Hanjin Shipping's CEO Young Min Kim resigns after continuing losses
KOREA's Hanjin Shipping has announced that its president and CEO Young Min Kim resigned yesterday to take responsibility for the company's continuing losses and delay on financial support from major creditor banks.
Hanjin Shipping comments that the company has decided to accept his resignation and seek a replacement.
Mr Kim has been president and CEO since January, 2009 and will remain acting CEO until a replacement is found.
Hanjin operates 60 liner and tramper services around the globe moving more than 100 million tonnes of cargo annually. Hanjin Shipping's fleet consists of 200 containerships, bulk and LNG carriers. It has a comprehensive global business network with four regional headquarters, 200 branch offices and 30 local corporations.
Cosco Group declares ex-chairman Capt Wei Jiafu is free to travel at will
CONTRARY to widespread reports, China Ocean Shipping Group's retired chairman Capt Wei Jiafu has not been prevented from leaving the country because of any connection with the current corruption probe, according to a company statement.
Said Cosco Group: "The company hereby clarifies the rumour that former chairman Wei Jiafu was forbidden from leaving China is groundless. The company will spare no effort to carry out authorities' plans to combat corruption."
Cosco later confirmed to the stock exchanges the investigation into Xu Minjie, chairman of Cosco Container Lines and a board member of China Cosco Holdings, the group's flagship unit listed in Shanghai and Hong Kong, but did not discuss the whereabouts of Capt Wei, said Lloyd's List.
Cosco executive director Xu resigns in probe, Capt Wei told to stay close
COSCO executive director Minjie Xu, under investigation for corruption, has resigned all his posts at China's biggest shipping line for "personal reasons", according to the parent company.
Xu is also executive vice president of China Ocean Shipping, vice chairman of China International Marine Containers Group Co and chairman of Cosco Logistics.
Former Cosco chairman Captain Wei Jiafu, who stepped down in July, has also been prevented from leaving China, the Beijing Times reported, citing unidentified company sources. This report has been posted by Xinhua.
The resignation follows Cosco's announcement that Xu was "under investigation by a relevant regulatory body", adding that it "stands firmly behind the party and the country's policy of anti-corruption investigations and [welcomes] public, news media and society at large scrutiny."
The company said it "will assess the impact of the investigation on the group from time to time based upon the development of the investigation," but did not expect a "material adverse effect".
China Cosco Holdings recently expressed confidence that it will achieve its financial goals for 2013, which would help it avoid delisting from the Shanghai Stock Exchange. The company reported losses in 2011 and 2012 because of weakness in shipping markets.
"The anti-graft efforts by the new leadership are unprecedented," said Hu Xingdou, a professor at the School of Humanities and Social Sciences at Beijing Institute of Technology.
"The investigations may help the leadership implement market-oriented reforms at state-owned enterprises that are monopolies at the moment," he told Bloomberg.
DB Schenker Logistics opens new multi-customer warehouse in Kenya
GERMANY's DB Schenker Logistics has opened a new multi-customer warehouse on the main highway Mombasa five kilometres from the Jomo Kenyatta International Airport that will accent electronics and healthcare.
The centre covers 11,800 square metre, including 6,200 square metres of warehousing and 5,600 square metres of open yard space.
"This new logistics centre will offer services for customers like GlaxoSmithkline and Organo Gold, who have awarded us their warehouse and transportation services for the domestic Kenyan market as well as to other markets in east and central Africa," said regional manager Ako Djaf.
Said Schenker Ltd CEO Henrik Sorensen: "Continuous improvement initiatives like monthly productivity monitoring, recognition of highly productive staff, training and development programmes have led to optimised productivity and leadership evolution in our team."
Schenker Ltd operates four other offices, two in Nairobi and one at Mombasa Port and one at the Malaba border checkpoint with a total staff of 139, offering domestic distribution, global air and ocean freight, comprehensive contract logistics and supply chain services.
DHL appoints Christopher Lim Malaysian forwarding managing director
DHL Global Forwarding, the air and ocean freight specialist within Deutsche Post DHL, has appointed Christopher Lim as managing director of its operations in Malaysia.
Mr Lim, who was responsible for business development in Hong Kong and South China before this appointment, and will report to CEO of DHL Global Forwarding for South East Asia, Sam Ang. He will be based in Kuala Lumpur and takes over from Dennis van der Meijs.
Said Mr Ang: "Christopher has developed an extensive understanding of DHL's business and delivered impressive results. His main focus now will be to enhance our offering and delivery of simplified, end-to-end logistics solutions, particularly in healthcare, high tech, engineering and manufacturing."
Said Asia Pacific DHL Global Forwarding CEO Kelvin Leung: "With the Malaysian logistics industry projected to grow at 9.5 per cent year on year in 2013, we will reinforce our teams - starting with robust new leadership at the helm."
Mr Lim joined DHL in 2004 from Singapore Airlines as regional account development manager at DHL Global Forwarding's Asia Pacific office. In 2007, he moved to customer solutions and innovation as sub-sector head for mobile devices and regional customer manager based in Beijing.
Said Mr Lim: "With a strong and capable team in place, I know we are in a good position to ensure our business goals are aligned with those of our customers."
Mr Lim holds a degree in electronic engineering from the University of Birmingham (UK) and an MSc from the National University of Singapore.