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Comprehensive study indicates global shipping rates increased 27 times more than rates in the Caribbean in recent years Today, the Transportation Institute (TI) released a comprehensive study by Ernst & Young (EY) evaluating the Jones Act and its implications on freight rates, container availability, port congestion, and carrier performance in the Caribbean Region relative to… Read More
Governor Larry Hogan today announced a historic agreement to advance a major dredging project at the Port of Salisbury that will provide long-term economic and environmental benefits for the state and the region. “I’m pleased to report that thanks to a unique partnership between government at all levels, we are moving forward with the dredging… Read More
Virgin Voyages (“the Company”), the new lifestyle travel brand focused on delivering irresistible cruise vacations, today announced it has closed on $550 million in new capital raise to support its growth. The funding was led by funds and accounts managed by BlackRock and includes new external financing and additional capital from existing investors including Bain Capital Private… Read More
Crowley has appointed Bob Karl as senior vice president and general manager of the company’s new business unit, Crowley Wind Services. As Crowley elevates the scope of its offerings in wind energy, Karl will lead the company’s wind services team in the strategic development and expansion of services to support the emerging sector. The development… Read More
Your supply chain’s well-being is our top priority. We at Maersk aim to provide you the most relevant and up-to-date information to help you navigate this period of heightened volatility. Key Notes on North American Supply Chains Port labor updates: ILWU/PMA negotiations continue, though a tentative agreement was reached on health benefits. While the contract expired… Read More
After leading a community engaged process, the Port of Portland has selected Mayra Arreola as the new Chief Diversity and Social Impact Officer. Her first day at the Port will be Sept. 12, 2022. Arreola is currently the Director of Resource Management and Operations for the Oregon Department of Education and previously served as the Director of… Read More
HOUSTON, Aug. 18, 2022 (GLOBE NEWSWIRE) — Orion Group Holdings, Inc. (NYSE: ORN), a leading specialty construction company, today announced that Travis Boone has been named President and Chief Executive Officer and member of the Board of Directors, effective September 12, 2022. Austin J. Shanfelter will step down as Interim CEO at that time and… Read More
Fairbanks Morse Defense (FMD), a portfolio company of Arcline Investment Management (Arcline), is expanding its capabilities to serve unmanned marine vehicles (UXV) through a licensing agreement with DECK Marine Systems (DECK), a developer of innovative systems to deploy and recover vessels and sensors. Through the agreement, FMD and DECK will co-develop an intelligent launch and… Read More
Algoma Central Corporation (TSX: ALC) today announced that it has entered into a joint venture agreement to construct four dual-fuel ice class 1A 17,999 DWT climate friendly product tankers with Furetank AB (“Furetank”) of Sweden. Algoma will own 50% of the joint venture, which is to be named FureBear. This joint venture, with a leader… Read More
Matthew Prieksat assumed duties as the new district counsel for the U.S. Army Corps of Engineers – Alaska District in April. In this role, he serves as the chief legal advisor to the commander as well as other senior leaders and staff, while operating as a member of the organization’s corporate board. He oversees the… Read More
Conrad Industries, Inc. (OTC Pink: CNRD) announced today its second quarter and six months ended June 30, 2022 financial results and backlog at June 30, 2022. For the quarter ended June 30, 2022, Conrad had net loss of $3.4 million and loss per diluted share of $0.67 compared to net income of $8.6 million and income per diluted share of $1.71 during the second quarter of 2021. … Read More
Crowley has been selected by Senesco Marine to provide design verification and production packaging for a hybrid-electric passenger vehicle ferry for Casco Bay Lines of Portland, Maine. As part of an elite project team, Crowley brings expansive capabilities in sustainable, emissions-reducing design and construction services. Under the contract, Crowley will use its development experience in… Read More
At the invitation of the US Trade and Development Agency (USTDA) under the US Department of Commerce, the State Minister of Shipping for Bangladesh, Honorable Khalid Mahmud Chowdhury lead a team of Government Officials and other distinguished decision makers to the USA for a 10-day visit. The group met with US Government agencies, and private… Read More
Tampa, Fla., headquartered U.S.-flag tanker and ATB operator Overseas Shipholding Group, Inc. (NYSE: OSG) today reported results for the second quarter 2022. Highlights included: Shipping revenues for the second quarter of 2022 were $118.0 million, an increase of $14.0 million, or 13.4%, from the first quarter of 2022. Compared to the second quarter of 2021, shipping revenues… Read More
Motor Services Hugo Stamp, Inc. (MSHS) has acquired Pacific Power Group (PPG), an industry-leading provider of products, parts, and maintenance, repair, and overhaul (“MRO”) services for marine, energy, commercial and industrial equipment. The combined businesses complement each other’s technical and engineering capabilities, which creates greater value for the customer base. MSHS and PPG’s focus will remain… Read More