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IQAX eBL streamlines bill of lading processes, boosts visibility, and enhances security at no extra cost for Hapag-Lloyd customers. HONG KONG, May 6, 2024 /PRNewswire/ -- IQAX Ltd., an innovative developer of technology solutions for shipping and logistics based in Hong Kong, announced that Hapag-Lloyd, one of the world's largest container shipping lines, will adopt IQAX eBL to issue electronic bills of lading (eBLs). Hapag-Lloyd has chosen to adopt IQAX's industry-leading IQAX eBL solution to strengthen customer service and accelerate its transition towards 100% adoption of eBLs by 2030. "As challenges from complex, volatile supply chains continue to grow, Hapag-Lloyd recognizes the need for stronger digital tools to provide stability and transparency to our customers. By working with IQAX, we can offer another robust, paperless solution that maintains visibility and empowers decision-making," said Nilesh Popat, Director – Service Delivery at Hapag-Lloyd. IQAX eBL leverages the Global Shipping Business Network (GSBN), a blockchain infrastructure that was specifically built to help digitize the shipping industry. The network allows only authorized parties to contribute and consume shipping data, ensuring traceability and security. "More than 12,000 customers already trust IQAX eBL to manage their electronic bills of lading. IQAX eBL provides a fast and reliable system that will give Hapag-Lloyd's customers full control of their eBLs along with complete visibility of shipment and document milestones at no extra cost," said Lionel Louie, IQAX's Chief Commercial Officer. "Between Jan. 2023 and Mar. 2024, IQAX eBL has processed more than 180,000 carrier's original eBLs representing an estimated US$29 billion worth of goods." IQAX eBL simplifies document transfers by seamlessly connect all parties involved in global shipping, reducing document transfer timeframes from weeks to just seconds while enhancing security. Providing wider benefits to users, nine different banks have already adopted IQAX eBL. These banks are Bank of China Limited, Bank of China (Hong Kong) Limited, Bank of Communications Co. Ltd., Bank of Ningbo, China Merchants Bank, CITIC Bank, Shanghai Pudong Development Bank Co. Ltd, Shanghai Rural Commercial Bank Co. Ltd., and The Export-Import Bank of China. IQAX eBL gives Hapag-Lloyd's customers a unified view of shipment milestones and document status through a single platform, a unique feature that strengthens collaboration by giving shippers, consignees and banks a shared view of the latest status of both containers and documents to aid with trade financing and titleship transfer decisions. Both IQAX eBL's end users and Hapag-Lloyd's customers stand to benefit from the shipping line's decision to onboard the IQAX eBL solution, further accelerating the adoption of digitalised trade. About IQAX IQAX is a global information technology company that provides intelligent and digital transformation solutions using blockchain for enterprises in the logistics ecosystem. Backed by a strong heritage in container shipping, IQAX strives to foster a harmonized and connected global trade environment. As an industry leader, IQAX connects with shippers, freight forwarders, carriers, terminals, and financial institutions, and empowers them with digitized solutions to meet emerging business challenges throughout the supply chain. IQAX is an independent technology company wholly owned by Orient Overseas International Ltd. (HKEX:0316), which is in turn part of Orient Overseas Container Line (OOCL), one of the largest integrated international transport and logistics companies in the world. About Hapag-Lloyd With a fleet of 266 modern container ships and a total transport capacity of 2.0 million TEU, Hapag-Lloyd is one of the world's leading liner shipping companies. In the Liner Shipping segment, the Company has around 13,500 employees and 403 offices in 140 countries. Hapag-Lloyd has a container capacity of 2.9 million TEU – including one of the largest and most modern fleets of reefer containers. A total of 113 liner services worldwide ensure fast and reliable connections between more than 600 ports on all the continents. In the Terminal & Infrastructure segment, Hapag-Lloyd has equity stakes in 20 terminals in Europe, Latin America, the United States, India, and North Africa. Around 2,900 employees are assigned to the Terminal & Infrastructure segment and provide complementary logistics services at selected locations in addition to the terminal activities.
HONG KONG, May 1, 2024 /PRNewswire/ -- Euro Tech Holdings Company Limited (Nasdaq: CLWT) today reported financial results for the 12-month period ended December 31, 2023 ("Fiscal 2023"). The Company had net income of US$1,828,000 in Fiscal 2023, as compared to US$369,000 for the fiscal year ended December 31, 2022 ("Fiscal 2022"). This increase was because of increase in equity in income of affiliates as its affiliates had a non-recurrent gain on disposal of 2 desulfurization treatment plants for a "Build-operate-transfer" project located in Shanxi, China. The Company's revenues for Fiscal 2023 were US$17,940,000, an approximate 20.0% increase compared to US$14,949,000 for Fiscal 2022. The increase was principally due to increase in revenues from trading activities as a result of recovery after the COVID-19 pandemic disruption. Gross profits decreased by 16.4% to US$3,861,000 for Fiscal 2023 as compared to approximately US$4,618,000 for Fiscal 2022. The decrease was primarily due to the decrease in gross margin % of engineering activities as affected by the continuous economy slowdown in Mainland China and adverse impacts of the COVID-19 pandemic. Selling and administrative expenses decreased by 8.6% to approximately US$4,103,000 for Fiscal 2023 as compared to approximately US$4,490,000 for Fiscal 2022. The decrease was principally due to cessation of the business operations of Shanghai Euro Tech Limited since September 2022. Mr. David Leung, CEO of the company commented, "In 2023, all COVID-19 related policies have been cancelled. However, the pace of economic recovery in China remains slow and below growth expectations. Despite these challenges in 2023, we managed to increase sales orders for Ballast Water Treatment Systems ("BWTS") from the maritime industry, and continue expanding our sales regions and deepening our sales networks in Dubai, Singapore, Thailand, and Turkey. In the upcoming days, we will anticipate a surge in the demand for smaller sized BWTS retrofits. We believe certain countries with small and medium sized ships will experience high growth in demand, especially since we have recently signed an agreement with ERMA FIRST from Greece to become our exclusive distributor & OEM partner. This agreement covers the distribution of our BWTS systems across 20 countries in Europe strengthening our sales and accelerating our penetration into this region. Moreover, we aim to seek more strategic partners or distributors to capitalize on growth opportunities in certain countries, such as UAE and Turkey. We will actively promote our mobile port BWTS reception facility to key ports worldwide, as this is also aligned with IMO guidelines as well and we are well positioned in this niche market. In fact, we are going to promote our system at the well-known maritime exhibition in Germany, SMM Hamburg 2024, which will take place in September 2024. As for the industrial wastewater treatment business, we will continue to develop sales channels for the overseas market, especially in high growth industrial regions of South East Asia, such as the Philippines and Vietnam to secure our growth." About BWTS BWTS are an imminent requirement by The International Maritime Organization ("IMO") to prevent the biological unbalance caused by the estimated 12 billion tons of ballast water transported across the seas by ocean-going vessels when their ballast water tanks are emptied or refilled. In 2012, ballast water discharge standard became a law in the US. Any vessel constructed in December 2013 or later will need to comply when entering US waters, and existing vessels will follow shortly after. IMO's Ballast Water Management Convention entered into force for new-built vessels on September 8, 2017 after ratification by 52 States, representing 35.1441% of world merchant shipping tonnage. In July 2017, IMO decided that the phase-in period for ballast water system retrofits started on 8 September 2019. The company obtained type approval certificate from China's Classification Society for its 200, 300, 500, 750, 1200 and 1250 Cubic Meters per hour BWTS in 2016. The IMO convention stipulates that type approval for revised G8 requirements must be obtained for all BWTS installed on or after October 28, 2020, and the company have been in compliance with such requirements. Its ballast water port solution, HarborBallast, is a system installed in port to offer ballast water treatment services for ocean-going ships without their own BWTS and for those with damaged BWTS. Forward Looking Statements Certain statements in this news release regarding the Company's expectations, estimates, present view of circumstances or events, and statements containing words such as estimates, anticipates, intends, or expects, or words of similar import, constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements indicate uncertainty and the Company can give no assurance with regard to actual outcomes. Specific risk factors may include, without limitation, having the Company's offices and operations situated in Hong Kong and China, doing business in China, competing with Chinese manufactured products, competing with the Company's own suppliers, dependence on vendors, and lack of long term written agreements with suppliers and customers, development of new products, entering new markets, possible downturns in business conditions, increased competition, loss of significant customers, availability of qualified personnel, negotiating definitive agreements, new marketing efforts and the timely development of resources. See the "Risk Factor" discussions in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 20-F for its fiscal year ended December 31, 2023. CONDENSED STATEMENTS OF OPERATIONS (Dollar amounts in US$ thousands, except share and per share data) Year Ended December 31, 2023 2022 Revenues 17,940 14,949 Net Income Attributable to the Company 1,828 369 Net Income Per Ordinary Share – Basic $0.24 $0.05 Weighted Average Number of Ordinary Shares Outstanding –Basic 7,726,118 7,732,132 SELECTED BALANCE SHEET DATA As of December 31, 2023 2022 Cash and Cash Equivalents 5,453 5,628 Total Current Assets 10,545 9,450 Total Assets 22,120 19,363 Total Current Liabilities 5,596 4,470 Total Liabilities 5,640 4,557 Total Euro Tech Shareholders' Equity 15,641 13,772
Abstract : The Ningbo Zhoushan Port in east China's Zhejiang Province held a promotional seminar at Maritime Silk Road Port International Cooperation Forum 2024 in Singapore on April 17. SINGAPORE, April 29, 2024 /PRNewswire/ -- A news report from Xinhua Finance Singapore: The Ningbo Zhoushan Port in east China's Zhejiang Province held a promotional seminar on Maritime Silk Road Port International Cooperation Forum 2024 in Singapore on April 17. Representatives from Department of Marine Economic Development of Zhejiang Province, Zhejiang Seaport Group, Ningbo Zhoushan Port Group and Ningbo Zhoushan Port Company Limited as well as more than 100 industry insiders across the world attended the event. Zhejiang has stepped up efforts to advance high standard opening-up, accelerate the construction of world-class ports, and deepen international cooperation in the field of port and shipping. The event gathered various elements needed for global port and shipping cooperation and exchange, and established a closer cooperation within the industry, said Jiang Jianneng, director of Department of Marine Economic Development of Zhejiang. Ningbo Zhoushan Port had made impressive progress over the past decade with a significant upward trend in the Xinhua-Baltic International Shipping Centre Development Index ranking, which reflects the port's strategic improvement in port infrastructure, logistics service and maritime service, said Jin Yu Cheong, head of Baltic Exchange Asia. Teng Yahui, deputy general manager of Ningbo Zhoushan Port Company Limited, introduced the development of Ningbo Zhoushan Port. In the future, the port will strengthen international cooperation in overseas logistics investment, port digitization, and green energy refueling. Since 2015, Maritime Silk Road Forum has built an exchange platform under the Belt and Road Initiative (BRI) to promote the global port and shipping cooperation.
SINGAPORE, April 28, 2024 /PRNewswire/ -- On April 25, the 2024 Singapore Yachting Festival kicked off in the picturesque setting of Sentosa Island. Under the umbrella of Weichai Group's Ferretti Group, four yachts including the wallywhy200, wallypower58, Ferretti Yachts 780, and Rivamare made their grand debut at the Lion City's extravaganza. Among them, the Wally twin marked its inaugural unveiling in the Asia-Pacific region and heralded a paradigm shift within the yacht industry. The focal point of this festival was undoubtedly the wallywhy200 and wallypower58. Of particular note, the wallywhy200 distinguished itself with its customized, elegant interiors and innovative design, offering a superlative maritime experience tailored to the discerning clientele of the Asia-Pacific market. This vessel masterfully harmonizes comfort and performance, boasting spacious living quarters, exceptional stability, and impressive speed capabilities relative to its size category. Noteworthy is the vessel's "entertainment main deck" configuration, affording yacht owners a panoramic vista spanning 270 degrees, enhanced by abundant natural illumination, thereby engendering an immersive maritime ambiance. Another yacht garnering significant attention is the wallypower58, celebrated for its remarkable nautical capabilities and exceptional handling, seamlessly integrating Wally's design philosophy to offer yacht owners an unparalleled aquatic experience. The wallypower58 prioritizes multifunctionality and comfort in its design, providing a leisurely environment conducive to both warm and cool maritime climates. Moreover, its adaptable layout and inventive storage solutions render the wallypower58 a versatile craft well-suited for comprehensive aquatic navigation. In addition to the inaugural yachts from the Wally brand, Ferretti Group unveiled the Ferretti Yachts 780, showcasing the group's extensive prowess in the realm of luxury yacht construction through its outstanding design and maritime capabilities. The Ferretti Yachts 780 integrates contemporary aesthetics with maritime technology, providing yacht owners with a refined, secure, and stylish maritime sanctuary. Drawing upon centuries-old Italian yacht craftsmanship, Ferretti Group has established itself as a global leader in the design, manufacturing, and marketing of luxury yachts and leisure vessels. Its esteemed portfolio includes renowned brands such as Ferretti Yachts, Riva, Pershing, Itama, CRN, Custom Line and Wally, each offering distinctive features and complementary advantages. Following a strategic restructuring by Weichai Group in 2012, Ferretti Group experienced a significant infusion of synergistic resources, propelling it toward sustained growth. This strategic partnership has particularly catalyzed rapid expansion in the Asia-Pacific market.
SHENZHEN, China, April 25, 2024 /PRNewswire/ -- China Railway Tunnel Group (CRTG) is using "Eight Intelligent Systems" for constructing the Shenzhen-Jiangmen Railway, China's deepest and highest water-pressure submarine tunnel project. During the 2024 World Tunnel Congress (WTC2024), from April 19 to 25 in Shenzhen, global engineers, experts and academics visited CRTG's tunneling site at the Pearl River Estuary Tunnel, gaining firsthand insight into the "Eight Intelligent Systems" employed in the Shenzhen-Jiangmen Railway project, a key development for China's intelligent tunnel construction. Experts Posing at the Pearl River Estuary Tunnel The eight systems include intelligent tunneling, segment assembly, coordination, diagnostics, monitoring, component production, material management, and ventilation. By using the intelligent systems, CRTG successfully navigated the project's challenges and ensured efficient operations. The Shenzhen-Jiangmen Railway, situated in the Guangdong-Hong Kong-Macao Greater Bay Area, connects southeastern China's coastal cities Shenzhen and Jiangmen. The project features a 9,175-meter main tunnel and a 1,160-meter inclined shaft, which poses significant geological challenges to the construction. These systems enhanced tunneling operations' efficiency and safety, supported by a smart management platform that integrates real-time monitoring, analysis, collaborative management, auxiliary tunneling, and big data analysis. The intelligent tunneling system, a core component of the tunnel boring, incorporates advanced technologies like neural networks, machine learning, predictive algorithms, edge feedback control, and emergency fuse control. These innovations enable proactive parameter prediction for complex geological conditions, shield tunneling attitude adjustment, and the implementation of manned but unmanned intelligent tunneling operations, along with early warning systems for abnormal events. "As we progress in intelligent tunnel construction research and development, our commitment is to bridge the data gap between construction and operation, thereby setting new standards in the field," said Hong Kairong, CRTG's Chief Engineer. The WTC2024 also celebrated the ITA's 50th anniversary, showcasing 50 significant global projects. China was honored with the inclusion of 9 projects, with the CRTG participating in 7 of them, including the Chengkun Railway Shambala Tunnel, Dayaoshan Tunnel, Xi'an-Kangding Railway Qilian Tunnel, Qinghai-Tibet Railway Xin Guanjia Tunnel, Jiaozhou Bay Second Submarine Tunnel, Shenzhen Metro Line 14, and the Shenzhen-Zhongshan Corridor. This achievement highlights CRTG's substantial strength and outstanding achievements in global tunnel engineering construction. WTC is the industry's most influential gathering, attracting a global audience of engineers and experts.
SINGAPORE, April 25, 2024 /PRNewswire/ -- Caravelle International Group (Nasdaq:CACO), a leading global marine technology group of companies, today announced that it has signed a Memorandum of Understanding (MoU) with the Ministry of Water and Forestry of Gabon on the development of a critical timber processing and marketing technology for the transportation, processing and sale of timber. This initiative is another important step in preparation for the drying of timber on the same carrier as the transportation of manganese ore. Under the Memorandum of Understanding, Caravelle will acquire the rights to recover merchantable timber from the Libreville 2 construction site in Gabon, an area of 48,160 hectares. The area contains a variety of commercially valuable species including Mahogany, Ovengo, Antonia, Kwa, Birringa, Wenge and Giambi, which are highly sought after by the market due to their unique characteristics and wide range of applications. Under the agreement, Caravelle will be responsible for developing, transporting, processing, and marketing the commercially viable timber in the selected area and ensuring that all activities are in compliance with the Gabonese Republic's forest exploitation and timber marketing regulations, which are expected to yield 10 million cubic meters of timber within two years. Caravelle's representative, Dr. OBIANG ESSONO Fabrice, said: "This partnership with the Gabonese government is a key step in the strategic development of our group. Through this memorandum of understanding, we will not only be able to optimize the use of our timber resources, but also bring economic benefits to local communities, while supporting the Gabonese government in its drive for sustainable development and sound management of forest resources." Gabon's Minister of Water and Forestry, Brigadier General Maurice NTOSSUI ALLOGO, expressed his support for the partnership and emphasized the importance of the rational use of forest resources: "We are pleased to be working with Caravelle to promote the sustainable use of timber resources. This will not only help protect our natural environment, but will also contribute to local economic development." The MoU also includes detailed provisions on waste utilization, social fund contribution, and revenue distribution, ensuring transparency and fairness in the project. In addition, the two parties have agreed on matters such as coordination of activities, on-site tasks, and dispute resolution. This new initiative by Caravelle is expected to further consolidate its leadership position in the global timber trade and transportation drying business, and provide higher quality products and services to its customers. As the cooperation continues, it is expected to bring more innovation and development opportunities for the forestry industry in Gabon. About Caravelle International Group Caravelle is a global ocean technology company. Its business comprises of two sectors: the international shipping, operated by the Topsheen Companies (Topsheen Shipping Group Corporation (Samoa) and its subsidiaries) and the new timber drying business under Singapore Garden Technology Pte. Ltd. Caravelle is headquartered in Singapore. Forward Looking Statements This announcement contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, including, without limitation, those with respect to the objectives, plans and strategies of the Company set forth herein and those preceded by or that include the words "believe," "expect," "anticipate," "future," "will," "intend," "plan," "estimate" or similar expressions, are "forward-looking statements". Such statements include, but are not limited to risks detailed in the Company's filings with the U.S. Securities and Exchange Commission. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. All information provided in this press release is as of the date of the publication, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law. ContactCaravelle International Group60 Paya Lebar Road#05-47 Paya Lebar SquareSingapore 409051Email: info@caravelleglobal.com.cn
Maritime/Shipbuilding
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