Author: Edward

Is China’s Titanic economy finally running into the iceberg of overcapacity?

Problems at China Cosco Holdings suggest trouble ahead.

Cosco, a giant state-owned shipping company, is locked into long-term contracts for chartering vessels that haul iron ore, coal and grain around the world.


We have been advised of a new initiative that improves transit times from Brisbane to Cairns, and further increases freight availability into the Mackay and Cairns regions.

Commencing 1 August 2011, QR National will be offering Seafreighter services six times a week from Brisbane to Cairns. The transit time to Cairns will now be two days.

Also the Superfreighter service departing from the Acacia Ridge terminal each Wednesday and Saturday, and arriving at Mackay and Cairns each Friday and Monday,will have additional capacity, providing up to an extra 12 TEU each week.

This complements our advice on 11 July relating to increased freight availability, which together with today’s announcement will result in an increase of 114 TEU per week on our Queensland services.

We have been advised of the following announcement:

As you are aware, earlier this year the Parcel Direct Group (PDG) Board announced that it was undertaking a review of its investments with a potential outcome of divesting all or parts of the group.

I am now in a position to update you on the progress of this process.

Today we announce that Allied Overnight Express Pty Ltd has entered into an agreement to purchase the businesses of VicFast Parcel Direct and Hills Parcel Direct.

This includes the VicFast operation, the Hills operation in NSW and Queensland, and the Parcel Overnight Direct (POD) business in NSW, Queensland and Victoria.

This transaction is due to take effect on 18 July 2011.

Source: CEO Parcel Direct Group

TNT Express commenced trading on the NYSE Euronext Amsterdam on 26 May under the symbol “TNTE” and has been included in the AEX Index.

The listing of TNT Express is part of the company’s de-merger from TNT NV, which received shareholder approval on 25 May at TNT NV’s Extraordinary General Meeting of Shareholders (EGM).

TNT was founded in Australia in 1946 as Thomas Nationwide Transport, with a fleet consisting of a single truck. It was acquired in a friendly takeover in 1996 by PTT Post (The Dutch Postal Service).

Managing director of TNT Express Australia, New Zealand and Pacific Islands Bob Black said TNT is one of Australia’s greatest business success stories.

“From such humble beginnings, TNT Express now moves 4.7 million consignments every week to more than 200 countries.

“Globally we employ 83,000 people and run a fleet of nearly 30,000 road vehicles and 50 aircraft.

“It’s astonishing to think of what has been accomplished during the company’s 65-year history,” said Mr Black.

Marie-Christine Lombard, CEO of TNT Express, said the listing was a great moment for TNT Express employees.

“TNT Express has extremely strong fundamentals and an exciting future ahead. We have a strong and experienced management team that is focused on realising value for shareholders and delivering on our targets.

“Our new independence will allow us to build a stronger, more focused TNT Express. We are aiming to consolidate our leading positions – particularly in the European express market and on Asia-Europe lanes – whilst also capturing domestic growth opportunities in selected emerging markets.

Source: T and L News

We have received confirmation that the Maritime Union of Australia (MUA) has been granted permission for a 24-hour strike this weekend at Patrick’s four container terminals.

Qantas Airways has finally closed the book on its involvement in a 6 year cartel to fix air cargo prices after it agreed to pay a fine of NZ$6.5 million ($4.8 million) to New Zealand’s commerce commission.