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Tuesday, August 23, 2011Top StoryIndia to pour $60 billion into ports India will invest $60 billion in its ports by 2020. The move, spurred by Prime Minister Manmohan Singh, is a part of his $1 trillion plan to improve India’s transport infrastructure, easing perpetually clogged ports to spur economic growth. His ambitious goal is to raise India’s GDP gains by an unprecedented 10 percent within a decade, to compete with China on a level playing field. Maersk, NOL may lower U.S. holiday surcharge Due to high fuel prices and lower-than-expected retail orders, container lines may fall under their holiday and back-to-school projections on Asia-U.S. routes. China Shipping executive jumps ship to Cosco Group Ma Zehua, vice president of China Shipping Group has been named managing director of the board of directors of China Ocean Shipping Co., or Cosco. Ma, who left Cosco in 2006 to take a job with China Shipping Group, is returning to the state owned shipping giant at a time of weak global trade, in hopes he will help strengthen company management. POLA/POLB have highest cargo growth potential Of all U.S. ports, the ports of Los Angeles and Long Beach have the best chance for global cargo growth, according to the Jones Lang LaSalle seaport index. The international commercial real estate brokerage rated the 12 busiest U.S. ports on a number of factors, such as cargo volume and investment in distribution and warehouse resources. Ancient wine jars found on Roman ship A U.S.-Albanian archaeological team discovered a well-preserved Roman cargo ship, which dates back to the 1st century B.C., off the Albanian coast. 300 wine jars, used to transport wine and oil, were found.
Wednesday, August 24, 2011Top StoryU.S. oil reserves bypass domestic vessels The Obama administration, in an attempt to move U.S. oil reserves fast to stimulate the economy, has allowed almost all the oil to ship on foreign-owned vessels, circumventing the Jones Act. U.S. ship owners are up in arms, saying the administration has waived the federal law 46 times, moving 30 million barrels of American crude within U.S. borders on foreign-flagged tankers. The domestic shippers claim it took potential work from at least 400 American sailors and 30 cargo ships, during a time of unprecedented unemployment in the country. U.S. road construction bill still alive The White House is revisiting a stalled highway bill, shifting from the idea of a national infrastructure bank to a road construction bill that could get Americans to work more swiftly by utilizing existing programs. The Democrat-backed, two-year, $109 billion bill would maintain existing funding levels, and has support from labor and the U.S. Chamber of Commerce. The Republicans are countering with a six-year, $230 billion bill, reducing funding levels by a third and counting heavily on monies collected from the current federal gas tax. COSCO to up investments in overseas ports State-owned port operator and container leasing company COSCO Pacific Ltd plans to acquire more holdings in foreign ports, according to a company executive. COSCO Pacific plans to buy terminals from parent company China COSCO Holdings and others. Its latest target is the container terminal at Kaohsiung, Taiwan’s largest port. Panama excavation on track for 2014 Excavation is well underway for the $5.25 billion Panama Canal project, which is projected to double the cargo that passes through it annually. The construction of the third, wider set of locks will affect global shipping stakeholders, opening the shortcut to more traffic and newer, 50 percent wider Panamax vessels. This is the Canal’s first expansion in its 100-year history, and its opening in 2014 is expected to significantly impact U.S. East Coast ports. 2,000-year-old Roman port found in Wales Archaeologists from Cardiff University uncovered a major 2,000-year-old port at Caerleon, an excavated Roman fortress discovered in Wales last year. Sitting on the banks of the River Usk, the well-preserved port remains include the main quay wall, landing platforms and wharves. The important find will help to define the role of Wales and Great Britain in the Roman Empire.
Thursday, August 25, 2011Top StoryDP World profit soars DP Worlds’s profit quadrupled year on year, from $176.6 million to $705.3 million, the company announced today. Dubai’s state-owned port operator sold its Australian operations for $1.5 billion, netting a $436 million gain from the deal. Discounting the Australian deal, the company netted $281 million from cargo growth alone, for a 36 percent profit gain. Cargo growth was attributed to cost cuts, traffic to new sites in China and Chile, and trade in the Americas, Asia and Africa. Federal court: Chicago shipping locks stay open A federal appeals court yesterday rejected a request by five Great Lakes states to close the Chicago shipping locks. The request was made on the basis that the locks were letting Asian Bighead Carp, an destructive invasive species, into Lake Michigan. The states wanted the feds to temporarily close the Chicago locks until a carp-control solution could be found. The court found that there was no imminent threat from the carp, and that it could not be proven that closing the locks would keep the fish out of Lake Michigan. U.S. trucker shortage indicates rise in cargo The demand for trucked freight shipments is on the rise while the industry’s driver shortage threatens to span three years, potentially the longest shortage on record. If the trend continues at its current pace, by next year it will reflect a 10 percent shortfall in the long haul trucker workforce. Maersk cancels Syrian oil shipment Citing U.S. sanctions and safety considerations, shipping and oil concern A.P. Moller-Maersk canceled an agreement to load naphtha this week at a Syrian refinery. Maersk is the first known company to quit doing oil deals with Syria, but others may follow suit as the European Union is expected to set their own sanctions on Syrian oil by the end of next week. Invasive beetle revisits PONY/NJ The U.S. Customs Service recently found invasive beetles in two shipments of Pakistani rice at the Ports of New York and New Jersey. The khapra beetle, which is a serious pest that feeds on dry grain, was a problem in the U.S. in the fifties and sixties before efforts to eradicate it proved successful.
Friday, August 26, 2011Top StoryChina to Sue ConocoPhillips Over Oil Spills China’s State Oceanic Administration will sue U.S. oil company ConocoPhillips for two June oil spills in Bohai Bay, according to state news agency Xinhua. The spills happened in China’s largest offshore oilfield, Penglai 19-3, and involved 3200 barrels of oil and drilling fluid, spreading over 324 square miles. ConocoPhillips China operates Penglai. The spills have spread to local beaches and damaged fish farms, earning the wrath of Chinese environmentalists. The Chinese government response to the oil spill is a delicate matter, as it wants to attract more American oil companies to China. Roadrunner to buy Private Logistics for $97.5M Publicly traded trucking company Roadrunner Transportation Systems has agreed to buy Prime Logistics for $97.5 million. Roadrunner, based in Cudahy, WI, will gain better logistics and freight consolidation capacity from the deal.
- Bloomberg Businessweek Brazil steelmaker’s port bid to quadruple ore output Brazilian steelmaker Usiminas will bid for a lease on a $1 billion port terminal to be built in the state of Rio de Janeiro. The company, only one of several companies poised to bid on the state government lease, looks to quadruple its iron-ore production through the deal. Dynamic shipping container installation An eye-catching shipping container building in Berlin showcased the Tommy Hilfiger brand for a fashion trade show. Made of recycled cargo containers, the stunning temporary structure was built by Artdepartment-Berlin. The containers were refurbished at Bootsmanufaktur, a shipyard that also rebuilds old boats. Invasive beetle revisits PONY/NJ The U.S. Customs Service recently found invasive beetles in two shipments of Pakistani rice at the Ports of New York and New Jersey. The khapra beetle, which is a serious pest that feeds on dry grain, was a problem in the U.S. in the fifties and sixties before efforts to eradicate it proved successful.
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