Malaysia Detains Chinese Ship Linked to Suspected Illegal Salvage of British WW2 Wrecks
graves, the BBC said on Saturday.A ship registered in Fuzhou, China and carrying 32 crew failed to present anchoring permits during a routine inspection in waters off Malaysia's southern Johor state on Sunday, the Malaysian Maritime Enforcement Agency (MMEA) said. Authorities found scrap metal and cannon shells on the ship upon further checks. The shells could be linked to a separate seizure by police at a Johor jetty last week of multiple unexploded World War Two-era artillery. Authorities believe those may have been scavenged from the HMS Prince of Wales, the MMEA
COSCO Corporation (Singapore) announced 2Q 2014 results
current short-term rates were lower than the more favorable charter rates received in Q2 2013. Gross profit decreased 4.0% from $95.8 million in Q2 2013 to $92.0 million in Q2 2014 mainly due to lower profit contributions from shipyard operations. Other income comprised gain from the disposal of scrap metal, interest income, net currency exchange gain/(loss) and others. Other income increased by 121.6% to $35.4 million in Q2 2014 mainly due to higher sale value of scrap materials, an exchange gain of $0.6 million (Q2 2013: exchange loss of $10.2 million) and fair value gain of $4.0 million on forward