded its subsea services by acquiring a new vessel.

Scorpio Tankers cuts $141.4m in debt with ship buybacks

Scorpio Tankers will buy back eight ships sold under sale and leaseback deals as part of its ongoing debt cutting drive.

Five MR product tankers, STI Duchessa, STI San Antonio, STI Mayfair, STI St. Charles, and STI Yorkville and LR2 tanker STI Alexis were sold to “an international finance institution” in July 2018 and bareboat chartered back for a period of seven years.

Scorpio Tankers has opted to take up the purchase options it held for each of the vessels at the end of the third year. “The leases bear interest at LIBOR plus a margin of 3.00% per annum,” said the company, which expects to cut debt by $85.8m with the acquisitions.


Related: Tankers ‘set up for a very good bull run’

The company announced it was also exercising purchase options for a pair of bareboat chartered-in tankers it acquired in the 2017 merger with Navig8 product tankers. STI Steadfast and STI Supreme’s leases bear interest at LIBOR plus a margin of 5.40% per annum and are expected to cut debt by $55.6m when the purchases are completed in 2023.

Scorpio Tankers also announced it had given notice to repay a credit facility for LR2 product tanker STI Madison. The $21m term loan facility was signed in early 2021 and was expected to mature in December 2022. The company said the facility had $17.5m of outstanding debt was expected to be repaid in full in October 2022.

Copyright © 2022. All rights reserved.  Seatrade, a trading name of Informa Markets (UK) Limited.