Monday, April 27, 2009
CN reports $342 million Q1 net profit
Canadian National Railway Company (CN) reported a net profit of $342 million for the first quarter of 2009, up from $257 million a year earlier.
The rail company said its net profit includes a gain of close to $130 million from the sale of a railway corridor to GO Transit in Toronto; expense of $38 million related to CN's acquisition of the principal rail lines of Chicago's Elgin, Joliet and Eastern Railway Company (EJ&E), and a deferred tax recovery of $12.4 million. Excluding these items, the adjusted first-quarter 2009 net income was close to $250 million.
"Economic conditions during the first quarter of 2009 were challenging. Our traffic declined sharply as production cuts and reduced imports and exports coursed through the North American and global economies," said CN’s president and CEO E Hunter Harrison.
The company reported revenues declined four percent from last year’s levels to just over $1.5 billion due to an economic environment that caused car loadings to fall by 16 percent year on year to 954,000 from 1.13 million in the year-earlier period.
Operating expenses declined two per cent to $1.14 billion, driven by lower fuel prices, the company said.
Operating income declined eight percent to $398 million, while the operating ratio increased 1.2 points to 74.1 percent, the
Free cash flow increased to $171 million from $50 from the same quarter of 2008, the company said.
The strengthening of the U.S. dollar helped increase first quarter 2009 net income by approximately $25 million.
First quarter revenue ton-miles decreased 14 percent from the same quarter of 2008.
Rail freight revenue per revenue ton-mile increased by 12 percent from the same quarter the previous year, primarily due to the weaker Canadian dollar and freight rate increases that were partially offset by the impact of a lower fuel surcharge, the company said.
Supertanker rates could double by Q4
The worst market for supertankers since the 1973 Arab oil embargo is setting the stage for prices to double by the fourth quarter as ship owners scrap aging vessels and delay orders for new ones.
Prices on the benchmark Saudi Arabia to Japan route will rise to at least $32,000 a day in the fourth quarter, from $16,007 now, Oslo-based Fearnley Consultants A/S estimates.
For the full story: www.bloomberg.com
Shanghai port group’s net profit drops 28 percent
Shanghai International Port (Group) Co (600018.SS), China's biggest port operator, said on Monday that its first-quarter earnings fell 27.85 percent to 733.9 million yuan ($107.5 million).
For the full story: www.reuters.com
Impact on airlines: Swine flue different from SARS
The swine flu outbreak coming out of Mexico is causing investors to seek parallels with the 2003 SARS epidemic in Asia, but there are some key differences, according to Bob McAdoo, an analyst with Avondale Partners. As the world's manufacturing center, China and Asia were exposed to a much higher percentage of global routes than Mexico, with more people traveling further from a variety of origins.
For the full story: www.marketwatch.com
OOCL's “seal charge” draws ire of South China shipper groups
Shipper groups representing iHong Kong, Macau and Shenzhen demanded the immediate withdrawal of Hong Kong'-based Orient Overseas Container Line's (OOCL) $3.22 per-container "seal charge" on every export box effective from May 13.
The "seal" is the part of the container contract where the shipping line agrees to transport goods and the shipper agrees to pay
In a joint statement, the Hong Kong Shippers Council (HKSC), the Macau Shippers Association (MSA) and the Shenzhen Shippers Association (SSA) said the charge was unfair and discriminatory.
"To impose a seal charge from out of the blue is unconscionable of OOCL," said Tolan Lam, chairman of the Shenzhen Shippers Association (SSA). "But what is worse is to come up with such an unjustified charge at a time like this," he said.
Because the seal charge is for exports only out of South China, the HKSC, MSA and SSA said they were being "singled out."
"Shippers in the region have been burdened with the THC that is four to five times higher than in other part in China, such as the Yangtze Jiang and Bohai regions which have similar shipping activities," said MSA Chairman Frank Tang.
EPA to review three new air emissions source rules
The U.S. Environmental Protection Agency (EPA) announced today it notified petitioners of its intent to reconsider portions of three rules under its New Source Review (NSR) permitting program. The rules under review determine when and how facilities are required to:
• account for air emissions that are not released through a stack, vent or other confined air stream;
• keep records on emissions; and
• account for air emissions associated with fine particle pollution when obtaining a permit.
The EPA said it is reconsidering these rules “to ensure that the public has an opportunity to fully review any recent changes that would impact the implementation of NSR. Soon, EPA will publish a notice of proposed rulemaking in the Federal Register requesting comment on certain aspects of each of these three rules.”
The NSR program is a pre-construction clean air permitting program for industrial facilities that provides public health and environmental protection.
More information: www.epa.gov
CMA CGM to launch new direct connection between Japan and the Med
French shipping group CMA CGM announced the upgrade of its MEX Asia-Mediterranean service, to include direct calls at Nagoya, Yokohama and Kobe, effective from mid-May 2009.
The rotation will be: Nagoya, Yokohama, Kobe, Pusan, Shanghai, Ningbo, Xiamen, Chiwan, Hong Kong, Port Kelang, Beirut, Malta, Valencia, Barcelona, Fos, Genoa, Naples, Malta, Damietta, Djibouti, Khorfakkan, Port Kelang, Chiwan, Nagoya.
The shipping line said its new rotation will still be operated with 10 vessels of about 5700 TEUs and the first vessel to call in Japan will be the CMA CGM STRAUSS on May 22nd.
DHL Express upgrades online tracking
DHL Express announced it sis launching an upgraded internet tracking service. The shipping company said its tracking results incorporate numerous enhancements and features taken directly from customer feedback from online surveys.
Another new feature is context targeted add-on information, which allows the DHL country organization to include information relevant to the shipment the customer has tracked directly in the tracking results, the company said. For example, it is currently being used by DHL Japan for all shipments tracked on dhl.co.jp with destination U.S. to inform customers on the DHL2US program, which offers special shipping conditions on transatlantic routes.
Tuesday, April 28, 2009
Report: U.S. consumer confidence increases considerably in April
The Consumer Confidence Index, which had posted a slight increase in March, reported a considerable improvement in April. The Index now stands at 39.2 (1985=100), up from 26.9 in March, the report said. The Present Situation Index increased to 23.7 from 21.9 last month. The Expectations Index rose to 49.5 from 30.2 in March.
The Consumer Confidence Survey is based on a representative sample of 5,000 U.S. households. The monthly survey is conducted for The Conference Board by TNS. TNS is the world's largest custom research company. The cutoff date for April's preliminary results was April 21st.
Lynn Franco, director of the Conference Board Consumer Research Center, said: "Consumer Confidence rose in April to its highest reading in 2009, driven primarily by a significant improvement in the short-term outlook. The Present Situation Index posted a moderate gain, a sign that conditions have not deteriorated further, and may even moderately improve, in the second quarter. The sharp increase in the Expectations Index suggests that consumers believe the economy is nearing a bottom, however, this Index still remains well below levels associated with strong economic growth."
Consumers' appraisal of present-day conditions improved moderately in April, the report said. Those claiming business conditions are "bad" declined to 45.7 percent from 51.0 percent, while those claiming business conditions are "good" increased to 7.6 percent from 6.9 percent. Consumers' assessment of the job market was somewhat mixed, according to the report. The percentage of consumers stating jobs are "hard to get" decreased to 47.9 percent from 48.8 percent in March, however, those saying jobs are "plentiful" edged down to 4.5 percent from 4.7 percent.
Consumers' short-term outlook improved significantly in April. Those anticipating business conditions will worsen over the next six months declined to 25.3 percent from 37.8 percent, while those expecting conditions to improve increased to 15.6 percent from 9.6 percent in March.
The employment outlook was also considerably less pessimistic. The percentage of consumers anticipating fewer jobs in the months ahead decreased to 33.6 percent from 41.6 percent, while those expecting more jobs increased to 13.9 percent from 7.3 percent. The proportion of consumers anticipating an increase in their incomes edged up to 8.0 percent from 7.8 percent.
Maersk Alabama chef files suit against employers
Richard E. Hicks filed a lawsuit Waterman Steamship Corporation and Maersk Line, Ltd., claiming his employers knowingly sent him into pirate-infested waters near Somalia without adequate protection.
Hicks was taken hostage by Somali pirates April 8 while working as chief steward preparing food for crewmembers. When Hicks heard over the loudspeaker that pirates were on board, he said that he and other crewmembers gathered in the engine room for nearly 12 hours.
"The engine room was dark and hot, maybe 130 degrees," said Hicks in a statement released through his attorney’s office. "We were all cramping up with heat stroke symptoms when we were able to take a pirate hostage and tried to negotiate the return of our captain," he said.
The pirates promised to exchange the ship's captain for the pirate hostage but instead escaped with the captain and their
Richard Hicks attorney, Terry Bryant claims the ship owners' knowingly exposed their employees to imminent danger and took no steps to provide appropriate levels of security and safety for its employees.
"Waterman Steamship Corporation and Maersk Line Limited chose to rely on the United States Military and taxpayers to provide after-the-fact rescue operations," said Bryant. "This choice caused substantially more cost and risk to human life than what would have been incurred by defendants had they provided appropriate levels of security in the first place," he said.
Hicks said he still suffers from injuries as a result of the incident and is afraid to return to his work as a chief steward.
Tentative ruling goes both ways for L.A.-Long Beach clean truck program
A federal judge ruled on Monday that the ports can’t require the use of employee drivers or charge registration fees to work at the ports pending a trial on the matter.
However, the judge upheld the ports demand that trucking companies sign concession agreements under the Clean Truck Program.
The rulings came when U.S. District Court Judge Christina A. Snyder granted a preliminary injunction requested by the American Trucking Association in a lawsuit against the ports of Los Angeles and Long Beach over requirements in the concession agreements.
The suit is expected to go to trial within a year.
-Los Angeles Business Journal
For the full story: /www.labusinessjournal.com
Direct service from Asia makes first call in Norfolk
The arrival of the container ship Venice Bridge today at a Norfolk wharf will mark the beginning of a new service providing a direct weekly trade link between Virginia and Asian manufacturing markets.
A consortium of four major Asian shipping lines - the CKYH steamship alliance - chose Hampton Roads as its first U.S. stop as part of the service, which provides 22-day transit between the vessels' last port of call in Asia and Virginia.
The alliance's members are China Ocean Shipping Co.; "K" Line, based in Japan; Yang Ming, based in Taiwan; and Hanjin, based in South Korea.
For the full story: hamptonroads.com
Chinese junk rammed, sinks after 14.000-mile trans-Pacific voyage
He skippered his Ming war junk Princess Taiping through an unprecedented trans-Pacific voyage, which came to an abrupt end only a stone's throw away from its destination at 2:40 a.m.
An unidentified freighter rammed the replica of a three-masted Chinese war junk, cutting it into two halves off Suao, a fishing port on northeastern Taiwan.
The Princess Taiping was expected to berth at Keelung this morning after a 14,000-mile voyage across the Pacific in ten months.
-The China Post
For the full story: www.chinapost.com.tw
Tideworks releases Genoa 5.0 for multipurpose cargoes
Seattle-based Tideworks Technology, Inc., announced the release of its Genoa Breakbulk Management System 5.0, a multipurpose terminal operating system. The company said Genoa 5.0 can be integrated with Tideworks’ Spinnaker Planning Management System, which allows for graphical container planning for gate, yard, vessel, and intermodal operations.
The Genoa Breakbulk Management System is a suite of systems designed to support terminals that handle all cargo types including breakbulk, bulk, ro-ro, automobiles, and containers, Tideworks said.
In addition, Genoa 5.0 offers enhanced features including, advanced resource planning, berth management and enhanced Electronic Data Interchange (EDI) functionality, Tideworks said.
Konecranes delivers cranes to iron ore mine in Australia
Konecranes announced the delivery of 16 electrical overhead cranes to the Sino Iron magnetite iron ore project under construction in Western Australia.
Once operational, it will be Australia’s largest magnetite mining and processing operation, and one of the world’s largest mines, Konecranes said.
The mine will process and produce 27.6 million tons a year of a mix of magnetite iron ore pellets and concentrate, which will be exported from Australia to China, Konecranes said.
The Konecranes overhead cranes will be used in the construction of the mine’s processing plant. The cranes will then be used in servicing and maintaining the equipment at the plant, the company said. The cranes have a lifting capacity in the range of 5 to 125 tons and spans of 27 to 43 meters.
Wednesday, April 29, 2009
U.S. Customs does not have fever-screening technology
In an effort to flag potential carriers of the swine flu, some Asian countries reportedly are using scanners that automatically measure the body temperatures of people crossing the border and arriving at airports.
But automatic thermal scanning is not available to U.S. customs officers, who have to rely on their intuition when they think someone who is ill is entering the country.
The U.S. started border screenings over the weekend at all airports, seaports and land crossings. Anyone who exhibits flu symptoms -- including fever, cough, sore throat, headaches, fatigue and in some cases diarrhea and vomiting -- is supposed to be isolated, given a surgical mask to wear and then screened by an officer from the Centers for Disease Control.
For the full story: www.foxnews.com/politics
Rotterdam port running out of space to store crude
Rotterdam, Europe’s largest port, may be running out of space to store crude as global oil demand posts its first back-to-back annual drop in a quarter-century.
The harbor is Europe’s largest refinery center and a trading hub for refined products such as gasoline and diesel. Some ships have been diverted or are waiting outside the port until space is available, said Jeroen Kortsmit, manager for commercial affairs at Royal Dirkzwager.
For the full story: www.bloomberg.com
Russians capture 29 pirates off Somalia’s coast
A Russian warship on Tuesday captured 29 pirates suspected of attacking a Russian tanker early in the day some 15 miles east from Somalia's coast.
The crew of antisubmarine ship Admiral Panteleyev intercepted and detained the pirates' vessel around 6 p.m.
For the full story: www.allheadlinenews.com
Suez Canal revenue drops as shipping lines divert from piracy
With more ships opting to go around the Cape of Good Hope to avoid Somali pirates rather than pass through the Suez Canal and
enter the world's most dangerous waterway, Egyptian officials are concerned about a steep drop in revenue and its effect on the
The Suez Canal has long served as a reliable source of foreign currency, and falling revenue will affect not only Egypt's balance of payments but also a rising budget deficit. After tourism and remittances from Egyptians living abroad, the canal is Egypt's main source of foreign currency. In the last fiscal year, the canal earned more than $5.1 billion. But revenue is expected to decline to $4.5 billion in the current fiscal year and $3.6 billion in the next, according to EFG-Hermes, a Cairo regional investment bank.
-San Francisco Chronicle
For the full story: www.sfgate.com
Northwest Airlines to pull out of Alaska business
Northwest Airlines will cease freighter operations in Anchorage at the end of the year, the company said Friday.
Delta Airlines recently acquired Northwest and confirms the announcement will eliminate 40 of their nearly 80 cargo jobs in Alaska.
The airline cites the old age of their aircraft, as well as a slowdown in the economy as reasons for the termination of service.
For the full story: www.ktuu.com
Thursday, April 30, 2009
U.S. surface trade with NAFTA partners fell over 30 percent in Feb
Trade using surface transportation between the U.S. and its North American Free Trade Agreement (NAFTA) partners Canada and Mexico was 30.9 percent lower in February 2009 than in February 2008, dropping to $47.9 billion, the biggest year-to-year percentage decline on record, according
to the Bureau of Transportation Statistics (BTS) of the U.S. Department
February was the fourth consecutive month with a yearly decline of greater than 13 percent, the BTS said.
During the first two months of 2009, the value of surface trade dropped 29.1 percent compared to the first two months of 2008.
The value of U.S. surface transportation trade with Canada and Mexico rose 1.0 percent in February 2009 from January 2009.
Surface transportation consists largely of freight movements by truck, rail and pipeline. About 88 percent of U.S. trade by value with Canada and Mexico moves on land.
The value of U.S. surface transportation trade with Canada and Mexico in February was down 0.5 percent compared to February 2004, a period of five years, and up 24.3 percent compared to February 1999, a period of 10 years Imports in February were up 19.5 percent compared to February 1999, while exports were up 30.3 percent.
U.S.–Canada surface transportation trade totaled $29.8 billion in February, down 33.8 percent compared to February 2008. The value of imports carried by truck was 32.0 percent lower in February 2009 compared to February 2008, while the value of exports carried by truck was 28.1 percent lower during this period.
Michigan led all states in surface trade with Canada in February with $3.1 billion.
U.S.–Mexico surface transportation trade totaled $18.1 billion in February, down 25.7 percent compared to February 2008. The value of imports carried by truck was 26.4 percent lower in February 2009 than February 2008 while the value of exports carried by truck was 15.4 percent lower.
Texas led all states in surface trade with Mexico in February with $6.1 billion.
Maersk chairman of board says 2009 shipping industry in dire straits
Shipping and oil heavyweight A.P. Moller-Maersk told its shareholders on Thursday that its outlook for the container shipping market this year was particularly dire.
Maersk Chairman of the Board Michael Pram Rasmussen told the group's annual general meeting that the global economic downturn was having a negative impact on most of its businesses.
For the full story: uk.reuters.com
Italian cargo ship out-runs Somali pirates
An Italian cargo ship, the Jolly Smeraldo, escaped being hijacked by Somali pirates off the Horn of Africa on Wednesday, Italy's foreign ministry and company officials said.
The pirates attacked some 300 nautical miles southeast of the Somali capital, Mogadishu, as the Italian-owned container vessel travelled to Jeddah in Saudi Arabia from the Kenyan port of Mombasa.
For the full story: www.reuters.com
Chinese explore air cargo hub investment in St. Louis
About 70 Chinese business leaders will visit the St. Louis region this weekend, looking for good places to invest.
The trip, run by the Chinese Investment Promotion Agency, is the latest round of steadily deepening talks between local leaders and the Chinese government about developing an air cargo hub and related investment here in St. Louis.
Local leaders say two-way trade is key to the success of any air cargo effort and to any jobs it will create here. This weekend's visit is part of efforts by the Chinese to study importing Midwestern goods back to China, and they will meet with a range of local industry groups, major St. Louis companies and elected officials.
-St. Louis Dispatch
For the full story: www.stltoday.com
Grand Alliance, ZIM to cooperate with Hamburg Süd on trans-Atlantic service
Grand Alliance members Hapag-Lloyd, Nippon Yusen Kaisha (NYK) and Orient Overseas Container Line (OOCL), together with ZIM Integrated Shipping Services, announced they would cooperate with Hamburg Sud on the Atlantic Express Service (ATX).
The ATX service is currently operated by the Grand Alliance and ZIM. The group said port rotation would remain the same – Rotterdam, Hamburg, Le Havre, Southampton, New York, Norfolk, Charleston, Rotterdam. Hamburg Süd will charter slots initially, but might provide a vessel to the service at a later stage, the alliance group said.
The agreement is subject to FMC approval, which is expected to be received by mid-June. The group said its cooperation is “aimed at addressing the declining volume in the trans-Atlantic.”
Crowley hits TWIC deadline; reimburses employees for card costs
Jacksonville-based Crowley Maritime Corporation announced that all of its employees, who needed Transportation Workers Identification Credentials (TWIC) by the final mid-April deadline, have obtained them.
More than 600 Crowley terminal and port workers in Port Everglades, Pennsauken, Jacksonville, San Juan and St. Thomas and more than 1,000 merchant seamen from Alaska to Puerto Rico obtained TWIC credentials during a series of rolling federal deadlines, the company said.
Crowley said it helped employees get their credentials by reimbursing the cost of the cards at more than $275,000 for employees who applied within certain guidelines. Crowley said it also provided paid work time for workers to obtain credentials.
The April 15 deadline applied to all marine personnel, licensed and unlicensed that hold a credential from the U.S. Coast Guard for service on vessels regulated under the Maritime Transportation Security Act of 2002. These mariners were required to have a TWIC in their possession in order to continue service.
TWIC deadlines for port terminal workers occurred in phases from late 2008 into early 2009. The cards are required for workers to be able to enter terminals and restricted areas without being escorted. Crowley said it met all TWIC deadlines and is now 100 percent compliant.
Friday, May 1, 2009
Maersk captain: U.S. should protect its flagged vessels
Richard Phillips, the captain of the Maersk Alabama, testified before congress yesterday saying he believes it is the responsibility of the U.S. government to protect its own flagged vessels because they “are by definition an extension of the United States, their U.S. citizen crews, and our nation’s worldwide commercial assets,” he said.
Capt. Phillips said the government should provide protection through military escorts and/or military detachments aboard U.S. vessels.
“That said, I am well aware that some will argue that there is a limit to any government’s resources - even America’s. In fact, due to the vastness of the area to be covered – and the areas of threat are continually growing larger - our Navy and the coalition of other navies currently positioned in the Gulf of Aden region may simply not have the resources to provide all the protection necessary to prevent and stop the attacks,” said Phillips in his testimony.
The captain expressed other potential piracy deterrents, including vessels being “hardened” and made more structurally resistant to pirates.
On the subject of arming crews, Capt. Phillips testimony was mixed, saying: “arming the crew cannot and should not be viewed as the best or ultimate solution to the problem.”
“At most, arming the crew should be only one component of a comprehensive plan and approach to combat piracy. To the extent we go forward in this direction, it would be my personal preference that only the four most senior ranking officers aboard the vessel have access to effective weaponry and that these individuals receive special training on a regular basis,” he said.
Capt. Phillips said he felt armed security details aboard vessels could work, especially if they were government protection forces, however he testified he was not as keen on the question as to who would actually be in charge.
“For example, as a captain, I am responsible for the vessel, cargo and crew at all times. And I am not comfortable giving up command authority to others… including the commander of a protection force. In the heat of an attack, there can be only one final decision maker. So command is only one of many issues that would have to be worked out in for security forces to operate effectively.”
U.S. pork export trade group tries to dispel “swine flu” misconceptions
The U.S. Meat Export Federation came out with a statement to clear up what it feels are some misconceptions about domestic pork in the wake of the influenza outbreak that the federation says was unfortunately dubbed “swine flu.”
The U.S.M.E.F said: influenza cannot be transmitted by eating port; there is no evidence that the H1N1 strain is present in U.S. pigs or any other pigs: and that if an animal with active swine flu infection were to arrive at a processing facility, it would not pass the Food Safety Inspection Service ante-mortem inspection and would be condemned as unfit for human consumption.
The U.S.M.E.F said: “Despite repeated assurances from public health agencies and food safety experts, the influenza scare has caused some consumers to shy away from pork. Even more unfortunate has been the overreaction by some foreign governments that have imposed bans on pork and pork products from the United States, or from the states with confirmed influenza cases.”
“USMEF is working in each of our markets to prevent expansion of these obstacles to trade, and to limit the scope and length of any trade suspensions,” said Philip Seng, president and CEO of the U.S. Meat Export Federation (USMEF).
“The majority of our trading partners have stepped up to the plate and followed sound science on this issue,” said Seng. “The bans imposed by Russia, China and some other markets are quite frustrating, however, because they have no scientific basis and are simply adding to the confusion and unfounded fears about pork.”
Panama Canal to offer temporary cost relief
The Panama Canal Authority (ACP) announced a temporary plan to provide short-term cost reduction and what it termed “greater flexibility to its reservation system.”
The temporary measures that are to take effect June 1, 2009 and continue through September 30, 2009, include: A redefinition of ballast (ships without cargo) for full container vessels transiting the Canal; and modifications to the reservation system to “increase flexibility and reduce fees,” the ACP said.
The ACP said it would modify the definition of ballast for full container vessels, allowing a ship that carries 30 percent or less of its capacity to be charged the ballast rate of $57.60 per-EU, $14.40 less than the $72 laden rate.
The base reservation price will be reduced depending on the vessel size for all segments that use the reservation system, the ACP said. For example, the base reservation price for a super vessel, with a beam greater than or equal to 100 feet and a length greater than or equal to 900 feet, is reduced by $5,000 per transit, the ACP said.
Currently, when vessels fail to arrive on-schedule, they lose their slot, but have the option to pay an additional charge to keep the reservation and transit that same day. The new temporary measure reduces the charges and provides shipping lines with greater flexibility. The percentage reduction varies depending on the vessel’s arrival time.
Canal customers will now have 30 days before the date of a vessel’s transit to request slot substitutions without additional costs, the ACP said. Previously, customers could make such requests without an additional charge if that request was made at least 60 days prior to the date of transit. The ACP said the temporary measure grants shipping lines more flexibility for slot substitutions, allowing them to replace one vessel for another with similar dimensions.
China’s PMI grows for second month
China's Purchasing Managers Index rose further above the expansionary threshold of 50 in April, adding to growing evidence that the worst of the output slump that shuttered factories and led to millions of layoffs may be over.
The PMI came in at 53.5 in April, up from March's 52.4 reading, according to data released Friday.
The April data marked the second straight month the gauge has come in above the tipping point that signals when activity in the manufacturing sector is in an expansionary mode.
For the full story: www.marketwatch.com
APM Terminals joins consortium in Congo terminal development
APM Terminals announced is has joined theBolloré Africa Logistics consortium, which has been selected to develop a new deepwater container terminal at the Port of Pointe-Noire in the Republic of the Congo.
In December 2008, the French-based Bolloré Group signed a $798 million, 27-year concession agreement with the Congolese Government for the modernization of the largest deepwater port in the Gulf of Guinea. Plans include expanding the current 42-acre facility to 94 acres with the annual throughput capacity of 300,000 TEUs to be doubled within eight years, APM said.
The new terminal will be able to accommodate vessels as large as 7000-TEU capacity, APM said.