News / E-commerce boom means demand for narrowbody freighters threatens to outstrip supply

first_imgBy Sam Whelan in Hong Kong 25/04/2016 Robert Convey, sales and marketing director of Miami-based conversion specialist Aeronautical Engineers, said supply of suitable 737-400 passenger aircraft – the most popular freighter conversion – was starting to run short.“The 400s are running out of feedstock. We’re planning on delivering 27 this year, 25 next year, and 2018 is really up in the air.“It depends on how many aircraft are available for us to convert for customers – but it’s going to be sub-20 for sure, closer to 10-15, so globally we’re running out of classics. It’ll be over in 2018.”Mr Convey said there was a surge to buy the classic freighters as supply tightened.“We’re seeing now that the panic is on. Prices have increased a little; ask some of our customers and they’ll say it’s tough to find feedstock.“When we go to find an aircraft there’s usually lots of people bidding for it. So there’s a visible rush not only to get conversion slots with us but to find the aircraft to put into those slots.“We’ve got four lines of conversions in Miami and the next open slot is in February 2017.”Reinforcing China’s insatiable appetite for narrowbodies to serve its overnight express delivery market, conversion firm Precision Aircraft Solutions announced it had recently signed an agreement with China Post and China Air Cargo Corporation for an additional six and two freight conversions, respectively.Brian McCarthy, vice-president sales, said: “It’s no secret we’re in the middle of a replacement market right now, and right now I would describe the market as moderate-to-strong.“And it’s going to stay that way for a couple more years. We have a big blast of DHL aircraft coming through which is certainly helping,” he added.Adam Rosen, vice-president of ST Aerospace, added: “I agree that e-commerce is driving the demand for narrowbody freighters, particularly in China and Asia. As long as this demand continues, and maybe India and Russia will add to it, the classics are dominating this market and will continue to do so as long as there’s feedstock.” Feedstock for narrowbody freighter conversions could run short by 2018, thanks to demand from China’s e-commerce and express delivery markets.“Looking at the overall global market for freighters, and narrowing down into the single-aisle sector, we see demand as about 1,000 airplanes over the next 20 years,” Boeing vice-president Kurt Kraft told last week’s Cargo Facts Asia conference in Hong Kong.“We believe 400 of those are going to China. Another 250 will go into the US market, with the reminder going into Europe, the Middle East and Africa.“This is being driven by the explosion of the express market and e-commerce, and the demand for overnight delivery,” Mr Kraft added.last_img read more

Operation Green Light underway in Lee County

first_imgLEE COUNTY, Fla. — If your driver’s license is suspended, this could be your final chance to wipe the slate clean while saving some money. The best part? There’s no need to go to the Lee County Justice Center.Operation Green Light is offering people a chance to pay their dues online or over the phone. Today, November 20, from 8 a.m. until 7 p.m., anyone facing hefty fines for toll violations or traffic tickets can pay them off at a cheaper price. Operation Green Light will also be happening on Saturday, Nov. 21, from 9 a.m. until 2 p.m. Lee County Commission could allocate over $3 million to fight homelessness June 16, 2021 Lee County officials to accept millions for homelessness relief June 13, 2021 AdvertisementTags: Lee CountyLee County Justice Center AdvertisementDC Young Fly knocks out heckler (video) – Rolling OutRead more6 comments’Mortal Kombat’ Exceeded Expectations Says WarnerMedia ExecutiveRead more2 commentsDo You Remember Bob’s Big Boy?Read more1 commentsKISS Front Man Paul Stanley Reveals This Is The End Of KISS As A Touring Band, For RealRead more1 comments AdvertisementAll toll violations are 10 dollars and traffic tickets will have the 25 percent collection agency fee waived.In the past, Operation Green Light has been a great success. Last year, 850 people saved over a million dollars in fees with 545 people becoming eligible to get their license back.If you want to pay things off in person, make an appointment before going to the Lee County Justice Center. Balloons from your outdoor celebration could be dangerous to wildlife June 16, 2021center_img All-electronic tolls to stay on certain Lee County bridges June 17, 2021 Advertisement RELATEDTOPICS AdvertisementRecommended ArticlesBrie Larson Reportedly Replacing Robert Downey Jr. As The Face Of The MCURead more81 commentsGal Gadot Reportedly Being Recast As Wonder Woman For The FlashRead more29 comments Advertisementlast_img read more

Military ordered to gather its own rice

first_img Sources in North Korea are reporting that the authorities are preparing another push to collect rice for the armed forces this fall. However, in contrast to previous years, this time the order has been issued to the military itself. Ordinary citizens have in the past been assigned the task of gathering these provisions, but the responsibility this year has fallen on military conscripts. The source says that soldiers are complaining about the plan, especially given the government’s failure to distribute goods, even to the military in recent times.  By Daily NK – 2017.10.20 2:29pm North Korea Market Price Update: June 8, 2021 (Rice and USD Exchange Rate Only) Facebook Twitter RELATED ARTICLESMORE FROM AUTHOR But even these provisions were insufficient to feed the entire military. During the mid 2000s, the government hoped to solve the food shortage by allowing military members to cultivate small private gardens for personal consumption. The recent directive, however, seems to be an attempt by the authorities to absorb some of these stocks as well.  “Is there any other country on Earth that does not feed its own military? I thought the army was supposed to be defending our country, but instead they’re turning us into an army of farmers,” one serviceman told the source.The North Korean regime began emphasizing the importance of feeding its military as a national priority after the Great Famine of the mid 90s. Kim Jong Il introduced the concept of songun (military-first) ideology, stating that “our nation’s armed forces must never go hungry!” News Citizens who thereafter did not contribute the required quota of rice were excluded from what was left of the state distribution system. State organizations were also mobilized to collect food for the military, and those who did not satisfy the requirements were stripped of their political status and other perks. As a result, many had no choice but to eat significantly less in order to contribute their quota to the state. According to a source in North Hamgyong Province, military members are complaining that they “must begin large-scale farming from next year” in order to meet these new demands, calling the plan just another “government scheme.”center_img “Military leadership handed down orders last month detailing the quotas required to be collected by the local 12th Corp. These orders include amounts covering every division and brigade in the entire 12th Corp, which must be collected and presented to division leaders in the coming season,” a source in Ryanggang Province informed Daily NK on October 18.“It is quite absurd that military personnel have to collect these provisions themselves. And such orders were handed down in all provinces, covering all military divisions across the country.” News AvatarDaily NKQuestions or comments about this article? Contact us at [email protected] SHARE News NewsEconomy US dollar and Chinese reminbi plummet against North Korean won once again Military ordered to gather its own rice Proposal to shift “general markets” to “specialized markets” finds little support among N. Korean leaderslast_img read more

Goldman to pay US$50M for not supervising banker

first_img PwC alleges deleted emails, unusual transactions in Bridging Finance case Related news James Langton Facebook LinkedIn Twitter The firm must also admit that an employee engaged in the criminal theft of confidential supervisory information; that its management failed to effectively supervise its employee to prevent the theft; and that it failed to implement adequate policies relating to post-employment restrictions for former government employees. An addition, Goldman will implement a series of reforms to help ensure compliance with post-government-employment revolving door restrictions and prevent the improper use of confidential regulatory information, the NYDFS says. According to the regulator, Goldman hired a former bank examiner from the U.S. Federal Reserve Bank of New York to work as an investment banker, and put him to work on financial institutions in violation of a temporary post-employment restriction imposed by the NY Fed. And, the new banker then “wrongfully obtained confidential information”, from a former co-worker at the NY Fed, who has also since been terminated for this conduct, the NYDFS reports. Separately, Goldman Sachs announced on Wednesday that it has amended its by-laws to adopt proxy access, giving shareholders the ability to include their own nominees in a company’s proxy statement. Under the by-law amendments, shareholders who own at least 3% of the company’s outstanding shares continuously for three years may nominate two candidates, or 20% of the board, whichever is larger. “Our board is committed to strong corporate governance,” said Lloyd Blankfein, Goldman chairman and CEO, in a statement. “We engaged our shareholders, and those discussions were a critical factor in our deliberations. We are pleased to have established this shareholder right.” Earlier this year, the shareholder advocacy group, the Canadian Coalition for Good Governance (CCGG) called on Canadian public companies to focus on enhancing proxy access and improving shareholder communication. The CCGG recommended that companies adopt policies to enable shareholders to communicate with independent directors about board composition on a regular basis; and called on Industry Canada to amend corporate law to facilitate proxy access. See: Three firms lauded for proxy disclosure Adopting meaningful processes for receiving shareholder input and enhancing proxy access “would make the shareholders’ right to elect directors meaningful and will assist in holding boards accountable and in improving board composition and performance,” the CCGG said. New York-based Goldman Sachs Group Inc. will pay a US$50 million fine to resolve allegations that an employee schemed to steal confidential information and used it to advise clients, the New York Department of Financial Services (NYDFS) announced on Wednesday. The acting Superintendent of Financial Services in New York, Anthony Albanese, announced the resolution of an enforcement action against Goldman for violating state banking laws by misusing confidential information. The settlement will see Goldman pay US$50 million to the New York State Department of Financial Services (NYDFS), and accept a voluntary three-year ban on new consulting engagements that require the NYDFS to authorize the disclosure of confidential information. BFI investors plead for firm’s sale Share this article and your comments with peers on social media Mouth mechanic turned market manipulator Keywords EnforcementCompanies Goldman Sachs Group Inc. last_img read more

NLA to Improve Web-Based Service

first_imgAdvertisements RelatedNLA to Improve Web-Based Service NLA to Improve Web-Based Service UncategorizedMarch 6, 2007 FacebookTwitterWhatsAppEmail The National Land Agency (NLA) will be adding a number of features to its web-based service, as the agency continues to use technology to enhance the level of service that it provides to customers.The new features would be part of elandjamaica phase two, which would be launched shortly, disclosed Customer Service Manager at the NLA, Lori-Ann Thompson, at a customer service network quarterly meeting held today (March 6), at the Knutsford Court Hotel.“Elandjamaica has been up and running for about four years, and we have gotten excellent response to it.we have a lot of subscribers, and what we have been doing over the last few years is meeting with our customers, asking them what do you like about it, and what we can do to improve it, and we have made some the very near feature, we will be launching eland (Jamaica) phase two,” she informed.The revised website, Mrs. Thompson, would be more user-friendly, allowing easier navigation, so that users would not have to browse several pages to get or input information. “We have been getting complaints about this one.everything is now going to be on one screen, and you’ll be doing everything from one page, which will make it a lot easier,” she explained.Users will also have the additional option of searching for documents using their credit cards, instead of having to subscribe. “On eland phase two, we are going to give you the option to pay by credit cards, because we have so many persons that may just want to do a one-off search; they are not interested in a subscription account, they just want to be able to do one search,” she pointed out.There will also be access to additional documents on elandjamaica. “Right now, we still have some of the titles that were not scanned.all of these titles should be available in phase two, and we will also have some other title-related documents that you will be able to view,” Mrs. Thompson informed.Six years ago, the government of Jamaica amalgamated all the different agencies that deal with land to form the NLA. These included the Titles Office, the Land Valuation Department, the Survey Department, and the Estate Management Department. “What the NLA has tried to do is make doing business with us easier, more efficient, and quicker,” Mrs. Thompson said. Thus, the internet-based service, elandjamaica, was created.Prior to this, if persons wanted to see a copy of a title or valuation report, they would have to physically go in to one of the agency’s islandwide offices. “Now you can go online and see these things.It revolutionized the way we do gave anybody anywhere in the world, access to selected information on property, location, titles and valuation information on any parcel of land in Jamaica,” the Customer Service Manager pointed out.Persons may visit the NLA website at: RelatedNLA to Improve Web-Based Service RelatedNLA to Improve Web-Based Servicelast_img read more

PHOTOS: Wreath Laying Ceremony for Late President Chavez

first_imgPHOTOS: Wreath Laying Ceremony for Late President Chavez RelatedPHOTOS: Wreath Laying Ceremony for Late President Chavez FacebookTwitterWhatsAppEmail Minister of Foreign Affairs and Foreign Trade, Senator the Hon. A.J. Nicholson, at today’s (March 7) wreath laying ceremony for the late President of the Bolivarian Republic of Venezuela……..Ambassador of the Bolivarian Republic of Venezuela, Her Excellency Maria Mendoza Ortega, places a wreath at the statue of the Great Liberator, Simón Bolívar, at National Heroes Circle in Kingston. Occasion was today’s (March 7) wreath laying ceremony for the late President of the Bolivarian Republic of Venezuela, His Excellency Hugo Chavez Frías, who died on March 5. An emotional moment for Minister of Foreign Affairs and Foreign Trade, Senator the Hon. A.J. Nicholson, at today’s (March 7) wreath laying ceremony for the late President of the Bolivarian Republic of Venezuela, His Excellency Hugo Chavez Frías, who died on March 5. The wreaths were laid at the statue of the Great Liberator, Simón Bolívar at National Heroes Circle in Kingston. Also participating were: Minister of Science, Technology, Energy and Mining, the Hon. Phillip Paulwell; Ambassador of the Bolivarian Republic of Venezuela, Her Excellency Maria Mendoza Ortega; and the Chairman of the Petro Caribe Development Fund and Financial Secretary, Devon Rowe.Minister of Science, Technology, Energy and Mining, the Hon. Phillip Paulwell (left), consoles Ambassador of the Bolivarian Republic of Venezuela, Her Excellency Maria Mendoza Ortega, at today’s (March 7) wreath laying ceremony for the late President of Venezuela, His Excellency Hugo Chavez Frías, who died on March 5. Minister of Foreign Affairs and Foreign Trade, Senator, the Hon. A.J. Nicholson (right), also participated in the ceremony. The wreaths were laid at the statue of the Great Liberator, Simón Bolívar, at National Heroes Circle in Kingston. Advertisements RelatedPHOTOS: Wreath Laying Ceremony for Late President Chavez RelatedPHOTOS: Wreath Laying Ceremony for Late President Chavez March 8, 2013last_img read more

YLD’s newest #StigmaFreeYLD video tackles failing the bar exam

first_img Apr 06, 2020 By Gary Blankenship Senior Editor Top Stories YLD’s newest #StigmaFreeYLD video tackles failing the bar exam People who didn’t pass the bar exam on their first try do go on to become incredible lawyers, and it isn’t a measure of how successful you will be in life, according to Ethan Wall, co-chair of the Young Lawyers Division’s Mental Health and Wellness Committee.Dealing with failing the bar exam is the subject of the Young Lawyers Division’s latest video in its #StigmaFreeYLD Campaign. It’s timely, as the results for law graduates who took the exam in February were released April 13.“People are already in isolation [because of COVID-19], they’re social distancing, they’re anxious about getting their bar exam results,” YLD President Santo DiGangi said. “This video will show them if they didn’t pass the bar exam, life will go on, you will survive this.”Clearwater attorney Michele Rayner-Goolsby knows the anxiety associated with not passing the bar on her first attempt all too well.“I just collapsed on the floor and started wailing. I felt like it’s over, everything I worked for is over, my career is over before it started,” said Rayner-Goolsby.It’s an understandable reaction, Wall said.“Imagine going to law school for three years, struggling side by side with your colleagues, and then watching all of those colleagues moving on with jobs and going to court and you’re going to be left behind,” he said.The YLD wants the many recent law students who get that wrenching news to know it’s only a temporary setback. For the most recent exam, given last July, the passage rate was 73.9%.“People who don’t pass the bar exam on the first try generally feel a sense of failure, a sense of confusion about where their life is going,” Wall said. “The video will help people understand. . . you’re not alone. During this time people very much feel like they have no one to turn to, and they feel so ashamed and so alone. There are other people who are going through this as well. Your score on an incredibly difficult exam doesn’t measure your worth as a human being or as a lawyer.”DiGangi said there are many lawyers who have done well and succeeded after failing to pass the bar the first time around.“The most important thing you can do is reach out to someone,” DiGangi said.The five-minute video [] features Rayner-Goolsby, a 2011 graduate of Florida Coastal School of Law, talking about the devastation of watching her friends take to social media to talk about passing the bar exam and of the results being publicly posted for all to see. Perhaps more excruciatingly, the letter she got a week later showing she had failed by half a point.“She was wonderfully active and successful in law school, she took all the bar preparation courses that everyone is supposed to take, and had a job lined up after the bar exam,” Wall said. Instead, Goolsby felt the need to withdraw and hide after the results.That didn’t last, and she realized, “You’re going to get up, you’re going to study, you’re going to get your mind together.”Rayner-Goolsby relied on friends and family for support. She talked with a lawyer friend who had also initially failed the bar exam, and she studied with another fellow student who didn’t pass (both passed on the second attempt).An important boost was Ryner-Goolsby’s prospective employer, 13th Circuit Public Defender Julianne Holt, who agreed to hire her as an intern while she prepared for her second try at the exam.“That’s really important to emphasize. The public defender who offered Michele her job kept her employed while she was studying as she was preparing for the second try,” Wall said. “A lot of people who go to school may have a job lined up after law school, but it’s contingent on passing the bar exam, and often those who don’t pass have the job offer rescinded. It adds or exacerbates their situation and the impact on their mental health.”Another important support was tending to her mental health.“I also had to go to therapy to talk a lot of this stuff out,” Rayner-Goolsby said. “I tell all my lawyer friends they need to be in therapy. Even if you feel like there’s nothing’s wrong, we deal with so much, like we deal with the weight of the world. But you have to put your pride aside to be able to reach out to people and say, ‘Hey, this is what’s going on.’”Rayner-Goolsby is now the founder and principal attorney of Civil Liberty Law in Clearwater and among many other civic and local bar activities is a member of the Bar’s 2019-20 Leadership Academy class. Rayner-Goolsby said she decided to participate in the video “because I am proud of my Bar story” and was able to overcome a difficult situation.“I believe failing the bar made a better lawyer and a better human,” she said.Wall said the video serves two purposes.“Not only can we teach others that you can succeed and overcome these things, but more importantly, law firms and others will understand the value of a young lawyer who experiences these things,” he said.The Young Lawyers Division launched the #StigmaFreeYLD Campaign a year ago to address mental health and illness issues that lawyers have been traditionally reluctant to reveal or discuss. Rayner-Goolsby’s story is the eighth video the division has posted. Wall and DiGangi said the next video will address pressures male lawyers can face when they seek paternity leave, although its release may be delayed because of COVID-19.“With this Stigma Free YLD program, we wanted to focus on three things: One, stigmas that appear within the profession; two, that had an effect on young lawyers; and three, have an impact on lawyers’ mental health,” Wall said.last_img read more

SMC Community Education Offers New Summer Camps and Classes for Kids and Teens

first_imgSubmitted by Grace SmithTags :briefsNewsshare on Facebookshare on Twitteradd a commentAverage US price of gas jumps 8 cents per gallon to $3.10County scrambles to reverse lagging vaccine rates before June 15 reopeningYou Might Also LikeFeaturedNewsBobadilla rejects Santa Monica City Manager positionMatthew Hall5 hours agoBriefsLos Angeles Sheriff’s deputy accused of destroying evidence of 2019 assaultAssociated Press8 hours agoBriefsCalifornia State Treasurer Fiona Ma to Speak at Online Santa Monica College Commencement Ceremony June 25Guest Author8 hours agoFeaturedNewsDowntown grocery to become mixed use developmenteditor15 hours agoNewsBruised but unbowed, meme stock investors are back for moreAssociated Press15 hours agoNewsWedding boom is on in the US as vendors scramble to keep upAssociated Press15 hours ago “I’m especially excited about the public speaking classes for kids and teens,” said SMC Coordinator of Community Education Alice Meyering. “As we return to in-person social interactions and classes, it is more important than ever that key communication skills — such as public speaking — get the proper attention. And summer is a great time to focus on this particular area while having fun doing it!” SMC Community Education summer classes for kids and teens also include many longtime favorites, such as “One-On-One Piano.” A complete list of Community Education classes is available online at Summer classes and camps are popular and expected to fill quickly. Early registration is strongly recommended. Registration for summer is available now at All classes and camps are offered online this summer. They are designed for students to have fun as they learn, and organized into small groups by age. SMC Community Education has also partnered with Black Rocket — experts in designing classes in the areas of STEM and the Digital Arts — to offer more than a dozen weeklong, half-day camps. “Young Authors” shows youngsters and teens how to use creative thinking to develop and publish their own story. The STEM camps include “Minecraft Modders,” “ROBLOX® Makers,” “YouTube FX Masters,” “eSports Apprentice Streamers and Gamers,” and more. The public speaking classes and camps are generally offered one day a week over a three week period. They include “Building Confidence through Public Speaking for Ages 8-11,” “Summer Public Speaking Bootcamp for Ages 12-17,” and “Public Speaking Contest for Ages 12-17.” All are led by Dr. Silverman, who is an accomplished member of Toastmasters. “We’re always looking for ways to broaden our offerings to the younger members of our community,” said Dr. Scott Silverman, SMC Dean of Noncredit and External Programs, “so we’re always open to trying out new concepts in classes and camps. After a very long year, these new programs for youth in our community will be a great experience for everyone who enrolls. Of course, we have a variety of new summer classes for adults, too, that are worth checking out!” HomeBriefsSMC Community Education Offers New Summer Camps and Classes for Kids and Teens May. 24, 2021 at 1:00 pmBriefsNewsSMC Community Education Offers New Summer Camps and Classes for Kids and TeensGuest Author2 weeks agobriefsNews SMC Community Education is offering an exciting new collection of ‘camps’ and classes this summer specifically for kids and teens. Topics range from public speaking to creative writing to coding for games and creating special effects.last_img read more

Library Prepares for Return to Normalcy

first_img“This was hands down the most stressful environment to be a public servant in that I have experienced,” Behe said. “But one thing I’ve learned is how to go out and talk to people who don’t necessarily agree with my view on the library. I’ve put an effort in to go and listen to those communities.” Email The library still encourages patrons to explore services like Personal Shopper, Curbside Pickup and Tech Connect, which are designed to provide free access to information and keep people connected with minimal interaction and risk. To find out more about these services, visit or call 758-5820.  Stay Connected with the Daily Roundup. Sign up for our newsletter and get the best of the Beacon delivered every day to your inbox. “Some of the story times are just magical,” Behe said, praising the ability of library staff to rapidly build an online offering to interact with the community. “You can go and see what they created and watch them over again.” Beginning on May 3, the Kalispell branch will be open 10 a.m. to 8 p.m. Monday through Wednesday, 10 a.m. to 6 p.m. Thursday and Friday, and 10 a.m. to 5 p.m. on Saturday. In Columbia Falls, hours will be 10 a.m. to 6 p.m. Monday through Thursday, 11 a.m. to 6 p.m. on Friday, and 10 a.m. to 3 p.m. on Saturday. The Bigfork location will announce its new hours on May 3. “The staff was able to look at data and community responses and come up with solutions quickly,” Behe said. “Our library has offered more services online and in-building that most other libraries in the state.” “During COVID, as the director I had to make sure the facilities stayed open and provided a reasonably safe environment, while building in contingencies to the reopening plan,” Behe said, mentioning that she called pharmacies daily to see if there were any leftover vaccine doses available that her staff could use. “We got 78% of the staff vaccinated well ahead of my original timeline, and I realized we could move ahead.” While Behe is proud of her staff’s ability to offer as much access as possible to the community, she has concerns about professional burnout after a difficult year.  Before the COVID-19 pandemic, roughly 1,000 patrons passed through the doors of the Bigfork, Columbia Falls and Kalispell branches every day. Over the last year, that number dropped to around 400, according to ImagineIF Libraries Director Connie Behe. Now, the system is preparing to welcome everyone back. center_img “The library’s mission is to provide a reasonably safe environment for patrons and staff in order to provide fair and equal access to information,” Behe said after a press release announced that ImagineIF would return to full hours in May. “I believe we can do that now.” The take-home kits that were made available for kids, teens and adults will stop after May, and online offerings such as story times will no longer be filmed new, although the archived videos can be found on the ImagineIF YouTube page.  The three-branch ImagineIF Libraries system has more than 30,000 cardholders in the Flathead Valley but has only seen a fraction of them over the last year.  The library system shut down completely at the start of the pandemic, before opening with limited hours on May 19 of last year. In January, hours were expanded to accommodate more patrons at all the locations, and on April 19 more restrictions were eased, including lifting the 30-minute time limit for library visits, extending computer times and returning furniture to public areas.  While the library continues to require that masks be worn while inside, Behe will be asking the library board to change the requirement to a recommendation, saying that the risk factors have diminished between vaccination rates, newly installed air filters and routine disinfecting practices. That decision could be implemented as early as April 30.  “I hope there will be a return to stability for us all, so we can get back to being a community that enjoys being together,” Behe said. “We want to stick to our mission and provide the best service to the community as possible.” Behe says that while the library system was able to provide a robust lineup of remote and non-contact services during the pandemic, the shift to conventional hours and staffing would likely take away from some of these services.  Over the summer, there will be two story times held outside each month, and there will be a junior ranger style summer reading experience program for youths that will be geared toward outdoor activities. Adult programming remains on hold, but Behe is optimistic about returning to full in-person programming in the fall. last_img read more

HMM becalmed in the red, ‘challenged’ by high slot costs and low rates

first_imgBy Mike Wackett 14/08/2017 Hyundai Merchant Marine (HMM) handled 46% more containers between April and June this year than last, but its freight rate strategy has kept the South Korean carrier heavily in the red.HMM’s revenue was up by 22% to KRW1.24trn on liftings of 986,000 teu, but it appears that the carrier has opted for a business plan of growth over profit, as its trading resulted in a KRW128bn ($112m) loss for the quarter.The cumulative loss for the six months was KRW254bn, which, however, is a significant improvement on the loss of KRW417bn recorded for H1 2016.Its Q2 financial statements were filed on the DART Repository section of the Korean Corporate Filings site on Friday, but have yet to be added to the investor section of HMM’s website.In a comment to the filing, HMM said:”Although revenues increased, which helped narrow the company’s operating loss, freight rates remained low, denting our bottom line.”But it added that it expected business conditions to improve in the second half of the year.Excluded from THE Alliance membership last year, due to its parlous financial situation, HMM managed to survive the fate of bankrupt compatriot Hanjin thanks to a creditor restructuring plan led by state-owned Korean Development Bank (KDB).The restructure was conditional on HMM joining a major shipping alliance and, in December it announced it had struck a deal for a “strategic cooperation” with the 2M partners, Maersk Line and MSC, to slot charter on their ships between Asia and Europe and Asia and the US.However, on the transpacific tradelane, HMM operates three services of its own to the US west coast, for which the 2M have slot charter options, and recently reported that container volumes had soared 77% year on year and that it was considering deploying more vessels to meet the strong demand.Another condition of HMM’s continued support from the KDB and other creditors was that the carrier should obtain reduced charter hire rates from shipowners.After more than six months of very tough negotiations, HMM announced that it had succeeded in reducing daily hire payments by around 20% from several shipowners, including Danaos, despite the normally sacrosanct nature of charter party contracts. Moreover, HMM was up to date with its payments when it started the negotiations, a factor that counted against Hanjin, which wasn’t, when it adopted similar negotiating tactics with its counterparties.Nevertheless, HMM has been badly tainted by the collapse of Hanjin and shippers are known to be cautious of committing large volumes to the carrier. It needs a lengthy period of stability before it can regain shipper confidence.Indeed, concerns from shippers obliged both Maersk and MSC to pledge that they would not load their boxes onto HMM ships on the transpacific without the express approval of the customers.In order to achieve the growth on the transpacific HMM has needed to be aggressive with its rate policy. And on the Asia-Europe tradelane, where it does not operate its own ships, the challenge has been even greater.One source told The Loadstar HMM had been forced to pay “over the odds” for the slot agreement with the 2M to satisfy the conditions of its creditors to be a part of an alliance.last_img read more